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Investments (Tables)
 12 Months Ended
Dec. 31, 2017
Investments [Abstract]  
Available-for-sale Investments
The following tables summarize the Company’s available-for-sale investments:
 
 
December 31, 2017

 
Amortized Cost
 
Gross Unrealized Holding Gains
 
Gross Unrealized Holding Losses
 
Estimated Fair Value
 
 
(in thousands)
Fixed maturities:
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government agencies
 
$
9,108

 
$
4

 
$
(14
)
 
$
9,098

Obligations of states, municipalities and political subdivisions
 
161,012

 
3,726

 
(412
)
 
164,326

Corporate and other securities
 
71,224

 
579

 
(172
)
 
71,631

Asset-backed securities
 
95,223

 
405

 
(268
)
 
95,360

Residential mortgage-backed securities
 
85,688

 
466

 
(1,378
)
 
84,776

Total fixed maturities
 
422,255

 
5,180

 
(2,244
)
 
425,191

 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
Exchange traded funds
 
26,041

 
8,339

 
—

 
34,380

Nonredeemable preferred stock
 
19,875

 
108

 
(231
)
 
19,752

Total equity securities
 
45,916

 
8,447

 
(231
)
 
54,132

Total available-for-sale investments
 
$
468,171

 
$
13,627

 
$
(2,475
)
 
$
479,323

 
 
December 31, 2016
 
 
Amortized Cost
 
Gross Unrealized Holding Gains
 
Gross Unrealized Holding Losses
 
Estimated Fair Value
 
 
(in thousands)
Fixed maturities:
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government agencies
 
$
12,106

 
$
8

 
$
(16
)
 
$
12,098

Obligations of states, municipalities and political subdivisions
 
124,728

 
1,470

 
(2,960
)
 
123,238

Corporate and other securities
 
118,473

 
550

 
(233
)
 
118,790

Asset-backed securities
 
73,317

 
241

 
(264
)
 
73,294

Residential mortgage-backed securities
 
84,902

 
585

 
(1,684
)
 
83,803

Total fixed maturities
 
413,526

 
2,854

 
(5,157
)
 
411,223

 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
Exchange traded funds
 
14,350

 
4,026

 
(2
)
 
18,374

Total available-for-sale investments
 
$
427,876

 
$
6,880

 
$
(5,159
)
 
$
429,597
Available-for-sale Securities in a Loss Position

 
 
December 31, 2016
 
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
 
Estimated Fair Value
 
Gross Unrealized Holding Losses
 
Estimated Fair Value
 
Gross Unrealized Holding Losses
 
Estimated Fair Value
 
Gross Unrealized Holding Losses
 
 
(in thousands)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government agencies
 
$
8,980

 
$
(16
)
 
$
—

 
$
—

 
$
8,980

 
$
(16
)
Obligations of states, municipalities and political subdivisions
 
70,727

 
(2,960
)
 
—

 
—

 
70,727

 
(2,960
)
Corporate and other securities
 
50,274

 
(145
)
 
12,375

 
(88
)
 
62,649

 
(233
)
Asset-backed securities
 
14,750

 
(232
)
 
9,961

 
(32
)
 
24,711

 
(264
)
Residential mortgage-backed securities
 
65,439

 
(1,403
)
 
7,186

 
(281
)
 
72,625

 
(1,684
)
Total fixed maturities
 
210,170

 
(4,756
)
 
29,522

 
(401
)
 
239,692

 
(5,157
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
Exchange traded funds
 
388

 
(2
)
 
—

 
—

 
388

 
(2
)
Total available-for-sale securities
 
$
210,558

 
$
(4,758
)
 
$
29,522

 
$
(401
)
 
$
240,080

 
$
(5,159
)
The following tables summarize gross unrealized losses and fair value for available-for-sale securities by length of time that the securities have continuously been in an unrealized loss position:
 
