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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 and December 31, 2022:
| Cost or Adjusted/Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
March 31, 2023 |  |  |  |  |  |  |
U.S. government and agency securities | $ | 3,491 |  |  | $ | — |  |  | $ | 82 |  |  | $ | 3,409 |
Foreign government | 1,000 |  |  | — |  |  | 9 |  |  | 991 |
States, municipalities and political subdivisions | 31,924 |  |  | 15 |  |  | 3,357 |  |  | 28,582 |
Public utilities | 8,913 |  |  | — |  |  | 1,093 |  |  | 7,820 |
Corporate securities | 99,324 |  |  | 58 |  |  | 13,659 |  |  | 85,723 |
Mortgage-backed securities | 64,285 |  |  | — |  |  | 8,283 |  |  | 56,002 |
Asset-backed securities | 30,536 |  |  | 36 |  |  | 2,366 |  |  | 28,206 |
Total fixed maturities | $ | 239,473 |  |  | $ | 109 |  |  | $ | 28,849 |  |  | $ | 210,733 |
December 31, 2022 |  |  |  |  |  |  |
U.S. government and agency securities | $ | 2,490 |  |  | $ | — |  |  | $ | 105 |  |  | $ | 2,385 |
Foreign government | 1,000 |  |  | — |  |  | 9 |  |  | 991 |
States, municipalities and political subdivisions | 30,958 |  |  | 2 |  |  | 4,065 |  |  | 26,895 |
Public utilities | 8,936 |  |  | — |  |  | 1,242 |  |  | 7,694 |
Corporate securities | 99,062 |  |  | 20 |  |  | 15,739 |  |  | 83,343 |
Mortgage-backed securities | 65,251 |  |  | — |  |  | 9,136 |  |  | 56,115 |
Asset-backed securities | 30,038 |  |  | 9 |  |  | 2,788 |  |  | 27,259 |
Total fixed maturities | $ | 237,735 |  |  | $ | 31 |  |  | $ | 33,084 |  |  | $ | 204,682 |
Equity Securities Fair Value | Equity securities are summarized as follows:
|  | March 31, 2023 |  | December 31, 2022
|  | Estimated Fair Value |  | Percent of Total |  | Estimated Fair Value |  | Percent of Total
Mutual funds |  | $ | 16,181 |  |  | 100.0 | % |  | $ | 15,657 |  |  | 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, 2023 and 2022, respectively:
| 2023 |  | 2022
| Gains (Losses) |  | Fair Value at Sale |  | Gains (Losses) |  | Fair Value at Sale
Three Months Ended March 31, |  |  |  |  |  |  |
Fixed maturities | $ | 4 |  |  | $ | 5,292 |  |  | $ | 41 |  |  | $ | 12,192 |
Equity securities | — |  |  | — |  |  | — |  |  | — |
Short-term investments | — |  |  | 126 |  |  | — |  |  | — |
Total realized gains | 4 |  |  | 5,418 |  |  | 41 |  |  | 12,192 |
Fixed maturities | (87) |  |  | (41) |  |  | (4) |  |  | 251 |
Equity securities | — |  |  | — |  |  | — |  |  | — |
Short-term investments | — |  |  | — |  |  | — |  |  | — |
Total realized losses | (87) |  |  | (41) |  |  | (4) |  |  | 251 |
Net realized investment gains (losses) | $ | (83) |  |  | $ | 5,377 |  |  | $ | 37 |  |  | $ | 12,443 |
Investments Classified by Contractual Maturity Date | The table below summarizes our fixed maturities at March 31, 2023 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, 2023
| Cost or Amortized Cost |  | Percent of Total |  | Fair Value |  | Percent of Total
Due in one year or less | $ | 7,097 |  |  | 3.0 | % |  | $ | 7,016 |  |  | 3.3 | %
Due after one year through five years | 50,754 |  |  | 21.2 |  |  | 46,402 |  |  | 22.0 |
Due after five years through ten years | 82,508 |  |  | 34.5 |  |  | 69,386 |  |  | 32.9 |
Due after ten years | 4,293 |  |  | 1.8 |  |  | 3,721 |  |  | 1.8 |
Asset and mortgage-backed securities | 94,821 |  |  | 39.5 |  |  | 84,208 |  |  | 40.0 |
Total | $ | 239,473 |  |  | 100.0 | % |  | $ | 210,733 |  |  | 100.0 | %
Investment Income | The following table summarizes our net investment income by major investment category:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Fixed maturities |  |  |  |  | $ | 1,272 |  |  | $ | 1,431 |
Equity securities |  |  |  |  | 81 |  |  | 66 |
Cash and cash equivalents |  |  |  |  | 1,304 |  |  | 22 |
Other investments |  |  |  |  | 6 |  |  | 55 |
Other assets |  |  |  |  | — |  |  | — |
Investment income |  |  |  |  | 2,663 |  |  | 1,574 |
Investment expenses |  |  |  |  | (74) |  |  | (170) |
Net investment income |  |  |  |  | $ | 2,589 |  |  | $ | 1,404 |
Schedule of Unrealized Loss on Investments | The following table presents an aging of our unrealized investment losses by investment class:
| Less Than Twelve Months |  | Twelve Months or More
| Number of Securities(1) |  | Gross Unrealized Losses |  | Fair Value |  | Number of Securities(1) |  | Gross Unrealized Losses |  | Fair Value
