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Investments (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2023 and December 31, 2022:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2023
U.S. government and agency securities$2,494 $— $95 $2,399 
Foreign government1,000 — — 1,000 
States, municipalities and political subdivisions26,366 1 3,345 23,022 
Public utilities5,658 — 692 4,966 
Corporate securities71,604 — 11,450 60,154 
Mortgage-backed securities55,526 — 9,398 46,128 
Asset-backed securities18,155 — 1,967 16,188 
Total fixed maturities$180,803 $1 $26,947 $153,857 
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 $204,682 
Equity Securities Fair Value
Equity securities are summarized as follows:
September 30, 2023December 31, 2022
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$— — %$15,657 100.0 %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the three and nine months ended September 30, 2023 and 2022, respectively:
20232022
Gains
(Losses)
Fair Value at Sale(1)
Gains
(Losses)
Fair Value at Sale(1)
Three Months Ended September 30,
Fixed maturities$— $3,849 $— $13,696 
Equity securities— — — — 
Short-term investments
— — — — 
Other investments3 1,151 — — 
Total realized gains3 5,000 — 13,696 
Fixed maturities(1)128 (4)105 
Equity securities— — — — 
Short-term investments
— — — — 
Other investments— — — — 
Total realized losses(1)128 (4)105 
Net realized investment gains (losses)$2 $5,128 $(4)$13,801 
Nine Months Ended September 30,
Fixed maturities$59 $16,839 $64 $38,429 
Equity securities165 5,786 — — 
Short-term investments
— 126 — — 
Other investments3 1,151 — — 
Total realized gains227 23,902 64 38,429 
Fixed maturities(6,368)44,603 (108)1,366 
Equity securities(665)10,372 — — 
Short-term investments
— — — — 
Other investments— — — — 
Total realized losses(7,033)54,975 (108)1,366 
Net realized investment gains (losses)$(6,806)$78,877 $(44)$39,795 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at September 30, 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.
September 30, 2023
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$7,480 4.1 %$7,367 4.8 %
Due after one year through five years35,890 19.9 32,330 21.0 
Due after five years through ten years58,876 32.5 48,028 31.2 
Due after ten years4,876 2.7 3,816 2.5 
Asset and mortgage-backed securities73,681 40.8 62,316 40.5 
Total$180,803 100.0 %$153,857 100.0 %
Investment Income The following table summarizes our net investment income by major investment category:
Three Months Ended
 September 30,		Nine Months Ended
September 30,
2023202220232022
Fixed maturities$1,041 $1,596 $3,537 $4,610 
Equity securities— 91 81 219 
Cash and cash equivalents1,759 504 4,687 721 
Other investments(33)161 (111)333 
Investment income2,767 2,352 8,194 5,883 
Investment expenses(58)(116)(204)(404)
Net investment income$2,709 $2,236 $7,990 $5,479 
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, 2023 
U.S. government and agency securities— $— $— 3 $95 $2,399 
Foreign governments— — — 1 — 1,000 
States, municipalities and political subdivisions5 113 2,433 44 3,232 19,837 
Public utilities— — — 12 692 4,967 
Corporate securities6 143 2,290 137 11,307 57,858 
Mortgage-backed securities4 77 908 119 9,321 45,220 
Asset-backed securities5 38 2,135 43 1,929 14,053 
Total fixed maturities20 $371 $7,766 359 $26,576 $145,334 
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 September 30, 2023 and December 31, 2022:
TotalLevel 1Level 2Level 3
September 30, 2023
U.S. government and agency securities$2,399 $— $2,399 $— 
Foreign government1,000 — 1,000 — 
States, municipalities and political subdivisions23,022 — 23,022 — 
Public utilities4,966 — 4,966 — 
Corporate securities60,154 — 60,154 — 
Mortgage-backed securities46,128 — 46,128 — 
Asset-backed securities16,188 — 16,188 — 
Total fixed maturities153,857 — 153,857 — 
Mutual funds— — — — 
Total equity securities— — — — 
Other investments (1)
116 — 116 — 
Total investments$153,973 $— $153,973 $— 
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 September 30, 2023:

Book ValueUnrealized GainUnrealized LossFair Value
September 30, 2023
Limited partnership investments (1)
$2,126 $357 $— $2,483 
 Short-term investments
117 — 1 116 
Total other investments$2,243 $357 $1 $2,599 
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
September 30, 2023December 31, 2022
Trust funds$18,798 $45,364 
Cash on deposit (regulatory deposits)629 624 
Total restricted cash$19,427 $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.
September 30, 2023December 31, 2022
Invested assets on deposit (regulatory deposits)$2,494 $2,616