Document and Entity Information
| Document and Entity Information | 3 Months Ended |
| Mar. 31, 2017shares | |
| 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 | 2,017 |
| Document Fiscal Period Focus | Q1 |
| Document Type | 10-Q |
| Amendment Flag | false |
| Document Period End Date | Mar. 31, 2017 |
| 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 | 23,491,670 |
Condensed Consolidated Balance
| Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
| Securities available for sale, at fair value: | ||
| Fixed maturities | $ 1,153,545 | $ 1,151,643 |
| Equity securities | 277,149 | 270,349 |
| Securities held to maturity, at amortized cost: | ||
| Fixed maturities | 2,514 | 2,836 |
| Policy loans | 8,546 | 8,564 |
| Cash and cash equivalents | 218,884 | 103,428 |
| Total investments and cash | 1,660,638 | 1,536,820 |
| Premiums and other receivables, net | 292,837 | 286,365 |
| Deferred policy acquisition costs and value of business acquired | 195,513 | 194,787 |
| Property and equipment, net | 66,756 | 66,369 |
| Deferred tax asset | 64,128 | 57,768 |
| Goodwill | 25,397 | 25,397 |
| Other assets | 53,186 | 51,493 |
| Total assets | 2,358,455 | 2,218,999 |
| Liabilities and Stockholders' Equity | ||
| Claim liabilities | 530,304 | 487,943 |
| Liability for future policy benefits | 326,162 | 321,232 |
| Unearned premiums | 163,780 | 79,310 |
| Policyholder deposits | 179,599 | 179,382 |
| Liability to Federal Employees' Health Benefits and Federal Employees' Programs | 37,206 | 34,370 |
| Accounts payable and accrued liabilities | 171,643 | 169,449 |
| Deferred tax liability | 19,599 | 18,850 |
| Long-term borrowings | 34,465 | 35,085 |
| Liability for pension benefits | 30,472 | 30,892 |
| Total liabilities | 1,493,230 | 1,356,513 |
| Triple-S Management Corporation stockholders' equity | ||
| Additional paid-in capital | 63,978 | 65,592 |
| Retained earnings | 726,562 | 730,904 |
| Accumulated other comprehensive income | 50,920 | 42,395 |
| Total Triple-S Management Corporation stockholders' equity | 865,903 | 863,163 |
| Non-controlling interest in consolidated subsidiary | (678) | (677) |
| Total stockholders' equity | 865,225 | 862,486 |
| Total liabilities and stockholders' equity | 2,358,455 | 2,218,999 |
| Common Stock Class A [Member] | ||
| Triple-S Management Corporation stockholders' equity | ||
| Common stock | 951 | 951 |
| Common Stock Class B [Member] | ||
| Triple-S Management Corporation stockholders' equity | ||
| Common stock | $ 23,492 | $ 23,321 |
Condensed Consolidated Balance3
| Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
| 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) | 23,491,670 | 23,321,163 |
| Common stock, outstanding (in shares) | 23,491,670 | 23,321,163 |
Condensed Consolidated Statemen
| Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Revenues: | ||
| Premiums earned, net | $ 702,273 | $ 738,534 |
| Administrative service fees | 4,379 | 5,083 |
| Net investment income | 12,016 | 11,358 |
| Other operating revenues | 965 | 812 |
| Total operating revenues | 719,633 | 755,787 |
| Net realized investment gains on sale of securities | 336 | 58 |
| Other income, net | 2,525 | 875 |
| Total revenues | 722,494 | 756,720 |
| Benefits and expenses: | ||
| Claims incurred | 620,863 | 626,694 |
| Operating expenses | 110,946 | 122,980 |
| Total operating costs | 731,809 | 749,674 |
| Interest expense | 1,686 | 1,882 |
| Total benefits and expenses | 733,495 | 751,556 |
| (Loss) income before taxes | (11,001) | 5,164 |
| Income taxes | (6,658) | 1,709 |
| Net (loss) income | (4,343) | 3,455 |
| Less: Net loss attributable to non-controlling interest | 1 | 1 |
| Net (loss) income attributable to Triple-S Management Corporation | $ (4,342) | $ 3,456 |
| Earnings per share attributable to Triple-S Management Corporation | ||
| Basic net (loss) income per share (in dollars per share) | $ (0.18) | $ 0.14 |
| Diluted net (loss) income per share (in dollars per share) | $ (0.18) | $ 0.14 |
Condensed Consolidated Stateme5
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ||
| Net (loss) income | $ (4,343) | $ 3,455 |
| Other comprehensive (loss) income, net of tax: | ||
| Net unrealized change in fair value of available for sale securities, net of taxes | 8,472 | 19,577 |
| Defined benefit pension plan: | ||
| Actuarial loss, net | 53 | 722 |
| Prior service credit, net | 0 | (88) |
| Total other comprehensive income, net of tax | 8,525 | 20,211 |
| Comprehensive income | 4,182 | 23,666 |
| Comprehensive income attributable to non-controlling interest | 1 | 1 |
| Comprehensive income attributable to Triple-S Management Corporation | $ 4,183 | $ 23,667 |
Condensed Consolidated Stateme6
| Condensed Consolidated Statements of Stockholders' Equity (Unaudited) $ in Thousands | USD ($) |
| 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 at Mar. 31, 2016 | 864,587 |
| Non-controlling interest in consolidated subsidiary at Mar. 31, 2016 | (671) |
| Balance at Mar. 31, 2016 | 863,916 |
| Balance at Dec. 31, 2016 | 863,163 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
| Share-based compensation | (1,443) |
| Repurchase and retirement of common stock | 0 |
| Comprehensive income | 4,183 |
| Total Triple-S Management Corporation stockholders' equity at Mar. 31, 2017 | 865,903 |
| Non-controlling interest in consolidated subsidiary at Mar. 31, 2017 | (678) |
| Balance at Mar. 31, 2017 | $ 865,225 |
Condensed Consolidated Stateme7
| Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Cash flows from operating activities: | ||
| Net (loss) income | $ (4,343) | $ 3,455 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 2,990 | 3,700 |
| Net amortization of investments | 2,356 | 1,936 |
| (Reductions) additions to the allowance for doubtful receivables | (3,209) | 1,531 |
| Deferred tax benefit | (7,525) | (2,435) |
| Net realized investment gain on sale of securities | (336) | (58) |
| Interest credited to policyholder deposits | 991 | 1,195 |
| Share-based compensation | (1,443) | 1,085 |
| (Increase) decrease in assets: | ||
| Premium and other receivables, net | (3,263) | (35,687) |
| Deferred policy acquisition costs and value of business acquired | (822) | (685) |
| Deferred taxes | (265) | 162 |
| Other assets | (37) | (26,485) |
| Increase (decrease) in liabilities: | ||
| Claim liabilities | 42,361 | 33,301 |
| Liability for future policy benefits | 4,930 | 17,395 |
| Unearned premiums | 84,470 | (4,387) |
| Liability to Federal Employees' Health Benefits and Federal Employees' Programs | 2,836 | 1,663 |
| Accounts payable and accrued liabilities | 11,274 | 35,574 |
| Net cash provided by operating activities | 130,965 | 31,260 |
| Securities available for sale: | ||
| Fixed maturities sold | 26,023 | 90,328 |
| Fixed maturities matured/called | 5,001 | 699 |
| Equity securities sold | 10,272 | 11,257 |
| Securities held to maturity: | ||
| Fixed maturities matured/called | 703 | 0 |
| Securities held to maturity: | ||
| Fixed maturities | (382) | 0 |
| Increase in other investments | (2,044) | (182) |
| Securities available for sale: | ||
| Fixed maturities | (33,738) | (118,039) |
| Equity securities | (5,482) | (92,956) |
| Net change in policy loans | 18 | (231) |
| Net capital expenditures | (3,295) | (1,465) |
| Net cash used in investing activities | (2,924) | (110,589) |
| Cash flows from financing activities: | ||
| Change in outstanding checks in excess of bank balances | (11,401) | 1,916 |
| Repayments of long-term borrowings | (24,676) | (410) |
| Proceeds from long-term borrowings | 24,266 | 0 |
| Repurchase and retirement of common stock | 0 | (8,027) |
| Proceeds from policyholder deposits | 4,116 | 3,403 |
| Surrenders of policyholder deposits | (4,890) | (2,905) |
| Net cash used in financing activities | (12,585) | (6,023) |
| Net increase (decrease) in cash and cash equivalents | 115,456 | (85,352) |
| Cash and cash equivalents: | ||
| Beginning of period | 103,428 | 197,818 |
| End of period | $ 218,884 | $ 112,466 |
Basis of Presentation
| Basis of Presentation | 3 Months Ended |
| Mar. 31, 2017 | |
| 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, 2016. 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, 2017 are not necessarily indicative of the results for the full year ending December 31, 2017. |
Recent Accounting Standards
| Recent Accounting Standards | 3 Months Ended |
| Mar. 31, 2017 | |
| Recent Accounting Standards [Abstract] | |
| Recent Accounting Standards | (2) Recent Accounting Standards On March 10, 2017, For public companies, these amendments, which should be applied on a prospective basis, are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Since, we do not present a subtotal of income from operations, the adoption of this guidance should not have a material impact on the presentation of the Company’s consolidated result of operations. On January 26, 2017, For public companies, these amendments, which should be applied on a prospective basis, are effective for fiscal years beginning after December 15, 2019, 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, 2017 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, 2017 | |
| 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, 2017 and December 31, 2016, were as follows: March 31, 2017 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government- sponsored enterprises $ 41,485 $ 61 $ - $ 41,546 U.S. Treasury securities and obligations of U.S. government instrumentalities 72,723 169 (14 ) 72,878 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 18,248 857 (37 ) 19,068 Municipal securities 651,091 34,191 (304 ) 684,978 Corporate bonds 279,540 12,457 (367 ) 291,630 Residential mortgage-backed securities 638 29 - 667 Collateralized mortgage obligations 42,919 83 (224 ) 42,778 Total fixed maturities 1,106,644 47,847 (946 ) 1,153,545 Equity securities - Mutual funds 236,356 40,910 (117 ) 277,149 Total $ 1,343,000 $ 88,757 $ (1,063 ) $ 1,430,694 December 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government- sponsored enterprises $ 41,442 $ 87 $ (15 ) $ 41,514 U.S. Treasury securities and obligations of U.S. government instrumentalities 85,652 157 (9 ) 85,800 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 17,930 2,189 (68 ) 20,051 Municipal securities 650,175 34,187 (559 ) 683,803 Corporate bonds 263,351 12,182 (661 ) 274,872 Residential mortgage-backed securities 684 34 - 718 Collateralized mortgage obligations 45,069 58 (242 ) 44,885 Total fixed maturities 1,104,303 48,894 (1,554 ) 1,151,643 Equity securities - Mutual funds 240,699 30,101 (451 ) 270,349 Total $ 1,345,002 $ 78,995 $ (2,005 ) $ 1,421,992 March 31, 2017 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 $ 619 $ 160 $ - $ 779 Residential mortgage-backed securities 191 18 - 209 Certificates of deposit 1,704 - - 1,704 Total $ 2,514 $ 178 $ - $ 2,692 December 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 $ 619 $ 158 $ - $ 777 Residential mortgage-backed securities 191 18 - 209 Certificates of deposit 2,026 - - 2,026 Total $ 2,836 $ 176 $ - $ 3,012 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, 2017 and December 31, 2016 were as follows: March 31, 2017 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 Securities available for sale Fixed maturities U.S. Treasury securities and obligations of U.S. governmental instrumentalities $ 12,940 $ (14 ) 1 $ - $ - - $ 12,940 $ (14 ) 1 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 12,704 (37 ) 6 - - - 12,704 (37 ) 6 Municipal securities 64,518 (304 ) 9 - - - 64,518 (304 ) 9 Corporate bonds 84,093 (367 ) 18 - - - 84,093 (367 ) 18 Collateralized mortgage obligations 26,043 (222 ) 6 665 (2 ) 1 26,708 (224 ) 7 Total fixed maturities 200,298 (944 ) 40 665 (2 ) 1 200,963 (946 ) 41 Equity securities-Mutual funds 2,831 (49 ) 4 2,006 (68 ) 1 4,837 (117 ) 5 Total for securities available for sale $ 203,129 $ (993 ) 44 $ 2,671 $ (70 ) 2 $ 205,800 $ (1,063 ) 46 December 31, 2016 Less than 12 months 12 months or longer Total Estimated Gross Number of Estimated Gross Number of Estimated Gross Number of Securities available for sale Fixed maturities Obligations of government-sponsored enterprises $ 9,483 $ (15 ) 1 $ - $ - - $ 9,483 $ (15 ) 1 U.S. Treasury securities and obligations of U.S. governmental instrumentalities 12,937 (9 ) 1 - - - 12,937 (9 ) 1 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 7,758 (68 ) 5 - - - 7,758 (68 ) 5 Municipal securities 84,252 (559 ) 13 - - - 84,252 (559 ) 13 Corporate bonds 105,054 (661 ) 22 - - - 105,054 (661 ) 22 Collateralized mortgage obligations 32,120 (239 ) 8 784 (3 ) 1 32,904 (242 ) 9 Total fixed maturities 251,604 (1,551 ) 50 784 (3 ) 1 252,388 (1,554 ) 51 Equity securities-Mutual funds 22,615 (451 ) 4 - - - 22,615 (451 ) 4 Total for securities available for sale $ 274,219 $ (2,002 ) 54 $ 784 $ (3 ) 1 $ 275,003 $ (2,005 ) 55 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. Obligations of U.S. Government Instrumentalities and Municipal Securities: contractual cash flows, these investments are not considered other-than-temporarily impaired. Obligations of the Commonwealth of Puerto Rico and its Instrumentalities : There was no impairment on Cofina during the three months ended March 31, 2017 and 2016. 