XML 66 R43.htm IDEA: XBRL DOCUMENT v3.23.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Trading, and Equity Securities, FV-NI
The amortized cost and the fair value of the Company’s investments are summarized as follows:
($ in thousands)Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
December 31, 2022
Fixed maturity securities, available for sale:
U.S. government securities$50,416 $1 $(1,876)$48,541 
Corporate securities and miscellaneous255,116 767 (20,754)235,129 
Municipal securities65,836 24 (8,133)57,727 
Residential mortgage-backed securities134,844 218 (15,206)119,856 
Commercial mortgage-backed securities40,129 50 (3,684)36,495 
Asset-backed securities116,275 91 (6,542)109,824 
Total fixed maturity securities, available for sale$662,616 $1,151 $(56,195)$607,572 
Fixed maturity securities, held to maturity:
Asset-backed securities$52,467 $— $(5,696)$46,771 
Total fixed maturity securities, held to maturity$52,467 $— $(5,696)$46,771 
Equity securities:
Common stocks$50,484 $10,015 $(4,503)$55,996 
Preferred stocks11,798 15 (3,042)8,771 
Mutual funds53,968 3,171 (1,737)55,402 
Total equity securities$116,250 $13,201 $(9,282)$120,169 
($ in thousands)Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
December 31, 2021
Fixed maturity securities, available for sale:
U.S. government securities$48,816 $716 $(269)$49,263 
Corporate securities and miscellaneous151,053 3,698 (588)154,163 
Municipal securities53,179 3,799 (36)56,942 
Residential mortgage-backed securities103,758 1,232 (1,255)103,735 
Commercial mortgage-backed securities14,634 38 (188)14,484 
Asset-backed securities81,038 226 (1,500)79,764 
Total fixed maturity securities, available for sale$452,478 $9,709 $(3,836)$458,351 
Fixed maturity securities, held to maturity:
Asset-backed securities$47,117 $— $— $47,117 
Total fixed maturity securities, held to maturity$47,117 $— $— $47,117 
Equity securities:
Common stocks$47,379 $13,887 $(2,841)$58,425 
Preferred stocks17,821 349 (4)18,166 
Mutual funds33,786 7,611 (17)41,380 
Total equity securities$98,986 $21,847 $(2,862)$117,971 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturity securities, available for sale, at December 31, 2022 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Also, changing interest rates, tax considerations or other factors may result in portfolio sales prior to maturity.
($ in thousands)Amortized
Cost		Fair Value
Due in less than one year$16,474 $16,215 
Due after one year through five years203,569 191,576 
Due after five years through ten years102,114 90,631 
Due after ten years49,211 42,975 
Mortgage-backed securities174,973 156,351 
Asset-backed securities116,275 109,824 
Total$662,616 $607,572 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables summarize gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities have been in a continuous unrealized loss position:
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
December 31, 2022
Fixed maturity securities, available-for-sale:
U.S. government securities$28,966 $(603)$18,577 $(1,273)$47,543 $(1,876)
Corporate securities and miscellaneous171,506 (16,063)34,283 (4,691)205,789 (20,754)
Municipal securities51,701 (7,236)3,689 (897)55,390 (8,133)
Residential mortgage-backed securities56,246 (4,152)52,778 (11,054)109,024 (15,206)
Commercial mortgage-backed securities25,836 (1,488)8,583 (2,196)34,419 (3,684)
Asset-backed securities74,684 (3,351)25,820 (3,191)100,504 (6,542)
Total fixed maturity securities, available-for-sale408,939 (32,893)143,730 (23,302)552,669 (56,195)
Fixed maturity securities, held-to-maturity:
Asset-backed securities46,771 (5,696)— — 46,771 (5,696)
Total fixed maturity securities, held-to-maturity46,771 (5,696)— — 46,771 (5,696)
Total$455,710 $(38,589)$143,730 $(23,302)$599,440 $(61,891)
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
December 31, 2021
Fixed maturity securities, available-for-sale:
U.S. government securities$19,819 $(267)$108 $(2)$19,927 $(269)
Corporate securities and miscellaneous47,308 (588)— — 47,308 (588)
Municipal securities4,549 (36)— — 4,549 (36)
Residential mortgage-backed securities72,672 (1,252)145 (3)72,817 (1,255)
Commercial mortgage-backed securities12,653 (175)241 (12)12,894 (187)
Asset-backed securities34,266 (1,463)1,256 (38)35,522 (1,501)
Total fixed maturity securities, available-for-sale$191,267 $(3,781)$1,750 $(55)$193,017 $(3,836)
Gain (Loss) on Securities
The components of net realized (losses) gains at December 31, 2022 and 2021 are as follows:
($ in thousands)20222021
Gross realized gains
Fixed maturity securities, available-for sale$313 $474 
Equity securities3,865 2,763 
Other36 13 
Total4,214 3,250 
Gross realized losses
Fixed maturity securities, available-for sale(958)(1,160)
Equity securities(3,827)(230)
Other(76)(4)
Total(4,861)(1,394)
Net unrealized (losses) gains on securities still held
Equity securities(15,058)15,251 
Net investment (losses) gains$(15,705)$17,107 
Investment Income
Proceeds from sales of debt and equity securities at December 31, 2022 and 2021 are as follows:
($ in thousands)20222021
Fixed maturity securities, available-for sale$13,964 $15,142 
Equity securities37,177 37,952 
The Company’s net investment income for the years ended December 31, 2022 and 2021 is summarized as follows:
($ in thousands)20222021
Income:
Fixed maturity securities, available-for sale$18,481 $9,931 
Fixed maturity securities, held-to-maturity5,375 4,840 
Equity securities3,579 2,572 
Equity method investments6,015 9,280 
Mortgage loans4,767 1,188 
Indirect loans4,846 1,852 
Short-term investments and cash1,523 141 
Other(102)241 
Total investment income44,484 30,045 
Investment expenses(7,553)(5,399)
Net investment income$36,931 $24,646 
The Company’s gross investment income for the years ended December 31, 2022 and 2021 is as follows:
Years Ended December 31,
($ in thousands)20222021
Retail$1,255 $66 
Commercial1,242 151 
Industrial565 90 
Multi-family909 143 
Office385 64 
Land— 451 
Hospitality411 223 
$4,767 $1,188 
Schedule of Accumulated Other Comprehensive Income (Loss)
The change in net unrealized losses on investments, net of deferred income taxes, in other comprehensive loss for the years ended December 31, 2022 and 2021 is as follows:
($ in thousands)20222021
Fixed maturity securities$(60,918)$(9,674)
Deferred income taxes12,793 2,098 
Other comprehensive loss$(48,125)$(7,576)