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Investments in Securities and Fair Value (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2021 (in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value: |  |  |  |  |  |  |
Government obligations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
General obligations of U.S. states, territories and political subdivisions | 16,669 |  |  | 922 |  |  | — |  |  | 17,591 |
Special revenue issuer obligations of U.S. states, territories and political subdivisions | 41,753 |  |  | 2,453 |  |  | 2 |  |  | 44,204 |
Corporate debt securities | 17,089 |  |  | 955 |  |  | 48 |  |  | 17,996 |
Total | $ | 75,511 |  |  | $ | 4,330 |  |  | $ | 50 |  |  | $ | 79,791 |
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: |  |  |  |  |  |  |
Governmental 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 December 31, 2021 (in thousands) | Cost |  | Estimated Fair Value
Equity securities, at fair value: |  |  |
Common stocks | $ | 29,478 |  |  | $ | 76,853 |
Total | $ | 29,478 |  |  | $ | 76,853 |
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 December 31, 2021 are as follows:
| Available-for-Sale
(in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 17,573 |  |  | $ | 17,736 |
Due after one year through five years | 52,158 |  |  | 55,253 |
Due after five years through ten years | 4,958 |  |  | 5,436 |
Due after ten years | 822 |  |  | 1,366 |
Total | $ | 75,511 |  |  | $ | 79,791 |
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, 2021 and 2020, respectively:
| Less than 12 Months |  | 12 Months or Longer |  | Total
As of December 31, 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 | $ | — |  |  | $ | — |  |  | $ | 1,102 |  |  | $ | (2) |  |  | $ | 1,102 |  |  | $ | (2) |
Corporate debt securities | 8,493 |  |  | (13) |  |  | 6,203 |  |  | (35) |  |  | 14,696 |  |  | (48) |
Total temporarily impaired securities | $ | 8,493 |  |  | $ | (13) |  |  | $ | 7,305 |  |  | $ | (37) |  |  | $ | 15,798 |  |  | $ | (50) |
| 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 Earnings on Investments | Earnings on investments for the years ended December 31 are as follows:
(in thousands) | 2021 |  | 2020
Fixed maturity securities | $ | 2,337 |  |  | $ | 2,688 |
Equity securities | 1,413 |  |  | 1,569 |
Invested cash and other short-term investments | 21 |  |  | 133 |
Miscellaneous interest | 2 |  |  | 3 |
Interest and dividends | $ | 3,773 |  |  | $ | 4,393 |
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) | 2021 |  | 2020
Gross realized gains from securities: |  |  |
Corporate debt securities | $ | 52 |  |  | $ | 30 |
Common stocks | 1,900 |  |  | 3,428 |
Total | $ | 1,952 |  |  | $ | 3,458 |
Gross realized losses from securities: |  |  |
Corporate debt securities | $ | (33) |  |  | $ | — |
Common stocks | (1,008) |  |  | (2,665) |
Other-than-temporary impairment of securities | — |  |  | (482) |
Total | $ | (1,041) |  |  | $ | (3,147) |
Net realized gains from securities | $ | 911 |  |  | $ | 311 |
Net realized other investment gains (losses): |  |  |
Gains on other investments | $ | 958 |  |  | $ | 31 |
Losses on other investments | — |  |  | (9) |
Total | $ | 958 |  |  | $ | 22 |
Net realized investment gains | $ | 1,869 |  |  | $ | 333 |
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 LLCs, as of December 31, 2021:
Type of Investment (in thousands) |  | Balance Sheet Classification |  | Carrying Value |  | Estimated Fair Value |  | Maximum Potential Loss *
Tax credit LPs |  | Other investments |  | $ | 276 |  |  | $ | 276 |  |  | $ | 1,768 |
Real estate LLCs or LPs |  | Other investments |  | 4,567 |  |  | 5,286 |  |  | 7,750 |
Small business investment LLCs or LPs |  | Other investments |  | 8,336 |  |  | 8,254 |  |  | 13,295 |
Total |  |  |  | $ | 13,179 |  |  | $ | 13,816 |  |  | $ | 22,813 |
* |  | 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 December 31, 2021 and 2020:
As of December 31, 2021 (in thousands) | Level 1 |  | Level 2 * |  | Level 3 |  | Total
Fixed maturity securities: |  |  |  |  |  |  |
Obligations of U.S. states, territories and political subdivisions | $ | — |  |  | $ | 61,795 |  |  | $ | — |  |  | $ | 61,795 |
Corporate debt securities | — |  |  | 17,996 |  |  | — |  |  | 17,996 |
Total | $ | — |  |  | $ | 79,791 |  |  | $ | — |  |  | $ | 79,791 |
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 | The following table presents, by level, estimated fair values of equity investments and other financial instruments as of December 31, 2021 and 2020:
As of December 31, 2021 (in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Cash | $ | 37,168 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,168 |
Accrued interest and dividends | 817 |  |  | — |  |  | — |  |  | 817 |
Equity securities, at fair value: |  |  |  |  |  |  |
Common stocks | 76,853 |  |  | — |  |  | — |  |  | 76,853 |
Short-term investments: |  |  |  |  |  |  |
Money market funds | 45,930 |  |  | — |  |  | — |  |  | 45,930 |
Other investments: |  |  |  |  |  |  |
Equity investments in unconsolidated affiliates, measurement alternative | — |  |  | — |  |  | 8,688 |  |  | 8,688 |
Total | $ | 160,768 |  |  | $ | — |  |  | $ | 8,688 |  |  | $ | 169,456 |
As of December 31, 2020 (in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Cash | $ | 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, measurement alternative | — |  |  | — |  |  | 8,741 |  |  | 8,741 |
Total | $ | 94,850 |  |  | $ | — |  |  | $ | 8,741 |  |  | $ | 103,591 |
Schedule of Cost-method Investments | The following table presents a rollforward of equity investments under the measurement alternative and real estate investments as of December 31, 2021 and 2020:
(in thousands) | Balance, January 1, 2021 |  | Amounts Impaired |  | Observable Changes |  | Purchases and Additional Commitments Paid |  | Sales, Returns of Capital and Other Reductions |  | Balance, December 31, 2021
Other investments: |  |  |  |  |  |  |  |  |  |  |
Real estate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,000 |  |  | $ | (13) |  |  | $ | 4,987 |
Equity investments in unconsolidated affiliates, measurement alternative | 8,741 |  |  | — |  |  | — |  |  | 1,543 |  |  | (1,596) |  |  | 8,688 |
Total | $ | 8,741 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,543 |  |  | $ | (1,609) |  |  | $ | 13,675 |
(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: |  |  |  |  |  |  |  |  |  |  |
Real estate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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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- 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=123419778&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=123419778&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=123419778&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=123419778&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=123419778&loc=d3e5728-111685 + Details
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