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Investments In Securities and Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 (in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations			$	738					$	—					$	—					$	738
General obligations of U.S. states, territories and political subdivisions			9,389						17						(55)						9,351
Special revenue issuer obligations of U.S. states, territories and political subdivisions			24,833						100						(67)						24,866
Corporate debt securities			27,317						430						(55)						27,692
Total			$	62,277					$	547					$	(177)					$	62,647

As of December 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			$	2,220					$	2					$	(2)					$	2,220
General obligations of U.S. states, territories and political subdivisions			9,419						64						(24)						9,459
Special revenue issuer obligations of U.S. states, territories and political subdivisions			24,908						145						(66)						24,987
Corporate debt securities			26,559						655						(33)						27,181
Total			$	63,106					$	866					$	(125)					$	63,847

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

As of March 31, 2024 (in thousands)			Cost						Estimated Fair Value
Equity securities, at fair value:
Common stocks			$	22,647					$	36,708
Total			$	22,647					$	36,708

As of December 31, 2023 (in thousands)			Cost						Estimated Fair Value
Equity securities, at fair value:
Common stocks			$	22,981					$	37,212
Total			$	22,981					$	37,212

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at March 31, 2024 are as follows:

			Available-for-Sale
(in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	8,180					$	8,202
Due one year through five years			27,601						27,617
Due five years through ten years			18,216						18,306
Due after ten years			8,280						8,522
Total			$	62,277					$	62,647

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, 2024 and December 31, 2023, respectively:

			Less than 12 Months												12 Months or Longer												Total
As of March 31, 2024 (in thousands)			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
General obligations of U.S. states, territories and political subdivisions			$	3,276					$	(18)					$	2,692					$	(37)					$	5,968					$	(55)
Special revenue issuer obligations of U.S. states, territories and political subdivisions			11,709						(26)						2,844						(41)						14,553						(67)
Corporate debt securities			5,832						(46)						1,230						(9)						7,062						(55)
Total			$	20,817					$	(90)					$	6,766					$	(87)					$	27,583					$	(177)

			Less than 12 Months												12 Months or Longer												Total
As of December 31, 2023 (in thousands)			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
Government obligations			$	1,488					$	(2)					$	—					$	—					$	1,488					$	(2)
General obligations of U.S. states, territories and political subdivisions			5,925						(23)						101						(1)						6,026						(24)
Special revenue issuer obligations of U.S. states, territories and political subdivisions			7,124						(16)						3,085						(50)						10,209						(66)
Corporate debt securities			6,052						(29)						296						(4)						6,348						(33)
Total			$	20,589					$	(70)					$	3,482					$	(55)					$	24,071					$	(125)

Schedule Of Gross Realized Gains And Losses On Securities

Gross investment gains and losses for the three-month periods ended March 31, 2024 and 2023 are summarized as follows:

			Three Months Ended March 31,
(in thousands)			2024						2023
Gross realized gains from securities:
Common stocks			$	2,807					$	7,483
Total			$	2,807					$	7,483
Gross realized losses from securities:
Common stocks			$	(162)					$	(121)
Write-down of securities			(53)						(82)
Total			$	(215)					$	(203)
Net realized gains from securities			$	2,592					$	7,280
Gross realized losses on other investments:
Losses on other investments			$	—					$	(47)
Total			$	—					$	(47)
Net realized investment gains			$	2,592					$	7,233
Changes in the estimated fair value of equity security investments			$	(170)					$	(6,790)
Net investment gains			$	2,422					$	443

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, 2024:

(in thousands)						Balance Sheet Classification						Carrying Value						Estimated Fair Value						Maximum Potential Loss (a)
Real estate LLCs or LPs						Other investments						$	12,751					$	14,000					$	18,060
Small business investment LPs						Other investments						197						197						80
Total												$	12,948					$	14,197					$	18,140

(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, 2024 and December 31, 2023:

As of March 31, 2024 (in thousands)			Level 1						Level 2 *						Level 3						Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions			$	738					$	34,217					$	—					$	34,955
Corporate debt securities			—						27,692						—						27,692
Total			$	738					$	61,909					$	—					$	62,647

As of December 31, 2023 (in thousands)			Level 1						Level 2 *						Level 3						Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions			$	2,220					$	34,446					$	—					$	36,666
Corporate debt securities			—						27,181						—						27,181
Total			$	2,220					$	61,627					$	—					$	63,847

*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, 2024 and December 31, 2023:

As of March 31, 2024 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	21,613					$	—					$	—					$	21,613
Accrued interest and dividends			1,090						—						—						1,090
Equity securities, at fair value:
Common stocks			36,708						—						—						36,708
Short-term investments:
Money market funds and U.S. Treasury bills			113,379						—						—						113,379
Total			$	172,790					$	—					$	—					$	172,790

As of December 31, 2023 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	24,031					$	—					$	—					$	24,031
Accrued interest and dividends			978						—						—						978
Equity securities, at fair value:
Common stocks			37,212						—						—						37,212
Short-term investments:
Money market funds and U.S. Treasury bills			110,224						—						—						110,224
Total			$	172,445					$	—					$	—					$	172,445

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 as of March 31, 2024 and December 31, 2023:

As of March 31, 2024 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative			$	—					$	—					$	9,316					$	9,316
Notes receivable			—						—						641						641
Total			$	—					$	—					$	9,957					$	9,957

As of December 31, 2023 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative			$	—					$	—					$	9,300					$	9,300
Notes receivable			—						—						2,201						2,201
Total			$	—					$	—					$	11,501					$	11,501

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