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Investments (Tables)
 6 Months Ended
Jun. 30, 2018
Investments [Abstract]  
Available-for-sale Investments
The following tables summarize the available-for-sale investments at June 30, 2018 and December 31, 2017:
 
 
June 30, 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

 
$
(3
)
 
$
607

Obligations of states, municipalities and political subdivisions
 
155,799

 
1,672

 
(1,870
)
 
155,601

Corporate and other securities
 
85,672

 
221

 
(885
)
 
85,008

Asset-backed securities
 
125,030

 
119

 
(1,101
)
 
124,048

Residential mortgage-backed securities
 
105,309

 
384

 
(3,035
)
 
102,658

Total available-for-sale investments
 
$
472,418

 
$
2,398

 
$
(6,894
)
 
$
467,922

 
 
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:
 
 
June 30, 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
 
$
—

 
$
—

 
$
495

 
$
(3
)
 
$
495

 
$
(3
)
Obligations of states, municipalities and political subdivisions
 
57,877

 
(742
)
 
34,451

 
(1,128
)
 
92,328

 
(1,870
)
Corporate and other securities
 
64,209

 
(763
)
 
7,382

 
(122
)
 
71,591

 
(885
)
Asset-backed securities
 
73,520

 
(823
)
 
9,511

 
(278
)
 
83,031

 
(1,101
)
Residential mortgage-backed securities
 
22,523

 
(362
)
 
52,224

 
(2,673
)
 
74,747

 
(3,035
)
Total fixed-maturity securities
 
$
218,129

 
$
(2,690
)
 
$
104,063

 
$
(4,204
)
 
$
322,192

 
$
(6,894
)
Contractual Maturities of Available-for-sale Fixed Maturity Securities
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at June 30, 2018 are summarized, by contractual maturity, as follows:
 
 
June 30, 2018
 
 
Amortized
 
Estimated
 
 
Cost
 
Fair Value
 
 
(in thousands)
Due in one year or less
 
$
24,944

 
$
24,857

Due after one year through five years
 
49,867

 
49,735

Due after five years through ten years
 
39,180

 
39,529

Due after ten years
 
128,088

 
127,095

Asset-backed securities
 
125,030

 
124,048

Residential mortgage-backed securities
 
105,309

 
102,658

Total fixed maturities
 
$
472,418

 
$
467,922
Net Investment Income
The following table presents the components of net investment income for the three and six months ended June 30, 2018 and 2017:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(in thousands)
Interest:
 
 
 
 
 
 
 
 
Taxable bonds
 
$
2,239

 
$
1,508

 
$
4,000

 
$
3,045

Tax exempt municipal bonds
 
1,083

 
818

 
2,168

 
1,612

Cash equivalents and short-term investments
 
217

 
167

 
477

 
254

Dividends on equity securities
 
512

 
185

 
924

 
295

Gross investment income
 
4,051

 
2,678

 
7,569

 
5,206

Investment expenses
 
(269
)
 
(246
)
 
(558
)
 
(488
)
Net investment income
 
$
3,782

 
$
2,432

 
$
7,011

 
$
4,718
Realized Gain (Loss) on Investments
The following table presents realized investment gains and losses for the three and six months ended June 30, 2018 and 2017:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(in thousands)
Fixed-maturity securities:
 
 
 
 
 
 
 
 
Realized gains
 
$
189

 
$
24

 
$
244

 
$
24

Realized losses
 
(4
)
 
—

 
(4
)
 
(32
)
Net realized gains (losses) fixed-maturity securities
 
185

 
24

 
240

 
(8
)
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
Realized gains
 
—

 
—

 
57

 
—

Realized losses
 
(11
)
 
—

 
(11
)
 
—

Net realized gains (losses) equity securities
 
(11
)
 
—

 
46

 
—

Net realized investment gains (losses)
 
$
174

 
$
24

 
$
286

 
$
(8
)