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Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	September 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	$	47,712	$	114	$	3,802	$	—	$	51,400
Obligations of states and political subdivisions		7,998		31		1,166		—		9,133
Corporate securities:
Utilities and telecom		23,997		343		2,310		—		25,964
Financial services		60,596		811		3,323		—		63,108
Other business – diversified		35,873		434		2,450		—		37,889
Other consumer – diversified		45,300		155		4,375		—		49,520
Total corporate securities		165,766		1,743		12,458		—		176,481
Redeemable preferred stocks:
Other consumer – diversified		220		27		—		—		193
Total redeemable preferred stocks		220		27		—		—		193
Total fixed maturities	$	221,696	$	1,915	$	17,426	$	—	$	237,207

	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 $14,720 and $14,647 and included in the tables above were on deposit with insurance regulatory authorities as of September 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 September 30, 2024 and December 31, 2023. Additionally, bonds having an amortized cost of $9,282 and $9,584 and included in the tables above were pledged as collateral to the Federal Home Loan Bank of Atlanta (“FHLB”) at September 30, 2024 and December 31, 2023, respectively.

Equity securities were comprised of the following:

	September 30, 2024
	Estimated Fair Value			Gross Unrealized Gains			Gross Unrealized Losses			Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		$	1,105		$	798		$	—		$	307
Communications			6,695			2,062			—			4,633
Total equity securities		$	7,800		$	2,860		$	—		$	4,940

	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 September 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.

	September 30, 2024				December 31, 2023
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	8,345	$	8,377	$	1,715	$	1,750
Due after one year through five years		60,863		61,888		60,423		62,423
Due after five years through ten years		31,179		32,624		33,596		36,752
Due after ten years		89,027		98,917		86,857		97,984
Asset backed securities		32,282		35,401		35,628		39,717
Totals	$	221,696	$	237,207	$	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 September 30, 2024 and December 31, 2023.

	September 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		$	250		$	—		$	34,170		$	3,802		$	34,420		$	3,802
Obligations of states and political subdivisions			—			—			6,190			1,166			6,190			1,166
Corporate securities			870			128			132,367			12,330			133,237			12,458
Total temporarily impaired securities		$	1,120		$	128		$	172,727		$	17,298		$	173,847		$	17,426

	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 for the three month and nine month periods ended September 30, 2024 and 2023.

	Three Months Ended September 30, 2024
	Fixed Maturities			Equity Securities			Other Invested Assets			Total
Gains		$	4		$	—		$	—		$	4
Losses			—			—			—			—
Realized investment gains, net		$	4		$	—		$	—		$	4

Three Months Ended

September 30, 2023

Fixed

Maturities

Equity

Securities

Other

Invested Assets

Total

Gains

—

Losses

—

Realized investment gains, net

—

	Nine Months Ended September 30, 2024
	Fixed Maturities				Equity Securities			Other Invested Assets			Total
Gains		$	19			$	—		$	—		$	19
Losses			(2	)			—			—			(2	)
Realized investment gains, net		$	17			$	—		$	—		$	17

	Nine Months Ended September 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 losses related to equity securities still held for the three month and nine month periods ended September 30, 2024 and 2023.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net realized and unrealized losses recognized during the period on equity securities	$	(1,746	)	$	(1,486	)	$	(1,617	)	$	(3,367	)
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	$	(1,746	)	$	(1,486	)	$	(1,617	)	$	(3,367	)