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Investments (Tables) | 6 Months Ended
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Jun. 30, 2021
Investments [Abstract] |
Investments Aggregated by Type and Industry | Fixed maturities were comprised of the following:
|  | June 30, 2021 |
|  | 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 |  | $ | 37,393 |  |  | $ | 887 |  |  | $ | 156 |  |  | $ | 36,662 |
Obligations of states and political subdivisions |  |  | 11,843 |  |  |  | 943 |  |  |  | — |  |  |  | 10,900 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 30,813 |  |  |  | 3,363 |  |  |  | 29 |  |  |  | 27,479 |
Financial services |  |  | 77,409 |  |  |  | 8,032 |  |  |  | 63 |  |  |  | 69,440 |
Other business – diversified |  |  | 40,936 |  |  |  | 5,094 |  |  |  | 89 |  |  |  | 35,931 |
Other consumer – diversified |  |  | 59,164 |  |  |  | 7,723 |  |  |  | 96 |  |  |  | 51,537 |
Total corporate securities |  |  | 208,322 |  |  |  | 24,212 |  |  |  | 277 |  |  |  | 184,387 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other consumer – diversified |  |  | 250 |  |  |  | 58 |  |  |  | — |  |  |  | 192 |
Total redeemable preferred stocks |  |  | 250 |  |  |  | 58 |  |  |  | — |  |  |  | 192 |
Total fixed maturities |  | $ | 257,808 |  |  | $ | 26,100 |  |  | $ | 433 |  |  | $ | 232,141 |
|  | December 31, 2020 |
|  | 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 |  | $ | 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 |
Bonds having an amortized cost of $10,923 and $10,670 and included in the tables above were on deposit with insurance regulatory authorities as of June 30, 2021 and December 31, 2020, respectively, in accordance with statutory requirements. Additionally, bonds having an amortized cost of $6,394 and $1,997 and included in the tables above were pledged as collateral to FHLB at June 30, 2021 and December 31, 2020, respectively. Equity securities were comprised of the following:
|  | June 30, 2021 |  |  |  |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Financial services |  | $ | 681 |  |  | $ | 481 |  |  | $ | — |  |  | $ | 200 |
Other business – diversified |  |  | 21,222 |  |  |  | 16,589 |  |  |  | — |  |  |  | 4,633 |
Total equity securities |  | $ | 21,903 |  |  | $ | 17,070 |  |  | $ | — |  |  | $ | 4,833 |
|  | December 31, 2020 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | 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 |
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 June 30, 2021 and December 31, 2020 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.
|  | June 30, 2021 |  |  | December 31, 2020 |
|  | Carrying Value |  |  | Amortized Cost |  |  | Carrying Value |  |  | Amortized Cost |
Due in one year or less |  | $ | 2,520 |  |  | $ | 2,501 |  |  | $ | 2,041 |  |  | $ | 2,015 |
Due after one year through five years |  |  | 22,991 |  |  |  | 21,415 |  |  |  | 18,373 |  |  |  | 17,039 |
Due after five years through ten years |  |  | 83,491 |  |  |  | 76,075 |  |  |  | 89,892 |  |  |  | 79,993 |
Due after ten years |  |  | 123,313 |  |  |  | 106,754 |  |  |  | 124,609 |  |  |  | 104,527 |
Asset backed securities |  |  | 25,493 |  |  |  | 25,396 |  |  |  | 19,191 |  |  |  | 18,887 |
Totals |  | $ | 257,808 |  |  | $ | 232,141 |  |  | $ | 254,106 |  |  | $ | 222,461 |
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 June 30, 2021 and December 31, 2020.
|  | June 30, 2021 |
|  | 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 |  | $ | 12,341 |  |  | $ | 156 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,341 |  |  | $ | 156 |
Corporate securities |  |  | 7,944 |  |  |  | 277 |  |  |  | — |  |  |  | — |  |  |  | 7,944 |  |  |  | 277 |
Total temporarily impaired securities |  | $ | 20,285 |  |  | $ | 433 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,285 |  |  | $ | 433 |
|  | December 31, 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 |
Summary of Realized Investment Gains | The following tables summarize realized investment gains for the three month period ended June 30, 2021 and the six month periods ended June 30, 2021 and 2020. There were no realized investment gains (losses) in the three month period ended June 30, 2020.
|  | Three Months Ended June 30, 2021 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |
Losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Realized investment gains, net |  | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |
|  | Six Months Ended June 30, 2021 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 171 |  |  | $ | — |  |  | $ | — |  |  | $ | 171 |
Losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Realized investment gains, net |  | $ | 171 |  |  | $ | — |  |  | $ | — |  |  | $ | 171 |
|  | Six Months Ended June 30, 2020 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 249 |  |  | $ | — |  |  | $ | — |  |  | $ | 249 |
Losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Realized investment gains, net |  | $ | 249 |  |  | $ | — |  |  | $ | — |  |  | $ | 249 |
Unrealized Gains (Losses) on Equity Securities | The following table presents the portion of unrealized gains (losses) related to equity securities still held for the three month and six month periods ended June 30, 2021 and 2020.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net realized and unrealized gains (losses) recognized during the period on equity securities |  | $ | 4,003 |  |  | $ | 1,355 |  |  | $ | 4,747 |  |  | $ | (7,100 | )
Less: Net realized gains (losses) recognized during the period on equity securities sold during the period |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unrealized gains (losses) recognized during the reporting period on equity securities, net |  | $ | 4,003 |  |  | $ | 1,355 |  |  | $ | 4,747 |  |  | $ | (7,100 | )

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- 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/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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