Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	March 31, 2023
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Cost or Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	49,729	$	25	$	5,324	$	—	$	55,028
Obligations of states and political subdivisions		9,545		30		1,367		—		10,882
Corporate securities:
Utilities and telecom		22,747		230		2,744		—		25,261
Financial services		59,765		456		6,422		—		65,731
Other business – diversified		32,176		225		3,620		—		35,571
Other consumer – diversified		43,844		52		4,884		—		48,676
Total corporate securities		158,532		963		17,670		—		175,239
Redeemable preferred stocks:
Other consumer – diversified		232		39		—		—		193
Total redeemable preferred stocks		232		39		—		—		193
Total fixed maturities	$	218,038	$	1,057	$	24,361	$	—	$	241,342

	December 31, 2022
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	44,412	$	5	$	5,926	$	50,333
Obligations of states and political subdivisions		9,187		4		1,702		10,885
Corporate securities:
Utilities and telecom		22,090		120		3,299		25,269
Financial services		59,054		397		7,085		65,742
Other business – diversified		31,058		161		4,689		35,586
Other consumer – diversified		42,705		35		6,089		48,759
Total corporate securities		154,907		713		21,162		175,356
Redeemable preferred stocks:
Other consumer – diversified		223		31		—		192
Total redeemable preferred stocks		223		31		—		192
Total fixed maturities	$	208,729	$	753	$	28,790	$	236,766

Bonds having an amortized cost of $11,576 and $12,333 and included in the tables above were on deposit with insurance regulatory authorities as of March 31, 2023 and December 31, 2022, respectively, in accordance with statutory requirements. Additionally, bonds having an amortized cost of $7,761 and $7,221 and included in the tables above were pledged as collateral to the Federal Home Loan Bank of Atlanta (“FHLB”) at March 31, 2023 and December 31, 2022, respectively.

Equity securities were comprised of the following:

	March 31, 2023
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	768	$	497	$	—	$	271
Other business – diversified		8,413		3,780		—		4,633
Total equity securities	$	9,181	$	4,277	$	—	$	4,904

	December 31, 2022
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	790	$	516	$	—	$	274
Other business – diversified		10,772		6,139		—		4,633
Total equity securities	$	11,562	$	6,655	$	—	$	4,907

Amortized Cost and Carrying Value of Fixed Maturities by Contractual Maturity

The carrying value and amortized cost of the Company’s investments in fixed maturities at March 31, 2023 and December 31, 2022 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	March 31, 2023				December 31, 2022
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	2,615	$	2,625	$	3,776	$	3,797
Due after one year through five years		54,206		56,694		40,150		42,174
Due after five years through ten years		39,358		43,465		44,044		49,711
Due after ten years		85,702		97,844		87,719		103,095
Asset backed securities		36,157		40,714		33,040		37,989
Totals	$	218,038	$	241,342	$	208,729	$	236,766

Investment Securities with Continuous Unrealized Loss Position

The following tables present the Company’s unrealized loss aging for securities by type and length of time the security was in a continuous unrealized loss position as of March 31, 2023 and December 31, 2022.

	March 31, 2023
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	9,917	$	227	$	35,838	$	5,097	$	45,755	$	5,324
Obligations of states and political subdivisions		—		—		5,991		1,367		5,991		1,367
Corporate securities		21,274		525		125,555		17,145		146,829		17,670
Total temporarily impaired securities	$	31,191	$	752	$	167,384	$	23,609	$	198,575	$	24,361

	December 31, 2022
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	23,763	$	2,410	$	19,259	$	3,516	$	43,022	$	5,926
Obligations of states and political subdivisions		8,183		1,702		—		—		8,183		1,702
Corporate securities		127,928		16,214		14,514		4,948		142,442		21,162
Total temporarily impaired securities	$	159,874	$	20,326	$	33,773	$	8,464	$	193,647	$	28,790

Summary of Realized Investment Gains (Losses)

The following table is a summary of realized investment gains (losses) for the three month period ended March 31, 2023 and 2022.

	Three Months Ended March 31, 2023
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	—	$	—	$	—	$	—
Losses		—		—		—		—
Realized investment losses, net	$	—	$	—	$	—	$	—

	Three Months Ended March 31, 2022
	Fixed Maturities				Equity Securities			Other Invested Assets			Total
Gains		$	—			$	—		$	—		$	—
Losses			(10	)			—			—			(10	)
Realized investment gains, net		$	(10	)		$	—		$	—		$	(10	)

Unrealized Gains (Losses) on Equity Securities

The following table presents the portion of unrealized gains (losses) related to equity securities still held for the three month period ended March 31, 2023 and 2022.

	Three Months Ended March 31,
	2023				2022
Net realized and unrealized gains (losses) recognized during the period on equity securities		$	(2,375	)		$	2,193
Less: Net realized gains recognized during the period on equity securities sold during the period			—				—
Unrealized gains (losses) recognized during the reporting period on equity securities, net		$	(2,375	)		$	2,193