Investments (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Available-for-sale Securities Reconciliation

The following table details fixed-maturity available-for-sale securities, by major investment category, at March 31, 2019 and December 31, 2018:



	Cost or Adjusted/Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2019
U.S. government and agency securities	$	94,152	$	106	$	829	$	93,429
Foreign government	3,988		38		3		4,023
States, municipalities and political subdivisions	138,043		1,356		359		139,040
Public utilities	25,212		128		282		25,058
Corporate securities	295,060		1,624		1,441		295,243
Mortgage-backed securities	230,458		1,654		1,332		230,780
Asset backed securities	62,473		304		43		62,734
Redeemable preferred stocks	1,849		6		76		1,779
Total fixed maturities	$	851,235	$	5,216	$	4,365	$	852,086

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

Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]

Equity securities are summarized as follows:



	March 31, 2019				December 31, 2018
	Estimated Fair Value		Percent of Total		Estimated Fair Value		Percent of Total

Mutual funds	$	56,733	62.0	%	$	50,016	61.8	%
Public utilities	2,260		2.5	%	1,759		2.2
Other common stocks	30,794		33.7	%	27,198		33.6
Nonredeemable preferred stocks	1,681		1.8	%	2,005		2.4
Total equity securities	$	91,468	100.0	%	$	80,978	100.0	%

Schedule of Realized Gain (Loss)

The following table details our realized gains (losses) by major investment category for the three months ended March 31, 2019 and 2018:



	2019					2018
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
Three Months Ended March 31,
Fixed maturities	$	248		$	6,004	$	42		$	3,445
Equity securities	6			59		450			1,408
Total realized gains	254			6,063		492			4,853
Fixed maturities	(36		)	9,589		(281		)	32,228
Equity securities	(37		)	383		—			—
Total realized losses	(73		)	9,972		(281		)	32,228
Net realized investment gains (losses)	$	181		$	16,035	$	211		$	37,081

Investments Classified by Contractual Maturity Date

The table below summarizes our fixed maturities at March 31, 2019 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.



	March 31, 2019
	Cost or Amortized Cost		Percent of Total		Fair Value		Percent of Total
Due in one year or less	$	80,556	9.5	%	$	80,291	9.5	%
Due after one year through five years	331,404		39.0	%	331,088		38.9	%
Due after five years through ten years	140,856		16.5	%	141,699		16.6	%
Due after ten years	5,488		0.6	%	5,494		0.6	%
Asset and mortgage backed securities	292,931		34.4	%	293,514		34.4	%
Total	$	851,235	100.0	%	$	852,086	100.0	%

Investment Income

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



	Three Months Ended March 31,
	2019			2018
Fixed maturities	$	6,062		$	4,812
Equity securities	492			463
Cash and cash equivalents	135			222
Other investments	768			182
Other assets	88			7
Investment income	7,545			5,686
Investment expenses	(250		)	(243		)
Net investment income	$	7,295		$	5,443

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
March 31, 2019
U.S. government and agency securities	29	$	68	$	16,092	47	$	761	$	54,641
Foreign governments	3	3		1,607		1	—		1,005
States, municipalities and political subdivisions	4	2		3,366		64	357		53,410
Public utilities	4	6		1,109		35	276		15,181
Corporate securities	87	168		31,613		223	1,273		125,391
Mortgage-backed securities	19	68		21,353		143	1,264		82,546
Asset backed securities	25	22		12,107		7	21		3,143
Redeemable preferred stocks	5	12		1,286		2	64		203
Total fixed maturities	176	$	349	$	88,533	522	$	4,016	$	335,520

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

⁽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 March 31, 2019 and December 31, 2018:



	Total		Level 1		Level 2		Level 3
March 31, 2019
U.S. government and agency securities	$	93,429	$	—	$	93,429	$	—
Foreign government	4,023		—		4,023		—
States, municipalities and political subdivisions	139,040		—		139,040		—
Public utilities	25,058		86		24,972		—
Corporate securities	295,243		—		295,243		—
Mortgage-backed securities	230,780		—		230,780		—
Asset-backed securities	62,734		—		62,734		—
Redeemable preferred stocks	1,779		493		1,286		—
Total fixed maturities	852,086		579		851,507		—
Mutual funds	56,733		53,574		3,159		—
Public utilities	2,260		2,260		—		—
Other common stocks	30,794		30,794		—		—
Non-redeemable preferred stocks	1,681		1,681		—		—
Total equity securities	91,468		88,309		3,159		—
Other long-term investments ⁽¹⁾	300		300		—		—
Total investments	$	943,854	$	89,188	$	854,666	$	—

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	$	—

Schedule of Investments in Limited Partnerships

The information presented in the table below is as of March 31, 2019:



	Book Value		Unrealized Gain		Unrealized Loss		Fair Value
Limited partnership investments ⁽¹⁾	$	8,178	$	1,415	$	—	$	9,593
Certificates of deposit	300		—		—		300
Short-term investments	2,927		1		—		2,928
Total other investments	$	11,405	$	1,416	$	—	$	12,821

Restrictions on Cash and Cash Equivalents [Table Text Block]

The following table presents the components of restricted assets:



	March 31, 2019		December 31, 2018
Trust funds	$	64,077	$	70,208
Cash on deposit (regulatory deposits)	1,235		1,233
Total restricted cash	$	65,312	$	71,441