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Investments (Tables)
 3 Months Ended
Mar. 31, 2021
Debt and Equity Securities, FV-NI  
Schedule of Available-for-sale Securities Reconciliation
The following table details fixed-maturity available-for-sale securities, by major investment category, at March 31, 2021 and December 31, 2020:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2021
U.S. government and agency securities$112,616 $706 $2,665 $110,657 
Foreign government1,371 112 — 1,483 
States, municipalities and political subdivisions123,106 1,100 1,790 122,416 
Public utilities29,754 290 1,103 28,941 
Corporate securities268,640 3,594 6,551 265,683 
Mortgage-backed securities277,184 2,161 4,973 274,372 
Asset-backed securities65,636 363 292 65,707 
Redeemable preferred stocks5,913 117 14 6,016 
Total fixed maturities$884,220 $8,443 $17,388 $875,275 
December 31, 2020
U.S. government and agency securities$129,417 $1,147 $139 $130,425 
Foreign government1,374 142 — 1,516 
States, municipalities and political subdivisions132,336 2,318 272 134,382 
Public utilities29,526 482 28 29,980 
Corporate securities285,814 6,633 118 292,329 
Mortgage-backed securities285,639 3,039 466 288,212 
Asset-backed securities56,351 525 219 56,657 
Redeemable preferred stocks6,257 266 13 6,510 
Total fixed maturities$926,714 $14,552 $1,255 $940,011 
Equity Securities Fair Value
Equity securities are summarized as follows:
March 31, 2021December 31, 2020
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$5,170 27.2 %$152 2.0 %
Other common stocks6,914 36.3 — — 
Nonredeemable preferred stocks6,952 36.5 7,293 98.0 
Total equity securities$19,036 100.0 %$7,445 100.0 %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the three-months ended March 31, 2021 and 2020, respectively:
20212020
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at Sale
Three Months Ended March 31,
Fixed maturities$612 $56,137 $345 $59,225 
Equity securities2 23 12 280 
Short-term investments
— 7,056 — 35 
Total realized gains614 63,216 357 59,540 
Fixed maturities(96)24,426 (337)4,518 
Equity securities(2)94 (88)953 
Short-term investments
(13)5,986 — 128 
Total realized losses(111)30,506 (425)5,599 
Net realized investment gains (losses)$503 $93,722 $(68)$65,139 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at March 31, 2021 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturities of those obligations.
March 31, 2021
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$65,306 7.4 %$65,694 7.5 %
Due after one year through five years179,535 20.2 182,453 20.8 
Due after five years through ten years277,246 31.4 268,740 30.7 
Due after ten years19,313 2.2 18,309 2.1 
Asset and mortgage-backed securities342,820 38.8 340,079 38.9 
Total$884,220 100.0 %$875,275 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:
Three Months Ended
 March 31,
20212020
Fixed maturities$3,689 $5,470 
Equity securities129 771 
Cash and cash equivalents58 671 
Other investments(10)266 
Other assets41 9 
Investment income3,907 7,187 
Investment expenses(324)(270)
Net investment income$3,583 $6,917 
Schedule of Unrealized Loss on Investments
The following table presents an aging of our unrealized investment losses by investment class:
Less Than Twelve MonthsTwelve Months or More
Number of Securities(1)
Gross Unrealized LossesFair Value
Number of Securities(1)
Gross Unrealized LossesFair Value
March 31, 2021 
U.S. government and agency securities70 $2,661 $73,990 14 $4 $7,778 
States, municipalities and political subdivisions91 1,790 73,926 — — — 
Public utilities18 1,103 20,661 — — — 
Corporate securities194 6,497 155,057 7 54 2,325 
Mortgage-backed securities160 4,951 182,028 6 22 730 
Asset-backed securities48 168 32,456 8 124 3,245 
Redeemable preferred stocks11 9 898 1 5 94 
Total fixed maturities592 $17,179 $539,016 36 $209 $14,172 
December 31, 2020
U.S. government and agency securities44 $129 $40,341 18 $10 $10,482 
States, municipalities and political subdivisions22 272 30,538 — — — 
Public utilities8 28 9,472 — — — 
Corporate securities40 116 25,052 3 2 753 
Mortgage-backed securities87 397 100,171 8 69 3,479 
Asset-backed securities21 207 17,682 1 12 988 
Redeemable preferred stocks5 13 358 — — — 
Total fixed maturities227 $1,162 $223,614 30 $93 $15,702 
(1) This amount represents the actual number of discrete securities, not the number of shares or units of those securities. The numbers are not presented in thousands.
Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis
The following table presents the fair value of our financial instruments measured on a recurring basis by level at March 31, 2021 and December 31, 2020:
TotalLevel 1Level 2Level 3
March 31, 2021
U.S. government and agency securities$110,657 $— $110,657 $— 
Foreign government1,483 — 1,483 — 
States, municipalities and political subdivisions122,416 — 122,416 — 
Public utilities28,941 — 28,941 — 
Corporate securities265,683 — 265,683 — 
Mortgage-backed securities274,372 — 274,372 — 
Asset-backed securities65,707 — 65,707 — 
Redeemable preferred stocks6,016 1,511 4,505 — 
Total fixed maturities875,275 1,511 873,764 — 
Mutual funds5,170 5,170 — — 
Other common stocks6,914 6,914 — — 
Non-redeemable preferred stocks6,952 6,952 — — 
Total equity securities19,036 19,036 — — 
Other investments (1)
27,251 300 26,951 — 
Total investments$921,562 $20,847 $900,715 $— 
December 31, 2020
U.S. government and agency securities$130,425 $— $130,425 $— 
Foreign government1,516 — 1,516 — 
States, municipalities and political subdivisions134,382 — 134,382 — 
Public utilities29,980 — 29,980 — 
Corporate securities292,329 — 292,329 — 
Mortgage-backed securities288,212 — 288,212 — 
Asset-backed securities56,657 — 56,657 — 
Redeemable preferred stocks6,510 1,554 4,956 — 
Total fixed maturities940,011 1,554 938,457 — 
Mutual Funds152 152 — — 
Non-redeemable preferred stocks7,293 7,293 — — 
Total equity securities7,445 7,445 — — 
Other investments (1)
38,002 300 37,702 — 
Total investments$985,458 $9,299 $976,159 $— 
(1) Other investments included in the fair value hierarchy exclude these limited partnership interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient.
Schedule of Investments in Limited Partnerships
The information presented in the table below is as of March 31, 2021:
Book ValueUnrealized GainUnrealized LossFair Value
Limited partnership investments (1)
$14,258 $1,065 $(129)$15,194 
Certificates of deposit300 — — 300 
 Short-term investments
26,952 — (1)26,951 
Total other investments$41,510 $1,065 $(130)$42,445 
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
March 31, 2021December 31, 2020
Trust funds$43,064 $61,142 
Cash on deposit (regulatory deposits)1,038 936 
Total restricted cash$44,102 $62,078 
Securities Owned and Other Investments Not Readily Marketable Disclosure The table below shows the carrying value of those securities held on deposit with regulators.
March 31, 2021December 31, 2020
Invested assets on deposit (regulatory deposits)$4,019 $4,023