Mortgage Loans (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The carrying value of the Company’s mortgage loans as of September 30, 2023 and December 31, 2022 were as follows:

($ in thousands)	September 30, 2023		December 31, 2022
Commercial	$	16,469	$	15,309
Retail	16,262		16,516
Hospitality	17,846		4,915
Industrial	6,117		6,329
Multi-family	2,624		5,593
Office	—		3,197
	$	59,318	$	51,859

Investment Income

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the nine months ended September 30, 2023 and 2022:

	Nine months ended September 30,
($ in thousands)	2023		2022
Fixed maturity securities, available-for sale	$	25,465	$	9,646
Equity securities	38,581		32,356

The following table sets forth the components of net investment income for the three and nine months ended September 30, 2023 and 2022:

	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2023		2022		2023		2022
Income:
Fixed maturity securities, available-for sale	$	9,180	$	4,912	$	23,439	$	12,103
Fixed maturity securities, held-to-maturity	1,067		805		3,321		4,147
Equity securities	769		912		2,539		2,650
Equity method investments	(4)		(3,861)		(6,772)		7,615
Mortgage loans	1,249		1,275		3,997		3,109
Indirect loans	(761)		3,104		(4,009)		7,783
Short-term investments and cash	3,165		505		8,140		716
Other	(115)		(135)		(106)		(153)
Total investment income	14,550		7,517		30,549		37,970
Investment expenses	(1,461)		(1,529)		(4,231)		(6,303)
Net investment income	$	13,089	$	5,988	$	26,318	$	31,667

The Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2023 and 2022 were as follows:

	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2023		2022		2023		2022
Commercial	$	588	$	320	$	1,637	$	707
Retail	364		337		1,375		846
Hospitality	204		116		497		264
Office	—		84		203		306
Multi-family	93		237		285		553
Industrial	—		181		—		433
	$	1,249	$	1,275	$	3,997	$	3,109