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Investments In Securities (Tables)

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule Of Gross Unrealized Gains And Losses For Securities

The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturities by major classification are as follows:

As of September 30, 2018 (in thousands)	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
Government obligations	$	1,028			$	—			$	14			$	1,014
General obligations of U.S. states, territories and political subdivisions	20,952				170				304				20,818
Special revenue issuer obligations of U.S. states, territories and political subdivisions	56,860				970				582				57,248
Corporate debt securities	12,496				329				78				12,747
Total	$	91,336			$	1,469			$	978			$	91,827

As of December 31, 2017 (in thousands)	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
Government obligations	$	1,043			$	—			$	1			$	1,042
General obligations of U.S. states, territories and political subdivisions	24,189				505				50				24,644
Special revenue issuer obligations of U.S. states, territories and political subdivisions	62,592				2,218				165				64,645
Corporate debt securities	12,490				527				7				13,010
Total	$	100,314			$	3,250			$	223			$	103,341

The cost and estimated fair value of equity securities are as follows:

As of September 30, 2018 (in thousands)	Cost				Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	27,382			$	51,372
Total	$	27,382			$	51,372

As of December 31, 2017 (in thousands)	Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	26,003			$	21,376			$	12			$	47,367
Total	$	26,003			$	21,376			$	12			$	47,367

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at September 30, 2018 were as follows:

	Available-for-Sale
(in thousands)	Amortized Cost				Estimated Fair Value
Due in one year or less	$	10,708			$	10,677
Due one year through five years	35,318				35,920
Due five years through ten years	41,648				41,217
Due after ten years	3,662				4,013
Total	$	91,336			$	91,827

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at September 30, 2018 and December 31, 2017:

	Less than 12 Months								12 Months or Longer								Total
As of September 30, 2018 (in thousands)	Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses
Government obligations	$	1,014			$	(14	)		$	—			$	—			$	1,014			$	(14	)
General obligations of U.S. states, territories and political subdivisions	9,152				(146		)		3,370				(158		)		12,522				(304		)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	22,523				(290		)		6,019				(292		)		28,542				(582		)
Corporate debt securities	10,194				(78		)		—				—				10,194				(78		)
Total temporarily impaired securities	$	42,883			$	(528	)		$	9,389			$	(450	)		$	52,272			$	(978	)

	Less than 12 Months								12 Months or Longer								Total
As of December 31, 2017 (in thousands)	Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses
Government obligations	$	1,042			$	(1	)		$	—			$	—			$	1,042			$	(1	)
General obligations of U.S. states, territories and political subdivisions	4,560				(27		)		3,535				(23		)		8,095				(50		)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	13,551				(61		)		4,023				(104		)		17,574				(165		)
Corporate debt securities	3,744				(7		)		—				—				3,744				(7		)
Total temporarily impaired securities	$	22,897			$	(96	)		$	7,558			$	(127	)		$	30,455			$	(223	)

Schedule Of Gross Realized Gains And Losses On Securities

Gross realized gains and losses on sales of investments for the nine-month periods ended September 30 are summarized as follows:

(in thousands)	2018				2017
Gross realized gains from securities:
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	—			$	—
Corporate debt securities	—				—
Common stocks	688				1,232
Total	$	688			$	1,232
Gross realized losses from securities:
General obligations of U.S. states, territories and political subdivisions	$	—			$	—
Special revenue issuer obligations of U.S. states, territories and political subdivisions	—				—
Common stocks	(63		)		(255		)
Other-than-temporary impairment of securities	—				—
Total	$	(63	)		$	(255	)
Net realized gains from securities	$	625			$	977
Net realized gains on other investments:
Gains on other investments	$	4			$	13
Total	$	4			$	13
Net realized investment gains	$	629			$	990

Schedule of Variable Interest Entities

The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of September 30, 2018:

Type of Investment (in thousands)		Balance Sheet Classification		Carrying Value				Estimated Fair Value				Maximum Potential Loss (a)
Tax credit LPs		Other investments		$	629			$	629			$	1,325
Real estate LLCs or LPs		Other investments		4,854				5,563				7,950
Small business investment LPs		Other investments		4,320				4,267				9,400
Total				$	9,803			$	10,459			$	18,675

(a) Maximum potential loss is calculated as the total investment in the LLC or LP, including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment.

Schedule Of Fair Value Assets Measured On Recurring Basis

The following table presents, by level, fixed maturities carried at estimated fair value measured as of September 30, 2018 and December 31, 2017:

As of September 30, 2018 (in thousands)	Level 1				Level 2				Level 3				Total
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	$	—			$	79,080			$	—			$	79,080
Corporate debt securities*	—				12,747				—				12,747
Total	$	—			$	91,827			$	—			$	91,827

As of December 31, 2017 (in thousands)	Level 1				Level 2				Level 3				Total
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	$	—			$	90,331			$	—			$	90,331
Corporate debt securities*	—				13,010				—				13,010
Total	$	—			$	103,341			$	—			$	103,341

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The estimated fair values of equity investments and other financial instruments as of September 30, 2018 and December 31, 2017 are presented in the following table:

As of September 30, 2018 (in thousands)	Level 1				Level 2				Level 3				Total
Financial assets:
Cash	$	36,862			$	—			$	—			$	36,862
Accrued interest and dividends	1,242				—				—				1,242
Equity securities, at fair value:
Common stocks	51,372				—				—				51,372
Short-term investments:
Commercial paper and money market funds	27,693				—				—				27,693
Other investments:
Equity investments in unconsolidated affiliates, equity method	—				—				6,129				6,129
Equity investments in unconsolidated affiliates, measurement alternative	—				—				5,868				5,868
Total	$	117,169			$	—			$	11,997			$	129,166

As of December 31, 2017 (in thousands)	Level 1				Level 2				Level 3				Total
Financial assets:
Cash	$	20,214			$	—			$	—			$	20,214
Accrued interest and dividends	1,100				—				—				1,100
Equity securities, at fair value:
Common stocks	47,367				—				—				47,367
Short-term investments:
Commercial paper, money market funds and certificates of deposit	23,780				—				—				23,780
Other investments:
Equity investments in unconsolidated affiliates, equity method	—				—				6,593				6,593
Equity investments in unconsolidated affiliates, measurement alternative	—				—				5,439				5,439
Total	$	92,461			$	—			$	12,032			$	104,493

Schedule of Cost Method Investments

The following table presents a rollforward of equity investments under the measurement alternative as of September 30, 2018 and December 31, 2017:

(in thousands)	Balance, January 1, 2018				Amounts Impaired				Observable Changes				Purchases and Additional Commitments Paid				Sales, Returns of Capital and Other Reductions				Balance, September 30, 2018
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	5,439			$	—			$	—			$	672			$	(243	)		$	5,868
Total	$	5,439			$	—			$	—			$	672			$	(243	)		$	5,868

(in thousands)	Balance, January 1, 2017				Amounts Impaired				Observable Changes				Purchases and Additional Commitments Paid				Sales, Returns of Capital and Other Reductions				Balance, December 31, 2017
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	4,744			$	—			$	—			$	1,082			$	(387	)		$	5,439
Total	$	4,744			$	—			$	—			$	1,082			$	(387	)		$	5,439

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