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Investments (Tables)

12 Months Ended

Dec. 31, 2020

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 available-for-sale debt securities as of the dates presented (in thousands):

						December 31, 2020
						Amortized Cost						Allowance for Expected Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Debt Securities:
U.S. government obligations and agencies						$	59,529					$	—					$	157					$	(55)					$	59,631
Corporate bonds						416,758						(148)						3,571						(337)						419,844
Mortgage-backed and asset-backed securities						319,377						—						1,175						(615)						319,937
Municipal bonds						11,990						—						138						—						12,128
Redeemable preferred stock						7,993						(38)						424						(58)						8,321
Total						$	815,647					$	(186)					$	5,465					$	(1,065)					$	819,861

						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

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 (dollars in thousands):

						December 31, 2020												December 31, 2019
												% of Total												% of Total
Average Credit Ratings						Fair Value						Fair Value						Fair Value						Fair Value
AAA						$	337,462					41.2		%				$	372,442					43.6		%
AA						89,681						10.9		%				99,103						11.6		%
A						230,290						28.1		%				238,766						27.9		%
BBB						160,662						19.6		%				143,889						16.8		%
BB and Below						233						—		%				—						—
No Rating Available						1,533						0.2		%				1,084						0.1		%
Total						$	819,861					100.0		%				$	855,284					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):

						December 31, 2020												December 31, 2019
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Mortgage-backed securities:
Agency						$	153,937					$	153,758					$	143,723					$	144,729
Non-agency						54,231						54,666						71,140						75,896
Asset-backed securities:
Auto loan receivables						68,188						68,440						42,767						43,127
Credit card receivables						7,878						7,891						21,145						21,487
Other receivables						35,143						35,182						25,510						25,840
Total						$	319,377					$	319,937					$	304,285					$	311,079

Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale

The following tables summarize available-for-sale debt securities, aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position, for which no allowance for expected credit losses has been recorded as of the dates presented (in thousands):

						December 31, 2020
						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						8						$	31,729					$	(55)					—						$	—					$	—
Corporate bonds						27						28,791						(162)						—						—						—
Mortgage-backed and asset-backed securities						42						112,462						(615)						—						—						—
Municipal bonds						—						—						—						—						—						—
Redeemable preferred stock						2						688						(12)						—						—						—
Total						79						$	173,670					$	(844)					—						$	—					$	—

						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)

Debt Securities, Available-for-sale, Allowance for Credit Loss

The following table presents a reconciliation of the beginning and ending balances for expected credit losses on available-for-sale debt securities (in thousands):

						Corporate Bonds						Redeemable Preferred Stock						Total
Balance, December 31, 2019						$	—					$	—					$	—
Cumulative effect adjustment as of January 1, 2020						665						126						791
Increase (decrease)						(517)						(88)						(605)
Balance, December 31, 2020						$	148					$	38					$	186

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, 2020
						Amortized Cost						Fair Value
Due in one year or less						$	31,333					$	31,578
Due after one year through five years						480,269						482,031
Due after five years through ten years						270,152						272,445
Due after ten years						33,728						33,596
Perpetual maturity securities						165						211
Total						$	815,647					$	819,861

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,
						2020						2019						2018
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities						$	1,148,418					$	223,266					$	255,938
Equity securities						$	81,559					$	29,680					$	8,285
Gross realized gains on sale of securities:
Available-for-sale debt securities						$	57,378					$	790					$	326
Equity securities						$	6,438					$	367					$	714
Gross realized losses on sale of securities:
Available-for-sale debt securities						$	(464)					$	(298)					$	(3,129)
Equity securities						$	—					$	(14,787)					$	—
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,
						2020						2019						2018
Available-for-sale debt securities						$	19,091					$	24,989					$	18,198
Equity securities						2,445						2,648						2,978
Available-for-sale short-term investments						—						—						145
Cash and cash equivalents (1)						960						5,176						5,540
Other (2)						1,050						1,008						915
Total investment income						23,546						33,821						27,776
Less: Investment expenses (3)						(3,153)						(3,078)						(2,960)
Net investment income						$	20,393					$	30,743					$	24,816

(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 recognized for the periods presented on equity securities still held at the end of the reported period (in thousands):

						Years Ended December 31,
						2020						2019						2018
Unrealized gains and (losses) recognized during the reported period on equity securities still held at the end of the reporting period						$	25					$	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,
						2020						2019
Income Producing:
Investment real estate						$	14,685					$	14,679
Less: Accumulated depreciation						(1,699)						(1,284)
						12,986						13,395
Non-Income Producing:
Investment real estate						2,190						2,190
Investment real estate, net						$	15,176					$	15,585

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,
						2020						2019						2018
Depreciation expense on investment real estate						$	415					$	414					$	410

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