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Investments (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021
|  | Amortized Cost |  | Allowance for Expected Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt Securities: |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  | $ | 27,076 |  |  | $ | — |  |  | $ | 64 |  |  | $ | (334) |  |  | $ | 26,806 |
Corporate bonds |  | 687,058 |  |  | (371) |  |  | 843 |  |  | (13,725) |  |  | 673,805 |
Mortgage-backed and asset-backed securities |  | 322,844 |  |  | — |  |  | 194 |  |  | (6,920) |  |  | 316,118 |
Municipal bonds |  | 14,925 |  |  | (1) |  |  | — |  |  | (350) |  |  | 14,574 |
Redeemable preferred stock |  | 9,289 |  |  | (117) |  |  | 28 |  |  | (48) |  |  | 9,152 |
Total |  | $ | 1,061,192 |  |  | $ | (489) |  |  | $ | 1,129 |  |  | $ | (21,377) |  |  | $ | 1,040,455 |
|  | 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 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, 2021 |  | December 31, 2020
|  |  |  | % of Total |  |  |  | % of Total
Average Credit Ratings |  | Fair Value |  | Fair Value |  | Fair Value |  | Fair Value
AAA |  | $ | 321,975 |  |  | 31.0 | % |  | $ | 337,462 |  |  | 41.2 | %
AA |  | 139,186 |  |  | 13.4 | % |  | 89,681 |  |  | 10.9 | %
A |  | 339,500 |  |  | 32.6 | % |  | 230,290 |  |  | 28.1 | %
BBB |  | 234,358 |  |  | 22.5 | % |  | 160,662 |  |  | 19.6 | %
BB and Below |  | — |  |  | — | % |  | 233 |  |  | — | %
No Rating Available |  | 5,436 |  |  | 0.5 | % |  | 1,533 |  |  | 0.2 | %
Total |  | $ | 1,040,455 |  |  | 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):
|  | December 31, 2021 |  | December 31, 2020
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Mortgage-backed securities: |  |  |  |  |  |  |  |
Agency |  | $ | 147,992 |  |  | $ | 143,819 |  |  | $ | 153,937 |  |  | $ | 153,758 |
Non-agency |  | 59,906 |  |  | 58,263 |  |  | 54,231 |  |  | 54,666 |
Asset-backed securities: |  |  |  |  |  |  |  |
Auto loan receivables |  | 67,352 |  |  | 66,877 |  |  | 68,188 |  |  | 68,440 |
Credit card receivables |  | 4,741 |  |  | 4,719 |  |  | 7,878 |  |  | 7,891 |
Other receivables |  | 42,853 |  |  | 42,440 |  |  | 35,143 |  |  | 35,182 |
Total |  | $ | 322,844 |  |  | $ | 316,118 |  |  | $ | 319,377 |  |  | $ | 319,937 |
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, 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 |  | 4 |  |  | $ | 18,913 |  |  | $ | (111) |  |  | 4 |  |  | $ | 5,016 |  |  | $ | (223) |
Corporate bonds |  | 249 |  |  | 378,595 |  |  | (7,468) |  |  | 18 |  |  | 17,356 |  |  | (679) |
Mortgage-backed and asset-backed securities |  | 145 |  |  | 274,883 |  |  | (5,969) |  |  | 11 |  |  | 23,273 |  |  | (951) |
Municipal bonds |  | 5 |  |  | 9,811 |  |  | (269) |  |  | — |  |  | — |  |  | — |
Redeemable preferred stock |  | 1 |  |  | 200 |  |  | (1) |  |  | — |  |  | — |  |  | — |
Total |  | 404 |  |  | $ | 682,402 |  |  | $ | (13,818) |  |  | 33 |  |  | $ | 45,645 |  |  | $ | (1,853) |
|  | 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) |  |  | — |  |  | $ | — |  |  | $ | — |
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 |  |
Provision for (or reversal of) credit loss expense |  | (517) |  |  | — |  |  | (88) |  |  | (605) |  |
Balance, December 31, 2020 |  | 148 |  |  | — |  |  | 38 |  |  | 186 |  |
