Document and Entity Information
| Document and Entity Information | 3 Months Ended |
| Mar. 31, 2016shares | |
| Entity Information [Line Items] | |
| Entity Registrant Name | TRIPLE-S MANAGEMENT CORP |
| Entity Central Index Key | 1,171,662 |
| Current Fiscal Year End Date | --12-31 |
| Entity Well-known Seasoned Issuer | No |
| Entity Voluntary Filers | No |
| Entity Current Reporting Status | Yes |
| Entity Filer Category | Accelerated Filer |
| Document Fiscal Year Focus | 2,016 |
| Document Fiscal Period Focus | Q1 |
| Document Type | 10-Q |
| Amendment Flag | false |
| Document Period End Date | Mar. 31, 2016 |
| Common Class A [Member] | |
| Entity Information [Line Items] | |
| Entity Common Stock, Shares Outstanding | 950,968 |
| Common Class B [Member] | |
| Entity Information [Line Items] | |
| Entity Common Stock, Shares Outstanding | 23,798,815 |
Condensed Consolidated Balance
| Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
| Securities available for sale, at fair value: | ||
| Fixed maturities | $ 1,180,889 | $ 1,133,645 |
| Equity securities | 293,985 | 197,071 |
| Securities held to maturity, at amortized cost: | ||
| Fixed maturities | 2,929 | 2,929 |
| Policy loans | 8,132 | 7,901 |
| Cash and cash equivalents | 112,466 | 197,818 |
| Total investments and cash | 1,598,401 | 1,539,364 |
| Premiums and other receivables, net | 316,802 | 282,646 |
| Deferred policy acquisition costs and value of business acquired | 187,560 | 190,648 |
| Property and equipment, net | 72,221 | 73,953 |
| Deferred tax asset | 51,496 | 52,361 |
| Goodwill | 25,397 | 25,397 |
| Other assets | 67,981 | 41,776 |
| Total assets | 2,319,858 | 2,206,145 |
| Liabilities and Equity | ||
| Claim liabilities | 525,066 | 491,765 |
| Liability for future policy benefits | 306,925 | 289,530 |
| Unearned premiums | 75,873 | 80,260 |
| Policyholder deposits | 180,980 | 179,287 |
| Liability to Federal Employees' Health Benefits Program (FEHBP) | 28,358 | 26,695 |
| Accounts payable and accrued liabilities | 219,941 | 176,910 |
| Deferred tax liability | 17,976 | 15,070 |
| Long-term borrowings | 36,417 | 36,827 |
| Liability for pension benefits | 64,406 | 62,945 |
| Total liabilities | 1,455,942 | 1,359,289 |
| Triple-S Management Corporation stockholders' equity | ||
| Additional paid-in capital | 77,081 | 83,438 |
| Retained earnings | 716,922 | 713,466 |
| Accumulated other comprehensive income | 45,834 | 25,623 |
| Total Triple-S Management Corporation stockholders' equity | 864,587 | 847,526 |
| Non-controlling interest in consolidated subsidiary | (671) | (670) |
| Total stockholders' equity | 863,916 | 846,856 |
| Total liabilities and equity | 2,319,858 | 2,206,145 |
| Class A Common Stock [Member] | ||
| Triple-S Management Corporation stockholders' equity | ||
| Common stock | 951 | 951 |
| Class B Common Stock [Member] | ||
| Triple-S Management Corporation stockholders' equity | ||
| Common stock | $ 23,799 | $ 24,048 |
Condensed Consolidated Balance3
| Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
| Class A Common Stock [Member] | ||
| Triple-S Management Corporation stockholders' equity | ||
| Common stock, par value (in dollars per share) | $ 1 | $ 1 |
| Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
| Common stock, issued (in shares) | 950,968 | 950,968 |
| Common stock, outstanding (in shares) | 950,968 | 950,968 |
| Class B Common Stock [Member] | ||
| Triple-S Management Corporation stockholders' equity | ||
| Common stock, par value (in dollars per share) | $ 1 | $ 1 |
| Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
| Common stock, issued (in shares) | 23,798,815 | 24,047,755 |
| Common stock, outstanding (in shares) | 23,798,815 | 24,047,755 |
Condensed Consolidated Statemen
| Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2016 | Mar. 31, 2015 | |
| Revenues: | ||
| Premiums earned, net | $ 738,534 | $ 532,558 |
| Administrative service fees | 5,083 | 29,123 |
| Net investment income | 11,358 | 10,918 |
| Other operating revenues | 812 | 1,153 |
| Total operating revenues | 755,787 | 573,752 |
| Net realized investment gains (losses): | ||
| Total other-than-temporary impairment losses on securities | 0 | (1,202) |
| Net realized gains, excluding other-than-temporary impairment losses on securities | 58 | 7,415 |
| Total net investment gains on the sale of securities | 58 | 6,213 |
| Other income, net | 875 | 1,759 |
| Total revenues | 756,720 | 581,724 |
| Benefits and expenses: | ||
| Claims incurred | 626,694 | 432,430 |
| Operating expenses | 122,980 | 127,375 |
| Total operating costs | 749,674 | 559,805 |
| Interest expense | 1,882 | 2,182 |
| Total benefits and expenses | 751,556 | 561,987 |
| Income before taxes | 5,164 | 19,737 |
| Income taxes | 1,709 | 4,931 |
| Net income | 3,455 | 14,806 |
| Less: Net loss attributable to non-controlling interest | 1 | 30 |
| Net income attributable to Triple-S Management Corporation | $ 3,456 | $ 14,836 |
| Earnings per share attributable to Triple-S Management Corporation | ||
| Basic net income per share (in dollars per share) | $ 0.14 | $ 0.56 |
| Diluted net income per share (in dollars per share) | $ 0.14 | $ 0.56 |
Condensed Consolidated Stateme5
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2016 | Mar. 31, 2015 | |
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ||
| Net income | $ 3,455 | $ 14,806 |
| Other comprehensive income (loss), net of tax: | ||
| Net unrealized change in fair value of available for sale securities, net of taxes | 19,577 | 1,794 |
| Defined benefit pension plan: | ||
| Actuarial loss, net | 722 | 887 |
| Prior service credit, net | (88) | (61) |
| Total other comprehensive income, net of tax | 20,211 | 2,620 |
| Comprehensive income | 23,666 | 17,426 |
| Comprehensive income attributable to non-controlling interest | 1 | 30 |
| Comprehensive income attributable to Triple-S Management Corporation | $ 23,667 | $ 17,456 |
Condensed Consolidated Stateme6
| Condensed Consolidated Statements of Stockholders' Equity (Unaudited) $ in Thousands | USD ($) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
| Total Triple-S Management Corporation stockholders' equity | $ 858,558 |
| Balance at Dec. 31, 2014 | 858,558 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
| Share-based compensation | 1,883 |
| Repurchase and retirement of common stock | (14,997) |
| Comprehensive income | 17,456 |
| Total Triple-S Management Corporation stockholders' equity | 858,558 |
| Balance at Mar. 31, 2015 | 862,338 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
| Total Triple-S Management Corporation stockholders' equity | 862,900 |
| Non-controlling interest in consolidated subsidiary | (562) |
| Total Triple-S Management Corporation stockholders' equity | 847,526 |
| Non-controlling interest in consolidated subsidiary | (670) |
| Balance at Dec. 31, 2015 | 847,526 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
| Share-based compensation | 1,421 |
| Repurchase and retirement of common stock | (8,027) |
| Comprehensive income | 23,667 |
| Total Triple-S Management Corporation stockholders' equity | 847,526 |
| Balance at Mar. 31, 2016 | 863,916 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
| Total Triple-S Management Corporation stockholders' equity | 864,587 |
| Non-controlling interest in consolidated subsidiary | $ (671) |
Condensed Consolidated Stateme7
| Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2016 | Mar. 31, 2015 | |
| Cash flows from operating activities: | ||
| Net income | $ 3,455 | $ 14,806 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 3,700 | 4,174 |
| Net amortization of investments | 1,936 | 1,533 |
| Additions to the allowance for doubtful receivables | 1,531 | 5,554 |
| Deferred tax benefit | (2,435) | (379) |
| Net realized investment gains on sale of securities | (58) | (6,213) |
| Interest credited to policyholder deposits | 1,195 | 899 |
| Share-based compensation | 1,085 | 1,883 |
| (Increase) decrease in assets: | ||
| Premium and other receivables, net | (35,687) | (11,567) |
| Deferred policy acquisition costs and value of business acquired | (685) | 541 |
| Deferred taxes | 162 | (1,282) |
| Other assets | (26,485) | (25,267) |
| Increase (decrease) in liabilities: | ||
| Claim liabilities | 33,301 | 11,556 |
| Liability for future policy benefits | 17,395 | 6,323 |
| Unearned premiums | (4,387) | (7,473) |
| Liability to FEHBP | 1,663 | 1,114 |
| Accounts payable and accrued liabilities | 35,574 | 42,574 |
| Net cash provided by operating activities | 31,260 | 38,776 |
| Securities available for sale: | ||
| Fixed maturities sold | 90,328 | 139,115 |
| Fixed maturities matured/called | 699 | 30,320 |
| Equity securities sold | 11,257 | 28,566 |
| Securities available for sale: | ||
| Fixed maturities | (118,039) | (126,895) |
| Equity securities | (92,956) | (11,973) |
| Increase in other investments | (182) | (1,549) |
| Net disbursements for policy loans | (231) | (137) |
| Net capital expenditures | (1,465) | (1,463) |
| Net cash (used in) provided by investing activities | (110,589) | 55,984 |
| Cash flows from financing activities: | ||
| Change in outstanding checks in excess of bank balances | 1,916 | (2,428) |
| Repayments of long-term borrowings | (410) | (410) |
| Repurchase and retirement of common stock | (8,027) | (14,997) |
| Proceeds from policyholder deposits | 3,403 | 3,047 |
| Surrenders of policyholder deposits | (2,905) | (3,687) |
| Net cash used in financing activities | (6,023) | (18,475) |
| Net (decrease) increase in cash and cash equivalents | (85,352) | 76,285 |
| Cash and cash equivalents: | ||
| Beginning of period | 197,818 | 110,037 |
| End of period | $ 112,466 | $ 186,322 |
Basis of Presentation
| Basis of Presentation | 3 Months Ended |
| Mar. 31, 2016 | |
| Basis of Presentation [Abstract] | |
| Basis of Presentation | (1) Basis of Presentation The accompanying condensed consolidated interim financial statements prepared by Triple-S Management Corporation and its subsidiaries are unaudited. In this filing, the “Corporation”, the “Company”, “TSM”, “we”, “us” and “our” refer to Triple-S Management Corporation and its subsidiaries. The condensed consolidated interim financial statements do not include all of the information and the footnotes required by accounting principles generally accepted in the U.S. (GAAP) for complete financial statements. These condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2015. In the opinion of management, all adjustments, consisting of a normal recurring nature necessary for a fair presentation of such condensed consolidated interim financial statements, have been included. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results for the full year ending December 31, 2016. |
Recent Accounting Standards
| Recent Accounting Standards | 3 Months Ended |
| Mar. 31, 2016 | |
| Recent Accounting Standards [Abstract] | |
| Recent Accounting Standards | (2) Recent Accounting Standards On January 5, 2016, the FASB issued guidance to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. Among the many targeted improvements to U.S. GAAP are (1) requiring equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net incomes; (2) simplifying the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (3) eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; and (4) clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. This guidance applies to all entities that hold financial assets or owe financial liabilities. For public companies, these amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance may have on the Company's consolidated financial statements. On February 25, 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. This guidance sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessors and lessees. It requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The guidance requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance may have on the Company's consolidated financial statements. On March 30, 2016, the FASB issued guidance to For public companies, these amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance may have on the Company's consolidated financial statements. Other than the accounting pronouncement disclosed above, there were no other new accounting pronouncements issued during the three months ended March 31, 2016 that could have a material impact on the Corporation’s financial position, operating results or financials statement disclosures. |
Investment in Securities
| Investment in Securities | 3 Months Ended |
| Mar. 31, 2016 | |
| Investment in Securities [Abstract] | |
