Investments in Securities and Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities

The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturity securities by major classification are as follows:


As of December 31, 2024 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations	$	300	$	2	$	—	$	302
General obligations of U.S. states, territories and political subdivisions	8,129		11		(31)		8,109
Special revenue issuer obligations of U.S. states, territories and political subdivisions	16,523		51		(73)		16,501
Corporate debt securities	87,636		556		(132)		88,060
Total	$	112,588	$	620	$	(236)	$	112,972


As of December 31, 2023 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Governmental obligations	$	2,220	$	2	$	(2)	$	2,220
General obligations of U.S. states, territories and political subdivisions	9,419		64		(24)		9,459
Special revenue issuer obligations of U.S. states, territories and political subdivisions	24,908		145		(66)		24,987
Corporate debt securities	26,559		655		(33)		27,181
Total	$	63,106	$	866	$	(125)	$	63,847

The cost and estimated fair value of equity securities are as follows:


As of December 31, 2024 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	25,980	$	39,893
Total	$	25,980	$	39,893


As of December 31, 2023 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	22,981	$	37,212
Total	$	22,981	$	37,212

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at December 31, 2024 are as follows:


	Available-for-Sale
(in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	43,179	$	43,253
Due after one year through five years	56,178		56,297
Due after five years through ten years	7,944		7,956
Due after ten years	5,287		5,466
Total	$	112,588	$	112,972

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on fixed maturity securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2024 and 2023, respectively:


	Less than 12 Months				12 Months or Longer				Total
As of December 31, 2024 (in thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Government obligations	$	—	$	—	$	—	$	—	$	—	$	—
General obligations of U.S. states, territories and political subdivisions	1,960		(2)		2,780		(29)		4,740		(31)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	5,477		(45)		2,828		(28)		8,305		(73)
Corporate debt securities	22,641		(131)		149		(1)		22,790		(132)
Total	$	30,078	$	(178)	$	5,757	$	(58)	$	35,835	$	(236)


	Less than 12 Months				12 Months or Longer				Total
As of December 31, 2023 (in thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Government obligations	$	1,488	$	(2)	$	—	$	—	$	1,488	$	(2)
General obligations of U.S. states, territories and political subdivisions	5,925		(23)		101		(1)		6,026		(24)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	7,124		(16)		3,085		(50)		10,209		(66)
Corporate debt securities	6,052		(29)		296		(4)		6,348		(33)
Total	$	20,589	$	(70)	$	3,482	$	(55)	$	24,071	$	(125)

Schedule of Earnings on Investments

Earnings on investments for the years ended December 31 are as follows:


(in thousands)	2024		2023
Fixed maturity securities	$	3,832	$	2,317
Equity securities	1,120		1,078
Invested cash and other short-term investments	5,703		5,659
Miscellaneous interest	2		1
Interest and dividends	$	10,657	$	9,055

Schedule of Gross Realized Gain (Loss) on Securities

Gross realized gains and losses on sales of investments and changes in the estimated fair value of equity security investments for the years ended December 31 are summarized as follows:


(in thousands)	2024		2023
Gross realized gains from securities:
Common stocks	$	5,525	$	16,350
Total	$	5,525	$	16,350
Gross realized losses from securities:
Common stocks	$	(363)	$	(400)
Impairments of securities	(74)		(201)
Total	$	(437)	$	(601)
Net realized gains from securities	$	5,088	$	15,749
Net realized other investment (losses) gains:
Impairments of other assets and investments	$	(309)	$	—
Gains on other investments	242		5
Losses on other investments	(20)		(123)
Total	$	(87)	$	(118)
Net realized investment gains	$	5,001	$	15,631
Changes in the estimated fair value of equity security investments	$	(318)	$	(12,183)
Net investment gains	$	4,683	$	3,448

Schedule of Variable Interest Entities

The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or LLCs, as of December 31, 2024:


Type of Investment (in thousands)	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss *
Real estate LLCs or LPs	Other investments	$	10,514	$	11,404	$	14,653
Small business investment LLCs or LPs	Other investments	1,184		1,184		1,403
Total		$	11,698	$	12,588	$	16,056


*						Maximum potential loss is calculated as the total investment in the LLC or LP including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment.

Schedule of Fair Value Assets Measured on Recurring Basis

The following table presents, by level, fixed maturity securities carried at estimated fair value as of December 31, 2024 and 2023:


As of December 31, 2024 (in thousands)	Level 1		Level 2 *		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions	$	302	$	24,610	$	—	$	24,912
Corporate debt securities	—		88,060		—		88,060
Total	$	302	$	112,670	$	—	$	112,972


As of December 31, 2023 (in thousands)	Level 1		Level 2 *		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions	$	2,220	$	34,446	$	—	$	36,666
Corporate debt securities	—		27,181		—		27,181
Total	$	2,220	$	61,627	$	—	$	63,847

*Denotes fair market value obtained from pricing services.

Schedule of Carrying Value and Fair Value of Financial Assets

The following table presents, by level, estimated fair values of equity investments and other financial instruments as of December 31, 2024 and 2023:


As of December 31, 2024 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash	$	24,654	$	—	$	—	$	24,654
Accrued interest and dividends	1,469		—		—		1,469
Equity securities, at fair value:
Common stocks	39,893		—		—		39,893
Short-term investments:
Money market funds and U.S. Treasury bills	59,101		—		—		59,101
Total	$	125,117	$	—	$	—	$	125,117


As of December 31, 2023 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash	$	24,031	$	—	$	—	$	24,031
Accrued interest and dividends	978		—		—		978
Equity securities, at fair value:
Common stocks	37,212		—		—		37,212
Short-term investments:
Money market funds and U.S. Treasury bills	110,224		—		—		110,224
Total	$	172,445	$	—	$	—	$	172,445

Fair Value Measurements, Nonrecurring

The following table presents assets measured at fair value on a non-recurring basis as of December 31, 2024 and 2023:


As of December 31, 2024 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative	$	—	$	—	$	8,166	$	8,166
Notes receivable	—		—		641		641
Total	$	—	$	—	$	8,807	$	8,807


As of December 31, 2023 (in thousands)	Level 1		Level 2		Level 3		Total
Financials assets:
Equity investments in unconsolidated affiliates, measurement alternative	$	—	$	—	$	9,300	$	9,300
Notes receivable	—		—		2,201		2,201
Total	$	—	$	—	$	11,501	$	11,501

INVESTORS TITLE CO 10-K