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Investments In Securities and Fair Value (Tables)

9 Months Ended

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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