Marketable Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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 March 31, 2022 and December 31, 2021:


	March 31, 2022
	Amortized Cost/ Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasuries	$	—	$	—	$	—	$	—
Corporate bonds	30,216		2		(114)		30,104
Municipal bonds	21,990		5		(40)		21,955
Commercial paper	19,997		—		—		19,997
Foreign governments	2,491		2		(21)		2,472
Total Fixed Maturity Debt Securities	$	74,694	$	9	$	(175)	$	74,528


	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

The amortized cost and fair value of the Company’s fixed maturity debt securities as of March 31, 2022 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	$	73,667	$	73,557
Due after one year through five years	731		694
Due after five years through ten years	296		277
Total	$	74,694	$	74,528

The following tables summarize the Company’s gross unrealized losses in fixed maturity securities as of March 31, 2022 and December 31, 2021:


			March 31, 2022
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds	$	29,890	$	(98)	$	209	$	(16)	$	30,099	$	(114)
Municipal bonds	19,289		(32)		133		(8)		19,422		(40)
Foreign governments	2,236		(18)		117		(3)		2,353		(21)
Total Fixed Maturity Debt Securities	$	51,415	$	(148)	$	459	$	(27)	$	51,874	$	(175)


			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)

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 March 31, 2022, the Company’s fixed maturity portfolio had 16 securities with gross unrealized losses totaling $27 that had been in loss positions in excess of 12 months and 99 securities with gross unrealized losses totaling $148 that had been in loss positions less than 12 months. No single issuer had a gross unrealized loss position greater than $21, or 0.7% of its amortized cost. 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 (actual), or 0.4% of its amortized cost.

The following tables summarize cost and fair values of the Company’s investments in equity securities as of March 31, 2022 and December 31, 2021:


	March 31, 2022
	Cost		Fair Value
Equity securities	$	430	$	552


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

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 three months ended March 31, 2022 and 2021 consisted of the following:


	March 31, 2022
	Proceeds		Gross Realized Gains		Gross Realized Losses		Net Realized Gain
Fixed maturity debt securities	$	64,911	$	—	$	—	$	—
Equity securities	—		—		—		—
Total Marketable Securities	$	64,911	$	—	$	—	$	—


	March 31, 2021
	Proceeds		Gross Realized Gains		Gross Realized Losses		Net Realized Gain
Fixed maturity debt securities	$	59	$	—	$	—	$	—
Equity securities	—		—		—		—
Total Marketable Securities	$	59	$	—	$	—	$	—