Investments (Tables)

6 Months Ended

Jun. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The following table details fixed maturity available-for-sale and equity securities, by major investment category, at June 30, 2018 and December 31, 2017:



	Cost or Adjusted/Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2018
U.S. government and agency securities	$	90,391	$	2	$	1,912	$	88,481
Foreign government	3,002		—		24		2,978
States, municipalities and political subdivisions	161,257		555		1,997		159,815
Public utilities	25,892		17		738		25,171
Corporate securities	290,701		224		6,597		284,328
Mortgage-backed securities	212,320		37		4,711		207,646
Asset backed securities	79,993		2		217		79,778
Redeemable preferred stocks	765		7		87		685
Total fixed maturities	$	864,321	$	844	$	16,283	$	848,882

Mutual funds	$	44,385	$	3,219	$	44	$	47,560
Public utilities	1,946		327		30		2,243
Other common stocks	24,059		8,188		446		31,801
Non-redeemable preferred stocks	1,718		39		16		1,741
Total equity securities	$	72,108	$	11,773	$	536	$	83,345

December 31, 2017
U.S. government and agency securities	$	93,827	$	40	$	1,241	$	92,626
Foreign government	2,022		14		—		2,036
States, municipalities and political subdivisions	200,706		1,929		1,123		201,512
Public utilities	20,215		127		85		20,257
Corporate securities	287,025		1,746		1,209		287,562
Mortgage-backed securities	143,982		235		952		143,265
Asset-backed securities	14,902		23		20		14,905
Redeemable preferred stocks	755		11		74		692
Total fixed maturities	$	763,434	$	4,125	$	4,704	$	762,855

Mutual fund	$	29,079	$	2,845	$	—	$	31,924
Public utilities	1,343		359		—		1,702
Other common stocks	18,856		9,093		47		27,902
Non-redeemable preferred stocks	1,718		53		4		1,767
Total equity securities	$	50,996	$	12,350	$	51	$	63,295

Schedule of Realized Gain (Loss)

The following table details our realized gains (losses) by major investment category for the three and six months ended June 30, 2018 and 2017:



	2018					2017
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
Three Months Ended June 30,
Fixed maturities	$	14		$	4,706	$	41		$	6,310
Equity securities	59			207		7			19
Total realized gains	73			4,913		48			6,329
Fixed maturities	(511		)	38,091		(170		)	13,848
Equity securities	—			—		(10		)	100
Total realized losses	(511		)	38,091		(180		)	13,948
Net realized investment gains (losses)	$	(438	)	$	43,004	$	(132	)	$	20,277

Six Months Ended June 30,
Fixed maturities	$	56		$	6,881	$	140		$	18,896
Equity securities	509			1,182		7			19
Total realized gains	565			8,063		147			18,915
Fixed maturities	(792		)	70,319		(620		)	37,396
Equity securities	—			—		(10		)	100
Total realized losses	(792		)	70,319		(630		)	37,496
Net realized investment gains (losses)	$	(227	)	$	78,382	$	(483	)	$	56,411

Investments Classified by Contractual Maturity Date

The table below summarizes our fixed maturities at June 30, 2018 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturities of those obligations.



	June 30, 2018
	Cost or Amortized Cost		Percent of Total		Fair Value		Percent of Total
Due in one year or less	$	60,570	7.0	%	$	60,252	7.1	%
Due after one year through five years	321,349		37.2	%	316,312		37.3	%
Due after five years through ten years	179,582		20.8	%	174,875		20.6	%
Due after ten years	10,507		1.2	%	10,020		1.2	%
Asset and mortgage backed securities	292,313		33.8	%	287,423		33.8	%
Total	$	864,321	100.0	%	$	848,882	100.0	%

Investment Income

The following table summarizes our net investment income by major investment category:



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Fixed maturities	$	5,392		$	4,087		$	10,204		$	6,585
Equity securities	467			345			930			565
Cash and cash equivalents	617			90			839			160
Other investments	607			109			789			261
Other assets	8			6			15			17
Investment income	7,091			4,637			12,777			7,588
Investment expenses	(246		)	(19		)	(489		)	(269		)
Net investment income	$	6,845		$	4,618		$	12,288		$	7,319

Schedule of Unrealized Loss on Investments

The following table presents an aging of our unrealized investment losses by investment class:



