Investments in Securities and Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities

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

As of December 31, 2019 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations	$	25,161	$	6	$	4	$	25,163
General obligations of U.S. states, territories and political subdivisions	18,887		843		—		19,730
Special revenue issuer obligations of U.S. states, territories and political subdivisions	51,188		2,530		20		53,698
Corporate debt securities	5,431		621		5		6,047
Total	$	100,667	$	4,000	$	29	$	104,638

As of December 31, 2018 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Governmental obligations	$	1,023	$	—	$	7	$	1,016
General obligations of U.S. states, territories and political subdivisions	19,518		229		143		19,604
Special revenue issuer obligations of U.S. states, territories and political subdivisions	56,675		1,237		329		57,583
Corporate debt securities	10,498		303		47		10,754
Total	$	87,714	$	1,769	$	526	$	88,957

The cost and estimated fair value of equity securities are as follows:

As of December 31, 2019 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	33,570	$	61,108
Total	$	33,570	$	61,108

As of December 31, 2018 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	31,255	$	48,489
Total	$	31,255	$	48,489

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at December 31, 2019 were as follows:

	Available-for-Sale
(in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	9,695	$	9,740
Due after one year through five years	62,699		64,756
Due five years through ten years	27,461		28,847
Due after ten years	812		1,295
Total	$	100,667	$	104,638

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on fixed maturity 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 December 31, 2019 and 2018, respectively.

	Less than 12 Months					12 Months or Longer					Total
As of December 31, 2019 (in thousands)	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
Government obligations	$	12,045	$	(4	)	$	—	$	—		$	12,045	$	(4	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	1,101		(17		)	1,118		(3		)	2,219		(20		)
Corporate debt securities	413		(5		)	—		—			413		(5		)
Total temporarily impaired securities	$	13,559	$	(26	)	$	1,118	$	(3	)	$	14,677	$	(29	)

	Less than 12 Months					12 Months or Longer					Total
As of December 31, 2018 (in thousands)	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
Government obligations	$	1,016	$	(7	)	$	—	$	—		$	1,016	$	(7	)
General obligations of U.S. states, territories and political subdivisions	4,888		(32		)	6,469		(111		)	11,357		(143		)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	12,326		(100		)	9,720		(229		)	22,046		(329		)
Corporate debt securities	4,490		(28		)	3,733		(19		)	8,223		(47		)
Total temporarily impaired securities	$	22,720	$	(167	)	$	19,922	$	(359	)	$	42,642	$	(526	)

Schedule of Earnings on Investments

Earnings on investments for the years ended December 31 were as follows:

(in thousands)	2019		2018		2017
Fixed maturity securities	$	2,540	$	2,809	$	3,037
Equity securities	1,586		1,308		1,203
Invested cash and other short-term investments	624		492		202
Miscellaneous interest	2		10		3
Investment income	$	4,752	$	4,619	$	4,445

Schedule of Gross Realized Gain (Loss) on Securities

Gross realized gains and losses on sales of investments for the years ended December 31 are summarized as follows:

(in thousands)	2019			2018			2017
Gross realized gains from securities:
Common stocks	$	1,725		$	1,030		$	1,487
Total	$	1,725		$	1,030		$	1,487
Gross realized losses from securities:
Common stocks	$	(382	)	$	(1,147	)	$	(260	)
Other-than-temporary impairment of securities	—			—			(26		)
Total	$	(382	)	$	(1,147	)	$	(286	)
Net realized gains (losses) from securities	$	1,343		$	(117	)	$	1,201
Net realized other investment (losses) gains:
Impairments on other investments	$	—		$	—		$	(182	)
Gains on other investments	3			7			22
Losses on other investments	(6		)	—			—
Total	$	(3	)	$	7		$	(160	)
Net realized investment gains (losses)	$	1,340		$	(110	)	$	1,041

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 December 31, 2019:

Type of Investment (in thousands)	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss (a)
Tax credit LPs	Other investments	$	228	$	228	$	1,325
Real estate LLCs or LPs	Other investments	5,405		5,898		7,075
Small business investment LLCs or LPs	Other investments	6,183		5,984		8,955
Total		$	11,816	$	12,110	$	17,355

(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 maturity securities carried at estimated fair value as of December 31, 2019 and 2018:

As of December 31, 2019 (in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions*	$	24,160	$	74,431	$	—	$	98,591
Corporate debt securities*	—		6,047		—		6,047
Total	$	24,160	$	80,478	$	—	$	104,638

As of December 31, 2018 (in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions*	$	—	$	78,203	$	—	$	78,203
Corporate debt securities*	—		10,754		—		10,754
Total	$	—	$	88,957	$	—	$	88,957

*Denotes fair market value obtained from pricing services.

Schedule of Carrying Value and Fair Value of Financial Assets

The following table presents, by level, equity investments and other financial instruments at estimated fair values as of December 31, 2019 and December 31, 2018:

As of December 31, 2019 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash	$	25,949	$	—	$	—	$	25,949
Accrued interest and dividends	1,033		—		—		1,033
Equity securities, at fair value:
Common stocks	61,108		—		—		61,108
Short-term investments:
Money market funds and certificates of deposit	13,134		—		—		13,134
Other investments:
Equity investments in unconsolidated affiliates, equity method	—		—		6,083		6,083
Equity investments in unconsolidated affiliates, measurement alternative	—		—		7,899		7,899
Total	$	101,224	$	—	$	13,982	$	115,206

As of December 31, 2018 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash	$	18,694	$	—	$	—	$	18,694
Accrued interest and dividends	946		—		—		946
Equity securities, at fair value:
Common stocks	48,489		—		—		48,489
Short-term investments:
Commercial paper and money market funds	32,787		—		—		32,787
Other investments:
Equity investments in unconsolidated affiliates, equity method	—		—		5,847		5,847
Equity investments in unconsolidated affiliates, measurement alternative	—		—		6,589		6,589
Total	$	100,916	$	—	$	12,436	$	113,352

Schedule of Cost-method Investments

The following table presents a rollforward of equity investments under the measurement alternative as of December 31, 2019 and 2018:

(in thousands)	Balance, January 1, 2019		Amounts Impaired		Observable Changes		Purchases and Additional Commitments Paid		Sales, Returns of Capital and Other Reductions			Balance, December 31, 2019
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	6,589	$	—	$	—	$	2,241	$	(931	)	$	7,899
Total	$	6,589	$	—	$	—	$	2,241	$	(931	)	$	7,899

(in thousands)	Balance, January 1, 2018		Amounts Impaired		Observable Changes		Purchases and Additional Commitments Paid		Sales, Returns of Capital and Other Reductions			Balance, December 31, 2018
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	5,439	$	—	$	—	$	1,486	$	(336	)	$	6,589
Total	$	5,439	$	—	$	—	$	1,486	$	(336	)	$	6,589