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: Maturities of investment securities classified as available for sale and held to maturity were as follows: March 31, 2017 Amortized cost Estimated fair value Securities available for sale: Due in one year or less $ 48,742 $ 48,946 Due after one year through five years 322,122 325,519 Due after five years through ten years 131,128 137,138 Due after ten years 561,095 598,497 Residential mortgage-backed securities 638 667 Collateralized mortgage obligations 42,919 42,778 $ 1,106,644 $ 1,153,545 Securities held to maturity: Due in one year or less $ 1,704 $ 1,704 Due after ten years 619 779 Residential mortgage-backed securities 191 209 $ 2,514 $ 2,692 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, 2017 2016 Realized gains (losses): Fixed maturity securities: Securities available for sale: Gross gains from sales $ 17 $ 961 Gross losses from sales (119 ) (1,359 ) Total fixed maturity securities (102 ) (398 ) Equity securities: Securities available for sale: Gross gains from sales 438 587 Gross losses from sales - (131 ) Total equity securities 438 456 Net realized gains on securities available for sale $ 336 $ 58 Three months ended March 31, 2017 2016 Changes in net unrealized gains (losses): Recognized in accumulated other comprehensive income: Fixed maturities – available for sale $ (439 ) $ 22,589 Equity securities – available for sale 11,143 6,769 $ 10,704 $ 29,358 Not recognized in the consolidated financial statements: Fixed maturities – held to maturity $ 2 $ 36 The change in deferred tax liability on unrealized gains recognized in accumulated other comprehensive income during the three months ended March 31, 2017 and 2016 $ , respectively. As of March 31, 2017 and December 31, 2016, no individual investment in securities exceeded 10% of stockholders’ equity. |
Premiums and Other Receivables,
| Premiums and Other Receivables, Net | 3 Months Ended |
| Mar. 31, 2017 | |
| Premiums and Other Receivables, Net [Abstract] | |
| Premiums and Other Receivables, Net | (4) Premiums and Other Receivables, Net Premiums and other receivables, net were as follows: March 31, December 31, Premium $ 100,691 $ 91,528 Self-funded group receivables 50,643 57,728 FEHBP 14,274 14,321 Agent balances 27,468 25,495 Accrued interest 11,338 13,668 Reinsurance recoverable 54,854 58,295 Other 65,152 62,637 324,420 323,672 Less allowance for doubtful receivables: Premium 23,584 27,320 Other 7,999 9,987 31,583 37,307 Total premium and other receivables, net $ 292,837 $ 286,365 As of March 31, 2017 and December 31, 2016, the Company had premiums and other receivables of $51,533 and $57,750, 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, 2017 | |
| Fair Value Measurements [Abstract] | |
| Fair Value Measurements | (5) Fair Value Measurements Our condensed consolidated balance sheets include the following financial instruments: securities available for sale, policy loans, policyholder deposits, and long-term borrowings. We consider the carrying amounts of policy loans, policyholder deposits, and long-term borrowings to approximate their fair value due to the short period of time between the origination of these instruments and the expected realization or payment. Certain assets are measured at fair value on a recurring basis and are disclosed below. These assets are classified into one of three levels of a hierarchy defined by GAAP. For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see the consolidated financial statements and notes thereto included in our 2016 Form 10-K. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: March 31, 2017 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 41,546 $ - $ 41,546 U.S. Treasury securities and obligations of U.S government instrumentalities 72,878 - - 72,878 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 19,068 - 19,068 Municipal securities - 684,978 - 684,978 Corporate bonds - 291,630 - 291,630 Residential agency mortgage-backed securities - 667 - 667 Collateralized mortgage obligations - 42,778 - 42,778 Total fixed maturities 72,878 1,080,667 - 1,153,545 Equity securities - Mutual funds 174,593 78,803 23,753 277,149 Total $ 247,471 $ 1,159,470 $ 23,753 $ 1,430,694 December 31, 2016 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 41,514 $ - $ 41,514 U.S. Treasury securities and obligations of U.S government instrumentalities 85,800 - - 85,800 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 20,051 - 20,051 Municipal securities - 683,803 - 683,803 Corporate bonds - 274,872 - 274,872 Residential agency mortgage-backed securities - 718 - 718 Collateralized mortgage obligations - 44,885 - 44,885 Total fixed maturities 85,800 1,065,843 - 1,151,643 Equity securities - Mutual funds 166,595 76,222 27,532 270,349 Total $ 252,395 $ 1,142,065 $ 27,532 $ 1,421,992 There were no transfers in and/or out of Level 3 and between Levels 1 and 2 during the three months ended March 31, 2017 and 2016. 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) 2017 2016 Beginning balance $ 27,532 $ 7,958 Realized gains 119 151 Unrealized in other accumulated comprehensive income (64 ) (649 ) Purchases 5,260 8 Capital distributions (9,094 ) (471 ) Ending balance $ 23,753 $ 6,997 A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on our condensed consolidated balance sheets at March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 8,546 $ - $ 8,546 $ - $ 8,546 Liabilities: Policyholder deposits $ 179,599 $ - $ 179,599 $ - $ 179,599 Long-term borrowings: Loans payable to bank - variable 34,465 - 34,465 - 34,465 Total long-term borrowings 34,465 - 34,465 - 34,465 Total liabilities $ 214,064 $ - $ 214,064 $ - $ 214,064 December 31, 2016 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 8,564 $ - $ 8,564 $ - $ 8,564 Liabilities: Policyholder deposits $ 179,382 $ - $ 179,382 $ - $ 179,382 Long-term borrowings: Loans payable to bank - variable 11,187 - 11,187 - 11,187 6.6% senior unsecured notes payable 24,000 - 24,000 - 24,000 Total long-term borrowings 35,187 - 35,187 - 35,187 Total liabilities $ 214,569 $ - $ 214,569 $ - $ 214,569 |
Claim Liabilities
| Claim Liabilities | 3 Months Ended |
| Mar. 31, 2017 | |
| Claim Liabilities [Abstract] | |
| Claim Liabilities | (6) Claim Liabilities A reconciliation of the beginning and ending balances of claim liabilities is as follows: Three months ended March 31, 2017 Managed Care Other Business Segments * Consolidated Claim liabilities at beginning of year $ 349,047 $ 138,896 $ 487,943 Reinsurance recoverable on claim liabilities - (38,998 ) (38,998 ) Net claim liabilities at beginning of year 349,047 99,898 448,945 Claims incurred Current period insured events 602,620 28,226 630,846 Prior period insured events (15,340 ) (1,333 ) (16,673 ) Total 587,280 26,893 614,173 Payments of losses and loss-adjustment expenses Current period insured events 350,450 7,965 358,415 Prior period insured events 192,352 17,945 210,297 Total 542,802 25,910 568,712 Net claim liabilities at end of year 393,525 100,881 494,406 Reinsurance recoverable on claim liabilities - 35,898 35,898 Claim liabilities at end of year $ 393,525 $ 136,779 $ 530,304 Three months ended March 31, 2016 Managed Care Other Business Segments * Consolidated Claim liabilities at beginning of year $ 348,297 $ 143,468 $ 491,765 Reinsurance recoverable on claim liabilities - (40,714 ) (40,714 ) Net claim liabilities at beginning of year 348,297 102,754 451,051 Claims incurred Current period insured events 614,754 25,890 640,644 Prior period insured events (18,464 ) (2,248 ) (20,712 ) Total 596,290 23,642 619,932 Payments of losses and loss-adjustment expenses Current period insured events 365,039 5,096 370,135 Prior period insured events 198,100 17,553 215,653 Total 563,139 22,649 585,788 Net claim liabilities at end of year 381,448 103,747 485,195 Reinsurance recoverable on claim liabilities - 39,871 39,871 Claim liabilities at end of year $ 381,448 $ 143,618 $ 525,066 * Other Business Segments include the Life Insurance and Property and Casualty segments, as well as intersegment eliminations. 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, 2017 and 2016 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 $6,690 and $6,762 during the three months ended March 31, 2017 and 2016, respectively. The following is information about total incurred but not reported (IBNR) liabilities plus expected development on reported claims included in the liability for unpaid claims adjustment expenses for the Managed Care segment as of March 31, 2017. Incurred Year Total of IBNR Liabilities Plus Expected Development on Reported Claims 2015 60,717 2016 80,062 2017 252,163 |
Long-Term Borrowings
| Long-Term Borrowings | 3 Months Ended |
| Mar. 31, 2017 | |
| Long-Term Borrowings [Abstract] | |
