Investments (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Unrealized Loss on Investments

The amortized cost, gross unrealized gains and losses, and estimated fair value of the Company's available-for-sale investments at June 30, 2019 and December 31, 2018 are summarized in the tables shown below:



(in thousands)	June 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities:
U.S. government, government agencies and authorities	$	15,007	$	52	$	13	$	15,046
States, municipalities and political subdivisions	604		1		4		601
Mortgage-backed	2,474		2		22		2,454
Corporate	2,686		9		9		2,686
Total fixed maturities	$	20,771	$	64	$	48	$	20,787



(in thousands)	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities:
U.S. government, government agencies and authorities	$	5,594	$	1	$	48	$	5,547
States, municipalities and political subdivisions	621		—		14		607
Mortgage-backed	3,256		—		70		3,186
Corporate	2,961		—		41		2,920
Total fixed maturities	12,432		1		173		12,260

Investments Classified by Contractual Maturity Date

The table below summarizes the Company's fixed maturities at June 30, 2019 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of these obligations.



(in thousands)	June 30, 2019
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	11,652	$	11,672
Due after one year through five years	7,641		7,650
Due after five years through ten years	194		192
Due after ten years	1,284		1,273
Total	$	20,771	$	20,787

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

The following tables highlight the aggregate unrealized loss position, by security type, of available-for-sale investments in unrealized loss positions as of June 30, 2019 and December 31, 2018. The tables segregate the holdings based on the period of time the investments have been continuously held in unrealized loss positions.



(in thousands)									June 30, 2019
	Less than 12 Months				Greater than 12 Months				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Fixed maturities:
U.S. government, government agencies and authorities	$	2,497	$	2	$	1,950	$	11	$	4,447	$	13
States, municipalities and political subdivisions	75		—		453		4		528		4
Mortgage-backed	150		—		1,698		22		1,848		22
Corporate	121		—		1,123		9		1,244		9
Total fixed maturities	$	2,843	$	2	$	5,224	$	46	$	8,067	$	48



(in thousands)									December 31, 2018
	Less than 12 Months				Greater than 12 Months				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Fixed maturities:
U.S. government, government agencies and authorities	$	1,497	$	1	$	2,609	$	47	$	4,106	$	48
States, municipalities and political subdivisions	—		—		606		14		606		14
Mortgage-backed	800		1		2,134		69		2,934		70
Corporate	595		1		2,151		40		2,746		41
Total fixed maturities	$	2,892	$	3	$	7,500	$	170	$	10,392	$	173

Investment Income

Net investment income for the three and six months ended June 30, 2019 and June 30, 2018 is comprised as follows:



(in thousands)	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
Investment income:
Interest from fixed maturities	$	122		$	57		$	195		$	90
Dividends	70			82			128			156
Income from limited liability investments	32			189			14			181
Income from limited liability investments, at fair value	232			482			467			701
Income from real estate investments	200			200			400			400
Other	112			9			290			137
Gross investment income	768			1,019			1,494			1,665
Investment expenses	(19		)	(9		)	(46		)	(17		)
Net investment income	$	749		$	1,010		$	1,448		$	1,648

Schedule of Realized Gain (Loss)

Gross realized gains and losses on available-for-sale investments and limited liability investments for the three and six months ended June 30, 2019 and June 30, 2018 are comprised as follows:



(in thousands)	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
Gross realized gains	$	44		$	133		$	359		$	398
Gross realized losses	(600		)	(1		)	(600		)	(1		)
Net realized (losses) gains	$	(556	)	$	132		$	(241	)	$	397

Schedule of Gain on Change in Fair Value of Equity Investments

(Loss) gain on change in fair value of equity investments for the three and six months ended June 30, 2019 and June 30, 2018 is comprised as follows:



(in thousands)	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
Net (losses) gains recognized on equity investments sold during the period	$	(101	)	$	(10	)	$	(101	)	$	545
Change in unrealized gains (losses) on equity investments held at end of the period	38			(411		)	116			199
(Loss) gain on change in fair value of equity investments	$	(63	)	$	(421	)	$	15		$	744