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v3.23.3

Investments (Tables) | 9 Months Ended
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Sep. 30, 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):
| September 30, 2023
| Amortized Cost |  | Allowance for Expected Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt Securities: |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | 25,950 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,193) |  |  | $ | 24,757 |
Corporate bonds | 791,691 |  |  | (537) |  |  | 37 |  |  | (91,834) |  |  | 699,357 |
Mortgage-backed and asset-backed securities | 328,327 |  |  | — |  |  | 15 |  |  | (44,571) |  |  | 283,771 |
Municipal bonds | 17,139 |  |  | (4) |  |  | — |  |  | (2,422) |  |  | 14,713 |
Redeemable preferred stock | 10,860 |  |  | (142) |  |  | — |  |  | (1,758) |  |  | 8,960 |
Total | $ | 1,173,967 |  |  | $ | (683) |  |  | $ | 52 |  |  | $ | (141,778) |  |  | $ | 1,031,558 |
| 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):
|  | September 30, 2023 |  | December 31, 2022
Average Credit Ratings |  | Fair Value |  | % of Total Fair Value |  | Fair Value |  | % of Total Fair Value
AAA |  | $ | 312,769 |  |  | 30.3 | % |  | $ | 297,475 |  |  | 29.3 | %
AA |  | 130,994 |  |  | 12.7 | % |  | 154,975 |  |  | 15.3 | %
A |  | 346,486 |  |  | 33.6 | % |  | 327,427 |  |  | 32.3 | %
BBB |  | 240,563 |  |  | 23.3 | % |  | 232,316 |  |  | 22.9 | %
No Rating Available |  | 746 |  |  | 0.1 | % |  | 2,433 |  |  | 0.2 | %
Total |  | $ | 1,031,558 |  |  | 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):
| September 30, 2023 |  | December 31, 2022
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Mortgage-backed securities: |  |  |  |  |  |  |
Agency | $ | 164,291 |  |  | $ | 135,263 |  |  | $ | 157,672 |  |  | $ | 133,928 |
Non-agency | 63,960 |  |  | 53,119 |  |  | 60,328 |  |  | 50,478 |
Asset-backed securities: |  |  |  |  |  |  |
Auto loan receivables | 54,287 |  |  | 52,588 |  |  | 62,128 |  |  | 59,370 |
Credit card receivables | 1,657 |  |  | 1,614 |  |  | 657 |  |  | 612 |
Other receivables | 44,132 |  |  | 41,187 |  |  | 46,381 |  |  | 43,219 |
Total | $ | 328,327 |  |  | $ | 283,771 |  |  | $ | 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):
| September 30, 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 | 8 |  |  | $ | 20,094 |  |  | $ | (457) |  |  | 5 |  |  | $ | 6,645 |  |  | $ | (734) |
Corporate bonds | 17 |  |  | 6,768 |  |  | (47) |  |  | 296 |  |  | 362,421 |  |  | (52,225) |
Mortgage-backed and asset-backed securities | 38 |  |  | 60,995 |  |  | (1,813) |  |  | 186 |  |  | 220,254 |  |  | (42,762) |
Municipal bonds | 3 |  |  | 1,414 |  |  | (30) |  |  | 3 |  |  | 6,756 |  |  | (1,323) |
Redeemable preferred stock | 2 |  |  | 784 |  |  | (74) |  |  | 4 |  |  | 1,102 |  |  | (235) |
Total | 68 |  |  | $ | 90,055 |  |  | $ | (2,421) |  |  | 494 |  |  | $ | 597,178 |  |  | $ | (97,279) |
| 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 |  | (192) |  |  |  |  | 2 |  |  | (47) |  |  | (237) |
Balance, September 30, 2023 |  | $ | 537 |  |  |  |  | $ | 4 |  |  | $ | 142 |  |  | $ | 683 |
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):
| September 30, 2023
| Amortized Cost |  | Fair Value
Due in one year or less | $ | 110,000 |  |  | $ | 107,919 |
Due after one year through five years | 593,152 |  |  | 539,398 |
Due after five years through ten years | 434,732 |  |  | 356,024 |
Due after ten years | 32,281 |  |  | 25,091 |
Perpetual maturity securities | 3,802 |  |  | 3,126 |
Total | $ | 1,173,967 |  |  | $ | 1,031,558 |
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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Proceeds from sales and maturities (fair value): |  |  |  |  |  |  |
Available-for-sale debt securities | $ | 34,934 |  |  | $ | 30,929 |  |  | $ | 81,661 |  |  | $ | 84,146 |
Equity securities | $ | 5,597 |  |  | $ | 8,975 |  |  | $ | 42,830 |  |  | $ | 26,667 |
Gross realized gains on sale of securities: |  |  |  |  |  |  |
Available-for-sale debt securities | $ | 29 |  |  | $ | — |  |  | $ | 34 |  |  | $ | 242 |
Equity securities | $ | 18 |  |  | $ | 571 |  |  | $ | 1,570 |  |  | $ | 1,119 |
Gross realized losses on sale of securities: |  |  |  |  |  |  |
Available-for-sale debt securities | $ | (39) |  |  | $ | (210) |  |  | $ | (766) |  |  | $ | (1,665) |
Equity securities | $ | (439) |  |  | $ | (69) |  |  | $ | (1,175) |  |  | $ | (71) |
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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Available-for-sale debt securities | $ | 6,325 |  |  | $ | 4,847 |  |  | $ | 18,122 |  |  | $ | 13,791 |
Equity securities | 953 |  |  | 740 |  |  | 2,874 |  |  | 1,965 |
Cash and cash equivalents (1) | 5,961 |  |  | 1,069 |  |  | 15,113 |  |  | 1,324 |
Other (2) | 127 |  |  | 122 |  |  | 395 |  |  | 371 |
Total investment income | 13,366 |  |  | 6,778 |  |  | 36,504 |  |  | 17,451 |
Less: Investment expenses (3) | (611) |  |  | (704) |  |  | (1,769) |  |  | (2,114) |
Net investment income | $ | 12,755 |  |  | $ | 6,074 |  |  | $ | 34,735 |  |  | $ | 15,337 |
(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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period | $ | (1,129) |  |  | $ | (4,150) |  |  | $ | (831) |  |  | $ | (16,387) |
Schedule of Real Estate Investment | Investment real estate consisted of the following as of the dates presented (in thousands):
| September 30, |  | December 31,
| 2023 |  | 2022
Income Producing: |  |  |
Investment real estate | $ | 7,097 |  |  | $ | 7,097 |
Less: Accumulated depreciation | (1,525) |  |  | (1,386) |
Investment real estate, net | $ | 5,572 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Depreciation expense on investment real estate | $ | 46 |  |  | $ | 46 |  |  | $ | 139 |  |  | $ | 139 |

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