Investments (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Debt Securities, Trading, and Equity Securities, FV-NI |
The following tables set forth the amortized cost and the fair value of investments at December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | | Gross
Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Allowance for Credit Losses | | Fair Value | | December 31, 2023 | | | | | | | | | | | | Fixed maturity securities, available-for-sale: | | | | | | | | | | | | U.S. government securities | | $ | 44,685 | | | $ | 202 | | | $ | (721) | | | $ | — | | | $ | 44,166 | | | Corporate securities and miscellaneous | | 392,773 | | | 6,408 | | | (15,761) | | | — | | | 383,420 | | | Municipal securities | | 98,266 | | | 655 | | | (6,143) | | | — | | | 92,778 | | | Residential mortgage-backed securities | | 292,568 | | | 3,556 | | | (14,498) | | | — | | | 281,626 | | | Commercial mortgage-backed securities | | 31,411 | | | 449 | | | (1,926) | | | — | | | 29,934 | | | Other asset-backed securities | | 188,010 | | | 1,221 | | | (3,504) | | | — | | | 185,727 | | | Total fixed maturity securities, available-for-sale | | $ | 1,047,713 | | | $ | 12,491 | | | $ | (42,553) | | | $ | — | | | $ | 1,017,651 | | | Fixed maturity securities, held-to-maturity: | | | | | | | | | | | | Other asset-backed securities | | $ | 43,315 | | | $ | — | | | $ | (1,969) | | | $ | (329) | | | $ | 41,017 | | | Total fixed maturity securities, held-to-maturity | | $ | 43,315 | | | $ | — | | | $ | (1,969) | | | $ | (329) | | | $ | 41,017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ 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 miscellaneous | | 255,116 | | | 767 | | | (20,754) | | | 235,129 | | | Municipal securities | | 65,836 | | | 24 | | | (8,133) | | | 57,727 | | | Residential mortgage-backed securities | | 134,844 | | | 218 | | | (15,206) | | | 119,856 | | | Commercial mortgage-backed securities | | 40,129 | | | 50 | | | (3,684) | | | 36,495 | | | Other asset-backed securities | | 116,275 | | | 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: | | | | | | | | | | Other asset-backed securities | | $ | 52,467 | | | $ | — | | | $ | (5,696) | | | $ | 46,771 | | | Total fixed maturity securities, held-to-maturity | | $ | 52,467 | | | $ | — | | | $ | (5,696) | | | $ | 46,771 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Investments Classified by Contractual Maturity Date |
The amortized cost and estimated fair value of fixed maturity securities, available for sale, at December 31, 2023 by contractual maturity are shown below. 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 | | $ | 30,918 | | | $ | 30,518 | | | Due after one year through five years | | 289,151 | | | 280,212 | | | Due after five years through ten years | | 162,380 | | | 159,863 | | | Due after ten years | | 53,275 | | | 49,771 | | | Mortgage-backed securities | | 323,979 | | | 311,560 | | | Other asset-backed securities | | 188,010 | | | 185,727 | | | Total | | $ | 1,047,713 | | | $ | 1,017,651 | | | | | | |
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| 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 Months | | 12 Months or More | | Total | | ($ in thousands) | | Fair Value | | Gross
Unrealized
Losses | | Fair Value | | Gross
Unrealized
Losses | | Fair Value | | Gross
Unrealized
Losses | | December 31, 2023 | | | | | | | | | | | | | | Fixed maturity securities, available-for-sale: | | | | | | | | | | | | | | U.S. government securities | | $ | 7,342 | | | $ | (25) | | | $ | 25,604 | | | $ | (696) | | | $ | 32,946 | | | $ | (721) | | | Corporate securities and miscellaneous | | 26,742 | | | (570) | | | 174,947 | | | (15,191) | | | 201,689 | | | (15,761) | | | Municipal securities | | 16,815 | | | (290) | | | 47,269 | | | (5,853) | | | 64,084 | | | (6,143) | | | Residential mortgage-backed securities | | 37,634 | | | (602) | | | 103,495 | | | (13,896) | | | 141,129 | | | (14,498) | | | Commercial mortgage-backed securities | | 4,942 | | | (74) | | | 15,290 | | | (1,852) | | | 20,232 | | | (1,926) | | | Other asset-backed securities | | 27,887 | | | (106) | | | 75,253 | | | (3,398) | | | 103,140 | | | (3,504) | | | Total fixed maturity securities, available-for-sale | | 121,362 | | | (1,667) | | | 441,858 | | | (40,886) | | | 563,220 | | | (42,553) | | | Fixed maturity securities, held-to-maturity: | | | | | | | | | | | | | | Other asset-backed securities | | — | | | — | | | 41,017 | | | (1,969) | | | 41,017 | | | (1,969) | | | Total fixed maturity securities, held-to-maturity | | — | | | — | | | 41,017 | | | (1,969) | | | 41,017 | | | (1,969) | | | Total | | $ | 121,362 | | | $ | (1,667) | | | $ | 482,875 | | | $ | (42,855) | | | $ | 604,237 | | | $ | (44,522) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or More | | Total | | ($ in thousands) | | Fair Value | | Gross
