Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	2022
	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	$	44,412	$	5	$	5,926	$	50,333
Obligations of states and political subdivisions		9,187		4		1,702		10,885
Corporate securities:
Utilities and telecom		22,090		120		3,299		25,269
Financial services		59,054		397		7,085		65,742
Other business – diversified		31,058		161		4,689		35,586
Other consumer – diversified		42,705		35		6,089		48,759
Total corporate securities		154,907		713		21,162		175,356
Redeemable preferred stocks:
Other consumer – diversified		223		31		—		192
Total redeemable preferred stocks		223		31		—		192
Total fixed maturities	$	208,729	$	753	$	28,790	$	236,766

	2021
	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	$	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 $12,333 and $11,169 and included in the tables above were on deposit with insurance regulatory authorities at December 31, 2022 and 2021, respectively, in accordance with statutory requirements.  Additionally, bonds having an amortized cost of $7,221 and $5,371 and included in the tables above were pledged as collateral to FHLB at December 31, 2022 and 2021, respectively.

	2022
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		790		516		—		274
Other business – diversified		10,772		6,139		—		4,633
Total equity securities	$	11,562	$	6,655	$	—	$	4,907

	2021
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized 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 December 31, 2022 and 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.

	2022				2021
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	3,776	$	3,797	$	1,734	$	1,730
Due after one year through five years		40,150		42,174		24,926		23,593
Due after five years through ten years		44,044		49,711		73,725		68,338
Due after ten years		87,719		103,095		122,045		106,181
Asset backed securities		33,040		37,989		38,556		38,755
Totals	$	208,729	$	236,766	$	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 December 31, 2022 and 2021.

	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	$	23,763	$	2,410	$	19,259	$	3,516	$	43,022	$	5,926
Obligations of states and political subdivisions		8,183		1,702		—		—		8,183		1,702
Corporate securities		127,928		16,214		14,514		4,948		142,442		21,162
Total temporarily impaired securities	$	159,874	$	20,326	$	33,773	$	8,464	$	193,647	$	28,790

	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

Investment Income Earned

Investment income was earned from the following sources:

	2022		2021
Fixed maturities	$	9,141	$	8,640
Equity securities		327		300
Other		729		(111	)
		10,197		8,829
Investment expenses		265		301
Net investment income	$	9,932	$	8,528

Summary of Realized Investment Gains (Losses)

A summary of realized investment gains (losses) follows:

	2022
	Fixed Maturities			Equity Securities		Other Invested Assets			Total
Gains	$	101		$	—	$	1		$	102
Losses		(52	)		—		(20	)		(72	)
Realized investment gains, net	$	49		$	—	$	(19	)	$	30

	2021
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	570	$	—	$	4,333	$	4,903
Losses		—		—		—		—
Realized investment gains, net	$	570	$	—	$	4,333	$	4,903

Proceeds from Sales of Investments

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

	2022		2021
Sales proceeds	$	3,649	$	9,244
Gross gains		101		454
Gross losses		—		—

Proceeds from the sales of equity securities were as follows:

	2022		2021
Sales proceeds	$	1	$	61
Gross gains		—		—
Gross losses		—		—

Proceeds from the sales of other invested assets were as follows:

	2022			2021
Sales proceeds	$	161		$	19,761
Gross gains		1			4,333
Gross losses		(20	)		—

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, 2022 and 2021.

	2022			2021
Net realized and unrealized gains (losses) recognized during the period on equity securities	$	(7,562	)	$	1,894
Less: Net realized gains recognized during the period on equity securities sold during the period		—			—
Unrealized gains (losses) on equity securities, net	$	(7,562	)	$	1,894