| Investment in Securities | (3) Investment in Securities The amortized cost for debt securities and cost for equity securities, gross unrealized gains, gross unrealized losses, and estimated fair value for available-for-sale and held-to-maturity securities by major security type and class of security at March 31, 2016 and December 31, 2015, were as follows: March 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government- sponsored enterprises $ 103,472 $ 881 $ - $ 104,353 U.S. Treasury securities and obligations of U.S.government instrumentalities 116,643 1,354 - 117,997 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 25,636 782 - 26,418 Municipal securities 642,621 48,559 - 691,180 Corporate bonds 202,032 16,121 (13 ) 218,140 Residential mortgage-backed securities 826 51 - 877 Collateralized mortgage obligations 21,683 242 (1 ) 21,924 Total fixed maturities 1,112,913 67,990 (14 ) 1,180,889 Equity securities - Mutual funds 259,738 35,134 (887 ) 293,985 Total $ 1,372,651 $ 103,124 $ (901 ) $ 1,474,874 December 31, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government- sponsored enterprises $ 115,965 $ 301 $ (26 ) $ 116,240 U.S. Treasury securities and obligations of U.S.government instrumentalities 163,322 234 (286 ) 163,270 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 25,302 317 - 25,619 Municipal securities 612,225 35,418 (197 ) 647,446 Corporate bonds 148,198 9,782 (572 ) 157,408 Residential mortgage-backed securities 883 54 - 937 Collateralized mortgage obligations 22,363 368 (6 ) 22,725 Total fixed maturities 1,088,258 46,474 (1,087 ) 1,133,645 Equity securities - Mutual funds 169,593 27,851 (373 ) 197,071 Total $ 1,257,851 $ 74,325 $ (1,460 ) $ 1,330,716 March 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities held to maturity: U.S. Treasury securities and obligations of U.S.government instrumentalities $ 620 $ 214 $ - $ 834 Residential mortgage-backed securities 191 17 - 208 Certificates of deposit 2,118 - - 2,118 Total $ 2,929 $ 231 $ - $ 3,160 December 31, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities held to maturity: U.S. Treasury securities and obligations of U.S.government instrumentalities $ 620 $ 178 $ - $ 798 Residential mortgage-backed securities 191 17 - 208 Certificates of deposit 2,118 - - 2,118 Total $ 2,929 $ 195 $ - $ 3,124 Gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 Less than 12 months 12 months or longer Total Estimated Fair Value Gross Unrealized Loss Number of Securities Estimated Fair Value Gross Unrealized Loss Number of Securities Estimated Fair Value Gross Unrealized Loss Number of Securities Securites available for sale Fixed maturities Corporate bonds $ 5,284 $ (13 ) 1 $ - $ - - $ 5,284 $ (13 ) 1 Collateralized mortgage obligations 1,292 (1 ) 1 - - - 1,292 (1 ) 1 Total fixed maturities 6,576 (14 ) 2 - - - 6,576 (14 ) 2 Equity securities-Mutual funds 30,491 (887 ) 6 - - - 30,491 (887 ) 6 Total for securities available for sale $ 37,067 $ (901 ) 8 $ - $ - - $ 37,067 $ (901 ) 8 December 31, 2015 Less than 12 months 12 months or longer Total Estimated Fair Value Gross Unrealized Loss Number of Securities Estimated Fair Value Gross Unrealized Loss Number of Securities Estimated Fair Value Gross Unrealized Loss Number of Securities Securites available for sale Fixed maturities Obligations of government- sponsored enterprises $ 18,989 $ (26 ) 1 $ - $ - - $ 18,989 $ (26 ) 1 U.S. Treasury securities and obligations of U.S. governmental instrumentalities 130,996 (286 ) 5 - - - 130,996 (286 ) 5 Municipal securities 43,937 (197 ) 11 - - - 43,937 (197 ) 11 Corporate bonds 35,718 (572 ) 9 - - - 35,718 (572 ) 9 Collateralized mortgage obligations 1,448 (6 ) 1 - - - 1,448 (6 ) 1 Total fixed maturities 231,088 (1,087 ) 27 - - - 231,088 (1,087 ) 27 Equity securities-Mutual funds 9,319 (373 ) 2 - - - 9,319 (373 ) 2 Total for securities available for sale $ 240,407 $ (1,460 ) 29 $ - $ - - $ 240,407 $ (1,460 ) 29 The Corporation reviews the investment portfolios under the Corporation’s impairment review policy. Given market conditions and the significant judgments involved, there is a continuing risk that declines in fair value may occur and material other-than-temporary impairments may be recorded in future periods. The Corporation from time to time may sell investments as part of its asset/liability management process or to reposition its investment portfolio based on current and expected market conditions. Corporate Bonds : The unrealized losses of these bonds were principally caused by fluctuations in interest rates and general market conditions. All corporate bonds with an unrealized loss have investment grade ratings. Because the decline in estimated fair value is principally attributable to changes in interest rates; because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity; and because the Company expects to collect all contractual cash flows, these investments are not considered other-than-temporarily impaired. Collateralized mortgage obligations Mutual Funds: Obligations of the Commonwealth of Puerto Rico and its Instrumentalities : Besides holdings in escrowed bonds, which are backed by US Government securities and therefore have an implicit AA+/Aaa rating, our exposure is in senior lien bonds issued by Cofina. There was no impairment on Cofina during the three months ended March 31, 2016. During the three months ended March 31, 2015, we recorded an other-than-temporary impairment related to these positions amounting to $1,202. Maturities of investment securities classified as available for sale and held to maturity were as follows: March 31, 2016 Amortized cost Estimated fair value Securities available for sale: Due in one year or less $ 54,942 $ 55,431 Due after one year through five years 375,679 384,401 Due after five years through ten years 112,592 121,883 Due after ten years 547,191 596,373 Residential mortgage-backed securities 826 877 Collateralized mortgage obligations 21,683 21,924 $ 1,112,913 $ 1,180,889 Securities held to maturity: Due in one year or less $ 2,118 $ 2,118 Due after ten years 620 834 Residential mortgage-backed securities 191 208 $ 2,929 $ 3,160 Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay obligations with or without call or prepayment penalties. Information regarding realized and unrealized gains and losses from investments is as follows: Three months ended March 31, 2016 2015 Realized gains (losses): Fixed maturity securities: Securities available for sale: Gross gains from sales $ 961 $ 4,009 Gross losses from sales (1,359 ) (275 ) Gross losses from other-than-temporary impairments - (1,202 ) Total fixed maturity securities (398 ) 2,532 Securities available for sale: Gross gains from sales 587 3,736 Gross losses from sales (131 ) (55 ) 456 3,681 Total equity securities 456 3,681 Net realized gains on securities available for sale $ 58 $ 6,213 The other-than-temporary impairments on fixed maturity securities are attributable to credit losses. Three months ended March 31, 2016 2015 Changes in net unrealized gains (losses): Recognized in accumulated other comprehensive income: Fixed maturities – available for sale $ 22,589 $ 4,091 Equity securities – available for sale 6,769 (1,278 ) $ 29,358 $ 2,813 Not recognized in the consolidated financial statements: Fixed maturities – held to maturity $ 36 $ 17 The deferred tax liability on unrealized gains change recognized in accumulated other comprehensive income during the three months ended March 31, 2016 and 2015 $ , respectively. As of March 31, 2016 and December 31, 2015, no individual investment in securities exceeded 10% of stockholders’ equity. |
Premiums and Other Receivables,
| Premiums and Other Receivables, Net | 3 Months Ended |
| Mar. 31, 2016 | |
| Premiums and Other Receivables, Net [Abstract] | |
| Premiums and Other Receivables, Net | (4) Premiums and Other Receivables, Net Premiums and other receivables, net as of March 31, 2016, and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Premium $ 118,298 $ 92,600 Self-funded group receivables 69,761 73,552 FEHBP 13,105 13,859 Agent balances 22,207 25,424 Accrued interest 11,435 12,624 Reinsurance recoverable 59,160 48,506 Other 61,527 53,325 355,493 319,890 Less allowance for doubtful receivables: Premium 30,270 28,944 Other 8,421 8,300 38,691 37,244 Total premium and other receivables, net $ 316,802 $ 282,646 As of March 31, 2016 and December 31, 2015, the Company had premiums and other receivables of $90,046 and $78,230, respectively, from the Government of Puerto Rico, including its agencies, municipalities and public corporations. The |
Fair Value Measurements
| Fair Value Measurements | 3 Months Ended |
| Mar. 31, 2016 | |
| Fair Value Measurements [Abstract] | |
| Fair Value Measurements | (5) Fair Value Measurements Assets recorded at fair value in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Level inputs, as defined by current accounting guidance for fair value measurements and disclosures, are as follows: Level Input: Input Definition: Level 1 Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date. Level 3 Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The Corporation uses observable inputs when available. Fair value is based upon quoted market prices when available. The Corporation limits valuation adjustments to those deemed necessary to ensure that the security’s fair value adequately represents the price that would be received or paid in the marketplace. Valuation adjustments may include consideration of counterparty credit quality and liquidity as well as other criteria. The estimated fair value amounts are subjective in nature and may involve uncertainties and matters of significant judgment for certain financial instruments. Changes in the underlying assumptions used in estimating fair value could affect the results. The fair value measurement levels are not indicative of risk of investment. The fair value of investment securities is estimated based on quoted market prices for those or similar investments. Additional information pertinent to the estimated fair value of investment in securities is included in note 3. The following tables summarize fair value measurements by level at March 31, 2016 and December 31, 2015 for assets measured at fair value on a recurring basis: March 31, 2016 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 104,353 $ - $ 104,353 U.S. Treasury securities and obligations of U.S government instrumentalities 117,997 - - 117,997 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 26,418 - 26,418 Municipal securities - 691,180 - 691,180 Corporate bonds - 218,140 - 218,140 Residential agency mortgage-backed securities - 877 - 877 Collateralized mortgage obligations - 21,924 - 21,924 Total fixed maturities 117,997 1,062,892 - 1,180,889 Equity securities - Mutual funds 236,032 50,956 6,997 293,985 Total $ 354,029 $ 1,113,848 $ 6,997 $ 1,474,874 December 31, 2015 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 116,240 $ - $ 116,240 U.S. Treasury securities and obligations of U.S government instrumentalities 163,270 - - 163,270 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 25,619 - 25,619 Municipal securities - 647,446 - 647,446 Corporate bonds - 157,408 - 157,408 Residential agency mortgage-backed securities - 937 - 937 Collateralized mortgage obligations - 22,725 - 22,725 Total fixed maturities 163,270 970,375 - 1,133,645 Equity securities - Mutual funds 167,082 22,031 7,958 197,071 Total $ 330,352 $ 992,406 $ 7,958 $ 1,330,716 The fair value of fixed maturity and equity securities included in the Level 2 category were based on market values obtained from independent pricing services, which utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information and for structured securities, cash flow and when available loan performance data. Because many fixed income securities do not trade on a daily basis, the models used by independent pricing service providers to prepare evaluations apply available information, such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. For certain equity securities, quoted market prices for the identical security are not always available and the fair value is estimated by reference to similar securities for which quoted prices are available. The independent pricing service providers monitor market indicators, industry and economic events, and for broker-quoted only securities, obtain quotes from market makers or broker-dealers that they recognize to be market participants. The fair value of the investments in partnerships included in the Level 3 category was based on the net asset value (NAV) which is affected by the changes in the fair market value of the investments held in these partnerships. Transfers into or out of the Level 3 category occur when unobservable inputs, such as the Company’s best estimate of what a market participant would use to determine a current transaction price, become more or less significant to the fair value measurement. Transfers