Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments [Abstract]

Cost or Amortized Cost and Estimated Fair Value of Investments in Debt and Equity Securities by Category

The cost or amortized cost and the estimated fair value of investments in debt and equity securities by category is as follows (in thousands):

			Gross		Gross
		Cost/Amortized	Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
As of December 31, 2021
U.S. Treasury securities and obligations of U.S. Government	$	63,098	$	56	$	(170)	$	62,984
Corporate bonds		103,515		2,115		(49)		105,581
Corporate bank loans		81,570		84		(465)		81,189
Municipal bonds		38,162		372		(70)		38,464
Mortgage-backed		1,830		29		(4)		1,855
Total debt securities		288,175		2,656		(758)		290,073
Total equity securities		42,120		9,355		(2,780)		48,695
Total investments	$	330,295	$	12,011	$	(3,538)	$	338,768
As of December 31, 2020
U.S. Treasury securities and obligations of U.S. Government	$	179,259	$	487	$	-	$	179,746
Corporate bonds		214,666		5,086		(384)		219,368
Corporate bank loans		53,650		3		(871)		52,782
Municipal bonds		49,833		756		(50)		50,539
Mortgage-backed		4,759		114		(29)		4,844
Total debt securities		502,167		6,446		(1,334)		507,279
Total equity securities		26,988		5,648		(3,248)		29,388
Total investments	$	529,155	$	12,094	$	(4,582)	$	536,667

Company's sources of net investment income

The Company’s sources of net investment income are summarized as follows (in thousands):

	Twelve Months Ended December 31,
	2021		2020
U.S. Treasury securities and obligations of U.S. Government	$	578	$	885
Corporate bonds		4,371		7,223
Corporate bank loans		1,427		1,688
Municipal bonds		1,713		2,347
Mortgage-backed		80		192
Equity securities		2,404		1,369
Cash and cash equivalents		13		—
		10,586		13,704
Investment expenses		(871)		(784)
Investment income, net of expenses	$	9,715	$	12,920

Company's sources of net investment gains (losses) on investments

The Company’s sources of net investment gains (losses) on investments are summarized as follows (in thousands):

	Year Ended December 31,
	2021		2020
U.S. Treasury securities and obligations of U.S. Government	$	—	$	(3)
Corporate bonds		494		959
Corporate bank loans		124		40
Municipal bonds		(25)		1,397
Mortgage-backed		—		—
Equity securities		5,453		3,472
Other investments		—		(3,740)
Gain on investments		6,046		2,125
Other-than-temporary impairments		—		(1,692)
Unrealized gains (losses) on equity securities		4,176		(24,921)
Unrealized gains on other investments		—		1,594
Investment gains (losses), net	$	10,222	$	(22,894)

Summary of Gross Unrealized Loss Position

The following schedules summarize the gross unrealized losses showing the length of time that investments have been continuously in an unrealized loss position as of December 31, 2021 and December 31, 2020 (in thousands):

	As of December 31, 2021
	12 months or less				Longer than 12 months				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities and obligations of U.S. Government	$	43,273	$	(170)	$	—	$	—	$	43,273	$	(170)
Corporate bonds		-		-		2,245		(49)		2,245		(49)
Corporate bank loans		42,256		(177)		16,763		(288)		59,019		(465)
Municipal bonds		3,321		(58)		1,038		(12)		4,359		(70)
Mortgage-backed		-		-		10		(4)		10		(4)
Total debt securities		88,850		(405)		20,056		(353)		108,906		(758)
Total equity securities		6,221		(710)		5,055		(2,070)		11,276		(2,780)
Total investments	$	95,071	$	(1,115)	$	25,111	$	(2,423)	$	120,182	$	(3,538)

	As of December 31, 2020
	12 months or less				Longer than 12 months				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities and obligations of U.S. Government	$	—	$	—	$	—	$	—	$	—	$	—
Corporate bonds		7,801		(186)		3,556		(198)		11,357		(384)
Corporate bank loans		45,233		(559)		4,144		(312)		49,377		(871)
Municipal bonds		2,859		(33)		1,154		(17)		4,013		(50)
Mortgage-backed		635		(25)		14		(4)		649		(29)
Total debt securities		56,528		(803)		8,868		(531)		65,396		(1,334)
Total equity securities		9,572		(1,610)		1,848		(1,638)		11,420		(3,248)
Total investments	$	66,100	$	(2,413)	$	10,716	$	(2,169)	$	76,816	$	(4,582)

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturities

	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	105,045	$	106,047
Due after one year through five years		108,438		109,195
Due after five years through ten years		65,005		64,926
Due after ten years		7,857		8,050
Mortgage-backed		1,830		1,855
	$	288,175	$	290,073