Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	March 31, 2024
	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	$	49,277	$	53	$	5,119	$	—	$	54,343
Obligations of states and political subdivisions		8,133		9		1,388		—		9,512
Corporate securities:
Utilities and telecom		21,854		80		2,939		—		24,713
Financial services		60,733		549		5,175		—		65,359
Other business – diversified		34,105		242		3,541		—		37,404
Other consumer – diversified		44,091		31		5,731		—		49,791
Total corporate securities		160,783		902		17,386		—		177,267
Redeemable preferred stocks:
Other consumer – diversified		227		34		—		—		193
Total redeemable preferred stocks		227		34		—		—		193
Total fixed maturities	$	218,420	$	998	$	23,893	$	—	$	241,315

	December 31, 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	$	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

Bonds having an amortized cost of $14,676 and $14,647 and included in the tables above were on deposit with insurance regulatory authorities as of March 31, 2024 and December 31, 2023, respectively, in accordance with statutory requirements. In addition, the Company maintains cash and cash equivalents on deposit with insurance regulatory authorities of $226 as of March 31, 2024 and December 31, 2023. Additionally, bonds having an amortized cost of $9,498 and $9,584 and included in the tables above were pledged as collateral to the Federal Home Loan Bank of Atlanta (“FHLB”) at March 31, 2024 and December 31, 2023, respectively.

Equity securities were comprised of the following:

	March 31, 2024
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	1,054	$	747	$	—	$	307
Communications		8,249		3,616		—		4,633
Total equity securities	$	9,303	$	4,363	$	—	$	4,940

	December 31, 2023
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized 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

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 March 31, 2024 and December 31, 2023 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.

	March 31, 2024				December 31, 2023
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	6,795	$	6,887	$	1,715	$	1,750
Due after one year through five years		56,898		59,181		60,423		62,423
Due after five years through ten years		32,680		35,968		33,596		36,752
Due after ten years		87,772		100,890		86,857		97,984
Asset backed securities		34,275		38,389		35,628		39,717
Totals	$	218,420	$	241,315	$	218,219	$	238,626

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 March 31, 2024 and December 31, 2023.

	March 31, 2024
	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	$	5,161	$	44	$	37,250	$	5,075	$	42,411	$	5,119
Obligations of states and political subdivisions		1,130		16		5,985		1,372		7,115		1,388
Corporate securities		11,793		161		136,344		17,225		148,137		17,386
Total temporarily impaired securities	$	18,084	$	221	$	179,579	$	23,672	$	197,663	$	23,893

	December 31, 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

Unrealized Losses on Equity Securities

The following table presents the portion of unrealized losses related to equity securities still held for the three month period ended March 31, 2024 and 2023.

	Three Months Ended     March 31,
	2024			2023
Net realized and unrealized losses recognized during the period on equity securities	$	(114	)	$	(2,375	)
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	$	(114	)	$	(2,375	)