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Investments In Securities and Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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			$	2,199					$	—					$	(6)					$	2,193
General obligations of U.S. states, territories and political subdivisions			9,452						—						(260)						9,192
Special revenue issuer obligations of U.S. states, territories and political subdivisions			26,886						3						(527)						26,362
Corporate debt securities			27,229						250						(586)						26,893
Total			$	65,766					$	253					$	(1,379)					$	64,640

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 September 30, 2023 (in thousands)			Cost						Estimated Fair Value
Equity securities, at fair value:
Common stocks			$	19,424					$	31,831
Total			$	19,424					$	31,831

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 September 30, 2023 are as follows:

			Available-for-Sale
(in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	16,207					$	16,282
Due one year through five years			26,465						25,963
Due five years through ten years			15,473						15,022
Due after ten years			7,621						7,373
Total			$	65,766					$	64,640

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, 2023 and December 31, 2022:

			Less than 12 Months												12 Months or Longer												Total
As of September 30, 2023 (in thousands)			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
Government obligations			$	2					$	(6)					$	—					$	—					$	2					$	(6)
General obligations of U.S. states, territories and political subdivisions			9,094						(256)						98						(4)						9,192						(260)
Special revenue issuer obligations of U.S. states, territories and political subdivisions			15,800						(263)						4,385						(264)						20,185						(527)
Corporate debt securities			18,677						(577)						491						(9)						19,168						(586)
Total			$	43,573					$	(1,102)					$	4,974					$	(277)					$	48,547					$	(1,379)

			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)

Gain (Loss) on Securities

Gross realized gains and losses on sales of investments and unrealized holding gains and losses for the three and nine-months ended September 30, 2023 and 2022 are summarized as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2023						2022						2023						2022
Gross realized gains from securities:
Common stocks			$	1,749					$	2,564					$	15,449					$	7,120
Total			$	1,749					$	2,564					$	15,449					$	7,120
Gross realized losses from securities:
Corporate debt securities			$	—					$	(58)					$	—					$	(104)
Common stocks			(77)						(20)						(400)						(209)
Write-down of securities			(96)						(35)						(208)						(162)
Total			$	(173)					$	(113)					$	(608)					$	(475)
Net realized gains from securities			$	1,576					$	2,451					$	14,841					$	6,645
Gross realized gains (losses) on other investments:
Gains on other investments			$	5					$	30					$	5					$	30
Losses on other investments			(4)						—						(120)						(409)
Total			$	1					$	30					$	(115)					$	(379)
Net realized investment gains			$	1,577					$	2,481					$	14,726					$	6,266
Changes in the estimated fair value of equity security investments			$	(2,392)					$	(4,635)					$	(14,006)					$	(22,722)
Net investment (losses) gains			$	(815)					$	(2,154)					$	720					$	(16,456)

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, 2023:

(in thousands)						Balance Sheet Classification						Carrying Value						Estimated Fair Value						Maximum Potential Loss (a)
Real estate LLCs or LPs						Other investments						$	4,346					$	4,762					$	5,658
Small business investment LPs						Other investments						9,298						10,914						13,080
Total												$	13,644					$	15,676					$	18,738

(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, 2023 and December 31, 2022:

As of September 30, 2023 (in thousands)			Level 1						Level 2 *						Level 3						Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions			$	2,193					$	35,554					$	—					$	37,747
Corporate debt securities			—						26,893						—						26,893
Total			$	2,193					$	62,447					$	—					$	64,640

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 September 30, 2023 and December 31, 2022:

As of September 30, 2023 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	30,411					$	—					$	—					$	30,411
Accrued interest and dividends			1,111						—						—						1,111
Equity securities, at fair value:
Common stocks			31,831						—						—						31,831
Short-term investments:
Money market funds and U.S. Treasury bills			103,959						—						—						103,959
Total			$	167,312					$	—					$	—					$	167,312

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

Fair Value Measurements, Nonrecurring

The following table presents assets measured at fair value on a non-recurring basis as of September 30, 2023 and December 31, 2022:

As of September 30, 2023 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative			$	—					$	—					$	9,478					$	9,478
Notes receivable			—						—						2,339						2,339
Total			$	—					$	—					$	11,817					$	11,817

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

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