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Investments (Tables)
 3 Months Ended
Mar. 31, 2019
Investments [Abstract]  
Available-for-sale Investments
The following tables summarize the available-for-sale investments at March 31, 2019 and December 31, 2018:
 
 
March 31, 2019
 
 
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
 
$
110

 
$
2

 
$
—

 
$
112

Obligations of states, municipalities and political subdivisions
 
126,050

 
4,164

 
(54
)
 
130,160

Corporate and other securities
 
108,757

 
1,676

 
(310
)
 
110,123

Commercial mortgage and asset-backed securities
 
164,341

 
912

 
(841
)
 
164,412

Residential mortgage-backed securities
 
136,924

 
774

 
(1,727
)
 
135,971

Total available-for-sale investments
 
$
536,182

 
$
7,528

 
$
(2,932
)
 
$
540,778

 
 
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

Commercial mortgage and 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
Available-for-sale Securities 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
)
Commercial mortgage and 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
)
The following tables summarize gross unrealized losses and fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position:
 
 
March 31, 2019
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of states, municipalities and political subdivisions
 
$
—

 
$
—

 
$
9,756

 
$
(54
)
 
$
9,756

 
$
(54
)
Corporate and other securities
 
2,313

 
(15
)
 
12,143

 
(295
)
 
14,456

 
(310
)
Commercial mortgage and asset-backed securities
 
60,061

 
(532
)
 
29,952

 
(309
)
 
90,013

 
(841
)
Residential mortgage-backed securities
 
20,391

 
(41
)
 
58,361

 
(1,686
)
 
78,752

 
(1,727
)
Total available-for-sale investments
 
$
82,765

 
$
(588
)
 
$
110,212

 
$
(2,344
)
 
$
192,977

 
$
(2,932
)
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, 2019 are summarized, by contractual maturity, as follows:
 
 
March 31, 2019
 
 
Amortized
 
Estimated
 
 
Cost
 
Fair Value
 
 
(in thousands)
Due in one year or less
 
$
4,270

 
$
4,265

Due after one year through five years
 
75,192

 
76,142

Due after five years through ten years
 
53,708

 
55,609

Due after ten years
 
101,747

 
104,379

Commercial mortgage and asset-backed securities
 
164,341

 
164,412

Residential mortgage-backed securities
 
136,924

 
135,971

Total fixed maturities
 
$
536,182

 
$
540,778
Net Investment Income
The following table presents the components of net investment income for the three months ended March 31, 2019 and 2018:
 
 
Three Months Ended March 31,
 
 
2019
 
2018
 
(in thousands)
Interest:
 
 
 
 
Taxable bonds
 
$
3,067

 
$
1,761

Tax exempt municipal bonds
 
1,008

 
1,085

Cash equivalents and short-term investments
 
245

 
260

Dividends on equity securities
 
521

 
412

Gross investment income
 
4,841

 
3,518

Investment expenses
 
(326
)
 
(289
)
Net investment income
 
$
4,515

 
$
3,229
Realized Gain (Loss) on Investments
The following table presents realized investment gains and losses for the three months ended March 31, 2019 and 2018:
 
 
Three Months Ended
March 31,
 
 
2019
 
2018
 
 
(in thousands)
Fixed-maturity securities:
 
 
 
 
Realized gains
 
$
371

 
$
55

Realized losses
 
(79
)
 
—

Net realized gains from fixed-maturity securities
 
292

 
55

 
 
 
 
 
Equity securities:
 
 
 
 
Realized gains
 
4

 
57

Realized losses
 
(16
)
 
—

Net realized (losses) gains from equity securities
 
(12
)
 
57

Net realized investment gains
 
$
280

 
$
112