Unrealized
Losses | | Fair Value | | Gross
Unrealized
Losses | | Fair Value | | Gross
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 miscellaneous | | 171,506 | | | (16,063) | | | 34,283 | | | (4,691) | | | 205,789 | | | (20,754) | | | Municipal securities | | 51,701 | | | (7,236) | | | 3,689 | | | (897) | | | 55,390 | | | (8,133) | | | Residential mortgage-backed securities | | 56,246 | | | (4,152) | | | 52,778 | | | (11,054) | | | 109,024 | | | (15,206) | | | Commercial mortgage-backed securities | | 25,836 | | | (1,488) | | | 8,583 | | | (2,196) | | | 34,419 | | | (3,684) | | | Other asset-backed securities | | 74,684 | | | (3,351) | | | 25,820 | | | (3,191) | | | 100,504 | | | (6,542) | | | Total fixed maturity securities, available-for-sale | | $ | 408,939 | | | $ | (32,893) | | | $ | 143,730 | | | $ | (23,302) | | | $ | 552,669 | | | $ | (56,195) | | | Fixed maturity securities, held-to-maturity: | | | | | | | | | | | | | | Other asset-backed securities | | $ | 46,771 | | | $ | (5,696) | | | $ | — | | | $ | — | | | $ | 46,771 | | | $ | (5,696) | | | Total fixed maturity securities, held-to-maturity | | $ | 46,771 | | | $ | (5,696) | | | $ | — | | | $ | — | | | $ | 46,771 | | | $ | (5,696) | | | Total | | $ | 455,710 | | | $ | (38,589) | | | $ | 143,730 | | | $ | (23,302) | | | $ | 599,440 | | | $ | (61,891) | | | | | | | | | | | | | | |
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| Gain (Loss) on Securities |
The following table sets forth the components of net investment gains (losses) for the years ended December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | ($ in thousands) | | 2023 | | 2022 | | Gross realized gains | | | | | | Fixed maturity securities, available-for-sale | | $ | 1,042 | | | $ | 313 | | | Equity securities | | 6,035 | | | 3,865 | | | Other | | 2 | | | 36 | | | Total | | 7,079 | | | 4,214 | | | Gross realized losses | | | | | | Fixed maturity securities, available-for-sale | | (1,879) | | | (958) | | | Equity securities | | (5,256) | | | (3,827) | | | Other | | (2) | | | (76) | | | Total | | (7,137) | | | (4,861) | | | Net unrealized gains (losses) on investments | | | | | | Equity securities | | 11,516 | | | (15,058) | | | Mortgage loans | | (386) | | | — | | | Net investment gains (losses) | | $ | 11,072 | | | $ | (15,705) | | | | | | |
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| Investment Income |
The following table sets forth the proceeds from sales of debt and equity securities for the years ended December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | ($ in thousands) | | 2023 | | 2022 | | Fixed maturity securities, available-for-sale | | $ | 26,626 | | | $ | 13,964 | | | Equity securities | | 40,201 | | | 37,177 | | | | | | |
The following table sets forth the components of net investment income for the years ended December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | ($ in thousands) | | 2023 | | 2022 | | Income: | | | | | | Fixed maturity securities, available-for-sale | | $ | 34,703 | | | $ | 18,481 | | | Fixed maturity securities, held-to-maturity | | 4,163 | | | 5,375 | | | Equity securities | | 3,418 | | | 3,579 | | | Equity method investments | | (9,434) | | | 6,015 | | | Mortgage loans | | 5,474 | | | 4,767 | | | Indirect loans | | (4,155) | | | 4,846 | | | Short-term investments | | 11,392 | | | 1,498 | | | Other | | 318 | | | (77) | | | Investment income | | 45,879 | | | 44,484 | | | Investment expenses | | (5,557) | | | (7,553) | | | Net investment income | | $ | 40,322 | | | $ | 36,931 | | | | | | |
The Company’s gross investment income for the years ended December 31, 2023 and 2022 is as follows: | | | | | | | | | | | | | | | | | Years Ended December 31, | | ($ in thousands) | | 2023 | | 2022 | | Retail | | $ | 1,853 | | | $ | 1,255 | | | Commercial | | 2,340 | | | 1,242 | | | Industrial | | — | | | 565 | | | Multi-family | | 44 | | | 909 | | | Office | | 203 | | | 385 | | | | | | | | Hospitality | | 1,034 | | | 411 | | | | $ | 5,474 | | | $ | 4,767 | | | | | | |
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive income (loss) for the years ended December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | ($ in thousands) | | 2023 | | 2022 | | Fixed maturity securities | | $ | 25,952 | | | $ | (60,918) | | | Deferred income taxes | | (5,420) | | | 12,793 | | | Total | | $ | 20,532 | | | $ | (48,125) | | | | | | |
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