between levels, if any, are recorded as of the actual date of the event or change in circumstance that caused the transfer. There were no transfers in and/or out of Level 3 and between Levels 1 and 2 during the three months ended March 31, 2016 and 2015. A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31 is as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 2016 2015 Beginning balance $ 7,958 $ 13,349 Realized gains 151 1,412 Unrealized in other accumulated comprehensive income (649 ) (2,602 ) Purchases 8 79 Capital distributions (471 ) (2,047 ) Ending balance $ 6,997 $ 10,191 In addition to the preceding disclosures on assets recorded at fair value in the condensed consolidated balance sheets, accounting guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in the condensed consolidated balance sheets. Non-financial instruments such as property and equipment, other assets, deferred income taxes and intangible assets, and certain financial instruments such as claim liabilities are excluded from the fair value disclosures. Therefore, the fair value amounts cannot be aggregated to determine our underlying economic value. The carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, receivables, accounts payable and accrued liabilities, and short-term borrowings approximate fair value because of the short term nature of these items. These assets and liabilities are not listed in the table below. The following methods, assumptions and inputs were used to estimate the fair value of each class of financial instrument: (i) Policy Loans Policy loans have no stated maturity dates and are part of the related insurance contract. The carrying amount of policy loans approximates fair value because their interest rate is reset periodically in accordance with current market rates. (ii) Policyholder Deposits The fair value of policyholder deposits is the amount payable on demand at the reporting date, and accordingly, the carrying value amount approximates fair value. (iii) Long-term Borrowings The carrying amount of the loans payable to bank – variable approximates fair value due to its floating interest-rate structure. The fair value of the senior unsecured notes payable was determined using broker quotations. A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on our consolidated balance sheets at March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 8,132 $ - $ 8,132 $ - $ 8,132 Liabilities: Policyholder deposits $ 180,980 $ - $ 180,980 $ - $ 180,980 Long-term borrowings: Loans payable to bank - variable 12,417 - 12,417 - 12,417 6.6% senior unsecured notes payable 24,000 - 19,800 - 19,800 Total long-term borrowings 36,417 - 32,217 - 32,217 Total liabilities $ 217,397 $ - $ 213,197 $ - $ 213,197 December 31, 2015 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 7,901 $ - $ 7,901 $ - $ 7,901 Liabilities: Policyholder deposits $ 179,287 $ - $ 179,287 $ - $ 179,287 Long-term borrowings: Loans payable to bank - variable 12,827 - 12,827 - 12,827 6.6% senior unsecured notes payable 24,000 - 19,920 - 19,920 Total long-term borrowings 36,827 - 32,747 - 32,747 Total liabilities $ 216,114 $ - $ 212,034 $ - $ 212,034 |
Claim Liabilities
| Claim Liabilities | 3 Months Ended |
| Mar. 31, 2016 | |
| Claim Liabilities [Abstract] | |
| Claim Liabilities | (6) Claim Liabilities The activity in claim liabilities is as follows: Three months ended March 31, 2016 2015 Claim liabilities at beginning of period $ 491,765 $ 390,086 Reinsurance recoverable on claim liabilities (40,714 ) (40,635 ) Net claim liabilities at beginning of period 451,051 349,451 Incurred claims and loss-adjustment expenses: Current period insured events 633,681 447,162 Prior period insured events (13,749 ) (21,609 ) Total 619,932 425,553 Payments of losses and loss-adjustment expenses: Current period insured events 370,135 244,728 Prior period insured events 215,653 168,592 Total 585,788 413,320 Net claim liabilities at end of period 485,195 361,684 Reinsurance recoverable on claim liabilities 39,871 39,958 Claim liabilities at end of period $ 525,066 $ 401,642 As a result of differences between actual amounts and estimates of insured events in prior years, the amounts included as incurred claims for prior period insured events differ from anticipated claims incurred. The favorable developments in the claims incurred and loss-adjustment expenses for prior period insured events for the three months ended March 31, 2016 and 2015 are due primarily to better than expected utilization trends. Reinsurance recoverable on unpaid claims is reported as premium and other receivables, net in the accompanying consolidated financial statements. The claims incurred disclosed in this table exclude the portion of the change in the liability for future policy benefits expense, which amounted to $6,762 and $6,877 during the three months ended March 31, 2016 and 2015, respectively. |
Long-Term Borrowings
| Long-Term Borrowings | 3 Months Ended |
| Mar. 31, 2016 | |
| Long-Term Borrowings [Abstract] | |
| Long-Term Borrowings | (7) Long-Term Borrowings On March 11, 2016, Triple-S Salud, Inc. (TSS) entered into a $30,000 revolving loan agreement with a commercial bank in Puerto Rico. This unused line of credit has an interest rate of LIBOR plus 220 basis points, matures on March 11, 2017, and contains certain financial and non-financial covenants that are customary for this type of facility. |
Pension Plan
| Pension Plan | 3 Months Ended |
| Mar. 31, 2016 | |
| Pension Plan [Abstract] | |
| Pension Plan | (8) Pension Plan The components of net periodic benefit cost for the three months ended March 31 were as follows: Three months ended 2016 2015 Components of net periodic benefit cost: Service cost $ 1,250 $ 897 Interest cost 2,762 1,900 Expected return on assets (2,926 ) (1,864 ) Amortization of prior service benefit (144 ) (100 ) Amortization of actuarial loss 1,183 1,454 Net periodic benefit cost $ 2,125 $ 2,287 Employer Contributions: |
Stock Repurchase Program
| Stock Repurchase Program | 3 Months Ended |
| Mar. 31, 2016 | |
| Stock Repurchase Program [Abstract] | |
| Stock Repurchase Programs | (9) Stock Repurchase Program The Company repurchases shares through open-market purchases of Class B shares only, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, under repurchase programs authorized by the Board of Directors. In November 2015 the Company’s Board of Directors authorized a $25,000 repurchase program of its Class B common stock. During the three months ended March 31, 2016, the Company repurchased and retired under this program 367,101 shares at an average per share price of $21.99, for an aggregate cost of $8,027. |
Comprehensive Income
| Comprehensive Income | 3 Months Ended |
| Mar. 31, 2016 | |
| Comprehensive Income [Abstract] | |
| Comprehensive Income | (10) Comprehensive Income The accumulated balances for each classification of other comprehensive income, net of tax, are as follows: March 31, 2016 Net unrealized gain on securities Liability for pension benefits Accumulated other comprehensive income Balance at January 1, 2016 $ 62,478 $ (36,855 ) $ 25,623 Other comprehensive income before reclassifications 19,623 - 19,623 Amounts reclassified from accumulated other comprehensive income (46 ) 634 588 Net current period change 19,577 634 20,211 Balance at March 31, 2016 $ 82,055 $ (36,221 ) $ 45,834 March 31, 2015 Net unrealized gain on securities Liability for pension benefits Accumulated other comprehensive income Balance at January 1, 2015 $ 101,467 $ (52,691 ) $ 48,776 Other comprehensive income before reclassifications 832 - 832 Amounts reclassified from accumulated other comprehensive income 962 826 1,788 Net current period change 1,794 826 2,620 Balance at March 31, 2015 $ 103,261 $ (51,865 ) $ 51,396 |
Share-Based Compensation
| Share-Based Compensation | 3 Months Ended |
| Mar. 31, 2016 | |
| Share-Based Compensation [Abstract] | |
| Share-Based Compensation | (11) Share-Based Compensation Share-based compensation expense recorded during the three months ended March 31, 2016 and 2015 was $1,085 and $1,883, respectively. There were no stock option exercises during the three months ended March 31, 2016 and 2015. |
Net Income Available to Stockho
| Net Income Available to Stockholders and Net Income per Share | 3 Months Ended |
| Mar. 31, 2016 | |
| Net Income Available to Stockholders and Net Income per Share [Abstract] | |
| Net Income Available to Stockholders and Net Income per Share | (12) Net Income Available to Stockholders and Net Income per Share The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31: Three months ended March 31, 2016 2015 Numerator for earnings per share: Net income attributable to TSM available to stockholders $ 3,456 $ 14,836 Denominator for basic earnings per share: Weighted average of common shares 24,587,681 26,497,642 Effect of dilutive securities 72,353 97,576 Denominator for diluted earnings per share 24,660,034 26,595,218 Basic net income per share attributable to TSM $ 0.14 $ 0.56 Diluted net income per share attributable to TSM $ 0.14 $ 0.56 |
Contingencies
| Contingencies | 3 Months Ended |
| Mar. 31, 2016 | |
| Contingencies [Abstract] | |
| Contingencies | (13) Contingencies The following information supplements and amends, as applicable, the disclosures in Note 24 to the Consolidated Financial Statements of the Company’s 2015 Annual Report on Form 10-K. Our business is subject to numerous laws and regulations promulgated by Federal, Puerto Rico, USVI, Costa Rica, BVI, and Anguilla governmental authorities. Compliance with these laws and regulations can be subject to government review and interpretation, as well as regulatory actions unknown and unasserted at this time. The Commissioner of Insurance of Puerto Rico, as well as other Federal, Puerto Rico, USVI, Costa Rica, BVI, and Anguilla government authorities, regularly make inquiries and conduct audits concerning the Company's compliance with such laws and regulations. Penalties associated with violations of these laws and regulations may include significant fines and exclusion from participating in certain publicly funded programs and may require the Company to comply with corrective action plans or changes in our practices. We are involved in various legal actions arising in the ordinary course of business. We are also defendants in various other litigations and proceedings, some of which are described below. Where the Company believes that a loss is both probable and estimable, such amounts have been recorded. Although we believe our estimates of such losses are reasonable, these estimates could change as a result of further developments in these matters. In other cases, it is at least reasonably possible that the Company may incur a loss related to one or more of the mentioned pending lawsuits or investigations, but the Company is unable to estimate the range of possible loss which may be ultimately realized, either individually or in the aggregate, upon their resolution. The outcome of legal proceedings is inherently uncertain and pending matters for which accruals have not been established have not progressed sufficiently to enable us to estimate a range of possible loss, if any. Given the inherent unpredictability of these matters, it is possible that an adverse outcome in one or more of these matters could have a material adverse effect on the consolidated financial condition, operating results and/or cash flows of the Company. Additionally, we may face various potential litigation claims that have not been asserted to date, including claims from persons purporting to have rights to acquire shares of the Company on favorable terms pursuant to agreements previously entered by our predecessor managed care subsidiary, Seguros de Servicios de Salud de Puerto Rico, Inc. (SSS), with physicians or dentists who joined our provider network to sell such new provider shares of SSS at a future date (Share Acquisition Agreements) or to have inherited such shares notwithstanding applicable transfer and ownership restrictions. Claims by Heirs of Former Shareholders The Company and TSS are defending nine individual lawsuits, all filed in state court, from persons who claim to have inherited a total of 124 shares of the Company or one of its predecessors or affiliates (before giving effect to the 3,000-for-one stock split). While each case presents unique facts and allegations, the lawsuits generally allege that the redemption of the shares by the Company pursuant to transfer and ownership restrictions contained in the Company's (or its predecessors' or affiliates') articles of incorporation and bylaws was improper. In one of these cases, entitled Vera Sánchez, et al, v. Triple-S, the plaintiffs argued that the redemption of shares was fraudulent