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Investments (Tables)
 12 Months Ended
Dec. 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 cost or amortized cost and fair value of debt securities available for sale as of the dates presented (in thousands):
 
 
December 31, 2019
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Debt Securities:
 
 
 
 
 
 
 
 
U.S. government obligations and agencies
 
$
53,688

 
$
864

 
$
(188
)
 
$
54,364

Corporate bonds
 
457,180

 
19,179

 
(141
)
 
476,218

Mortgage-backed and asset-backed securities
 
304,285

 
7,400

 
(606
)
 
311,079

Municipal bonds
 
3,397

 
103

 
(4
)
 
3,496

Redeemable preferred stock
 
9,786

 
427

 
(86
)
 
10,127

Total
 
$
828,336

 
$
27,973

 
$
(1,025
)
 
$
855,284

 
 
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 Investment Securities With Contractual Maturities or The Issuer of Such Securities
The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (in thousands):
 
 
December 31, 2019
 
December 31, 2018
 
 
 
 
% of Total
 
 
 
% of Total
Average Credit Ratings
 
Fair Value
 
Fair Value
 
Fair Value
 
Fair Value
AAA
 
$
372,442

 
43.6
%
 
$
388,672

 
47.4
%
AA
 
99,103

 
11.6
%
 
100,791

 
12.3
%
A
 
238,766

 
27.9
%
 
214,503

 
26.1
%
BBB
 
143,889

 
16.8
%
 
112,613

 
13.7
%
BB and Below
 
—

 
—

 
494

 
0.1
%
No Rating Available
 
1,084

 
0.1
%
 
3,365

 
0.4
%
Total
 
$
855,284

 
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 cost or amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):
 
 
December 31, 2019
 
December 31, 2018
 
 
Amortized
Cost
 
Fair Value
 
Amortized
Cost
 
Fair Value
Mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency
 
$
143,723

 
$
144,729

 
$
139,418

 
$
136,291

Non-agency
 
71,140

 
75,896

 
61,689

 
61,933

Asset-backed securities:
 
 
 
 
 
 
 
 
Auto loan receivables
 
42,767

 
43,127

 
53,449

 
53,341

Credit card receivables
 
21,145

 
21,487

 
29,594

 
29,366

Other receivables
 
25,510

 
25,840

 
28,690

 
28,666

Total
 
$
304,285

 
$
311,079

 
$
312,840

 
$
309,597
Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale
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):
 
 
December 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
 
2

 
$
3,836

 
$
(108
)
 
4

 
$
23,186

 
$
(80
)
Corporate bonds
 
18

 
16,808

 
(107
)
 
7

 
5,866

 
(34
)
Mortgage-backed and asset-backed securities
 
42

 
58,023

 
(245
)
 
26

 
34,985

 
(361
)
Municipal bonds
 
—

 
—

 
—

 
1

 
276

 
(4
)
Redeemable preferred stock
 
6

 
630

 
(8
)
 
4

 
1,489

 
(78
)
Total
 
68

 
$
79,297

 
$
(468
)
 
42

 
$
65,802

 
$
(557
)
 
 
 
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): 
 
 
December 31, 2019
 
 
Amortized
 Cost
 
Fair Value
Due in one year or less
 
$
106,961

 
$
107,259

Due after one year through five years
 
390,128

 
398,565

Due after five years through ten years
 
313,951

 
332,068

Due after ten years
 
17,131

 
17,191

Perpetual maturity securities
 
165

 
201

Total
 
$
828,336

 
$
855,284
Summary of Securities Available for Sale
The following table provides certain information related to available-for-sale debt securities, equity securities and investment real estate during the periods presented (in thousands):
 
 
Years Ended December 31,
 
 
2019
 
2018
 
2017
Proceeds from sales and maturities (fair value)
 


 


 
 
Available-for-sale debt securities
 
$
223,266

 
$
255,938

 
$
128,370

Equity securities
 
$
29,680

 
$
8,285

 
$
77,640

Gross realized gains on sale of securities:
 


 


 
 
Available-for-sale debt securities
 
$
790

 
$
326

 
$
458

Equity securities
 
$
367

 
$
714

 
$
2,415

Gross realized losses on sale of securities:
 


 


 
 
Available-for-sale debt securities
 
$
(298
)
 
$
(3,129
)
 
$
(150
)
Equity securities
 
$
(14,787
)
 
$
—

 
$
(153
)
Realized gains on sales of investment real estate
 
$
1,213

 
$
—

 
$
—
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):
 
 
Years Ended December 31,
 
 
2019
 
2018
 
2017
Available-for-sale debt securities
 
$
24,989

 
$
18,198

 
$
12,375

Equity securities
 
2,648

 
2,978

 
1,799

Available-for-sale short-term investments
 
—

 
145

 
22

Cash and cash equivalents (1)
 
5,176

 
5,540

 
1,043

Other (2)
 
1,008

 
915

 
416

Total investment income
 
33,821

 
27,776

 
15,655

Less: Investment expenses (3)
 
(3,078
)
 
(2,960
)
 
(2,195
)
Net investment income
 
$
30,743

 
$
24,816

 
$
13,460


(1
)
Includes interest earned on restricted cash and cash equivalents.
(2
)
Includes investment income earned on real estate investments.
(3
)
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) recorded during the periods presented on equity securities still held at the end of the reported period (in thousands):
 
 
Years Ended December 31,
 
 
2019
 
2018
 
2017
Unrealized gains and (losses) recognized during the reported period
   on equity securities still held at the end of the reporting period
 
$
4,163

 
$
(17,169
)
 
$
—
Schedule of Real Estate Investment
Investment real estate consisted of the following as of the dates presented (in thousands):
 
 
As of December 31,
 
 
2019
 
2018
Income Producing:
 
 
 
 
Investment real estate
 
$
14,679

 
$
14,619

Less: Accumulated depreciation
 
(1,284
)
 
(870
)
 
 
13,395

 
13,749

Non-Income Producing:
 
 
 
 
Investment real estate
 
2,190

 
10,690

Investment real estate, net
 
$
15,585

 
$
24,439
Schedule of Depreciation Expense Related to Investment Real Estate
Depreciation expense related to investment real estate for the periods presented (in thousands):
 
 
Years Ended December 31,
 
 
2019
 
2018
 
2017
Depreciation expense on investment real estate
 
$
414

 
$
410

 
$
179