XML 39 R27.htm IDEA: XBRL DOCUMENT
v3.20.2

Investments In Securities and Fair Value (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities | 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 September 30, 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 | $ | 24,060 |  |  | $ | 152 |  |  | $ | — |  |  | $ | 24,212 |
General obligations of U.S. states, territories and political subdivisions | 17,569 |  |  | 1,245 |  |  | — |  |  | 18,814 |
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 47,305 |  |  | 3,098 |  |  | 3 |  |  | 50,400 |
Corporate debt securities | 3,978 |  |  | 1,024 |  |  | — |  |  | 5,002 |
Total | $ | 92,912 |  |  | $ | 5,519 |  |  | $ | 3 |  |  | $ | 98,428 |
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 |
The cost and estimated fair value of equity securities are as follows:
As of September 30, 2020 (in thousands) | Cost |  | Estimated Fair Value
Equity securities, at fair value: |  |  |
Common stocks | $ | 34,180 |  |  | $ | 58,851 |
Total | $ | 34,180 |  |  | $ | 58,851 |
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 |
Schedule Of Fixed Maturity Securities | The scheduled maturities of fixed maturity securities at September 30, 2020 are as follows:
| Available-for-Sale
(in thousands) | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 31,052 |  |  | $ | 31,253 |
Due one year through five years | 42,795 |  |  | 46,050 |
Due five years through ten years | 18,250 |  |  | 19,741 |
Due after ten years | 815 |  |  | 1,384 |
Total | $ | 92,912 |  |  | $ | 98,428 |
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 September 30, 2020 and December 31, 2019:
| Less than 12 Months |  | 12 Months or Longer |  | Total
As of September 30, 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 | $ | — |  |  | $ | — |  |  | $ | 1,103 |  |  | $ | (3) |  |  | $ | 1,103 |  |  | $ | (3) |
Total temporarily impaired securities | $ | — |  |  | $ | — |  |  | $ | 1,103 |  |  | $ | (3) |  |  | $ | 1,103 |  |  | $ | (3) |
| 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 nine-month period ended September 30 are summarized as follows:
(in thousands) | 2020 |  | 2019
Gross realized gains from securities: |  |  |
Corporate debt securities | $ | 30 |  |  | $ | — |
Common stocks | 2,520 |  |  | 1,385 |
Total | $ | 2,550 |  |  | $ | 1,385 |
Gross realized losses from securities: |  |  |
Common stocks | $ | (1,768) |  |  | $ | (188) |
Other-than-temporary impairment of securities | (482) |  |  | — |
Total | $ | (2,250) |  |  | $ | (188) |
Net realized gains from securities | $ | 300 |  |  | $ | 1,197 |
Gross realized gains (losses) on other investments: |  |  |
Gains on other investments | $ | 32 |  |  | $ | 2 |
Losses on other investments | (5) |  |  | — |
Total | $ | 27 |  |  | $ | 2 |
Net realized investment gains | $ | 327 |  |  | $ | 1,199 |
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, 2020:
(in thousands) |  | Balance Sheet Classification |  | Carrying Value |  | Estimated Fair Value |  | Maximum Potential Loss (a)
Tax credit LPs |  | Other investments |  | $ | 267 |  |  | $ | 267 |  |  | $ | 1,768 |
Real estate LLCs or LPs |  | Other investments |  | 5,090 |  |  | 6,680 |  |  | 6,675 |
Small business investment LPs |  | Other investments |  | 7,125 |  |  | 6,667 |  |  | 12,955 |
Total |  |  |  | $ | 12,482 |  |  | $ | 13,614 |  |  | $ | 21,398 |
(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 September 30, 2020 and December 31, 2019:
As of September 30, 2020 (in thousands) | Level 1 |  | Level 2 * |  | Level 3 |  | Total
Fixed maturity securities: |  |  |  |  |  |  |
Obligations of U.S. states, territories and political subdivisions | $ | 24,212 |  |  | $ | 69,214 |  |  | $ | — |  |  | $ | 93,426 |
Corporate debt securities | — |  |  | 5,002 |  |  | — |  |  | 5,002 |
Total | $ | 24,212 |  |  | $ | 74,216 |  |  | $ | — |  |  | $ | 98,428 |
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 September 30, 2020 and December 31, 2019:
As of September 30, 2020 (in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 41,534 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,534 |
Accrued interest and dividends | 1,187 |  |  | — |  |  | — |  |  | 1,187 |
Equity securities, at fair value: |  |  |  |  |  |  |
Common stocks | 58,851 |  |  | — |  |  | — |  |  | 58,851 |
Short-term investments: |  |  |  |  |  |  |
Money market funds, Treasury bills and certificates of deposit | 22,516 |  |  | — |  |  | — |  |  | 22,516 |
Other investments: |  |  |  |  |  |  |
Equity investments in unconsolidated affiliates, equity method | — |  |  | — |  |  | 6,541 |  |  | 6,541 |
Equity investments in unconsolidated affiliates, measurement alternative | — |  |  | — |  |  | 8,288 |  |  | 8,288 |
Total | $ | 124,088 |  |  | $ | — |  |  | $ | 14,829 |  |  | $ | 138,917 |
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 September 30, 2020 and December 31, 2019:
(in thousands) | Balance, December 31, 2019 |  | Amounts Impaired |  | Observable Changes |  | Purchases and Additional Commitments Paid |  | Sales, Returns of Capital and Other Reductions |  | Balance, September 30, 2020
Other investments: |  |  |  |  |  |  |  |  |  |  |
Equity investments in unconsolidated affiliates, measurement alternative | $ | 7,899 |  |  | $ | — |  |  | $ | — |  |  | $ | 642 |  |  | $ | (253) |  |  | $ | 8,288 |
Total | $ | 7,899 |  |  | $ | — |  |  | $ | — |  |  | $ | 642 |  |  | $ | (253) |  |  | $ | 8,288 |
(in thousands) | Balance, December 31, 2018 |  | 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 |

X
- Definition The entire disclosure for investments accounted for under the cost-method. The carrying amount of such investments may be adjusted, for example, distributions in excess of cost (return of capital) or for other-than-temporary impairments. The cost method and lower-of-cost or market, an adaptation of the cost method, is generally followed for most investments in noncontrolled corporations, in some corporate joint ventures, and to a lesser extent in unconsolidated subsidiaries in which the entity does not have the ability to exercise significant influence. + References No definition available. + Details
Name: | us-gaap_CostMethodInvestmentsDescriptionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27357-111563 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=121559654&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121559654&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5728-111685 + Details
Name: | us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration