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Investments (Tables)

12 Months Ended

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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