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | 1 |  |  | $ | 9 |  |  | $ | 990 |  |  | 2 |  |  | $ | 73 |  |  | $ | 1,421 |
Foreign governments | 1 |  |  | 9 |  |  | 991 |  |  | — |  |  | — |  |  | — |
States, municipalities and political subdivisions | 8 |  |  | 49 |  |  | 3,732 |  |  | 45 |  |  | 3,308 |  |  | 23,324 |
Public utilities | — |  |  | — |  |  | — |  |  | 12 |  |  | 1,093 |  |  | 7,819 |
Corporate securities | 35 |  |  | 547 |  |  | 10,964 |  |  | 115 |  |  | 13,112 |  |  | 71,582 |
Mortgage-backed securities | 12 |  |  | 248 |  |  | 3,749 |  |  | 116 |  |  | 8,035 |  |  | 52,254 |
Asset-backed securities | 7 |  |  | 36 |  |  | 3,013 |  |  | 54 |  |  | 2,330 |  |  | 22,632 |
Total fixed maturities | 64 |  |  | $ | 898 |  |  | $ | 23,439 |  |  | 344 |  |  | $ | 27,951 |  |  | $ | 179,032 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | 3 |  |  | $ | 105 |  |  | $ | 2,385 |  |  | — |  |  | $ | — |  |  | $ | — |
Foreign governments | 1 |  |  | 9 |  |  | 991 |  |  | — |  |  | — |  |  | — |
States, municipalities and political subdivisions | 21 |  |  | 540 |  |  | 7,306 |  |  | 31 |  |  | 3,525 |  |  | 18,853 |
Public utilities | 8 |  |  | 193 |  |  | 2,286 |  |  | 4 |  |  | 1,049 |  |  | 5,408 |
Corporate securities | 78 |  |  | 2,279 |  |  | 24,594 |  |  | 77 |  |  | 13,460 |  |  | 57,765 |
Mortgage-backed securities | 48 |  |  | 1,282 |  |  | 15,259 |  |  | 80 |  |  | 7,854 |  |  | 40,856 |
Asset-backed securities | 16 |  |  | 795 |  |  | 6,397 |  |  | 46 |  |  | 1,993 |  |  | 19,028 |
Total fixed maturities | 175 |  |  | $ | 5,203 |  |  | $ | 59,218 |  |  | 238 |  |  | $ | 27,881 |  |  | $ | 141,910 |
(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, 2023 and December 31, 2022:
| Total |  | Level 1 |  | Level 2 |  | Level 3
March 31, 2023 |  |  |  |  |  |  |
U.S. government and agency securities | $ | 3,409 |  |  | $ | — |  |  | $ | 3,409 |  |  | $ | — |
Foreign government | 991 |  |  | — |  |  | 991 |  |  | — |
States, municipalities and political subdivisions | 28,582 |  |  | — |  |  | 28,582 |  |  | — |
Public utilities | 7,820 |  |  | — |  |  | 7,820 |  |  | — |
Corporate securities | 85,723 |  |  | — |  |  | 85,723 |  |  | — |
Mortgage-backed securities | 56,002 |  |  | — |  |  | 56,002 |  |  | — |
Asset-backed securities | 28,206 |  |  | — |  |  | 28,206 |  |  | — |
Total fixed maturities | 210,733 |  |  | — |  |  | 210,733 |  |  | — |
Mutual funds | 16,181 |  |  | 16,181 |  |  | — |  |  | — |
Total investments | $ | 226,914 |  |  | $ | 16,181 |  |  | $ | 210,733 |  |  | $ | — |
December 31, 2022 |  |  |  |  |  |  |
U.S. government and agency securities | $ | 2,385 |  |  | $ | — |  |  | $ | 2,385 |  |  | $ | — |
Foreign government | 991 |  |  | — |  |  | 991 |  |  | — |
States, municipalities and political subdivisions | 26,895 |  |  | — |  |  | 26,895 |  |  | — |
Public utilities | 7,694 |  |  | — |  |  | 7,694 |  |  | — |
Corporate securities | 83,343 |  |  | — |  |  | 83,343 |  |  | — |
Mortgage-backed securities | 56,115 |  |  | — |  |  | 56,115 |  |  | — |
Asset-backed securities | 27,259 |  |  | — |  |  | 27,259 |  |  | — |
Total fixed maturities | 204,682 |  |  | — |  |  | 204,682 |  |  | — |
Mutual Funds | 15,657 |  |  | 15,657 |  |  | — |  |  | — |
Total equity securities | 15,657 |  |  | 15,657 |  |  | — |  |  | — |
Other investments (1) | 125 |  |  | — |  |  | 125 |  |  | — |
Total investments | $ | 220,464 |  |  | $ | 15,657 |  |  | $ | 204,807 |  |  | $ | — |
(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, 2023:
|  | Book Value |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
March 31, 2023 |  |  |  |  |  |  |  |
Limited partnership investments (1) |  | $ | 2,917 |  |  | $ | 633 |  |  | $ | — |  |  | $ | 3,550 |
Restrictions on Cash and Cash Equivalents | The following table presents the components of restricted assets:
| March 31, 2023 |  | December 31, 2022
Trust funds | $ | 49,046 |  |  | $ | 45,364 |
Cash on deposit (regulatory deposits) | 625 |  |  | 624 |
Total restricted cash | $ | 49,671 |  |  | $ | 45,988 |
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, 2023 |  | December 31, 2022
Invested assets on deposit (regulatory deposits) | $ | 2,491 |  |  | $ | 2,616 |

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