 
December 31, 2017
 
 
Less than 12 Months
 
12 Months or Longer
 
Total
 
 
Estimated Fair Value
 
Gross Unrealized Holding Losses
 
Estimated Fair Value
 
Gross Unrealized Holding Losses
 
Estimated Fair Value
 
Gross Unrealized Holding Losses
 
 
(in thousands)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government agencies
 
$
3,497

 
$
(2
)
 
$
5,488

 
$
(12
)
 
$
8,985

 
$
(14
)
Obligations of states, municipalities and political subdivisions
 
7,258

 
(36
)
 
38,143

 
(376
)
 
45,401

 
(412
)
Corporate and other securities
 
30,944

 
(98
)
 
13,444

 
(74
)
 
44,388

 
(172
)
Asset-backed securities
 
27,609

 
(108
)
 
10,706

 
(160
)
 
38,315

 
(268
)
Residential mortgage-backed securities
 
9,081

 
(83
)
 
57,262

 
(1,295
)
 
66,343

 
(1,378
)
Total fixed maturities
 
78,389

 
(327
)
 
125,043

 
(1,917
)
 
203,432

 
(2,244
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
Exchange traded funds
 
130

 
—

 
—

 
—

 
130

 
—

Nonredeemable preferred stock
 
10,649

 
(231
)
 
—

 
—

 
10,649

 
(231
)
Total equity securities
 
10,779

 
(231
)
 
—

 
—

 
10,779

 
(231
)
Total available-for-sale securities
 
$
89,168

 
$
(558
)
 
$
125,043

 
$
(1,917
)
 
$
214,211

 
$
(2,475
)
Contractual Maturities of Available-for-sale Fixed Maturity Securities
The amortized cost and estimated fair value of available-for-sale fixed maturity securities at December 31, 2017 are summarized, by contractual maturity, as follows:
 
 
Amortized
 
Estimated
 
 
Cost
 
Fair Value
 
 
(in thousands)
Due in one year or less
 
$
50,020

 
$
49,973

Due after one year through five years
 
28,979

 
29,299

Due after five years through ten years
 
28,733

 
29,800

Due after ten years
 
133,612

 
135,983

Asset-backed securities
 
95,223

 
95,360

Residential mortgage-backed securities
 
85,688

 
84,776

Total fixed maturities
 
$
422,255

 
$
425,191
Net Investment Income
The following table presents the components of net investment income:
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
 
(in thousands)
Interest:
 
 
 
 
 
 
Taxable bonds
 
$
6,233

 
$
6,031

 
$
4,509

Municipal bonds (tax exempt)
 
3,619

 
1,808

 
1,514

Dividends on equity securities
 
1,041

 
442

 
372

Cash equivalents and short-term investments
 
678

 
93

 
9

Gross investment income
 
11,571

 
8,374

 
6,404

Investment expenses
 
(1,002
)
 
(887
)
 
(761
)
Net investment income
 
$
10,569

 
$
7,487

 
$
5,643
Schedule of Realized Gain (Loss)
The following table presents net investment gains on investments:
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
 
(in thousands)
Realized gains:
 
 
 
 
 
 
Sales of fixed maturities
 
$
220

 
$
479

 
$
63

Sales of short-term and other
 
—

 
2

 
6

Total realized gains
 
220

 
481

 
69

 
 
 
 
 
 
 
Realized losses:
 
 
 
 
 
 
Sales of fixed maturities
 
(69
)
 
(29
)
 
(10
)
Other-than-temporary impairments
 
—

 
(276
)
 
—

Total realized losses
 
(69
)
 
(305
)
 
(10
)
Net investment gains
 
$
151

 
$
176

 
$
59
Change in Unrealized Gains (Losses) on Investments
The following table presents the change in available-for-sale gross unrealized gains or losses by investment type:
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
 
(in thousands)
Change in net unrealized gains (losses):
 
 
 
 
 
 
Fixed maturities
 
$
5,239

 
$
(2,952
)
 
$
(1,937
)
Equity securities
 
4,192

 
1,968

 
(468
)
Net increase (decrease)
 
$
9,431

 
$
(984
)
 
$
(2,405
)