Summary of Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

A reconciliation of the amortized cost to fair value of investments in available-for-sale fixed maturity, presented on a consolidated basis, as of March 31, 2022 and December 31, 2021, is provided below:


March 31, 2022
Type of Investment	Cost or Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value		Allowance for Credit Losses		Carrying Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	$	42,292	$	6	$	1,900	$	40,398	$	—	$	40,398
U.S. government agency	73,017		632		2,691		70,958		—		70,958
States, municipalities and political subdivisions
General obligations:
Midwest	70,491		745		42		71,194		—		71,194
Northeast	22,020		179		15		22,184		—		22,184
South	68,387		638		11		69,014		—		69,014
West	93,789		1,262		14		95,037		—		95,037
Special revenue:
Midwest	112,262		2,305		26		114,541		—		114,541
Northeast	55,684		769		142		56,311		—		56,311
South	198,958		3,820		365		202,413		—		202,413
West	124,791		1,879		53		126,617		—		126,617
Foreign bonds	35,264		226		1,584		33,906		—		33,906
Public utilities	117,845		800		3,979		114,666		—		114,666
Corporate bonds
Energy	39,143		506		952		38,697		—		38,697
Industrials	53,976		619		2,219		52,376		—		52,376
Consumer goods and services	77,509		490		3,933		74,066		—		74,066
Health care	28,314		158		2,496		25,976		—		25,976
Technology, media and telecommunications	62,204		847		2,881		60,170		—		60,170
Financial services	119,478		1,160		2,035		118,603		—		118,603
Mortgage-backed securities	23,293		35		1,310		22,018		—		22,018
Collateralized mortgage obligations
Government national mortgage association	102,710		148		4,856		98,002		—		98,002
Federal home loan mortgage corporation	104,844		53		4,926		99,971		—		99,971
Federal national mortgage association	45,160		217		1,916		43,461		—		43,461
Asset-backed securities	327		562		—		889		—		889

Total Available-for-Sale Fixed Maturities	$	1,671,758	$	18,056	$	38,346	$	1,651,468	$	—	$	1,651,468


December 31, 2021
Type of Investment	Cost or Amortized Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value		Allowance for Credit Losses		Carrying Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	$	42,425	$	216	$	718	$	41,923	$	—	$	41,923
U.S. government agency	60,074		2,155		562		61,667		—		61,667
States, municipalities and political subdivisions
General obligations:
Midwest	71,863		2,483		—		74,346		—		74,346
Northeast	22,061		701		—		22,762		—		22,762
South	90,171		3,873		—		94,044		—		94,044
West	93,968		5,110		—		99,078		—		99,078
Special revenue:
Midwest	114,997		7,292		—		122,289		—		122,289
Northeast	55,811		3,921		—		59,732		—		59,732
South	201,383		14,365		78		215,670		—		215,670
West	126,521		8,128		—		134,649		—		134,649
Foreign bonds	30,314		789		197		30,906		—		30,906
Public utilities	104,008		3,966		481		107,493		—		107,493
Corporate bonds
Energy	31,011		1,751		81		32,681		—		32,681
Industrials	55,014		2,319		162		57,171		—		57,171
Consumer goods and services	71,543		1,912		611		72,844		—		72,844
Health care	27,351		539		461		27,429		—		27,429
Technology, media and telecommunications	55,405		2,958		866		57,497		—		57,497
Financial services	98,352		4,394		131		102,615		—		102,615
Mortgage-backed securities	25,075		167		229		25,013		—		25,013
Collateralized mortgage obligations
Government national mortgage association	109,968		2,322		1,772		110,518		—		110,518
Federal home loan mortgage corporation	120,911		736		1,658		119,989		—		119,989
Federal national mortgage association	48,246		945		642		48,549		—		48,549
Asset-backed securities	325		600		—		925		—		925

Total Available-for-Sale Fixed Maturities	$	1,656,797	$	71,642	$	8,649	$	1,719,790	$	—	$	1,719,790

Schedule of Maturities

The amortized cost and fair value of available-for-sale fixed maturity securities at March 31, 2022, by contractual maturity, are shown in the following tables. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity.


Maturities
	Available-For-Sale
March 31, 2022	Amortized Cost		Fair Value
Due in one year or less	$	68,441	$	68,665
Due after one year through five years	481,816		483,944
Due after five years through 10 years	436,135		429,261
Due after 10 years	409,032		405,257
Asset-backed securities	327		889
Mortgage-backed securities	23,293		22,018
Collateralized mortgage obligations	252,714		241,434
	$	1,671,758	$	1,651,468

Summary of Net Realized Investment Gains and Losses

A summary of the components of net investment gains (losses) is as follows:


	Three Months Ended March 31,
		2022		2021
Net investment gains (losses):
Fixed maturities:
Available-for-sale		$	333	$	(637)
Allowance for credit losses		—		(170)



