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Investments In Securities (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule Of Gross Unrealized Gains And Losses For Securities

The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost for equity securities are as follows:



As of March 31, 2018 (in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	26,530	$	20,922	$	200	$	47,252
Total	$	26,530	$	20,922	$	200	$	47,252



As of December 31, 2017 (in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	26,003	$	21,376	$	12	$	47,367
Total	$	26,003	$	21,376	$	12	$	47,367

The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturities by major classification are as follows:



As of March 31, 2018 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions	$	22,893	$	288	$	227	$	22,954
Special revenue issuer obligations of U.S. states, territories and political subdivisions	63,638		1,329		380		64,587
Corporate debt securities	12,492		417		61		12,848
Total	$	99,023	$	2,034	$	668	$	100,389



As of December 31, 2017 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
Government obligations	$	1,043	$	—	$	1	$	1,042
General obligations of U.S. states, territories and political subdivisions	24,189		505		50		24,644
Special revenue issuer obligations of U.S. states, territories and political subdivisions	62,592		2,218		165		64,645
Corporate debt securities	12,490		527		7		13,010
Total	$	100,314	$	3,250	$	223	$	103,341

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at March 31, 2018 were as follows:



	Available-for-Sale
(in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	10,959	$	10,985
Due one year through five years	39,894		40,678
Due five years through ten years	46,032		46,113
Due after ten years	2,138		2,613
Total	$	99,023	$	100,389

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2018 and December 31, 2017:



	Less than 12 Months					12 Months or Longer					Total
As of March 31, 2018 (in thousands)	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	9,120	$	(108	)	$	3,430	$	(119	)	$	12,550	$	(227	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	18,979		(180		)	4,412		(200		)	23,391		(380		)
Corporate	10,215		(61		)	—		—			10,215		(61		)
Total fixed income securities	$	38,314	$	(349	)	$	7,842	$	(319	)	$	46,156	$	(668	)

Total temporarily impaired securities	$	38,314	$	(349	)	$	7,842	$	(319	)	$	46,156	$	(668	)



	Less than 12 Months					12 Months or Longer					Total
As of December 31, 2017 (in thousands)	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
Government obligations	$	1,042	$	(1	)	$	—	$	—		$	1,042	$	(1	)
General obligations of U.S. states, territories and political subdivisions	4,560		(27		)	3,535		(23		)	8,095		(50		)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	13,551		(61		)	4,023		(104		)	17,574		(165		)
Corporate debt securities	3,744		(7		)	—		—			3,744		(7		)
Total fixed income securities	$	22,897	$	(96	)	$	7,558	$	(127	)	$	30,455	$	(223	)

Total temporarily impaired securities	$	22,897	$	(96	)	$	7,558	$	(127	)	$	30,455	$	(223	)

Schedule Of Gross Realized Gains And Losses On Securities

Gross realized gains and losses on sales of investments for the three-month periods ended March 31 are summarized as follows:



(in thousands)	2018			2017
Gross realized gains from securities:
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	—		$	—
Corporate debt securities	—			—
Common stocks	164			90
Total	$	164		$	90
Gross realized losses from securities:
General obligations of U.S. states, territories and political subdivisions	$	—		$	—
Special revenue issuer obligations of U.S. states, territories and political subdivisions	—			—
Common stocks	(11		)	—
Other-than-temporary impairment of securities	—			—
Total	$	(11	)	$	—
Net realized gain from securities	$	153		$	90
Net realized gain on other investments:
Gains on other investments	$	—		$	13
Total	$	—		$	13
Net realized gain on investments	$	153		$	103

Schedule of Variable Interest Entities

The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of March 31, 2018:



Type of Investment (in thousands)	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss (a)
Tax credit LPs	Other investments	$	548	$	548	$	1,325
Real estate LLCs or LPs	Other investments	5,338		5,751		7,700
Small business investment LPs	Other investments	3,836		4,228		9,400
Total		$	9,722	$	10,527	$	18,425



(a)		Maximum potential loss is calculated as the total investment in the LLC or LP, including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment.

Schedule Of Fair Value Assets Measured On Recurring Basis

The following table presents, by level, fixed maturities carried at estimated fair value measured as of March 31, 2018 and December 31, 2017:



As of March 31, 2018 (in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	$	—	$	87,541	$	—	$	87,541
Corporate debt securities*	—		12,848		—		12,848
Total	$	—	$	100,389	$	—	$	100,389



As of December 31, 2017 (in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	$	—	$	90,331	$	—	$	90,331
Corporate debt securities*	—		13,010		—		13,010
Total	$	—	$	103,341	$	—	$	103,341

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The estimated fair values of equity investments and other financial instruments as of March 31, 2018 and December 31, 2017 are presented in the following table:



As of March 31, 2018 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash	$	22,174	$	—	$	—	$	22,174
Accrued interest and dividends	1,359		—		—		1,359
Equity securities, at fair value:
Common stocks	47,252		—		—		47,252
Short-term investments:
Commercial paper, money market funds and certificates of deposit	21,144		—		—		21,144
Other investments:
Equity investments in unconsolidated affiliates, equity method	—		—		6,134		6,134
Equity investments in unconsolidated affiliates, measurement alternative	—		—		5,467		5,467
Total	$	91,929	$	—	$	11,601	$	103,530



As of December 31, 2017 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash	$	20,214	$	—	$	—	$	20,214
Accrued interest and dividends	1,100		—		—		1,100
Equity securities, at fair value:
Common stocks	47,367		—		—		47,367
Short-term investments:
Commercial paper, money market funds and certificates of deposit	23,780		—		—		23,780
Other investments:
Equity investments in unconsolidated affiliates, equity method	—		—		6,593		6,593
Equity investments in unconsolidated affiliates, measurement alternative	—		—		5,439		5,439
Total	$	92,461	$	—	$	12,032	$	104,493

Schedule of Cost Method Investments

The following table presents a rollforward of equity investments under the measurement alternative as of March 31, 2018 and December 31, 2017:



As of March 31, 2018 (in thousands)	Balance, January 1, 2018		Impairments		Observable Changes		Purchases and Additional Commitments Paid		Sales, Returns of Capital and Other Reductions			Balance, March 31, 2018
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	5,439	$	—	$	—	$	135	$	(107	)	$	5,467
Total	$	5,439	$	—	$	—	$	135	$	(107	)	$	5,467



As of December 31, 2017 (in thousands)	Balance, January 1, 2017		Impairments		Observable Changes		Purchases and Additional Commitments Paid		Sales, Returns of Capital and Other Reductions			Balance, December 31, 2017
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	4,744	$	—	$	—	$	1,082	$	(387	)	$	5,439
Total	$	4,744	$	—	$	—	$	1,082	$	(387	)	$	5,439

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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