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Investments (Tables)

3 Months Ended

Mar. 31, 2022

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):

			March 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			$	22,380					$	—					$	—					$	(719)					$	21,661
Corporate bonds			722,680						(456)						111						(52,427)						669,908
Mortgage-backed and asset-backed securities			323,684						—						38						(22,200)						301,522
Municipal bonds			14,924						—						—						(1,405)						13,519
Redeemable preferred stock			8,770						(116)						—						(587)						8,067
Total			$	1,092,438					$	(572)					$	149					$	(77,338)					$	1,014,677

			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

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

						March 31, 2022												December 31, 2021
Average Credit Ratings						Fair Value						% of Total  Fair Value						Fair Value						% of Total  Fair Value
AAA						$	309,960					30.5		%				$	321,975					31.0		%
AA						139,554						13.8		%				139,186						13.4		%
A						330,751						32.6		%				339,500						32.6		%
BBB						227,901						22.5		%				234,358						22.5		%
No Rating Available						6,511						0.6		%				5,436						0.5		%
Total						$	1,014,677					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):

			March 31, 2022												December 31, 2021
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Mortgage-backed securities:
Agency			$	146,674					$	134,111					$	147,992					$	143,819
Non-agency			60,719						55,096						59,906						58,263
Asset-backed securities:
Auto loan receivables			68,485						66,410						67,352						66,877
Credit card receivables			4,711						4,668						4,741						4,719
Other receivables			43,095						41,237						42,853						42,440
Total			$	323,684					$	301,522					$	322,844					$	316,118

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):

			March 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						$	11,549					$	(63)					5						$	10,112					$	(656)
Corporate bonds			188						253,022						(16,821)						95						118,710						(12,044)
Mortgage-backed and asset-backed securities			118						156,773						(7,653)						70						138,894						(14,547)
Municipal bonds			9						9,988						(932)						1						3,531						(473)
Redeemable preferred stock			4						1,270						(122)						—						—						—
Total			321						$	432,602					$	(25,591)					171						$	271,247					$	(27,720)

			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)

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, 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						85												(1)						(1)						83
Balance, March 31, 2022						$	456											$	—					$	116					$	572

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):

			March 31, 2022
			Amortized Cost						Fair Value
Due in one year or less			$	53,698					$	53,176
Due after one year through five years			504,075						475,424
Due after five years through ten years			501,063						455,448
Due after ten years			31,710						28,916
Perpetual maturity securities			1,892						1,713
Total			$	1,092,438					$	1,014,677

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 March 31,
															2022						2021
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities															$	25,306					$	52,633
Equity securities															$	14,932					$	1,576
Gross realized gains on sale of securities:
Available-for-sale debt securities															$	6					$	122
Equity securities															$	324					$	343
Gross realized losses on sale of securities:
Available-for-sale debt securities															$	(270)					$	(324)
Equity securities															$	(2)					$	—
Realized gains on sales of investment real estate (1)															$	—					$	401

(1) During the first quarter of 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 Condensed Consolidated Statements of Income for the three months ended March 31, 2021.

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 March 31,
															2022						2021
Available-for-sale debt securities															$	4,067					$	2,829
Equity securities															535						591
Cash and cash equivalents (1)															22						11
Other (2)															128						268
Total investment income															4,752						3,699
Less: Investment expenses (3)															(710)						(713)
Net investment income															$	4,042					$	2,986

(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 March 31,
															2022						2021
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period															$	(3,353)					$	(519)

Schedule of Real Estate Investment

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

			March 31,						December 31,
			2022						2021
Income Producing:
Investment real estate			$	7,091					$	7,091
Less: Accumulated depreciation			(1,246)						(1,200)
Investment real estate, net			$	5,845					$	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):

									Three Months Ended March 31,
															2022						2021
Depreciation expense on investment real estate															$	46					$	46

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