Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	March 31, 2025
	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	$	22,469	$	110	$	1,828	$	—	$	24,187
Loan backed and structured securities		22,061		28		2,353		—		24,386
Obligations of states and political subdivisions		7,766		15		1,378		—		9,129
Corporate securities:
Utilities and telecom		25,142		142		2,960		—		27,960
Financial services		59,343		655		4,087		—		62,775
Other business – diversified		34,453		157		3,568		—		37,864
Other consumer – diversified		43,021		53		5,531		—		48,499
Total corporate securities		161,959		1,007		16,146		—		177,098
Redeemable preferred stocks:
Other consumer – diversified		188		—		5		—		193
Total redeemable preferred stocks		188		—		5		—		193
Total fixed maturities	$	214,443	$	1,160	$	21,710	$	—	$	234,993

	December 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	$	22,251	$	24	$	2,144	$	—	$	24,371
Loan backed and structured securities		22,290		17		2,457		—		24,730
Obligations of states and political subdivisions		7,623		9		1,517		—		9,131
Corporate securities:
Utilities and telecom		24,623		108		3,206		—		27,721
Financial services		59,564		563		4,768		—		63,769
Other business – diversified		34,117		160		3,919		—		37,876
Other consumer – diversified		41,957		33		6,585		—		48,509
Total corporate securities		160,261		864		18,478		—		177,875
Redeemable preferred stocks:
Other consumer – diversified		187		—		5		—		192
Total redeemable preferred stocks		187		—		5		—		192
Total fixed maturities	$	212,612	$	914	$	24,601	$	—	$	236,299

Bonds having an amortized cost of $14,890 and $15,065 and included in the tables above were on deposit with insurance regulatory authorities as of March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024. Additionally, bonds having an amortized cost of $9,132 and $9,209 and included in the tables above were pledged as collateral to the Federal Home Loan Bank of Atlanta (“FHLB”) at March 31, 2025 and December 31, 2024, respectively.

Equity securities were comprised of the following:

	March 31, 2025
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	1,277	$	967	$	—	$	310
Communications		7,394		2,761		—		4,633
Total equity securities	$	8,671	$	3,728	$	—	$	4,943

	December 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	$	1,149	$	843	$	—	$	306
Communications		6,751		2,118		—		4,633
Total equity securities	$	7,900	$	2,961	$	—	$	4,939

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, 2025 and December 31, 2024 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, 2025				December 31, 2024
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	2,300	$	2,306	$	7,484	$	7,497
Due after one year through five years		70,422		72,078		62,722		64,703
Due after five years through ten years		32,122		34,086		32,820		35,552
Due after ten years		80,530		94,019		80,199		95,466
Asset backed securities		29,069		32,504		29,387		33,081
Totals	$	214,443	$	234,993	$	212,612	$	236,299

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, 2025 and December 31, 2024.

	March 31, 2025
	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	$	1,980	$	1	$	14,241	$	1,827	$	16,221	$	1,828
Loan backed and structured securities		3,279		11		15,882		2,342		19,161		2,353
Obligations of states and political subdivisions		—		—		5,977		1,378		5,977		1,378
Corporate securities		17,939		576		123,240		15,570		141,179		16,146
Redeemable preferred stocks		188		5		—		—		188		5
Total temporarily impaired securities	$	23,386	$	593	$	159,340	$	21,117	$	182,726	$	21,710

	December 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	$	3,753	$	33	$	16,136	$	2,111	$	19,889	$	2,144
Loan backed and structured securities		1,010		5		16,069		2,452		17,079		2,457
Obligations of states and political subdivisions		—		—		5,839		1,517		5,839		1,517
Corporate securities		18,510		755		125,930		17,723		144,440		18,478
Redeemable preferred stocks		188		5		—		—		188		5
Total temporarily impaired securities	$	23,461	$	798	$	163,974	$	23,803	$	187,435	$	24,601

Unrealized Gains (Losses) on Equity Securities

The following table presents the portion of unrealized gains (losses) related to equity securities still held for the three month period ended March 31, 2025 and 2024.

	Three Months Ended March 31,
	2025		2024
Net realized and unrealized gains (losses) recognized during the period on equity securities	$	767	$	(114	)
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	$	767	$	(114	)