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Investments | 12 Months Ended
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Dec. 31, 2021
Investments Debt And Equity Securities [Abstract] |
Investments | NOTE 6 I nvestments At December 31, 2021, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:
(in thousands) |  | Cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities |  | $ | 30,232 |  |  | $ | 152 |  |  | $ | (363 | ) |  | $ | 30,021 |
Corporate debt |  |  | 8,259 |  |  |  | 108 |  |  |  | (62 | ) |  |  | 8,305 |
Total |  | $ | 38,491 |  |  | $ | 260 |  |  | $ | (425 | ) |  | $ | 38,326 |
At December 31, 2021, the Company held $30.0 million in fixed income securities composed of U.S Treasury securities, securities issued by U.S. Government agencies and municipalities, and $8.3 million issued by corporations with investment-grade ratings. Of the total, $7.4 million is classified as short-term investments on the Consolidated Balance Sheets as maturities are less than one year in duration. Additionally, the Company holds $5.5 million in short-term investments, which are related to time deposits held with various financial institutions. For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2021:
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
(in thousands) |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities |  | $ | 16,792 |  |  | $ | (322 | ) |  | $ | 959 |  |  | $ | (41 | ) |  | $ | 17,751 |  |  | $ | (363 | )
Corporate debt |  |  | 3,920 |  |  |  | (62 | ) |  |  | — |  |  |  | — |  |  |  | 3,920 |  |  |  | (62 | )
Total |  | $ | 20,712 |  |  | $ | (384 | ) |  | $ | 959 |  |  | $ | (41 | ) |  | $ | 21,671 |  |  | $ | (425 | )
The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2021, the Company had 23 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based upon the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at December 31, 2021. At December 31, 2020, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:
(in thousands) |  | Cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities |  | $ | 28,372 |  |  | $ | 464 |  |  | $ | (5 | ) |  | $ | 28,831 |
Corporate debt |  |  | 7,190 |  |  |  | 239 |  |  |  | (6 | ) |  |  | 7,423 |
Total |  | $ | 35,562 |  |  | $ | 703 |  |  | $ | (11 | ) |  | $ | 36,254 |
The following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2020:
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
(in thousands) |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities |  | $ | 1,995 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,995 |  |  | $ | (5 | )
Corporate debt |  |  | 808 |  |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | 808 |  |  |  | (6 | )
Total |  | $ | 2,803 |  |  | $ | (11 | ) |  | $ | — |  |  | $ | — |  |  | $ | 2,803 |  |  | $ | (11 | )
The unrealized losses in the Company’s investments in U.S. Treasury Securities and obligations of U.S. Government Agencies and bonds from corporate issuers were caused by interest rate increases. At December 31, 2020, the Company had 3 securities in an unrealized loss position. The contractual cash flows of the U.S. Treasury Securities and obligations of the U.S. Government agencies investments are either guaranteed by the U.S. Government or an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the Company’s investment. The corporate securities are highly rated securities with no indicators of potential impairment. Based upon the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at December 31, 2020. The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2021 by contractual maturity are set forth below:
(in thousands) |  | Amortized cost |  |  | Fair value |
Years to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 7,298 |  |  | $ | 7,356 |
Due after one year through five years |  |  | 30,193 |  |  |  | 30,011 |
Due after five years through ten years |  |  | 1,000 |  |  |  | 959 |
Total |  | $ | 38,491 |  |  | $ | 38,326 |
The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2020 by contractual maturity are set forth below:
(in thousands) |  | Amortized cost |  |  | Fair value |
Years to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 11,214 |  |  | $ | 11,283 |
Due after one year through five years |  |  | 23,348 |  |  |  | 23,976 |
Due after five years through ten years |  |  | 1,000 |  |  |  | 995 |
Total |  | $ | 35,562 |  |  | $ | 36,254 |
The expected maturities in the foregoing table may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalty. Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities were $9.2 million. This along with maturing time deposits yielded total cash proceeds from the sale of investments of $10.8 million in the period of January 1, 2021 to December 31, 2021. These proceeds, along with other sources of cash were used to purchase an additional $12.4 million of fixed maturity securities and to fund certain general corporate purposes. The gains and losses realized on those sales for the period from January 1, 2021 to December 31, 2021 were insignificant. Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities were $8.6 million for the year ended December 31, 2020. This along with maturing time deposits yielded total cash proceeds from the sale of investments of $11.0 million in the period of January 1, 2020 to December 31, 2020. These proceeds were used to purchase an additional $14.2 million of fixed maturity securities and to fund certain general corporate purposes. The gains and losses realized on those sales for the period from January 1, 2020 to December 31, 2020 were insignificant. Realized gains and losses are reported on the Consolidated Statement of Income, with the cost of securities sold determined on a specific identification basis. At December 31, 2021, investments with a fair value of approximately $4.1 million were on deposit with state insurance departments to satisfy regulatory requirements.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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