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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2024
U.S. government and agency securities$27,494 $— $198 $27,296 
Foreign government— — — — 
States, municipalities and political subdivisions25,806 — 2,529 23,277 
Public utilities5,632 — 504 5,128 
Corporate securities70,027 8 8,562 61,473 
Mortgage-backed securities52,627 — 7,187 45,440 
Asset-backed securities17,164 3 1,465 15,702 
Total fixed maturities$198,750 $11 $20,445 $178,316 
December 31, 2023
U.S. government and agency securities$27,489 $11 $68 $27,432 
States, municipalities and political subdivisions26,336 9 2,480 23,865 
Public utilities5,645 — 511 5,134 
Corporate securities70,197 20 8,368 61,849 
Mortgage-backed securities53,619 — 7,309 46,310 
Asset-backed securities17,665 9 1,561 16,113 
Total fixed maturities$200,951 $49 $20,297 $180,703 
Equity Securities Fair Value
Equity securities are summarized as follows:
March 31, 2024December 31, 2023
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$6,214 100.0 %$— — %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the three months ended March 31, 2024 and 2023, respectively:
20242023
Gains
(Losses)
Fair Value at Sale(1)
Gains
(Losses)
Fair Value at Sale(1)
Three Months Ended March 31,
Fixed maturities$— $1,957 $4 $5,292 
Short-term investments
— — — 126 
Other investments— 2,000 — — 
Total realized gains— 3,957 4 5,418 
Fixed maturities— — (87)(41)
Total realized losses— — (87)(41)
Net realized investment gains (losses)$— $3,957 $(83)$5,377 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at March 31, 2024 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, 2024
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$12,395 6.2 %$12,284 6.9 %
Due after one year through five years62,890 31.6 59,194 33.2 
Due after five years through ten years51,157 25.7 43,629 24.5 
Due after ten years2,517 1.3 2,067 1.2 
Asset and mortgage-backed securities69,791 35.2 61,142 34.2 
Total$198,750 100.0 %$178,316 100.0 %
Investment Income
The following table summarizes our net investment income by major investment category:

Three Months Ended March 31,
20242023
Fixed maturities$1,281 $1,272 
Equity securities13 81 
Cash and cash equivalents3,122 1,304 
Other investments155 6 
Investment income4,571 2,663 
Investment expenses(63)(74)
Net investment income$4,508 $2,589 
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, 2024 
U.S. government and agency securities14 $131 $25,867 2 $67 $1,428 
States, municipalities and political subdivisions5 39 2,508 44 2,490 20,519 
Public utilities— — — 12 504 5,128 
Corporate securities1 2 598 136 8,560 60,311 
Mortgage-backed securities2 29 783 114 7,158 43,756 
Asset-backed securities3 12 1,136 43 1,453 13,844 
Total fixed maturities25 $213 $30,892 351 $20,232 $144,986 
December 31, 2023
U.S. government and agency securities9 $14 $19,943 2 $54 $1,430 
States, municipalities and political subdivisions4 12 2,052 44 2,468 20,571 
Public utilities— — — 12 511 5,134 
Corporate securities3 27 1,255 133 8,341 59,419 
Mortgage-backed securities2 14 807 117 7,295 45,502 
Asset-backed securities4 6 1,354 43 1,555 14,074 
Total fixed maturities22 $73 $25,411 351 $20,224 $146,130 
(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, 2024 and December 31, 2023:
TotalLevel 1Level 2Level 3
March 31, 2024
U.S. government and agency securities$27,296 $— $27,296 $— 
Foreign government— — — — 
States, municipalities and political subdivisions23,277 — 23,277 — 
Public utilities5,128 — 5,128 — 
Corporate securities61,473 — 61,473 — 
Mortgage-backed securities45,440 — 45,440 — 
Asset-backed securities15,702 — 15,702 — 
Total fixed maturities178,316 — 178,316 — 
Mutual funds6,214 6,214 — — 
Total equity securities6,214 6,214 — — 
Other investments (1)
14,037 — 14,037 — 
Total investments$198,567 $6,214 $192,353 $— 
December 31, 2023
U.S. government and agency securities$27,432 $— $27,432 $— 
States, municipalities and political subdivisions23,865 — 23,865 — 
Public utilities5,134 — 5,134 — 
Corporate securities61,849 — 61,849 — 
Mortgage-backed securities46,310 — 46,310 — 
Asset-backed securities16,113 — 16,113 — 
Total fixed maturities180,703 — 180,703 — 
Mutual Funds— — — — 
Total equity securities— — — — 
Other investments (1)
14,004 — 14,004 — 
Total investments$194,707 $— $194,707 $— 
(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, 2024:

Book ValueUnrealized GainUnrealized LossFair Value
March 31, 2024
Limited partnership investments (1)
$62 $118 $— $180 
 Short-term investments
14,059 2 24 14,037 
Total other investments$14,121 $120 $24 $14,217 
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
March 31, 2024December 31, 2023
Trust funds$19,677 $17,439 
Cash on deposit (regulatory deposits)632 631 
Total restricted cash$20,309 $18,070 
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, 2024December 31, 2023
Invested assets on deposit (regulatory deposits)$1,495 $1,495