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Investments In Securities and Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2021
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, 2021 (in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value: |  |  |  |  |  |  |
General obligations of U.S. states, territories and political subdivisions | $ | 17,214 |  |  | $ | 991 |  |  | $ | — |  |  | $ | 18,205 |
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 42,356 |  |  | 2,598 |  |  | 2 |  |  | 44,952 |
Corporate debt securities | 18,144 |  |  | 1,017 |  |  | 12 |  |  | 19,149 |
Total | $ | 77,714 |  |  | $ | 4,606 |  |  | $ | 14 |  |  | $ | 82,306 |
As of December 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 | $ | 24,026 |  |  | $ | 57 |  |  | $ | — |  |  | $ | 24,083 |
General obligations of U.S. states, territories and political subdivisions | 17,391 |  |  | 1,262 |  |  | — |  |  | 18,653 |
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 44,939 |  |  | 3,270 |  |  | 3 |  |  | 48,206 |
Corporate debt securities | 25,681 |  |  | 1,114 |  |  | 24 |  |  | 26,771 |
Total | $ | 112,037 |  |  | $ | 5,703 |  |  | $ | 27 |  |  | $ | 117,713 |
The cost and estimated fair value of equity securities are as follows:
As of September 30, 2021 (in thousands) | Cost |  | Estimated Fair Value
Equity securities, at fair value: |  |  |
Common stocks | $ | 29,818 |  |  | $ | 69,525 |
Total | $ | 29,818 |  |  | $ | 69,525 |
As of December 31, 2020 (in thousands) | Cost |  | Estimated Fair Value
Equity securities, at fair value: |  |  |
Common stocks | $ | 32,478 |  |  | $ | 64,919 |
Total | $ | 32,478 |  |  | $ | 64,919 |
Schedule Of Fixed Maturity Securities | The scheduled maturities of fixed maturity securities at September 30, 2021 are as follows:
| Available-for-Sale
(in thousands) | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 18,477 |  |  | $ | 18,571 |
Due one year through five years | 48,713 |  |  | 51,805 |
Due five years through ten years | 9,704 |  |  | 10,542 |
Due after ten years | 820 |  |  | 1,388 |
Total | $ | 77,714 |  |  | $ | 82,306 |
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, 2021 and December 31, 2020:
| Less than 12 Months |  | 12 Months or Longer |  | Total
As of September 30, 2021 (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 | $ | 502 |  |  | $ | — |  |  | $ | 1,102 |  |  | $ | (2) |  |  | $ | 1,604 |  |  | $ | (2) |
Corporate debt securities | 13,798 |  |  | (12) |  |  | — |  |  | — |  |  | 13,798 |  |  | (12) |
Total temporarily impaired securities | $ | 14,300 |  |  | $ | (12) |  |  | $ | 1,102 |  |  | $ | (2) |  |  | $ | 15,402 |  |  | $ | (14) |
| Less than 12 Months |  | 12 Months or Longer |  | Total
As of December 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 | $ | — |  |  | $ | — |  |  | $ | 1,103 |  |  | $ | (3) |  |  | $ | 1,103 |  |  | $ | (3) |
Corporate debt securities | 20,630 |  |  | (24) |  |  | — |  |  | — |  |  | 20,630 |  |  | (24) |
Total temporarily impaired securities | $ | 20,630 |  |  | $ | (24) |  |  | $ | 1,103 |  |  | $ | (3) |  |  | $ | 21,733 |  |  | $ | (27) |
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) | 2021 |  | 2020
Gross realized gains from securities: |  |  |
Corporate debt securities | $ | 53 |  |  | $ | 30 |
Common stocks | 1,428 |  |  | 2,520 |
Total | $ | 1,481 |  |  | $ | 2,550 |
Gross realized losses from securities: |  |  |
Corporate debt securities | $ | (34) |  |  | $ | — |
Common stocks | (677) |  |  | (1,768) |
Other-than-temporary impairment of securities | — |  |  | (482) |
Total | $ | (711) |  |  | $ | (2,250) |
Net realized gains from securities | $ | 770 |  |  | $ | 300 |
Gross realized gains (losses) on other investments: |  |  |
Gains on other investments | $ | 1 |  |  | $ | 32 |
Losses on other investments | — |  |  | (5) |
Total | $ | 1 |  |  | $ | 27 |
Net realized investment gains | $ | 771 |  |  | $ | 327 |
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, 2021:
(in thousands) |  | Balance Sheet Classification |  | Carrying Value |  | Estimated Fair Value |  | Maximum Potential Loss (a)
Tax credit LPs |  | Other investments |  | $ | 276 |  |  | $ | 276 |  |  | $ | 1,768 |
Real estate LLCs or LPs |  | Other investments |  | 5,163 |  |  | 6,139 |  |  | 7,750 |
