Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments

Schedule of available-for-sale investments

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
September 30, 2022	Cost or Cost		Gains		Losses		Value
	(in thousands)
Fixed maturities:
U.S. Governments	$	52,021	$	—	$	(2,423)	$	49,598
States, territories, and possessions		7,671		—		(958)		6,713
Political subdivisions		4,922		—		(677)		4,245
Special revenue excluding mortgage/asset-backed securities		42,409		—		(6,334)		36,075
Corporate and other		269,308		5		(28,893)		240,420
Mortgage/asset-backed securities		154,661		4		(14,922)		139,743
Total available-for-sale investments	$	530,992	$	9	$	(54,207)	$	476,794

			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
September 30, 2022	Value		Losses		Value		Losses		Value		Losses
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	43,268	$	(1,673)	$	6,330	$	(750)	$	49,598	$	(2,423)
States, territories, and possessions		5,243		(618)		1,470		(340)		6,713		(958)
Political subdivisions		4,245		(677)		—		—		4,245		(677)
Special revenue excluding mortgage/asset-backed securities		31,254		(4,841)		4,821		(1,493)		36,075		(6,334)
Corporate and other		200,092		(21,298)		39,574		(7,595)		239,666		(28,893)
Mortgage/asset-backed securities		131,692		(13,840)		7,813		(1,082)		139,505		(14,922)
Total	$	415,794	$	(42,947)	$	60,008	$	(11,260)	$	475,802	$	(54,207)

	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

	Amortized		Fair
	Cost		Value
	(in thousands)
Due within one year	$	37,321	$	36,730
Due after one year through five years		177,989		165,172
Due after five years through ten years		128,378		109,641
Due after ten years		32,643		25,508
Mortgage and asset-backed securities		154,661		139,743
	$	530,992	$	476,794

Schedule of net investment income

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Interest income	$	3,688	$	2,254	$	9,328	$	6,755
Dividend income		178		104		518		261
Investment expense		(122)		(122)		(384)		(367)
Net investment income	$	3,744	$	2,236	$	9,462	$	6,649

Schedule of net realized and unrealized investment gains and losses

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
		(in thousands)				(in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	2	$	117	$	10	$	335
Gains on sales of equity securities		—		188		—		1,416
Total realized gains		2		305		10		1,751
Realized losses:
Losses on sales of fixed maturity securities		(195)		—		(309)		(1)
Losses on sales of equity securities		—		—		—		—
Total realized losses		(195)		—		(309)		(1)
Net realized investment gains (losses)		(193)		305		(299)		1,750
Net unrealized losses on equity securities		(2,163)		(618)		(8,070)		(2,502)
Net realized and unrealized losses on investments	$	(2,356)	$	(313)	$	(8,369)	$	(752)