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Investments (Tables)
 9 Months Ended
Sep. 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 September 30, 2022 and December 31, 2021:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2022
U.S. government and agency securities$39,516 $— $4,078 $35,438 
Foreign government3,373 — 44 3,329 
States, municipalities and political subdivisions65,759 1 7,594 58,166 
Public utilities21,467 — 2,459 19,008 
Corporate securities211,277 — 27,496 183,781 
Mortgage-backed securities153,223 14 20,653 132,584 
Asset-backed securities62,447 — 4,500 57,947 
Redeemable preferred stocks2,101 — 103 1,998 
Total fixed maturities$559,163 $15 $66,927 $492,251 
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:
September 30, 2022December 31, 2021
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$32,137 88.0 %$33,064 87.1 %
Public utilities901 2.5 — — 
Nonredeemable preferred stocks3,457 9.5 4,894 12.9 
Total equity securities$36,495 100.0 %$37,958 100.0 %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the three and nine months ended September 30, 2022 and 2021, respectively:
20222021
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at Sale
Three Months Ended September 30,
Fixed maturities$— $20,507 $293 $50,112 
Equity securities— — 5,505 10,512 
Short-term investments
— 57 — 14,655 
Total realized gains— 20,564 5,798 75,279 
Fixed maturities(9)245 (236)16,086 
Equity securities— — — 56 
Short-term investments
— — (25)23,974 
Total realized losses(9)245 (261)40,116 
Net realized investment gains (losses)$(9)$20,809 $5,537 $115,395 
Nine Months Ended September 30,
Fixed maturities$654 $82,348 $1,012 $161,314 
Equity securities— — 5,507 10,535 
Short-term investments
— 90 — 29,485 
Total realized gains654 82,438 6,519 201,334 
Fixed maturities(2,499)45,940 (544)47,707 
Equity securities(11)88 (18)575 
Short-term investments
— — (41)31,958 
Total realized losses(2,510)46,028 (603)80,240 
Net realized investment gains (losses)$(1,856)$128,466 $5,916 $281,574 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at September 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.
September 30, 2022
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$25,360 4.5 %$25,200 5.1 %
Due after one year through five years184,937 33.1 169,320 34.5 
Due after five years through ten years121,858 21.8 98,100 19.9 
Due after ten years11,338 2.0 9,100 1.8 
Asset and mortgage-backed securities215,670 38.6 190,531 38.7 
Total$559,163 100.0 %$492,251 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Fixed maturities$2,487 $3,091 $7,063 $10,113 
Equity securities268 184 658 512 
Cash and cash equivalents1,174 2 1,791 99 
Other investments496 558 971 843 
Other assets7 (92)16 20 
Investment income4,432 3,743 10,499 11,587 
Investment expenses(163)(272)(612)(850)
Net investment income$4,269 $3,471 $9,887 $10,737 
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, 2022 
U.S. government and agency securities55 $331 $7,699 41 $3,747 $27,739 
Foreign governments3 37 1,322 1 7 2,007 
States, municipalities and political subdivisions66 2,303 25,930 49 5,291 31,260 
Public utilities33 510 5,737 18 1,949 13,271 
Corporate securities209 5,020 60,556 152 22,476 122,619 
Mortgage-backed securities122 2,912 38,867 128 17,741 93,152 
Asset-backed securities96 3,225 35,232 37 1,275 21,890 
Redeemable preferred stocks13 92 1,910 1 11 88 
Total fixed maturities597 $14,430 $177,253 427 $52,497 $312,026 
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 September 30, 2022 and December 31, 2021:

TotalLevel 1Level 2Level 3
September 30, 2022
U.S. government and agency securities$35,438 $— $35,438 $— 
Foreign government3,329 — 3,329 — 
States, municipalities and political subdivisions58,166 — 58,166 — 
Public utilities19,008 — 19,008 — 
Corporate securities183,781 — 183,781 — 
Mortgage-backed securities132,584 — 132,584 — 
Asset-backed securities57,947 — 57,947 — 
Redeemable preferred stocks1,998 468 1,530 — 
Total fixed maturities492,251 468 491,783 — 
Mutual funds32,137 18,785 13,352 — 
Public utilities901 901 — — 
Non-redeemable preferred stocks3,457 3,457 — — 
Total equity securities36,495 23,143 13,352 — 
Other investments (1)
454 300 154 — 
Total investments$529,200 $23,911 $505,289 $— 
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 September 30, 2022:

Book ValueUnrealized GainUnrealized LossFair Value
September 30, 2022
Limited partnership investments (1)
$16,325 $1,496 $1,666 $16,155 
Certificates of deposit300 — — 300 
 Short-term investments
155 — 1 154 
Total other investments$16,780 $1,496 $1,667 $16,609 
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
September 30, 2022December 31, 2021
Trust funds$36,954 $32,211 
Cash on deposit (regulatory deposits)5,346 1,043 
Total restricted cash$42,300 $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.
September 30, 2022December 31, 2021
Invested assets on deposit (regulatory deposits)$4,012 $2,885