Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	September 30, 2023
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Cost or Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	47,576	$	1	$	6,595	$	—	$	54,170
Obligations of states and political subdivisions		7,570		—		1,947		—		9,517
Corporate securities:
Utilities and telecom		19,693		—		4,064		—		23,757
Financial services		55,897		369		8,212		—		63,740
Other business – diversified		31,035		87		5,524		—		36,472
Other consumer – diversified		41,073		3		8,294		—		49,364
Total corporate securities		147,698		459		26,094		—		173,333
Redeemable preferred stocks:
Other consumer – diversified		224		31		—		—		193
Total redeemable preferred stocks		224		31		—		—		193
Total fixed maturities	$	203,068	$	491	$	34,636	$	—	$	237,213

	December 31, 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	$	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

Bonds having an amortized cost of $11,778 and $12,333 and included in the tables above were on deposit with insurance regulatory authorities as of September 30, 2023 and December 31, 2022, respectively, in accordance with statutory requirements. Additionally, bonds having an amortized cost of $6,883 and $7,221 and included in the tables above were pledged as collateral to the Federal Home Loan Bank of Atlanta (“FHLB”) at September 30, 2023 and December 31, 2022, respectively.

Equity securities were comprised of the following:

	September 30, 2023
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	880	$	577	$	—	$	303
Other business – diversified		7,344		2,711		—		4,633
Total equity securities	$	8,224	$	3,288	$	—	$	4,936

	December 31, 2022
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		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

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, 2023 and December 31, 2022 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, 2023				December 31, 2022
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	367	$	375	$	3,776	$	3,797
Due after one year through five years		57,498		61,209		40,150		42,174
Due after five years through ten years		33,444		38,759		44,044		49,711
Due after ten years		77,744		97,530		87,719		103,095
Asset backed securities		34,015		39,340		33,040		37,989
Totals	$	203,068	$	237,213	$	208,729	$	236,766

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, 2023 and December 31, 2022.

	September 30, 2023
	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	$	10,205	$	264	$	36,873	$	6,331	$	47,078	$	6,595
Obligations of states and political subdivisions		2,121		39		5,449		1,908		7,570		1,947
Corporate securities		12,457		748		129,484		25,346		141,941		26,094
Total temporarily impaired securities	$	24,783	$	1,051	$	171,806	$	33,585	$	196,589	$	34,636

	December 31, 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

Summary of Realized Investment Gains (Losses)

The following tables summarize realized investment gains for the three month and nine month periods ended September 30, 2023 and 2022.

	Three Months Ended September 30, 2023
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	—	$	—	$	—	$	—
Losses		—		—		—		—
Realized investment gains, net	$	—	$	—	$	—	$	—

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

	Nine Months Ended September 30, 2023
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	70	$	—	$	—	$	70
Losses		—		—		—		—
Realized investment gains, net	$	70	$	—	$	—	$	70

	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

Unrealized Gains (Losses) on Equity Securities

The following table presents the change in unrealized losses related to equity securities still held for the three month and nine month periods ended September 30, 2023 and 2022.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Net realized and unrealized losses recognized during the period on equity securities	$	(1,486	)	$	(2,783	)	$	(3,367	)	$	(5,456	)
Less: Net realized gains recognized during the period on equity securities sold during the period		—			—			—			—
Unrealized losses recognized during the reporting period on equity securities, net	$	(1,486	)	$	(2,783	)	$	(3,367	)	$	(5,456	)