| Long-Term Borrowings | (7) Long-Term Borrowings A summary of the borrowings entered by the Company is as follows: March 31, 2017 December 31, 2016 Senior unsecured notes payable of $60,000 issued on $ - $ 24,000 Secured loan payable of $11,187, payable in monthly installments of $137 through October 1, 2023, plus interest at a rate reset periodically of 100 basis points over selected LIBOR maturity (which was 1.79% at March 31, 2017.) 10,777 11,187 Secured loan payable of $20,150, payable in monthly installments of $84 through January 1, 2024, plus interest at a rate reset periodically of 275 basis points over selected LIBOR maturity (which was 3.77% at March 31, 2017.) 19,982 - Secured loan payable of $4,116, payable in monthly installments of $49 through January 1, 2024, plus interest at a rate reset periodically of 325 basis points over selected LIBOR maturity (which was 4.27% at March 31, 2017.) 4,018 - Total borrowings 34,777 35,187 Less unamortized debt issuance costs 312 102 $ 34,465 $ 35,085 On December 28, 2016, TSM entered into a $35,500 credit agreement with a commercial bank in Puerto Rico. The agreement consists of three term loans: (i) Term Loan A in the principal amount of $11,187, (ii) Term Loan B in the principal amount of $20,150 and (iii) Term Loan C in the principal amount of $4,116. Term Loan A was used to refinance the previous $41,000 secured loan payable with the same commercial bank in Puerto Rico. Proceeds from Term Loans B and C were received on January 11, 2017 and were used to prepay the outstanding principal amount plus accrued interest of the 6.6% Senior Unsecured Notes due January 2021 ($24,000), and fund a portion of a debt service reserve for the Loan (approximately $200). Interest payable commenced on January 1, 2017, in the case of Term Loan A, and on February 1, 2017, in the case of Term Loan B and Term Loan C. The Credit Agreement includes certain financial and non-financial covenants, including negative covenants imposing certain restrictions on the Corporation’s business. On March 11, 2016 Triple-S Salud, Inc. (TSS) On April 18, 2017, Triple-S Advantage, Inc. (TSA) entered into a $10,000 revolving loan agreement with a commercial bank in Puerto Rico. This unused line of credit has an interest rate of 30-day LIBOR plus 25 basis points, matures on April 17, 2018, and includes certain financial and non-financial covenants that are customary for this type of facility. |
Pension Plan
| Pension Plan | 3 Months Ended |
| Mar. 31, 2017 | |
| 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 March 31, 2017 2016 Components of net periodic benefit cost: Service cost $ - $ 1,250 Interest cost 1,798 2,762 Expected return on assets (2,199 ) (2,926 ) Amortization of prior service benefit - (144 ) Amortization of actuarial loss 86 1,183 Net periodic benefit cost $ (315 ) $ 2,125 Effective January 31, 2017, the Company froze the pay and service amounts used to calculate pension benefits for active employees who participated in the pension plan. Therefore, as of the Effective Date, active employees in the pension plan will not accrue additional benefits for future service and eligible compensation received. Employer Contributions: |
Comprehensive Income
| Comprehensive Income | 3 Months Ended |
| Mar. 31, 2017 | |
| Comprehensive Income [Abstract] | |
| Comprehensive Income | (9) Comprehensive Income The accumulated balances for each classification of other comprehensive income, net of tax, are as follows: Three months ended March 31, 2017 2016 Net Unrealized Gain on Securities Beginning Balance $ 62,371 $ 62,478 Other comprehensive income before reclassifications 8,741 19,623 Amounts reclassified from accumulated other comprehensive income (269 ) (46 ) Net current period change 8,472 19,577 Ending Balance 70,843 82,055 Liability for Pension Benefits Beginning Balance (19,976 ) (36,855 ) Amounts reclassified from accumulated other comprehensive income 53 634 Ending Balance (19,923 ) (36,221 ) Accumulated Other Comprehensive Income Beginning Balance 42,395 25,623 Other comprehensive income before reclassifications 8,741 19,623 Amounts reclassified from accumulated other comprehensive income (216 ) 588 Net current period change 8,525 20,211 Ending Balance $ 50,920 $ 45,834 |
Share-Based Compensation
| Share-Based Compensation | 3 Months Ended |
| Mar. 31, 2017 | |
| Share-Based Compensation [Abstract] | |
| Share-Based Compensation | (10) Share-Based Compensation Share-based compensation (benefit) expense recorded during the three months ended March 31, 2017 and 2016 was ($1,443) and $1,085, respectively. The benefit recorded in the 2017 period results from a decrease in the There were no stock option exercises during the three months ended March 31, 2017 and 2016. |
Net Income Available to Stockho
| Net Income Available to Stockholders and Net Income per Share | 3 Months Ended |
| Mar. 31, 2017 | |
| Net Income Available to Stockholders and Net Income per Share [Abstract] | |
| Net Income Available to Stockholders and Net Income per Share | (11) Net Income Available to Stockholders and Net Income per Share The following table sets forth the computation of basic and diluted earnings per share: Three months ended March 31, 2017 2016 Numerator for earnings per share: Net (loss) income attributable to TSM available to stockholders $ (4,342 ) $ 3,456 Denominator for basic earnings per share: Weighted average of common shares 24,143,261 24,587,681 Effect of dilutive securities - 72,353 Denominator for diluted earnings per share 24,143,261 24,660,034 Basic net (loss) income per share attributable to TSM $ (0.18 ) $ 0.14 Diluted net (loss) income per share attributable to TSM $ (0.18 ) $ 0.14 The Company generated a loss from continuing operations attributable to the Company’s common stockholders for the three months ended March 31, 2017, so the effect of dilutive securities is not considered because their effect would be antidilutive. If the Company had generated income from continuing operations during the three months ended March 31, 2017, the effect of restricted stock awards on the diluted shares calculation would have been an increase in shares of 59,284 shares. |
Contingencies
| Contingencies | 3 Months Ended |
| Mar. 31, 2017 | |
| Contingencies [Abstract] | |
| Contingencies | (12) Contingencies The following information supplements and amends, as applicable, the disclosures in Note 24 to the Consolidated Financial Statements of the Company’s 2016 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. ASES Audits The Company is subject to numerous audits in connection with the provision of services to private and governmental entities. These audits may include numerous aspects of our business, including claim payment practices, contractual obligations, service delivery, third-party obligations, and business practices, among others. Deficiencies in audits could have a material adverse effect on our reputation and business, including termination of contracts, significant increases in the cost of managing and remediating deficiencies, payment of contractual penal clauses, and others, any of which could have a material and adverse effect on our results of operations, financial position and cash flows. On July 2, 2014, ASES notified TSS that the results of an audit conducted in connection with the government health plan contract for several periods between October 2005 to September 2013, reflected an overpayment of premiums made to TSS pursuant to prior contracts with ASES in the amount of $7,900. The alleged overpayments were related to duplicated payments or payments made for deceased members, and ASES requested the reimbursement of the alleged overpayment. On January 16, 2015 , |
Segment Information
| Segment Information | 3 Months Ended |
| Mar. 31, 2017 | |
| Segment Information [Abstract] | |
| Segment Information | (13) 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 following tables summarize the operations by reportable segment for the three months ended March 31, 2017 and 2016: Three months ended March 31, 2017 2016 Operating revenues: Managed Care: Premiums earned, net $ 640,147 $ 678,380 Administrative service fees 4,379 5,083 Intersegment premiums/service fees 1,534 1,485 Net investment income 3,892 3,480 Total managed care 649,952 688,428 Life Insurance: Premiums earned, net 40,298 38,966 Intersegment premiums 191 137 Net investment income 6,087 5,914 Total life insurance 46,576 45,017 Property and Casualty Insurance: Premiums earned, net 21,548 21,188 Intersegment premiums 153 153 Net investment income 1,924 1,929 Total property and casualty insurance 23,625 23,270 Other segments: * Intersegment service revenues 1,586 2,545 Operating revenues from external sources 1,000 856 Total other segments 2,586 3,401 Total business segments 722,739 760,116 TSM operating revenues from external sources 78 4 Elimination of intersegment premiums/service fees (1,598 ) (1,775 ) Elimination of intersegment service revenues (1,586 ) (2,545 ) Other intersegment eliminations - (13 ) Consolidated operating revenues $ 719,633 $ 755,787 * 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, 2017 2016 Operating income (loss): Managed care $ (18,582 ) $ (641 ) Life insurance 3,935 5,598 Property and casualty insurance 2,067 2,111 Other segments * 143 (179 ) Total business segments (12,437 ) 6,889 TSM operating revenues from external sources 78 4 TSM unallocated operating expenses (2,217 ) (3,167 ) Elimination of TSM intersegment charges 2,400 2,387 Consolidated operating (loss) income (12,176 ) 6,113 Consolidated net realized investment gains 336 58 Consolidated interest expense (1,686 ) (1,882 ) Consolidated other income, net 2,525 875 Consolidated (loss) income before taxes $ (11,001 ) $ 5,164 Depreciation and amortization expense: Managed care $ 2,239 $ 2,934 Life insurance 280 255 Property and casualty insurance 114 161 Other segments* 160 153 Total business segments 2,793 3,503 TSM depreciation expense 197 197 Consolidated depreciation and amortization expense $ 2,990 $ 3,700 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. March 31, 2017 December 31, 2016 Assets: Managed care $ 1,144,927 $ 1,013,872 Life insurance 820,481 816,920 Property and casualty insurance 347,282 349,159 Other segments * 26,274 26,034 Total business segments 2,338,964 2,205,985 Unallocated amounts related to TSM: Cash, cash equivalents, and investments 22,531 17,033 Property and equipment, net 22,228 22,380 Other assets 21,337 21,646 66,096 61,059 Elimination entries-intersegment receivables and others (46,605 ) (48,045 ) Consolidated total assets $ 2,358,455 $ 2,218,999 * 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, 2017 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | (14) 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. |
Basis of Presentation (Policies
| Basis of Presentation (Policies) | 3 Months Ended |
| Mar. 31, 2017 | |
| Basis of Presentation [Abstract] | |
| 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, 2016. 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, 2017 are not necessarily indicative of the results for the full year ending December 31, 2017. |
Recent Accounting Standards (Po
| Recent Accounting Standards (Policies) | 3 Months Ended |
| Mar. 31, 2017 | |
| Recent Accounting Standards [Abstract] | |
| Recent Accounting Standards | On March 10, 2017, For public companies, these amendments, which should be applied on a prospective basis, are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Since, we do not present a subtotal of income from operations, the adoption of this guidance should not have a material impact on the presentation of the Company’s consolidated result of operations. On January 26, 2017, For public companies, these amendments, which should be applied on a prospective basis, are effective for fiscal years beginning after December 15, 2019, 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, 2017 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, 2017 | |
