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Investments in Securities and Fair Value (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities

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

As of December 31, 2018 (in thousands)	Cost				Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	31,255			$	48,489
Total	$	31,255			$	48,489

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

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

As of December 31, 2018 (in thousands)	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations	$	1,023			$	—			$	7			$	1,016
General obligations of U.S. states, territories and political subdivisions	19,518				229				143				19,604
Special revenue issuer obligations of U.S. states, territories and political subdivisions	56,675				1,237				329				57,583
Corporate debt securities	10,498				303				47				10,754
Total	$	87,714			$	1,769			$	526			$	88,957

As of December 31, 2017 (in thousands)	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Governmental 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

Schedule Of Fixed Maturity Securities

The scheduled maturity securities of fixed maturity securities at December 31, 2018 were as follows:

	Available-for-Sale
(in thousands)	Amortized Cost				Fair Value
Due in one year or less	$	12,605			$	12,606
Due after one year through five years	31,988				32,808
Due five years through ten years	42,163				42,310
Due after ten years	958				1,233
Total	$	87,714			$	88,957

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on fixed maturity 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 December 31, 2018 and 2017, respectively.

	Less than 12 Months								12 Months or Longer								Total
As of December 31, 2018 (in thousands)	Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses
Government obligations	$	1,016			$	(7	)		$	—			$	—			$	1,016			$	(7	)
General obligations of U.S. states, territories and political subdivisions	4,888				(32		)		6,469				(111		)		11,357				(143		)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	12,326				(100		)		9,720				(229		)		22,046				(329		)
Corporate debt securities	4,490				(28		)		3,733				(19		)		8,223				(47		)
Total temporarily impaired securities	$	22,720			$	(167	)		$	19,922			$	(359	)		$	42,642			$	(526	)

	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 Earnings on Investments

Earnings on investments for the years ended December 31 were as follows:

(in thousands)	2018				2017				2016
Fixed maturity securities	$	2,809			$	3,037			$	3,506
Equity securities	1,308				1,203				1,158
Invested cash and other short-term investments	492				202				20
Miscellaneous interest	10				3				—
Investment income	$	4,619			$	4,445			$	4,684

Schedule of Gross Realized Gain (Loss) on Securities

Gross realized gains and losses on sales of investments for the years ended December 31 are summarized as follows:

(in thousands)	2018				2017				2016
Gross realized gains from securities:
Corporate debt securities	$	—			$	—			$	119
Common stocks and nonredeemable preferred stocks	1,030				1,487				954
Auction rate securities	—				—				75
Total	1,030				1,487				1,148
Gross realized losses from securities:
General obligations of U.S. states, territories and political subdivisions	—				—				(1		)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	—				—				(1		)
Common stocks	(1,147		)		(260		)		(173		)
Other-than-temporary impairment of securities	—				(26		)		(234		)
Total	(1,147		)		(286		)		(409		)
Net realized (loss) gain	$	(117	)		$	1,201			$	739
Net realized gain (loss) on other investments:
Impairments on other investments	$	—			$	(182	)		$	—
Gains on other investments	7				22				29
Total	$	7			$	(160	)		$	29
Net realized (loss) gain on investments	$	(110	)		$	1,041			$	768

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 December 31, 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		5,073				6,093				8,250
Small business investment LLCs or LPs		Other investments		4,642				4,364				8,910
Total				$	10,344			$	11,086			$	18,485

(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 maturity securities carried at estimated fair value measured as of December 31, 2018 and 2017:

As of December 31, 2018 (in thousands)	Level 1				Level 2				Level 3				Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions*	$	—			$	78,203			$	—			$	78,203
Corporate debt securities*	—				10,754				—				10,754
Total	$	—			$	88,957			$	—			$	88,957

As of December 31, 2017 (in thousands)	Level 1				Level 2				Level 3				Total
Fixed maturity securities:
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

*Denotes fair market value obtained from pricing services.

Schedule of Carrying Value and Fair Value of Financial Assets

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

As of December 31, 2018 (in thousands)	Level 1				Level 2				Level 3				Total
Financial assets:
Cash	$	18,694			$	—			$	—			$	18,694
Accrued interest and dividends	946				—				—				946
Equity securities, at fair value:
Common stocks	48,489				—				—				48,489
Short-term investments:
Commercial paper and money market funds	32,787				—				—				32,787
Other investments:
Equity investments in unconsolidated affiliates, equity method	—				—				5,847				5,847
Equity investments in unconsolidated affiliates, measurement alternative	—				—				6,589				6,589
Total	$	100,916			$	—			$	12,436			$	113,352

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 December 31, 2018 and 2017:

(in thousands)	Balance, January 1, 2018				Amounts Impaired				Observable Changes				Purchases and Additional Commitments Paid				Sales, Returns of Capital and Other Reductions				Balance, December 31, 2018
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	5,439			$	—			$	—			$	1,486			$	(336	)		$	6,589
Total	$	5,439			$	—			$	—			$	1,486			$	(336	)		$	6,589

(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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