XML 36 R27.htm IDEA: XBRL DOCUMENT v3.23.1

Investments In Securities and Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 (in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations			$	1,450					$	—					$	(1)					$	1,449
General obligations of U.S. states, territories and political subdivisions			8,529						36						(18)						8,547
Special revenue issuer obligations of U.S. states, territories and political subdivisions			28,185						145						(75)						28,255
Corporate debt securities			13,518						470						(29)						13,959
Total			$	51,682					$	651					$	(123)					$	52,210

As of December 31, 2022 (in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations			$	4,329					$	—					$	(7)					$	4,322
General obligations of U.S. states, territories and political subdivisions			8,561						21						(36)						8,546
Special revenue issuer obligations of U.S. states, territories and political subdivisions			30,123						106						(219)						30,010
Corporate debt securities			10,762						417						(68)						11,111
Total			$	53,775					$	544					$	(330)					$	53,989

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

As of March 31, 2023 (in thousands)			Cost						Estimated Fair Value
Equity securities, at fair value:
Common stocks			$	23,176					$	42,800
Total			$	23,176					$	42,800

As of December 31, 2022 (in thousands)			Cost						Estimated Fair Value
Equity securities, at fair value:
Common stocks			$	25,278					$	51,691
Total			$	25,278					$	51,691

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at March 31, 2023 are as follows:

			Available-for-Sale
(in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	13,693					$	13,712
Due one year through five years			32,122						32,348
Due five years through ten years			3,531						3,559
Due after ten years			2,336						2,591
Total			$	51,682					$	52,210

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 March 31, 2023 and December 31, 2022:

			Less than 12 Months												12 Months or Longer												Total
As of March 31, 2023 (in thousands)			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
Government obligations			$	1,449					$	(1)					$	—					$	—					$	1,449					$	(1)
General obligations of U.S. states, territories and political subdivisions			2,752						(18)						—						—						2,752						(18)
Special revenue issuer obligations of U.S. states, territories and political subdivisions			3,753						(35)						2,157						(40)						5,910						(75)
Corporate debt securities			3,941						(24)						397						(5)						4,338						(29)
Total			$	11,895					$	(78)					$	2,554					$	(45)					$	14,449					$	(123)

			Less than 12 Months												12 Months or Longer												Total
As of December 31, 2022 (in thousands)			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
Government obligations			$	4,322					$	(7)					$	—					$	—					$	4,322					$	(7)
General obligations of U.S. states, territories and political subdivisions			3,221						(36)						—						—						3,221						(36)
Special revenue issuer obligations of U.S. states, territories and political subdivisions			12,568						(216)						1,100						(3)						13,668						(219)
Corporate debt securities			6,498						(68)						—						—						6,498						(68)
Total			$	26,609					$	(327)					$	1,100					$	(3)					$	27,709					$	(330)

Schedule Of Gross Realized Gains And Losses On Securities

Gross realized gains and losses on sales of investments for the three-month periods ended March 31, 2023 and 2022 are summarized as follows:

(in thousands)			2023						2022
Gross realized gains from securities:
Common stocks			$	7,483					$	1,747
Total			$	7,483					$	1,747
Gross realized losses from securities:
Common stocks			$	(121)					$	—
Write-down of securities			(82)						—
Total			$	(203)					$	—
Net realized gains from securities			$	7,280					$	1,747
Gross realized losses on other investments:
Losses on other investments			$	(47)					$	—
Total			$	(47)					$	—
Net realized investment gains			$	7,233					$	1,747

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 March 31, 2023:

(in thousands)						Balance Sheet Classification						Carrying Value						Estimated Fair Value						Maximum Potential Loss (a)
Real estate LLCs or LPs						Other investments						$	3,862					$	5,316					$	5,658
Small business investment LPs						Other investments						8,619						8,400						13,980
Total												$	12,481					$	13,716					$	19,638

(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 March 31, 2023 and December 31, 2022:

As of March 31, 2023 (in thousands)			Level 1						Level 2 *						Level 3						Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions			$	1,449					$	36,802					$	—					$	38,251
Corporate debt securities			—						13,959						—						13,959
Total			$	1,449					$	50,761					$	—					$	52,210

As of December 31, 2022 (in thousands)			Level 1						Level 2 *						Level 3						Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions			$	4,322					$	38,556					$	—					$	42,878
Corporate debt securities			—						11,111						—						11,111
Total			$	4,322					$	49,667					$	—					$	53,989

*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 March 31, 2023 and December 31, 2022:

As of March 31, 2023 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	29,555					$	—					$	—					$	29,555
Accrued interest and dividends			915						—						—						915
Equity securities, at fair value:
Common stocks			42,800						—						—						42,800
Short-term investments:
Money market funds and U.S. treasury bills			105,662						—						—						105,662
Total			$	178,932					$	—					$	—					$	178,932

As of December 31, 2022 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	35,311					$	—					$	—					$	35,311
Accrued interest and dividends			872						—						—						872
Equity securities, at fair value:
Common stocks			51,691						—						—						51,691
Short-term investments:
Money market funds and U.S. treasury bills			103,649						—						—						103,649
Total			$	191,523					$	—					$	—					$	191,523

Schedule of Assets Measured at Fair Value on a Non-Recurring Basis

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment as of March 31, 2023 and December 31, 2022:

As of March 31, 2023 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative			$	—					$	—					$	9,264					$	9,264
Notes receivable			—						—						2,605						2,605
Total			$	—					$	—					$	11,869					$	11,869

As of December 31, 2022 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative			$	—					$	—					$	8,915					$	8,915
Notes receivable			—						—						1,921						1,921
Total			$	—					$	—					$	10,836					$	10,836

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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:	dtr-types: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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

+ Details

Name:	us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-5A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-9

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-4

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-6

+ Details

Name:	us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration