Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments [Abstract]

Available-for-sale Investments

The following tables summarize the available-for-sale investments at March 31, 2021 and December 31, 2020:

	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Fixed maturities:
Obligations of states, municipalities and political subdivisions	$	205,744	$	10,349	$	(1,730)	$	214,363
Corporate and other securities	333,572		12,682		(3,428)		342,826
Asset-backed securities	255,544		3,951		(70)		259,425
Commercial mortgage-backed securities	62,519		2,537		(230)		64,826
Residential mortgage-backed securities	217,239		3,562		(2,478)		218,323
Total fixed-maturity investments	$	1,074,618	$	33,081	$	(7,936)	$	1,099,763

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Fixed maturities:
Obligations of states, municipalities and political subdivisions	$	216,181	$	14,792	$	(67)	$	230,906
Corporate and other securities	294,854		21,840		(86)		316,608
Asset-backed securities	236,813		4,230		(382)		240,661
Commercial mortgage-backed securities	66,110		4,886		(27)		70,969
Residential mortgage-backed securities	217,859		4,938		(141)		222,656
Total fixed-maturity investments	$	1,031,817	$	50,686	$	(703)	$	1,081,800

Available-for-sale Securities in an Unrealized Loss Position

The following tables summarize gross unrealized losses and estimated fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position:

	March 31, 2021
	Less than 12 Months				12 Months or Longer				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities:
Obligations of states, municipalities and political subdivisions	$	38,432	$	(1,730)	$	—	$	—	$	38,432	$	(1,730)
Corporate and other securities	114,920		(3,428)		—		—		114,920		(3,428)
Asset-backed securities	25,069		(16)		17,373		(54)		42,442		(70)
Commercial mortgage-backed securities	9,556		(230)		—		—		9,556		(230)
Residential mortgage-backed securities	113,150		(2,423)		5,543		(55)		118,693		(2,478)
Total fixed-maturity investments	$	301,127	$	(7,827)	$	22,916	$	(109)	$	324,043	$	(7,936)

	December 31, 2020
	Less than 12 Months				12 Months or Longer				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities:
Obligations of states, municipalities and political subdivisions	$	6,412	$	(67)	$	—	$	—	$	6,412	$	(67)
Corporate and other securities	3,829		(86)		—		—		3,829		(86)
Asset-backed securities	57,750		(149)		23,825		(233)		81,575		(382)
Commercial mortgage-backed securities	4,971		(27)		—		—		4,971		(27)
Residential mortgage-backed securities	46,869		(129)		266		(12)		47,135		(141)
Total fixed-maturity investments	$	119,831	$	(458)	$	24,091	$	(245)	$	143,922	$	(703)

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, 2021 are summarized, by contractual maturity, as follows:

	March 31, 2021
	Amortized		Estimated
	Cost		Fair Value
	(in thousands)
Due in one year or less	$	11,278	$	11,466
Due after one year through five years	124,996		131,847
Due after five years through ten years	171,090		177,032
Due after ten years	231,952		236,844
Asset-backed securities	255,544		259,425
Commercial mortgage-backed securities	62,519		64,826
Residential mortgage-backed securities	217,239		218,323
Total fixed-maturity securities	$	1,074,618	$	1,099,763

Net Investment Income

The following table presents the components of net investment income for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
	(in thousands)
Interest:
Taxable bonds	$	5,729	$	4,611
Tax exempt municipal bonds	885		915
Cash equivalents and short-term investments	1		250
Dividends on equity securities	869		575
Gross investment income	7,484		6,351
Investment expenses	(542)		(391)
Net investment income	$	6,942	$	5,960

Realized Gain (Loss) on Investments

The following table presents realized investment gains and losses for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
	(in thousands)
Fixed-maturity securities:
Realized gains	$	1,199	$	787
Realized losses	(1)		(23)
Net realized gains from fixed-maturity securities	1,198		764
Realized gains from the sales of short-term investments	—		12
Net realized investment gains	$	1,198	$	776