Investments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Available for Sale Investments

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value
June 30, 2022:
Fixed maturities:
Bonds:
U.S. government obligations	$	1,825	$	262	$	58	$	2,029
Mortgage-backed securities		151,686		205		9,869		142,022
Asset-backed securities		39,680		166		2,778		37,068
Collateralized loan obligations		230,551		256		12,481		218,326
States and political subdivisions-general obligations		222		—		19		203
States and political subdivisions-special revenue		130		1		—		131
Corporate		39,575		412		4,955		35,032
Term loans		445,164		3,310		347		448,127
Redeemable preferred stock		14,230		53		2,750		11,533
Total fixed maturities	$	923,063	$	4,665	$	33,257	$	894,471
Mortgage loans on real estate, held for investment		193,902		—		—		193,902
Derivatives		23,561		1,966		18,337		7,190
Federal Home Loan Bank (FHLB) stock		500		—		—		500
Equity securities		12,762		—		837		11,925
Other invested assets		67,806		3,373		9		71,170
Investment escrow		1,491		—		—		1,491
Preferred stock		18,919		3,153		—		22,072
Notes receivable		6,111		—		—		6,111
Policy loans		22		—		—		22
Total investments	$	1,248,137	$	13,157	$	52,440	$	1,208,854
December 31, 2021:
Fixed maturities:
Bonds:
U.S. government obligations	$	1,855	$	32	$	5	$	1,882
Mortgage-backed securities		55,667		368		755		55,280
Asset-backed securities		24,675		443		167		24,951
Collateralized loan obligations		272,446		2,928		851		274,523
States and political subdivisions-general obligations		105		9		—		114
States and political subdivisions-special revenue		4,487		1,129		4		5,612
Corporate		35,392		1,846		99		37,139
Term loans		268,794		441		1,767		267,468
Trust preferred		2,218		19		—		2,237
Redeemable preferred stock		14,282		53		245		14,090
Total fixed maturities	$	679,921	$	7,268	$	3,893	$	683,296
Mortgage loans on real estate, held for investment		183,203		—		—		183,203
Derivatives		18,654		6,391		2,023		23,022
Federal Home Loan Bank (FHLB) stock		500		—		—		500
Equity securities		22,158		—		289		21,869
Other invested assets		34,491		813		11		35,293
Investment escrow		3,611		—		—		3,611
Preferred stock		14,885		3,801		—		18,686
Notes receivable		5,960		—		—		5,960
Policy loans		87		—		—		87
Total investments	$	963,470	$	18,273	$	6,216	$	975,527

Schedule of credit ratings of fixed maturity securities

	June 30, 2022				December 31, 2021
	Carrying				Carrying
(In thousands)	Value		Percent		Value		Percent
AAA and U.S. Government	$	8,168	0.9	%	$	2,674	0.4	%
AA		452	0.1			482	0.1
A		308,991	34.5			168,141	24.6
BBB		545,247	61.0			462,699	67.7
Total investment grade		862,858	96.5			633,996	92.8
BB and below		31,613	3.5			49,300	7.2
Total	$	894,471	100.0	%	$	683,296	100.0	%

Schedule of Unrealized Loss of Securities

The following table summarizes, for all fixed maturity securities in an unrealized loss position as of June 30, 2022, and December 31, 2021, the estimated fair value, pre-tax gross unrealized loss, and number of securities by consecutive months they have been in an unrealized loss position.

	June 30, 2022						December 31, 2021
			Gross		Number				Gross		Number
	Estimated		Unrealized		of		Estimated		Unrealized		of
(In thousands)	Fair Value		Loss		Securities(1)		Fair Value		Loss		Securities(1)
Fixed Maturities:
Less than 12 months:
U.S. government obligations	$	1,324	$	44		11	$	104	$	2		1
Mortgage-backed securities		129,114		9,869		59		35,403		755		35
Asset-backed securities		31,742		2,778		32		12,355		167		13
Collateralized loan obligations		195,384		11,683		25		90,731		851		115
States and political subdivisions-general obligations		136		10		7		—		—		—
States and political subdivisions-special revenue		—		—		—		217		4		1
Term loans		448,127		347		240		105,677		1,767		47
Redeemable preferred stock		11,532		2,750		9		10,837		245		6
Corporate		30,910		4,284		66		2,367		73		9
Greater than 12 months:
U.S. government obligations		152		14		4		66		3		3
Collateralized loan obligations		9,807		798		5		—		—		—
States and political subdivisions-special revenue		67		9		2		—		—		—
Corporate		1,538		671		7		324		26		2
Total fixed maturities	$	859,833	$	33,257		467	$	258,081	$	3,893		232

(1)We may reflect a security in more than one aging category based on various purchase dates.

Schedule of Fixed Maturities

	Amortized		Estimated
(In thousands)	Cost		Fair Value
Due in one year or less	$	30,870	$	30,505
Due after one year through five years		443,417		440,196
Due after five years through ten years		348,824		333,739
Due after ten years through twenty years		55,342		51,367
Due after twenty years		39,610		34,586
No maturity		5,000		4,078
	$	923,063	$	894,471

Schedule of investment in mortgage loans

(In thousands)	June 30, 2022		December 31, 2021
Loan-to-Value Ratio:
0%-59.99%	$	110,995	$	91,104
60%-69.99%		34,050		42,819
70%-79.99%		37,323		44,106
80% or greater		11,534		5,174
Total mortgage loans	$	193,902	$	183,203

Components of net investment income

	Three months ended June 30,				Six months ended June 30,
(In thousands)	2022		2021		2022		2021
Fixed maturities	$	15,347	$	4,088	$	20,393	$	7,068
Mortgage loans		2,963		367		3,246		540
Other invested assets		3,705		96		2,632		152
Other interest income		(9,220)		81		(6,902)		152
Gross investment income		12,795		4,632		19,369		7,912
Less: investment expenses		(2,254)		(1,412)		(2,586)		(1,805)
Investment income, net of expenses	$	10,541	$	3,220	$	16,783	$	6,107

Mortgage-back securities

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Mortgage Loan Activity

(In thousands)	June 30, 2022			December 31, 2021
1-4 Family	$	69,004	$	72,324
Hospitality		12,717		12,822
Land		32,522		15,904
Multifamily (5+)		27,497		31,583
Retail		17,909		17,655
Other		34,253		32,915
Total mortgage loans	$	193,902	$	183,203