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Investments (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments [Abstract] |
Investments Aggregated by Type and Industry | Fixed maturities were comprised of the following:
|  | September 30, 2023 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Cost or Amortized Cost |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 47,576 |  |  | $ | 1 |  |  | $ | 6,595 |  |  | $ | — |  |  | $ | 54,170 |
Obligations of states and political subdivisions |  |  | 7,570 |  |  |  | — |  |  |  | 1,947 |  |  |  | — |  |  |  | 9,517 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 19,693 |  |  |  | — |  |  |  | 4,064 |  |  |  | — |  |  |  | 23,757 |
Financial services |  |  | 55,897 |  |  |  | 369 |  |  |  | 8,212 |  |  |  | — |  |  |  | 63,740 |
Other business – diversified |  |  | 31,035 |  |  |  | 87 |  |  |  | 5,524 |  |  |  | — |  |  |  | 36,472 |
Other consumer – diversified |  |  | 41,073 |  |  |  | 3 |  |  |  | 8,294 |  |  |  | — |  |  |  | 49,364 |
Total corporate securities |  |  | 147,698 |  |  |  | 459 |  |  |  | 26,094 |  |  |  | — |  |  |  | 173,333 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other consumer – diversified |  |  | 224 |  |  |  | 31 |  |  |  | — |  |  |  | — |  |  |  | 193 |
Total redeemable preferred stocks |  |  | 224 |  |  |  | 31 |  |  |  | — |  |  |  | — |  |  |  | 193 |
Total fixed maturities |  | $ | 203,068 |  |  | $ | 491 |  |  | $ | 34,636 |  |  | $ | — |  |  | $ | 237,213 |
|  | December 31, 2022 |
|  | 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 |  | $ | 44,412 |  |  | $ | 5 |  |  | $ | 5,926 |  |  | $ | 50,333 |
Obligations of states and political subdivisions |  |  | 9,187 |  |  |  | 4 |  |  |  | 1,702 |  |  |  | 10,885 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 22,090 |  |  |  | 120 |  |  |  | 3,299 |  |  |  | 25,269 |
Financial services |  |  | 59,054 |  |  |  | 397 |  |  |  | 7,085 |  |  |  | 65,742 |
Other business – diversified |  |  | 31,058 |  |  |  | 161 |  |  |  | 4,689 |  |  |  | 35,586 |
Other consumer – diversified |  |  | 42,705 |  |  |  | 35 |  |  |  | 6,089 |  |  |  | 48,759 |
Total corporate securities |  |  | 154,907 |  |  |  | 713 |  |  |  | 21,162 |  |  |  | 175,356 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other consumer – diversified |  |  | 223 |  |  |  | 31 |  |  |  | — |  |  |  | 192 |
Total redeemable preferred stocks |  |  | 223 |  |  |  | 31 |  |  |  | — |  |  |  | 192 |
Total fixed maturities |  | $ | 208,729 |  |  | $ | 753 |  |  | $ | 28,790 |  |  | $ | 236,766 |
Bonds having an amortized cost of $11,778 and $12,333 and included in the tables above were on deposit with insurance regulatory authorities as of September 30, 2023 and December 31, 2022, respectively, in accordance with statutory requirements. Additionally, bonds having an amortized cost of $6,883 and $7,221 and included in the tables above were pledged as collateral to the Federal Home Loan Bank of Atlanta (“FHLB”) at September 30, 2023 and December 31, 2022, respectively. Equity securities were comprised of the following:
|  | September 30, 2023 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Financial services |  | $ | 880 |  |  | $ | 577 |  |  | $ | — |  |  | $ | 303 |
Other business – diversified |  |  | 7,344 |  |  |  | 2,711 |  |  |  | — |  |  |  | 4,633 |
Total equity securities |  | $ | 8,224 |  |  | $ | 3,288 |  |  | $ | — |  |  | $ | 4,936 |
|  | December 31, 2022 |
|  | Estimated Fair Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Financial services |  | $ | 790 |  |  | $ | 516 |  |  | $ | — |  |  | $ | 274 |
Other business – diversified |  |  | 10,772 |  |  |  | 6,139 |  |  |  | — |  |  |  | 4,633 |
Total equity securities |  | $ | 11,562 |  |  | $ | 6,655 |  |  | $ | — |  |  | $ | 4,907 |
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, 2023 and December 31, 2022 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, 2023 |  |  | December 31, 2022 |
|  | Carrying Value |  |  | Amortized Cost |  |  | Carrying Value |  |  | Amortized Cost |
Due in one year or less |  | $ | 367 |  |  | $ | 375 |  |  | $ | 3,776 |  |  | $ | 3,797 |
Due after one year through five years |  |  | 57,498 |  |  |  | 61,209 |  |  |  | 40,150 |  |  |  | 42,174 |
Due after five years through ten years |  |  | 33,444 |  |  |  | 38,759 |  |  |  | 44,044 |  |  |  | 49,711 |
Due after ten years |  |  | 77,744 |  |  |  | 97,530 |  |  |  | 87,719 |  |  |  | 103,095 |
Asset backed securities |  |  | 34,015 |  |  |  | 39,340 |  |  |  | 33,040 |  |  |  | 37,989 |
Totals |  | $ | 203,068 |  |  | $ | 237,213 |  |  | $ | 208,729 |  |  | $ | 236,766 |
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 September 30, 2023 and December 31, 2022.