and was not subject to the two-year statute of limitations contained in the local securities law. The Puerto Rico’s Court of First Instance dismissed the claim and determined it was time barred under the local securities law. On January 27, 2012, the Puerto Rico Court of Appeals upheld the dismissal. On October 1, 2013, the Puerto Rico Supreme Court reversed the dismissal, holding that the two-year statute of limitations contained in the local securities law did not apply and returning it to the Court of First Instance. After returning to the Court of First Instance, the parties have been conducting discovery. On December 16, 2015, the Company filed a motion for summary judgement. The parties are awaiting further proceedings. In the second case, entitled Olivella Zalduondo, et al, v. Seguros de Servicios de Salud, et al, the Puerto Rico’s Court of First Instance granted the Company’s motion to dismiss on grounds that the complaint was time-barred under the two-year statute of limitations of the local securities laws. On appeal, the Court of Appeals affirmed the decision of the lower court. On January 8, 2013, the Puerto Rico Supreme Court ruled that the applicable statute of limitations is the fifteen-year period of the Puerto Rico’s Civil Code for collection of monies. On January 28, 2013, the Company filed a motion for reconsideration which was subsequently denied. On March 26, 2013, plaintiffs amended their complaint, which was answered by the Company on April 16, 2013. Discovery is ongoing. In the third case, entitled Heirs of Dr. Juan Acevedo, et al, v. Triple-S Management Corporation, et al, the Puerto Rico Court of First Instance denied our motion for summary judgment based on its determination that there are material issues of fact in controversy. In response to our appeal, the Puerto Rico Court of Appeals confirmed the decision of the Puerto Rico’s Court of First Instance and denied a subsequent plea for reconsideration. Both parties have filed motions for summary judgment and, consequently, their respective oppositions. The parties are awaiting the Court’s decision on their respective motions for summary judgment. The fourth case, entitled Montilla López, et al, v. Seguros de Servicios de Salud, et al, was filed on November 29, 2011. The Company filed a motion to dismiss on the grounds that the claim is time barred under the local securities laws, which was denied by the Court on January 24, 2013. After two amendments to plaintiff’s complaint, the Company filed its response on June 13, 2013. A status conference is scheduled for May 24, 2016. Discovery is ongoing. The fifth case, entitled Cebollero Santamaría v. Triple-S Salud, Inc., et al, was filed on March 26, 2013, and the Company filed its response on May 16, 2013. On October 29, 2013, the Company filed a motion for summary judgment on the grounds that the claim is time-barred under the fifteen-year statute of limitations of the Puerto Rico Civil Code for collection of monies and, in the alternative, that plaintiff failed to state a claim for which relief can be granted, which was denied by the court. On November 2, 2015, the Company filed a Petition for a Writ of Certiorari with the Puerto Rico Court of Appeals, which was denied on March 8, 2016. On March 23, 2016, the Company filed with the Puerto Rico Court of Appeals a request for reconsideration, which the plaintiff opposed. The parties are awaiting the Court of Appeals’ decision on Motion for Reconsideration. The sixth case, entitled Irizarry Antonmattei, et al, v. Seguros de Servicios de Salud, et al, was filed on April 16, 2013 and the Company filed its response on June 21, 2013. After several pleas, including a motion to dismiss filed by the Company, plaintiffs amended their complaint. On November 5, 2013, the Company moved to dismiss the first amended complaint. On May 16, 2014, plaintiffs filed a motion for summary judgment, which the Company opposed on May 28, 2014. On June 16, 2014, the Court ordered plaintiffs to file a memorandum of law and struck plaintiff’s motion for summary judgment. On September 18, 2014, the Court denied the Company’s motion to dismiss the amended complaint. On September 29, 2014, the Company filed a motion for reconsideration, which was denied by the Court on November 4, 2014. On December 4, 2014, the Company filed a Petition for a Writ of Certiorari with the Puerto Rico Court of Appeals, which was denied on April 1, 2015. A pretrial hearing is scheduled for June 16, 2016. Discovery is ongoing. The seventh case, entitled Allende Santos, et al, v. Triple-S Salud, et al, was filed on March 28, 2014. On July 2, 2014, the Company filed its response. A status conference is scheduled for May 19, 2016. Discovery is ongoing. The eighth case, entitled Gallardo Mendez, et al, v. Triple-S Management Corporation, was filed on December 30, 2014. On March 13, 2015, the Company filed a motion to dismiss. After an extension of time granted by the Court, plaintiff did not file an opposition. Therefore, on June 16, 2015, the Court deemed the Company’s motion to dismiss unopposed. On March 18, 2016, the court dismissed the complaint with prejudice. The ninth case, entitled Ruiz de Porras, et al, v. Triple-S Salud, Inc., was filed on January 7, 2016. On March 28, 2016, the Company filed a Motion to Dismiss on the grounds that the complaint is time-barred. On April, 19, 2016, the Court ordered the Plaintiff to oppose to the Company’s Motion to Dismiss within 30 days. Management believes the aforesaid claims are time barred under one or more statutes of limitations and will vigorously defend them on these grounds; however, as a result of the Puerto Rico Supreme Court’s decision to deny the applicability of the statute of limitations contained in the local securities law, some of these claims will likely be litigated on their merits. Joint Underwriting Association Litigations On August 19, 2011, plaintiffs, purportedly a class of motor vehicle owners, filed an action in the United States District Court for the District of Puerto Rico against the Puerto Rico Joint Underwriting Association (JUA) and 18 other defendants, including TSP, alleging violations under the Puerto Rico Insurance Code, the Puerto Rico Civil Code, the Racketeer Influenced and Corrupt Organizations Act (RICO) and the local statute against organized crime and money laundering. JUA is a private association created by law to administer a compulsory public liability insurance program for motor vehicles in Puerto Rico (CLI). As required by its enabling act, JUA is composed of all the insurers that underwrite private motor vehicle insurance in Puerto Rico and exceed the minimum underwriting percentage established in such act. TSP is a member of JUA. In this lawsuit, entitled Noemí Torres Ronda, et al v. Joint Underwriting Association, et al., plaintiffs allege that the defendants illegally charged and misappropriated a portion of the CLI premiums paid by motor vehicle owners in violation of the Puerto Rico Insurance Code. Specifically, they claim that because the defendants did not incur acquisition or administration costs allegedly totaling 12% of the premium dollar, charging for such costs constitutes the illegal traffic of premiums. Plaintiffs also claim that the defendants, as members of JUA, violated RICO through various inappropriate actions designed to defraud motor vehicle owners located in Puerto Rico and embezzle a portion of the CLI premiums for their benefit. Plaintiffs seek the reimbursement of funds for the class amounting to $406,600, treble damages under RICO, and equitable relief, including a permanent injunction and declaratory judgment barring defendants from their alleged conduct and practices, along with costs and attorneys’ fees. Discovery has been completed. Since 2011, TSP has been defending this claim and, jointly with other defendants, has filed several pleas in connection with the certification of the class and the dismissal of the claim. On December 17, 2015, three defendants filed a joint motion informing the court that said defendants are conducting negotiations to settle the claim and requested a 60-day period in other to continue the negotiations. Subsequently, the term to continue negotiations was extended until April 17, 2016. On April 22, 2016, plaintiff and negotiating defendants filed a stipulation of settlement and release which is subject to approval of the court. TSP is evaluating the terms of the proposed settlement and release to determine further actions. |
Segment Information
| Segment Information | 3 Months Ended |
| Mar. 31, 2016 | |
| Segment Information [Abstract] | |
| Segment Information | (14) Segment Information The operations of the Corporation are conducted principally through three business segments: Managed Care, Life Insurance, and Property and Casualty Insurance. The Corporation evaluates performance based primarily on the operating revenues and operating income of each segment. Operating revenues include premiums earned, net, administrative service fees, net investment income, and revenues derived from other segments. Operating costs include claims incurred and operating expenses. The Corporation calculates operating income or loss as operating revenues less operating costs. The Managed Care segment participates in the Commonwealth of Puerto Rico Health Insurance Plan (similar to Medicaid) (Medicaid) program to provide health coverage to medically indigent citizens in Puerto Rico, as defined by the laws of the government of Puerto Rico, by administering the provision of the physical health component in designated service regions in Puerto Rico. We served all eight service regions on an administrative service only basis (ASO) until March 31, 2015. Administrative service fees during the three months ended March 31, 2015 amounted to $23,642. Effective April 1, 2015, we started to provide healthcare services to only two regions of the Medicaid program on a risk based model. The following tables summarize the operations by reportable segment for the three months ended March 31, 2016 and 2015: Three months ended March 31, 2016 2015 Operating revenues: Managed Care: Premiums earned, net $ 678,380 $ 472,167 Administrative service fees 5,083 29,123 Intersegment premiums/service fees 1,485 1,193 Net investment income 3,480 2,998 Total managed care 688,428 505,481 Life Insurance: Premiums earned, net 38,966 37,780 Intersegment premiums 137 61 Net investment income 5,914 5,781 Total life insurance 45,017 43,622 Property and Casualty Insurance: Premiums earned, net 21,188 22,611 Intersegment premiums 153 153 Net investment income 1,929 2,090 Total property and casualty insurance 23,270 24,854 Other segments: * Intersegment service revenues 2,545 2,383 Operating revenues from external sources 856 1,183 Total other segments 3,401 3,566 Total business segments 760,116 577,523 TSM operating revenues from external sources 4 14 Elimination of intersegment premiums/service fees (1,775 ) (1,407 ) Elimination of intersegment service revenues (2,545 ) (2,383 ) Other intersegment eliminations (13 ) 5 Consolidated operating revenues $ 755,787 $ 573,752 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. Three months ended March 31, 2016 2015 Operating income (loss): Managed care $ (641 ) $ 10,972 Life insurance 5,598 4,816 Property and casualty insurance 2,111 1,506 Other segments * (179 ) (163 ) Total business segments 6,889 17,131 TSM operating revenues from external sources 4 14 TSM unallocated operating expenses (3,167 ) (5,603 ) Elimination of TSM intersegment charges 2,387 2,405 Consolidated operating income 6,113 13,947 Consolidated net realized investment gains 58 6,213 Consolidated interest expense (1,882 ) (2,182 ) Consolidated other income, net 875 1,759 Consolidated income before taxes $ 5,164 $ 19,737 Depreciation and amortization expense: Managed care $ 2,934 $ 3,479 Life insurance 255 270 Property and casualty insurance 161 102 Other segments* 153 126 Total business segments 3,503 3,977 TSM depreciation expense 197 197 Consolidated depreciation and amortization expense $ 3,700 $ 4,174 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. March 31, 2016 December 31, 2015 Assets: Managed care $ 1,120,881 $ 1,034,725 Life insurance 808,929 770,721 Property and casualty insurance 355,090 350,514 Other segments * 25,979 25,629 Total business segments 2,310,879 2,181,589 Unallocated amounts related to TSM: Cash, cash equivalents, and investments 154 12,304 Property and equipment, net 22,996 23,219 Other assets 30,608 31,732 53,758 67,255 Elimination entries-intersegment receivables and others (44,779 ) (42,699 ) Consolidated total assets $ 2,319,858 $ 2,206,145 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. |
Subsequent Events
| Subsequent Events | 3 Months Ended |
