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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024
Amortized
Cost		Allowance for Expected Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Debt Securities:
  U.S. government obligations and agencies$22,434 $— $— $(781)$21,653 
  Corporate bonds807,313 (502)646 (65,515)741,942 
  Mortgage-backed and asset-backed securities353,909 — 509 (33,714)320,704 
  Municipal bonds15,918 (5)— (1,821)14,092 
  Redeemable preferred stock9,480 (93)3 (723)8,667 
Total$1,209,054 $(600)$1,158 $(102,554)$1,107,058 
December 31, 2023
Amortized
Cost		Allowance for Expected Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Debt Securities:
  U.S. government obligations and agencies$23,886 $— $49 $(677)$23,258 
  Corporate bonds779,177 (469)1,097 (64,091)715,714 
  Mortgage-backed and asset-backed securities334,460 — 969 (32,283)303,146 
  Municipal bonds15,916 (4)— (1,873)14,039 
  Redeemable preferred stock9,480 (93)— (1,214)8,173 
Total$1,162,919 $(566)$2,115 $(100,138)$1,064,330 
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, 2024December 31, 2023
Average Credit RatingsFair Value% of Total
 Fair Value		Fair Value% of Total
 Fair Value
AAA$349,025 31.5 %$333,516 31.3 %
AA130,036 11.7 %128,249 12.0 %
A373,361 33.8 %356,090 33.5 %
BBB253,416 22.9 %245,823 23.1 %
No Rating Available1,220 0.1 %652 0.1 %
   Total$1,107,058 100.0 %$1,064,330 100.0 %
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, 2024December 31, 2023
Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
Mortgage-backed securities:
Agency$175,783 $153,236 $165,507 $145,686 
Non-agency62,078 54,009 63,729 55,102 
Asset-backed securities:
Auto loan receivables60,382 59,651 53,686 52,869 
Credit card receivables5,400 5,386 3,414 3,428 
Other receivables50,266 48,422 48,124 46,061 
Total$353,909 $320,704 $334,460 $303,146 
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, 2024
Less Than 12 Months12 Months or Longer
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Debt Securities:
U.S. government obligations and agencies$15,169 $(283)$5,986 $(497)
Corporate bonds5,517 (59)347,969 (37,393)
Mortgage-backed and asset-backed securities56,643 (668)209,013 (33,046)
Municipal bonds292 (3)7,070 (1,009)
Redeemable preferred stock— — 1,101 (108)
Total$77,621 $(1,013)$571,139 $(72,053)
December 31, 2023
Less Than 12 Months12 Months or Longer
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Debt Securities:
U.S. government obligations and agencies$9,045 $(108)$6,811 $(569)
Corporate bonds1,387 (9)365,893 (37,088)
Mortgage-backed and asset-backed securities18,150 (316)216,220 (31,967)
Municipal bonds293 (1)7,010 (1,069)
Redeemable preferred stock529 (30)1,052 (158)
Total$29,404 $(464)$596,986 $(70,851)
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 BondsMunicipal BondsRedeemable
 Preferred Stock		Total
Balance, December 31, 2022
$729 $2 $189 $920 
Provision for (or reversal of) credit loss expense(260)2 (96)(354)
Balance, December 31, 2023
469 4 93 566 
Provision for (or reversal of) credit loss expense33 1 — 34 
Balance, March 31, 2024
$502 $5 $93 $600 
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, 2024
Amortized CostFair Value
Due in one year or less$88,396 $87,092 
Due after one year through five years654,617 616,104 
Due after five years through ten years431,416 373,897 
Due after ten years31,123 26,718 
Perpetual maturity securities3,502 3,247 
Total$1,209,054 $1,107,058 
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,
20242023
Proceeds from sales and maturities (fair value):
  Available-for-sale debt securities $36,548 $30,855 
  Equity securities$2,910 $2,789 
Gross realized gains on sale of securities:
  Available-for-sale debt securities $5 $5 
  Equity securities$69 $54 
Gross realized losses on sale of securities:
  Available-for-sale debt securities$(74)$(706)
  Equity securities $(77)$(141)
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,
20242023
Available-for-sale debt securities$7,214 $5,870 
Equity securities894 1,053 
Cash and cash equivalents (1)5,823 4,203 
Other (2)177 141 
  Total investment income14,108 11,267 
Less: Investment expenses (3)(585)(569)
  Net investment income$13,523 $10,698 
(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,
20242023
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period$2,905 $503 
Schedule of Real Estate Investment
Investment real estate consisted of the following as of the dates presented (in thousands):
March 31,December 31,
20242023
Income Producing:
Investment real estate$7,097 $7,097 
Less: Accumulated depreciation(1,618)(1,572)
Investment real estate, net$5,479 $5,525 
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,
 20242023
Depreciation expense on investment real estate$46 $46 
Schedule of Other Investments
Other investments consisted of the following as of the dates presented (in thousands):
March 31,December 31,
20242023
Investment in private equity limited partnership
$10,434 $10,434 
Summary Of Unrealized Gain Losses Recognized As Presented in Equity Investment Limited Partnership
The following table provides the unrealized gains (losses) recognized for the periods presented on investment in private equity limited partnership still held at the end of the reported period (in thousands):
March 31,December 31,
20242023
Unrealized gains (losses) recognized during the reported period on investment in private equity limited partnership still held at the end of the reported period$— $5,640