	Less Than Twelve Months					Twelve Months or More
	Number of Securities⁽¹⁾	Gross Unrealized Losses		Fair Value		Number of Securities⁽¹⁾	Gross Unrealized Losses		Fair Value
June 30, 2018
U.S. government and agency securities	41	$	547	$	33,151	57	$	1,364	$	53,423
Foreign governments	5	24		2,979		—	—		—
States, municipalities and political subdivisions	145	1,634		113,255		23	363		14,571
Public utilities	43	668		22,118		5	70		986
Corporate securities	521	5,860		240,733		44	737		18,231
Mortgage-backed securities	187	3,923		176,704		60	788		15,118
Asset backed securities	87	214		70,926		5	3		1,249
Redeemable preferred stocks	1	3		122		3	85		304
Total fixed maturities	1,030	12,873		659,988		197	3,410		103,882
Mutual Fund	1	44		14,937		—	—		—
Public utilities	4	30		629		—	—		—
Other common stocks	54	410		5,342		2	36		205
Non-redeemable preferred stocks	12	16		563		—	—		—
Total equity securities	71	500		21,471		2	36		205
Total	1,101	$	13,373	$	681,459	199	$	3,446	$	104,087

December 31, 2017
U.S. government and agency securities	40	$	166	$	26,979	73	$	1,075	$	58,980
States, municipalities and political subdivisions	106	734		91,245		31	389		19,718
Public utilities	16	44		7,052		5	41		1,016
Corporate securities	263	871		134,755		52	338		16,476
Mortgage-backed securities	89	475		76,349		50	477		15,210
Asset-backed securities	18	20		11,682		—	—		—
Redeemable preferred stocks	—	—		—		3	74		303
Total fixed maturities	532	2,310		348,062		214	2,394		111,703
Mutual Funds	1	—		131		—	—		—
Other common stocks	5	47		748		—	—		—
Non-redeemable preferred stocks	4	4		87		—	—		—
Total equity securities	10	51		966		—	—		—
Total	542	$	2,361	$	349,028	214	$	2,394	$	111,703

⁽¹⁾ This amount represents the actual number of discrete securities, not the number of shares or units of those securities. The numbers are not presented in thousands.

Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis

The following table presents the fair value of our financial instruments measured on a recurring basis by level at June 30, 2018 and December 31, 2017:



	Total		Level 1		Level 2		Level 3
June 30, 2018
U.S. government and agency securities	$	88,481	$	—	$	88,481	$	—
Foreign government	2,979		—		2,979		—
States, municipalities and political subdivisions	159,815		—		159,815		—
Public utilities	25,172		—		25,172		—
Corporate securities	284,328		—		284,328		—
Mortgage-backed securities	207,646		—		207,646		—
Asset-backed securities	79,778		—		79,778		—
Redeemable preferred stocks	685		563		122		—
Total fixed maturities	848,884		563		848,321		—
Mutual funds	47,560		47,560		—		—
Public utilities	2,242		2,242		—		—
Other common stocks	31,802		31,802		—		—
Non-redeemable preferred stocks	1,741		1,741		—		—
Total equity securities	83,345		83,345		—		—
Other long-term investments	8,242		300		7,296		646
Total investments	$	940,471	$	84,208	$	855,617	$	646

December 31, 2017
U.S. government and agency securities	$	92,626	$	—	$	92,626	$	—
Foreign government	2,036		—		2,036		—
States, municipalities and political subdivisions	201,512		—		201,512		—
Public utilities	20,257		—		20,257		—
Corporate securities	287,562		—		287,562		—
Mortgage-backed securities	143,265		—		143,265		—
Asset-backed securities	14,905		—		14,905		—
Redeemable preferred stocks	692		692		—		—
Total fixed maturities	762,855		692		762,163		—
Mutual Funds	31,924		31,924		—		—
Public utilities	1,702		1,702		—		—
Other common stocks	27,902		27,902		—		—
Non-redeemable preferred stocks	1,767		1,767		—		—
Total equity securities	63,295		63,295		—		—
Other long-term investments	8,381		300		7,447		634
Total investments	$	834,531	$	64,287	$	769,610	$	634

Schedule of Fair Value of Financial Instruments with Unobservable Inputs

The table below presents the rollforward of our Level 3 investments held at fair value during the six months ended June 30, 2018:



	Other Investments
December 31, 2017	$	634
Transfers in	—
Partnership income	71
Return of capital	(93		)
Unrealized gains in accumulated other comprehensive income	34
June 30, 2018	$	646

Schedule of Investments in Limited Partnerships

The information presented in the table below is as of June 30, 2018:



	Book Value		Unrealized Gain		Unrealized Loss		Fair Value
Limited partnership investments	$	7,584	$	358	$	—	$	7,942
Certificates of deposit	300		—		—		300
Total other investments	$	7,884	$	358	$	—	$	8,242