| Mar. 31, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | (15) Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued. No events, other than those described in these notes, have occurred that require adjustment or disclosure pursuant to current Accounting Standards Codification. |
Recent Accounting Standards (Po
| Recent Accounting Standards (Policies) | 3 Months Ended |
| Mar. 31, 2016 | |
| Recent Accounting Standards [Abstract] | |
| Recent Accounting Standards | On January 5, 2016, the FASB issued guidance to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. Among the many targeted improvements to U.S. GAAP are (1) requiring equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net incomes; (2) simplifying the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (3) eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; and (4) clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. This guidance applies to all entities that hold financial assets or owe financial liabilities. For public companies, these amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance may have on the Company's consolidated financial statements. On February 25, 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. This guidance sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessors and lessees. It requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The guidance requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance may have on the Company's consolidated financial statements. On March 30, 2016, the FASB issued guidance to For public companies, these amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance may have on the Company's consolidated financial statements. Other than the accounting pronouncement disclosed above, there were no other new accounting pronouncements issued during the three months ended March 31, 2016 that could have a material impact on the Corporation’s financial position, operating results or financials statement disclosures. |
Investment in Securities (Table
| Investment in Securities (Tables) | 3 Months Ended |
| Mar. 31, 2016 | |
| Investment in Securities [Abstract] | |
| Amortized cost and estimated fair value for available-for-sale and held-to-maturity securities by major security type and class of security | The amortized cost for debt securities and cost for equity securities, gross unrealized gains, gross unrealized losses, and estimated fair value for available-for-sale and held-to-maturity securities by major security type and class of security at March 31, 2016 and December 31, 2015, were as follows: March 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government- sponsored enterprises $ 103,472 $ 881 $ - $ 104,353 U.S. Treasury securities and obligations of U.S.government instrumentalities 116,643 1,354 - 117,997 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 25,636 782 - 26,418 Municipal securities 642,621 48,559 - 691,180 Corporate bonds 202,032 16,121 (13 ) 218,140 Residential mortgage-backed securities 826 51 - 877 Collateralized mortgage obligations 21,683 242 (1 ) 21,924 Total fixed maturities 1,112,913 67,990 (14 ) 1,180,889 Equity securities - Mutual funds 259,738 35,134 (887 ) 293,985 Total $ 1,372,651 $ 103,124 $ (901 ) $ 1,474,874 December 31, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government- sponsored enterprises $ 115,965 $ 301 $ (26 ) $ 116,240 U.S. Treasury securities and obligations of U.S.government instrumentalities 163,322 234 (286 ) 163,270 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 25,302 317 - 25,619 Municipal securities 612,225 35,418 (197 ) 647,446 Corporate bonds 148,198 9,782 (572 ) 157,408 Residential mortgage-backed securities 883 54 - 937 Collateralized mortgage obligations 22,363 368 (6 ) 22,725 Total fixed maturities 1,088,258 46,474 (1,087 ) 1,133,645 Equity securities - Mutual funds 169,593 27,851 (373 ) 197,071 Total $ 1,257,851 $ 74,325 $ (1,460 ) $ 1,330,716 March 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities held to maturity: U.S. Treasury securities and obligations of U.S.government instrumentalities $ 620 $ 214 $ - $ 834 Residential mortgage-backed securities 191 17 - 208 Certificates of deposit 2,118 - - 2,118 Total $ 2,929 $ 231 $ - $ 3,160 December 31, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities held to maturity: U.S. Treasury securities and obligations of U.S.government instrumentalities $ 620 $ 178 $ - $ 798 Residential mortgage-backed securities 191 17 - 208 Certificates of deposit 2,118 - - 2,118 Total $ 2,929 $ 195 $ - $ 3,124 |
| Securities in continuous unrealized loss position | Gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 Less than 12 months 12 months or longer Total Estimated Fair Value Gross Unrealized Loss Number of Securities Estimated Fair Value Gross Unrealized Loss Number of Securities Estimated Fair Value Gross Unrealized Loss Number of Securities Securites available for sale Fixed maturities Corporate bonds $ 5,284 $ (13 ) 1 $ - $ - - $ 5,284 $ (13 ) 1 Collateralized mortgage obligations 1,292 (1 ) 1 - - - 1,292 (1 ) 1 Total fixed maturities 6,576 (14 ) 2 - - - 6,576 (14 ) 2 Equity securities-Mutual funds 30,491 (887 ) 6 - - - 30,491 (887 ) 6 Total for securities available for sale $ 37,067 $ (901 ) 8 $ - $ - - $ 37,067 $ (901 ) 8 December 31, 2015 Less than 12 months 12 months or longer Total Estimated Fair Value Gross Unrealized Loss Number of Securities Estimated Fair Value Gross Unrealized Loss Number of Securities Estimated Fair Value Gross Unrealized Loss Number of Securities Securites available for sale Fixed maturities Obligations of government- sponsored enterprises $ 18,989 $ (26 ) 1 $ - $ - - $ 18,989 $ (26 ) 1 U.S. Treasury securities and obligations of U.S. governmental instrumentalities 130,996 (286 ) 5 - - - 130,996 (286 ) 5 Municipal securities 43,937 (197 ) 11 - - - 43,937 (197 ) 11 Corporate bonds 35,718 (572 ) 9 - - - 35,718 (572 ) 9 Collateralized mortgage obligations 1,448 (6 ) 1 - - - 1,448 (6 ) 1 Total fixed maturities 231,088 (1,087 ) 27 - - - 231,088 (1,087 ) 27 Equity securities-Mutual funds 9,319 (373 ) 2 - - - 9,319 (373 ) 2 Total for securities available for sale $ 240,407 $ (1,460 ) 29 $ - $ - - $ 240,407 $ (1,460 ) 29 |
| Maturities of investment securities classified as available for sale and held to maturity | Maturities of investment securities classified as available for sale and held to maturity were as follows: March 31, 2016 Amortized cost Estimated fair value Securities available for sale: Due in one year or less $ 54,942 $ 55,431 Due after one year through five years 375,679 384,401 Due after five years through ten years 112,592 121,883 Due after ten years 547,191 596,373 Residential mortgage-backed securities 826 877 Collateralized mortgage obligations 21,683 21,924 $ 1,112,913 $ 1,180,889 Securities held to maturity: Due in one year or less $ 2,118 $ 2,118 Due after ten years 620 834 Residential mortgage-backed securities 191 208 $ 2,929 $ 3,160 |
| Realized gains and losses from investments | Information regarding realized and unrealized gains and losses from investments is as follows: Three months ended March 31, 2016 2015 Realized gains (losses): Fixed maturity securities: Securities available for sale: Gross gains from sales $ 961 $ 4,009 Gross losses from sales (1,359 ) (275 ) Gross losses from other-than-temporary impairments - (1,202 ) Total fixed maturity securities (398 ) 2,532 Securities available for sale: Gross gains from sales 587 3,736 Gross losses from sales (131 ) (55 ) 456 3,681 Total equity securities 456 3,681 Net realized gains on securities available for sale $ 58 $ 6,213 |
| Changes in net unrealized gains (losses) | The other-than-temporary impairments on fixed maturity securities are attributable to credit losses. Three months ended March 31, 2016 2015 Changes in net unrealized gains (losses): Recognized in accumulated other comprehensive income: Fixed maturities – available for sale $ 22,589 $ 4,091 Equity securities – available for sale 6,769 (1,278 ) $ 29,358 $ 2,813 Not recognized in the consolidated financial statements: Fixed maturities – held to maturity $ 36 $ 17 |
Premiums and Other Receivable25
| Premiums and Other Receivables, Net (Tables) | 3 Months Ended |
| Mar. 31, 2016 | |
| Premiums and Other Receivables, Net [Abstract] | |
| Premiums and other receivables, net | Premiums and other receivables, net as of March 31, 2016, and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Premium $ 118,298 $ 92,600 Self-funded group receivables 69,761 73,552 FEHBP 13,105 13,859 Agent balances 22,207 25,424 Accrued interest 11,435 12,624 Reinsurance recoverable 59,160 48,506 Other 61,527 53,325 355,493 319,890 Less allowance for doubtful receivables: Premium 30,270 28,944 Other 8,421 8,300 38,691 37,244 Total premium and other receivables, net $ 316,802 $ 282,646 |
Fair Value Measurements (Tables
| Fair Value Measurements (Tables) | 3 Months Ended |
| Mar. 31, 2016 | |
| Fair Value Measurements [Abstract] | |
| Fair value measurements by level | The following tables summarize fair value measurements by level at March 31, 2016 and December 31, 2015 for assets measured at fair value on a recurring basis: March 31, 2016 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 104,353 $ - $ 104,353 U.S. Treasury securities and obligations of U.S government instrumentalities 117,997 - - 117,997 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 26,418 - 26,418 Municipal securities - 691,180 - 691,180 Corporate bonds - 218,140 - 218,140 Residential agency mortgage-backed securities - 877 - 877 Collateralized mortgage obligations - 21,924 - 21,924 Total fixed maturities 117,997 1,062,892 - 1,180,889 Equity securities - Mutual funds 236,032 50,956 6,997 293,985 Total $ 354,029 $ 1,113,848 $ 6,997 $ 1,474,874 December 31, 2015 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 116,240 $ - $ 116,240 U.S. Treasury securities and obligations of U.S government instrumentalities 163,270 - - 163,270 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 25,619 - 25,619 Municipal securities - 647,446 - 647,446 Corporate bonds - 157,408 - 157,408 Residential agency mortgage-backed securities - 937 - 937 Collateralized mortgage obligations - 22,725 - 22,725 Total fixed maturities 163,270 970,375 - 1,133,645 Equity securities - Mutual funds 167,082 22,031 7,958 197,071 Total $ 330,352 $ 992,406 $ 7,958 $ 1,330,716 |
| Reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31 is as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 2016 2015 Beginning balance $ 7,958 $ 13,349 Realized gains 151 1,412 Unrealized in other accumulated comprehensive income (649 ) (2,602 ) Purchases 8 79 Capital distributions (471 ) (2,047 ) Ending balance $ 6,997 $ 10,191 |
| Carrying value and fair value by level of financial instruments not recorded at fair value on consolidated balance sheet | A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on our consolidated balance sheets at March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 8,132 $ - $ 8,132 $ - $ 8,132 Liabilities: Policyholder deposits $ 180,980 $ - $ 180,980 $ - $ 180,980 Long-term borrowings: Loans payable to bank - variable 12,417 - 12,417 - 12,417 6.6% senior unsecured notes payable 24,000 - 19,800 - 19,800 Total long-term borrowings 36,417 - 32,217 - 32,217 Total liabilities $ 217,397 $ - $ 213,197 $ - $ 213,197 December 31, 2015 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 7,901 $ - $ 7,901 $ - $ 7,901 Liabilities: Policyholder deposits $ 179,287 $ - $ 179,287 $ - $ 179,287 Long-term borrowings: Loans payable to bank - variable 12,827 - 12,827 - 12,827 6.6% senior unsecured notes payable 24,000 - 19,920 - 19,920 Total long-term borrowings 36,827 - 32,747 - 32,747 Total liabilities $ 216,114 $ - $ 212,034 $ - $ 212,034 |
Claim Liabilities (Tables)
| Claim Liabilities (Tables) | 3 Months Ended |
| Mar. 31, 2016 | |
| Claim Liabilities [Abstract] | |
| Activity in total claim liabilities | The activity in claim liabilities is as follows: Three months ended March 31, 2016 2015 Claim liabilities at beginning of period $ 491,765 $ 390,086 Reinsurance recoverable on claim liabilities (40,714 ) (40,635 ) Net claim liabilities at beginning of period 451,051 349,451 Incurred claims and loss-adjustment expenses: Current period insured events 633,681 447,162 Prior period insured events (13,749 ) (21,609 ) Total 619,932 425,553 Payments of losses and loss-adjustment expenses: Current period insured events 370,135 244,728 Prior period insured events 215,653 168,592 Total 585,788 413,320 Net claim liabilities at end of period 485,195 361,684 Reinsurance recoverable on claim liabilities 39,871 39,958 Claim liabilities at end of period $ 525,066 $ 401,642 |
Pension Plan (Tables)
| Pension Plan (Tables) | 3 Months Ended |
| Mar. 31, 2016 | |