| 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, 2017 and December 31, 2016, were as follows: March 31, 2017 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government- sponsored enterprises $ 41,485 $ 61 $ - $ 41,546 U.S. Treasury securities and obligations of U.S. government instrumentalities 72,723 169 (14 ) 72,878 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 18,248 857 (37 ) 19,068 Municipal securities 651,091 34,191 (304 ) 684,978 Corporate bonds 279,540 12,457 (367 ) 291,630 Residential mortgage-backed securities 638 29 - 667 Collateralized mortgage obligations 42,919 83 (224 ) 42,778 Total fixed maturities 1,106,644 47,847 (946 ) 1,153,545 Equity securities - Mutual funds 236,356 40,910 (117 ) 277,149 Total $ 1,343,000 $ 88,757 $ (1,063 ) $ 1,430,694 December 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Securities available for sale: Fixed maturities: Obligations of government- sponsored enterprises $ 41,442 $ 87 $ (15 ) $ 41,514 U.S. Treasury securities and obligations of U.S. government instrumentalities 85,652 157 (9 ) 85,800 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 17,930 2,189 (68 ) 20,051 Municipal securities 650,175 34,187 (559 ) 683,803 Corporate bonds 263,351 12,182 (661 ) 274,872 Residential mortgage-backed securities 684 34 - 718 Collateralized mortgage obligations 45,069 58 (242 ) 44,885 Total fixed maturities 1,104,303 48,894 (1,554 ) 1,151,643 Equity securities - Mutual funds 240,699 30,101 (451 ) 270,349 Total $ 1,345,002 $ 78,995 $ (2,005 ) $ 1,421,992 March 31, 2017 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 $ 619 $ 160 $ - $ 779 Residential mortgage-backed securities 191 18 - 209 Certificates of deposit 1,704 - - 1,704 Total $ 2,514 $ 178 $ - $ 2,692 December 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 $ 619 $ 158 $ - $ 777 Residential mortgage-backed securities 191 18 - 209 Certificates of deposit 2,026 - - 2,026 Total $ 2,836 $ 176 $ - $ 3,012 |
| 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, 2017 and December 31, 2016 were as follows: March 31, 2017 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 Securities available for sale Fixed maturities U.S. Treasury securities and obligations of U.S. governmental instrumentalities $ 12,940 $ (14 ) 1 $ - $ - - $ 12,940 $ (14 ) 1 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 12,704 (37 ) 6 - - - 12,704 (37 ) 6 Municipal securities 64,518 (304 ) 9 - - - 64,518 (304 ) 9 Corporate bonds 84,093 (367 ) 18 - - - 84,093 (367 ) 18 Collateralized mortgage obligations 26,043 (222 ) 6 665 (2 ) 1 26,708 (224 ) 7 Total fixed maturities 200,298 (944 ) 40 665 (2 ) 1 200,963 (946 ) 41 Equity securities-Mutual funds 2,831 (49 ) 4 2,006 (68 ) 1 4,837 (117 ) 5 Total for securities available for sale $ 203,129 $ (993 ) 44 $ 2,671 $ (70 ) 2 $ 205,800 $ (1,063 ) 46 December 31, 2016 Less than 12 months 12 months or longer Total Estimated Gross Number of Estimated Gross Number of Estimated Gross Number of Securities available for sale Fixed maturities Obligations of government-sponsored enterprises $ 9,483 $ (15 ) 1 $ - $ - - $ 9,483 $ (15 ) 1 U.S. Treasury securities and obligations of U.S. governmental instrumentalities 12,937 (9 ) 1 - - - 12,937 (9 ) 1 Obligations of the Commonwealth of Puerto Rico and its instrumentalities 7,758 (68 ) 5 - - - 7,758 (68 ) 5 Municipal securities 84,252 (559 ) 13 - - - 84,252 (559 ) 13 Corporate bonds 105,054 (661 ) 22 - - - 105,054 (661 ) 22 Collateralized mortgage obligations 32,120 (239 ) 8 784 (3 ) 1 32,904 (242 ) 9 Total fixed maturities 251,604 (1,551 ) 50 784 (3 ) 1 252,388 (1,554 ) 51 Equity securities-Mutual funds 22,615 (451 ) 4 - - - 22,615 (451 ) 4 Total for securities available for sale $ 274,219 $ (2,002 ) 54 $ 784 $ (3 ) 1 $ 275,003 $ (2,005 ) 55 |
| 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, 2017 Amortized cost Estimated fair value Securities available for sale: Due in one year or less $ 48,742 $ 48,946 Due after one year through five years 322,122 325,519 Due after five years through ten years 131,128 137,138 Due after ten years 561,095 598,497 Residential mortgage-backed securities 638 667 Collateralized mortgage obligations 42,919 42,778 $ 1,106,644 $ 1,153,545 Securities held to maturity: Due in one year or less $ 1,704 $ 1,704 Due after ten years 619 779 Residential mortgage-backed securities 191 209 $ 2,514 $ 2,692 |
| Realized Gains and Losses from Investments | Information regarding realized and unrealized gains and losses from investments is as follows: Three months ended March 31, 2017 2016 Realized gains (losses): Fixed maturity securities: Securities available for sale: Gross gains from sales $ 17 $ 961 Gross losses from sales (119 ) (1,359 ) Total fixed maturity securities (102 ) (398 ) Equity securities: Securities available for sale: Gross gains from sales 438 587 Gross losses from sales - (131 ) Total equity securities 438 456 Net realized gains on securities available for sale $ 336 $ 58 |
| Changes in Net Unrealized Gains (Losses) | Three months ended March 31, 2017 2016 Changes in net unrealized gains (losses): Recognized in accumulated other comprehensive income: Fixed maturities – available for sale $ (439 ) $ 22,589 Equity securities – available for sale 11,143 6,769 $ 10,704 $ 29,358 Not recognized in the consolidated financial statements: Fixed maturities – held to maturity $ 2 $ 36 |
Premiums and Other Receivable25
| Premiums and Other Receivables, Net (Tables) | 3 Months Ended |
| Mar. 31, 2017 | |
| Premiums and Other Receivables, Net [Abstract] | |
| Premiums and Other Receivables, Net | Premiums and other receivables, net were as follows: March 31, December 31, Premium $ 100,691 $ 91,528 Self-funded group receivables 50,643 57,728 FEHBP 14,274 14,321 Agent balances 27,468 25,495 Accrued interest 11,338 13,668 Reinsurance recoverable 54,854 58,295 Other 65,152 62,637 324,420 323,672 Less allowance for doubtful receivables: Premium 23,584 27,320 Other 7,999 9,987 31,583 37,307 Total premium and other receivables, net $ 292,837 $ 286,365 |
Fair Value Measurements (Tables
| Fair Value Measurements (Tables) | 3 Months Ended |
| Mar. 31, 2017 | |
| Fair Value Measurements [Abstract] | |
| Fair Value Measurements by Level for Assets Measured at Fair Value on a Recurring Basis | The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: March 31, 2017 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 41,546 $ - $ 41,546 U.S. Treasury securities and obligations of U.S government instrumentalities 72,878 - - 72,878 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 19,068 - 19,068 Municipal securities - 684,978 - 684,978 Corporate bonds - 291,630 - 291,630 Residential agency mortgage-backed securities - 667 - 667 Collateralized mortgage obligations - 42,778 - 42,778 Total fixed maturities 72,878 1,080,667 - 1,153,545 Equity securities - Mutual funds 174,593 78,803 23,753 277,149 Total $ 247,471 $ 1,159,470 $ 23,753 $ 1,430,694 December 31, 2016 Level 1 Level 2 Level 3 Total Securities available for sale: Fixed maturity securities Obligations of government-sponsored enterprises $ - $ 41,514 $ - $ 41,514 U.S. Treasury securities and obligations of U.S government instrumentalities 85,800 - - 85,800 Obligations of the Commonwealth of Puerto Rico and its instrumentalities - 20,051 - 20,051 Municipal securities - 683,803 - 683,803 Corporate bonds - 274,872 - 274,872 Residential agency mortgage-backed securities - 718 - 718 Collateralized mortgage obligations - 44,885 - 44,885 Total fixed maturities 85,800 1,065,843 - 1,151,643 Equity securities - Mutual funds 166,595 76,222 27,532 270,349 Total $ 252,395 $ 1,142,065 $ 27,532 $ 1,421,992 |
| 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) 2017 2016 Beginning balance $ 27,532 $ 7,958 Realized gains 119 151 Unrealized in other accumulated comprehensive income (64 ) (649 ) Purchases 5,260 8 Capital distributions (9,094 ) (471 ) Ending balance $ 23,753 $ 6,997 |
| 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 condensed consolidated balance sheets at March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 8,546 $ - $ 8,546 $ - $ 8,546 Liabilities: Policyholder deposits $ 179,599 $ - $ 179,599 $ - $ 179,599 Long-term borrowings: Loans payable to bank - variable 34,465 - 34,465 - 34,465 Total long-term borrowings 34,465 - 34,465 - 34,465 Total liabilities $ 214,064 $ - $ 214,064 $ - $ 214,064 December 31, 2016 Carrying Fair Value Value Level 1 Level 2 Level 3 Total Assets: Policy loans $ 8,564 $ - $ 8,564 $ - $ 8,564 Liabilities: Policyholder deposits $ 179,382 $ - $ 179,382 $ - $ 179,382 Long-term borrowings: Loans payable to bank - variable 11,187 - 11,187 - 11,187 6.6% senior unsecured notes payable 24,000 - 24,000 - 24,000 Total long-term borrowings 35,187 - 35,187 - 35,187 Total liabilities $ 214,569 $ - $ 214,569 $ - $ 214,569 |
Claim Liabilities (Tables)
| Claim Liabilities (Tables) | 3 Months Ended |
| Mar. 31, 2017 | |
| Claim Liabilities [Abstract] | |
| Reconciliation of Beginning and Ending Balances of Claim Liabilities | A reconciliation of the beginning and ending balances of claim liabilities is as follows: Three months ended March 31, 2017 Managed Care Other Business Segments * Consolidated Claim liabilities at beginning of year $ 349,047 $ 138,896 $ 487,943 Reinsurance recoverable on claim liabilities - (38,998 ) (38,998 ) Net claim liabilities at beginning of year 349,047 99,898 448,945 Claims incurred Current period insured events 602,620 28,226 630,846 Prior period insured events (15,340 ) (1,333 ) (16,673 ) Total 587,280 26,893 614,173 Payments of losses and loss-adjustment expenses Current period insured events 350,450 7,965 358,415 Prior period insured events 192,352 17,945 210,297 Total 542,802 25,910 568,712 Net claim liabilities at end of year 393,525 100,881 494,406 Reinsurance recoverable on claim liabilities - 35,898 35,898 Claim liabilities at end of year $ 393,525 $ 136,779 $ 530,304 Three months ended March 31, 2016 Managed Care Other Business Segments * Consolidated Claim liabilities at beginning of year $ 348,297 $ 143,468 $ 491,765 Reinsurance recoverable on claim liabilities - (40,714 ) (40,714 ) Net claim liabilities at beginning of year 348,297 102,754 451,051 Claims incurred Current period insured events 614,754 25,890 640,644 Prior period insured events (18,464 ) (2,248 ) (20,712 ) Total 596,290 23,642 619,932 Payments of losses and loss-adjustment expenses Current period insured events 365,039 5,096 370,135 Prior period insured events 198,100 17,553 215,653 Total 563,139 22,649 585,788 Net claim liabilities at end of year 381,448 103,747 485,195 Reinsurance recoverable on claim liabilities - 39,871 39,871 Claim liabilities at end of year $ 381,448 $ 143,618 $ 525,066 * Other Business Segments include the Life Insurance and Property and Casualty segments, as well as intersegment eliminations. |
| Incurred But Not Reported (IBNR) Liabilities Plus Expected Development on Reported Claims Included in the Liability for Unpaid Claims Adjustment Expenses | The following is information about total incurred but not reported (IBNR) liabilities plus expected development on reported claims included in the liability for unpaid claims adjustment expenses for the Managed Care segment as of March 31, 2017. Incurred Year Total of IBNR Liabilities Plus Expected Development on Reported Claims 2015 60,717 2016 80,062 2017 252,163 |
Long-Term Borrowings (Tables)
| Long-Term Borrowings (Tables) | 3 Months Ended |
| Mar. 31, 2017 | |
| Long-Term Borrowings [Abstract] | |
| Summary of Borrowings | A summary of the borrowings entered by the Company is as follows: March 31, 2017 December 31, 2016 Senior unsecured notes payable of $60,000 issued on $ - $ 24,000 Secured loan payable of $11,187, payable in monthly installments of $137 through October 1, 2023, plus interest at a rate reset periodically of 100 basis points over selected LIBOR maturity (which was 1.79% at March 31, 2017.) 10,777 11,187 Secured loan payable of $20,150, payable in monthly installments of $84 through January 1, 2024, plus interest at a rate reset periodically of 275 basis points over selected LIBOR maturity (which was 3.77% at March 31, 2017.) 19,982 - Secured loan payable of $4,116, payable in monthly installments of $49 through January 1, 2024, plus interest at a rate reset periodically of 325 basis points over selected LIBOR maturity (which was 4.27% at March 31, 2017.) 4,018 - Total borrowings 34,777 35,187 Less unamortized debt issuance costs 312 102 $ 34,465 $ 35,085 |
