Summary of Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Investments

A reconciliation of the amortized cost to fair value of investments in our available-for-sale fixed maturity portfolio, presented on a consolidated basis, as of June 30, 2023 and December 31, 2022, is provided below:

June 30, 2023
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	$	22,609	$	—	$	1,045	$	21,564	$	—	$	21,564
U.S. government agency	90,766		—		9,521		81,245		—		81,245
States, municipalities and political subdivisions
General obligations:
Midwest	58,779		115		411		58,483		—		58,483
Northeast	11,458		—		60		11,398		—		11,398
South	55,446		24		709		54,761		—		54,761
West	83,761		68		795		83,034		—		83,034
Special revenue:
Midwest	102,770		172		809		102,133		—		102,133
Northeast	52,962		73		1,082		51,953		—		51,953
South	168,751		68		3,253		165,566		—		165,566
West	105,781		81		1,549		104,313		—		104,313
Foreign bonds	41,128		—		4,355		36,773		—		36,773
Public utilities	141,667		55		13,418		128,304		—		128,304
Corporate bonds
Energy	44,448		—		3,105		41,343		—		41,343
Industrials	63,748		135		5,270		58,613		—		58,613
Consumer goods and services	100,369		—		9,847		90,522		—		90,522
Health care	37,932		26		5,145		32,813		—		32,813
Technology, media and telecommunications	72,097		—		6,732		65,365		—		65,365
Financial services	137,047		112		10,766		126,393		1		126,392
Mortgage-backed securities	25,339		—		2,666		22,673		—		22,673
Collateralized mortgage obligations
Government national mortgage association	114,875		15		14,369		100,521		—		100,521
Federal home loan mortgage corporation	91,108		—		13,948		77,160		—		77,160
Federal national mortgage association	54,521		18		5,213		49,326		—		49,326
Asset-backed securities	3,755		498		126		4,127		—		4,127
Total Available-for-Sale Fixed Maturities	$	1,681,117	$	1,460	$	114,194	$	1,568,383	$	1	$	1,568,382

December 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	$	15,684	$	—	$	1,009	$	14,675	$	—	$	14,675
U.S. government agency	94,092		35		9,721		84,406		—		84,406
States, municipalities and political subdivisions
General obligations:
Midwest	61,191		185		263		61,113		—		61,113
Northeast	15,518		18		73		15,463		—		15,463
South	64,851		57		927		63,981		—		63,981
West	87,094		163		712		86,545		—		86,545
Special revenue:
Midwest	103,107		224		1,065		102,266		—		102,266
Northeast	55,292		76		1,148		54,220		—		54,220
South	184,108		278		3,529		180,857		—		180,857
West	113,594		275		1,657		112,212		—		112,212
Foreign bonds	36,129		—		4,480		31,649		—		31,649
Public utilities	138,752		65		13,406		125,411		—		125,411
Corporate bonds
Energy	36,507		—		3,298		33,209		—		33,209
Industrials	58,334		62		5,554		52,842		—		52,842
Consumer goods and services	100,539		—		10,598		89,941		—		89,941
Health care	32,987		24		5,419		27,592		—		27,592
Technology, media and telecommunications	67,193		—		7,253		59,940		—		59,940
Financial services	132,849		851		9,408		124,292		3		124,289
Mortgage-backed securities	20,450		—		2,750		17,700		—		17,700
Collateralized mortgage obligations
Government national mortgage association	97,839		—		13,291		84,548		—		84,548
Federal home loan mortgage corporation	92,366		—		13,528		78,838		—		78,838
Federal national mortgage association	50,272		5		4,891		45,386		—		45,386
Asset-backed securities	3,932		466		145		4,253		—		4,253
Total Available-for-Sale Fixed Maturities	$	1,662,680	$	2,784	$	114,125	$	1,551,339	$	3	$	1,551,336

Schedule of Maturities

The amortized cost and fair value of available-for-sale fixed maturity securities at June 30, 2023, 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
June 30, 2023	Amortized Cost		Fair Value
Due in one year or less	$	49,564	$	49,282
Due after one year through five years	495,560		477,938
Due after five years through 10 years	515,165		478,898
Due after 10 years	331,230		308,458
Asset-backed securities	3,755		4,127
Mortgage-backed securities	25,339		22,673
Collateralized mortgage obligations	260,504		227,007
	$	1,681,117	$	1,568,383

Summary of Net Realized Investment Gains and Losses

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net investment gains (losses):
Fixed maturities:
Available-for-sale	$	(248)	$	(1,632)	$	(426)	$	(1,299)
Allowance for credit losses	177		—		1		—
Equity securities
Change in the fair value	(459)		(18,335)		(2,164)		(19,324)
Sales	1,735		(1,881)		2,235		(1,675)
Mortgage loans allowance for credit losses	(6)		—		(6)		5
Other long-term investments	(122)		(22)		(308)		(42)
Real estate	47		938		47		938
Total net investment gains (losses)	$	1,124	$	(20,932)	$	(621)	$	(21,397)

Schedule of Proceeds and Gross Realized Gains and Losses

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Proceeds from sales	$	33,941	$	65,010	$	43,809	$	65,010
Gross realized gains	110		114		121		447
Gross realized losses	358		1,747		547		1,747

Schedule of Unrealized Investment Appreciation and Depreciation

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

	Six Months Ended June 30,
	2023		2022
Change in net unrealized investment appreciation (depreciation)
Available-for-sale fixed maturities	$	(919)	$	(133,257)
Income tax effect	193		27,983
Total change in net unrealized investment appreciation (depreciation), net of tax	$	(726)	$	(105,274)

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 June 30, 2023.

Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
	As of
	June 30, 2023
Beginning balance, January 1, 2023	$	3
Recoveries of amounts previously written off	(2)
Ending balance, June 30, 2023	$	1

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 June 30, 2023 and December 31, 2022. 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.

June 30, 2023	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	3	$	9,082	$	103	6	$	12,482	$	942	$	21,564	$	1,045
U.S. government agency	8	23,264		768		18	57,981		8,753		81,245		9,521
States, municipalities and political subdivisions
General obligations
Midwest	26	38,149		321		1	7,728		90		45,877		411
Northeast	5	11,398		60		—	—		—		11,398		60
South	22	37,942		403		5	11,722		306		49,664		709
West	27	61,813		583		3	11,055		212		72,868		795
Special revenue
Midwest	29	54,006		444		8	16,747		365		70,753		809
Northeast	9	22,914		385		6	17,412		697		40,326		1,082
South	42	90,055		1,075		24	52,927		2,178		142,982		3,253
West	34	50,810		574		13	36,389		975		87,199		1,549
Foreign bonds	6	17,051		1,207		9	19,722		3,148		36,773		4,355
Public utilities	16	42,949		2,637		37	78,805		10,781		121,754		13,418
Corporate bonds
Energy	11	22,087		602		8	19,256		2,503		41,343		3,105
Industrials	11	27,922		919		13	23,584		4,351		51,506		5,270
Consumer goods and services	16	44,704		1,440		19	45,817		8,407		90,521		9,847
Health care	6	13,920		411		7	17,048		4,734		30,968		5,145
Technology, media and telecommunications	12	27,692		813		18	37,672		5,919		65,364		6,732
Financial services	22	53,576		3,054		28	69,708		7,712		123,284		10,766
Mortgage-backed securities	14	6,658		120		38	16,015		2,546		22,673		2,666
Collateralized mortgage obligations
Government National Mortgage Association	13	28,290		1,046		33	67,170		13,323		95,460		14,369
Federal Home Loan Mortgage Corporation	5	13,312		2,534		33	63,848		11,414		77,160		13,948
Federal National Mortgage Association	7	16,599		509		16	28,324		4,704		44,923		5,213
Asset-backed securities	—	—		—		1	3,289		126		3,289		126
Total Available-for-Sale Fixed Maturities	344	$	714,193	$	20,008	344	$	714,701	$	94,186	$	1,428,894	$	114,194

December 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	4	$	6,656	$	212	4	$	8,019	$	797	$	14,675	$	1,009
U.S. government agency	24	70,158		5,606		3	11,242		4,115		81,400		9,721
States, municipalities and political subdivisions
General obligations
Midwest	16	29,089		263		—	—		—		29,089		263
Northeast	4	8,576		73		—	—		—		8,576		73
South	24	48,235		927		—	—		—		48,235		927
West	27	62,652		711		—	—		—		62,652		711
Special revenue
Midwest	35	67,101		1,065		—	—		—		67,101		1,065
Northeast	14	37,484		1,148		—	—		—		37,484		1,148
South	58	126,388		3,124		1	866		405		127,254		3,529
West	39	83,622		1,658		—	—		—		83,622		1,658
Foreign bonds	9	21,377		1,861		5	10,272		2,619		31,649		4,480
Public utilities	45	101,867		8,737		9	19,979		4,669		121,846		13,406
Corporate bonds
Energy	15	28,612		1,930		1	4,597		1,368		33,209		3,298
Industrials	21	43,639		3,542		4	7,049		2,012		50,688		5,554
Consumer goods and services	28	69,320		4,440		7	20,620		6,157		89,940		10,597
Health care	5	9,829		487		6	15,928		4,933		25,757		5,420
Technology, media and telecommunications	23	49,970		3,279		5	9,970		3,974		59,940		7,253
Financial services	40	101,411		6,997		5	11,236		2,208		112,647		9,205
Mortgage-backed securities	38	7,909		1,056		12	9,791		1,693		17,700		2,749
Collateralized mortgage obligations
Government National Mortgage Association	29	48,898		4,500		12	35,650		8,791		84,548		13,291
Federal Home Loan Mortgage Corporation	21	35,456		5,629		19	43,383		7,900		78,839		13,529
Federal National Mortgage Association	14	24,146		1,281		7	16,674		3,611		40,820		4,892
Asset-backed securities	1	3,452		145		—	—		—		3,452		145
Total Available-for-Sale Fixed Maturities	534	$	1,085,847	$	58,671	100	$	225,276	$	55,252	$	1,311,123	$	113,923