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Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments

Schedule of available-for-sale investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

Gross

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

December 31, 2022

​

Cost or Cost

​

Gains

​

Losses

​

Value

​

(in thousands)

Fixed maturities:

​

​

​

​

​

U.S. Governments

​

$

50,802

​

$

2

​

$

(2,253)

​

$

48,551

States, territories, and possessions

​

5,857

​

49

​

​

(552)

​

5,354

Political subdivisions

​

4,919

​

—

​

(621)

​

4,298

Special revenue excluding mortgage/asset-backed securities

​

37,260

​

26

​

(4,487)

​

32,799

Industrial and miscellaneous

​

278,164

​

79

​

​

(24,148)

​

254,095

Mortgage/asset-backed securities

​

184,578

​

251

​

(14,862)

​

169,967

Total available-for-sale investments

​

$

561,580

​

$

407

​

$

(46,923)

​

$

515,064

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

Gross

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

December 31, 2021

​

Cost or Cost

​

Gains

​

Losses

​

Value

​

(in thousands)

Fixed maturities:

​

​

​

​

U.S. Governments

​

$

16,713

​

$

347

​

$

(190)

​

$

16,870

States, territories, and possessions

​

3,789

​

288

​

(63)

​

4,014

Political subdivisions

​

6,295

​

107

​

(22)

​

6,380

Special revenue excluding mortgage/asset-backed securities

​

43,301

​

1,273

​

(76)

​

44,498

Industrial and miscellaneous

​

245,064

​

5,873

​

​

(1,891)

​

249,046

Mortgage/asset-backed securities

​

110,960

​

1,377

​

(463)

​

111,874

Total available-for-sale investments

​

$

426,122

​

$

9,265

​

$

(2,705)

​

$

432,682

​

Schedule of aggregate fair value and gross unrealized losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than 12 Months

​

More Than 12 Months

​

Total

​

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

December 31, 2022

​

Value

​

Losses

​

Value

​

Losses

​

Value

​

Losses

​

​

(in thousands)

Fixed maturity securities:

​

​

​

​

​

​

U.S. Governments

$

41,077

​

$

(1,523)

​

$

6,853

​

$

(730)

​

$

47,930

​

$

(2,253)

States, territories, and possessions

​

3,227

​

​

(552)

​

—

​

—

​

3,227

​

(552)

Political subdivisions

​

4,298

​

​

(621)

​

—

​

—

​

4,298

​

(621)

Special revenue excluding mortgage/asset-backed securities

​

25,091

​

​

(3,287)

​

5,080

​

(1,200)

​

30,171

​

(4,487)

Industrial and miscellaneous

​

192,185

​

​

(15,667)

​

55,605

​

(8,481)

​

247,790

​

(24,148)

Mortgage/asset-backed securities

​

118,815

​

​

(9,908)

​

32,448

​

(4,954)

​

151,263

​

(14,862)

Total

​

$

384,693

​

$

(31,558)

​

$

99,986

​

$

(15,365)

​

$

484,679

​

$

(46,923)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than 12 Months

​

More Than 12 Months

​

Total

​

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

December 31, 2021

​

Value

​

Losses

​

Value

​

Losses

​

Value

​

Losses

​

​

(in thousands)

Fixed maturity securities:

​

​

​

​

​

​

U.S. Governments

​

$

5,968

​

$

(147)

​

$

1,457

​

$

(43)

​

$

7,425

​

$

(190)

States, territories, and possessions

​

1,444

​

​

(63)

​

—

​

—

​

1,444

​

(63)

Political subdivisions

​

1,815

​

​

(22)

​

—

​

—

​

1,815

​

(22)

Special revenue excluding mortgage/asset-backed securities

​

6,280

​

​

(76)

​

—

​

—

​

6,280

​

(76)

Industrial and miscellaneous

​

94,020

​

​

(1,468)

​

5,570

​

(423)

​

99,590

​

(1,891)

Mortgage/asset-backed securities

​

51,246

​

​

(412)

​

2,319

​

(51)

​

53,565

​

(463)

Total

​

$

160,773

​

$

(2,188)

​

$

9,346

​

$

(517)

​

$

170,119

​

$

(2,705)

​

Schedule of contractual maturities of available-for-sale securities

​

​	​	​	​	​	​	​
​		Amortized			Fair
​	​	Cost		​	Value
​		(in thousands)
Due within one year	​	$	41,686	​	$	41,106
Due after one year through five years	​		182,785	​		170,399
Due after five years through ten years	​		126,990	​		112,822
Due after ten years	​		25,541	​		20,770
Mortgage and asset-backed securities	​		184,578	​		169,967
​	​	$	561,580	​	$	515,064

​

Schedule of change in unrealized gains (losses) of investments

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2022			2021			2020
​	​	(in thousands)
Change in net unrealized gains (losses)	​		​	​		​	​		​
Fixed maturities	​	$	(53,076)	​	$	(10,148)	​	$	10,835
Net increase (decrease)	​	$	(53,076)	​	$	(10,148)	​	$	10,835

​

Schedule of net investment income

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2022			2021			2020
​		(in thousands)
Interest income	​	$	13,631	​	$	9,119	​	$	8,554
Dividend income	​		739	​		461	​		489
Investment management fees and expenses	​		(493)	​		(500)	​		(431)
Net investment income	​	$	13,877	​	$	9,080	​	$	8,612

​

Schedule of net realized and unrealized investment gains and losses

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​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​		2022			2021			2020
​	​		(in thousands)
Realized gains:	​			​			​
Gains on sales of fixed maturity securities	​	$	14	​	$	466	​	$	501
Gains on sales of equity securities	​		—	​		1,416	​		62
Total realized gains	​		14	​		1,882	​		563
Realized losses:	​			​			​
Losses on sales of fixed maturity securities	​		(2,340)	​	​	(1)	​	​	(46)
Losses on sales of equity securities	​		—	​	​	—	​	​	(68)
Total realized losses	​		(2,340)	​		(1)	​		(114)
Net realized investment gains (losses)	​		(2,326)	​		1,881	​		449
Net unrealized gains (losses) on equity securities	​		(5,203)	​		(604)	​		1,039
Net realized and unrealized gains (losses) on investments	​	$	(7,529)	​	$	1,277	​	$	1,488

​

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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