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Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Values of Financial Instruments [Abstract]

Financial Instruments Carried at Fair Value Measured on a Recurring Basis

As of March 31, 2023, financial instruments carried at fair value were measured on a recurring basis as summarized below:

		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Assets:
Fixed maturities		$	—			$	218,038			$	—			$	218,038
Equity securities			9,027				—				154				9,181
Cash equivalents			9,884				—				—				9,884
Total		$	18,911			$	218,038			$	154			$	237,103

As of December 31, 2022, financial instruments carried at fair value were measured on a recurring basis as summarized below:

		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Assets:
Fixed maturities		$	—			$	208,729			$	—			$	208,729
Equity securities			11,406				—				156				11,562
Cash equivalents			18,861				—				—				18,861
Total		$	30,267			$	208,729			$	156			$	239,152

Carrying Amount, Estimated Fair Value and Level within the Fair Value Hierarchy of Financial Instruments

The following table sets forth the carrying amount, estimated fair value and level within the fair value hierarchy of the Company’s financial instruments as of March 31, 2023 and December 31, 2022.

				March 31, 2023								December 31, 2022
	Level in Fair Value Hierarchy ⁽¹⁾			Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Assets:
Cash and cash equivalents	Level 1			$	13,548			$	13,548			$	28,863			$	28,863
Fixed maturities		⁽¹⁾			218,038				218,038				208,729				208,729
Equity securities		⁽¹⁾			9,181				9,181				11,562				11,562
Other invested assets	Level 3				5,372				5,372				5,386				5,386
Policy loans	Level 2				1,792				1,792				1,759				1,759
Investment in unconsolidated trusts	Level 2				1,238				1,238				1,238				1,238

Liabilities:
Junior subordinated debentures, net	Level 2				33,738				33,585				33,738				33,810
Revolving credit facility	Level 2				3,000				3,000				2,009				2,009

(1)	See the aforementioned information for a description of the fair value hierarchy as well as a description of levels for classes of these financial assets.