Investments in Securities and Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations	$	24,026	$	57	$	—	$	24,083
General obligations of U.S. states, territories and political subdivisions	17,391		1,262		—		18,653
Special revenue issuer obligations of U.S. states, territories and political subdivisions	44,939		3,270		3		48,206
Corporate debt securities	25,681		1,114		24		26,771
Total	$	112,037	$	5,703	$	27	$	117,713

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:
Governmental 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

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

As of December 31, 2020 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	32,478	$	64,919
Total	$	32,478	$	64,919

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

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at December 31, 2020 were as follows:

	Available-for-Sale
(in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	38,775	$	38,861
Due after one year through five years	56,388		59,930
Due five years through ten years	16,058		17,521
Due after ten years	816		1,401
Total	$	112,037	$	117,713

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, 2020 and 2019, respectively.

	Less than 12 Months				12 Months or Longer				Total
As of December 31, 2020 (in thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	—	$	—	$	1,103	$	(3)	$	1,103	$	(3)
Corporate debt securities	20,630		(24)		—		—		20,630		(24)
Total temporarily impaired securities	$	20,630	$	(24)	$	1,103	$	(3)	$	21,733	$	(27)

	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)

Schedule of Earnings on Investments

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

(in thousands)	2020		2019
Fixed maturity securities	$	2,688	$	2,540
Equity securities	1,569		1,586
Invested cash and other short-term investments	133		624
Miscellaneous interest	3		2
Investment income	$	4,393	$	4,752

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)	2020		2019
Gross realized gains from securities:
Corporate debt securities	$	30	$	—
Common stocks	3,428		1,725
Total	$	3,458	$	1,725
Gross realized losses from securities:
Common stocks	$	(2,665)	$	(382)
Other-than-temporary impairment of securities	(482)		—
Total	$	(3,147)	$	(382)
Net realized gains from securities	$	311	$	1,343
Net realized other investment gains (losses):
Gains on other investments	$	31	$	3
Losses on other investments	(9)		(6)
Total	$	22	$	(3)
Net realized investment gains	$	333	$	1,340

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 LLCs, as of December 31, 2020:

Type of Investment (in thousands)	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss *
Tax credit LPs	Other investments	$	267	$	267	$	1,768
Real estate LLCs or LPs	Other investments	5,152		6,535		7,000
Small business investment LLCs or LPs	Other investments	7,535		7,204		13,295
Total		$	12,954	$	14,006	$	22,063

* 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, 2020 and 2019:

As of December 31, 2020 (in thousands)	Level 1		Level 2 *		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions	$	24,083	$	66,859	$	—	$	90,942
Corporate debt securities	—		26,771		—		26,771
Total	$	24,083	$	93,630	$	—	$	117,713

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

*Denotes fair market value obtained from pricing services.

Schedule of Carrying Value and Fair Value of Financial Assets

The following table presents, by level, estimated fair values of equity investments and other financial instruments as of December 31, 2020 and 2019:

As of December 31, 2020 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash	$	13,723	$	—	$	—	$	13,723
Accrued interest and dividends	1,038		—		—		1,038
Equity securities, at fair value:
Common stocks	64,919		—		—		64,919
Short-term investments:
Money market funds, Treasury bills, commercial paper and certificates of deposit	15,170		—		—		15,170
Other investments:
Equity investments in unconsolidated affiliates, equity method	—		—		6,752		6,752
Equity investments in unconsolidated affiliates, measurement alternative	—		—		8,741		8,741
Total	$	94,850	$	—	$	15,493	$	110,343

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

Equity Method Investments

The following table presents a rollforward of equity investments under the measurement alternative as of December 31, 2020 and 2019:

(in thousands)	Balance, January 1, 2020		Amounts Impaired		Observable Changes		Purchases and Additional Commitments Paid		Sales, Returns of Capital and Other Reductions		Balance, December 31, 2020
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	7,899	$	—	$	—	$	1,227	$	(385)	$	8,741
Total	$	7,899	$	—	$	—	$	1,227	$	(385)	$	8,741

(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