Small business investment LPs |  | Other investments |  | 8,051 |  |  | 7,780 |  |  | 13,295 |
Total |  |  |  | $ | 13,490 |  |  | $ | 14,195 |  |  | $ | 22,813 |
(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, 2021 and December 31, 2020:
As of September 30, 2021 (in thousands) | Level 1 |  | Level 2 * |  | Level 3 |  | Total
Fixed maturity securities: |  |  |  |  |  |  |
Obligations of U.S. states, territories and political subdivisions | $ | — |  |  | $ | 63,157 |  |  | $ | — |  |  | $ | 63,157 |
Corporate debt securities | — |  |  | 19,149 |  |  | — |  |  | 19,149 |
Total | $ | — |  |  | $ | 82,306 |  |  | $ | — |  |  | $ | 82,306 |
As of December 31, 2020 (in thousands) | Level 1 |  | Level 2 * |  | Level 3 |  | Total
Fixed maturity securities: |  |  |  |  |  |  |
Obligations of U.S. states, territories and political subdivisions | $ | 24,083 |  |  | $ | 66,859 |  |  | $ | — |  |  | $ | 90,942 |
Corporate debt securities | — |  |  | 26,771 |  |  | — |  |  | 26,771 |
Total | $ | 24,083 |  |  | $ | 93,630 |  |  | $ | — |  |  | $ | 117,713 |
*Denotes fair market value obtained from pricing services.
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, 2021 and December 31, 2020:
As of September 30, 2021 (in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 48,510 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,510 |
Accrued interest and dividends | 990 |  |  | — |  |  | — |  |  | 990 |
Equity securities, at fair value: |  |  |  |  |  |  |
Common stocks | 69,525 |  |  | — |  |  | — |  |  | 69,525 |
Short-term investments: |  |  |  |  |  |  |
Money market funds | 51,231 |  |  | — |  |  | — |  |  | 51,231 |
Other investments: |  |  |  |  |  |  |
Equity investments in unconsolidated affiliates, equity method | — |  |  | — |  |  | 6,465 |  |  | 6,465 |
Equity investments in unconsolidated affiliates, measurement alternative | — |  |  | — |  |  | 9,492 |  |  | 9,492 |
Total | $ | 170,256 |  |  | $ | — |  |  | $ | 15,957 |  |  | $ | 186,213 |
As of December 31, 2020 (in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 13,723 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,723 |
Accrued interest and dividends | 1,038 |  |  | — |  |  | — |  |  | 1,038 |
Equity securities, at fair value: |  |  |  |  |  |  |
Common stocks | 64,919 |  |  | — |  |  | — |  |  | 64,919 |
Short-term investments: |  |  |  |  |  |  |
Money market funds, Treasury bills, commercial paper and certificates of deposit | 15,170 |  |  | — |  |  | — |  |  | 15,170 |
Other investments: |  |  |  |  |  |  |
Equity investments in unconsolidated affiliates, equity method | — |  |  | — |  |  | 6,752 |  |  | 6,752 |
Equity investments in unconsolidated affiliates, measurement alternative | — |  |  | — |  |  | 8,741 |  |  | 8,741 |
Total | $ | 94,850 |  |  | $ | — |  |  | $ | 15,493 |  |  | $ | 110,343 |
Schedule of Cost Method Investments | The following table presents a rollforward of equity investments under the measurement alternative as of September 30, 2021 and December 31, 2020:
(in thousands) | Balance, January 1, 2021 |  | Amounts Impaired |  | Observable Changes |  | Purchases and Additional Commitments Paid |  | Sales, Returns of Capital and Other Reductions |  | Balance, September 30, 2021
Other investments: |  |  |  |  |  |  |  |  |  |  |
Equity investments in unconsolidated affiliates, measurement alternative | $ | 8,741 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,015 |  |  | $ | (264) |  |  | $ | 9,492 |
Total | $ | 8,741 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,015 |  |  | $ | (264) |  |  | $ | 9,492 |
(in thousands) | Balance, January 1, 2020 |  | Amounts Impaired |  | Observable Changes |  | Purchases and Additional Commitments Paid |  | Sales, Returns of Capital and Other Reductions |  | Balance, December 31, 2020
Other investments: |  |  |  |  |  |  |  |  |  |  |
Equity investments in unconsolidated affiliates, measurement alternative | $ | 7,899 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,227 |  |  | $ | (385) |  |  | $ | 8,741 |
Total | $ | 7,899 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,227 |  |  | $ | (385) |  |  | $ | 8,741 |

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