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Investments (Tables)
 3 Months Ended
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 CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2023
U.S. government and agency securities$3,491 $— $82 $3,409 
Foreign government1,000 — 9 991 
States, municipalities and political subdivisions31,924 15 3,357 28,582 
Public utilities8,913 — 1,093 7,820 
Corporate securities99,324 58 13,659 85,723 
Mortgage-backed securities64,285 — 8,283 56,002 
Asset-backed securities30,536 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 government1,000 — 9 991 
States, municipalities and political subdivisions30,958 2 4,065 26,895 
Public utilities8,936 — 1,242 7,694 
Corporate securities99,062 20 15,739 83,343 
Mortgage-backed securities65,251 — 9,136 56,115 
Asset-backed securities30,038 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, 2023December 31, 2022
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent 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:
20232022
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at Sale
Three Months Ended March 31,
Fixed maturities$4 $5,292 $41 $12,192 
Equity securities— — — — 
Short-term investments
— 126 — — 
Total realized gains4 5,418 41 12,192 
Fixed maturities(87)(41)(4)251 
Equity securities— — — — 
Short-term investments
— — — — 
Total realized losses(87)(41)(4)251 
Net realized investment gains (losses)$(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 CostPercent of TotalFair ValuePercent of Total
Due in one year or less$7,097 3.0 %$7,016 3.3 %
Due after one year through five years50,754 21.2 46,402 22.0 
Due after five years through ten years82,508 34.5 69,386 32.9 
Due after ten years4,293 1.8 3,721 1.8 
Asset and mortgage-backed securities94,821 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,
20232022
Fixed maturities$1,272 $1,431 
Equity securities81 66 
Cash and cash equivalents1,304 22 
Other investments6 55 
Other assets— — 
Investment income2,663 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 MonthsTwelve Months or More
Number of Securities(1)
Gross Unrealized LossesFair Value
Number of Securities(1)
Gross Unrealized LossesFair Value
March 31, 2023 
U.S. government and agency securities1 $9 $990 2 $73 $1,421 
Foreign governments1 9 991 — — — 
States, municipalities and political subdivisions8 49 3,732 45 3,308 23,324 
Public utilities— — — 12 1,093 7,819 
Corporate securities35 547 10,964 115 13,112 71,582 
Mortgage-backed securities12 248 3,749 116 8,035 52,254 
Asset-backed securities7 36 3,013 54 2,330 22,632 
Total fixed maturities64 $898 $23,439 344 $27,951 $179,032 
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 
(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:

TotalLevel 1Level 2Level 3
March 31, 2023
U.S. government and agency securities$3,409 $— $3,409 $— 
Foreign government991 — 991 — 
States, municipalities and political subdivisions28,582 — 28,582 — 
Public utilities7,820 — 7,820 — 
Corporate securities85,723 — 85,723 — 
Mortgage-backed securities56,002 — 56,002 — 
Asset-backed securities28,206 — 28,206 — 
Total fixed maturities210,733 — 210,733 — 
Mutual funds16,181 16,181 — — 
Total investments$226,914 $16,181 $210,733 $— 
December 31, 2022
U.S. government and agency securities$2,385 $— $2,385 $— 
Foreign government991 — 991 — 
States, municipalities and political subdivisions26,895 — 26,895 — 
Public utilities7,694 — 7,694 — 
Corporate securities83,343 — 83,343 — 
Mortgage-backed securities56,115 — 56,115 — 
Asset-backed securities27,259 — 27,259 — 
Total fixed maturities204,682 — 204,682 — 
Mutual Funds15,657 15,657 — — 
Total equity securities15,657 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 ValueUnrealized GainUnrealized LossFair 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, 2023December 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, 2023December 31, 2022
Invested assets on deposit (regulatory deposits)$2,491 $2,616