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Investments (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
						Amortized Cost						Allowance for Expected Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Debt Securities:
U.S. government obligations and agencies						$	12,602					$	—					$	—					$	(938)					$	11,664
Corporate bonds						788,737						(729)						130						(93,077)						695,061
Mortgage-backed and asset-backed securities						327,166						—						148						(39,707)						287,607
Municipal bonds						14,924						(2)						—						(2,551)						12,371
Redeemable preferred stock						9,423						(189)						—						(1,311)						7,923
Total						$	1,152,852					$	(920)					$	278					$	(137,584)					$	1,014,626

						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

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, 2022												December 31, 2021
												% of Total												% of Total
Average Credit Ratings						Fair Value						Fair Value						Fair Value						Fair Value
AAA						$	297,475					29.3		%				$	321,975					31.0		%
AA						154,975						15.3		%				139,186						13.4		%
A						327,427						32.3		%				339,500						32.6		%
BBB						232,316						22.9		%				234,358						22.5		%
No Rating Available						2,433						0.2		%				5,436						0.5		%
Total						$	1,014,626					100.0		%				$	1,040,455					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, 2022												December 31, 2021
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Mortgage-backed securities:
Agency						$	157,672					$	133,928					$	147,992					$	143,819
Non-agency						60,328						50,478						59,906						58,263
Asset-backed securities:
Auto loan receivables						62,128						59,370						67,352						66,877
Credit card receivables						657						612						4,741						4,719
Other receivables						46,381						43,219						42,853						42,440
Total						$	327,166					$	287,607					$	322,844					$	316,118

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, 2022
						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						$	2,721					$	(110)					5						$	8,943					$	(828)
Corporate bonds						40						26,563						(2,910)						247						325,992						(46,451)
Mortgage-backed and asset-backed securities						64						52,751						(2,974)						146						219,189						(36,733)
Municipal bonds						—						—						—						3						6,621						(1,458)
Redeemable preferred stock						1						95						(51)						—						—						—
Total						107						$	82,130					$	(6,045)					401						$	560,745					$	(85,470)

						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)

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, 2020						$	148					$	—					$	38					$	186
Provision for (or reversal of) credit loss expense						223						1						79						303
Balance, December 31, 2021						371						1						117						489
Provision for (or reversal of) credit loss expense						358						1						72						431
Balance, December 31, 2022						$	729					$	2					$	189					$	920

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, 2022
						Amortized Cost						Fair Value
Due in one year or less						$	76,691					$	75,226
Due after one year through five years						569,239						516,320
Due after five years through ten years						479,147						401,132
Due after ten years						25,231						19,831
Perpetual maturity securities						2,544						2,117
Total						$	1,152,852					$	1,014,626

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,
						2022						2021						2020
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities (1)						$	98,409					$	186,507					$	1,148,418
Equity securities						$	34,178					$	85,103					$	81,559
Gross realized gains on sale of securities:
Available-for-sale debt securities (1)						$	242					$	2,649					$	57,378
Equity securities						$	2,240					$	3,005					$	6,438
Gross realized losses on sale of securities:
Available-for-sale debt securities						$	(2,060)					$	(2,434)					$	(464)
Equity securities						$	(74)					$	(208)					$	—
Realized gains on sales of investment real estate (2)						$	—					$	401					$	—

(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 that is included in net realized gains (losses) on investment in the Consolidated Statements of Income for the year ended December 31, 2020.
(2)						During the year ended December 31, 2021 the Company completed the sale of a non-income producing investment real estate property. The Company received net cash proceeds of approximately $2.6 million and recognized a pre-tax gain of approximately $0.4 million that is included in net realized gains (losses) on investments in the Consolidated Statements of Income for the year ended December 31, 2021. This investment real estate property was not previously reported under assets held for sale since it was actively marketed and sold within the first quarter of 2021.

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,
						2022						2021						2020
Available-for-sale debt securities						$	18,699					$	11,926					$	19,091
Equity securities						3,288						2,651						2,445
Cash and cash equivalents (1)						5,945						51						960
Other (2)						492						928						1,050
Total investment income						28,424						15,556						23,546
Less: Investment expenses (3)						(2,639)						(3,021)						(3,153)
Net investment income						$	25,785					$	12,535					$	20,393

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

						Years Ended December 31,
						2022						2021						2020
Unrealized gains (losses) recognized during the reported period    on equity securities still held at the end of the reported period						$	(13,197)					$	(3,459)					$	25

Schedule of Real Estate Investment

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

						As of December 31,
						2022						2021
Income Producing:
Investment real estate						$	7,097					$	7,091
Less: Accumulated depreciation						(1,386)						(1,200)
Investment real estate, net						$	5,711					$	5,891

Schedule of Depreciation Expense Related to Investment Real Estate

The following table provides the depreciation expense related to investment real estate for the periods presented (in thousands):

						Years Ended December 31,
						2022						2021						2020
Depreciation expense on investment real estate						$	186					$	186					$	415

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