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Investments (Tables) | 9 Months Ended
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Sep. 30, 2019
Investments [Abstract] |
Investments Aggregated by Type and Industry | The following tables set forth the estimated fair value, gross unrealized gains, gross unrealized losses and cost or amortized cost of the Company’s investments in fixed maturities and equity securities, aggregated by type and industry, as of September 30, 2019 and December 31, 2018. Fixed maturities were comprised of the following:
|  | September 30, 2019 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost or Amortized Cost |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 19,338 |  |  | $ | 624 |  |  | $ | 122 |  |  | $ | 18,836 |
Obligations of states and political subdivisions |  |  | 4,999 |  |  |  | 432 |  |  |  | - |  |  |  | 4,567 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 21,287 |  |  |  | 2,110 |  |  |  | 3 |  |  |  | 19,180 |
Financial services |  |  | 58,290 |  |  |  | 3,510 |  |  |  | 69 |  |  |  | 54,849 |
Other business – diversified |  |  | 51,719 |  |  |  | 2,446 |  |  |  | 87 |  |  |  | 49,360 |
Other consumer – diversified |  |  | 61,692 |  |  |  | 3,644 |  |  |  | 92 |  |  |  | 58,140 |
Total corporate securities |  |  | 192,988 |  |  |  | 11,710 |  |  |  | 251 |  |  |  | 181,529 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other consumer – diversified |  |  | 192 |  |  |  | — |  |  |  | — |  |  |  | 192 |
Total redeemable preferred stocks |  |  | 192 |  |  |  | — |  |  |  | — |  |  |  | 192 |
Total fixed maturities |  | $ | 217,517 |  |  | $ | 12,766 |  |  | $ | 373 |  |  | $ | 205,124 |
|  | December 31, 2018 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost or Amortized Cost |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 27,422 |  |  | $ | 36 |  |  | $ | 1,061 |  |  | $ | 28,447 |
Obligations of states and political subdivisions |  |  | 8,364 |  |  |  | 347 |  |  |  | 72 |  |  |  | 8,089 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 19,642 |  |  |  | 873 |  |  |  | 431 |  |  |  | 19,200 |
Financial services |  |  | 49,477 |  |  |  | 747 |  |  |  | 2,942 |  |  |  | 51,672 |
Other business – diversified |  |  | 49,196 |  |  |  | 226 |  |  |  | 2,844 |  |  |  | 51,814 |
Other consumer – diversified |  |  | 56,093 |  |  |  | 84 |  |  |  | 4,501 |  |  |  | 60,510 |
Total corporate securities |  |  | 174,408 |  |  |  | 1,930 |  |  |  | 10,718 |  |  |  | 183,196 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other consumer – diversified |  |  | 192 |  |  |  | — |  |  |  | — |  |  |  | 192 |
Total redeemable preferred stocks |  |  | 192 |  |  |  | — |  |  |  | — |  |  |  | 192 |
Total fixed maturities |  | $ | 210,386 |  |  | $ | 2,313 |  |  | $ | 11,851 |  |  | $ | 219,924 |
Bonds having an amortized cost of $10,444 and $10,452 and included in the tables above were on deposit with insurance regulatory authorities as of September 30, 2019 and December 31, 2018, respectively, in accordance with statutory requirements. Equity securities were comprised of the following:
|  | September 30, 2019 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost or Amortized Cost |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Financial services |  | $ | 2,797 |  |  | $ | 309 |  |  | $ | — |  |  | $ | 2,488 |
Other business – diversified |  |  | 312 |  |  |  | 265 |  |  |  | — |  |  |  | 47 |
Other consumer – diversified |  |  | 16,398 |  |  |  | 11,765 |  |  |  | — |  |  |  | 4,633 |
Total equity securities |  | $ | 19,507 |  |  | $ | 12,339 |  |  | $ | — |  |  | $ | 7,168 |
|  | December 31, 2018 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost or Amortized Cost |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  | $ | 1,686 |  |  | $ | 722 |  |  | $ | — |  |  | $ | 964 |
Financial services |  |  | 4,552 |  |  |  | 172 |  |  |  | — |  |  |  | 4,380 |
Other business – diversified |  |  | 306 |  |  |  | 259 |  |  |  | — |  |  |  | 47 |
Other consumer – diversified |  |  | 14,214 |  |  |  | 9,090 |  |  |  | — |  |  |  | 5,124 |
Total equity securities |  | $ | 20,758 |  |  | $ | 10,243 |  |  | $ | — |  |  | $ | 10,515 |
Amortized Cost and Carrying Value of Fixed Maturities by Contractual Maturity | The carrying value and amortized cost of the Company’s investments in fixed maturities at September 30, 2019 and December 31, 2018 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
|  | September 30, 2019 |  |  | December 31, 2018 |
|  | Carrying Value |  |  | Amortized Cost |  |  | Carrying Value |  |  | Amortized Cost |
Due in one year or less |  | $ | - |  |  | $ | - |  |  | $ | 3,150 |  |  | $ | 3,150 |
Due after one year through five years |  |  | 13,665 |  |  |  | 13,267 |  |  |  | 19,787 |  |  |  | 19,699 |
Due after five years through ten years |  |  | 76,413 |  |  |  | 72,480 |  |  |  | 127,617 |  |  |  | 133,863 |
Due after ten years |  |  | 119,335 |  |  |  | 111,267 |  |  |  | 43,823 |  |  |  | 46,338 |
Asset backed securities |  |  | 8,104 |  |  |  | 8,110 |  |  |  | 16,009 |  |  |  | 16,874 |
Totals |  | $ | 217,517 |  |  | $ | 205,124 |  |  | $ | 210,386 |  |  | $ | 219,924 |
Investment Securities with Continuous Unrealized Loss Position | The following tables present the Company’s unrealized losses for securities by type and length of time the security was in a continuous unrealized loss position as of September 30, 2019 and December 31, 2018.
