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Investments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2022 and December 31, 2021:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2022
U.S. government and agency securities$39,608 $1 $3,044 $36,565 
Foreign government3,376 5 19 3,362 
States, municipalities and political subdivisions70,260 10 5,606 64,664 
Public utilities19,626 — 1,796 17,830 
Corporate securities213,904 13 21,472 192,445 
Mortgage-backed securities161,457 13 15,474 145,996 
Asset-backed securities65,833 — 3,421 62,412 
Redeemable preferred stocks3,995 — 178 3,817 
Total fixed maturities$578,059 $42 $51,010 $527,091 
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:
June 30, 2022December 31, 2021
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$33,027 88.0 %$33,064 87.1 %
Nonredeemable preferred stocks4,525 12.0 4,894 12.9 
Total equity securities$37,552 100.0 %$37,958 100.0 %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the three and six months ended June 30, 2022 and 2021, respectively:
20222021
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at Sale
Three Months Ended June 30,
Fixed maturities$23 $20,423 $107 $55,065 
Equity securities— — — — 
Short-term investments
— — — 7,774 
Total realized gains23 20,423 107 62,839 
Fixed maturities(101)1,135 (212)7,195 
Equity securities— — (16)425 
Short-term investments
— — (3)1,998 
Total realized losses(101)1,135 (231)9,618 
Net realized investment losses$(78)$21,558 $(124)$72,457 
Six Months Ended June 30,
Fixed maturities$654 $61,841 $719 $111,202 
Equity securities— — 2 23 
Short-term investments
— 33 — 14,830 
Total realized gains654 61,874 721 126,055 
Fixed maturities(2,490)45,695 (308)31,621 
Equity securities(11)88 (18)519 
Short-term investments
— — (16)7,984 
Total realized losses(2,501)45,783 (342)40,124 
Net realized investment gains (losses)$(1,847)$107,657 $379 $166,179 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at June 30, 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.
June 30, 2022
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$24,437 4.2 %$24,347 4.6 %
Due after one year through five years188,439 32.6 177,045 33.6 
Due after five years through ten years125,905 21.8 107,120 20.3 
Due after ten years11,988 2.1 10,171 1.9 
Asset and mortgage-backed securities227,290 39.3 208,408 39.6 
Total$578,059 100.0 %$527,091 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Fixed maturities$2,345 $3,333 $4,576 $7,022 
Equity securities196 199 390 328 
Cash and cash equivalents468 39 617 97 
Other investments330 295 475 285 
Other assets5 71 9 112 
Investment income3,344 3,937 6,067 7,844 
Investment expenses(204)(254)(449)(578)
Net investment income$3,140 $3,683 $5,618 $7,266 
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, 2022 
U.S. government and agency securities62 $199 $6,918 30 $2,845 $28,633 
Foreign governments3 19 2,358 — — — 
States, municipalities and political subdivisions100 3,809 44,934 12 1,797 13,302 
Public utilities21 505 9,892 9 1,291 7,939 
Corporate securities246 6,139 97,252 105 15,333 87,762 
Mortgage-backed securities177 4,823 74,066 80 10,651 70,979 
Asset-backed securities118 3,160 53,077 14 261 8,486 
Redeemable preferred stocks34 167 3,729 1 11 88 
Total fixed maturities761 $18,821 $292,226 251 $32,189 $217,189 
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 June 30, 2022 and December 31, 2021:

TotalLevel 1Level 2Level 3
June 30, 2022
U.S. government and agency securities$36,565 $— $36,565 $— 
Foreign government3,362 — 3,362 — 
States, municipalities and political subdivisions64,664 — 64,664 — 
Public utilities17,830 — 17,830 — 
Corporate securities192,445 — 192,445 — 
Mortgage-backed securities145,996 — 145,996 — 
Asset-backed securities62,412 — 62,412 — 
Redeemable preferred stocks3,817 481 3,336 — 
Total fixed maturities527,091 481 526,610 — 
Mutual funds33,027 22,369 10,658 — 
Non-redeemable preferred stocks4,525 4,525 — — 
Total equity securities37,552 26,894 10,658 — 
Other investments (1)
481 300 181 — 
Total investments$565,124 $27,675 $537,449 $— 
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 June 30, 2022:

Book ValueUnrealized GainUnrealized LossFair Value
June 30, 2022
Limited partnership investments (1)
$16,024 $936 $851 $16,109 
Certificates of deposit300 — — 300 
 Short-term investments
182 — 1 181 
Total other investments$16,506 $936 $852 $16,590 
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
June 30, 2022December 31, 2021
Trust funds$32,314 $32,211 
Cash on deposit (regulatory deposits)1,047 1,043 
Total restricted cash$33,361 $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.
June 30, 2022December 31, 2021
Invested assets on deposit (regulatory deposits)$3,012 $2,885