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

 
$
2

 
$
—

 
$
112

Obligations of states, municipalities and political subdivisions
 
145,834

 
7,990

 
(189
)
 
153,635

Corporate and other securities
 
177,927

 
4,631

 
(194
)
 
182,364

Commercial mortgage and asset-backed securities
 
190,472

 
3,912

 
(478
)
 
193,906

Residential mortgage-backed securities
 
185,298

 
1,960

 
(636
)
 
186,622

Total available-for-sale investments
 
$
699,641

 
$
18,495

 
$
(1,497
)
 
$
716,639

 
 
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:
 
 
September 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
 
$
12,993

 
$
(188
)
 
$
256

 
$
(1
)
 
$
13,249

 
$
(189
)
Corporate and other securities
 
22,122

 
(126
)
 
5,232

 
(68
)
 
27,354

 
(194
)
Commercial mortgage and asset-backed securities
 
35,140

 
(130
)
 
31,802

 
(348
)
 
66,942

 
(478
)
Residential mortgage-backed securities
 
41,691

 
(130
)
 
37,776

 
(506
)
 
79,467

 
(636
)
Total available-for-sale investments
 
$
111,946

 
$
(574
)
 
$
75,066

 
$
(923
)
 
$
187,012

 
$
(1,497
)
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, 2019 are summarized, by contractual maturity, as follows:
 
 
September 30, 2019
 
 
Amortized
 
Estimated
 
 
Cost
 
Fair Value
 
 
(in thousands)
Due in one year or less
 
$
12,905

 
$
12,990

Due after one year through five years
 
110,503

 
113,402

Due after five years through ten years
 
78,077

 
81,102

Due after ten years
 
122,386

 
128,617

Commercial mortgage and asset-backed securities
 
190,472

 
193,906

Residential mortgage-backed securities
 
185,298

 
186,622

Total fixed maturity securities
 
$
699,641

 
$
716,639
Net Investment Income
The following table presents the components of net investment income for the three and nine months ended September 30, 2019 and 2018:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands)
Interest:
 
 
 
 
 
 
 
 
Taxable bonds
 
$
4,050

 
$
2,548

 
$
10,593

 
$
6,548

Tax exempt municipal bonds
 
887

 
1,068

 
2,783

 
3,236

Cash equivalents and short-term investments
 
266

 
327

 
667

 
804

Dividends on equity securities
 
406

 
445

 
1,493

 
1,369

Gross investment income
 
5,609

 
4,388

 
15,536

 
11,957

Investment expenses
 
(344
)
 
(303
)
 
(950
)
 
(861
)
Net investment income
 
$
5,265

 
$
4,085

 
$
14,586

 
$
11,096
Realized Gain (Loss) on Investments
The following table presents realized investment gains and losses for the three and nine months ended September 30, 2019 and 2018:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands)
Fixed-maturity securities:
 
 
 
 
 
 
 
 
Realized gains
 
$
61

 
$
—

 
$
457

 
$
244

Realized losses
 
—

 
(6
)
 
(79
)
 
(10
)
Net realized gains (losses) from fixed-maturity securities
 
61

 
(6
)
 
378

 
234

 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
Realized gains
 
505

 
—

 
539

 
57

Realized losses
 
(381
)
 
—

 
(687
)
 
(11
)
Net realized gains (losses) from equity securities
 
124

 
—

 
(148
)
 
46

Net realized investment gains (losses)
 
$
185

 
$
(6
)
 
$
230

 
$
280