|  | September 30, 2019 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 1,020 |  |  | $ | 4 |  |  | $ | 7,689 |  |  | $ | 118 |  |  | $ | 8,709 |  |  | $ | 122 |
Corporate securities |  |  | 22,791 |  |  |  | 61 |  |  |  | 7,430 |  |  |  | 190 |  |  |  | 30,221 |  |  |  | 251 |
Total temporarily impaired securities |  | $ | 23,811 |  |  | $ | 65 |  |  | $ | 15,119 |  |  | $ | 308 |  |  | $ | 38,930 |  |  | $ | 373 |
|  | December 31, 2018 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | — |  |  | $ | — |  |  | $ | 24,786 |  |  | $ | 1,061 |  |  | $ | 24,786 |  |  | $ | 1,061 |
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 3,980 |  |  |  | 72 |  |  |  | 3,980 |  |  |  | 72 |
Corporate securities |  |  | 49,633 |  |  |  | 1,592 |  |  |  | 97,012 |  |  |  | 9,126 |  |  |  | 146,645 |  |  |  | 10,718 |
Total temporarily impaired securities |  | $ | 49,633 |  |  | $ | 1,592 |  |  | $ | 125,778 |  |  | $ | 10,259 |  |  | $ | 175,411 |  |  | $ | 11,851 |
Summary of Realized Investment Gains (Losses) | The following table is a summary of realized investment gains (losses) for the three month and nine month periods ended September 30, 2019 and 2018.
|  | Three Months Ended September 30, 2019 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 1,112 |  |  | $ | 108 |  |  | $ | — |  |  | $ | 1,220 |
Losses |  |  | (1,650 | ) |  |  | — |  |  |  | — |  |  |  | (1,650 | )
Realized investment gains (losses), net |  | $ | (538 | ) |  | $ | 108 |  |  | $ | — |  |  | $ | (430 | )
|  | Three Months Ended September 30, 2018 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 212 |  |  | $ | 272 |  |  | $ | — |  |  | $ | 484 |
Losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Realized investment gains (losses), net |  | $ | 212 |  |  | $ | 272 |  |  | $ | — |  |  | $ | 484 |
|  | Nine Months Ended September 30, 2019 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 1,994 |  |  | $ | 1,221 |  |  | $ | — |  |  | $ | 3,215 |
Losses |  |  | (1,650 | ) |  |  | — |  |  |  | — |  |  |  | (1,650 | )
Realized investment gains (losses), net |  | $ | 344 |  |  | $ | 1,221 |  |  | $ | — |  |  | $ | 1,565 |
|  | Nine Months Ended September 30, 2018 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 829 |  |  | $ | 272 |  |  | $ | — |  |  | $ | 1,101 |
Losses |  |  | (304 | ) |  |  | — |  |  |  | — |  |  |  | (304 | )
Realized investment gains (losses), net |  | $ | 525 |  |  | $ | 272 |  |  | $ | — |  |  | $ | 797 |
Unrealized Gains (Losses) on Equity Securities | The following table presents the portion of unrealized gains (losses) on equity securities still held for the three month and nine month periods ended September 30, 2019 and 2018.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Net realized and unrealized gains (losses) recognized during the period on equity securities |  | $ | 1,052 |  |  | $ | 1,355 |  |  | $ | 3,317 |  |  | $ | 1,025 |
Less: Net realized gains (losses) recognized during the period on equity securities sold during the period |  |  | 108 |  |  |  | 272 |  |  |  | 1,221 |  |  |  | 272 |
Unrealized gains (losses) on equity securities, net |  | $ | 944 |  |  | $ | 1,083 |  |  | $ | 2,096 |  |  | $ | 753 |

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