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Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Investments [Abstract]  
Available-for-sale Investments
The following tables summarize the available-for-sale investments at June 30, 2019 and December 31, 2018:
 
 
June 30, 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

 
$
3

 
$
—

 
$
113

Obligations of states, municipalities and political subdivisions
 
125,619

 
6,344

 
(2
)
 
131,961

Corporate and other securities
 
125,873

 
3,572

 
(229
)
 
129,216

Commercial mortgage and asset-backed securities
 
175,355

 
2,995

 
(485
)
 
177,865

Residential mortgage-backed securities
 
150,226

 
1,626

 
(930
)
 
150,922

Total available-for-sale investments
 
$
577,183

 
$
14,540

 
$
(1,646
)
 
$
590,077

 
 
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:
 
 
June 30, 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
 
$
—

 
$
—

 
$
1,425

 
$
(2
)
 
$
1,425

 
$
(2
)
Corporate and other securities
 
9,716

 
(29
)
 
5,359

 
(200
)
 
15,075

 
(229
)
Commercial mortgage and asset-backed securities
 
41,047

 
(195
)
 
32,809

 
(290
)
 
73,856

 
(485
)
Residential mortgage-backed securities
 
5,059

 
(8
)
 
53,187

 
(922
)
 
58,246

 
(930
)
Total available-for-sale investments
 
$
55,822

 
$
(232
)
 
$
92,780

 
$
(1,414
)
 
$
148,602

 
$
(1,646
)
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, 2019 are summarized, by contractual maturity, as follows:
 
 
June 30, 2019
 
 
Amortized
 
Estimated
 
 
Cost
 
Fair Value
 
 
(in thousands)
Due in one year or less
 
$
3,914

 
$
3,922

Due after one year through five years
 
95,702

 
98,079

Due after five years through ten years
 
50,116

 
52,709

Due after ten years
 
101,870

 
106,580

Commercial mortgage and asset-backed securities
 
175,355

 
177,865

Residential mortgage-backed securities
 
150,226

 
150,922

Total fixed maturities
 
$
577,183

 
$
590,077
Net Investment Income
The following table presents the components of net investment income for the three and six months ended June 30, 2019 and 2018:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands)
Interest:
 
 
 
 
 
 
 
 
Taxable bonds
 
$
3,476

 
$
2,239

 
$
6,543

 
$
4,000

Tax exempt municipal bonds
 
888

 
1,083

 
1,896

 
2,168

Cash equivalents and short-term investments
 
156

 
217

 
401

 
477

Dividends on equity securities
 
566

 
512

 
1,087

 
924

Gross investment income
 
5,086

 
4,051

 
9,927

 
7,569

Investment expenses
 
(280
)
 
(269
)
 
(606
)
 
(558
)
Net investment income
 
$
4,806

 
$
3,782

 
$
9,321

 
$
7,011
Realized Gain (Loss) on Investments
The following table presents realized investment gains and losses for the three and six months ended June 30, 2019 and 2018:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands)
Fixed-maturity securities:
 
 
 
 
 
 
 
 
Realized gains
 
$
25

 
$
189

 
$
396

 
$
244

Realized losses
 
—

 
(4
)
 
(79
)
 
(4
)
Net realized gains from fixed-maturity securities
 
25

 
185

 
317

 
240

 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
Realized gains
 
30

 
—

 
34

 
57

Realized losses
 
(290
)
 
(11
)
 
(306
)
 
(11
)
Net realized (losses) gains from equity securities
 
(260
)
 
(11
)
 
(272
)
 
46

Net realized investment (losses) gains
 
$
(235
)
 
$
174

 
$
45

 
$
286