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Summary of Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021, is provided below:


September 30, 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	$	15,540	$	—	$	1,086	$	14,454	$	—	$	14,454
U.S. government agency	91,174		—		9,809		81,365		—		81,365
States, municipalities and political subdivisions
General obligations:
Midwest	61,255		4		1,357		59,902		—		59,902
Northeast	20,305		2		298		20,009		—		20,009
South	65,638		3		2,199		63,442		—		63,442
West	88,606		22		2,230		86,398		—		86,398
Special revenue:
Midwest	109,211		20		3,086		106,145		—		106,145
Northeast	55,424		—		2,281		53,143		—		53,143
South	194,674		7		7,822		186,859		55		186,804
West	114,862		46		4,551		110,357		24		110,333
Foreign bonds	36,127		—		4,992		31,135		—		31,135
Public utilities	135,835		27		15,560		120,302		—		120,302
Corporate bonds
Energy	38,518		—		3,793		34,725		—		34,725
Industrials	56,249		—		6,536		49,713		—		49,713
Consumer goods and services	100,624		—		12,338		88,286		—		88,286
Health care	31,209		—		6,110		25,099		—		25,099
Technology, media and telecommunications	67,242		—		8,613		58,629		12		58,617
Financial services	132,066		153		10,848		121,371		—		121,371
Mortgage-backed securities	21,063		—		3,010		18,053		—		18,053
Collateralized mortgage obligations
Government national mortgage association	94,791		—		13,027		81,764		—		81,764
Federal home loan mortgage corporation	95,451		—		10,825		84,626		—		84,626
Federal national mortgage association	51,946		42		4,828		47,160		—		47,160
Asset-backed securities	3,942		457		184		4,215		—		4,215

Total Available-for-Sale Fixed Maturities	$	1,681,752	$	783	$	135,383	$	1,547,152	$	91	$	1,547,061


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 September 30, 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
September 30, 2022	Amortized Cost		Fair Value
Due in one year or less	$	45,019	$	44,925
Due after one year through five years	443,505		427,654
Due after five years through 10 years	540,068		488,978
Due after 10 years	385,967		349,777
Asset-backed securities	3,942		4,215
Mortgage-backed securities	21,063		18,053
Collateralized mortgage obligations	242,188		213,550
	$	1,681,752	$	1,547,152

Summary of Net Realized Investment Gains and Losses

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net investment gains (losses):
Fixed maturities:
Available-for-sale	$	(98)	$	294	$	(1,397)	$	(207)
Allowance for credit losses	(91)		170		(91)		5



Equity securities
Change in the fair value	(13,078)		(1,314)		(32,403)		20,513
Sales	(93)		(1,168)		(1,767)		8,183
Mortgage loans allowance for credit losses	—		5		5		5
Other long-term investments	(187)		—		(229)		—




Real estate	(703)		(256)		235		(256)
Total net investment gains (losses)	$	(14,250)	$	(2,269)	$	(35,647)	$	28,243

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Proceeds from sales	$	18,399	$	53,973	$	83,409	$	170,637
Gross realized gains	12		690		459		843
Gross realized losses	110		396		1,857		1,051

Schedule of Unrealized Investment Appreciation

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


	Nine Months Ended September 30,
	2022		2021
Change in net unrealized investment appreciation
Available-for-sale fixed maturities	$	(197,594)	$	(32,779)
Income tax effect	41,495		6,886
Total change in net unrealized investment appreciation, net of tax	$	(156,099)	$	(25,893)

Schedule of Rollforward of Allowance for Credit Losses for Available-for-Sale Fixed Maturity Securities

The following table contains a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities at September 30, 2022.



Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
	As of
	September 30, 2022
Beginning balance, January 1, 2022	$	—
Additions to the allowance for credit losses for which credit losses were not previously recorded	91
Reductions for securities sold during the period (realized)	—
Write-offs charged against the allowance	—
Recoveries of amounts previously written off	—
Ending balance, September 30, 2022	$	91

Summary of Fixed Maturity Securities in an Unrealized Loss Position

The following tables summarize our fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at September 30, 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.



September 30, 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	4	$	6,472	$	216	4	$	7,982	$	869	$	14,454	$	1,085
U.S. government agency	24	69,948		5,812		3	11,417		3,997		81,365		9,809
States, municipalities and political subdivisions
General obligations
Midwest	34	58,949		1,357		—	—		—		58,949		1,357
Northeast	8	16,807		298		—	—		—		16,807		298
South	33	61,969		2,198		—	—		—		61,969		2,198
West	36	82,240		2,230		—	—		—		82,240		2,230
Special revenue
Midwest	47	93,081		3,086		—	—		—		93,081		3,086
Northeast	21	53,143		2,281		—	—		—		53,143		2,281
South	76	177,218		7,200		1	845		426		178,063		7,626
West	54	100,516		4,528		—	—		—		100,516		4,528
Foreign bonds	11	25,778		3,360		3	5,357		1,633		31,135		4,993
Public utilities	47	104,282		11,490		7	15,494		4,070		119,776		15,560
Corporate bonds
Energy	16	32,464		3,048		1	2,260		746		34,724		3,794
Industrials	23	47,467		5,794		1	2,246		743		49,713		6,537
Consumer goods and services	32	80,971		9,318		7	18,406		7,498		99,377		16,816
Health care	7	14,008		1,632		—	—		—		14,008		1,632
Technology, media and telecommunications	24	51,188		5,163		3	5,551		3,345		56,739		8,508
Financial services	45	111,766		9,642		3	4,302		1,205		116,068		10,847
Mortgage-backed securities	44	8,247		1,162		6	9,806		1,847		18,053		3,009
Collateralized mortgage obligations
Federal home loan mortgage corporation	25	41,694		4,755		17	42,935		6,071		84,629		10,826
Federal national mortgage association	15	24,997		1,237		7	17,495		3,590		42,492		4,827
Government national mortgage association	33	56,120		7,726		7	25,644		5,301		81,764		13,027
Asset-backed securities	1	3,426		184		—	—		—		3,426		184

Total Available-for-Sale Fixed Maturities	660	$	1,322,751	$	93,717	70	$	169,740	$	41,341	$	1,492,491	$	135,058



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