Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2018 and December 31, 2017:



	Cost or Adjusted/Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2018
U.S. government and agency securities	$	104,822	$	—	$	2,093	$	102,729
Foreign government	2,998		—		32		2,966
States, municipalities and political subdivisions	154,195		389		2,718		151,866
Public utilities	24,898		19		775		24,142
Corporate securities	296,009		197		6,610		289,596
Mortgage-backed securities	211,288		—		6,298		204,990
Asset backed securities	59,145		5		252		58,898
Redeemable preferred stocks	1,285		3		85		1,203
Total fixed maturities	$	854,640	$	613	$	18,863	$	836,390

Mutual funds	$	44,589	$	6,506	$	—	$	51,095
Public utilities	2,045		331		19		2,357
Other common stocks	27,016		10,893		341		37,568
Non-redeemable preferred stocks	2,098		8		34		2,072
Total equity securities	$	75,748	$	17,738	$	394	$	93,092

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 nine months ended September 30, 2018 and 2017:



	2018					2017
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
Three Months Ended September 30,
Fixed maturities	$	12		$	4,864	$	123		$	11,368
Equity securities	8			411		1			156
Total realized gains	20			5,275		124			11,524
Fixed maturities	(441		)	46,268		(195		)	10,517
Equity securities	(26		)	387		—			—
Total realized losses	(467		)	46,655		(195		)	10,517
Net realized investment gains (losses)	$	(447	)	$	51,930	$	(71	)	$	22,041

Nine Months Ended September 30,
Fixed maturities	$	68		$	11,745	$	263		$	30,264
Equity securities	517			1,593		8			175
Total realized gains	585			13,338		271			30,439
Fixed maturities	(1,233		)	116,587		(815		)	47,913
Equity securities	(26		)	387		(10		)	100
Total realized losses	(1,259		)	116,974		(825		)	48,013
Net realized investment gains (losses)	$	(674	)	$	130,312	$	(554	)	$	78,452

Investments Classified by Contractual Maturity Date

The table below summarizes our fixed maturities at September 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.



	September 30, 2018
	Cost or Amortized Cost		Percent of Total		Fair Value		Percent of Total
Due in one year or less	$	70,131	8.2	%	$	69,785	8.3	%
Due after one year through five years	337,014		39.4	%	331,204		39.6	%
Due after five years through ten years	164,523		19.3	%	159,481		19.1	%
Due after ten years	12,539		1.5	%	12,032		1.4	%
Asset and mortgage backed securities	270,433		31.6	%	263,888		31.6	%
Total	$	854,640	100.0	%	$	836,390	100.0	%

Investment Income

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Fixed maturities	$	5,725		$	4,111		$	15,929		$	10,696
Equity securities	525			375			1,455			940
Cash and cash equivalents	588			285			1,427			445
Other investments	41			124			830			385
Other assets	9			6			24			23
Investment income	6,888			4,901			19,665			12,489
Investment expenses	(267		)	(213		)	(756		)	(482		)
Net investment income	$	6,621		$	4,688		$	18,909		$	12,007

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
September 30, 2018
U.S. government and agency securities	83	$	580	$	48,600	56	$	1,513	$	54,114
Foreign governments	5	32		2,966		—	—		—
States, municipalities and political subdivisions	132	1,742		103,690		43	976		30,133
Public utilities	41	672		19,812		6	103		1,976
Corporate securities	481	4,752		217,405		90	1,858		49,688
Mortgage-backed securities	180	4,683		173,692		89	1,615		29,984
Asset backed securities	83	250		51,428		7	2		1,362
Redeemable preferred stocks	8	25		749		2	60		200
Total fixed maturities	1,013	12,736		618,342		293	6,127		167,457
Mutual Fund	1	—		56		—	—		—
Public utilities	8	19		672		—	—		—
Other common stocks	70	305		4,103		1	36		91
Non-redeemable preferred stocks	18	32		1,506		3	2		19
Total equity securities	97	356		6,337		4	38		110
Total	1,110	$	13,092	$	624,679	297	$	6,165	$	167,567

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 September 30, 2018 and December 31, 2017:



	Total		Level 1		Level 2		Level 3
September 30, 2018
U.S. government and agency securities	$	102,729	$	—	$	102,729	$	—
Foreign government	2,966		—		2,966		—
States, municipalities and political subdivisions	151,866		—		151,866		—
Public utilities	24,142		—		24,142		—
Corporate securities	289,596		—		289,596		—
Mortgage-backed securities	204,990		—		204,990		—
Asset-backed securities	58,898		—		58,898		—
Redeemable preferred stocks	1,203		821		382		—
Total fixed maturities	836,390		821		835,569		—
Mutual funds	51,095		51,095		—		—
Public utilities	2,357		2,357		—		—
Other common stocks	37,568		37,568		—		—
Non-redeemable preferred stocks	2,072		2,072		—		—
Total equity securities	93,092		93,092		—		—
Other long-term investments	8,330		300		2,173		5,857
Total investments	$	937,812	$	94,213	$	837,742	$	5,857

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 nine months ended September 30, 2018:



	Other Investments
December 31, 2017	$	634
Transfers in	5,507
Partnership income	261
Return of capital	(482		)
Unrealized gains in accumulated other comprehensive income	(63		)
September 30, 2018	$	5,857

Schedule of Investments in Limited Partnerships

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



	Book Value		Unrealized Gain		Unrealized Loss		Fair Value
Limited partnership investments	$	7,769	$	260	$	—	$	8,029
Certificates of deposit	300		—		—		300
Total other investments	$	8,069	$	260	$	—	$	8,329