Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Equity Securities

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



	Cost or Adjusted/Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2019
U.S. government and agency securities	$	120,260	$	749	$	193	$	120,816
Foreign government	3,975		97		1		4,071
States, municipalities and political subdivisions	131,203		2,611		63		133,751
Public utilities	24,660		700		26		25,334
Corporate securities	281,892		7,123		143		288,872
Mortgage-backed securities	248,206		4,174		477		251,903
Asset-backed securities	56,487		683		41		57,129
Redeemable preferred stocks	2,915		72		2		2,985
Total fixed maturities	$	869,598	$	16,209	$	946	$	884,861

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

Equity securities are summarized as follows at:



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

Mutual funds	$	65,453	56.1	%	$	50,016	61.8	%
Public utilities	3,663		3.1		1,759		2.2
Other common stocks	44,492		38.2		27,198		33.6
Nonredeemable preferred stocks	3,002		2.6		2,005		2.4
Total equity securities	$	116,610	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 years ended December 31, 2019, 2018, and 2017:



	2019					2018					2017
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
Fixed maturities	$	1,678		$	209,302	$	373		$	41,776	$	268		$	35,248
Equity securities	94			814		2,828			6,073		847			2,209
Short-term investments	—			3,863		—			—		—			—
Total realized gains	1,772			213,979		3,201			47,849		1,115			37,457
Fixed maturities	(324		)	43,573		(1,376		)	135,944		(890		)	53,194
Equity securities	(219		)	1,387		(170		)	995		(158		)	1,749
Short-term investments	(1		)	1,035		—			—		—			—
Total realized losses	(544		)	45,995		(1,546		)	136,939		(1,048		)	54,943
Net realized investment gains	$	1,228		$	259,974	$	1,655		$	184,788	$	67		$	92,400

Investments Classified by Contractual Maturity Date

The table below summarizes our fixed maturities at December 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.



	December 31, 2019
	Cost or Amortized Cost		Percent of Total		Fair Value		Percent of Total
Due in one year or less	$	96,690	11.1	%	$	96,898	11.0	%
Due after one year through five years	282,855		32.5	%	287,086		32.4	%
Due after five years through ten years	179,718		20.7	%	185,908		21.0	%
Due after ten years	5,642		0.6	%	5,937		0.7	%
Asset and mortgage-backed securities	304,693		35.1	%	309,032		34.9	%
Total	$	869,598	100.0	%	$	884,861	100.0	%

Investment Income

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



	Year Ended December 31,
	2019			2018			2017
Fixed maturities	$	23,267		$	22,043		$	14,942
Equity securities	2,474			2,206			1,277
Cash and cash equivalents	4,118			1,953			626
Other investments	1,253			942			937
Other assets	117			57			30
Investment income	31,229			27,201			17,812
Investment expenses	(1,084		)	(1,031		)	(686		)
Net investment income	$	30,145		$	26,170		$	17,126

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, 2019
U.S. government and agency securities	37	$	89	$	26,372	39	$	104	$	31,364
Foreign governments	—	—		—		2	1		600
States, municipalities and political subdivisions	31	61		14,508		2	2		1,262
Public utilities	9	25		4,626		2	1		250
Corporate securities	42	124		22,435		27	19		9,605
Mortgage-backed securities	89	322		59,101		50	155		12,738
Asset backed securities	15	34		8,447		5	7		1,259
Redeemable preferred stocks	—	—		—		1	2		97
Total fixed maturities	223	$	655	$	135,489	128	$	291	$	57,175

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 December 31, 2019 and 2018:



	Total		Level 1		Level 2		Level 3
December 31, 2019
U.S. government and agency securities	$	120,816	$	—	$	120,816	$	—
Foreign government	4,071		—		4,071		—
States, municipalities and political subdivisions	133,751		—		133,751		—
Public utilities	25,334		—		25,334		—
Corporate securities	288,872		—		288,872		—
Mortgage-backed securities	251,903		—		251,903		—
Asset-backed securities	57,129		—		57,129		—
Redeemable preferred stocks	2,985		747		2,238		—
Total fixed maturities	884,861		747		884,114		—
Mutual funds	65,453		65,453		—		—
Public utilities	3,663		3,663		—		—
Other common stocks	44,492		44,492		—		—
Non-redeemable preferred stocks	3,002		3,002		—		—
Total equity securities	116,610		116,610		—		—
Other long-term investments ⁽¹⁾	499		300		199		—
Total investments	$	1,001,970	$	117,657	$	884,313	$	—

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	$	—

⁽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, 2019 and 2018:



	Book Value		Unrealized Gain		Unrealized Loss		Fair Value
December 31, 2019
Limited partnership investments ⁽¹⁾	$	7,568	$	2,236	$	51	$	9,753
Certificates of deposit	300		—		—		300
Short-term investments	199		—		—		199
Total other investments	$	8,067	$	2,236	$	51	$	10,252

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

⁽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 two to ten years.

Restrictions on Cash and Cash Equivalents

The following table presents the components of restricted assets:



	December 31,
	2019		2018
Trust funds	$	70,668	$	70,208
Cash on deposit (regulatory deposits)	920		1,233
Total restricted cash	$	71,588	$	71,441