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Investments (Tables) | 12 Months Ended
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Dec. 31, 2020
Investments [Abstract] |
Investments Aggregated by Type and Industry | Fixed maturities were comprised of the following:
|  | 2020 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Amortized Cost |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 30,762 |  |  | $ | 1,381 |  |  | $ | 26 |  |  | $ | 29,407 |
Obligations of states and political subdivisions |  |  | 11,802 |  |  |  | 898 |  |  |  | — |  |  |  | 10,904 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 30,359 |  |  |  | 4,423 |  |  |  | — |  |  |  | 25,936 |
Financial services |  |  | 78,258 |  |  |  | 9,811 |  |  |  | 6 |  |  |  | 68,453 |
Other business – diversified |  |  | 41,145 |  |  |  | 5,689 |  |  |  | 15 |  |  |  | 35,471 |
Other consumer – diversified |  |  | 61,530 |  |  |  | 9,479 |  |  |  | 47 |  |  |  | 52,098 |
Total corporate securities |  |  | 211,292 |  |  |  | 29,402 |  |  |  | 68 |  |  |  | 181,958 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other consumer – diversified |  |  | 250 |  |  |  | 58 |  |  |  | — |  |  |  | 192 |
Total redeemable preferred stocks |  |  | 250 |  |  |  | 58 |  |  |  | — |  |  |  | 192 |
Total fixed maturities |  | $ | 254,106 |  |  | $ | 31,739 |  |  | $ | 94 |  |  | $ | 222,461 |
|  | 2019 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Amortized Cost |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 20,259 |  |  | $ | 467 |  |  | $ | 53 |  |  | $ | 19,845 |
Obligations of states and political subdivisions |  |  | 11,940 |  |  |  | 371 |  |  |  | 53 |  |  |  | 11,622 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 26,648 |  |  |  | 2,404 |  |  |  | 32 |  |  |  | 24,276 |
Financial services |  |  | 73,917 |  |  |  | 4,249 |  |  |  | 57 |  |  |  | 69,725 |
Other business – diversified |  |  | 41,706 |  |  |  | 2,335 |  |  |  | 98 |  |  |  | 39,469 |
Other consumer – diversified |  |  | 57,752 |  |  |  | 3,702 |  |  |  | 54 |  |  |  | 54,104 |
Total corporate securities |  |  | 200,023 |  |  |  | 12,690 |  |  |  | 241 |  |  |  | 187,574 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other consumer – diversified |  |  | 250 |  |  |  | 58 |  |  |  | — |  |  |  | 192 |
Total redeemable preferred stocks |  |  | 250 |  |  |  | 58 |  |  |  | — |  |  |  | 192 |
Total fixed maturities |  | $ | 232,472 |  |  | $ | 13,586 |  |  | $ | 347 |  |  | $ | 219,233 |
Bonds having an amortized cost of $10,670 and $10,669 and included in the tables above were on deposit with insurance regulatory authorities at December 31, 2020 and 2019, respectively, in accordance with statutory requirements. Additionally, bonds having an amortized cost of $1,997 and $0 and included in the tables above were pledged as collateral to FHLB at December 31, 2020 and 2019, respectively.
|  | 2020 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost or Amortized Cost |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Financial services |  |  | 2,111 |  |  |  | 351 |  |  |  | — |  |  |  | 1,760 |
Other business – diversified |  |  | 16,605 |  |  |  | 11,972 |  |  |  | — |  |  |  | 4,633 |
Total equity securities |  | $ | 18,716 |  |  | $ | 12,323 |  |  | $ | — |  |  | $ | 6,393 |
|  | 2019 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost or Amortized Cost |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Financial services |  |  | 3,159 |  |  |  | 624 |  |  |  | — |  |  |  | 2,535 |
Other business – diversified |  |  | 19,763 |  |  |  | 15,130 |  |  |  | — |  |  |  | 4,633 |
Total equity securities |  | $ | 22,922 |  |  | $ | 15,754 |  |  | $ | — |  |  | $ | 7,168 |
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 December 31, 2020 and 2019 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.
