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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of 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, 2021 and 2020 is as follows:
 December 31, 2021December 31, 2020
Fair ValueCarrying ValueFair ValueCarrying Value
Assets    
Investments    
Fixed maturities:
Available-for-sale securities $1,719,790 $1,719,790 $1,825,443 $1,825,438 
Equity securities213,401 213,401 206,685 206,685 
Mortgage loans48,815 47,130 48,932 47,614 
Other long-term investments84,090 84,090 69,305 69,305 
Short-term investments275 275 175 175 
Cash and cash equivalents132,104 132,104 87,948 87,948 
Corporate-owned life insurance10,755 10,755 8,557 8,557 
Liabilities
Long term debt46,047 50,000 50,000 50,000 
Summary of 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, 2021 and 2020:
Fair Value Measurements
DescriptionDecember 31, 2021Level 1Level 2Level 3
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury$41,923 $— $41,923 $— 
U.S. government agency61,667 — 61,667 — 
States, municipalities and political subdivisions
General obligations
   Midwest74,346 — 74,346 — 
   Northeast22,762 — 22,762 — 
   South94,044 — 94,044 — 
   West99,078 — 99,078 — 
Special revenue
   Midwest122,289 — 122,289 — 
   Northeast59,732 — 59,732 — 
   South215,670 — 215,670 — 
   West134,649 — 134,649 — 
Foreign bonds30,906 — 30,906 — 
Public utilities107,493 — 107,493 — 
Corporate bonds
Energy32,681 — 32,681 — 
Industrials57,171 — 57,171 — 
Consumer goods and services72,844 — 72,844 — 
Health care27,429 — 27,429 — 
Technology, media and telecommunications57,497 — 57,497 — 
Financial services102,615 — 102,465 150 
Mortgage-backed securities25,013 — 25,013 — 
Collateralized mortgage obligations
Government national mortgage association110,518 — 110,518 — 
Federal home loan mortgage corporation119,989 — 119,989 — 
Federal national mortgage association48,549 — 48,549 — 
Asset-backed securities925 — — 925 
Total Available-For-Sale Fixed Maturities$1,719,790 $— $1,718,715 $1,075 
Equity securities
Public utilities17,940 17,940 — — 
Energy13,593 13,593 — — 
Industrials31,400 31,400 — — 
Consumer goods and services56,233 56,233 — — 
Health care13,845 13,845 — — 
Technology, Media & Telecommunications33,973 33,973 — — 
Financial Services45,822 45,822 — — 
Nonredeemable preferred stocks595 — — 595 
Total Equity Securities$213,401 $212,806 $— $595 
Short-Term Investments$275 $275 $— $— 
Money Market Accounts$43,351 $43,351 $— $— 
Corporate-Owned Life Insurance$10,755 $— $10,755 $— 
Total Assets Measured at Fair Value$1,987,572 $256,432 $1,729,470 $1,670 
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 utilities$16,320 $16,320 $— $— 
Energy9,918 9,918 — — 
Industrials36,556 36,556 — — 
Consumer goods and services32,061 32,061 — — 
Health care24,549 24,549 — — 
Financial Services17,109 17,109 — — 
Technology, media and telecommunications69,577 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 
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, 2021.
Quantitative Information about Level 3 Fair Value Measurements
Fair Value atValuation Technique(s)Unobservable inputsRange of weighted average significant unobservable inputs
December 31, 2021
Corporate bonds - financial services$150 Fair value equals costNANA
Fixed Maturities asset-backed securities925 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 2021:
 Corporate bonds Asset-backed securitiesEquitiesTotal
Balance at January 1, 2021 $250  $926 $595 $1,771 
Unrealized gains (losses) (1)
 —  (1)— (1)
Transfers out (100) — — (100)
Balance at December 31, 2021 $150 $925 $595 $1,670 
(1) Unrealized gains (losses) 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 2020:
 Corporate bonds Asset-backed securitiesEquitiesTotal
Balance at January 1, 2020 $250  $750 $595 $1,595 
Unrealized gains (losses) (1)
 —  176 — 176 
Balance at December 31, 2020 $250  $926 $595 $1,771 
(1) Unrealized gains (losses) are recorded as a component of comprehensive income.
Summary of Carrying Value of Commercial Mortgage Loans by Loan-to-Value Ratio
The following tables present the carrying value of our commercial mortgage loans and additional information at December 31, 2021 and 2020:
Commercial Mortgage Loans
Loan-to-valueDecember 31, 2021December 31, 2020
Less than 65%$29,924 30,361 
65%-75%17,277 17,329 
Total amortized cost$47,201 $47,690 
Valuation allowance(71)(76)
Total mortgage loans$47,130 $47,614 
Mortgage Loans by Region
December 31, 2021December 31, 2020
Carrying ValuePercent of TotalCarrying ValuePercent of Total
East North Central$3,245 6.9 %$3,245 6.8 %
Southern Atlantic9,578 20.3 9,752 20.5 
East South Central8,028 17.0 8,197 17.2 
New England6,588 14.0 6,588 13.8 
Middle Atlantic14,789 31.3 14,936 31.2 
Mountain2,227 4.7 2,227 4.7 
Other2,746 5.8 2,745 5.8 
Total mortgage loans at amortized cost$47,201 100.0 %$47,690 100.0 %
Mortgage Loans by Property Type
December 31, 2021December 31, 2020
Carrying ValuePercent of TotalCarrying ValuePercent of Total
Commercial   
Multifamily$16,986 36.0 %$17,038 35.7 %
Office11,571 24.5 11,861 24.9 
Industrial
10,124 21.5 10,124 21.2 
Retail
2,227 4.7 2,227 4.7 
Mixed use/Other
6,293 13.3 6,440 13.5 
Total mortgage loans at amortized cost$47,201 100.0 %$47,690 100.0 %
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$5,245 $8,580 $18,292 $32,117 
3-4 internal grade— 8,496 6,588 15,084 
5 internal grade— — — — 
6 internal grade— — — — 
7 internal grade— — — — 
Total commercial mortgage loans$5,245 $17,076 $24,880 $47,201 
Current-period write-offs— — — — 
Current-period recoveries— — — — 
Current-period net write-offs$— $— $— $— 
Summary of Rollforward of Allowance for Mortgage Loan Losses As of December 31, 2021, the Company had an allowance for mortgage loan losses of $71, summarized in the following rollforward:
Rollforward of allowance for mortgage loan losses:
As of
December 31, 2021
Beginning balance, January 1, 2021$76 
Recoveries of amounts previously written off, if any(5)
Ending balance of the allowance for mortgage loan losses, December 31, 2021$71