Pension Plan (Tables)
| Pension Plan (Tables) | 3 Months Ended |
| Mar. 31, 2017 | |
| 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 March 31, 2017 2016 Components of net periodic benefit cost: Service cost $ - $ 1,250 Interest cost 1,798 2,762 Expected return on assets (2,199 ) (2,926 ) Amortization of prior service benefit - (144 ) Amortization of actuarial loss 86 1,183 Net periodic benefit cost $ (315 ) $ 2,125 |
Comprehensive Income (Tables)
| Comprehensive Income (Tables) | 3 Months Ended |
| Mar. 31, 2017 | |
| 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: Three months ended March 31, 2017 2016 Net Unrealized Gain on Securities Beginning Balance $ 62,371 $ 62,478 Other comprehensive income before reclassifications 8,741 19,623 Amounts reclassified from accumulated other comprehensive income (269 ) (46 ) Net current period change 8,472 19,577 Ending Balance 70,843 82,055 Liability for Pension Benefits Beginning Balance (19,976 ) (36,855 ) Amounts reclassified from accumulated other comprehensive income 53 634 Ending Balance (19,923 ) (36,221 ) Accumulated Other Comprehensive Income Beginning Balance 42,395 25,623 Other comprehensive income before reclassifications 8,741 19,623 Amounts reclassified from accumulated other comprehensive income (216 ) 588 Net current period change 8,525 20,211 Ending Balance $ 50,920 $ 45,834 |
Net Income Available to Stock31
| Net Income Available to Stockholders and Net Income per Share (Tables) | 3 Months Ended |
| Mar. 31, 2017 | |
| 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: Three months ended March 31, 2017 2016 Numerator for earnings per share: Net (loss) income attributable to TSM available to stockholders $ (4,342 ) $ 3,456 Denominator for basic earnings per share: Weighted average of common shares 24,143,261 24,587,681 Effect of dilutive securities - 72,353 Denominator for diluted earnings per share 24,143,261 24,660,034 Basic net (loss) income per share attributable to TSM $ (0.18 ) $ 0.14 Diluted net (loss) income per share attributable to TSM $ (0.18 ) $ 0.14 |
Segment Information (Tables)
| Segment Information (Tables) | 3 Months Ended |
| Mar. 31, 2017 | |
| 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, 2017 and 2016: Three months ended March 31, 2017 2016 Operating revenues: Managed Care: Premiums earned, net $ 640,147 $ 678,380 Administrative service fees 4,379 5,083 Intersegment premiums/service fees 1,534 1,485 Net investment income 3,892 3,480 Total managed care 649,952 688,428 Life Insurance: Premiums earned, net 40,298 38,966 Intersegment premiums 191 137 Net investment income 6,087 5,914 Total life insurance 46,576 45,017 Property and Casualty Insurance: Premiums earned, net 21,548 21,188 Intersegment premiums 153 153 Net investment income 1,924 1,929 Total property and casualty insurance 23,625 23,270 Other segments: * Intersegment service revenues 1,586 2,545 Operating revenues from external sources 1,000 856 Total other segments 2,586 3,401 Total business segments 722,739 760,116 TSM operating revenues from external sources 78 4 Elimination of intersegment premiums/service fees (1,598 ) (1,775 ) Elimination of intersegment service revenues (1,586 ) (2,545 ) Other intersegment eliminations - (13 ) Consolidated operating revenues $ 719,633 $ 755,787 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. |
| Operating Income (Loss) and Depreciation and Amortization Expense | Three months ended March 31, 2017 2016 Operating income (loss): Managed care $ (18,582 ) $ (641 ) Life insurance 3,935 5,598 Property and casualty insurance 2,067 2,111 Other segments * 143 (179 ) Total business segments (12,437 ) 6,889 TSM operating revenues from external sources 78 4 TSM unallocated operating expenses (2,217 ) (3,167 ) Elimination of TSM intersegment charges 2,400 2,387 Consolidated operating (loss) income (12,176 ) 6,113 Consolidated net realized investment gains 336 58 Consolidated interest expense (1,686 ) (1,882 ) Consolidated other income, net 2,525 875 Consolidated (loss) income before taxes $ (11,001 ) $ 5,164 Depreciation and amortization expense: Managed care $ 2,239 $ 2,934 Life insurance 280 255 Property and casualty insurance 114 161 Other segments* 160 153 Total business segments 2,793 3,503 TSM depreciation expense 197 197 Consolidated depreciation and amortization expense $ 2,990 $ 3,700 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. |
| Assets | March 31, 2017 December 31, 2016 Assets: Managed care $ 1,144,927 $ 1,013,872 Life insurance 820,481 816,920 Property and casualty insurance 347,282 349,159 Other segments * 26,274 26,034 Total business segments 2,338,964 2,205,985 Unallocated amounts related to TSM: Cash, cash equivalents, and investments 22,531 17,033 Property and equipment, net 22,228 22,380 Other assets 21,337 21,646 66,096 61,059 Elimination entries-intersegment receivables and others (46,605 ) (48,045 ) Consolidated total assets $ 2,358,455 $ 2,218,999 * Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. |
Investment in Securities, Amort
| Investment in Securities, Amortized Cost and Estimated Fair Value by Major Security Type and Class of Security (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
| Available-for-sale debt securities, amortized cost basis [Abstract] | ||
| Amortized cost | $ 1,106,644 | $ 1,104,303 |
| Gross unrealized gains | 47,847 | 48,894 |
| Gross unrealized losses | (946) | (1,554) |
| Estimated fair value | 1,153,545 | 1,151,643 |
| Available-for-sale equity securities, amortized cost basis [Abstract] | ||
| Estimated fair value | 277,149 | 270,349 |
| Available-for-sale securities, amortized cost basis [Abstract] | ||
| Amortized cost | 1,343,000 | 1,345,002 |
| Gross unrealized gains | 88,757 | 78,995 |
| Gross unrealized losses | (1,063) | (2,005) |
| Estimated fair value | 1,430,694 | 1,421,992 |
| Securities held to maturity [Abstract] | ||
| Amortized cost | 2,514 | 2,836 |
| Gross unrealized gains | 178 | 176 |
| Gross unrealized losses | 0 | 0 |
| Estimated fair value | 2,692 | 3,012 |
| Obligations of Government-sponsored Enterprises [Member] | ||
| Available-for-sale debt securities, amortized cost basis [Abstract] | ||
| Amortized cost | 41,485 | 41,442 |
| Gross unrealized gains | 61 | 87 |
| Gross unrealized losses | 0 | (15) |
| Estimated fair value | 41,546 | 41,514 |
| U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | ||
| Available-for-sale debt securities, amortized cost basis [Abstract] | ||
| Amortized cost | 72,723 | 85,652 |
| Gross unrealized gains | 169 | 157 |
| Gross unrealized losses | (14) | (9) |
| Estimated fair value | 72,878 | 85,800 |
| Obligations of the Commonwealth of Puerto Rico and Its Instrumentalities [Member] | ||
| Available-for-sale debt securities, amortized cost basis [Abstract] | ||
| Amortized cost | 18,248 | 17,930 |
| Gross unrealized gains | 857 | 2,189 |
| Gross unrealized losses | (37) | (68) |
| Estimated fair value | 19,068 | 20,051 |
| Municipal Securities [Member] | ||
| Available-for-sale debt securities, amortized cost basis [Abstract] | ||
| Amortized cost | 651,091 | 650,175 |
| Gross unrealized gains | 34,191 | 34,187 |
| Gross unrealized losses | (304) | (559) |
| Estimated fair value | 684,978 | 683,803 |
| Corporate Bonds [Member] | ||
| Available-for-sale debt securities, amortized cost basis [Abstract] | ||
| Amortized cost | 279,540 | 263,351 |
| Gross unrealized gains | 12,457 | 12,182 |
| Gross unrealized losses | (367) | (661) |
| Estimated fair value | 291,630 | 274,872 |
| Residential Mortgage-backed Securities [Member] | ||
| Available-for-sale debt securities, amortized cost basis [Abstract] | ||
| Amortized cost | 638 | 684 |
| Gross unrealized gains | 29 | 34 |
| Gross unrealized losses | 0 | 0 |
| Estimated fair value | 667 | 718 |
| Collateralized Mortgage Obligations [Member] | ||
| Available-for-sale debt securities, amortized cost basis [Abstract] | ||
| Amortized cost | 42,919 | 45,069 |
| Gross unrealized gains | 83 | 58 |
| Gross unrealized losses | (224) | (242) |
| Estimated fair value | 42,778 | 44,885 |
| Mutual Funds [Member] | ||
| Available-for-sale equity securities, amortized cost basis [Abstract] | ||
| Amortized cost | 236,356 | 240,699 |
| Gross unrealized gains | 40,910 | 30,101 |
| Gross unrealized losses | (117) | (451) |
| Estimated fair value | 277,149 | 270,349 |
| U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | ||
| Securities held to maturity [Abstract] | ||
| Amortized cost | 619 | 619 |
| Gross unrealized gains | 160 | 158 |
| Gross unrealized losses | 0 | 0 |
| Estimated fair value | 779 | 777 |
| Residential Mortgage-backed Securities [Member] | ||
| Securities held to maturity [Abstract] | ||
| Amortized cost | 191 | 191 |
| Gross unrealized gains | 18 | 18 |
| Gross unrealized losses | 0 | 0 |
| Estimated fair value | 209 | 209 |
| Certificates of Deposit [Member] | ||
| Securities held to maturity [Abstract] | ||
| Amortized cost | 1,704 | 2,026 |
| Gross unrealized gains | 0 | 0 |
| Gross unrealized losses | 0 | 0 |
| Estimated fair value | $ 1,704 | $ 2,026 |
Investment in Securities, Secur
| Investment in Securities, Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | 3 Months Ended | ||
| Mar. 31, 2017USD ($)Security | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Security | |
| Available-for-sale securities, continuous unrealized loss position, estimated fair value [Abstract] | |||
| Less than 12 months | $ 203,129 | $ 274,219 | |
| 12 months or longer | 2,671 | 784 | |
| Total | 205,800 | 275,003 | |
| Available-for-sale securities, continuous unrealized loss position, gross unrealized loss [Abstract] | |||
| Less than 12 months | (993) | (2,002) | |
| 12 months or longer | (70) | (3) | |
| Total | $ (1,063) | $ (2,005) | |
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Less than 12 months | Security | 44 | 54 | |
| 12 months or longer | Security | 2 | 1 | |
| Total | Security | 46 | 55 | |
| Estimated fair value | $ 1,153,545 | $ 1,151,643 | |
| Obligations of Government-sponsored Enterprises [Member] | |||
| Available-for-sale securities, continuous unrealized loss position, estimated fair value [Abstract] | |||
| Less than 12 months | 9,483 | ||
| 12 months or longer | 0 | ||
| Total | 9,483 | ||
| Available-for-sale securities, continuous unrealized loss position, gross unrealized loss [Abstract] | |||
| Less than 12 months | (15) | ||
| 12 months or longer | 0 | ||
| Total | $ (15) | ||
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Less than 12 months | Security | 1 | ||
| 12 months or longer | Security | 0 | ||
| Total | Security | 1 | ||
| Estimated fair value | 41,546 | $ 41,514 | |
| U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | |||
| Available-for-sale securities, continuous unrealized loss position, estimated fair value [Abstract] | |||
| Less than 12 months | 12,940 | 12,937 | |
| 12 months or longer | 0 | 0 | |
| Total | 12,940 | 12,937 | |
| Available-for-sale securities, continuous unrealized loss position, gross unrealized loss [Abstract] | |||
| Less than 12 months | (14) | (9) | |
| 12 months or longer | 0 | 0 | |
| Total | $ (14) | $ (9) | |
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Less than 12 months | Security | 1 | 1 | |
| 12 months or longer | Security | 0 | 0 | |
| Total | Security | 1 | 1 | |
| Estimated fair value | $ 72,878 | $ 85,800 | |
| Obligations of the Commonwealth of Puerto Rico and Its Instrumentalities [Member] | |||
| Available-for-sale securities, continuous unrealized loss position, estimated fair value [Abstract] | |||
