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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
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, 2022 and December 31, 2021:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2022
U.S. government and agency securities$38,681 $69 $2,522 $36,228 
Foreign government3,380 25 9 3,396 
States, municipalities and political subdivisions71,918 41 4,064 67,895 
Public utilities20,073 — 1,205 18,868 
Corporate securities221,399 320 13,848 207,871 
Mortgage-backed securities168,133 51 10,835 157,349 
Asset-backed securities68,598 8 2,437 66,169 
Redeemable preferred stocks4,003 5 56 3,952 
Total fixed maturities$596,185 $519 $34,976 $561,728 
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 
Equity Securities Fair Value
Equity securities are summarized as follows:
March 31, 2022December 31, 2021
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$34,732 88.1 %$33,064 87.1 %
Nonredeemable preferred stocks4,675 11.9 4,894 12.9 
Total equity securities$39,407 100.0 %$37,958 100.0 %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the three months ended March 31, 2022 and 2021, respectively:
20222021
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at Sale
Three Months Ended March 31,
Fixed maturities$631 $41,418 $612 $56,137 
Equity securities— — 2 23 
Short-term investments
— 33 — 7,056 
Total realized gains631 41,451 614 63,216 
Fixed maturities(2,389)44,560 (96)24,426 
Equity securities(11)88 (2)94 
Short-term investments
— — (13)5,986 
Total realized losses(2,400)44,648 (111)30,506 
Net realized investment gains (losses)$(1,769)$86,099 $503 $93,722 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at March 31, 2022 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, 2022
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$34,120 5.7 %$34,153 6.1 %
Due after one year through five years187,380 31.4 179,357 31.9 
Due after five years through ten years129,661 21.7 117,329 20.9 
Due after ten years8,293 1.4 7,371 1.3 
Asset and mortgage-backed securities236,731 39.8 223,518 39.8 
Total$596,185 100.0 %$561,728 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:

Three Months Ended March 31,
20222021
Fixed maturities$2,231 $3,689 
Equity securities194 129 
Cash and cash equivalents149 58 
Other investments145 (10)
Other assets4 41 
Investment income2,723 3,907 
Investment expenses(245)(324)
Net investment income$2,478 $3,583 
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, 2022 
U.S. government and agency securities51 $110 $5,543 30 $2,412 $29,171 
Foreign governments1 9 2,008 — — — 
States, municipalities and political subdivisions93 2,661 41,910 12 1,403 13,767 
Public utilities23 259 10,327 9 946 8,317 
Corporate securities179 3,334 75,463 106 10,514 94,239 
Mortgage-backed securities159 3,243 76,578 71 7,592 73,074 
Asset-backed securities121 2,273 61,396 4 164 2,749 
Redeemable preferred stocks24 46 2,949 1 10 89 
Total fixed maturities651 $11,935 $276,174 233 $23,041 $221,406 
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 
(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, 2022 and December 31, 2021:

TotalLevel 1Level 2Level 3
March 31, 2022
U.S. government and agency securities$36,228 $— $36,228 $— 
Foreign government3,396 — 3,396 — 
States, municipalities and political subdivisions67,895 — 67,895 — 
Public utilities18,868 — 18,868 — 
Corporate securities207,871 — 207,871 — 
Mortgage-backed securities157,349 — 157,349 — 
Asset-backed securities66,169 — 66,169 — 
Redeemable preferred stocks3,952 515 3,437 — 
Total fixed maturities561,728 515 561,213 — 
Mutual funds34,732 25,382 9,350 — 
Non-redeemable preferred stocks4,675 4,675 — — 
Total equity securities39,407 30,057 9,350 — 
Other investments (1)
481 300 181 — 
Total investments$601,616 $30,872 $570,744 $— 
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 $— 
(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, 2022:

Book ValueUnrealized GainUnrealized LossFair Value
March 31, 2022
Limited partnership investments (1)
$16,045 $977 $796 $16,226 
Certificates of deposit300 — — 300 
 Short-term investments
182 — 1 181 
Total other investments$16,527 $977 $797 $16,707 
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
March 31, 2022December 31, 2021
Trust funds$31,956 $32,211 
Cash on deposit (regulatory deposits)1,046 1,043 
Total restricted cash$33,002 $33,254 
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, 2022December 31, 2021
Invested assets on deposit (regulatory deposits)$3,011 $2,885