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Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of 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):

			June 30, 2021
			Amortized Cost						Allowance for Expected Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Debt Securities:
U.S. government obligations and agencies			$	37,323					$	—					$	110					$	(279)					$	37,154
Corporate bonds			547,259						(89)						2,040						(5,944)						543,266
Mortgage-backed and asset-backed securities			321,322						—						656						(3,887)						318,091
Municipal bonds			14,925						(1)						12						(175)						14,761
Redeemable preferred stock			8,362						(28)						195						(1)						8,528
Total			$	929,191					$	(118)					$	3,013					$	(10,286)					$	921,800

			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

Schedule of Credit Quality of Investment Securities

The following table provides the credit quality of available-for-sale debt securities as of the dates presented (dollars in thousands):

						June 30, 2021												December 31, 2020
Equivalent S&P Credit Ratings						Fair Value						% of Total  Fair Value						Fair Value						% of Total  Fair Value
AAA						$	316,826					34.4		%				$	337,462					41.2		%
AA						130,445						14.1		%				89,681						10.9		%
A						275,345						29.9		%				230,290						28.1		%
BBB						197,939						21.5		%				160,662						19.6		%
BB and Below						—						—		%				233						—		%
No Rating Available						1,245						0.1		%				1,533						0.2		%
Total						$	921,800					100.0		%				$	819,861					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):

			June 30, 2021												December 31, 2020
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Mortgage-backed Securities:
Agency			$	153,303					$	150,677					$	153,937					$	153,758
Non-agency			58,051						57,250						54,231						54,666
Asset-backed Securities:
Auto loan receivables			67,907						67,984						68,188						68,440
Credit card receivables			4,771						4,771						7,878						7,891
Other receivables			37,290						37,409						35,143						35,182
Total			$	321,322					$	318,091					$	319,377					$	319,937

Schedule of 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):

			June 30, 2021
			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						$	34,227					$	(279)					—						$	—					$	—
Corporate bonds			178						255,550						(3,967)						1						1,099						(2)
Mortgage-backed and asset-backed securities			102						228,270						(3,885)						1						415						(2)
Municipal bonds			4						8,929						(152)						—						—						—
Redeemable preferred stock			—						—						—						—						—						—
Total			292						$	526,976					$	(8,283)					2						$	1,514					$	(4)

			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)					—						$	—					$	—

Schedule of 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												Municipal 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
Increase (decrease)						(59)												1						(10)						(68)
Balance, June 30, 2021						$	89											$	1					$	28					$	118

Schedule of 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):

			June 30, 2021
			Amortized Cost						Fair Value
Due in one year or less			$	13,195					$	13,319
Due after one year through five years			539,113						537,491
Due after five years through ten years			353,906						347,811
Due after ten years			22,812						22,967
Perpetual maturity securities			165						212
Total			$	929,191					$	921,800

Schedule of Securities Available for Sale

The following table provides certain information related to available-for-sale debt securities, equity securities and investment in real estate during the periods presented (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities			$	61,658					$	57,169					$	114,291					$	99,682
Equity securities			$	3,589					$	—					$	5,165					$	—
Gross realized gains on sale of securities:
Available-for-sale debt securities			$	895					$	540					$	1,017					$	886
Equity securities			$	741					$	—					$	1,084					$	—
Gross realized losses on sale of securities:
Available-for-sale debt securities			$	(1,140)					$	(372)					$	(1,464)					$	(419)
Equity securities			$	—					$	—					$	—					$	—
Realized gains on sales of investment real estate			$	—					$	—					$	401					$	—

Schedule of 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 June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Available-for-sale debt securities			$	2,765					$	6,016					$	5,594					$	12,031
Equity securities			652						604						1,243						1,149
Cash and cash equivalents (1)			15						95						26						886
Other (2)			267						260						535						514
Total investment income			3,699						6,975						7,398						14,580
Less: Investment expenses (3)			(841)						(796)						(1,554)						(1,567)
Net investment income			$	2,858					$	6,179					$	5,844					$	13,013

(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.

Schedule 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):

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period			$	1,546					$	3,871					$	1,027					$	(4,154)

Schedule of Real Estate Investment

Investment real estate consisted of the following as of the dates presented (in thousands):

			June 30,						December 31,
			2021						2020
Income Producing:
Investment real estate			$	7,087					$	14,685
Less: Accumulated depreciation			(1,106)						(1,699)
			5,981						12,986
Non-Income Producing:
Investment real estate			—						2,190
Investment real estate, net			$	5,981					$	15,176

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 June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Depreciation expense on investment real estate			$	46					$	104					$	92					$	208

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