| Less than 12 months | 12,704 | 7,758 | |
| 12 months or longer | 0 | 0 | |
| Total | 12,704 | 7,758 | |
| Available-for-sale securities, continuous unrealized loss position, gross unrealized loss [Abstract] | |||
| Less than 12 months | (37) | (68) | |
| 12 months or longer | 0 | 0 | |
| Total | $ (37) | $ (68) | |
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Less than 12 months | Security | 6 | 5 | |
| 12 months or longer | Security | 0 | 0 | |
| Total | Security | 6 | 5 | |
| Estimated fair value | $ 19,068 | $ 20,051 | |
| Municipal Securities [Member] | |||
| Available-for-sale securities, continuous unrealized loss position, estimated fair value [Abstract] | |||
| Less than 12 months | 64,518 | 84,252 | |
| 12 months or longer | 0 | 0 | |
| Total | 64,518 | 84,252 | |
| Available-for-sale securities, continuous unrealized loss position, gross unrealized loss [Abstract] | |||
| Less than 12 months | (304) | (559) | |
| 12 months or longer | 0 | 0 | |
| Total | $ (304) | $ (559) | |
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Less than 12 months | Security | 9 | 13 | |
| 12 months or longer | Security | 0 | 0 | |
| Total | Security | 9 | 13 | |
| Estimated fair value | $ 684,978 | $ 683,803 | |
| Corporate Bonds [Member] | |||
| Available-for-sale securities, continuous unrealized loss position, estimated fair value [Abstract] | |||
| Less than 12 months | 84,093 | 105,054 | |
| 12 months or longer | 0 | 0 | |
| Total | 84,093 | 105,054 | |
| Available-for-sale securities, continuous unrealized loss position, gross unrealized loss [Abstract] | |||
| Less than 12 months | (367) | (661) | |
| 12 months or longer | 0 | 0 | |
| Total | $ (367) | $ (661) | |
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Less than 12 months | Security | 18 | 22 | |
| 12 months or longer | Security | 0 | 0 | |
| Total | Security | 18 | 22 | |
| Estimated fair value | $ 291,630 | $ 274,872 | |
| Residential Mortgage-backed Securities [Member] | |||
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Estimated fair value | 667 | 718 | |
| Collateralized Mortgage Obligations [Member] | |||
| Available-for-sale securities, continuous unrealized loss position, estimated fair value [Abstract] | |||
| Less than 12 months | 26,043 | 32,120 | |
| 12 months or longer | 665 | 784 | |
| Total | 26,708 | 32,904 | |
| Available-for-sale securities, continuous unrealized loss position, gross unrealized loss [Abstract] | |||
| Less than 12 months | (222) | (239) | |
| 12 months or longer | (2) | (3) | |
| Total | $ (224) | $ (242) | |
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Less than 12 months | Security | 6 | 8 | |
| 12 months or longer | Security | 1 | 1 | |
| Total | Security | 7 | 9 | |
| Estimated fair value | $ 42,778 | $ 44,885 | |
| Fixed Maturities [Member] | |||
| Available-for-sale securities, continuous unrealized loss position, estimated fair value [Abstract] | |||
| Less than 12 months | 200,298 | 251,604 | |
| 12 months or longer | 665 | 784 | |
| Total | 200,963 | 252,388 | |
| Available-for-sale securities, continuous unrealized loss position, gross unrealized loss [Abstract] | |||
| Less than 12 months | (944) | (1,551) | |
| 12 months or longer | (2) | (3) | |
| Total | $ (946) | $ (1,554) | |
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Less than 12 months | Security | 40 | 50 | |
| 12 months or longer | Security | 1 | 1 | |
| Total | Security | 41 | 51 | |
| Mutual Funds [Member] | |||
| Available-for-sale securities, continuous unrealized loss position, estimated fair value [Abstract] | |||
| Less than 12 months | $ 2,831 | $ 22,615 | |
| 12 months or longer | 2,006 | 0 | |
| Total | 4,837 | 22,615 | |
| Available-for-sale securities, continuous unrealized loss position, gross unrealized loss [Abstract] | |||
| Less than 12 months | (49) | (451) | |
| 12 months or longer | (68) | 0 | |
| Total | $ (117) | $ (451) | |
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Less than 12 months | Security | 4 | 4 | |
| 12 months or longer | Security | 1 | 0 | |
| Total | Security | 5 | 4 | |
| Escrow Bonds [Member] | |||
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Estimated fair value | $ 7,848 | ||
| Gross unrealized gains (losses) | (37) | ||
| Cofina Bonds [Member] | |||
| Available-for-sale, securities in unrealized loss positions, number of securities [Abstract] | |||
| Estimated fair value | 11,220 | ||
| Impairment losses from other-than-temporary impairments | 0 | $ 0 | |
| Gross unrealized gains (losses) | $ 857 | ||
Investment in Securities, Matur
| Investment in Securities, Maturities of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
| Securities available for sale, Amortized Cost [Abstract] | ||
| Due in one year or less, amortized cost | $ 48,742 | |
| Due after one year through five years, amortized cost | 322,122 | |
| Due after five years through ten years, amortized cost | 131,128 | |
| Due after ten years, amortized cost | 561,095 | |
| Residential mortgage-backed securities, amortized cost | 638 | |
| Collateralized mortgage obligations, amortized cost | 42,919 | |
| Amortized cost | 1,106,644 | $ 1,104,303 |
| Securities available for sale, Estimated Fair Value [Abstract] | ||
| Due in one year or less, estimated fair value | 48,946 | |
| Due after one year through five, estimated fair value | 325,519 | |
| Due after five years through ten years, estimated fair value | 137,138 | |
| Due after ten years, estimated fair value | 598,497 | |
| Residential mortgage-backed securities, estimated fair value | 667 | |
| Collateralized mortgage obligations, estimated fair value | 42,778 | |
| Total, estimated fair value | 1,153,545 | 1,151,643 |
| Securities held to maturity, Amortized Cost [Abstract] | ||
| Due in one year or less, amortized cost | 1,704 | |
| Due after ten years, amortized cost | 619 | |
| Residential mortgage-backed securities, amortized cost | 191 | |
| Amortized cost | 2,514 | 2,836 |
| Securities held to maturity, Estimated Fair Value [Abstract] | ||
| Due in one year or less, estimated fair value | 1,704 | |
| Due after ten years, estimated fair value | 779 | |
| Residential mortgage-backed securities, estimated fair value | 209 | |
| Estimated fair value | $ 2,692 | $ 3,012 |
Investment in Securities, Reali
| Investment in Securities, Realized Gains and Losses from Investments (Details) $ in Thousands | 3 Months Ended | ||
| Mar. 31, 2017USD ($)Investment | Mar. 31, 2016USD ($) | Dec. 31, 2016Investment | |
| Securities available for sale [Abstract] | |||
| Net realized gains on securities available for sale | $ 336 | $ 58 | |
| Recognized in accumulated other comprehensive income [Abstract] | |||
| Available-for-sale securities | 10,704 | 29,358 | |
| Not recognized in the consolidated financial statements [Abstract] | |||
| Deferred tax liability on unrealized gains | $ 2,136 | 9,781 | |
| Number of individual investment in securities exceeding 10% of stockholders' equity | Investment | 0 | 0 | |
| Fixed Maturities Securities [Member] | |||
| Securities available for sale [Abstract] | |||
| Gross gains from sales | $ 17 | 961 | |
| Gross losses from sales | (119) | (1,359) | |
| Gross realized gains (losses) | (102) | (398) | |
| Recognized in accumulated other comprehensive income [Abstract] | |||
| Available-for-sale securities | (439) | 22,589 | |
| Not recognized in the consolidated financial statements [Abstract] | |||
| Held to maturity | 2 | 36 | |
| Equity Securities [Member] | |||
| Securities available for sale [Abstract] | |||
| Gross gains from sales | 438 | 587 | |
| Gross losses from sales | 0 | (131) | |
| Gross realized gains (losses) | 438 | 456 | |
| Recognized in accumulated other comprehensive income [Abstract] | |||
| Available-for-sale securities | $ 11,143 | $ 6,769 | |
Premiums and Other Receivable37
| Premiums and Other Receivables, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
| Premiums and Other Receivables [Line Items] | ||
| Premium | $ 100,691 | $ 91,528 |
| Self-funded group receivables | 50,643 | 57,728 |
| FEHBP | 14,274 | 14,321 |
| Agent balances | 27,468 | 25,495 |
| Accrued interest | 11,338 | 13,668 |
| Reinsurance recoverable | 54,854 | 58,295 |
| Other | 65,152 | 62,637 |
| Premiums and other receivables, total | 324,420 | 323,672 |
| Less allowance for doubtful receivables [Abstract] | ||
| Premium | 23,584 | 27,320 |
| Other | 7,999 | 9,987 |
| Premiums and other receivables, allowance | 31,583 | 37,307 |
| Premium and other receivables, net | 292,837 | 286,365 |
| Government of Puerto Rico [Member] | ||
| Premiums and Other Receivables [Line Items] | ||
| Premiums and other receivables, total | 51,533 | 57,750 |
| Less allowance for doubtful receivables [Abstract] | ||
| Premiums and other receivables, allowance | $ 14,050 | $ 18,812 |
Fair Value Measurements, Fair V
| Fair Value Measurements, Fair Value Measurements by Level for Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
| Securities available for sale [Abstract] | ||
| Fixed maturities | $ 1,153,545 | $ 1,151,643 |
| Equity securities | 277,149 | 270,349 |
| Obligations of Government-sponsored Enterprises [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 41,546 | 41,514 |
| U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 72,878 | 85,800 |
| Obligations of the Commonwealth of Puerto Rico and Its Instrumentalities [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 19,068 | 20,051 |
| Municipal Securities [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 684,978 | 683,803 |
| Corporate Bonds [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 291,630 | 274,872 |
| Residential Agency Mortgage-backed Securities [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 667 | 718 |
| Collateralized Mortgage Obligations [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 42,778 | 44,885 |
| Mutual Funds [Member] | ||
| Securities available for sale [Abstract] | ||
| Equity securities | 277,149 | 270,349 |
| Escrow Bonds [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 7,848 | |
| Cofina Bonds [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 11,220 | |
| Fair Value, Measurements, Recurring [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 1,153,545 | 1,151,643 |
| Total | 1,430,694 | 1,421,992 |
| Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 72,878 | 85,800 |
| Total | 247,471 | 252,395 |
| Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 1,080,667 | 1,065,843 |
| Total | 1,159,470 | 1,142,065 |
| Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Total | 23,753 | 27,532 |
| Fair Value, Measurements, Recurring [Member] | Obligations of Government-sponsored Enterprises [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 41,546 | 41,514 |
| Fair Value, Measurements, Recurring [Member] | Obligations of Government-sponsored Enterprises [Member] | Level 1 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Obligations of Government-sponsored Enterprises [Member] | Level 2 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 41,546 | 41,514 |
| Fair Value, Measurements, Recurring [Member] | Obligations of Government-sponsored Enterprises [Member] | Level 3 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 72,878 | 85,800 |
| Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | Level 1 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 72,878 | 85,800 |
| Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | Level 2 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Instrumentalities [Member] | Level 3 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Obligations of the Commonwealth of Puerto Rico and Its Instrumentalities [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 19,068 | 20,051 |
