Investments (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Investments |
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| Schedule of available-for-sale investments |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | September 30, 2022 | | Cost or Cost | | Gains | | Losses | | Value | | | | (in thousands) | Fixed maturities: | | | | | | | | | | | | | U.S. Governments | | $ | 52,021 | | $ | — | | $ | (2,423) | | $ | 49,598 | States, territories, and possessions | | | 7,671 | | | — | | | (958) | | | 6,713 | Political subdivisions | | | 4,922 | | | — | | | (677) | | | 4,245 | Special revenue excluding mortgage/asset-backed securities | | | 42,409 | | | — | | | (6,334) | | | 36,075 | Corporate and other | | | 269,308 | | | 5 | | | (28,893) | | | 240,420 | Mortgage/asset-backed securities | | | 154,661 | | | 4 | | | (14,922) | | | 139,743 | Total available-for-sale investments | | $ | 530,992 | | $ | 9 | | $ | (54,207) | | $ | 476,794 |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | December 31, 2021 | | Cost or Cost | | Gains | | Losses | | Value | | | | (in thousands) | Fixed maturities: | | | | | | | | | | | | | U.S. Governments | | $ | 16,713 | | $ | 347 | | $ | (190) | | $ | 16,870 | States, territories, and possessions | | | 3,789 | | | 288 | | | (63) | | | 4,014 | Political subdivisions | | | 6,295 | | | 107 | | | (22) | | | 6,380 | Special revenue excluding mortgage/asset-backed securities | | | 43,301 | | | 1,273 | | | (76) | | | 44,498 | Corporate and other | | | 245,064 | | | 5,873 | | | (1,891) | | | 249,046 | Mortgage/asset-backed securities | | | 110,960 | | | 1,377 | | | (463) | | | 111,874 | Total available-for-sale investments | | $ | 426,122 | | $ | 9,265 | | $ | (2,705) | | $ | 432,682 |
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| Schedule of aggregate fair value and gross unrealized losses |
| | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | More Than 12 Months | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | September 30, 2022 | | Value | | Losses | | Value | | Losses | | Value | | Losses | | | | (in thousands) | Fixed maturity securities: | | | | | | | | | | | | | | | | | | | U.S. Governments | | $ | 43,268 | | $ | (1,673) | | $ | 6,330 | | $ | (750) | | $ | 49,598 | | $ | (2,423) | States, territories, and possessions | | | 5,243 | | | (618) | | | 1,470 | | | (340) | | | 6,713 | | | (958) | Political subdivisions | | | 4,245 | | | (677) | | | — | | | — | | | 4,245 | | | (677) | Special revenue excluding mortgage/asset-backed securities | | | 31,254 | | | (4,841) | | | 4,821 | | | (1,493) | | | 36,075 | | | (6,334) | Corporate and other | | | 200,092 | | | (21,298) | | | 39,574 | | | (7,595) | | | 239,666 | | | (28,893) | Mortgage/asset-backed securities | | | 131,692 | | | (13,840) | | | 7,813 | | | (1,082) | | | 139,505 | | | (14,922) | Total | | $ | 415,794 | | $ | (42,947) | | $ | 60,008 | | $ | (11,260) | | $ | 475,802 | | $ | (54,207) |
| | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | More Than 12 Months | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | December 31, 2021 | | Value | | Losses | | Value | | Losses | | Value | | Losses | | | | (in thousands) | Fixed maturity securities: | | | | | | | | | | | | | | | | | | | U.S. Governments | | $ | 5,968 | | $ | (147) | | $ | 1,457 | | $ | (43) | | $ | 7,425 | | $ | (190) | States, territories, and possessions | | | 1,444 | | | (63) | | | — | | | — | | | 1,444 | | | (63) | Political subdivisions | | | 1,815 | | | (22) | | | — | | | — | | | 1,815 | | | (22) | Special revenue excluding mortgage/asset-backed securities | | | 6,280 | | | (76) | | | — | | | — | | | 6,280 | | | (76) | Corporate and other | | | 94,020 | | | (1,468) | | | 5,570 | | | (423) | | | 99,590 | | | (1,891) | Mortgage/asset-backed securities | | | 51,246 | | | (412) | | | 2,319 | | | (51) | | | 53,565 | | | (463) | Total | | $ | 160,773 | | $ | (2,188) | | $ | 9,346 | | $ | (517) | | $ | 170,119 | | $ | (2,705) |
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| Schedule of contractual maturities of available-for-sale securities |
| | | | | | | | | Amortized | | Fair | | | Cost | | Value | | | | (in thousands) | Due within one year | | $ | 37,321 | | $ | 36,730 | Due after one year through five years | | | 177,989 | | | 165,172 | Due after five years through ten years | | | 128,378 | | | 109,641 | Due after ten years | | | 32,643 | | | 25,508 | Mortgage and asset-backed securities | | | 154,661 | | | 139,743 | | | $ | 530,992 | | $ | 476,794 |
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| Schedule of net investment income |
| | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | | | 2022 | | 2021 | | 2022 | | 2021 | | | | (in thousands) | | (in thousands) | Interest income | | $ | 3,688 | | $ | 2,254 | | $ | 9,328 | | $ | 6,755 | Dividend income | | | 178 | | | 104 | | | 518 | | | 261 | Investment expense | | | (122) | | | (122) | | | (384) | | | (367) | Net investment income | | $ | 3,744 | | $ | 2,236 | | $ | 9,462 | | $ | 6,649 |
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| Schedule of net realized and unrealized investment gains and losses |
| | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | | | 2022 | | 2021 | | 2022 | | 2021 | | | | | (in thousands) | | | (in thousands) | Realized gains: | | | | | | | | | | | | | Gains on sales of fixed maturity securities | | $ | 2 | | $ | 117 | | $ | 10 | | $ | 335 | Gains on sales of equity securities | | | — | | | 188 | | | — | | | 1,416 | Total realized gains | | | 2 | | | 305 | | | 10 | | | 1,751 | Realized losses: | | | | | | | | | | | | | Losses on sales of fixed maturity securities | | | (195) | | | — | | | (309) | | | (1) | Losses on sales of equity securities | | | — | | | — | | | — | | | — | Total realized losses | | | (195) | | | — | | | (309) | | | (1) | Net realized investment gains (losses) | | | (193) | | | 305 | | | (299) | | | 1,750 | Net unrealized losses on equity securities | | | (2,163) | | | (618) | | | (8,070) | | | (2,502) | Net realized and unrealized losses on investments | | $ | (2,356) | | $ | (313) | | $ | (8,369) | | $ | (752) |
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