Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	2020
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	30,762	$	1,381	$	26	$	29,407
Obligations of states and political subdivisions		11,802		898		—		10,904
Corporate securities:
Utilities and telecom		30,359		4,423		—		25,936
Financial services		78,258		9,811		6		68,453
Other business – diversified		41,145		5,689		15		35,471
Other consumer – diversified		61,530		9,479		47		52,098
Total corporate securities		211,292		29,402		68		181,958
Redeemable preferred stocks:
Other consumer – diversified		250		58		—		192
Total redeemable preferred stocks		250		58		—		192
Total fixed maturities	$	254,106	$	31,739	$	94	$	222,461

	2019
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	20,259	$	467	$	53	$	19,845
Obligations of states and political subdivisions		11,940		371		53		11,622
Corporate securities:
Utilities and telecom		26,648		2,404		32		24,276
Financial services		73,917		4,249		57		69,725
Other business – diversified		41,706		2,335		98		39,469
Other consumer – diversified		57,752		3,702		54		54,104
Total corporate securities		200,023		12,690		241		187,574
Redeemable preferred stocks:
Other consumer – diversified		250		58		—		192
Total redeemable preferred stocks		250		58		—		192
Total fixed maturities	$	232,472	$	13,586	$	347	$	219,233

Bonds having an amortized cost of $10,670 and $10,669 and included in the tables above were on deposit with insurance regulatory authorities at December 31, 2020 and 2019, respectively, in accordance with statutory requirements. Additionally, bonds having an amortized cost of $1,997 and $0 and included in the tables above were pledged as collateral to FHLB at December 31, 2020 and 2019, respectively.

	2020
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		2,111		351		—		1,760
Other business – diversified		16,605		11,972		—		4,633
Total equity securities	$	18,716	$	12,323	$	—	$	6,393

	2019
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		3,159		624		—		2,535
Other business – diversified		19,763		15,130		—		4,633
Total equity securities	$	22,922	$	15,754	$	—	$	7,168

Amortized Cost and Carrying Value of Fixed Maturities by Contractual Maturity

The carrying value and amortized cost of the Company’s investments in fixed maturities at December 31, 2020 and 2019 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	2020				2019
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	2,041	$	2,015	$	—	$	—
Due after one year through five years		18,373		17,039		14,664		14,280
Due after five years through ten years		89,892		79,993		77,934		73,521
Due after ten years		124,609		104,527		130,680		122,321
Asset backed securities		19,191		18,887		9,194		9,111
Totals	$	254,106	$	222,461	$	232,472	$	219,233

Investment Securities with Continuous Unrealized Loss Position

The following tables present the Company’s unrealized loss aging for securities by type and length of time the security was in a continuous unrealized loss position as of December 31, 2020 and 2019.

	2020
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	7,045	$	26	$	—	$	—	$	7,045	$	26
Corporate securities		4,602		68		—		—		4,602		68
Total temporarily impaired securities	$	11,647	$	94	$	—	$	—	$	11,647	$	94

	2019
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	3,432	$	22	$	3,533	$	31	$	6,965	$	53
Obligations of states and political subdivisions		3,106		53		—		—		3,106		53
Corporate securities		23,245		145		2,504		96		25,749		241
Total temporarily impaired securities	$	29,783	$	220	$	6,037	$	127	$	35,820	$	347

Investment Income Earned

Investment income was earned from the following sources:

	2020			2019
Fixed maturities	$	8,646		$	8,485
Equity securities		141			282
Other		(788	)		319
		7,999			9,086
Investment expenses		255			107
Net investment income	$	7,744		$	8,979

Summary of Realized Investment Gains (Losses)

A summary of realized investment gains (losses) follows:

	2020
	Fixed Maturities			Equity Securities			Other Invested Assets		Total
Gains	$	835		$	88		$	6,948	$	7,871
Losses		(450	)		(1	)		—		(451	)
Realized investment gains, net	$	385		$	87		$	6,948	$	7,420

	2019
	Fixed Maturities			Equity Securities		Other Invested Assets		Total
Gains	$	2,003		$	1,221	$	—	$	3,224
Losses		(1,650	)		—		—		(1,650	)
Realized investment gains, net	$	353		$	1,221	$	—	$	1,574

Proceeds from Sales of Investments

Proceeds from the sales of available-for-sale fixed maturities were as follows:

	2020			2019
Sales proceeds	$	18,504		$	117,530
Gross gains		835			2,003
Gross losses		(450	)		(1,650	)

Proceeds from the sales of available-for-sale equity securities were as follows:

	2020			2019
Sales proceeds	$	5		$	2,568
Gross gains		—			1,113
Gross losses		(1	)		—

Unrealized Gains (Losses) on Equity Securities

The following table presents the portion of unrealized gains (losses) related to equity securities still held for the years ended December 31, 2020 and 2019.

	2020			2019
Net realized and unrealized gains (losses) recognized during the period on equity securities	$	(3,344	)	$	6,732
Less: Net realized gains (losses) recognized during the period on equity securities sold during the period		87			1,221
Unrealized gains (losses) on equity securities, net	$	(3,431	)	$	5,511