|  | September 30, 2023 |
|  | 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 |  | $ | 10,205 |  |  | $ | 264 |  |  | $ | 36,873 |  |  | $ | 6,331 |  |  | $ | 47,078 |  |  | $ | 6,595 |
Obligations of states and political subdivisions |  |  | 2,121 |  |  |  | 39 |  |  |  | 5,449 |  |  |  | 1,908 |  |  |  | 7,570 |  |  |  | 1,947 |
Corporate securities |  |  | 12,457 |  |  |  | 748 |  |  |  | 129,484 |  |  |  | 25,346 |  |  |  | 141,941 |  |  |  | 26,094 |
Total temporarily impaired securities |  | $ | 24,783 |  |  | $ | 1,051 |  |  | $ | 171,806 |  |  | $ | 33,585 |  |  | $ | 196,589 |  |  | $ | 34,636 |
|  | December 31, 2022 |
|  | 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 |  | $ | 23,763 |  |  | $ | 2,410 |  |  | $ | 19,259 |  |  | $ | 3,516 |  |  | $ | 43,022 |  |  | $ | 5,926 |
Obligations of states and political subdivisions |  |  | 8,183 |  |  |  | 1,702 |  |  |  | — |  |  |  | — |  |  |  | 8,183 |  |  |  | 1,702 |
Corporate securities |  |  | 127,928 |  |  |  | 16,214 |  |  |  | 14,514 |  |  |  | 4,948 |  |  |  | 142,442 |  |  |  | 21,162 |
Total temporarily impaired securities |  | $ | 159,874 |  |  | $ | 20,326 |  |  | $ | 33,773 |  |  | $ | 8,464 |  |  | $ | 193,647 |  |  | $ | 28,790 |
Summary of Realized Investment Gains (Losses) | The following tables summarize realized investment gains for the three month and nine month periods ended September 30, 2023 and 2022.
|  | Three Months Ended September 30, 2023 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Realized investment gains, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Three Months Ended September 30, 2022 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 101 |  |  | $ | — |  |  | $ | — |  |  | $ | 101 |
Losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Realized investment gains, net |  | $ | 101 |  |  | $ | — |  |  | $ | — |  |  | $ | 101 |
|  | Nine Months Ended September 30, 2023 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 70 |  |  | $ | — |  |  | $ | — |  |  | $ | 70 |
Losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Realized investment gains, net |  | $ | 70 |  |  | $ | — |  |  | $ | — |  |  | $ | 70 |
|  | Nine Months Ended September 30, 2022 |
|  | Fixed Maturities |  |  | Equity Securities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | 101 |  |  | $ | — |  |  | $ | — |  |  | $ | 101 |
Losses |  |  | (53 | ) |  |  | — |  |  |  | (19 | ) |  |  | (72 | )
Realized investment gains (losses), net |  | $ | 48 |  |  | $ | — |  |  | $ | (19 | ) |  | $ | 29 |
Unrealized Gains (Losses) on Equity Securities | The following table presents the change in unrealized losses related to equity securities still held for the three month and nine month periods ended September 30, 2023 and 2022.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net realized and unrealized losses recognized during the period on equity securities |  | $ | (1,486 | ) |  | $ | (2,783 | ) |  | $ | (3,367 | ) |  | $ | (5,456 | )
Less: Net realized gains recognized during the period on equity securities sold during the period |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unrealized losses recognized during the reporting period on equity securities, net |  | $ | (1,486 | ) |  | $ | (2,783 | ) |  | $ | (3,367 | ) |  | $ | (5,456 | )

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