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Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Trading, and Equity Securities, FV-NI
The following tables set forth the amortized cost and the fair value by investment category at March 31, 2023 and December 31, 2022:
($ in thousands)Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
March 31, 2023
Fixed maturity securities, available-for-sale:
U.S. government securities$46,347 $35 $(1,464)$— $44,918 
Corporate securities and miscellaneous278,980 1,571 (18,117)— 262,434 
Municipal securities73,232 152 (6,045)— 67,339 
Residential mortgage-backed securities146,830 458 (13,398)— 133,890 
Commercial mortgage-backed securities55,183 228 (3,229)— 52,182 
Asset-backed securities117,823 213 (5,662)— 112,374 
Total fixed maturity securities, available-for-sale$718,395 $2,657 $(47,915)$— $673,137 
Fixed maturity securities, held-to-maturity:
Asset-backed securities$48,537 $— $(3,724)$(321)$44,492 
Total fixed maturity securities, held-to-maturity$48,537 $— $(3,724)$(321)$44,492 

($ in thousands)Gross
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Loss		Fair Value
December 31, 2022
Fixed maturity securities, available-for-sale:
U.S. government securities$50,416 $1 $(1,876)$48,541 
Corporate securities and miscellaneous255,116 767 (20,754)235,129 
Municipal securities65,836 24 (8,133)57,727 
Residential mortgage-backed securities134,844 218 (15,206)119,856 
Commercial mortgage-backed securities40,129 50 (3,684)36,495 
Asset-backed securities116,275 91 (6,542)109,824 
Total fixed maturity securities, available-for-sale$662,616 $1,151 $(56,195)$607,572 
Fixed maturity securities, held-to-maturity:
Asset-backed securities$52,467 $— $(5,696)$46,771 
Total fixed maturity securities, held-to-maturity$52,467 $— $(5,696)$46,771 
Investments Classified by Contractual Maturity Date
The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at March 31, 2023:
($ in thousands)Amortized
Cost		Fair Value
Due in less than one year$27,656 $26,956 
Due after one year through five years214,722 205,835 
Due after five years through ten years108,566 99,254 
Due after ten years47,615 42,646 
Mortgage-backed securities202,013 186,072 
Asset-backed securities117,823 112,374 
Total$718,395 $673,137 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of March 31, 2023 and December 31, 2022:
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
March 31, 2023
Fixed maturity securities, available-for-sale:
U.S. government securities$19,722 $(443)$18,777 $(1,021)$38,499 $(1,464)
Corporate securities and miscellaneous107,567 (4,059)98,368 (14,058)205,935 (18,117)
Municipal securities35,247 (1,764)22,752 (4,281)57,999 (6,045)
Residential mortgage-backed securities41,507 (1,919)65,869 (11,479)107,376 (13,398)
Commercial mortgage-backed securities28,658 (869)11,393 (2,360)40,051 (3,229)
Asset-backed securities62,813 (2,636)35,681 (3,026)98,494 (5,662)
Total fixed maturity securities, available-for-sale295,514 (11,690)252,840 (36,225)548,354 (47,915)
Fixed maturity securities, held-to-maturity:
Asset-backed securities1,624 (19)42,868 (3,705)44,492 (3,724)
Total fixed maturity securities, held-to-maturity:1,624 (19)42,868 (3,705)44,492 (3,724)
Total$297,138 $(11,709)$295,708 $(39,930)$592,846 $(51,639)
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2022
Fixed maturity securities, available-for-sale:
U.S. government securities$28,966 $(603)$18,577 $(1,273)$47,543 $(1,876)
Corporate securities and miscellaneous171,506 (16,063)34,283 (4,691)205,789 (20,754)
Municipal securities51,701 (7,236)3,689 (897)55,390 (8,133)
Residential mortgage-backed securities56,246 (4,152)52,778 (11,054)109,024 (15,206)
Commercial mortgage-backed securities25,836 (1,488)8,583 (2,196)34,419 (3,684)
Asset-backed securities74,684 (3,351)25,820 (3,191)100,504 (6,542)
Total fixed maturity securities, available-for-sale408,939 (32,893)143,730 (23,302)552,669 (56,195)
Fixed maturity securities, held-to-maturity:
Asset-backed securities46,771 (5,696)— — 46,771 (5,696)
Total fixed maturity securities, held-to-maturity:46,771 (5,696)— — 46,771 (5,696)
Total$455,710 $(38,589)$143,730 $(23,302)$599,440 $(61,891)
Gain (Loss) on Securities
The following table sets forth the components of net investment gains (losses) for the three months ended March 31, 2023 and 2022:
($ in thousands)20232022
Gross realized gains
Fixed maturity securities, available-for sale$493 $16 
Equity securities1,227 1,830 
Other1 31 
Total1,721 1,877 
Gross realized losses
Fixed maturity securities, available-for sale(237)(276)
Equity securities(4,289)(654)
Other(1)(16)
Total(4,527)(946)
Net unrealized gains (losses) on investments
Equity securities3,745 (5,369)
Mortgage loans22 — 
Net investment gains (losses)$961 $(4,438)
Investment Income
The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the three months ended March 31, 2023 and 2022:
($ in thousands)20232022
Fixed maturity securities, available-for sale$8,392 $7,575 
Equity securities13,325 11,966 
The following table sets forth the components of net investment income for the three months ended March 31, 2023 and 2022:
($ in thousands)20232022
Income:
Fixed maturity securities, available-for sale$6,676 $3,224 
Fixed maturity securities, held-to-maturity1,003 1,937 
Equity securities726 738 
Equity method investments(4,664)9,210 
Mortgage loans1,473 818 
Indirect loans(1,319)1,657 
Short-term investments and cash1,789 27 
Other(20)7 
Total investment income5,664 17,618 
Investment expenses(1,018)(2,469)
Net investment income$4,646 $15,149 
The Company’s gross investment income for mortgage loans for the three months ended March 31, 2023 and 2022 were as follows:
($ in thousands)20232022
Retail$595 $359 
Commercial494 210 
Multi-family117 69 
Office106 166 
Hospitality161 14 
$1,473 $818 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive income (loss) for the three months ended March 31, 2023 and 2022:
($ in thousands)20232022
Fixed maturity securities$9,786 $(20,764)
Deferred income taxes(2,045)4,360 
Total$7,741 $(16,404)