| Fair Value, Measurements, Recurring [Member] | Obligations of the Commonwealth of Puerto Rico and Its Instrumentalities [Member] | Level 1 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Obligations of the Commonwealth of Puerto Rico and Its Instrumentalities [Member] | Level 2 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 19,068 | 20,051 |
| Fair Value, Measurements, Recurring [Member] | Obligations of the Commonwealth of Puerto Rico and Its Instrumentalities [Member] | Level 3 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 684,978 | 683,803 |
| Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 1 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 2 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 684,978 | 683,803 |
| Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 3 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 291,630 | 274,872 |
| Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 1 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 2 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 291,630 | 274,872 |
| Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Level 3 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Residential Agency Mortgage-backed Securities [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 667 | 718 |
| Fair Value, Measurements, Recurring [Member] | Residential Agency Mortgage-backed Securities [Member] | Level 1 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Residential Agency Mortgage-backed Securities [Member] | Level 2 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 667 | 718 |
| Fair Value, Measurements, Recurring [Member] | Residential Agency Mortgage-backed Securities [Member] | Level 3 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 42,778 | 44,885 |
| Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 1 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 2 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 42,778 | 44,885 |
| Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 3 [Member] | ||
| Securities available for sale [Abstract] | ||
| Fixed maturities | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | ||
| Securities available for sale [Abstract] | ||
| Equity securities | 277,149 | 270,349 |
| Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Level 1 [Member] | ||
| Securities available for sale [Abstract] | ||
| Equity securities | 174,593 | 166,595 |
| Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Level 2 [Member] | ||
| Securities available for sale [Abstract] | ||
| Equity securities | 78,803 | 76,222 |
| Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Level 3 [Member] | ||
| Securities available for sale [Abstract] | ||
| Equity securities | $ 23,753 | $ 27,532 |
Fair Value Measurements, Reconc
| Fair Value Measurements, Reconciliation of Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Transfers into level 3 | $ 0 | $ 0 |
| Transfers out of level 3 | 0 | 0 |
| Level 1 to level 2 transfers | 0 | 0 |
| Level 2 to level 1 transfers | 0 | 0 |
| Fair Value, Measurements, Recurring [Member] | ||
| Reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs [Roll Forward] | ||
| Beginning balance | 27,532 | 7,958 |
| Realized gains | 119 | 151 |
| Unrealized in other accumulated comprehensive income | (64) | (649) |
| Purchases | 5,260 | 8 |
| Capital distributions | (9,094) | (471) |
| Ending balance | $ 23,753 | $ 6,997 |
Fair Value Measurements, Summar
| Fair Value Measurements, Summary of Carrying Value and Fair Value by Level of Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
| 6.6% Senior Unsecured Notes Payable [Member] | ||
| Liabilities [Abstract] | ||
| Debt instrument, fixed interest rate | 6.60% | 6.60% |
| Carrying Value [Member] | ||
| Assets [Abstract] | ||
| Policy loans | $ 8,546 | $ 8,564 |
| Liabilities [Abstract] | ||
| Policyholder deposits | 179,599 | 179,382 |
| Long-term borrowings | 34,465 | 35,187 |
| Total liabilities | 214,064 | 214,569 |
| Carrying Value [Member] | Loans Payable [Member] | Loans Payable to Bank - Variable [Member] | ||
| Liabilities [Abstract] | ||
| Long-term borrowings | 34,465 | 11,187 |
| Carrying Value [Member] | Notes Payable [Member] | 6.6% Senior Unsecured Notes Payable [Member] | ||
| Liabilities [Abstract] | ||
| Long-term borrowings | 24,000 | |
| Fair Value [Member] | ||
| Assets [Abstract] | ||
| Policy loans | 8,546 | 8,564 |
| Liabilities [Abstract] | ||
| Policyholder deposits | 179,599 | 179,382 |
| Long-term borrowings | 34,465 | 35,187 |
| Total liabilities | 214,064 | 214,569 |
| Fair Value [Member] | Loans Payable [Member] | Loans Payable to Bank - Variable [Member] | ||
| Liabilities [Abstract] | ||
| Long-term borrowings | 34,465 | 11,187 |
| Fair Value [Member] | Notes Payable [Member] | 6.6% Senior Unsecured Notes Payable [Member] | ||
| Liabilities [Abstract] | ||
| Long-term borrowings | 24,000 | |
| Fair Value [Member] | Level 1 [Member] | ||
| Assets [Abstract] | ||
| Policy loans | 0 | 0 |
| Liabilities [Abstract] | ||
| Policyholder deposits | 0 | 0 |
| Long-term borrowings | 0 | 0 |
| Total liabilities | 0 | 0 |
| Fair Value [Member] | Level 1 [Member] | Loans Payable [Member] | Loans Payable to Bank - Variable [Member] | ||
| Liabilities [Abstract] | ||
| Long-term borrowings | 0 | 0 |
| Fair Value [Member] | Level 1 [Member] | Notes Payable [Member] | 6.6% Senior Unsecured Notes Payable [Member] | ||
| Liabilities [Abstract] | ||
| Long-term borrowings | 0 | |
| Fair Value [Member] | Level 2 [Member] | ||
| Assets [Abstract] | ||
| Policy loans | 8,546 | 8,564 |
| Liabilities [Abstract] | ||
| Policyholder deposits | 179,599 | 179,382 |
| Long-term borrowings | 34,465 | 35,187 |
| Total liabilities | 214,064 | 214,569 |
| Fair Value [Member] | Level 2 [Member] | Loans Payable [Member] | Loans Payable to Bank - Variable [Member] | ||
| Liabilities [Abstract] | ||
| Long-term borrowings | 34,465 | 11,187 |
| Fair Value [Member] | Level 2 [Member] | Notes Payable [Member] | 6.6% Senior Unsecured Notes Payable [Member] | ||
| Liabilities [Abstract] | ||
| Long-term borrowings | 24,000 | |
| Fair Value [Member] | Level 3 [Member] | ||
| Assets [Abstract] | ||
| Policy loans | 0 | 0 |
| Liabilities [Abstract] | ||
| Policyholder deposits | 0 | 0 |
| Long-term borrowings | 0 | 0 |
| Total liabilities | 0 | 0 |
| Fair Value [Member] | Level 3 [Member] | Loans Payable [Member] | Loans Payable to Bank - Variable [Member] | ||
| Liabilities [Abstract] | ||
| Long-term borrowings | $ 0 | 0 |
| Fair Value [Member] | Level 3 [Member] | Notes Payable [Member] | 6.6% Senior Unsecured Notes Payable [Member] | ||
| Liabilities [Abstract] | ||
| Long-term borrowings | $ 0 |
Claim Liabilities, Reconciliati
| Claim Liabilities, Reconciliation of Beginning and Ending Balances of Claim Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
| Mar. 31, 2017 | Mar. 31, 2016 | ||
| Reconciliation of beginning and ending balances of claim liabilities [Roll Forward] | |||
| Claim liabilities at beginning of year | $ 487,943 | $ 491,765 | |
| Reinsurance recoverable on claim liabilities | (38,998) | (40,714) | |
| Net claim liabilities at beginning of year | 448,945 | 451,051 | |
| Claims incurred [Abstract] | |||
| Current period insured events | 630,846 | 640,644 | |
| Prior period insured events | (16,673) | (20,712) | |
| Total | 614,173 | 619,932 | |
| Payments of losses and loss-adjustment expenses [Abstract] | |||
| Current period insured events | 358,415 | 370,135 | |
| Prior period insured events | 210,297 | 215,653 | |
| Total | 568,712 | 585,788 | |
| Net claim liabilities at end of year | 494,406 | 485,195 | |
| Reinsurance recoverable on claim liabilities | 35,898 | 39,871 | |
| Claim liabilities at end of year | 530,304 | 525,066 | |
| Change in liability for future policy (benefits) expense | 6,690 | 6,762 | |
| Managed Care [Member] | |||
| Reconciliation of beginning and ending balances of claim liabilities [Roll Forward] | |||
| Claim liabilities at beginning of year | 349,047 | 348,297 | |
| Reinsurance recoverable on claim liabilities | 0 | 0 | |
| Net claim liabilities at beginning of year | 349,047 | 348,297 | |
| Claims incurred [Abstract] | |||
| Current period insured events | 602,620 | 614,754 | |
| Prior period insured events | (15,340) | (18,464) | |
| Total | 587,280 | 596,290 | |
| Payments of losses and loss-adjustment expenses [Abstract] | |||
| Current period insured events | 350,450 | 365,039 | |
| Prior period insured events | 192,352 | 198,100 | |
| Total | 542,802 | 563,139 | |
| Net claim liabilities at end of year | 393,525 | 381,448 | |
| Reinsurance recoverable on claim liabilities | 0 | 0 | |
| Claim liabilities at end of year | 393,525 | 381,448 | |
| Other Business Segments [Member] | |||
| Reconciliation of beginning and ending balances of claim liabilities [Roll Forward] | |||
| Claim liabilities at beginning of year | [1] | 138,896 | 143,468 |
| Reinsurance recoverable on claim liabilities | [1] | (38,998) | (40,714) |
| Net claim liabilities at beginning of year | [1] | 99,898 | 102,754 |
| Claims incurred [Abstract] | |||
| Current period insured events | [1] | 28,226 | 25,890 |
| Prior period insured events | [1] | (1,333) | (2,248) |
| Total | [1] | 26,893 | 23,642 |
| Payments of losses and loss-adjustment expenses [Abstract] | |||
| Current period insured events | [1] | 7,965 | 5,096 |
| Prior period insured events | [1] | 17,945 | 17,553 |
| Total | [1] | 25,910 | 22,649 |
| Net claim liabilities at end of year | [1] | 100,881 | 103,747 |
| Reinsurance recoverable on claim liabilities | [1] | 35,898 | 39,871 |
| Claim liabilities at end of year | [1] | $ 136,779 | $ 143,618 |
| [1] | Other Business Segments include the Life Insurance and Property and Casualty segments, as well as intersegment eliminations. | ||
Claim Liabilities, Incurred But
| Claim Liabilities, Incurred But Not Reported (IBNR) Liabilities Plus Expected Development on Reported Claims Included in the Liability for Unpaid Claims Adjustment Expenses (Details) - Managed Care [Member] $ in Thousands | Mar. 31, 2017USD ($) |
| Incurred Year 2015 [Member] | |
| Insurance Claims Development, Net of Reinsurance [Abstract] | |
| Total of IBNR liabilities plus expected development on reported claims | $ 60,717 |
| Incurred Year 2016 [Member] | |
| Insurance Claims Development, Net of Reinsurance [Abstract] | |
| Total of IBNR liabilities plus expected development on reported claims | 80,062 |
| Incurred Year 2017 [Member] | |
| Insurance Claims Development, Net of Reinsurance [Abstract] | |
| Total of IBNR liabilities plus expected development on reported claims | $ 252,163 |
Long-Term Borrowings (Details)
| Long-Term Borrowings (Details) $ in Thousands | Apr. 18, 2017USD ($) | Dec. 28, 2016USD ($)Loan | May 09, 2017 | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 11, 2016USD ($) |
| Summary of long-term borrowings [Abstract] | ||||||
| Total borrowings | $ 34,777 | $ 35,187 | ||||
| Less unamortized debt issuance costs | 312 | 102 | ||||
| Long-term borrowings | $ 34,465 | 35,085 | ||||
| Triple-S Salud, Inc [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Maximum borrowing capacity | $ 30,000 | |||||
| Triple-S Salud, Inc [Member] | LIBOR [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Basis spread on variable rate | 2.20% | |||||
| Subsequent Event [Member] | Triple-S Advantage, Inc [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Maximum borrowing capacity | $ 10,000 | |||||
| Subsequent Event [Member] | Triple-S Advantage, Inc [Member] | LIBOR [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Basis spread on variable rate | 0.25% | |||||
