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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Carrying Value and Estimated Fair Value of Financial Instruments
A summary of the carrying value and estimated fair value of our financial instruments from at December 31, 2020 and 2019 is as follows:
 December 31, 2020December 31, 2019
Fair ValueCarrying ValueFair ValueCarrying Value
Assets    
Investments    
Fixed maturities:
Available-for-sale securities $1,825,443 $1,825,438 $1,719,607 $1,719,607 
Trading securities— — 15,256 15,256 
Equity securities206,685 206,685 299,203 299,203 
Mortgage loans48,932 47,614 43,992 42,448 
Other long-term investments69,305 69,305 78,410 78,410 
Short-term investments175 175 175 175 
Cash and cash equivalents87,948 87,948 120,722 120,722 
Corporate-owned life insurance8,557 8,557 6,777 6,777 
Liabilities
Long term debt50,000 50,000 — — 
Financial Instruments Measured at Fair Value on Recurring Basis
The following tables present the categorization for our financial instruments measured at fair value on a recurring basis. The tables include financial instruments at December 31, 2020 and 2019:
Fair Value Measurements
DescriptionDecember 31, 2020Level 1Level 2Level 3
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury$149,938 $— $149,938 $— 
U.S. government agency64,518 — 64,518 — 
States, municipalities and political subdivisions
General obligations
   Midwest81,980 — 81,980 — 
   Northeast30,450 — 30,450 — 
   South109,970 — 109,970 — 
   West110,021 — 110,021 — 
Special revenue
   Midwest125,098 — 125,098 — 
   Northeast61,076 — 61,076 — 
   South226,706 — 226,706 — 
   West139,399 — 139,399 — 
Foreign bonds29,602 — 29,602 — 
Public utilities83,502 — 83,502 — 
Corporate bonds
Energy25,336 — 25,336 — 
Industrials43,257 — 43,257 — 
Consumer goods and services50,567 — 50,567 — 
Health care7,576 — 7,576 — 
Technology, media and telecommunications41,636 — 41,636 — 
Financial services101,031 — 100,781 250 
Mortgage-backed securities20,577 — 20,577 — 
Collateralized mortgage obligations
Government national mortgage association86,152 — 86,152 — 
Federal home loan mortgage corporation152,843 — 152,843 — 
Federal national mortgage association83,282 — 83,282 — 
Asset-backed securities926 — 926 
Total Available-For-Sale Fixed Maturities$1,825,443 $— $1,824,267 $1,176 
Equity securities
Public utilities16,320 16,320 — — 
Energy9,918 9,918 — — 
Industrials36,556 36,556 — — 
Consumer goods and services32,061 32,061 — — 
Health care24,549 24,549 — — 
Technology, Media & Telecommunications17,109 17,109 — — 
Financial Services69,577 69,577 — — 
Nonredeemable preferred stocks595 — 595 
Total Equity Securities$206,685 $206,090 $— $595 
Short-Term Investments$175 $175 $— $— 
Money Market Accounts$24,790 $24,790 $— $— 
Corporate-Owned Life Insurance$8,557 $8,557 $— 
Total Assets Measured at Fair Value$2,065,650 $239,612 $1,824,267 $1,771 
Fair Value Measurements
DescriptionDecember 31, 2019Level 1Level 2Level 3
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury$69,491 $— $69,491 $— 
U.S. government agency100,202 — 100,202 — 
States, municipalities and political subdivisions
General obligations
   Midwest88,594 — 88,594 — 
   Northeast31,270 — 31,270 — 
   South115,203 — 115,203 — 
   West110,317 — 110,317 — 
Special revenue
   Midwest139,892 — 139,892 — 
   Northeast61,543 — 61,543 — 
   South234,666 — 234,666 — 
   West144,844 — 144,844 — 
Foreign bonds5,117 — 5,117 — 
Public utilities63,651 — 63,651 — 
Corporate bonds
Energy30,124 — 30,124 — 
Industrials54,015 — 54,015 — 
Consumer goods and services49,466 — 49,466 — 
Health care9,480 — 9,480 — 
Technology, media and telecommunications27,670 — 27,670 — 
Financial services100,253 — 100,003 250 
Mortgage-backed securities6,356 — 6,356 — 
Collateralized mortgage obligations
Government national mortgage association80,356 — 80,356 — 
Federal home loan mortgage corporation124,502 — 124,502 — 
Federal national mortgage association71,845 — 71,845 — 
Asset-backed securities750 — — 750 
Total Available-For-Sale Fixed Maturities$1,719,607 $— $1,718,607 $1,000 
TRADING
Fixed maturities
Bonds
Corporate bonds
Consumer goods and services$2,276 $— $2,276 $— 
Health care4,701 — 4,701 — 
Technology, media and telecommunications1,732 — 1,732 — 
Financial services2,460 — 2,460 — 
Redeemable preferred stocks4,087 4,087 — — 
Total Trading Securities$15,256 $4,087 $11,169 $— 
Equity securities
Public utilities$16,295 $16,295 $— $— 
Energy14,639 14,639 — — 
Industrials57,330 57,330 — — 
Consumer goods and services29,935 29,935 — — 
Health care27,285 27,285 — — 
Financial Services19,265 19,265 — — 
Technology, media and telecommunications127,780 127,780 — — 
Nonredeemable preferred stocks6,674 6,079 — 595 
Total Equity Securities$299,203 $298,608 $— $595 
Short-Term Investments$175 $175 $— $— 
Money Market Accounts$9,334 $9,334 $— $— 
Corporate-Owned Life Insurance$6,777 $— $6,777 $— 
Total Assets Measured at Fair Value$2,050,352 $312,204 $1,736,553 $1,595 
Summary of Quantitative Information About Level 3 Fair Value Measurements The following table provides a quantitative information about our Level 3 securities at December 31, 2020.
Quantitative Information about Level 3 Fair Value Measurements
Fair Value atValuation Technique(s)Unobservable inputsRange of weighted average significant unobservable inputs
December 31, 2020
Corporate bonds - financial services$250 Fair value equals costNANA
Fixed Maturities asset-backed securities926 Discounted cash flowProbability of default
4% - 6%
Nonredeemable preferred stocks595 Discounted cash flowMultiplier
3x - 4x
Summary of Changes in Fair Value of Level 3 Securities
The following table provides a summary of the changes in fair value of our Level 3 securities for 2020:
 Corporate bonds Asset-backed securitiesEquitiesTotal
Balance at January 1, 2020 $250  $750 $595 $1,595 
Unrealized gains (1)
 —  176 — 176 
Balance at December 31, 2020 $250 $926 $595 $1,771 
(1) Unrealized gains are recorded as a component of comprehensive income.

The following table provides a summary of the changes in fair value of our Level 3 securities for 2019:
 Corporate bonds Asset-backed securitiesEquitiesTotal
Balance at January 1, 2019 $250  $666 $595 $1,511 
Unrealized gains (losses) (1)
 —  84 — 84 
Purchases 100  — — 100 
Disposals (100) — — (100)
Balance at December 31, 2019 $250  $750 $595 $1,595 
(1) Unrealized gains (losses) are recorded as a component of comprehensive income.
Schedule of Commercial Mortgage Loans
The following tables present the carrying value of our commercial mortgage loans and additional information at December 31, 2020 and 2019:
Commercial Mortgage Loans
Loan-to-valueDecember 31, 2020December 31, 2019
Less than 65%$30,361 34,024 
65%-75%17,329 8,496 
Total amortized cost$47,690 $42,520 
Valuation allowance(76)(72)
Total mortgage loans$47,614 $42,448 
Mortgage Loans by Region
December 31, 2020December 31, 2019
Carrying ValuePercent of TotalCarrying ValuePercent of Total
East North Central$3,245 6.8 %$3,245 7.6 %
Southern Atlantic9,752 20.5 7,026 16.5 
East South Central8,197 17.2 8,358 19.7 
New England6,588 13.8 6,588 15.5 
Middle Atlantic14,936 31.2 15,076 35.5 
Mountain2,227 4.7 2,227 5.2 
Other2,745 5.8 — — 
Total mortgage loans at amortized cost$47,690 100.0 %$42,520 100.0 %
Mortgage Loans by Property Type
December 31, 2020December 31, 2019
Carrying ValuePercent of TotalCarrying ValuePercent of Total
Commercial   
Multifamily$17,038 35.7 %$11,741 27.6 %
Office11,861 24.9 11,848 27.9 
Industrial
10,124 21.2 10,124 23.8 
Retail
2,227 4.7 2,227 5.2 
Mixed use/Other
6,440 13.5 6,580 15.5 
Total mortgage loans at amortized cost$47,690 100.0 %$42,520 100.0 %
Summary of Amortized Cost Basis by Year of Origination and Credit Quality Indicator
Amortized Cost Basis by Year of Origination and Credit Quality Indicator
202020192018Total
Commercial mortgage loans:
Risk Rating:
1-2 internal grade$5,537 $8,393 $18,676 $32,606 
3-4 internal grade— 8,496 6,588 15,084 
5 internal grade— — — — 
6 internal grade— — — — 
7 internal grade— — — — 
Total commercial mortgage loans$5,537 $16,889 $25,264 $47,690 
Current-period write-offs— — — — 
Current-period recoveries— — — — 
Current-period net write-offs$— $— $— $— 
Summary of Rollforward of Allowance for Mortgage Loan Losses As of December 31, 2020, the Company had an allowance for mortgage loan losses of $76, summarized in the following rollforward:
Rollforward of allowance for mortgage loan losses:
As of
December 31, 2020
Beginning balance, January 1, 2020$72 
Current-period provision for expected credit losses4 
Write-off charged against the allowance, if any— 
Recoveries of amounts previously written off, if any— 
Ending balance of the allowance for mortgage loan losses, December 31, 2020$76