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Investments (Tables)
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Cost or Amortized Cost and Fair Value of Securities Available for Sale The following table provides the amortized cost and fair value of debt securities available for sale as of the dates presented (in thousands):
 
March 31, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Debt Securities:
 
 
 
 
 
 
 
  U.S. government obligations and agencies
$
65,888

 
$
408

 
$
(654
)
 
$
65,642

  Corporate bonds
422,426

 
6,650

 
(1,643
)
 
427,433

  Mortgage-backed and asset-backed securities
330,925

 
3,585

 
(2,743
)
 
331,767

  Municipal bonds
3,403

 
25

 
(8
)
 
3,420

  Redeemable preferred stock
12,175

 
255

 
(664
)
 
11,766

Total
$
834,817

 
$
10,923

 
$
(5,712
)
 
$
840,028

 
December 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Debt Securities:
 
 
 
 
 
 
 
  U.S. government obligations and agencies
$
67,435

 
$
241

 
$
(1,039
)
 
$
66,637

  Corporate bonds
434,887

 
714

 
(6,736
)
 
428,865

  Mortgage-backed and asset-backed securities
312,840

 
912

 
(4,155
)
 
309,597

  Municipal bonds
3,405

 
—

 
(43
)
 
3,362

  Redeemable preferred stock
12,560

 
55

 
(638
)
 
11,977

Total
$
831,127

 
$
1,922

 
$
(12,611
)
 
$
820,438
Schedule of Credit Quality of Available-for-sale Debt Securities With Contractual Maturities The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands):
 
 
March 31, 2019
 
December 31, 2018
Equivalent S&P Credit Ratings
 
Fair Value
 
% of Total Fair Value
 
Fair Value
 
% of Total Fair Value
AAA
 
$
408,487

 
48.6
%
 
$
388,672

 
47.4
%
AA
 
100,592

 
12.0
%
 
100,791

 
12.3
%
A
 
207,422

 
24.7
%
 
214,503

 
26.1
%
BBB
 
119,525

 
14.2
%
 
112,613

 
13.7
%
BB and Below
 
505

 
0.1
%
 
494

 
0.1
%
No Rating Available
 
3,497

 
0.4
%
 
3,365

 
0.4
%
   Total
 
$
840,028

 
100.0
%
 
$
820,438

 
100.0
%
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):
 
March 31, 2019
 
December 31, 2018
 
Amortized
Cost
 
Fair Value
 
Amortized
Cost
 
Fair Value
Mortgage-backed Securities:
 
 
 
 
 
 
 
Agency
$
152,861

 
$
151,214

 
$
139,418

 
$
136,291

Non-agency
71,863

 
74,084

 
61,689

 
61,933

Asset-backed Securities:
 
 
 
 
 
 
 
Auto loan receivables
49,808

 
49,917

 
53,449

 
53,341

Credit card receivables
27,750

 
27,809

 
29,594

 
29,366

Other receivables
28,643

 
28,743

 
28,690

 
28,666

Total
$
330,925

 
$
331,767

 
$
312,840

 
$
309,597
Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities The following table summarizes the fair value and gross unrealized losses on available-for-sale debt securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented (in thousands):
 
March 31, 2019
 
Less Than 12 Months
 
12 Months or Longer
 
Number of
Issues
 
Fair Value
 
Unrealized
Losses
 
Number of
Issues
 
Fair Value
 
Unrealized
Losses
Debt Securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government obligations and agencies
1

 
$
1,300

 
$
(3
)
 
9

 
$
46,124

 
$
(651
)
Corporate bonds
24

 
11,810

 
(39
)
 
190

 
154,760

 
(1,604
)
Mortgage-backed and asset-backed securities
13

 
13,011

 
(43
)
 
101

 
141,496

 
(2,700
)
Municipal bonds
1

 
272

 
(8
)
 
—

 
—

 
—

Redeemable preferred stock
28

 
2,893

 
(562
)
 
