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Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Debt and Equity Securities, FV-NI  
Schedule of Available-for-sale Securities Reconciliation
The following table details fixed-maturity available-for-sale securities, by major investment category, at September 30, 2020 and December 31, 2019:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2020
U.S. government and agency securities$118,213 $4,942 $25 $123,130 
Foreign government1,725 144 — 1,869 
States, municipalities and political subdivisions157,280 5,521 120 162,681 
Public utilities39,083 2,872 — 41,955 
Corporate securities331,208 17,120 662 347,666 
Mortgage-backed securities267,532 12,285 400 279,417 
Asset-backed securities62,623 1,055 327 63,351 
Redeemable preferred stocks6,364 66 61 6,369 
Total fixed maturities$984,028 $44,005 $1,595 $1,026,438 
December 31, 2019
U.S. government and agency securities$120,260 $749 $193 $120,816 
Foreign government3,975 97 1 4,071 
States, municipalities and political subdivisions131,203 2,611 63 133,751 
Public utilities24,660 700 26 25,334 
Corporate securities281,892 7,123 143 288,872 
Mortgage-backed securities248,206 4,174 477 251,903 
Asset-backed securities56,487 683 41 57,129 
Redeemable preferred stocks2,915 72 2 2,985 
Total fixed maturities$869,598 $16,209 $946 $884,861 
Equity Securities Fair Value
Equity securities are summarized as follows:
September 30, 2020December 31, 2019
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$7,945 21.8 %$65,453 56.1 %
Public utilities— — 3,663 3.1 
Other common stocks20,343 55.8 44,492 38.2 
Nonredeemable preferred stocks8,182 22.4 3,002 2.6 
Total equity securities$36,470 100.0 %$116,610 100.0 %
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, 2020 and 2019, respectively:
20202019
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at Sale
Three Months Ended September 30,
Fixed maturities$708 $47,153 $66 $34,282 
Equity securities26,724 97,725 3 272 
Short-term investments
— 1,275 — 2,511 
Total realized gains27,432 146,153 69 37,065 
Fixed maturities(45)1,203 (48)2,033 
Equity securities(2,419)9,509 (3)14 
Short-term investments
— — — 10 
Total realized losses(2,464)10,712 (51)2,057 
Net realized investment gains$24,968 $156,865 $18 $39,122 
Nine Months Ended September 30,
Fixed maturities$1,425 $139,609 $597 $129,364 
Equity securities27,550 101,696 94 814 
Short-term investments
— 1,346 — 3,571 
Total realized gains28,975 242,651 691 133,749 
Fixed maturities(439)7,942 (287)36,661 
Equity securities(3,577)12,879 (217)1,163 
Short-term investments
— 128 (1)1,035 
Total realized losses(4,016)20,949 (505)38,859 
Net realized investment gains $24,959 $263,600 $186 $172,608 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at September 30, 2020 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, 2020
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$93,973 9.5 %$94,650 9.2 %
Due after one year through five years264,627 26.9 276,916 27.0 
Due after five years through ten years279,045 28.4 295,069 28.7 
Due after ten years16,228 1.6 17,035 1.7 
Asset and mortgage backed securities330,155 33.6 342,768 33.4 
Total$984,028 100.0 %$1,026,438 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Fixed maturities$5,744 $5,757 $16,806 $17,379 
Equity securities467 614 1,966 1,728 
Cash and cash equivalents30 1,611 767 3,407 
Other investments62 83 17 847 
Other assets12 11 114 108 
Investment income6,315 8,076 19,670 23,469 
Investment expenses(305)(273)(836)(801)
Net investment income$6,010 $7,803 $18,834 $22,668 
Schedule of Unrealized Loss on Investments
The following table presents an aging of our unrealized investment losses by investment class:
Less Than Twelve MonthsTwelve Months or More
Number of Securities(1)
Gross Unrealized LossesFair Value
Number of Securities(1)
Gross Unrealized LossesFair Value
September 30, 2020 
U.S. government and agency securities2 $1 $1,490 21 $24 $12,126 
States, municipalities and political subdivisions20 120 15,811 — — — 
Corporate securities45 659 20,229 4 3 1,004 
Mortgage-backed securities51 298 27,677 7 102 3,495 
Asset-backed securities16 297 5,523 1 30 970 
Redeemable preferred stocks28 61 3,075 — — — 
Total fixed maturities162 $1,436 $73,805 33 $159 $17,595 
December 31, 2019
U.S. government and agency securities37 $89 $26,372 39 $104 $31,364 
Foreign governments— — — 2 1 600 
States, municipalities and political subdivisions31 61 14,508 2 2 1,262 
Public utilities9 25 4,626 2 1 250 
Corporate securities42 124 22,435 27 19 9,605 
Mortgage-backed securities89 322 59,101 50 155 12,738 
Asset-backed securities15 34 8,447 5 7 1,259 
Redeemable preferred stocks— — — 1 2 97 
Total fixed maturities223 $655 $135,489 128 $291 $57,175 
(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, 2020 and December 31, 2019:
TotalLevel 1Level 2Level 3
September 30, 2020
U.S. government and agency securities$123,130 $— $123,130 $— 
Foreign government1,869 — 1,869 — 
States, municipalities and political subdivisions162,681 — 162,681 — 
Public utilities41,955 — 41,955 — 
Corporate securities347,666 — 347,666 — 
Mortgage-backed securities279,417 — 279,417 — 
Asset-backed securities63,351 — 63,351 — 
Redeemable preferred stocks6,369 1,587 4,782 — 
Total fixed maturities1,026,438 1,587 1,024,851 — 
Mutual funds7,945 7,945 — — 
Other common stocks20,343 20,343 — — 
Non-redeemable preferred stocks8,182 8,182 — — 
Total equity securities36,470 36,470 — — 
Other investments (1)
28,100 300 27,800 — 
Total investments$1,091,008 $38,357 $1,052,651 $— 
December 31, 2019
U.S. government and agency securities$120,816 $— $120,816 $— 
Foreign government4,071 — 4,071 — 
States, municipalities and political subdivisions133,751 — 133,751 — 
Public utilities25,334 — 25,334 — 
Corporate securities288,872 — 288,872 — 
Mortgage-backed securities251,903 — 251,903 — 
Asset-backed securities57,129 — 57,129 — 
Redeemable preferred stocks2,985 747 2,238 — 
Total fixed maturities884,861 747 884,114 — 
Mutual Funds65,453 65,453 — — 
Public utilities3,663 3,663 — — 
Other common stocks44,492 44,492 — — 
Non-redeemable preferred stocks3,002 3,002 — — 
Total equity securities116,610 116,610 — — 
Other investments (1)
499 300 199 — 
Total investments$1,001,970 $117,657 $884,313 $— 
(1) Other investments included in the fair value hierarchy exclude these limited partnership interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient.
Schedule of Investments in Limited Partnerships
The information presented in the table below is as of September 30, 2020:
Book ValueUnrealized GainUnrealized LossFair Value
Limited partnership investments (1)
$9,510 $1,088 $327 $10,271 
Certificates of deposit300 — — 300 
 Short-term investments
27,801 — 1 27,800 
Total other investments$37,611 $1,088 $328 $38,371 
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
September 30, 2020December 31, 2019
Trust funds$52,301 $70,668 
Cash on deposit (regulatory deposits)933 920 
Total restricted cash$53,234 $71,588