Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

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



	Cost or Adjusted/Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2018
U.S. government and agency securities	$	100,240	$	50	$	1,315	$	98,975
Foreign government	3,993		5		16		3,982
States, municipalities and political subdivisions	145,415		354		1,301		144,468
Public utilities	24,560		11		681		23,890
Corporate securities	307,875		272		6,159		301,988
Mortgage-backed securities	227,004		333		3,483		223,854
Asset-backed securities	64,071		105		139		64,037
Redeemable preferred stocks	1,287		3		139		1,151
Total fixed maturities	$	874,445	$	1,133	$	13,233	$	862,345

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

Equity securities are summarized as follows at:



	December 31, 2018				December 31, 2017
	Estimated Fair Value		Percent of Total		Estimated Fair Value		Percent of Total

Mutual funds	$	50,016	61.8	%	$	31,924	50.4	%
Public utilities	1,759		2.2	%	1,702		2.7
Other common stocks	27,198		33.6	%	27,902		44.1
Nonredeemable preferred stocks	2,005		2.4	%	1,767		2.8
Total equity securities	$	80,978	100.0	%	$	63,295	100.0	%

Schedule of Realized Gain (Loss)

The following table details our realized gains (losses) by major investment category for the years ended December 31, 2018, 2017, and 2016:



	2018					2017					2016
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
Fixed maturities	$	373		$	41,776	$	268		$	35,248	$	1,811		$	56,484
Equity securities	2,828			6,073		847			2,209		64			13,253
Total realized gains	3,201			47,849		1,115			37,457		1,875			69,737
Fixed maturities	(1,376		)	135,944		(890		)	53,194		(1,136		)	24,464
Equity securities	(170		)	995		(158		)	1,749		(192		)	37,790
Total realized losses	(1,546		)	136,939		(1,048		)	54,943		(1,328		)	62,254
Net realized investment gains	$	1,655		$	184,788	$	67		$	92,400	$	547		$	131,991

Investments Classified by Contractual Maturity Date

The table below summarizes our fixed maturities at December 31, 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.



	December 31, 2018
	Cost or Amortized Cost		Percent of Total		Fair Value		Percent of Total
Due in one year or less	$	73,378	8.4	%	$	73,030	8.5	%
Due after one year through five years	347,550		39.8	%	342,999		39.7	%
Due after five years through ten years	149,013		17.0	%	145,318		16.9	%
Due after ten years	13,429		1.5	%	13,107		1.5	%
Asset and mortgage backed securities	291,075		33.3	%	287,891		33.4	%
Total	$	874,445	100.0	%	$	862,345	100.0	%

Investment Income

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



	Year Ended December 31,
	2018			2017			2016
Fixed maturities	$	22,043		$	14,942		$	9,170
Equity securities	2,206			1,277			996
Cash and cash equivalents	1,953			626			141
Other investments	942			937			352
Other assets	57			30			20
Investment income	27,201			17,812			10,679
Investment expenses	(1,031		)	(686		)	(587		)
Net investment income	$	26,170		$	17,126		$	10,092

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
December 31, 2018
U.S. government and agency securities	45	$	111	$	28,464	55	$	1,204	$	61,264
Foreign governments	5	16		2,978		—	—		—
States, municipalities and political subdivisions	49	272		38,469		91	1,029		68,115
Public utilities	30	374		13,685		19	307		7,805
Corporate securities	351	3,149		144,769		208	3,010		117,351
Mortgage-backed securities	87	1,303		88,754		135	2,180		70,510
Asset backed securities	67	136		41,871		7	3		1,372
Redeemable preferred stocks	8	62		711		2	77		8,377
Total fixed maturities	642	$	5,423	$	359,701	517	$	7,810	$	334,794

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

⁽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 December 31, 2018 and 2017:



	Total		Level 1		Level 2		Level 3
December 31, 2018
U.S. government and agency securities	$	98,975	$	—	$	98,975	$	—
Foreign government	3,982		—		3,982		—
States, municipalities and political subdivisions	144,468		—		144,468		—
Public utilities	23,890		—		23,890		—
Corporate securities	301,988		—		301,988		—
Mortgage-backed securities	223,854		—		223,854		—
Asset-backed securities	64,037		—		64,037		—
Redeemable preferred stocks	1,151		790		361		—
Total fixed maturities	862,345		790		861,555		—
Mutual funds	50,016		47,223		2,793		—
Public utilities	1,759		1,759		—		—
Other common stocks	27,198		27,198		—		—
Non-redeemable preferred stocks	2,005		2,005		—		—
Total equity securities	80,978		78,185		2,793		—
Other long-term investments ⁽¹⁾	300		300		—		—
Total investments	$	943,623	$	79,275	$	864,348	$	—

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

⁽¹⁾ Other long-term investments included in the fair value hierarchy exclude these other limited partnership interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient.

Schedule of Fair Value of Financial Instruments with Unobservable Inputs

The information presented in the table below is as of December 31, 2018 and 2017:



	Book Value		Unrealized Gain		Unrealized Loss		Fair Value
December 31, 2018
Limited partnership investments ⁽¹⁾	$	7,988	$	225	$	—	$	8,213
Certificates of deposit	300		—		—		300
Total other investments	$	8,288	$	225	$	—	$	8,513

December 31, 2017
Limited partnership investments ⁽¹⁾	$	7,757	$	324	$	—	$	8,081
Certificates of deposit	300		—		—		300
Total other investments	$	8,057	$	324	$	—	$	8,381

⁽¹⁾ Distributions will be generated from investment gains, from operating income, from underlying investments of the funds, and from liquidation of the underlying assets of the funds. We estimate that the underlying assets of the funds will be liquidated over the next three months to 10 years.

There were no financial instruments measured on a non-recurring basis at December 31, 2018. The following table presents the fair value of our financial instruments measured on a non-recurring basis by level at December 31, 2017.



	Total		Level 1		Level 2		Level 3
December 31, 2017
Portfolio loans	$	20,000	$	—	$	20,000	$	—

Restrictions on Cash and Cash Equivalents

The following table presents the components of restricted assets:



	December 31,
	2018		2017
Trust funds	$	70,208	$	45,791
Cash on deposit (regulatory deposits)	1,233		928
Total restricted cash	$	71,441	$	46,719