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Investments In Securities and Fair Value (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities

The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturity securities by major classification are as follows:


As of June 30, 2021 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions	$	17,274	$	1,083	$	—	$	18,357
Special revenue issuer obligations of U.S. states, territories and political subdivisions	43,468		2,900		2		46,366
Corporate debt securities	23,226		1,050		17		24,259
Total	$	83,968	$	5,033	$	19	$	88,982


As of December 31, 2020 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations	$	24,026	$	57	$	—	$	24,083
General obligations of U.S. states, territories and political subdivisions	17,391		1,262		—		18,653
Special revenue issuer obligations of U.S. states, territories and political subdivisions	44,939		3,270		3		48,206
Corporate debt securities	25,681		1,114		24		26,771
Total	$	112,037	$	5,703	$	27	$	117,713

The cost and estimated fair value of equity securities are as follows:


As of June 30, 2021 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	29,406	$	69,915
Total	$	29,406	$	69,915


As of December 31, 2020 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	32,478	$	64,919
Total	$	32,478	$	64,919

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at June 30, 2021 are as follows:


	Available-for-Sale
(in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	24,443	$	24,586
Due one year through five years	47,393		50,670
Due five years through ten years	11,313		12,338
Due after ten years	819		1,388
Total	$	83,968	$	88,982

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on fixed maturity securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2021 and December 31, 2020:


	Less than 12 Months				12 Months or Longer				Total
As of June 30, 2021 (in thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	—	$	—	$	1,103	$	(2)	$	1,103	$	(2)
Corporate debt securities	17,887		(17)		—		—		17,887		(17)
Total temporarily impaired securities	$	17,887	$	(17)	$	1,103	$	(2)	$	18,990	$	(19)


	Less than 12 Months				12 Months or Longer				Total
As of December 31, 2020 (in thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	—	$	—	$	1,103	$	(3)	$	1,103	$	(3)
Corporate debt securities	20,630		(24)		—		—		20,630		(24)
Total temporarily impaired securities	$	20,630	$	(24)	$	1,103	$	(3)	$	21,733	$	(27)

Schedule Of Gross Realized Gains And Losses On Securities

Gross realized gains and losses on sales of investments for the six-month periods ended June 30 are summarized as follows:


(in thousands)	2021		2020
Gross realized gains from securities:
Corporate debt securities	$	53	$	30
Common stocks	1,079		1,574
Total	$	1,132	$	1,604
Gross realized losses from securities:
Corporate debt securities	$	(24)	$	—
Common stocks	(606)		(1,008)
Other-than-temporary impairment of securities	—		(482)
Total	$	(630)	$	(1,490)
Net realized gains from securities	$	502	$	114
Gross realized gains (losses) on other investments:
Gains on other investments	$	1	$	32
Losses on other investments	—		(5)
Total	$	1	$	27
Net realized investment gains	$	503	$	141

Schedule of Variable Interest Entities

The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of June 30, 2021:


(in thousands)	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss (a)
Tax credit LPs	Other investments	$	276	$	276	$	1,768
Real estate LLCs or LPs	Other investments	5,034		5,177		7,750
Small business investment LPs	Other investments	7,427		7,177		13,295
Total		$	12,737	$	12,630	$	22,813


(a)						Maximum potential loss is calculated as the total investment in the LLC or LP, including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment.

Schedule Of Fair Value Assets Measured On Recurring Basis

The following table presents, by level, fixed maturity securities carried at estimated fair value as of June 30, 2021 and December 31, 2020:


As of June 30, 2021 (in thousands)	Level 1		Level 2 *		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions	$	—	$	64,723	$	—	$	64,723
Corporate debt securities	—		24,259		—		24,259
Total	$	—	$	88,982	$	—	$	88,982


As of December 31, 2020 (in thousands)	Level 1		Level 2 *		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions	$	24,083	$	66,859	$	—	$	90,942
Corporate debt securities	—		26,771		—		26,771
Total	$	24,083	$	93,630	$	—	$	117,713

*Denotes fair market value obtained from pricing services.

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The following table presents, by level, estimated fair values of equity investments and other financial instruments as of June 30, 2021 and December 31, 2020:


As of June 30, 2021 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	31,583	$	—	$	—	$	31,583
Accrued interest and dividends	850		—		—		850
Equity securities, at fair value:
Common stocks	69,915		—		—		69,915
Short-term investments:
Money market funds and commercial paper	44,446		—		—		44,446
Other investments:
Equity investments in unconsolidated affiliates, equity method	—		—		6,209		6,209
Equity investments in unconsolidated affiliates, measurement alternative	—		—		8,822		8,822
Total	$	146,794	$	—	$	15,031	$	161,825


As of December 31, 2020 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	13,723	$	—	$	—	$	13,723
Accrued interest and dividends	1,038		—		—		1,038
Equity securities, at fair value:
Common stocks	64,919		—		—		64,919
Short-term investments:
Money market funds, Treasury bills, commercial paper and certificates of deposit	15,170		—		—		15,170
Other investments:
Equity investments in unconsolidated affiliates, equity method	—		—		6,752		6,752
Equity investments in unconsolidated affiliates, measurement alternative	—		—		8,741		8,741
Total	$	94,850	$	—	$	15,493	$	110,343

Schedule of Cost Method Investments

The following table presents a rollforward of equity investments under the measurement alternative as of June 30, 2021 and December 31, 2020:


(in thousands)	Balance, December 31, 2020		Amounts Impaired		Observable Changes		Purchases and Additional Commitments Paid		Sales, Returns of Capital and Other Reductions		Balance, June 30, 2021
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	8,741	$	—	$	—	$	345	$	(264)	$	8,822
Total	$	8,741	$	—	$	—	$	345	$	(264)	$	8,822


(in thousands)	Balance, December 31, 2019		Amounts Impaired		Observable Changes		Purchases and Additional Commitments Paid		Sales, Returns of Capital and Other Reductions		Balance, December 31, 2020
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	7,899	$	—	$	—	$	1,227	$	(385)	$	8,741
Total	$	7,899	$	—	$	—	$	1,227	$	(385)	$	8,741

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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