Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	June 30, 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	$	48,335	$	49	$	4,855	$	—	$	53,141
Obligations of states and political subdivisions		7,710		2		1,426		—		9,134
Corporate securities:
Utilities and telecom		22,879		81		3,175		—		25,973
Financial services		60,263		515		5,365		—		65,113
Other business – diversified		33,977		172		4,099		—		37,904
Other consumer – diversified		43,248		19		6,551		—		49,780
Total corporate securities		160,367		787		19,190		—		178,770
Redeemable preferred stocks:
Other consumer – diversified		224		31		—		—		193
Total redeemable preferred stocks		224		31		—		—		193
Total fixed maturities	$	216,636	$	869	$	25,471	$	—	$	241,238

	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 $14,697 and $14,647 and included in the tables above were on deposit with insurance regulatory authorities as of June 30, 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 June 30, 2024 and December 31, 2023. Additionally, bonds having an amortized cost of $9,363 and $9,584 and included in the tables above were pledged as collateral to the Federal Home Loan Bank of Atlanta (“FHLB”) at June 30, 2024 and December 31, 2023, respectively.

Equity securities were comprised of the following:

	June 30, 2024
	Estimated Fair Value			Gross Unrealized Gains			Gross Unrealized Losses			Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		$	1,036		$	730		$	—		$	306
Communications			8,509			3,876			—			4,633
Total equity securities		$	9,545		$	4,606		$	—		$	4,939

	December 31, 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

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 June 30, 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.

	June 30, 2024				December 31, 2023
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	7,037	$	7,109	$	1,715	$	1,750
Due after one year through five years		60,553		63,194		60,423		62,423
Due after five years through ten years		29,893		32,847		33,596		36,752
Due after ten years		85,810		100,922		86,857		97,984
Asset backed securities		33,343		37,166		35,628		39,717
Totals	$	216,636	$	241,238	$	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 June 30, 2024 and December 31, 2023.

	June 30, 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	$	2,807	$	41	$	37,897	$	4,814	$	40,704	$	4,855
Obligations of states and political subdivisions		—		—		6,699		1,426		6,699		1,426
Corporate securities		15,679		661		133,004		18,529		148,683		19,190
Total temporarily impaired securities	$	18,486	$	702	$	177,600	$	24,769	$	196,086	$	25,471

	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

Summary of Realized Investment Gains (Losses)

The following tables summarize realized investment gains (losses) for the three month and six month periods ended June 30, 2024 and 2023.

	Three Months Ended June 30, 2024
	Fixed Maturities				Equity Securities			Other Invested Assets			Total
Gains		$	15			$	—		$	—		$	15
Losses			(2	)			—			—			(2	)
Realized investment gains, net		$	13			$	—		$	—		$	13

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

	Six Months Ended June 30, 2024
	Fixed Maturities				Equity Securities			Other Invested Assets			Total
Gains		$	15			$	—		$	—		$	15
Losses			(2	)			—			—			(2	)
Realized investment gains, net		$	13			$	—		$	—		$	13

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

Unrealized Gains (Losses) on Equity Securities

The following table presents the change in unrealized gains (losses) related to equity securities still held for the three month and six month periods ended June 30, 2024 and 2023.

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net realized and unrealized gains (losses) recognized during the period on equity securities	$	243	$	494	$	129	$	(1,881	)
Less: Net realized gains recognized during the period on equity securities sold during the period		—		—		—		—
Unrealized gains (losses) recognized during the reporting period on equity securities, net	$	243	$	494	$	129	$	(1,881	)