Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Amortized Cost/Carrying Value 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, 2022
U.S. Treasury securities and obligations of U.S. Government	$	80,616	$	9	$	(647)	$	79,978
Corporate bonds		240,185		625		(5,766)		235,044
Corporate bank loans		76,418		6		(1,241)		75,183
Municipal bonds		35,390		51		(423)		35,018
Mortgage-backed		1,510		6		(142)		1,374
Total debt securities		434,119		697		(8,219)		426,597
Total equity securities		30,058		3,981		(5,840)		28,199
Total investments	$	464,177	$	4,678	$	(14,059)	$	454,796
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

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,
	2022		2021
U.S. Treasury securities and obligations of U.S. Government	$	285	$	578
Corporate bonds		6,607		4,371
Corporate bank loans		3,128		1,427
Municipal bonds		1,491		1,713
Mortgage-backed		47		80
Equity securities		2,050		2,404
Cash and cash equivalents		579		13
		14,187		10,586
Investment expenses		(733)		(871)
Investment income, net of expenses	$	13,454	$	9,715

Major Categories 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,
	2022		2021
U.S. Treasury securities and obligations of U.S. Government	$	(24)	$	—
Corporate bonds		183		494
Corporate bank loans		68		124
Municipal bonds		(14)		(25)
Mortgage-backed		—		—
Equity securities		2,931		5,453
Other investments		—		—
Gain on investments		3,144		6,046
Unrealized (losses) gains on equity securities		(8,434)		4,176
Investment gains (losses), net	$	(5,290)	$	10,222

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, 2022 and December 31, 2021 (in thousands):

	As of December 31, 2022
	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	$	17,543	$	(67)	$	37,622	$	(580)	$	55,165	$	(647)
Corporate bonds		232,722		(5,764)		99		(2)		232,821		(5,766)
Corporate bank loans		37,339		(678)		36,107		(563)		73,446		(1,241)
Municipal bonds		10,293		(383)		2,275		(40)		12,568		(423)
Mortgage-backed		1,348		(136)		7		(6)		1,355		(142)
Total debt securities		299,245		(7,028)		76,110		(1,191)		375,355		(8,219)
Total equity securities		8,118		(3,835)		3,211		(2,005)		11,329		(5,840)
Total investments	$	307,363	$	(10,863)	$	79,321	$	(3,196)	$	386,684	$	(14,059)

	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)

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	$	162,456	$	160,486
Due after one year through five years		210,415		206,127
Due after five years through ten years		53,198		52,370
Due after ten years		6,540		6,240
Mortgage-backed		1,510		1,374
	$	434,119	$	426,597