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Investments (Tables)
 3 Months Ended
Mar. 31, 2018
Investments [Abstract]  
Available-for-sale Investments
The following tables summarize the available-for-sale investments at March 31, 2018 and December 31, 2017:
 
 
March 31, 2018
 
 
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
 
$
608

 
$
2

 
$
(4
)
 
$
606

Obligations of states, municipalities and political subdivisions
 
158,889

 
1,858

 
(2,032
)
 
158,715

Corporate and other securities
 
93,807

 
435

 
(578
)
 
93,664

Asset-backed securities
 
123,397

 
221

 
(681
)
 
122,937

Residential mortgage-backed securities
 
89,043

 
396

 
(2,827
)
 
86,612

Total available-for-sale investments
 
$
465,744

 
$
2,912

 
$
(6,122
)
 
$
462,534

 
 
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-maturity securities
 
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
Available-for-sale Securities in a 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-maturity securities
 
78,389

 
(327
)
 
125,043

 
(1,917
)
 
203,432

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

 
—

 
—

 
—

 
130

 
—

Nonredeemable preferred stocks
 
10,649

 
(231
)
 
—

 
—

 
10,649

 
(231
)
Total equity securities
 
10,779

 
(231
)
 
—

 
—

 
10,779

 
(231
)
Total investments available for sale
 
$
89,168

 
$
(558
)
 
$
125,043

 
$
(1,917
)
 
$
214,211

 
$
(2,475
)
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:
 
 
March 31, 2018
 
 
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
 
$
—

 
$
—

 
$
494

 
$
(4
)
 
$
494

 
$
(4
)
Obligations of states, municipalities and political subdivisions
 
56,436

 
(849
)
 
37,173

 
(1,183
)
 
93,609

 
(2,032
)
Corporate and other securities
 
50,879

 
(461
)
 
10,643

 
(117
)
 
61,522

 
(578
)
Asset-backed securities
 
41,534

 
(419
)
 
10,006

 
(262
)
 
51,540

 
(681
)
Residential mortgage-backed securities
 
20,500

 
(304
)
 
54,166

 
(2,523
)
 
74,666

 
(2,827
)
Total fixed-maturity securities
 
$
169,349

 
$
(2,033
)
 
$
112,482

 
$
(4,089
)
 
$
281,831

 
$
(6,122
)
Contractual Maturities of Available-for-sale Fixed Maturity Securities
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at March 31, 2018 are summarized, by contractual maturity, as follows:
 
 
March 31, 2018
 
 
Amortized
 
Estimated
 
 
Cost
 
Fair Value
 
 
(in thousands)
Due in one year or less
 
$
33,012

 
$
32,899

Due after one year through five years
 
47,430

 
47,494

Due after five years through ten years
 
38,633

 
39,111

Due after ten years
 
134,229

 
133,481

Asset-backed securities
 
123,397

 
122,937

Residential mortgage-backed securities
 
89,043

 
86,612

Total fixed maturities
 
$
465,744

 
$
462,534
Net Investment Income
The following table presents the components of net investment income for the three months ended March 31, 2018 and 2017:
 
 
Three Months Ended March 31,
 
 
2018
 
2017
 
 
(in thousands)
Interest:
 
 
 
 
Taxable bonds
 
$
1,761

 
$
1,537

Tax exempt municipal bonds
 
1,085

 
794

Cash equivalents and short-term investments
 
260

 
87

Dividends on equity securities
 
412

 
110

Gross investment income
 
3,518

 
2,528

Investment expenses
 
(289
)
 
(242
)
Net investment income
 
$
3,229

 
$
2,286
Realized Gain (Loss) on Investments
The following table presents realized investment gains and losses for the three months ended March 31, 2018 and 2017:
 
 
Three Months Ended March 31,
 
 
2018
 
2017
 
 
(in thousands)
Realized gains:
 
 
 
 
Sales of fixed maturities
 
$
55

 
$
—

Sales of equity securities
 
57

 
—

Total realized gains
 
112

 
—

 
 
 
 
 
Realized losses:
 
 
 
 
Sales of fixed maturities
 
—

 
(32
)
Total realized losses
 
—

 
(32
)
Net realized investment gains (losses)
 
$
112

 
$
(32
)