Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	September 30, 2022
	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	$	43,069	$	—	$	5,950	$	49,019
Obligations of states and political subdivisions		9,151		12		1,749		10,888
Corporate securities:
Utilities and telecom		21,557		69		3,789		25,277
Financial services		57,844		392		8,310		65,762
Other business – diversified		29,125		57		5,534		34,602
Other consumer – diversified		41,332		19		7,456		48,769
Total corporate securities		149,858		537		25,089		174,410
Redeemable preferred stocks:
Other consumer – diversified		225		32		—		193
Total redeemable preferred stocks		225		32		—		193
Total fixed maturities	$	202,303	$	581	$	32,788	$	234,510

	December 31, 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	$	50,298	$	763	$	416	$	49,951
Obligations of states and political subdivisions		11,644		749		—		10,895
Corporate securities:
Utilities and telecom		29,717		2,961		44		26,800
Financial services		70,921		6,759		48		64,210
Other business – diversified		40,216		4,631		106		35,691
Other consumer – diversified		57,940		7,185		103		50,858
Total corporate securities		198,794		21,536		301		177,559
Redeemable preferred stocks:
Other consumer – diversified		250		58		—		192
Total redeemable preferred stocks		250		58		—		192
Total fixed maturities	$	260,986	$	23,106	$	717	$	238,597

Bonds having an amortized cost of $11,002 and $11,169 and included in the tables above were on deposit with insurance regulatory authorities as of September 30, 2022 and December 31, 2021, respectively, in accordance with statutory requirements. Additionally, bonds having an amortized cost of $7,253 and $5,371 and included in the tables above were pledged as collateral to the Federal Home Loan Bank of Atlanta ("FHLB") at September 30, 2022 and December 31, 2021, respectively.

Equity securities were comprised of the following:

	September 30, 2022
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	723	$	450	$	—	$	273
Other business – diversified		12,944		8,311		—		4,633
Total equity securities	$	13,667	$	8,761	$	—	$	4,906

	December 31, 2021
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	799	$	525	$	—	$	274
Other business – diversified		18,325		13,692		—		4,633
Total equity securities	$	19,124	$	14,217	$	—	$	4,907

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, 2022 and December 31, 2021 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, 2022				December 31, 2021
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	3,878	$	3,902	$	1,734	$	1,730
Due after one year through five years		31,232		33,213		24,926		23,593
Due after five years through ten years		50,437		57,741		73,725		68,338
Due after ten years		84,146		102,116		122,045		106,181
Asset backed securities		32,610		37,538		38,556		38,755
Totals	$	202,303	$	234,510	$	260,986	$	238,597

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, 2022 and December 31, 2021.

	September 30, 2022
	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	$	28,463	$	3,153	$	14,606	$	2,797	$	43,069	$	5,950
Obligations of states and political subdivisions		7,124		1,749		—		—		7,124		1,749
Corporate securities		134,686		23,266		5,375		1,823		140,061		25,089
Total temporarily impaired securities	$	170,273	$	28,168	$	19,981	$	4,620	$	190,254	$	32,788

	December 31, 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	$	30,141	$	416	$	—	$	—	$	30,141	$	416
Corporate securities		3,326		49		4,761		252		8,087		301
Total temporarily impaired securities	$	33,467	$	465	$	4,761	$	252	$	38,228	$	717

Summary of Realized Investment Gains

The following tables summarize realized investment gains for the three month and nine month periods ended September 30, 2022 and 2021.

	Three Months Ended September 30, 2022
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	101	$	—	$	—	$	101
Losses		—		—		—		—
Realized investment gains, net	$	101	$	—	$	—	$	101

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

	Nine Months Ended September 30, 2022
	Fixed Maturities			Equity Securities		Other Invested Assets			Total
Gains	$	101		$	—	$	—		$	101
Losses		(53	)		—		(19	)		(72	)
Realized investment gains (losses), net	$	48		$	—	$	(19	)	$	29

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

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, 2022 and 2021.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Net realized and unrealized gains (losses) recognized during the period on equity securities	$	(2,783	)	$	711	$	(5,456	)	$	5,458
Less: Net realized gains (losses) recognized during the period on equity securities sold during the period		—			—		—			—
Unrealized gains (losses) recognized during the reporting period on equity securities, net	$	(2,783	)	$	711	$	(5,456	)	$	5,458