| Pension Plan [Abstract] | |
| Schedule of components of net periodic benefit | The components of net periodic benefit cost for the three months ended March 31 were as follows: Three months ended 2016 2015 Components of net periodic benefit cost: Service cost $ 1,250 $ 897 Interest cost 2,762 1,900 Expected return on assets (2,926 ) (1,864 ) Amortization of prior service benefit (144 ) (100 ) Amortization of actuarial loss 1,183 1,454 Net periodic benefit cost $ 2,125 $ 2,287 |
Comprehensive Income (Tables)
| Comprehensive Income (Tables) | 3 Months Ended |
| Mar. 31, 2016 | |
| Comprehensive Income [Abstract] | |
| Accumulated balances of other comprehensive income, net of tax | The accumulated balances for each classification of other comprehensive income, net of tax, are as follows: March 31, 2016 Net unrealized gain on securities Liability for pension benefits Accumulated other comprehensive income Balance at January 1, 2016 $ 62,478 $ (36,855 ) $ 25,623 Other comprehensive income before reclassifications 19,623 - 19,623 Amounts reclassified from accumulated other comprehensive income (46 ) 634 588 Net current period change 19,577 634 20,211 Balance at March 31, 2016 $ 82,055 $ (36,221 ) $ 45,834 March 31, 2015 Net unrealized gain on securities Liability for pension benefits Accumulated other comprehensive income Balance at January 1, 2015 $ 101,467 $ (52,691 ) $ 48,776 Other comprehensive income before reclassifications 832 - 832 Amounts reclassified from accumulated other comprehensive income 962 826 1,788 Net current period change 1,794 826 2,620 Balance at March 31, 2015 $ 103,261 $ (51,865 ) $ 51,396 |
Net Income Available to Stock30
| Net Income Available to Stockholders and Net Income per Share (Tables) | 3 Months Ended |
| Mar. 31, 2016 | |
| Net Income Available to Stockholders and Net Income per Share [Abstract] | |
| Computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31: Three months ended March 31, 2016 2015 Numerator for earnings per share: Net income attributable to TSM available to stockholders $ 3,456 $ 14,836 Denominator for basic earnings per share: Weighted average of common shares 24,587,681 26,497,642 Effect of dilutive securities 72,353 97,576 Denominator for diluted earnings per share 24,660,034 26,595,218 Basic net income per share attributable to TSM $ 0.14 $ 0.56 Diluted net income per share attributable to TSM $ 0.14 $ 0.56 |
Segment Information (Tables)
| Segment Information (Tables) | 3 Months Ended |
| Mar. 31, 2016 | |
| Segment Information [Abstract] | |
| Operating revenues by major operating segment | The following tables summarize the operations by reportable segment for the three months ended March 31, 2016 and 2015: Three months ended March 31, 2016 2015 Operating revenues: Managed Care: Premiums earned, net $ 678,380 $ 472,167 Administrative service fees 5,083 29,123 Intersegment premiums/service fees 1,485 1,193 Net investment income 3,480 2,998 Total managed care 688,428 505,481 Life Insurance: Premiums earned, net 38,966 37,780 Intersegment premiums 137 61 Net investment income 5,914 5,781 Total life insurance 45,017 43,622 Property and Casualty Insurance: Premiums earned, net 21,188 22,611 Intersegment premiums 153 153 Net investment income 1,929 2,090 Total property and casualty insurance 23,270 24,854 Other segments: * Intersegment service revenues 2,545 2,383 Operating revenues from external sources 856 1,183 Total other segments 3,401 3,566 Total business segments 760,116 577,523 TSM operating revenues from external sources 4 14 Elimination of intersegment premiums/service fees (1,775 ) (1,407 ) Elimination of intersegment service revenues (2,545 ) (2,383 ) Other intersegment eliminations (13 ) 5 Consolidated operating revenues $ 755,787 $ 573,752 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. |
| Operating income (loss) | Three months ended March 31, 2016 2015 Operating income (loss): Managed care $ (641 ) $ 10,972 Life insurance 5,598 4,816 Property and casualty insurance 2,111 1,506 Other segments * (179 ) (163 ) Total business segments 6,889 17,131 TSM operating revenues from external sources 4 14 TSM unallocated operating expenses (3,167 ) (5,603 ) Elimination of TSM intersegment charges 2,387 2,405 Consolidated operating income 6,113 13,947 Consolidated net realized investment gains 58 6,213 Consolidated interest expense (1,882 ) (2,182 ) Consolidated other income, net 875 1,759 Consolidated income before taxes $ 5,164 $ 19,737 Depreciation and amortization expense: Managed care $ 2,934 $ 3,479 Life insurance 255 270 Property and casualty insurance 161 102 Other segments* 153 126 Total business segments 3,503 3,977 TSM depreciation expense 197 197 Consolidated depreciation and amortization expense $ 3,700 $ 4,174 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. |
| Assets | March 31, 2016 December 31, 2015 Assets: Managed care $ 1,120,881 $ 1,034,725 Life insurance 808,929 770,721 Property and casualty insurance 355,090 350,514 Other segments * 25,979 25,629 Total business segments 2,310,879 2,181,589 Unallocated amounts related to TSM: Cash, cash equivalents, and investments 154 12,304 Property and equipment, net 22,996 23,219 Other assets 30,608 31,732 53,758 67,255 Elimination entries-intersegment receivables and others (44,779 ) (42,699 ) Consolidated total assets $ 2,319,858 $ 2,206,145 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. |
Investment in Securities (Detai
| Investment in Securities (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
| Mar. 31, 2016USD ($)Security | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)Security | |
| Available-for-sale debt securities, amortized cost basis [Abstract] | |||
| Amortized cost | $ 1,112,913 | $ 1,088,258 | |
| Gross unrealized gains | 67,990 | 46,474 | |
| Gross unrealized losses | (14) | (1,087) | |
| Estimated fair value | 1,180,889 | 1,133,645 | |
| Available-for-sale equity securities, amortized cost basis [Abstract] | |||
| Estimated fair value | 293,985 | 197,071 | |
| Available-for-sale securities, amortized cost basis [Abstract] | |||
| Amortized cost | 1,372,651 | 1,257,851 | |
| Gross unrealized gains | 103,124 | 74,325 | |
| Gross unrealized losses | (901) | (1,460) | |
| Estimated fair value | 1,474,874 | 1,330,716 | |
| Securities held to maturity [Abstract] | |||
| Amortized cost | 2,929 | 2,929 | |
| Gross unrealized gains | 231 | 195 | |
| Gross unrealized losses | 0 | 0 | |
| Estimated fair value | 3,160 | 3,124 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
| Less than 12 months, Estimated Fair Value | 37,067 | 240,407 | |
| 12 months or longer, Estimated Fair Value | 0 | 0 | |
| Estimated Fair Value, Total | 37,067 | 240,407 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||
| Less than 12 months, Gross Unrealized Loss | (901) | (1,460) | |
| 12 months or longer, Gross Unrealized Loss | 0 | 0 | |
| Gross Unrealized Loss, Total | $ (901) | $ (1,460) | |
| Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract] | |||
| Less than 12 months, Number of Securities | Security | 8 | 29 | |
| 12 months or longer, Number of Securities | Security | 0 | 0 | |
| Number of Securities | Security | 8 | 29 | |
| Fair value of the positions other-than-temporarily impaired | $ 0 | $ 1,202 | |
| Securities available for sale, Amortized Cost [Abstract] | |||
| Due in one year or less, amortized cost | 54,942 | ||
| Due after one year through five, amortized cost | 375,679 | ||
| Due after five years through ten years, amortized cost | 112,592 | ||
| Due after ten years, amortized cost | 547,191 | ||
| Residential mortgage-backed securities, amortized cost | 826 | ||
| Collateralized mortgage obligations, amortized cost | 21,683 | ||
| Amortized cost | 1,112,913 | $ 1,088,258 | |
| Securities available for sale, Estimated Fair Value [Abstract] | |||
| Due in one year or less, estimated fair value | 55,431 | ||
| Due after one year through five, estimated fair value | 384,401 | ||
| Due after five years through ten years, estimated fair value | 121,883 | ||
| Due after ten years, estimated fair value | 596,373 | ||
| Residential mortgage-backed securities, estimated fair value | 877 | ||
| Collateralized mortgage obligations, estimated fair value | 21,924 | ||
| Estimated fair value | 1,180,889 | 1,133,645 | |
| Securities held to maturity, Amortized Cost [Abstract] | |||
| Due in one year or less, amortized cost | 2,118 | ||
| Due after ten years, amortized cost | 620 | ||
| Residential mortgage-backed securities, amortized cost | 191 | ||
| Amortized cost | 2,929 | 2,929 | |
| Securities held to maturity, Estimated Fair Value [Abstract] | |||
| Due in one year or less, estimated fair value | 2,118 | ||
| Due after ten years, estimated fair value | 834 | ||
| Residential mortgage-backed securities, estimated fair value | 208 | ||
| Estimated fair value | 3,160 | $ 3,124 | |
| Securities available for sale [Abstract] | |||
| Net realized gains on securities available for sale | 58 | 6,213 | |
| Recognized in accumulated other comprehensive income [Abstract] | |||
| Available-for-sale Securities | 29,358 | 2,813 | |
| Not recognized in the consolidated financial statements [Abstract] | |||
| Fixed maturities - held to maturity | 36 | 17 | |
| Deferred tax liability on unrealized gains | $ 9,781 | 1,019 | |
| Percentage of individual investment in securities to stockholders' equity | 10.00% | 10.00% | |
| Obligation of Government-sponsored Enterprises [Member] | |||
| Available-for-sale debt securities, amortized cost basis [Abstract] | |||
| Amortized cost | $ 103,472 | $ 115,965 | |
| Gross unrealized gains | 881 | 301 | |
| Gross unrealized losses | 0 | (26) | |
| Estimated fair value | 104,353 | 116,240 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
| Less than 12 months, Estimated Fair Value | 18,989 | ||
| 12 months or longer, Estimated Fair Value | 0 | ||
| Estimated Fair Value, Total | 18,989 | ||
| Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||
| Less than 12 months, Gross Unrealized Loss | (26) | ||
| 12 months or longer, Gross Unrealized Loss | 0 | ||
| Gross Unrealized Loss, Total | $ (26) | ||
| Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract] | |||
| Less than 12 months, Number of Securities | Security | 1 | ||
| 12 months or longer, Number of Securities | Security | 0 | ||
| Number of Securities | Security | 1 | ||
| Securities available for sale, Amortized Cost [Abstract] | |||
| Amortized cost | 103,472 | $ 115,965 | |
| Securities available for sale, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 104,353 | 116,240 | |
| U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | |||
| Available-for-sale debt securities, amortized cost basis [Abstract] | |||
| Amortized cost | 116,643 | 163,322 | |
| Gross unrealized gains | 1,354 | 234 | |
| Gross unrealized losses | 0 | (286) | |
| Estimated fair value | 117,997 | 163,270 | |
| Securities held to maturity [Abstract] | |||
| Amortized cost | 620 | 620 | |
| Gross unrealized gains | 214 | 178 | |
| Gross unrealized losses | 0 | 0 | |
| Estimated fair value | 834 | 798 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
| Less than 12 months, Estimated Fair Value | 130,996 | ||
| 12 months or longer, Estimated Fair Value | 0 | ||
| Estimated Fair Value, Total | 130,996 | ||
| Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||
| Less than 12 months, Gross Unrealized Loss | (286) | ||
| 12 months or longer, Gross Unrealized Loss | 0 | ||
| Gross Unrealized Loss, Total | $ (286) | ||
| Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract] | |||
| Less than 12 months, Number of Securities | Security | 5 | ||
| 12 months or longer, Number of Securities | Security | 0 | ||
| Number of Securities | Security | 5 | ||
| Securities available for sale, Amortized Cost [Abstract] | |||
| Amortized cost | 116,643 | $ 163,322 | |
| Securities available for sale, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 117,997 | 163,270 | |
| Securities held to maturity, Amortized Cost [Abstract] | |||
| Amortized cost | 620 | 620 | |
| Securities held to maturity, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 834 | 798 | |
| Obligations of The Commonwealth of Puerto Rico and Its Instrumentalities [Member] | |||
| Available-for-sale debt securities, amortized cost basis [Abstract] | |||
| Amortized cost | 25,636 | 25,302 | |
| Gross unrealized gains | 782 | 317 | |
| Gross unrealized losses | 0 | 0 | |
| Estimated fair value | 26,418 | 25,619 | |
| Securities available for sale, Amortized Cost [Abstract] | |||
| Amortized cost | 25,636 | 25,302 | |
| Securities available for sale, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 26,418 | 25,619 | |
| Municipal Securities [Member] | |||
| Available-for-sale debt securities, amortized cost basis [Abstract] | |||
