Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	2023
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	50,059	$	63	$	4,944	$	—	$	54,940
Obligations of states and political subdivisions		8,106		15		1,424		—		9,515
Corporate securities:
Utilities and telecom		21,309		143		2,582		—		23,748
Financial services		59,584		560		4,931		—		63,955
Other business – diversified		34,386		403		2,940		—		36,923
Other consumer – diversified		44,570		87		4,870		—		49,353
Total corporate securities		159,849		1,193		15,323		—		173,979
Redeemable preferred stocks:
Other consumer – diversified		205		13		—		—		192
Total redeemable preferred stocks		205		13		—		—		192
Total fixed maturities	$	218,219	$	1,284	$	21,691	$	—	$	238,626

	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

Bonds having an amortized cost of $14,647 and $12,333 and included in the tables above were on deposit with insurance regulatory authorities at December 31, 2023 and 2022, respectively, in accordance with statutory requirements. Additionally, bonds having an amortized cost of $9,584 and $7,221 and included in the tables above were pledged as collateral to FHLB at December 31, 2023 and 2022, respectively.

	2023
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		924		621		—		303
Communications		8,489		3,856		—		4,633
Total equity securities	$	9,413	$	4,477	$	—	$	4,936

	2022
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		790		516		—		274
Communications		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 December 31, 2023 and 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.

	2023				2022
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	1,715	$	1,750	$	3,776	$	3,797
Due after one year through five years		60,423		62,423		40,150		42,174
Due after five years through ten years		33,596		36,752		44,044		49,711
Due after ten years		86,857		97,984		87,719		103,095
Asset backed securities		35,628		39,717		33,040		37,989
Totals	$	218,219	$	238,626	$	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 December 31, 2023 and 2022.

	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	$	5,194	$	37	$	39,476	$	4,907	$	44,670	$	4,944
Obligations of states and political subdivisions		1,145		3		5,936		1,421		7,081		1,424
Corporate securities		539		13		138,283		15,310		138,822		15,323
Total temporarily impaired securities	$	6,878	$	53	$	183,695	$	21,638	$	190,573	$	21,691

	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

Investment Income Earned

Investment income was earned from the following sources:

	2023		2022
Fixed maturities	$	9,333	$	9,141
Equity securities		332		327
Other		646		729
		10,311		10,197
Investment expenses		253		265
Net investment income	$	10,058	$	9,932

Summary of Realized Investment Gains (Losses)

A summary of realized investment gains (losses) follows:

	2023
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	70	$	—	$	—	$	70
Losses		—		—		—		—
Realized investment gains, net	$	70	$	—	$	—	$	70

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

Proceeds from Sales of Investments

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

	2023		2022
Sales proceeds	$	5,035	$	3,649
Gross gains		70		101
Gross losses		—		—

Proceeds from the sales of equity securities were as follows:

	2023		2022
Sales proceeds	$	2	$	1
Gross gains		—		—
Gross losses		—		—

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

	2023		2022
Sales proceeds	$	—	$	161
Gross gains		—		1
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, 2023 and 2022.

	2023			2022
Net realized and unrealized gains (losses) recognized during the period on equity securities	$	(2,177	)	$	(7,562	)
Less: Net realized gains recognized during the period on equity securities sold during the period		—			—
Unrealized gains (losses) on equity securities, net	$	(2,177	)	$	(7,562	)