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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
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 LossesFair Value
December 31, 2023
Fixed maturity securities, available-for-sale:
U.S. government securities$44,685 $202 $(721)$— $44,166 
Corporate securities and miscellaneous392,773 6,408 (15,761)— 383,420 
Municipal securities98,266 655 (6,143)— 92,778 
Residential mortgage-backed securities292,568 3,556 (14,498)— 281,626 
Commercial mortgage-backed securities31,411 449 (1,926)— 29,934 
Other asset-backed securities188,010 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 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 
Other 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:
Other asset-backed securities$52,467 $— $(5,696)$46,771 
Total fixed maturity securities, held-to-maturity$52,467 $— $(5,696)$46,771 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturity securities, available for sale, at December 31, 2023 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Also, changing interest rates, tax considerations or other factors may result in portfolio sales prior to maturity.
($ in thousands)Amortized
Cost		Fair Value
Due in less than one year$30,918 $30,518 
Due after one year through five years289,151 280,212 
Due after five years through ten years162,380 159,863 
Due after ten years53,275 49,771 
Mortgage-backed securities323,979 311,560 
Other asset-backed securities188,010 185,727 
Total$1,047,713 $1,017,651 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables summarize gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities have been in a continuous unrealized loss position:
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
December 31, 2023
Fixed maturity securities, available-for-sale:
U.S. government securities$7,342 $(25)$25,604 $(696)$32,946 $(721)
Corporate securities and miscellaneous26,742 (570)174,947 (15,191)201,689 (15,761)
Municipal securities16,815 (290)47,269 (5,853)64,084 (6,143)
Residential mortgage-backed securities37,634 (602)103,495 (13,896)141,129 (14,498)
Commercial mortgage-backed securities4,942 (74)15,290 (1,852)20,232 (1,926)
Other asset-backed securities27,887 (106)75,253 (3,398)103,140 (3,504)
Total fixed maturity securities, available-for-sale121,362 (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 $(44,522)
Less than 12 Months12 Months or MoreTotal
($ 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)
Other asset-backed securities74,684 (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 $(61,891)
Gain (Loss) on Securities
The following table sets forth the components of net investment gains (losses) for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Gross realized gains
Fixed maturity securities, available-for-sale$1,042 $313 
Equity securities6,035 3,865 
Other2 36 
Total7,079 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 securities11,516 (15,058)
Mortgage loans(386)— 
Net investment gains (losses)$11,072 $(15,705)
Investment Income
The following table sets forth the proceeds from sales of debt and equity securities for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Fixed maturity securities, available-for-sale$26,626 $13,964 
Equity securities40,201 37,177 
The following table sets forth the components of net investment income for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Income:
Fixed maturity securities, available-for-sale$34,703 $18,481 
Fixed maturity securities, held-to-maturity4,163 5,375 
Equity securities3,418 3,579 
Equity method investments(9,434)6,015 
Mortgage loans5,474 4,767 
Indirect loans(4,155)4,846 
Short-term investments11,392 1,498 
Other318 (77)
Investment income45,879 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)20232022
Retail$1,853 $1,255 
Commercial2,340 1,242 
Industrial— 565 
Multi-family44 909 
Office203 385 
Hospitality1,034 411 
$5,474 $4,767 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive income (loss) for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Fixed maturity securities$25,952 $(60,918)
Deferred income taxes(5,420)12,793 
Total$20,532 $(48,125)