Provision for (or reversal of) credit loss expense |  | 223 |  |  | 1 |  |  | 79 |  |  | 303 |  |
Balance, December 31, 2021 |  | $ | 371 |  |  | $ | 1 |  |  | $ | 117 |  |  | $ | 489 |  |
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, 2021
|  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 30,183 |  |  | $ | 30,163 |
Due after one year through five years |  | 530,894 |  |  | 522,941 |
Due after five years through ten years |  | 469,554 |  |  | 457,010 |
Due after ten years |  | 29,863 |  |  | 29,647 |
Perpetual maturity securities |  | 698 |  |  | 694 |
Total |  | $ | 1,061,192 |  |  | $ | 1,040,455 |
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,
|  | 2021 |  | 2020 |  | 2019
Proceeds from sales and maturities (fair value): |  |  |  |  |  |
Available-for-sale debt securities (1) |  | $ | 186,507 |  |  | $ | 1,148,418 |  |  | $ | 223,266 |
Equity securities |  | $ | 85,103 |  |  | $ | 81,559 |  |  | $ | 29,680 |
Gross realized gains on sale of securities: |  |  |  |  |  |
Available-for-sale debt securities (1) |  | $ | 2,649 |  |  | $ | 57,378 |  |  | $ | 790 |
Equity securities |  | $ | 3,005 |  |  | $ | 6,438 |  |  | $ | 367 |
Gross realized losses on sale of securities: |  |  |  |  |  |
Available-for-sale debt securities |  | $ | (2,434) |  |  | $ | (464) |  |  | $ | (298) |
Equity securities |  | $ | (208) |  |  | $ | — |  |  | $ | (14,787) |
Realized gains on sales of investment real estate (2) |  | $ | 401 |  |  | $ | — |  |  | $ | 1,213 |
(1) |  |  | In the third and fourth quarters of 2020, the Company took advantage of the market recovery and recognized $56.4 million of net realized gains on the sale of our available-for-sale debt securities that were in an unrealized gain position.
(2) |  |  | See the discussion below for “Investment Real Estate” sold.
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,
|  | 2021 |  | 2020 |  | 2019
Available-for-sale debt securities |  | $ | 11,926 |  |  | $ | 19,091 |  |  | $ | 24,989 |
Equity securities |  | 2,651 |  |  | 2,445 |  |  | 2,648 |
Cash and cash equivalents (1) |  | 51 |  |  | 960 |  |  | 5,176 |
Other (2) |  | 928 |  |  | 1,050 |  |  | 1,008 |
Total investment income |  | 15,556 |  |  | 23,546 |  |  | 33,821 |
Less: Investment expenses (3) |  | (3,021) |  |  | (3,153) |  |  | (3,078) |
Net investment income |  | $ | 12,535 |  |  | $ | 20,393 |  |  | $ | 30,743 |
(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,
|  | 2021 |  | 2020 |  | 2019
Unrealized gains and (losses) recognized during the reported period on equity securities still held at the end of the reporting period |  | $ | (3,459) |  |  | $ | 25 |  |  | $ | 4,163 |
Schedule of Real Estate Investment | Investment real estate consisted of the following as of the dates presented (in thousands):
|  | As of December 31,
|  | 2021 |  | 2020
Income Producing: |  |  |  |
Investment real estate |  | $ | 7,091 |  |  | $ | 14,685 |
Less: Accumulated depreciation |  | (1,200) |  |  | (1,699) |
|  | 5,891 |  |  | 12,986 |
Non-Income Producing: |  |  |  |
Investment real estate |  | — |  |  | 2,190 |
Investment real estate, net |  | $ | 5,891 |  |  | $ | 15,176 |
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,
|  | 2021 |  | 2020 |  | 2019
Depreciation expense on investment real estate |  | $ | 186 |  |  | $ | 415 |  |  | $ | 414 |

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