Marketable Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

The Company began investing in debt securities with fixed maturities and equity securities during February 2020. The following table summarizes amortized cost, gross unrealized gains and losses and fair values of the Company’s investments in fixed maturity debt securities as of December 31, 2021 and December 31, 2020:


	December 31, 2021
	Amortized Cost/ Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasuries	$	—	$	—	$	—	$	—
Corporate bonds	57,460		—		(72)		57,388
Municipal bonds	28,325		5		(10)		28,320
Commercial paper	19,989		—		—		19,989
Foreign governments	12,291		2		(18)		12,275
Total Fixed Maturity Debt Securities	$	118,065	$	7	$	(100)	$	117,972


	December 31, 2020
	Amortized Cost/ Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasuries	$	240	$	6	$	—	$	246
Corporate bonds	261		5		(1)		265
U.S. states, territories and political subdivisions	141		5		—		146
Total Fixed Maturity Debt Securities	$	642	$	16	$	(1)	$	657

The amortized cost and fair value of the Company’s fixed maturity debt securities as of December 31, 2021 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost		Fair Value
Due in one year or less	$	116,114	$	116,031
Due after one year through five years	1,593		1,585
Due after five years through ten years	358		356
Total	$	118,065	$	117,972

The following tables summarize the Company’s gross unrealized losses in fixed maturity debt securities as of December 31, 2021 and December 31, 2020:


			December 31, 2021
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds	$	56,902	$	(69)	$	376	$	(3)	$	57,278	$	(72)
Municipal bonds	19,945		(7)		340		(3)		20,285		(10)
Foreign governments	12,152		(18)		—		—		12,152		(18)
Total Fixed Maturity Debt Securities	$	88,999	$	(94)	$	716	$	(6)	$	89,715	$	(100)


			December 31, 2020
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds	$	39	$	(1)	$	—	$	—	$	39	$	(1)
Total Fixed Maturity Debt Securities	$	39	$	(1)	$	—	$	—	$	39	$	(1)

Unrealized losses shown in the tables above are believed to be temporary. Fair value of investments in fixed maturity debt securities change and are based primarily on market rates. As of December 31, 2021, the Company’s fixed maturity portfolio had 23 securities with gross unrealized losses totaling $(6) that had been in loss positions in excess of 12 months and 106 securities with gross unrealized losses totaling $(94) that had been in loss positions less than 12 months. No single issuer had a gross unrealized loss position greater than $12, or 0.4% of its amortized cost. As of December 31, 2020, the Company’s fixed maturity portfolio had no securities with gross unrealized losses that had been in loss positions in excess of 12 months and 2 securities with gross unrealized losses totaling $1 that had been in loss positions less than 12 months. No single issuer had a gross unrealized loss position greater than $325 (actual), or 1.6% of its amortized cost.

The following tables summarize cost and fair values of the Company’s investments in equity securities as of December 31, 2021 and December 31, 2020:


	December 31, 2021
	Cost		Fair Value
Equity securities	$	432	$	558


	December 31, 2020
	Cost		Fair Value
Equity securities	$	335	$	375

Proceeds from sales and maturities, gross realized gains, gross realized losses and net realized gains (losses) from sales and maturities of fixed maturity securities for the years ended December 31, 2021 and 2020 consisted of the following:


	December 31, 2021
	Proceeds		Gross Realized Gains		Gross Realized Losses		Net Realized Gain
Fixed maturity debt securities	$	239,930	$	7	$	—	$	7
Equity securities	1		—		—		—
Total Marketable Securities	$	239,931	$	7	$	—	$	7


	December 31, 2020
	Proceeds		Gross Realized Gains		Gross Realized Losses		Net Realized Gain
Fixed maturity debt securities	$	18	$	—	$	—	$	—
Equity securities	50		1		(2)		(1)
Total Marketable Securities	$	68	$	1	$	(2)	$	(1)