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Investments (Tables)
6 Months Ended
Jun. 30, 2022
Investments  
Schedule of available-for-sale investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Gross

    

Gross

    

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

June 30, 2022

​

Cost or Cost

​

Gains

​

Losses

​

Value

​

 

(in thousands)

Fixed maturities:

 

​

​

 

​

  

 

​

  

 

​

  

U.S. Governments

​

$

46,397

​

$

3

​

$

(1,232)

​

$

45,168

States, territories, and possessions

​

 

5,866

​

 

74

​

 

(360)

​

 

5,580

Political subdivisions

​

 

6,744

​

 

7

​

 

(707)

​

​

6,043

Special revenue excluding mortgage/asset-backed securities

​

 

43,126

​

 

5

​

 

(4,154)

​

 

38,977

Corporate and other

​

 

265,896

​

 

121

​

 

(19,610)

​

 

246,407

Mortgage/asset-backed securities

​

 

145,137

​

 

53

​

 

(8,889)

​

 

136,301

Total available-for-sale investments

​

$

513,166

​

$

263

​

$

(34,952)

​

$

478,477

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Gross

    

Gross

    

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

December 31, 2021

​

Cost or Cost

​

Gains

​

Losses

​

Value

​

 

(in thousands)

Fixed maturities:

 

​

  

 

​

  

 

​

  

 

​

  

U.S. Governments

​

$

16,713

​

$

347

​

$

(190)

​

$

16,870

States, territories, and possessions

​

 

3,789

​

 

288

​

 

(63)

​

 

4,014

Political subdivisions

​

 

6,295

​

 

107

​

 

(22)

​

 

6,380

Special revenue excluding mortgage/asset-backed securities

​

 

43,301

​

 

1,273

​

 

(76)

​

 

44,498

Corporate and other

​

 

245,064

​

 

5,873

​

​

(1,891)

​

 

249,046

Mortgage/asset-backed securities

​

 

110,960

​

 

1,377

​

 

(463)

​

 

111,874

Total available-for-sale investments

​

$

426,122

​

$

9,265

​

$

(2,705)

​

$

432,682

Schedule of aggregate fair value and gross unrealized losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than 12 Months

​

More Than 12 Months

​

Total

​

    

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

June 30, 2022

​

Value

​

Losses

​

Value

​

Losses

​

Value

​

Losses

​

​

(in thousands)

Fixed maturity securities:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

U.S. Governments

 

$

37,120

​

$

(659)

​

$

6,478

​

$

(573)

​

$

43,598

​

$

(1,232)

States, territories, and possessions

 

​

1,669

​

​

(360)

​

 

—

​

 

—

​

 

1,669

​

 

(360)

Political subdivisions

 

​

4,015

​

​

(435)

​

 

1,546

​

 

(272)

​

 

5,561

​

 

(707)

Special revenue excluding mortgage/asset-backed securities

 

​

37,841

​

​

(4,154)

​

 

—

​

 

—

​

 

37,841

​

 

(4,154)

Corporate and other

 

​

203,674

​

​

(16,868)

​

 

15,103

​

 

(2,742)

​

 

218,777

​

 

(19,610)

Mortgage/asset-backed securities

 

​

123,990

​

​

(8,209)

​

 

6,240

​

 

(680)

​

 

130,230

​

 

(8,889)

Total

​

$

408,309

​

$

(30,685)

​

$

29,367

​

$

(4,267)

​

$

437,676

​

$

(34,952)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than 12 Months

​

More Than 12 Months

​

Total

​

    

Fair

    

Unrealized

    

Fair

    

Unrealized

    

Fair

    

Unrealized

December 31, 2021

​

Value

​

Losses

​

Value

​

Losses

​

Value

​

Losses

​

​

(in thousands)

Fixed maturity securities:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

U.S. Governments

​

$

5,968

​

$

(147)

​

$

1,457

​

$

(43)

​

$

7,425

​

$

(190)

States, territories, and possessions

​

 

1,444

​

​

(63)

​

 

—

​

 

—

​

 

1,444

​

 

(63)

Political subdivisions

​

 

1,815

​

​

(22)

​

 

—

​

 

—

​

 

1,815

​

 

(22)

Special revenue excluding mortgage/asset-backed securities

​

 

6,280

​

​

(76)

​

 

—

​

 

—

​

 

6,280

​

 

(76)

Corporate and other

​

 

94,020

​

​

(1,468)

​

 

5,570

​

 

(423)

​

 

99,590

​

 

(1,891)

Mortgage/asset-backed securities

​

 

51,246

​

​

(412)

​

 

2,319

​

 

(51)

​

 

53,565

​

 

(463)

Total

​

$

160,773

​

$

(2,188)

​

$

9,346

​

$

(517)

​

$

170,119

​

$

(2,705)

Schedule of contractual maturities of available-for-sale securities

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​

​

​

​

​

​

​

​

    

Amortized

    

Fair

​

​

Cost

​

Value

​

 

(in thousands)

Due within one year

​

$

32,742

​

$

32,461

Due after one year through five years

​

 

174,358

​

 

166,479

Due after five years through ten years

​

 

126,703

​

 

114,076

Due after ten years

​

 

34,226

​

 

29,160

Mortgage and asset-backed securities

​

 

145,137

​

 

136,301

​

​

$

513,166

​

$

478,477

Schedule of net investment income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Three Months Ended

​

Six Months Ended

​

​

June 30, 

​

June 30, 

​

    

2022

    

2021

    

2022

    

2021

​

 

(in thousands)

 

(in thousands)

Interest income

​

$

3,082

​

$

2,262

​

$

5,640

​

$

4,501

Dividend income

​

 

185

​

 

58

​

 

340

​

 

157

Investment expense

​

 

(127)

​

 

(126)

​

 

(261)

​

 

(245)

Net investment income

​

$

3,140

​

$

2,194

​

$

5,719

​

$

4,413

Schedule of net realized and unrealized investment gains and losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

 

Six Months Ended

​

​

June 30, 

 

June 30, 

​

    

2022

    

2021

 

2022

    

2021

​

​

 

(in thousands)

​

 

(in thousands)

Realized gains:

​

 

  

​

 

  

​

 

  

​

 

  

Gains on sales of fixed maturity securities

​

$

7

​

$

166

​

$

10

​

$

218

Gains on sales of equity securities

​

 

—

​

 

420

​

 

—

​

 

1,229

Total realized gains

​

 

7

​

 

586

​

 

10

​

 

1,447

Realized losses:

​

 

  

​

 

  

​

 

  

​

 

  

Losses on sales of fixed maturity securities

​

 

(116)

​

 

—

​

 

(116)

​

​

(2)

Losses on sales of equity securities

​

 

—

​

 

—

​

 

—

​

​

—

Total realized losses

​

 

(116)

​

 

—

​

 

(116)

​

 

(2)

Net realized investment gains (losses)

​

 

(109)

​

 

586

​

 

(106)

​

 

1,445

Net unrealized gains (losses) on equity securities

​

 

(4,626)

​

 

(286)

​

 

(5,908)

​

 

(1,884)

Net realized and unrealized gains (losses) on investments

​

$

(4,735)

​

$

300

​

$

(6,014)

​

$

(439)