Equity securities
Change in the fair value		(989)		20,582
Sales		206		4,733
Mortgage loans allowance for credit losses		5		—
Other long-term investments		(20)		—





Total net investment gains (losses)		$	(465)	$	24,508

Schedule of Proceeds and Gross Realized Gains and Losses

The proceeds and gross realized gains on the sale of available-for-sale fixed maturity securities are as follows:


	Three Months Ended March 31,
		2022		2021
Proceeds from sales		$	—	$	31,091
Gross realized gains		333		1
Gross realized losses		—		638

Schedule of Unrealized Investment Appreciation

A summary of the changes in net unrealized investment appreciation during the reporting period is as follows:


	Three Months Ended March 31,
	2022		2021
Change in net unrealized investment appreciation
Available-for-sale fixed maturities	$	(83,283)	$	(29,691)
Income tax effect	17,490		6,235
Total change in net unrealized investment appreciation, net of tax	$	(65,793)	$	(23,456)

Schedule of Investments in Unrealized Loss Position

The following tables summarize our fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at March 31, 2022 and December 31, 2021. The securities are presented by the length of time they have been continuously in an unrealized loss position. Non-credit related unrealized losses are recognized as a component of other comprehensive income and represent other market movements that are not credit related, for example interest rate changes. We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature.



March 31, 2022	Less than 12 months					12 months or longer					Total
Type of Investment	Number of Issues	Fair Value		Gross Unrealized Depreciation		Number of Issues	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	6	$	17,996	$	361	4	$	20,391	$	1,539	$	38,387	$	1,900
U.S. government agency	8	24,482		1,008		2	10,846		1,683		35,328		2,691
States, municipalities and political subdivisions
General obligations
Midwest	1	7,887		42		—	—		—		7,887		42
Northeast	1	3,535		15		—	—		—		3,535		15
South	4	11,122		11		—	—		—		11,122		11
West	1	7,442		14		—	—		—		7,442		14
Special revenue
Midwest	2	3,747		26		—	—		—		3,747		26
Northeast	4	12,402		142		—	—		—		12,402		142
Special revenue - south	10	20,700		157		1	1,064		208		21,764		365
West	8	18,510		53		—	—		—		18,510		53
Foreign bonds	6	15,455		1,377		1	1,795		207		17,250		1,584
Public utilities	26	62,401		3,769		1	1,789		210		64,190		3,979
Corporate bonds
Energy	3	10,626		952		—	—		—		10,626		952
Industrials	13	25,751		2,219		—	—		—		25,751		2,219
Consumer goods and services	16	30,638		2,485		3	8,907		1,448		39,545		3,933
Health care	3	19,473		2,496		—	—		—		19,473		2,496
Technology, media and telecommunications	8	18,827		1,029		3	7,056		1,852		25,883		2,881
Financial services	13	40,050		2,035		—	—		—		40,050		2,035
Mortgage-backed securities	25	16,224		972		1	4,397		338		20,621		1,310
Collateralized mortgage obligations
Federal home loan mortgage corporation	29	65,849		3,198		9	31,319		1,728		97,168		4,926
Federal national mortgage association	13	33,603		1,643		3	4,397		273		38,000		1,916
Government national mortgage association	31	82,073		4,476		3	5,332		380		87,405		4,856


Total Available-for-Sale Fixed Maturities	231	$	548,793	$	28,480	31	$	97,293	$	9,866	$	646,086	$	38,346



December 31, 2021	Less than 12 months					12 months or longer					Total
Type of Investment	Number of Issues	Fair Value		Gross Unrealized Depreciation		Number of Issues	Fair Value		Gross Unrealized Depreciation		Fair Value		Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	6	$	32,166	$	630	1	$	2,837	$	88	$	35,003	$	718
U.S. government agency	3	15,023		562		—	—		—		15,023		562
States, municipalities and political subdivisions








South	1	1,195		78		—	—		—		1,195		78

Foreign bonds	4	10,731		147		1	1,952		50		12,683		197
Public utilities	9	24,238		481		—	—		—		24,238		481
Corporate bonds
Energy	1	5,881		81		—	—		—		5,881		81
Industrials	4	8,902		162		—	—		—		8,902		162
Consumer goods and services	10	26,367		611		—	—		—		26,367		611
Health care	3	20,550		461		—	—		—		20,550		461
Technology, media and telecommunications	4	11,204		739		1	1,906		127		13,110		866
Financial services	5	13,320		131		—	—		—		13,320		131
Mortgage-backed securities	12	13,740		229		—	—		—		13,740		229
Collateralized mortgage obligations
Federal home loan mortgage corporation	11	48,256		1,752		1	1,032		20		49,288		1,772
Federal national mortgage association	18	50,701		698		7	30,847		960		81,548		1,658
Government national mortgage association	6	21,806		521		4	5,297		121		27,103		642


Total Available-for-Sale Fixed Maturities	97	$	304,080	$	7,283	15	$	43,871	$	1,366	$	347,951	$	8,649