| Variable rate, term | 30 days | |||||
| Senior Notes [Member] | 6.60% Senior Unsecured Notes Payable, Due December 2020 [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Total borrowings | $ 0 | 24,000 | ||||
| Debt instrument, principal amount | $ 60,000 | |||||
| Debt instrument, maturity date | Dec. 31, 2020 | |||||
| Debt instrument, fixed interest rate | 6.60% | |||||
| Secured Debt [Member] | Term Loan A [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Total borrowings | $ 10,777 | 11,187 | ||||
| Debt instrument, principal amount | $ 11,187 | |||||
| Debt instrument, maturity date | Oct. 1, 2023 | |||||
| Debt instrument, monthly installment payment | $ 137 | |||||
| Debt instrument, variable interest rate | 1.79% | |||||
| Basis spread on variable rate | 1.00% | |||||
| Secured Debt [Member] | Term Loan B [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Total borrowings | $ 19,982 | 0 | ||||
| Debt instrument, principal amount | $ 20,150 | |||||
| Debt instrument, maturity date | Jan. 1, 2024 | |||||
| Debt instrument, monthly installment payment | $ 84 | |||||
| Debt instrument, variable interest rate | 3.77% | |||||
| Basis spread on variable rate | 2.75% | |||||
| Secured Debt [Member] | Term Loan C [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Total borrowings | $ 4,018 | $ 0 | ||||
| Debt instrument, principal amount | $ 4,116 | |||||
| Debt instrument, maturity date | Jan. 1, 2024 | |||||
| Debt instrument, monthly installment payment | $ 49 | |||||
| Debt instrument, variable interest rate | 4.27% | |||||
| Basis spread on variable rate | 3.25% | |||||
| Commercial Bank in Puerto Rico [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Number of term loans issued | Loan | 3 | |||||
| Proceeds from debt issuance used to fund portion of debt service reserve | $ 200 | |||||
| Maximum borrowing capacity | 35,500 | |||||
| Commercial Bank in Puerto Rico [Member] | Term Loan A [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Debt instrument, principal amount | 11,187 | |||||
| Commercial Bank in Puerto Rico [Member] | Term Loan B [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Debt instrument, principal amount | 20,150 | |||||
| Commercial Bank in Puerto Rico [Member] | Term Loan C [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Debt instrument, principal amount | 4,116 | |||||
| Commercial Bank in Puerto Rico [Member] | Secured Loans Payable, Due July 2024 [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Long-term debt refinanced amount | $ 41,000 | |||||
| Commercial Bank in Puerto Rico [Member] | Senior Notes [Member] | 6.60% Senior Unsecured Notes Payable, Due January 2021 [Member] | ||||||
| Summary of long-term borrowings [Abstract] | ||||||
| Debt instrument, maturity date | Jan. 31, 2021 | |||||
| Debt instrument, fixed interest rate | 6.60% | |||||
| Repaid principal amount of notes | $ 24,000 |
Pension Plan (Details)
| Pension Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
| Components of net periodic benefit cost [Abstract] | |||
| Service cost | $ 0 | $ 1,250 | |
| Interest cost | 1,798 | 2,762 | |
| Expected return on assets | (2,199) | (2,926) | |
| Amortization of prior service benefit | 0 | (144) | |
| Amortization of actuarial loss | 86 | 1,183 | |
| Net periodic benefit cost | (315) | $ 2,125 | |
| Expected employer future contributions | $ 4,000 | ||
| Employer contribution | $ 0 | ||
Comprehensive Income (Details)
| Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Accumulated Other Comprehensive Income Loss [Line Items] | ||
| Balance | $ 862,486 | |
| Other comprehensive income before reclassifications | 8,741 | $ 19,623 |
| Amounts reclassified from accumulated other comprehensive income | (216) | 588 |
| Total other comprehensive income, net of tax | 8,525 | 20,211 |
| Balance | 865,225 | 863,916 |
| Net Unrealized Gain on Securities [Member] | ||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||
| Balance | 62,371 | 62,478 |
| Other comprehensive income before reclassifications | 8,741 | 19,623 |
| Amounts reclassified from accumulated other comprehensive income | (269) | (46) |
| Total other comprehensive income, net of tax | 8,472 | 19,577 |
| Balance | 70,843 | 82,055 |
| Liability for Pension Benefits [Member] | ||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||
| Balance | (19,976) | (36,855) |
| Amounts reclassified from accumulated other comprehensive income | 53 | 634 |
| Balance | (19,923) | (36,221) |
| Accumulated Other Comprehensive Income [Member] | ||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||
| Balance | 42,395 | 25,623 |
| Balance | $ 50,920 | $ 45,834 |
Share-Based Compensation (Detai
| Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Share-Based Compensation [Abstract] | ||
| Share-based compensation expense (benefit) | $ (1,443) | $ 1,085 |
| Stock option exercises during period (in shares) | 0 | 0 |
Net Income Available to Stock47
| Net Income Available to Stockholders and Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Numerator for earnings per share [Abstract] | ||
| Net (loss) income attributable to TSM available to stockholders | $ (4,342) | $ 3,456 |
| Denominator for basic earnings per share [Abstract] | ||
| Weighted average of common shares (in shares) | 24,143,261 | 24,587,681 |
| Effect of dilutive securities (in shares) | 0 | 72,353 |
| Denominator for diluted earnings per share (in shares) | 24,143,261 | 24,660,034 |
| Basic net (loss) income per share attributable to TSM (in dollars per share) | $ (0.18) | $ 0.14 |
| Diluted net (loss) income per share attributable to TSM (in dollars per share) | $ (0.18) | $ 0.14 |
| Restricted Stock [Member] | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Anti-dilutive securities excluded from diluted earnings per share computation (in shares) | 59,284 | |
Contingencies (Details)
| Contingencies (Details) - Triple-S Salud, Inc [Member] $ in Thousands | Jul. 02, 2014USD ($) |
| Loss Contingencies [Line Items] | |
| Overpayment of premium | $ 7,900 |
| Amount of claims for damages | $ 5,000 |
Segment Information (Details)
| Segment Information (Details) $ in Thousands | 3 Months Ended | |||
| Mar. 31, 2017USD ($)Segment | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | ||
| Segment Information [Abstract] | ||||
| Number of operating segments | Segment | 3 | |||
| Operating revenues [Abstract] | ||||
| Premiums earned, net | $ 702,273 | $ 738,534 | ||
| Administrative service fees | 4,379 | 5,083 | ||
| Net investment income | 12,016 | 11,358 | ||
| Total revenues | 722,494 | 756,720 | ||
| Consolidated operating revenues | 719,633 | 755,787 | ||
| Operating income (loss) [Abstract] | ||||
| Consolidated operating (loss) income | (12,176) | 6,113 | ||
| Consolidated net realized investment gains | 336 | 58 | ||
| Consolidated interest expense | (1,686) | (1,882) | ||
| Consolidated other income, net | 2,525 | 875 | ||
| Consolidated (loss) income before taxes | (11,001) | 5,164 | ||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | 2,990 | 3,700 | ||
| Assets [Abstract] | ||||
| Assets | 2,358,455 | $ 2,218,999 | ||
| Cash, cash equivalents, and investments | 1,660,638 | 1,536,820 | ||
| Property and equipment, net | 66,756 | 66,369 | ||
| Other assets | 53,186 | 51,493 | ||
| Unallocated Amount to Segment [Member] | ||||
| Operating revenues [Abstract] | ||||
| TSM operating revenues from external sources | 78 | 4 | ||
| Operating income (loss) [Abstract] | ||||
| TSM operating revenues from external sources | 78 | 4 | ||
| TSM unallocated operating expenses | (2,217) | (3,167) | ||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | 197 | 197 | ||
| Assets [Abstract] | ||||
| Assets | 66,096 | 61,059 | ||
| Cash, cash equivalents, and investments | 22,531 | 17,033 | ||
| Property and equipment, net | 22,228 | 22,380 | ||
| Other assets | 21,337 | 21,646 | ||
| Other Segments [Member] | ||||
| Operating revenues [Abstract] | ||||
| TSM operating revenues from external sources | [1] | 1,000 | 856 | |
| Total revenues | [1] | 2,586 | 3,401 | |
| Operating income (loss) [Abstract] | ||||
| Operating income (loss) | [1] | 143 | (179) | |
| TSM operating revenues from external sources | [1] | 1,000 | 856 | |
| Assets [Abstract] | ||||
| Assets | [1] | 26,274 | 26,034 | |
| Reportable Segment [Member] | ||||
| Operating revenues [Abstract] | ||||
| Total business segments | 722,739 | 760,116 | ||
| Operating income (loss) [Abstract] | ||||
| Operating income (loss) | (12,437) | 6,889 | ||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | 2,793 | 3,503 | ||
| Assets [Abstract] | ||||
| Assets | 2,338,964 | 2,205,985 | ||
| Reportable Segment [Member] | Managed Care [Member] | ||||
| Operating revenues [Abstract] | ||||
| Premiums earned, net | 640,147 | 678,380 | ||
| Administrative service fees | 4,379 | 5,083 | ||
| Net investment income | 3,892 | 3,480 | ||
| Total revenues | 649,952 | 688,428 | ||
| Operating income (loss) [Abstract] | ||||
| Operating income (loss) | (18,582) | (641) | ||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | 2,239 | 2,934 | ||
| Assets [Abstract] | ||||
| Assets | 1,144,927 | 1,013,872 | ||
| Reportable Segment [Member] | Life Insurance [Member] | ||||
| Operating revenues [Abstract] | ||||
| Premiums earned, net | 40,298 | 38,966 | ||
| Net investment income | 6,087 | 5,914 | ||
| Total revenues | 46,576 | 45,017 | ||
| Operating income (loss) [Abstract] | ||||
| Operating income (loss) | 3,935 | 5,598 | ||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | 280 | 255 | ||
| Assets [Abstract] | ||||
| Assets | 820,481 | 816,920 | ||
| Reportable Segment [Member] | Property and Casualty Insurance [Member] | ||||
| Operating revenues [Abstract] | ||||
| Premiums earned, net | 21,548 | 21,188 | ||
| Net investment income | 1,924 | 1,929 | ||
| Total revenues | 23,625 | 23,270 | ||
| Operating income (loss) [Abstract] | ||||
| Operating income (loss) | 2,067 | 2,111 | ||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | 114 | 161 | ||
| Assets [Abstract] | ||||
| Assets | 347,282 | 349,159 | ||
| Reportable Segment [Member] | Other Segments [Member] | ||||
| Depreciation and amortization expense [Abstract] | ||||
| Depreciation and amortization expense | [1] | 160 | 153 | |
| Intersegment Elimination [Member] | ||||
| Operating revenues [Abstract] | ||||
| Elimination of intersegment premiums/service fees | (1,598) | (1,775) | ||
| Elimination of intersegment service revenues | (1,586) | (2,545) | ||
| Other intersegment eliminations | 0 | (13) | ||
| Operating income (loss) [Abstract] | ||||
| Elimination of TSM intersegment charges | 2,400 | 2,387 | ||
| Assets [Abstract] | ||||
| Assets | (46,605) | $ (48,045) | ||
| Intersegment Elimination [Member] | Managed Care [Member] | ||||
| Operating revenues [Abstract] | ||||
| Intersegment premiums/service fees | 1,534 | 1,485 | ||
| Intersegment Elimination [Member] | Life Insurance [Member] | ||||
| Operating revenues [Abstract] | ||||
| Intersegment premiums/service fees | 191 | 137 | ||
| Intersegment Elimination [Member] | Property and Casualty Insurance [Member] | ||||
| Operating revenues [Abstract] | ||||
| Intersegment premiums/service fees | 153 | 153 | ||
| Intersegment Elimination [Member] | Other Segments [Member] | ||||
| Operating revenues [Abstract] | ||||
| Intersegment premiums/service fees | [1] | $ 1,586 | $ 2,545 | |
| [1] | Includes segments that are not required to be reported separately, primarily the data processing services organization and the health clinic. | |||