9

 
1,783

 
(102
)
Total
67

 
$
29,286

 
$
(655
)
 
309

 
$
344,163

 
$
(5,057
)

 
December 31, 2018
 
Less Than 12 Months
 
12 Months or Longer
 
Number of
Issues
 
Fair Value
 
Unrealized
Losses
 
Number of
Issues
 
Fair Value
 
Unrealized
Losses
Debt Securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government obligations and agencies
—

 
$
—

 
$
—

 
13

 
$
56,531

 
$
(1,039
)
Corporate bonds
228

 
210,152

 
(3,318
)
 
160

 
131,225

 
(3,418
)
Mortgage-backed and asset-backed securities
36

 
57,487

 
(196
)
 
103

 
148,436

 
(3,959
)
Municipal bonds
6

 
3,362

 
(43
)
 
—

 
—

 
—

Redeemable preferred stock
61

 
8,092

 
(506
)
 
5

 
1,034

 
(132
)
Total
331

 
$
279,093

 
$
(4,063
)
 
281

 
$
337,226

 
$
(8,548
)
Amortized Cost and Fair Value of Investments With Contractual Maturities The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands):
 
March 31, 2019
 
Amortized Cost
 
Fair Value
Due in one year or less
$
102,098

 
$
101,753

Due after one year through five years
402,877

 
403,320

Due after five years through ten years
319,707

 
325,217

Due after ten years
8,940

 
8,507

Perpetual maturity securities
1,195

 
1,231

Total
$
834,817

 
$
840,028
Schedule of Securities Available for Sale The following table provides certain information related to available-for-sale debt securities and equity securities during the periods presented (in thousands):
 
Three Months Ended March 31,
 
2019
 
2018
Proceeds from sales and maturities (fair value):
 
 
 
  Available-for-sale debt securities
$
51,185

 
$
124,827

  Equity securities
$
17,161

 
$
1,045

Gross realized gains on sale of securities:
 
 
 
  Available-for-sale debt securities
$
187

 
$
307

  Equity securities
$
165

 
$
124

Gross realized losses on sale of securities:
 
 
 
  Available-for-sale debt securities
$
(42
)
 
$
(3,072
)
  Equity securities
$
(11,835
)
 
$
—
Investment Income (Expense) Comprised Primarily of Interest and Dividends The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands):
 
Three Months Ended March 31,
 
2019
 
2018
Available-for-sale debt securities
$
6,151

 
$
3,700

Equity securities
1,042

 
583

Available-for-sale short-term investments
—

 
89

Cash and cash equivalents
1,300

 
858

Other (1)
259

 
196

  Total investment income
8,752

 
5,426

Less: Investment expenses (2)
(610
)
 
(641
)
  Net investment income
$
8,142

 
$
4,785

(1)
Includes interest earned on restricted cash and cash equivalents. Also includes investment income earned on real estate investments.
(2)
Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments.
Summary of Details on Realized and Unrealized Gains and Losses Related to Equity Securities The following table provides the unrealized gains and losses related to equity securities for the periods presented (in thousands):
 
Three Months Ended March 31,
 
2019
 
2018
Unrealized gains and (losses) recognized during the reporting period on
 equity securities still held at the reporting period
$
2,400

 
$
(5,109
)
Schedule of Real Estate Investment Investment real estate consisted of the following as of the dates presented (in thousands):
 
March 31,
 2019
 
December 31, 2018
Income Producing:
 
 
 
Investment real estate
$
14,628

 
$
14,619

Less: Accumulated depreciation
(973
)
 
(870
)
 
13,655

 
13,749

Non-Income Producing:
 

 
 

Investment real estate
11,415

 
10,690

Investment real estate, net
$
25,070

 
$
24,439
Schedule of Depreciation Expense Related to Investment Real Estate Depreciation expense related to investment real estate for the periods presented (in thousands):
 
Three Months Ended March 31,
 
2019
 
2018
Depreciation expense on investment real estate
$
103

 
$
103