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Investments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024 and December 31, 2023:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2024
U.S. government and agency securities$156,122 $— $389 $155,733 
States, municipalities and political subdivisions19,120 — 2,236 16,884 
Public utilities3,702 — 415 3,287 
Corporate securities54,437 1 7,249 47,189 
Mortgage-backed securities38,129 — 5,986 32,143 
Asset-backed securities10,272 — 1,062 9,210 
Total fixed maturities$281,782 $1 $17,337 $264,446 
December 31, 2023
U.S. government and agency securities$25,995 $10 $3 $26,002 
States, municipalities and political subdivisions19,168 — 2,204 16,964 
Public utilities3,726 — 438 3,288 
Corporate securities55,230 9 7,213 48,026 
Mortgage-backed securities40,876 — 6,254 34,622 
Asset-backed securities10,691 — 1,206 9,485 
Total fixed maturities$155,686 $19 $17,318 $138,387 
Equity Securities Fair Value
Equity securities are summarized as follows:
June 30, 2024December 31, 2023
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$15,429 100.0 %$— — %
Schedule of Realized Gain (Loss) The following table details our realized gains (losses) by major investment category for the three and six months ended June 30, 2024 and 2023, respectively:
20242023
Gains
(Losses)
Fair Value at Sale(1)
Gains
(Losses)
Fair Value at Sale(1)
Three Months Ended June 30,
Fixed maturities$— $2,083 $— $1,893 
Equity securities— — 165 5,786 
Short-term investments
— — — — 
Other investments— — — — 
Total realized gains— 2,083 165 7,679 
Fixed maturities(121)381 (6,208)38,776 
Equity securities— — (665)10,372 
Short-term investments
— 4,999 — — 
Other investments— — — — 
Total realized losses(121)5,380 (6,873)49,148 
Net realized investment gains (losses)$(121)$7,463 $(6,708)$56,827 
Six Months Ended June 30,
Fixed maturities$— $3,077 $4 $3,672 
Equity securities— — 165 5,786 
Short-term investments
— — — 126 
Other investments— 2,000 — — 
Total realized gains— 5,077 169 9,584 
Fixed maturities(121)381 (6,295)38,735 
Equity securities— — (665)10,372 
Short-term investments
— 4,999 — — 
Other investments— — — — 
Total realized losses(121)5,380 (6,960)49,107 
Net realized investment gains (losses)$(121)$10,457 $(6,791)$58,691 
Investments Classified by Contractual Maturity Date
The table below summarizes our fixed maturities at June 30, 2024 by contractual maturity period. 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.

June 30, 2024
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$49,524 17.6 %$49,377 18.7 %
Due after one year through five years141,183 50.0 137,975 52.1 
Due after five years through ten years40,162 14.3 33,738 12.8 
Due after ten years2,512 0.9 2,003 0.8 
Asset and mortgage-backed securities48,401 17.2 41,353 15.6 
Total$281,782 100.0 %$264,446 100.0 %
Investment Income
The following table summarizes net investment income by major investment category:

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Fixed maturities$1,040 $815 $1,986 $1,661 
Equity securities52 — 65 81 
Cash and cash equivalents4,146 1,416 7,096 2,582 
Other investments140 (84)295 (78)
Investment income5,378 2,147 9,442 4,246 
Investment expenses(31)(52)(78)(108)
Net investment income$5,347 $2,095 $9,364 $4,138 
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
June 30, 2024 
U.S. government and agency securities24 $389 $155,733 — $— $— 
States, municipalities and political subdivisions1 19 494 28 2,217 15,680 
Public utilities— — — 6 415 3,286 
Corporate securities1 4 596 85 7,245 46,391 
Mortgage-backed securities— — — 65 5,986 32,143 
Asset-backed securities— — — 25 1,062 9,210 
Total fixed maturities26 $412 $156,823 209 $16,925 $106,710 
December 31, 2023
U.S. government and agency securities9 $3 $19,943 — $— $— 
States, municipalities and political subdivisions1 7 507 29 2,197 16,457 
Public utilities— — — 6 438 3,288 
Corporate securities1 6 511 85 7,207 46,708 
Mortgage-backed securities1 5 269 69 6,249 34,353 
Asset-backed securities2 3 616 24 1,203 8,869 
Total fixed maturities14 $24 $21,846 213 $17,294 $109,675 
(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 June 30, 2024 and December 31, 2023:

TotalLevel 1Level 2Level 3
June 30, 2024
U.S. government and agency securities$155,733 $— $155,733 $— 
States, municipalities and political subdivisions16,884 — 16,884 — 
Public utilities3,287 — 3,287 — 
Corporate securities47,189 — 47,189 — 
Mortgage-backed securities32,143 — 32,143 — 
Asset-backed securities9,210 — 9,210 — 
Total fixed maturities264,446 — 264,446 — 
Mutual funds15,429 15,429 — — 
Total equity securities15,429 15,429 — — 
Other investments (1)
29,158 — 29,158 — 
Total investments$309,033 $15,429 $293,604 $— 
December 31, 2023
U.S. government and agency securities$26,002 $— $26,002 $— 
States, municipalities and political subdivisions16,964 — 16,964 — 
Public utilities3,288 — 3,288 — 
Corporate securities48,026 — 48,026 — 
Mortgage-backed securities34,622 — 34,622 — 
Asset-backed securities9,485 — 9,485 — 
Total fixed maturities138,387 — 138,387 — 
Other investments (1)
14,004 — 14,004 — 
Total investments$152,391 $— $152,391 $— 
(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 June 30, 2024:

Book ValueUnrealized GainUnrealized LossFair Value
June 30, 2024
Limited partnership investments (1)
$2,014 $147 $203 $1,958 
 Short-term investments
29,178 2 22 29,158 
Total other investments$31,192 $149 $225 $31,116 
Restrictions on Cash and Cash Equivalents
The following table presents the components of restricted assets:
June 30, 2024December 31, 2023
Trust funds$31,823 $17,439 
Cash on deposit (regulatory deposits)335 631 
Total restricted cash$32,158 $18,070