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Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023:

			Cost or Adjusted/Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
September 30, 2024
U.S. government and agency securities			$	156,119					$	1,602					$	—					$	157,721
Foreign government			438						1						—						439
States, municipalities and political subdivisions			18,386						9						1,597						16,798
Public utilities			5,061						4						301						4,764
Corporate securities			62,090						26						5,294						56,822
Mortgage-backed securities			37,199						—						4,709						32,490
Asset-backed securities			10,136						1						798						9,339
Total fixed maturities			$	289,429					$	1,643					$	12,699					$	278,373
December 31, 2023
U.S. government and agency securities			$	25,995					$	10					$	3					$	26,002
States, municipalities and political subdivisions			19,168						—						2,204						16,964
Public utilities			3,726						—						438						3,288
Corporate securities			55,230						9						7,213						48,026
Mortgage-backed securities			40,876						—						6,254						34,622
Asset-backed securities			10,691						—						1,206						9,485
Total fixed maturities			$	155,686					$	19					$	17,318					$	138,387

Equity Securities Fair Value

Equity securities are summarized as follows:

						September 30, 2024												December 31, 2023
						Estimated Fair Value						Percent of Total						Estimated Fair Value						Percent of Total
Mutual funds						$	25,950					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, 2024 and 2023, respectively:

			2024												2023
			Gains (Losses)						Fair Value at Sale(1)						Gains (Losses)						Fair Value at Sale(1)
Three Months Ended September 30,
Fixed maturities			$	—					$	2,516					$	—					$	1,528
Short-term investments			—						5,000						—						—
Other investments			—						—						3						1,151
Total realized gains			—						7,516						3						2,679
Fixed maturities			(3)						62						1						58
Total realized losses			(3)						62						1						58
Net realized investment gains (losses)			$	(3)					$	7,578					$	4					$	2,737
Nine Months Ended September 30,
Fixed maturities			$	—					$	5,593					$	4					$	5,200
Equity securities			—						—						165						5,786
Short-term investments			—						5,000						—						126
Other investments			—						2,000						3						1,151
Total realized gains			—						12,593						172						12,263
Fixed maturities			(124)						443						(6,294)						38,793
Equity securities			—						—						(665)						10,372
Short-term investments			—						4,999						—						—
Total realized losses			(124)						5,442						(6,959)						49,165
Net realized investment gains (losses)			$	(124)					$	18,035					$	(6,787)					$	61,428

Investments Classified by Contractual Maturity Date

The table below summarizes our fixed maturities at September 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.

			September 30, 2024
			Cost or Amortized Cost						Percent of Total						Fair Value						Percent of Total
Due in one year or less			$	103,910					35.8		%				$	104,436					37.5		%
Due after one year through five years			98,265						34.0						97,124						34.9
Due after five years through ten years			37,924						13.1						33,383						12.0
Due after ten years			1,995						0.7						1,601						0.6
Asset and mortgage-backed securities			47,335						16.4						41,829						15.0
Total			$	289,429					100.0		%				$	278,373					100.0		%

Investment Income

The following table summarizes net investment income by major investment category:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Fixed maturities			$	2,513					$	691					$	4,499					$	2,352
Equity securities			120						—						185						81
Cash and cash equivalents			3,236						1,473						10,332						4,055
Other investments			353						(33)						648						(111)
Investment income			6,222						2,131						15,664						6,377
Investment expenses			(112)						(44)						(190)						(152)
Net investment income			$	6,110					$	2,087					$	15,474					$	6,225

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
September 30, 2024
U.S. government and agency securities			—						$	—					$	—					—						$	—					$	—
States, municipalities and political subdivisions			—						—						—						28						1,597						16,277
Public utilities			2						5						529						6						296						3,392
Corporate securities			19						41						7,149						81						5,253						47,129
Mortgage-backed securities			1						1						259						63						4,708						32,231
Asset-backed securities			1						—						126						23						798						8,462
Total fixed maturities			23						$	47					$	8,063					201						$	12,652					$	107,491
December 31, 2023
U.S. government and agency securities			9						$	3					$	19,943					—						$	—					$	—
States, municipalities and political subdivisions			1						7						507						29						2,197						16,457
Public utilities			—						—						—						6						438						3,288
Corporate securities			1						6						511						85						7,207						46,708
Mortgage-backed securities			1						5						269						69						6,249						34,353
Asset-backed securities			2						3						616						24						1,203						8,869
Total fixed maturities			14						$	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 September 30, 2024 and December 31, 2023, respectively:

			Total						Level 1						Level 2						Level 3
September 30, 2024
U.S. government and agency securities			$	157,721					$	—					$	157,721					$	—
Foreign government			439						—						439						—
States, municipalities and political subdivisions			16,798						—						16,798						—
Public utilities			4,764						—						4,764						—
Corporate securities			56,822						—						56,822						—
Mortgage-backed securities			32,490						—						32,490						—
Asset-backed securities			9,339						—						9,339						—
Total fixed maturities			278,373						—						278,373						—
Mutual funds			25,950						25,950						—						—
Total equity securities			25,950						25,950						—						—
Other investments (1)			24,433						—						24,433						—
Total investments			$	328,756					$	25,950					$	302,806					$	—
December 31, 2023
U.S. government and agency securities			$	26,002					$	—					$	26,002					$	—
States, municipalities and political subdivisions			16,964						—						16,964						—
Public utilities			3,288						—						3,288						—
Corporate securities			48,026						—						48,026						—
Mortgage-backed securities			34,622						—						34,622						—
Asset-backed securities			9,485						—						9,485						—
Total fixed maturities			138,387						—						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 September 30, 2024:

						Book Value						Unrealized Gain						Unrealized Loss						Fair Value
September 30, 2024
Limited partnership investments (1)						$	1,992					$	170					$	203					$	1,959
Short-term investments						24,301						132						—						24,433
Total other investments						$	26,293					$	302					$	203					$	26,392

Restrictions on Cash and Cash Equivalents

The following table presents the components of restricted assets:

			September 30, 2024						December 31, 2023
Trust funds			$	56,910					$	17,439
Cash on deposit (regulatory deposits)			341						631
Total restricted cash			$	57,251					$	18,070

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