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Investments In Securities and Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 (in thousands)	Cost				Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	34,903			$	47,983
Total	$	34,903			$	47,983

As of December 31, 2019 (in thousands)	Cost				Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	33,570			$	61,108
Total	$	33,570			$	61,108

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 March 31, 2020 (in thousands)	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations	$	24,126			$	335			$	—			$	24,461
General obligations of U.S. states, territories and political subdivisions	18,565				835				—				19,400
Special revenue issuer obligations of U.S. states, territories and political subdivisions	50,758				2,455				12				53,201
Corporate debt securities	3,941				451				33				4,359
Total	$	97,390			$	4,076			$	45			$	101,421

As of December 31, 2019 (in thousands)	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations	$	25,161			$	6			$	4			$	25,163
General obligations of U.S. states, territories and political subdivisions	18,887				843				—				19,730
Special revenue issuer obligations of U.S. states, territories and political subdivisions	51,188				2,530				20				53,698
Corporate debt securities	5,431				621				5				6,047
Total	$	100,667			$	4,000			$	29			$	104,638

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at March 31, 2020 are as follows:

	Available-for-Sale
(in thousands)	Amortized Cost				Estimated Fair Value
Due in one year or less	$	20,293			$	20,465
Due one year through five years	51,783				53,970
Due five years through ten years	24,501				25,772
Due after ten years	813				1,214
Total	$	97,390			$	101,421

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 March 31, 2020 and December 31, 2019:

	Less than 12 Months								12 Months or Longer								Total
As of March 31, 2020 (in thousands)	Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	1,573			$	(10	)		$	1,114			$	(2	)		$	2,687			$	(12	)
Corporate debt securities	640				(33		)		—				—				640				(33		)
Total temporarily impaired securities	$	2,213			$	(43	)		$	1,114			$	(2	)		$	3,327			$	(45	)

	Less than 12 Months								12 Months or Longer								Total
As of December 31, 2019 (in thousands)	Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses
Government obligations	$	12,045			$	(4	)		$	—			$	—			$	12,045			$	(4	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	1,101				(17		)		1,118				(3		)		2,219				(20		)
Corporate debt securities	413				(5		)		—				—				413				(5		)
Total temporarily impaired securities	$	13,559			$	(26	)		$	1,118			$	(3	)		$	14,677			$	(29	)

Schedule Of Gross Realized Gains And Losses On Securities

Gross realized gains and losses on sales of investments for the three-month periods ended March 31 are summarized as follows:

(in thousands)	2020				2019
Gross realized gains from securities:
Corporate debt securities	$	30			$	—
Common stocks	747				831
Total	$	777			$	831
Gross realized losses from securities:
Common stocks	$	(722	)		$	(41	)
Other-than-temporary impairment of securities	(482		)		—
Total	$	(1,204	)		$	(41	)
Net realized (losses) gains from securities	$	(427	)		$	790
Net realized gains on other investments:
Gains on other investments	$	20			$	—
Net loss on other assets and investments	(5		)		—
Total	$	15			$	—
Net realized investment (losses) gains	$	(412	)		$	790

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 March 31, 2020:

(in thousands)		Balance Sheet Classification		Carrying Value				Estimated Fair Value				Maximum Potential Loss (a)
Tax credit LPs		Other investments		$	223			$	223			$	1,768
Real estate LLCs or LPs		Other investments		5,390				6,231				6,675
Small business investment LPs		Other investments		6,516				6,311				8,955
Total				$	12,129			$	12,765			$	17,398

(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 as of March 31, 2020 and December 31, 2019:

As of March 31, 2020 (in thousands)	Level 1				Level 2				Level 3				Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions*	$	24,461			$	72,601			$	—			$	97,062
Corporate debt securities*	—				4,359				—				4,359
Total	$	24,461			$	76,960			$	—			$	101,421

As of December 31, 2019 (in thousands)	Level 1				Level 2				Level 3				Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions*	$	24,160			$	74,431			$	—			$	98,591
Corporate debt securities*	—				6,047				—				6,047
Total	$	24,160			$	80,478			$	—			$	104,638

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The following table presents, by level, estimated fair values of equity investments and other financial instruments as of March 31, 2020 and December 31, 2019:

As of March 31, 2020 (in thousands)	Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents	$	25,324			$	—			$	—			$	25,324
Accrued interest and dividends	1,243				—				—				1,243
Equity securities, at fair value:
Common stocks	47,983				—				—				47,983
Short-term investments:
Money market funds and certificates of deposit	15,641				—				—				15,641
Other investments:
Equity investments in unconsolidated affiliates, equity method	—				—				6,080				6,080
Equity investments in unconsolidated affiliates, measurement alternative	—				—				8,149				8,149
Total	$	90,191			$	—			$	14,229			$	104,420

As of December 31, 2019 (in thousands)	Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents	$	25,949			$	—			$	—			$	25,949
Accrued interest and dividends	1,033				—				—				1,033
Equity securities, at fair value:
Common stocks	61,108				—				—				61,108
Short-term investments:
Money market funds and certificates of deposit	13,134				—				—				13,134
Other investments:
Equity investments in unconsolidated affiliates, equity method	—				—				6,083				6,083
Equity investments in unconsolidated affiliates, measurement alternative	—				—				7,899				7,899
Total	$	101,224			$	—			$	13,982			$	115,206

Schedule of Cost Method Investments

The following table presents a rollforward of equity investments under the measurement alternative as of March 31, 2020 and December 31, 2019:

(in thousands)	Balance, January 1, 2020				Amounts Impaired				Observable Changes				Purchases and Additional Commitments Paid				Sales, Returns of Capital and Other Reductions				Balance, March 31, 2020
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	7,899			$	—			$	—			$	250			$	—			$	8,149
Total	$	7,899			$	—			$	—			$	250			$	—			$	8,149

(in thousands)	Balance, January 1, 2019				Amounts Impaired				Observable Changes				Purchases and Additional Commitments Paid				Sales, Returns of Capital and Other Reductions				Balance, December 31, 2019
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative	$	6,589			$	—			$	—			$	2,241			$	(931	)		$	7,899
Total	$	6,589			$	—			$	—			$	2,241			$	(931	)		$	7,899

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