| Amortized cost | 642,621 | 612,225 | |
| Gross unrealized gains | 48,559 | 35,418 | |
| Gross unrealized losses | 0 | (197) | |
| Estimated fair value | 691,180 | 647,446 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
| Less than 12 months, Estimated Fair Value | 43,937 | ||
| 12 months or longer, Estimated Fair Value | 0 | ||
| Estimated Fair Value, Total | 43,937 | ||
| Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||
| Less than 12 months, Gross Unrealized Loss | (197) | ||
| 12 months or longer, Gross Unrealized Loss | 0 | ||
| Gross Unrealized Loss, Total | $ (197) | ||
| Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract] | |||
| Less than 12 months, Number of Securities | Security | 11 | ||
| 12 months or longer, Number of Securities | Security | 0 | ||
| Number of Securities | Security | 11 | ||
| Securities available for sale, Amortized Cost [Abstract] | |||
| Amortized cost | 642,621 | $ 612,225 | |
| Securities available for sale, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 691,180 | 647,446 | |
| Corporate Bonds [Member] | |||
| Available-for-sale debt securities, amortized cost basis [Abstract] | |||
| Amortized cost | 202,032 | 148,198 | |
| Gross unrealized gains | 16,121 | 9,782 | |
| Gross unrealized losses | (13) | (572) | |
| Estimated fair value | 218,140 | 157,408 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
| Less than 12 months, Estimated Fair Value | 5,284 | 35,718 | |
| 12 months or longer, Estimated Fair Value | 0 | 0 | |
| Estimated Fair Value, Total | 5,284 | 35,718 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||
| Less than 12 months, Gross Unrealized Loss | (13) | (572) | |
| 12 months or longer, Gross Unrealized Loss | 0 | 0 | |
| Gross Unrealized Loss, Total | $ (13) | $ (572) | |
| Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract] | |||
| Less than 12 months, Number of Securities | Security | 1 | 9 | |
| 12 months or longer, Number of Securities | Security | 0 | 0 | |
| Number of Securities | Security | 1 | 9 | |
| Securities available for sale, Amortized Cost [Abstract] | |||
| Amortized cost | $ 202,032 | $ 148,198 | |
| Securities available for sale, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 218,140 | 157,408 | |
| Residential Mortgage-backed Securities [Member] | |||
| Available-for-sale debt securities, amortized cost basis [Abstract] | |||
| Amortized cost | 826 | 883 | |
| Gross unrealized gains | 51 | 54 | |
| Gross unrealized losses | 0 | 0 | |
| Estimated fair value | 877 | 937 | |
| Securities held to maturity [Abstract] | |||
| Amortized cost | 191 | 191 | |
| Gross unrealized gains | 17 | 17 | |
| Gross unrealized losses | 0 | 0 | |
| Estimated fair value | 208 | 208 | |
| Securities available for sale, Amortized Cost [Abstract] | |||
| Amortized cost | 826 | 883 | |
| Securities available for sale, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 877 | 937 | |
| Securities held to maturity, Amortized Cost [Abstract] | |||
| Amortized cost | 191 | 191 | |
| Securities held to maturity, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 208 | 208 | |
| Collateralized Mortgage Obligations [Member] | |||
| Available-for-sale debt securities, amortized cost basis [Abstract] | |||
| Amortized cost | 21,683 | 22,363 | |
| Gross unrealized gains | 242 | 368 | |
| Gross unrealized losses | (1) | (6) | |
| Estimated fair value | 21,924 | 22,725 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
| Less than 12 months, Estimated Fair Value | 1,292 | 1,448 | |
| 12 months or longer, Estimated Fair Value | 0 | 0 | |
| Estimated Fair Value, Total | 1,292 | 1,448 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||
| Less than 12 months, Gross Unrealized Loss | (1) | (6) | |
| 12 months or longer, Gross Unrealized Loss | 0 | 0 | |
| Gross Unrealized Loss, Total | $ (1) | $ (6) | |
| Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract] | |||
| Less than 12 months, Number of Securities | Security | 1 | 1 | |
| 12 months or longer, Number of Securities | Security | 0 | 0 | |
| Number of Securities | Security | 1 | 1 | |
| Securities available for sale, Amortized Cost [Abstract] | |||
| Amortized cost | $ 21,683 | $ 22,363 | |
| Securities available for sale, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 21,924 | 22,725 | |
| Fixed Maturities [Member] | |||
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
| Less than 12 months, Estimated Fair Value | 6,576 | 231,088 | |
| 12 months or longer, Estimated Fair Value | 0 | 0 | |
| Estimated Fair Value, Total | 6,576 | 231,088 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||
| Less than 12 months, Gross Unrealized Loss | (14) | (1,087) | |
| 12 months or longer, Gross Unrealized Loss | 0 | 0 | |
| Gross Unrealized Loss, Total | $ (14) | $ (1,087) | |
| Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract] | |||
| Less than 12 months, Number of Securities | Security | 2 | 27 | |
| 12 months or longer, Number of Securities | Security | 0 | 0 | |
| Number of Securities | Security | 2 | 27 | |
| Securities available for sale [Abstract] | |||
| Gross gains from sales | $ 961 | 4,009 | |
| Gross losses from sales | (1,359) | (275) | |
| Gross losses from other-than-temporary impairments | 0 | (1,202) | |
| Total fixed maturity securities | (398) | 2,532 | |
| Recognized in accumulated other comprehensive income [Abstract] | |||
| Available-for-sale Securities | 22,589 | 4,091 | |
| Mutual Funds [Member] | |||
| Available-for-sale equity securities, amortized cost basis [Abstract] | |||
| Amortized cost | 259,738 | $ 169,593 | |
| Gross unrealized gains | 35,134 | 27,851 | |
| Gross unrealized losses | (887) | (373) | |
| Estimated fair value | 293,985 | 197,071 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
| Less than 12 months, Estimated Fair Value | 30,491 | 9,319 | |
| 12 months or longer, Estimated Fair Value | 0 | 0 | |
| Estimated Fair Value, Total | 30,491 | 9,319 | |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||
| Less than 12 months, Gross Unrealized Loss | (887) | (373) | |
| 12 months or longer, Gross Unrealized Loss | 0 | 0 | |
| Gross Unrealized Loss, Total | $ (887) | $ (373) | |
| Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract] | |||
| Less than 12 months, Number of Securities | Security | 6 | 2 | |
| 12 months or longer, Number of Securities | Security | 0 | 0 | |
| Number of Securities | Security | 6 | 2 | |
| Equity Securities [Member] | |||
| Securities available for sale [Abstract] | |||
| Gross gains from sales | $ 587 | 3,736 | |
| Gross losses from sales | (131) | (55) | |
| Total equity securities | 456 | 3,681 | |
| Recognized in accumulated other comprehensive income [Abstract] | |||
| Available-for-sale Securities | 6,769 | (1,278) | |
| Certificates of Deposit [Member] | |||
| Securities held to maturity [Abstract] | |||
| Amortized cost | 2,118 | $ 2,118 | |
| Gross unrealized gains | 0 | 0 | |
| Gross unrealized losses | 0 | 0 | |
| Estimated fair value | 2,118 | 2,118 | |
| Securities held to maturity, Amortized Cost [Abstract] | |||
| Amortized cost | 2,118 | 2,118 | |
| Securities held to maturity, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 2,118 | $ 2,118 | |
| Escrow Bonds [Member] | |||
| Available-for-sale debt securities, amortized cost basis [Abstract] | |||
| Estimated fair value | 16,306 | ||
| Available-for-sale securities, amortized cost basis [Abstract] | |||
| Gross unrealized gains | 46 | ||
| Securities available for sale, Estimated Fair Value [Abstract] | |||
| Estimated fair value | 16,306 | ||
| Cofina Bonds [Member] | |||
| Available-for-sale debt securities, amortized cost basis [Abstract] | |||
| Estimated fair value | 10,112 | ||
| Available-for-sale securities, amortized cost basis [Abstract] | |||
| Gross unrealized gains | 736 | ||
| Available-for-sale, Securities in Unrealized Loss Positions, Number of Securities [Abstract] | |||
| Fair value of the positions other-than-temporarily impaired | 0 | $ 1,202 | |
| Securities available for sale, Estimated Fair Value [Abstract] | |||
| Estimated fair value | $ 10,112 | ||
Premiums and Other Receivable33
| Premiums and Other Receivables, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
| Premiums and Other Receivables [Line Items] | ||
| Premium | $ 118,298 | $ 92,600 |
| Self-insured group receivables | 69,761 | 73,552 |
| FEHBP | 13,105 | 13,859 |
| Agent balances | 22,207 | 25,424 |
| Accrued interest | 11,435 | 12,624 |
| Reinsurance recoverable | 59,160 | 48,506 |
| Other | 61,527 | 53,325 |
| Premiums and other receivables | 355,493 | 319,890 |
| Less allowance for doubtful receivables [Abstract] | ||
| Premium | 30,270 | 28,944 |
| Other | 8,421 | 8,300 |
| Premiums and other receivables, allowance | 38,691 | 37,244 |
| Total premiums and other receivables, net | 316,802 | 282,646 |
| Government of Puerto Rico [Member] | ||
| Premiums and Other Receivables [Line Items] | ||
| Premiums and other receivables | 90,046 | 78,230 |
| Less allowance for doubtful receivables [Abstract] | ||
| Premiums and other receivables, allowance | $ 19,491 | $ 19,133 |
Fair Value Measurements (Detail
| Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
| Fixed maturity securities [Abstract] | ||
| Obligations of government-sponsored enterprises | $ 104,353 | $ 116,240 |
| U.S. Treasury securities and obligations of U.S. government instrumentalities | 117,997 | 163,270 |
| Obligations of the Commonwealth of Puerto Rico and its instrumentalities | 26,418 | 25,619 |
| Municipal securities | 691,180 | 647,446 |
| Corporate bonds | 218,140 | 157,408 |
| Residential agency mortgage-backed securities | 877 | 937 |
| Collateralized mortgage obligations | 21,924 | 22,725 |
| Total fixed maturities | 1,180,889 | 1,133,645 |
| Equity securities [Abstract] | ||
| Equity securities - Mutual funds | 293,985 | 197,071 |
| Total | 1,474,874 | 1,330,716 |
| Level 1 [Member] | ||
| Fixed maturity securities [Abstract] | ||
| Obligations of government-sponsored enterprises | 0 | 0 |
| U.S. Treasury securities and obligations of U.S. government instrumentalities | 117,997 | 163,270 |
| Obligations of the Commonwealth of Puerto Rico and its instrumentalities | 0 | 0 |
| Municipal securities | 0 | 0 |
| Corporate bonds | 0 | 0 |
| Residential agency mortgage-backed securities | 0 | 0 |
| Collateralized mortgage obligations | 0 | 0 |
| Total fixed maturities | 117,997 | 163,270 |
| Equity securities [Abstract] | ||
| Equity securities - Mutual funds | 236,032 | 167,082 |
| Total | 354,029 | 330,352 |
| Level 2 [Member] | ||
| Fixed maturity securities [Abstract] | ||
| Obligations of government-sponsored enterprises | 104,353 | 116,240 |
| U.S. Treasury securities and obligations of U.S. government instrumentalities | 0 | 0 |
| Obligations of the Commonwealth of Puerto Rico and its instrumentalities | 26,418 | 25,619 |
| Municipal securities | 691,180 | 647,446 |
| Corporate bonds | 218,140 | 157,408 |
| Residential agency mortgage-backed securities | 877 | 937 |
| Collateralized mortgage obligations | 21,924 | 22,725 |
| Total fixed maturities | 1,062,892 | 970,375 |
| Equity securities [Abstract] | ||
| Equity securities - Mutual funds | 50,956 | 22,031 |
| Total | 1,113,848 | 992,406 |
| Level 3 [Member] | ||
| Fixed maturity securities [Abstract] | ||
| Obligations of government-sponsored enterprises | 0 | 0 |
| U.S. Treasury securities and obligations of U.S. government instrumentalities | 0 | 0 |
| Obligations of the Commonwealth of Puerto Rico and its instrumentalities | 0 | 0 |
| Municipal securities | 0 | 0 |
| Corporate bonds | 0 | 0 |
| Residential agency mortgage-backed securities | 0 | 0 |
| Collateralized mortgage obligations | 0 | 0 |
| Total fixed maturities | 0 | 0 |
| Equity securities [Abstract] | ||
| Equity securities - Mutual funds | 6,997 | 7,958 |
| Total | $ 6,997 | $ 7,958 |
Fair Value Measurements, Recurr
| Fair Value Measurements, Recurring Basis Roll Forward (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2016 | Mar. 31, 2015 | |
| Reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs [Roll Forward] | ||
| Beginning balance | $ 7,958 | $ 13,349 |
| Realized gains | 151 | 1,412 |
| Unrealized in other accumulated comprehensive income | (649) | (2,602) |
| Purchases | 8 | 79 |
| Capital distributions | (471) | (2,047) |
| Ending balance | $ 6,997 | $ 10,191 |
Fair Value Measurements, Repurc
| Fair Value Measurements, Repurchase Agreement (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
| 6.6% Senior Unsecured Notes Payable [Member] | ||
| Long-term borrowings [Abstract] | ||
| Fixed rate of interest on notes payable | 6.60% | 6.60% |
| Carrying Value [Member] | ||
| Assets [Abstract] | ||
| Policy loans | $ 8,132 | $ 7,901 |
| Liabilities [Abstract] | ||
| Policyholder deposits | 180,980 | 179,287 |
