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Investments (Tables)
 9 Months Ended
Sep. 30, 2018
Investments [Abstract]  
Available-for-sale Investments
The following tables summarize the available-for-sale investments at September 30, 2018 and December 31, 2017:
 
 
September 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
 
$
609

 
$
1

 
$
(2
)
 
$
608

Obligations of states, municipalities and political subdivisions
 
155,310

 
1,200

 
(3,001
)
 
153,509

Corporate and other securities
 
98,104

 
279

 
(941
)
 
97,442

Asset-backed securities
 
151,526

 
97

 
(1,333
)
 
150,290

Residential mortgage-backed securities
 
109,431

 
337

 
(3,606
)
 
106,162

Total available-for-sale investments
 
$
514,980

 
$
1,914

 
$
(8,883
)
 
$
508,011

 
 
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
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:
 
 
September 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
 
$
—

 
$
—

 
$
497

 
$
(2
)
 
$
497

 
$
(2
)
Obligations of states, municipalities and political subdivisions
 
65,685

 
(1,514
)
 
36,359

 
(1,487
)
 
102,044

 
(3,001
)
Corporate and other securities
 
64,046

 
(761
)
 
11,201

 
(180
)
 
75,247

 
(941
)
Asset-backed securities
 
84,051

 
(925
)
 
13,965

 
(408
)
 
98,016

 
(1,333
)
Residential mortgage-backed securities
 
32,629

 
(289
)
 
55,424

 
(3,317
)
 
88,053

 
(3,606
)
Total fixed-maturity securities
 
$
246,411

 
$
(3,489
)
 
$
117,446

 
$
(5,394
)
 
$
363,857

 
$
(8,883
)
 
 
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
)
Contractual Maturities of Available-for-sale Fixed Maturity Securities
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at September 30, 2018 are summarized, by contractual maturity, as follows:
 
 
September 30, 2018
 
 
Amortized
 
Estimated
 
 
Cost
 
Fair Value
 
 
(in thousands)
Due in one year or less
 
$
17,204

 
$
17,156

Due after one year through five years
 
65,134

 
64,920

Due after five years through ten years
 
46,019

 
46,028

Due after ten years
 
125,666

 
123,455

Asset-backed securities
 
151,526

 
150,290

Residential mortgage-backed securities
 
109,431

 
106,162

Total fixed maturities
 
$
514,980

 
$
508,011
Net Investment Income
The following table presents the components of net investment income for the three and nine months ended September 30, 2018 and 2017:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(in thousands)
Interest:
 
 
 
 
 
 
 
 
Taxable bonds
 
$
2,548

 
$
1,539

 
$
6,548

 
$
4,584

Tax exempt municipal bonds
 
1,068

 
990

 
3,236

 
2,602

Cash equivalents and short-term investments
 
327

 
206

 
804

 
460

Dividends on equity securities
 
445

 
287

 
1,369

 
582

Gross investment income
 
4,388

 
3,022

 
11,957

 
8,228

Investment expenses
 
(303
)
 
(257
)
 
(861
)
 
(745
)
Net investment income
 
$
4,085

 
$
2,765

 
$
11,096

 
$
7,483
Realized Gain (Loss) on Investments
The following table presents realized investment gains and losses for the three and nine months ended September 30, 2018 and 2017:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(in thousands)
Fixed-maturity securities:
 
 
 
 
 
 
 
 
Realized gains
 
$
—

 
$
44

 
$
244

 
$
68

Realized losses
 
(6
)
 
—

 
(10
)
 
(32
)
Net realized gains (losses) from fixed-maturity securities
 
(6
)
 
44

 
234

 
36

 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
Realized gains
 
—

 
—

 
57

 
—

Realized losses
 
—

 
—

 
(11
)
 
—

Net realized gains from equity securities
 
—

 
—

 
46

 
—

Net realized investment gains (losses)
 
$
(6
)
 
$
44

 
$
280

 
$
36