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Investments (Tables)
 9 Months Ended
Sep. 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 September 30, 2021 and December 31, 2020:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2021
U.S. government and agency securities$103,655 $569 $2,008 $102,216 
Foreign government4,896 102 13 4,985 
States, municipalities and political subdivisions105,203 885 995 105,093 
Public utilities31,376 257 567 31,066 
Corporate securities299,271 3,384 3,611 299,044 
Mortgage-backed securities259,730 1,691 3,708 257,713 
Asset-backed securities79,992 333 162 80,163 
Redeemable preferred stocks4,532 137 9 4,660 
Total fixed maturities$888,655 $7,358 $11,073 $884,940 
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:
September 30, 2021December 31, 2020
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$22,838 77.7 %$152 2.0 %
Nonredeemable preferred stocks6,569 22.3 7,293 98.0 
Total equity securities$29,407 100.0 %$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 nine-months ended September 30, 2021 and 2020, respectively:
20212020
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at Sale
Three Months Ended September 30,
Fixed maturities$293 $50,112 $708 $47,153 
Equity securities5,505 10,512 26,724 97,725 
Short-term investments
— 14,655 — 1,275 
Total realized gains5,798 75,279 27,432 146,153 
Fixed maturities(236)16,086 (45)1,203 
Equity securities— 56 (2,419)9,509 
Short-term investments
(25)23,974 — — 
Total realized losses(261)40,116 (2,464)10,712 
Net realized investment gains (losses)$5,537 $115,395 $24,968 $156,865 
Nine Months Ended September 30,
Fixed maturities$1,012 $161,314 $1,425 $139,609 
Equity securities5,507 10,535 27,550 101,696 
Short-term investments
— 29,485 — 1,346 
Total realized gains6,519 201,334 28,975 242,651 
Fixed maturities(544)47,707 (439)7,942 
Equity securities(18)575 (3,577)12,879 
Short-term investments
(41)31,958 — 128 
Total realized losses(603)80,240 (4,016)20,949 
Net realized investment gains (losses)$5,916 $281,574 $24,959 $263,600 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at September 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.
September 30, 2021
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$66,172 7.4 %$66,609 7.5 %
Due after one year through five years263,885 29.7 265,546 30.0 
Due after five years through ten years206,617 23.3 203,091 22.9 
Due after ten years12,258 1.4 11,818 1.3 
Asset and mortgage-backed securities339,723 38.2 337,876 38.3 
Total$888,655 100.0 %$884,940 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:

Three Months Ended
 September 30,		Nine Months Ended
 September 30,
2021202020212020
Fixed maturities$3,091 $5,744 $10,113 $16,806 
Equity securities184 467 512 1,966 
Cash and cash equivalents2 30 99 767 
Other investments558 62 843 17 
Other assets(92)12 20 114 
Investment income3,743 6,315 11,587 19,670 
Investment expenses(272)(305)(850)(836)
Net investment income$3,471 $6,010 $10,737 $18,834 
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
September 30, 2021 
U.S. government and agency securities81 $1,978 $73,886 10 $30 $4,730 
Foreign governments2 13 3,516 — — — 
States, municipalities and political subdivisions77 948 63,480 2 47 1,292 
Public utilities24 567 23,890 — — — 
Corporate securities227 3,596 197,453 2 15 588 
Mortgage-backed securities176 3,597 185,606 14 111 3,271 
Asset-backed securities58 103 35,080 4 59 1,759 
Redeemable preferred stocks1 2 89 1 7 92 
Total fixed maturities646 $10,804 $583,000 33 $269 $11,732 
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 September 30, 2021 and December 31, 2020:

TotalLevel 1Level 2Level 3
September 30, 2021
U.S. government and agency securities$102,216 $— $102,216 $— 
Foreign government4,985 — 4,985 — 
States, municipalities and political subdivisions105,093 — 105,093 — 
Public utilities31,066 — 31,066 — 
Corporate securities299,044 — 299,044 — 
Mortgage-backed securities257,713 — 257,713 — 
Asset-backed securities80,163 — 80,163 — 
Redeemable preferred stocks4,660 814 3,846 — 
Total fixed maturities884,940 814 884,126 — 
Mutual funds22,838 17,193 5,645 — 
Other common stocks— — — — 
Non-redeemable preferred stocks6,569 6,569 — — 
Total equity securities29,407 23,762 5,645 — 
Other investments (1)
8,418 300 8,118 — 
Total investments$922,765 $24,876 $897,889 $— 
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 September 30, 2021:

Book ValueUnrealized GainUnrealized LossFair Value
Limited partnership investments (1)
$17,471 $1,822 $60 $19,233 
Certificates of deposit300 — — 300 
 Short-term investments
8,122 — 4 8,118 
Total other investments$25,893 $1,822 $64 $27,651 
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
September 30, 2021December 31, 2020
Trust funds$31,740 $61,142 
Cash on deposit (regulatory deposits)1,042 936 
Total restricted cash$32,782 $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.
September 30, 2021December 31, 2020
Invested assets on deposit (regulatory deposits)$3,384 $4,023