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Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Equity Securities
The following table details fixed maturity available-for-sale securities, by major investment category, at December 31, 2021 and 2020:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2021
U.S. government and agency securities$50,373 $293 $1,326 $49,340 
Foreign government3,383 84 8 3,459 
States, municipalities and political subdivisions80,385 592 1,081 79,896 
Public utilities26,103 164 810 25,457 
Corporate securities246,933 2,303 4,793 244,443 
Mortgage-backed securities190,383 554 4,197 186,740 
Asset-backed securities70,569 116 523 70,162 
Redeemable preferred stocks4,010 106 11 4,105 
Total fixed maturities$672,139 $4,212 $12,749 $663,602 
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 are summarized as follows at:
December 31, 2021December 31, 2020
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$33,064 87.1 %$152 2.0 %
Non-redeemable preferred stocks4,894 12.9 7,293 98.0 
Total equity securities$37,958 100.0 %$7,445 100.0 %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the years ended December 31, 2021, 2020 and 2019:
202120202019
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at SaleGains (Losses)Fair Value at Sale
Fixed maturities$2,112 $221,597 $32,460 $678,736 $1,678 $209,302 
Equity securities5,569 12,116 38,325 131,178 94 814 
 Short-term investments
— 33,485 — 1,346 — 3,863 
Total realized gains7,681 267,198 70,785 811,260 1,772 213,979 
Fixed maturities(4,050)220,809 (478)16,552 (324)43,573 
Equity securities(18)575 (3,602)13,805 (219)1,387 
 Short-term investments
(46)35,975 (14)1,258 (1)1,035 
Total realized losses(4,114)257,359 (4,094)31,615 (544)45,995 
Net realized investment gains$3,567 $524,557 $66,691 $842,875 $1,228 $259,974 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at December 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.

December 31, 2021
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$36,515 5.4 %$36,803 5.5 %
Due after one year through five years206,964 30.8 %206,266 31.1 %
Due after five years through ten years161,551 24.0 %157,715 23.8 %
Due after ten years6,157 0.9 %5,916 0.9 %
Asset and mortgage-backed securities260,952 38.9 %256,902 38.7 %
Total$672,139 100.0 %$663,602 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:
Year Ended December 31,
202120202019
Fixed maturities$12,884 $21,789 $23,267 
Equity securities695 2,155 2,474 
Cash and cash equivalents280 1,329 4,118 
Other investments975 6338 1,253 
Other assets24 178 117 
Investment income14,858 25,489 31,229 
Investment expenses(1,086)(1,364)(1,084)
Net investment income$13,772 $24,125 $30,145 
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
December 31, 2021 
U.S. government and agency securities39 $971 $32,167 15 $355 $8,126 
Foreign governments1 8 2,010 — — — 
States, municipalities and political subdivisions63 761 41,670 8 320 11,423 
Public utilities14 346 12,719 7 464 7,708 
Corporate securities205 4,589 158,959 12 204 7,896 
Mortgage-backed securities138 2,638 111,636 37 1,559 41,786 
Asset backed securities111 493 60,566 2 30 1,596 
Redeemable preferred stocks1 2 90 1 9 91 
Total fixed maturities572 $9,808 $419,817 82 $2,941 $78,626 
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 December 31, 2021 and 2020:

TotalLevel 1Level 2Level 3
December 31, 2021
U.S. government and agency securities$49,340 $— $49,340 $— 
Foreign government3,459 — 3,459 — 
States, municipalities and political subdivisions79,896 — 79,896 — 
Public utilities25,457 — 25,457 — 
Corporate securities244,443 — 244,443 — 
Mortgage-backed securities186,740 — 186,740 — 
Asset-backed securities70,162 — 70,162 — 
Redeemable preferred stocks4,105 535 3,570 — 
Total fixed maturities663,602 535 663,067 — 
Mutual funds33,064 24,652 8,412 — 
Non-redeemable preferred stocks4,894 4,894 — — 
Total equity securities37,958 29,546 8,412 — 
Other investments (1)
381 300 81 — 
Total investments$701,941 $30,381 $671,560 $— 
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 long-term investments included in the fair value hierarchy exclude these other limited partnership interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient.
Schedule of Fair Value of Financial Instruments with Unobservable Inputs
The information presented in the table below is as of December 31, 2021 and 2020:
Book ValueUnrealized GainUnrealized LossFair Value
December 31, 2021
Limited partnership investments (1)
$16,750 $1,401 $526 $17,625 
Certificates of deposit300 — — 300 
Short-term investments81 — — 81 
Total other investments
$17,131 $1,401 $526 $18,006 
December 31, 2020
Limited partnership investments (1)
$9,532 $225 $164 $9,593 
Certificates of deposit300 — — 300 
Short-term investments37,703 — 1 37,702 
Total other investments$47,535 $225 $165 $47,595 
(1) Distributions will be generated from investment gains, from operating income, from underlying investments of the funds, and from liquidation of the underlying assets of the funds. We estimate that the underlying assets of the funds will be liquidated over the next few months to six years.
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
December 31,
20212020
Trust funds$32,211 $61,142 
Cash on deposit (regulatory deposits)1,043 936 
     Total restricted cash$33,254 $62,078 
Securities on deposit The table below shows the carrying value of those securities held on deposit with regulators.
December 31,
20212020
Invested assets on deposit (regulatory deposits)$2,885 $4,023