|  | 2020 |  |  | 2019 |
|  | Carrying Value |  |  | Amortized Cost |  |  | Carrying Value |  |  | Amortized Cost |
Due in one year or less |  | $ | 2,041 |  |  | $ | 2,015 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  |  | 18,373 |  |  |  | 17,039 |  |  |  | 14,664 |  |  |  | 14,280 |
Due after five years through ten years |  |  | 89,892 |  |  |  | 79,993 |  |  |  | 77,934 |  |  |  | 73,521 |
Due after ten years |  |  | 124,609 |  |  |  | 104,527 |  |  |  | 130,680 |  |  |  | 122,321 |
Asset backed securities |  |  | 19,191 |  |  |  | 18,887 |  |  |  | 9,194 |  |  |  | 9,111 |
Totals |  | $ | 254,106 |  |  | $ | 222,461 |  |  | $ | 232,472 |  |  | $ | 219,233 |
Investment Securities with Continuous Unrealized Loss Position | The following tables present the Company’s unrealized loss aging for securities by type and length of time the security was in a continuous unrealized loss position as of December 31, 2020 and 2019.
|  | 2020 |
|  | 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 |  | $ | 7,045 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,045 |  |  | $ | 26 |
Corporate securities |  |  | 4,602 |  |  |  | 68 |  |  |  | — |  |  |  | — |  |  |  | 4,602 |  |  |  | 68 |
Total temporarily impaired securities |  | $ | 11,647 |  |  | $ | 94 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,647 |  |  | $ | 94 |
|  | 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 |  | $ | 3,432 |  |  | $ | 22 |  |  | $ | 3,533 |  |  | $ | 31 |  |  | $ | 6,965 |  |  | $ | 53 |
Obligations of states and political subdivisions |  |  | 3,106 |  |  |  | 53 |  |  |  | — |  |  |  | — |  |  |  | 3,106 |  |  |  | 53 |
Corporate securities |  |  | 23,245 |  |  |  | 145 |  |  |  | 2,504 |  |  |  | 96 |  |  |  | 25,749 |  |  |  | 241 |
Total temporarily impaired securities |  | $ | 29,783 |  |  | $ | 220 |  |  | $ | 6,037 |  |  | $ | 127 |  |  | $ | 35,820 |  |  | $ | 347 |
Investment Income Earned | Investment income was earned from the following sources:
|  | 2020 |  |  | 2019 |
Fixed maturities |  | $ | 8,646 |  |  | $ | 8,485 |
Equity securities |  |  | 141 |  |  |  | 282 |
Other |  |  | (788 | ) |  |  | 319 |
|  |  | 7,999 |  |  |  | 9,086 |
Investment expenses |  |  | 255 |  |  |  | 107 |
Net investment income |  | $ | 7,744 |  |  | $ | 8,979 |
Summary of Realized Investment Gains (Losses) | A summary of realized investment gains (losses) follows:
|  | 2020 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 835 |  |  | $ | 88 |  |  | $ | 6,948 |  |  | $ | 7,871 |
Losses |  |  | (450 | ) |  |  | (1 | ) |  |  | — |  |  |  | (451 | )
Realized investment gains, net |  | $ | 385 |  |  | $ | 87 |  |  | $ | 6,948 |  |  | $ | 7,420 |
|  | 2019 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 2,003 |  |  | $ | 1,221 |  |  | $ | — |  |  | $ | 3,224 |
Losses |  |  | (1,650 | ) |  |  | — |  |  |  | — |  |  |  | (1,650 | )
Realized investment gains, net |  | $ | 353 |  |  | $ | 1,221 |  |  | $ | — |  |  | $ | 1,574 |
Proceeds from Sales of Investments | Proceeds from the sales of available-for-sale fixed maturities were as follows:
|  | 2020 |  |  | 2019 |
Sales proceeds |  | $ | 18,504 |  |  | $ | 117,530 |
Gross gains |  |  | 835 |  |  |  | 2,003 |
Gross losses |  |  | (450 | ) |  |  | (1,650 | )
Proceeds from the sales of available-for-sale equity securities were as follows:
|  | 2020 |  |  | 2019 |
Sales proceeds |  | $ | 5 |  |  | $ | 2,568 |
Gross gains |  |  | — |  |  |  | 1,113 |
Gross losses |  |  | (1 | ) |  |  | — |
Unrealized Gains (Losses) on Equity Securities | The following table presents the portion of unrealized gains (losses) related to equity securities still held for the years ended December 31, 2020 and 2019.
|  | 2020 |  |  | 2019 |
Net realized and unrealized gains (losses) recognized during the period on equity securities |  | $ | (3,344 | ) |  | $ | 6,732 |
Less: Net realized gains (losses) recognized during the period on equity securities sold during the period |  |  | 87 |  |  |  | 1,221 |
Unrealized gains (losses) on equity securities, net |  | $ | (3,431 | ) |  | $ | 5,511 |

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