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Investments (Tables)
 12 Months Ended
Dec. 31, 2018
Investments [Abstract]  
Available-for-sale Investments
The following tables summarize the Company’s available-for-sale investments:
 
 
December 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
 
$
610

 
$
2

 
$
(1
)
 
$
611

Obligations of states, municipalities and political subdivisions
 
153,884

 
2,010

 
(1,294
)
 
154,600

Corporate and other securities
 
97,889

 
264

 
(1,401
)
 
96,752

Asset-backed securities
 
151,137

 
252

 
(1,522
)
 
149,867

Residential mortgage-backed securities
 
110,717

 
354

 
(2,650
)
 
108,421

Total available-for-sale investments
 
$
514,237

 
$
2,882

 
$
(6,868
)
 
$
510,251

 
 
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
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:
 
 
December 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
 
$
—

 
$
—

 
$
499

 
$
(1
)
 
$
499

 
$
(1
)
Obligations of states, municipalities and political subdivisions
 
42,718

 
(440
)
 
34,326

 
(854
)
 
77,044

 
(1,294
)
Corporate and other securities
 
62,045

 
(890
)
 
12,092

 
(511
)
 
74,137

 
(1,401
)
Asset-backed securities
 
93,247

 
(1,017
)
 
25,746

 
(505
)
 
118,993

 
(1,522
)
Residential mortgage-backed securities
 
24,571

 
(155
)
 
55,638

 
(2,495
)
 
80,209

 
(2,650
)
Total available-for-sale investments
 
$
222,581

 
$
(2,502
)
 
$
128,301

 
$
(4,366
)
 
$
350,882

 
$
(6,868
)

 
 
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 stocks
 
10,649

 
(231
)
 
—

 
—

 
10,649

 
(231
)
Total equity securities
 
10,779

 
(231
)
 
—

 
—

 
10,779

 
(231
)
Total available-for-sale investments
 
$
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, 2018 are summarized, by contractual maturity, as follows:
 
 
Amortized
 
Estimated
 
 
Cost
 
Fair Value
 
 
(in thousands)
Due in one year or less
 
$
10,283

 
$
10,252

Due after one year through five years
 
67,670

 
67,426

Due after five years through ten years
 
55,725

 
56,235

Due after ten years
 
118,705

 
118,050

Asset-backed securities
 
151,137

 
149,867

Residential mortgage-backed securities
 
110,717

 
108,421

Total fixed maturities
 
$
514,237

 
$
510,251
Net Investment Income
The following table presents the components of net investment income:
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
 
 
(in thousands)
Interest:
 
 
 
 
 
 
Taxable bonds
 
$
9,474

 
$
6,233

 
$
6,031

Municipal bonds (tax exempt)
 
4,298

 
3,619

 
1,808

Cash equivalents and short-term investments
 
1,017

 
678

 
93

Dividends on equity securities
 
2,014

 
1,041

 
442

Gross investment income
 
16,803

 
11,571

 
8,374

Investment expenses
 
(1,115
)
 
(1,002
)
 
(887
)
Net investment income
 
$
15,688

 
$
10,569

 
$
7,487
Schedule of Realized Gain (Loss)
The following table presents realized investment gains and losses:
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
 
 
(in thousands)
Fixed-maturity securities:
 
 
 
 
 
 
Realized gains
 
$
263

 
$
220

 
$
479

Realized losses
 
(17
)
 
(69
)
 
(29
)
Net realized gains from fixed-maturity securities
 
246

 
151

 
450

 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
Realized gains
 
57

 
—

 
—

Realized losses
 
(22
)
 
—

 
—

Other-than-temporary impairments
 
—

 
—

 
(276
)
Net realized gains (losses) from equity securities
 
35

 
—

 
(276
)
Short-term securities - realized gain
 
—

 
—

 
2

Net realized investment gains
 
$
281

 
$
151

 
$
176