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Investments (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
			Amortized Cost						Allowance for Expected Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Debt Securities:
U.S. government obligations and agencies			$	16,840					$	—					$	100					$	(763)					$	16,177
Corporate bonds			782,613						(622)						366						(79,506)						702,851
Mortgage-backed and asset-backed securities			319,916						—						200						(35,669)						284,447
Municipal bonds			16,149						(2)						15						(2,082)						14,080
Redeemable preferred stock			10,860						(187)						—						(1,673)						9,000
Total			$	1,146,378					$	(811)					$	681					$	(119,693)					$	1,026,555

			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

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, 2023												December 31, 2022
Average Credit Ratings						Fair Value						% of Total  Fair Value						Fair Value						% of Total  Fair Value
AAA						$	304,913					29.7		%				$	297,475					29.3		%
AA						158,404						15.4		%				154,975						15.3		%
A						334,519						32.6		%				327,427						32.3		%
BBB						227,056						22.1		%				232,316						22.9		%
No Rating Available						1,663						0.2		%				2,433						0.2		%
Total						$	1,026,555					100.0		%				$	1,014,626					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, 2023												December 31, 2022
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Mortgage-backed securities:
Agency			$	159,078					$	137,987					$	157,672					$	133,928
Non-agency			60,159						50,711						60,328						50,478
Asset-backed securities:
Auto loan receivables			54,531						52,351						62,128						59,370
Credit card receivables			1,657						1,618						657						612
Other receivables			44,491						41,780						46,381						43,219
Total			$	319,916					$	284,447					$	327,166					$	287,607

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, 2023
			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						$	523					$	(1)					6						$	11,816					$	(762)
Corporate bonds			22						20,332						(421)						258						319,002						(39,830)
Mortgage-backed and asset-backed securities			36						39,815						(1,073)						172						227,174						(34,596)
Municipal bonds			—						—						—						3						6,900						(1,179)
Redeemable preferred stock			1						489						(69)						1						101						(45)
Total			61						$	61,159					$	(1,564)					440						$	564,993					$	(76,412)

			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)

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, 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
Provision for (or reversal of) credit loss expense						(107)												—						(2)						(109)
Balance, March 31, 2023						$	622											$	2					$	187					$	811

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, 2023
			Amortized Cost						Fair Value
Due in one year or less			$	102,455					$	100,102
Due after one year through five years			558,902						512,244
Due after five years through ten years			457,242						391,643
Due after ten years			23,977						19,370
Perpetual maturity securities			3,802						3,196
Total			$	1,146,378					$	1,026,555

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,
			2023						2022
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities			$	30,855					$	25,306
Equity securities			$	2,789					$	14,932
Gross realized gains on sale of securities:
Available-for-sale debt securities			$	5					$	6
Equity securities			$	54					$	324
Gross realized losses on sale of securities:
Available-for-sale debt securities			$	(706)					$	(270)
Equity securities			$	(141)					$	(2)

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,
			2023						2022
Available-for-sale debt securities			$	5,870					$	4,067
Equity securities			1,053						535
Cash and cash equivalents (1)			4,203						22
Other (2)			141						128
Total investment income			11,267						4,752
Less: Investment expenses (3)			(569)						(710)
Net investment income			$	10,698					$	4,042

(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,
			2023						2022
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period			$	503					$	(3,353)

Schedule of Real Estate Investment

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

			March 31,						December 31,
			2023						2022
Income Producing:
Investment real estate			$	7,097					$	7,097
Less: Accumulated depreciation			(1,432)						(1,386)
Investment real estate, net			$	5,665					$	5,711

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,
			2023						2022
Depreciation expense on investment real estate			$	46					$	46

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