| Long-term borrowings [Abstract] | ||
| Loans payable to bank - variable | 12,417 | 12,827 |
| 6.6% senior unsecured notes payable | 24,000 | 24,000 |
| Total long-term borrowings | 36,417 | 36,827 |
| Total liabilities | 217,397 | 216,114 |
| Fair Value [Member] | ||
| Assets [Abstract] | ||
| Policy loans | 8,132 | 7,901 |
| Liabilities [Abstract] | ||
| Policyholder deposits | 180,980 | 179,287 |
| Long-term borrowings [Abstract] | ||
| Loans payable to bank - variable | 12,417 | 12,827 |
| 6.6% senior unsecured notes payable | 19,800 | 19,920 |
| Total long-term borrowings | 32,217 | 32,747 |
| Total liabilities | 213,197 | 212,034 |
| Fair Value [Member] | Level 1 [Member] | ||
| Assets [Abstract] | ||
| Policy loans | 0 | 0 |
| Liabilities [Abstract] | ||
| Policyholder deposits | 0 | 0 |
| Long-term borrowings [Abstract] | ||
| Loans payable to bank - variable | 0 | 0 |
| 6.6% senior unsecured notes payable | 0 | 0 |
| Total long-term borrowings | 0 | 0 |
| Total liabilities | 0 | 0 |
| Fair Value [Member] | Level 2 [Member] | ||
| Assets [Abstract] | ||
| Policy loans | 8,132 | 7,901 |
| Liabilities [Abstract] | ||
| Policyholder deposits | 180,980 | 179,287 |
| Long-term borrowings [Abstract] | ||
| Loans payable to bank - variable | 12,417 | 12,827 |
| 6.6% senior unsecured notes payable | 19,800 | 19,920 |
| Total long-term borrowings | 32,217 | 32,747 |
| Total liabilities | 213,197 | 212,034 |
| Fair Value [Member] | Level 3 [Member] | ||
| Assets [Abstract] | ||
| Policy loans | 0 | 0 |
| Liabilities [Abstract] | ||
| Policyholder deposits | 0 | 0 |
| Long-term borrowings [Abstract] | ||
| Loans payable to bank - variable | 0 | 0 |
| 6.6% senior unsecured notes payable | 0 | 0 |
| Total long-term borrowings | 0 | 0 |
| Total liabilities | $ 0 | $ 0 |
Claim Liabilities (Details)
| Claim Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2016 | Mar. 31, 2015 | |
| Claim liabilities [Roll Forward] | ||
| Claim liabilities at beginning of period | $ 491,765 | $ 390,086 |
| Reinsurance recoverable on claim liabilities | (40,714) | (40,635) |
| Net claim liabilities at beginning of period | 451,051 | 349,451 |
| Incurred claims and loss-adjustment expenses [Abstract] | ||
| Current period insured events | 633,681 | 447,162 |
| Prior period insured events | (13,749) | (21,609) |
| Total | 619,932 | 425,553 |
| Payments of losses and loss-adjustment expenses [Abstract] | ||
| Current period insured events | 370,135 | 244,728 |
| Prior period insured events | 215,653 | 168,592 |
| Total | 585,788 | 413,320 |
| Net claim liabilities at end of period | 485,195 | 361,684 |
| Reinsurance recoverable on claim liabilities | 39,871 | 39,958 |
| Claim liabilities at end of period | 525,066 | 401,642 |
| Change in liability for future policy benefits, expense | $ 6,762 | $ 6,877 |
Long-Term Borrowings (Details)
| Long-Term Borrowings (Details) - TSS [Member] | Mar. 11, 2016USD ($) |
| Debt Instrument [Line Items] | |
| Revolving loan agreement amount | $ 30,000 |
| LIBOR [Member] | |
| Debt Instrument [Line Items] | |
| Basis points | 2.20% |
Pension Plan (Details)
| Pension Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2016 | Mar. 31, 2015 | |
| Components of net periodic benefit cost [Abstract] | ||
| Service cost | $ 1,250 | $ 897 |
| Interest cost | 2,762 | 1,900 |
| Expected return on assets | (2,926) | (1,864) |
| Amortization of prior service benefit | (144) | (100) |
| Amortization of actuarial loss | 1,183 | 1,454 |
| Net periodic benefit cost | 2,125 | $ 2,287 |
| Expected employer future contributions | $ 8,000 | |
Stock Repurchase Program (Detai
| Stock Repurchase Program (Details) - Common Class B [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
| Mar. 31, 2016 | Nov. 30, 2015 | |
| Equity, Class of Treasury Stock [Line Items] | ||
| Amount authorized under stock repurchase program | $ 25,000 | |
| Number of stock repurchased and retired (in shares) | 367,101 | |
| Average cost per share repurchased (in dollars per share) | $ 21.99 | |
| Value of stock repurchased | $ 8,027 |
Comprehensive Income (Details)
| Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2016 | Mar. 31, 2015 | |
| Accumulated Other Comprehensive Income Loss [Line Items] | ||
| Balance, beginning of period | $ 25,623 | $ 48,776 |
| Other comprehensive income before reclassifications | 19,623 | 832 |
| Amounts reclassified from accumulated other comprehensive income | 588 | 1,788 |
| Total other comprehensive income, net of tax | 20,211 | 2,620 |
| Balance, end of period | 45,834 | 51,396 |
| Net Unrealized Gain on Securities [Member] | ||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||
| Balance, beginning of period | 62,478 | 101,467 |
| Other comprehensive income before reclassifications | 19,623 | 832 |
| Amounts reclassified from accumulated other comprehensive income | (46) | 962 |
| Total other comprehensive income, net of tax | 19,577 | 1,794 |
| Balance, end of period | 82,055 | 103,261 |
| Liability for Pension Benefits [Member] | ||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||
| Balance, beginning of period | (36,855) | (52,691) |
| Other comprehensive income before reclassifications | 0 | 0 |
| Amounts reclassified from accumulated other comprehensive income | 634 | 826 |
| Total other comprehensive income, net of tax | 634 | 826 |
| Balance, end of period | $ (36,221) | $ (51,865) |
Share-Based Compensation (Detai
| Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2016 | Mar. 31, 2015 | |
| Share-Based Compensation [Abstract] | ||
| Compensation expense | $ 1,085 | $ 1,883 |
| Stock option exercises during period (in shares) | 0 | 0 |
Net Income Available to Stock43
| Net Income Available to Stockholders and Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
| Mar. 31, 2016 | Mar. 31, 2015 | |
| Numerator for earnings per share [Abstract] | ||
| Net income attributable to TSM available to stockholders | $ 3,456 | $ 14,836 |
| Denominator for basic earnings per share [Abstract] | ||
| Weighted average of common shares (in shares) | 24,587,681 | 26,497,642 |
| Effect of dilutive securities (in shares) | 72,353 | 97,576 |
| Denominator for diluted earnings per share (in shares) | 24,660,034 | 26,595,218 |
| Basic net income per share attributable to TSM (in dollars per share) | $ 0.14 | $ 0.56 |
| Diluted net income per share attributable to TSM (in dollars per share) | $ 0.14 | $ 0.56 |
Contingencies (Details)
| Contingencies (Details) $ in Thousands | Apr. 19, 2016 | Dec. 17, 2015Lawsuit | Mar. 31, 2016USD ($)Lawsuitshares |
| Claims of Heirs of Former Shareholders [Member] | |||
| Loss Contingencies [Line Items] | |||
| Number of defending individual lawsuits | 9 | ||
| Number of shares claimed to have inherited (in shares) | shares | 124 | ||
| Split conversion ratio | 3,000 | ||
| Period to oppose plaintiff | 30 days | ||
| Joint Underwriting Association Litigations [Member] | |||
| Loss Contingencies [Line Items] | |||
| Number of defending individual lawsuits | 18 | ||
| Lawsuit filing date | August 19, 2011 | ||
| Amount of claims for damages | $ | $ 406,600 | ||
| Percentage of premium amount charged as administrative cost | 12.00% | ||
| TSP [Member] | |||
| Loss Contingencies [Line Items] | |||
| Number of defending individual lawsuits | 3 | ||
| Period for defendant conducting negotiations | 60 days |
Segment Information (Details)
| Segment Information (Details) $ in Thousands | 3 Months Ended | |||
| Mar. 31, 2016USD ($)SegmentRegion | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | ||
| Segment Information [Abstract] | ||||
| Number of operating segments | Segment | 3 | |||
| Number of service regions | Region | 8 | |||
| Number of regions of medical program | Region | 2 | |||
| Operating revenues [Abstract] | ||||
| Premiums earned, net | $ 738,534 | $ 532,558 | ||
| Total revenues | 756,720 | 581,724 | ||
| Consolidated operating revenues | 755,787 | 573,752 | ||
| Operating income (loss) [Abstract] | ||||
| Consolidated operating income | 6,113 | 13,947 | ||
| Consolidated net realized investment gains | 58 | 6,213 | ||
| Consolidated interest expense | (1,882) | (2,182) | ||
| Consolidated other income, net | 875 | 1,759 | ||
| Consolidated income before taxes | 5,164 | 19,737 | ||
| Depreciation and amortization expense [Abstract] | ||||
| Consolidated depreciation and amortization expense | 3,700 | 4,174 | ||
| Assets [Abstract] | ||||
| Assets | 2,319,858 | $ 2,206,145 | ||
| Managed Care [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Administrative service fees | 23,642 | |||
| Unallocated Amount to Segment [Member] | ||||
| Operating revenues [Abstract] | ||||
| TSM operating revenues from external sources | 4 | 14 | ||
| Operating income (loss) [Abstract] | ||||
| TSM operating revenues from external sources | 4 | 14 | ||
| TSM unallocated operating expenses | (3,167) | (5,603) | ||
| Depreciation and amortization expense [Abstract] | ||||
| TSM depreciation expense | 197 | 197 | ||
| Unallocated amounts related to TSM [Abstract] | ||||
| Cash, cash equivalents, and investments | 154 | 12,304 | ||
| Property and equipment, net | 22,996 | 23,219 | ||
| Other assets | 30,608 | 31,732 | ||
| Unallocated amount related to TSM | 53,758 | 67,255 | ||
| Other Segments [Member] | ||||
| Operating revenues [Abstract] | ||||
| TSM operating revenues from external sources | [1] | 856 | 1,183 | |
| Total revenues | [1] | 3,401 | 3,566 | |
| Operating income (loss) [Abstract] | ||||
| Operating income (loss) | [1] | (179) | (163) | |
| TSM operating revenues from external sources | [1] | 856 | 1,183 | |
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | [1] | 153 | 126 | |
| Assets [Abstract] | ||||
| Assets | [1] | 25,979 | 25,629 | |
| Reportable Segment [Member] | ||||
| Operating revenues [Abstract] | ||||
| Total business segments | 760,116 | 577,523 | ||
| Operating income (loss) [Abstract] | ||||
| Operating income (loss) | 6,889 | 17,131 | ||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | 3,503 | 3,977 | ||
| Assets [Abstract] | ||||
| Assets | 2,310,879 | 2,181,589 | ||
| Reportable Segment [Member] | Managed Care [Member] | ||||
| Operating revenues [Abstract] | ||||
| Premiums earned, net | 678,380 | 472,167 | ||
| Administrative service fees | 5,083 | 29,123 | ||
| Net investment income | 3,480 | 2,998 | ||
| Total revenues | 688,428 | 505,481 | ||
| Operating income (loss) [Abstract] | ||||
| Operating income (loss) | (641) | 10,972 | ||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | 2,934 | 3,479 | ||
| Assets [Abstract] | ||||
| Assets | 1,120,881 | 1,034,725 | ||
| Reportable Segment [Member] | Life Insurance [Member] | ||||
| Operating revenues [Abstract] | ||||
| Premiums earned, net | 38,966 | 37,780 | ||
| Net investment income | 5,914 | 5,781 | ||
| Total revenues | 45,017 | 43,622 | ||
| Operating income (loss) [Abstract] | ||||
| Operating income (loss) | 5,598 | 4,816 | ||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | 255 | 270 | ||
| Assets [Abstract] | ||||
| Assets | 808,929 | 770,721 | ||
| Reportable Segment [Member] | Property and Casualty Insurance [Member] | ||||
| Operating revenues [Abstract] | ||||
| Premiums earned, net | 21,188 | 22,611 | ||
| Net investment income | 1,929 | 2,090 | ||
| Total revenues | 23,270 | 24,854 | ||
| Operating income (loss) [Abstract] | ||||
| Operating income (loss) | 2,111 | 1,506 | ||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | 161 | 102 | ||
| Assets [Abstract] | ||||
| Assets | 355,090 | 350,514 | ||
| Intersegment Eliminations [Member] | ||||
| Operating revenues [Abstract] | ||||
| Elimination of intersegment premiums/service fees | (1,775) | (1,407) | ||
| Elimination of intersegment service revenues | (2,545) | (2,383) | ||
| Other intersegment eliminations | (13) | 5 | ||
| Operating income (loss) [Abstract] | ||||
| Elimination of TSM intersegment charges | 2,387 | 2,405 | ||
| Unallocated amounts related to TSM [Abstract] | ||||
| Elimination entries-intersegment receivables and others | (44,779) | $ (42,699) | ||
| Intersegment Eliminations [Member] | Managed Care [Member] | ||||
| Operating revenues [Abstract] | ||||
| Intersegment premiums/service fees | 1,485 | 1,193 | ||
| Intersegment Eliminations [Member] | Life Insurance [Member] | ||||
| Operating revenues [Abstract] | ||||
| Intersegment premiums/service fees | 137 | 61 | ||
| Intersegment Eliminations [Member] | Property and Casualty Insurance [Member] | ||||
| Operating revenues [Abstract] | ||||
| Intersegment premiums/service fees | 153 | 153 | ||
| Intersegment Eliminations [Member] | Other Segments [Member] | ||||
| Operating revenues [Abstract] | ||||
| Intersegment premiums/service fees | [1] | $ 2,545 | $ 2,383 | |
| [1] | Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. | |||