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Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments [Abstract]  
Available-for-sale Investments
The following tables summarize the Company’s available-for-sale investments:
 
 
December 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
 
166,312

 
7,542

 
(961
)
 
172,893

Corporate and other securities
 
180,287

 
4,736

 
(255
)
 
184,768

Commercial mortgage and asset-backed securities
 
195,750

 
2,930

 
(710
)
 
197,970

Residential mortgage-backed securities
 
172,358

 
1,819

 
(388
)
 
173,789

Total available-for-sale investments
 
$
714,817

 
$
17,029

 
$
(2,314
)
 
$
729,532

 
 
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 a 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 securities by length of time that the securities have continuously been in an unrealized loss position:
 
 
December 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:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government agencies
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Obligations of states, municipalities and political subdivisions
 
28,997

 
(961
)
 
254

 
—

 
29,251

 
(961
)
Corporate and other securities
 
22,409

 
(251
)
 
1,509

 
(4
)
 
23,918

 
(255
)
Commercial mortgage and asset-backed securities
 
37,723

 
(303
)
 
46,623

 
(407
)
 
84,346

 
(710
)
Residential mortgage-backed securities
 
36,986

 
(148
)
 
24,815

 
(240
)
 
61,801

 
(388
)
Total available-for-sale investments
 
$
126,115

 
$
(1,663
)
 
$
73,201

 
$
(651
)
 
$
199,316

 
$
(2,314
)
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, 2019 are summarized, by contractual maturity, as follows:
 
 
Amortized
 
Estimated
 
 
Cost
 
Fair Value
 
 
(in thousands)
Due in one year or less
 
$
9,940

 
$
9,990

Due after one year through five years
 
115,480

 
118,611

Due after five years through ten years
 
79,235

 
82,314

Due after ten years
 
142,054

 
146,858

Commercial mortgage and asset-backed securities
 
195,750

 
197,970

Residential mortgage-backed securities
 
172,358

 
173,789

Total fixed maturities
 
$
714,817

 
$
729,532
Net Investment Income
The following table presents the components of net investment income:
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
 
 
(in thousands)
Interest:
 
 
 
 
 
 
Taxable bonds
 
$
14,853

 
$
9,474

 
$
6,233

Municipal bonds (tax exempt)
 
3,692

 
4,298

 
3,619

Cash equivalents and short-term investments
 
842

 
1,017

 
678

Dividends on equity securities
 
2,136

 
2,014

 
1,041

Gross investment income
 
21,523

 
16,803

 
11,571

Investment expenses
 
(1,390
)
 
(1,115
)
 
(1,002
)
Net investment income
 
$
20,133

 
$
15,688

 
$
10,569
Schedule of Realized Gain (Loss)
The following table presents realized investment gains and losses:
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
 
 
(in thousands)
Fixed-maturity securities:
 
 
 
 
 
 
Realized gains
 
$
567

 
$
263

 
$
220

Realized losses
 
(79
)
 
(17
)
 
(69
)
Net realized gains from fixed-maturity securities
 
488

 
246

 
151

 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
Realized gains
 
556

 
57

 
—

Realized losses
 
(688
)
 
(22
)
 
—

Net realized gains (losses) from equity securities
 
(132
)
 
35

 
—

 
 
 
 
 
 
 
Short-term securities - realized gain
 
3

 
—

 
—

Net realized investment gains
 
$
359

 
$
281

 
$
151