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Investments (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2022
U.S. government and agency securities$34,116 $— $105 $34,011 
Foreign government1,339 — 9 1,330 
States, municipalities and political subdivisions55,842 2 4,065 51,779 
Public utilities15,930 — 1,242 14,688 
Corporate securities157,354 19 15,739 141,634 
Mortgage-backed securities109,100 — 9,136 99,964 
Asset-backed securities34,905 9 2,788 32,126 
Redeemable preferred stocks931 — — 931 
Total fixed maturities$409,517 $30 $33,084 $376,463 
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 are summarized as follows at:
December 31, 2022December 31, 2021
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$35,485 91.0 %$33,064 87.1 %
Public utilities551 1.4 — — 
Non-redeemable preferred stocks2,984 7.6 4,894 12.9 
Total equity securities$39,020 100.0 %$37,958 100.0 %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the years ended December 31, 2022, 2021 and 2020:
202220212020
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at SaleGains (Losses)Fair Value at Sale
Fixed maturities$725 $86,532 $2,112 $221,597 $32,460 $678,736 
Equity securities— — 5,569 12,116 38,325 131,178 
 Short-term investments
— 90 — 33,485 — 1,346 
Total realized gains725 86,622 7,681 267,198 70,785 811,260 
Fixed maturities (1)
(32,730)163,990 (4,050)220,809 (478)16,552 
Equity securities(77)750 (18)575 (3,602)13,805 
 Short-term investments
— — (46)35,975 (14)1,258 
Total realized losses(32,807)164,740 (4,114)257,359 (4,094)31,615 
Net realized investment gains (losses)$(32,082)$251,362 $3,567 $524,557 $66,691 $842,875 
(1) Includes impairment losses realized of $22,718,000 for the year ended December 31, 2022.
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at December 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.

December 31, 2022
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$21,362 5.2 %$21,301 5.7 %
Due after one year through five years126,685 30.9 %122,337 32.5 %
Due after five years through ten years109,016 26.6 %93,142 24.7 %
Due after ten years8,449 2.1 %7,593 2.0 %
Asset and mortgage-backed securities144,005 35.2 %132,090 35.1 %
Total$409,517 100.0 %$376,463 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:
Year Ended December 31,
202220212020
Fixed maturities$9,482 $12,884 $21,789 
Equity securities914 695 2,155 
Cash and cash equivalents3,326 280 1,329 
Other investments1,018 63975 38 
Other assets26 24 178 
Investment income14,766 14,858 25,489 
Investment expenses(755)(1,086)(1,364)
Net investment income$14,011 $13,772 $24,125 
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, 2022 
U.S. government and agency securities3 $105 $2,385 — $— $— 
Foreign governments1 9 991 — — — 
States, municipalities and political subdivisions21 540 7,306 31 3,525 18,853 
Public utilities8 193 2,286 4 1,049 5,408 
Corporate securities78 2,279 24,594 77 13,460 57,765 
Mortgage-backed securities48 1,282 15,259 80 7,854 40,856 
Asset backed securities16 795 6,397 46 1,993 19,028 
Total fixed maturities175 $5,203 $59,218 238 $27,881 $141,910 
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 December 31, 2022 and 2021:

TotalLevel 1Level 2Level 3
December 31, 2022
U.S. government and agency securities$34,011 $— $34,011 $— 
Foreign government1,330 — 1,330 — 
States, municipalities and political subdivisions51,779 — 51,779 — 
Public utilities14,688 — 14,688 — 
Corporate securities141,634 — 141,634 — 
Mortgage-backed securities99,964 — 99,964 — 
Asset-backed securities32,126 — 32,126 — 
Redeemable preferred stocks931 359 572 — 
Total fixed maturities376,463 359 376,104 — 
Mutual funds35,485 20,615 14,870 — 
Public utilities551 551 — — 
Non-redeemable preferred stocks2,984 2,984 — — 
Total equity securities39,020 24,150 14,870 — 
Other investments (1)
444 300 144 — 
Total investments$415,927 $24,809 $391,118 $— 
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 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, 2022 and 2021:
Book ValueUnrealized GainUnrealized LossFair Value
December 31, 2022
Limited partnership investments (1)
$16,133 $1,590 $1,539 $16,184 
Certificates of deposit300 — — 300 
Short-term investments145 — 1 144 
Total other investments
$16,578 $1,590 $1,540 $16,628 
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 
(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 five years.
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
December 31,
20222021
Trust funds$48,363 $32,211 
Cash on deposit (regulatory deposits)5,354 1,043 
     Total restricted cash$53,717 $33,254 
Securities on deposit The table below shows the carrying value of those securities held on deposit with regulators.
December 31,
20222021
Invested assets on deposit (regulatory deposits)$3,997 $2,885