Investments (Tables)

9 Months Ended

Sep. 30, 2021

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	September 30, 2021
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	42,235	$	837	$	195	$	41,593
Obligations of states and political subdivisions		11,760		862		—		10,898
Corporate securities:
Utilities and telecom		30,439		3,098		27		27,368
Financial services		73,138		7,509		65		65,694
Other business – diversified		40,429		4,833		110		35,706
Other consumer – diversified		58,760		7,338		101		51,523
Total corporate securities		202,766		22,778		303		180,291
Redeemable preferred stocks:
Other consumer – diversified		250		58		—		192
Total redeemable preferred stocks		250		58		—		192
Total fixed maturities	$	257,011	$	24,535	$	498	$	232,974

	December 31, 2020
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or 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

Bonds having an amortized cost of $10,923 and $10,670 and included in the tables above were on deposit with insurance regulatory authorities as of September 30, 2021 and December 31, 2020, respectively, in accordance with statutory requirements. Additionally, bonds having an amortized cost of $5,898 and $1,997 and included in the tables above were pledged as collateral to the Federal Home Loan Bank of Atlanta ("FHLB") at September 30, 2021 and December 31, 2020, respectively.

Equity securities were comprised of the following:

	September 30, 2021
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	754	$	480	$	—	$	274
Other business – diversified		21,934		17,301		—		4,633
Total equity securities	$	22,688	$	17,781	$	—	$	4,907

	December 31, 2020
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		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

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 September 30, 2021 and December 31, 2020 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.

	September 30, 2021				December 31, 2020
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	2,510	$	2,500	$	2,041	$	2,015
Due after one year through five years		21,419		20,060		18,373		17,039
Due after five years through ten years		80,244		73,420		89,892		79,993
Due after ten years		122,463		106,667		124,609		104,527
Asset backed securities		30,375		30,327		19,191		18,887
Totals	$	257,011	$	232,974	$	254,106	$	222,461

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 September 30, 2021 and December 31, 2020.

	September 30, 2021
	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	$	15,275	$	195	$	—	$	—	$	15,275	$	195
Corporate securities		6,166		162		1,923		141		8,089		303
Total temporarily impaired securities	$	21,441	$	357	$	1,923	$	141	$	23,364	$	498

	December 31, 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

Summary of Realized Investment Gains

The following tables summarize realized investment gains for the three month and nine month periods ended September 30, 2021 and 2020.

	Three Months Ended September 30, 2021
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	349	$	—	$	—	$	349
Losses		—		—		—		—
Realized investment gains, net	$	349	$	—	$	—	$	349

	Three Months Ended September 30, 2020
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	95	$	88	$	—	$	183
Losses		—		—		—		—
Realized investment gains, net	$	95	$	88	$	—	$	183

	Nine Months Ended September 30, 2021
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	520	$	—	$	—	$	520
Losses		—		—		—		—
Realized investment gains, net	$	520	$	—	$	—	$	520

	Nine Months Ended September 30, 2020
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	344	$	88	$	—	$	432
Losses		—		—		—		—
Realized investment gains, net	$	344	$	88	$	—	$	432

Unrealized Gains (Losses) on Equity Securities

The following table presents the portion of unrealized gains (losses) related to equity securities still held for the three month and nine month periods ended September 30, 2021 and 2020.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020			2021		2020
Net realized and unrealized gains (losses) recognized during the period on equity securities	$	711	$	(643	)	$	5,458	$	(7,743	)
Less: Net realized gains recognized during the period on equity securities sold during the period		—		88			—		88
Unrealized gains (losses) recognized during the reporting period on equity securities, net	$	711	$	(731	)	$	5,458	$	(7,831	)