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Investments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2021
U.S. government and agency securities$107,376 $679 $1,753 $106,302 
Foreign government1,369 113 — 1,482 
States, municipalities and political subdivisions109,928 1,140 797 110,271 
Public utilities28,942 306 576 28,672 
Corporate securities257,401 4,016 3,128 258,289 
Mortgage-backed securities263,400 1,994 3,005 262,389 
Asset-backed securities67,368 416 141 67,643 
Redeemable preferred stocks5,900 191 34 6,057 
Total fixed maturities$841,684 $8,855 $9,434 $841,105 
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:
June 30, 2021December 31, 2020
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$15,565 49.9 %$152 2.0 %
Other common stocks8,949 28.7 — — 
Nonredeemable preferred stocks6,662 21.4 7,293 98.0 
Total equity securities$31,176 100.0 %$7,445 100.0 %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the three and six-months ended June 30, 2021 and 2020, respectively:
20212020
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at Sale
Three Months Ended June 30,
Fixed maturities$107 $55,065 $372 $33,231 
Equity securities— — 814 3,691 
Short-term investments
— 7,774 — 36 
Total realized gains107 62,839 1,186 36,958 
Fixed maturities(212)7,195 (57)2,221 
Equity securities(16)425 (1,070)2,417 
Short-term investments
(3)1,998 — — 
Total realized losses(231)9,618 (1,127)4,638 
Net realized investment gains (losses)$(124)$72,457 $59 $41,596 
Six Months Ended June 30,
Fixed maturities$719 $111,202 $717 $92,456 
Equity securities2 23 826 3,971 
Short-term investments
— 14,830 — 71 
Total realized gains721 126,055 1,543 96,498 
Fixed maturities(308)31,621 (394)6,739 
Equity securities(18)519 (1,158)3,370 
Short-term investments
(16)7,984 — 128 
Total realized losses(342)40,124 (1,552)10,237 
Net realized investment gains (losses)$379 $166,179 $(9)$106,735 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at June 30, 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.
June 30, 2021
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$63,491 7.5 %$64,002 7.6 %
Due after one year through five years182,777 21.8 185,649 22.1 
Due after five years through ten years252,060 29.9 249,137 29.6 
Due after ten years12,588 1.5 12,285 1.5 
Asset and mortgage-backed securities330,768 39.3 330,032 39.2 
Total$841,684 100.0 %$841,105 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:

Three Months Ended
 June 30,		Six Months Ended
 June 30,
2021202020212020
Fixed maturities$3,333 $5,592 $7,022 $11,062 
Equity securities199 728 328 1,499 
Cash and cash equivalents39 66 97 737 
Other investments295 (311)285 (45)
Other assets71 93 112 102 
Investment income3,937 6,168 7,844 13,355 
Investment expenses(254)(261)(578)(531)
Net investment income$3,683 $5,907 $7,266 $12,824 
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
June 30, 2021 
U.S. government and agency securities51 $1,750 $31,218 11 $3 $5,774 
States, municipalities and political subdivisions2 797 6,502 — — — 
Public utilities17 576 20,820 — — — 
Corporate securities165 3,114 149,532 3 14 843 
Mortgage-backed securities227 2,996 271,163 6 9 369 
Asset-backed securities39 76 23,923 4 65 1,813 
Redeemable preferred stocks10 30 685 1 4 95 
Total fixed maturities511 $9,339 $503,843 25 $95 $8,894 
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 June 30, 2021 and December 31, 2020:

TotalLevel 1Level 2Level 3
June 30, 2021
U.S. government and agency securities$106,302 $— $106,302 $— 
Foreign government1,482 — 1,482 — 
States, municipalities and political subdivisions110,271 — 110,271 — 
Public utilities28,672 — 28,672 — 
Corporate securities258,289 — 258,289 — 
Mortgage-backed securities262,389 — 262,389 — 
Asset-backed securities67,643 — 67,643 — 
Redeemable preferred stocks6,057 1,514 4,543 — 
Total fixed maturities841,105 1,514 839,591 — 
Mutual funds15,565 13,296 2,269 — 
Other common stocks8,949 8,949 — — 
Non-redeemable preferred stocks6,662 6,662 — — 
Total equity securities31,176 28,907 2,269 — 
Other investments (1)
15,407 300 15,107 — 
Total investments$887,688 $30,721 $856,967 $— 
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 June 30, 2021:

Book ValueUnrealized GainUnrealized LossFair Value
Limited partnership investments (1)
$14,338 $805 $36 $15,107 
Certificates of deposit300 — — 300 
 Short-term investments
44,672 — 1 44,671 
Total other investments$59,310 $805 $37 $60,078 
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
June 30, 2021December 31, 2020
Trust funds$41,751 $61,142 
Cash on deposit (regulatory deposits)1,040 936 
Total restricted cash$42,791 $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.
June 30, 2021December 31, 2020
Invested assets on deposit (regulatory deposits)$4,015 $4,023