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Investments In Securities and Fair Value (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022 (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			$	13,677					$	—					$	273					$	13,404
Special revenue issuer obligations of U.S. states, territories and political subdivisions			37,939						53						1,099						36,893
Corporate debt securities			4,683						344						17						5,010
Total			$	56,299					$	397					$	1,389					$	55,307

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:
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

The cost and estimated fair value of equity securities are as follows:

As of September 30, 2022 (in thousands)			Cost						Estimated Fair Value
Equity securities, at fair value:
Common stocks			$	28,004					$	52,657
Total			$	28,004					$	52,657

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

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at September 30, 2022 are as follows:

			Available-for-Sale
(in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	9,320					$	9,344
Due one year through five years			35,066						34,635
Due five years through ten years			1,301						1,301
Due after ten years			10,612						10,027
Total			$	56,299					$	55,307

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, 2022 and December 31, 2021:

			Less than 12 Months												12 Months or Longer												Total
As of September 30, 2022 (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			$	40,573					$	(1,369)					$	1,100					$	(3)					$	41,673					$	(1,372)
Corporate debt securities			688						(16)						49						(1)						737						(17)
Total temporarily impaired securities			$	41,261					$	(1,385)					$	1,149					$	(4)					$	42,410					$	(1,389)

			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)

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, 2022 and 2021 are summarized as follows:

(in thousands)			2022						2021
Gross realized gains from securities:
Corporate debt securities			$	—					$	53
Common stocks			7,120						1,428
Total			$	7,120					$	1,481
Gross realized losses from securities:
Corporate debt securities			$	(104)					$	(34)
Common stocks			(209)						(677)
Write-down of securities			(162)						—
Total			$	(475)					$	(711)
Net realized gains from securities			$	6,645					$	770
Gross realized gains (losses) on other investments:
Gains on other investments			$	30					$	1
Losses on other investments			(409)						—
Total			$	(379)					$	1
Net realized investment gains			$	6,266					$	771

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, 2022:

(in thousands)						Balance Sheet Classification						Carrying Value						Estimated Fair Value						Maximum Potential Loss (a)
Real estate LLCs or LPs						Other investments						$	3,538					$	5,166					$	5,408
Small business investment LPs						Other investments						8,946						9,234						14,320
Total												$	12,484					$	14,400					$	19,728

(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, 2022 and December 31, 2021:

As of September 30, 2022 (in thousands)			Level 1						Level 2 *						Level 3						Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions			$	—					$	50,297					$	—					$	50,297
Corporate debt securities			—						5,010						—						5,010
Total			$	—					$	55,307					$	—					$	55,307

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

*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, 2022 and December 31, 2021:

As of September 30, 2022 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	41,380					$	—					$	—					$	41,380
Accrued interest and dividends			971						—						—						971
Equity securities, at fair value:
Common stocks			52,657						—						—						52,657
Short-term investments:
Money market funds and US treasury bills			80,785						—						—						80,785
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative			—						—						8,852						8,852
Total			$	175,793					$	—					$	8,852					$	184,645

As of December 31, 2021 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	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

Schedule of Cost Method Investments

The following table presents a rollforward of equity investments under the measurement alternative as of September 30, 2022 and December 31, 2021:

(in thousands)			Balance, January 1, 2022						Amounts Impaired						Observable Changes						Purchases and Additional Commitments Paid						Sales, Returns of Capital and Other Reductions						Balance, September 30, 2022
Other investments:
Equity investments in unconsolidated affiliates, measurement alternative			$	8,688					$	—					$	—					$	1,037					$	(873)					$	8,852
Total			$	8,688					$	—					$	—					$	1,037					$	(873)					$	8,852

(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:
Equity investments in unconsolidated affiliates, measurement alternative			$	8,741					$	—					$	—					$	1,543					$	(1,596)					$	8,688
Total			$	8,741					$	—					$	—					$	1,543					$	(1,596)					$	8,688

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