Summary of Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022, is provided below:

September 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	$	68,133	$	—	$	1,260	$	66,873	$	—	$	66,873
U.S. government agency	104,695		16		12,813		91,898		—		91,898
States, municipalities and political subdivisions
General obligations:
Midwest	58,724		—		1,843		56,881		—		56,881
Northeast	11,440		—		441		10,999		—		10,999
South	55,335		—		2,201		53,134		—		53,134
West	78,044		—		2,718		75,326		—		75,326
Special revenue:
Midwest	101,204		1		4,327		96,878		—		96,878
Northeast	52,836		—		2,284		50,552		—		50,552
South	168,395		—		8,895		159,500		—		159,500
West	105,521		—		5,005		100,516		—		100,516
Foreign bonds	21,251		—		2,915		18,336		—		18,336
Public utilities	143,162		14		15,759		127,417		—		127,417
Corporate bonds
Energy	45,368		—		3,768		41,600		—		41,600
Industrials	73,635		38		7,705		65,968		—		65,968
Consumer goods and services	100,300		—		11,794		88,506		—		88,506
Health care	37,903		—		6,366		31,537		—		31,537
Technology, media and telecommunications	90,285		—		10,037		80,248		—		80,248
Financial services	145,477		—		12,315		133,162		126		133,036
Mortgage-backed securities	24,470		—		3,463		21,007		—		21,007
Collateralized mortgage obligations
Government national mortgage association	163,893		—		17,223		146,670		—		146,670
Federal home loan mortgage corporation	88,565		—		16,716		71,849		—		71,849
Federal national mortgage association	52,114		—		6,227		45,887		—		45,887
Asset-backed securities	3,575		456		137		3,894		—		3,894
Total Available-for-Sale Fixed Maturities	$	1,794,325	$	525	$	156,212	$	1,638,638	$	126	$	1,638,512

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 September 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
September 30, 2023	Amortized Cost		Fair Value
Due in one year or less	$	84,646	$	84,052
Due after one year through five years	518,815		496,253
Due after five years through 10 years	530,822		476,969
Due after 10 years	327,424		292,056
Asset-backed securities	3,575		3,894
Mortgage-backed securities	24,470		21,007
Collateralized mortgage obligations	304,573		264,407
	$	1,794,325	$	1,638,638

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,
	2023		2022		2023		2022
Net investment gains (losses):
Fixed maturities:
Available-for-sale	$	(19)	$	(98)	$	(445)	$	(1,397)
Allowance for credit losses	(125)		(91)		(123)		(91)
Equity securities
Change in the fair value	204		(13,078)		(1,960)		(32,403)
Sales	(2,085)		(93)		150		(1,767)
Mortgage loans allowance for credit losses	1		—		(5)		5
Other long-term investments	64		(187)		(245)		(229)
Real estate	—		(703)		47		235
Total net investment gains (losses)	$	(1,960)	$	(14,250)	$	(2,581)	$	(35,647)

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Proceeds from sales	$	4,940	$	18,399	$	48,749	$	83,409
Gross realized gains	—		12		121		459
Gross realized losses	19		110		566		1,857

Schedule of Unrealized Investment Appreciation and Depreciation

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

	Nine Months Ended September 30,
	2023		2022
Change in net unrealized investment appreciation (depreciation)
Available-for-sale fixed maturities	$	(44,087)	$	(197,594)
Income tax effect	9,258		41,495
Total change in net unrealized investment appreciation (depreciation), net of tax	$	(34,829)	$	(156,099)

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, 2023.

Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
	As of
	September 30, 2023
Beginning balance, January 1, 2023	$	3
Additions to the allowance for credit losses for which credit losses were not previously recorded	123
Reductions for securities sold during the period (realized)	—
Write-offs charged against the allowance	—
Recoveries of amounts previously written off	—
Ending balance, September 30, 2023	$	126

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, 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.

September 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	5	$	54,358	$	390	6	$	12,515	$	870	$	66,873	$	1,260
U.S. government agency	3	10,643		336		25	75,239		12,477		85,882		12,813
States, municipalities and political subdivisions
General obligations
Midwest	30	45,359		1,360		3	10,357		483		55,716		1,843
Northeast	4	7,716		214		1	3,283		227		10,999		441
South	23	37,383		989		9	15,751		1,212		53,134		2,201
West	26	54,944		1,498		8	20,382		1,220		75,326		2,718
Special revenue
Midwest	38	71,273		2,694		11	22,054		1,633		93,327		4,327
Northeast	11	27,061		956		8	23,491		1,328		50,552		2,284
South	42	95,076		3,480		33	64,424		5,415		159,500		8,895
West	39	59,134		2,017		19	41,380		2,988		100,514		5,005
Foreign bonds	—	—		—		9	18,336		2,915		18,336		2,915
Public utilities	7	17,689		621		49	109,217		15,138		126,906		15,759
Corporate bonds
Energy	4	8,604		294		15	32,996		3,474		41,600		3,768
Industrials	6	14,842		331		22	47,010		7,374		61,852		7,705
Consumer goods and services	7	22,863		976		28	65,643		10,818		88,506		11,794
Health care	3	6,604		223		11	24,933		6,143		31,537		6,366
Technology, media and telecommunications	5	17,505		865		28	61,492		9,172		78,997		10,037
Financial services	10	24,655		1,090		44	108,507		11,225		133,162		12,315
Mortgage-backed securities	4	5,656		195		48	15,352		3,268		21,008		3,463
Collateralized mortgage obligations
Government National Mortgage Association	18	75,767		1,169		40	70,903		16,054		146,670		17,223
Federal Home Loan Mortgage Corporation	3	7,655		2,523		32	64,194		14,193		71,849		16,716
Federal National Mortgage Association	6	14,078		421		20	31,810		5,806		45,888		6,227
Asset-backed securities	—	—		—		1	3,095		137		3,095		137
Total Available-for-Sale Fixed Maturities	294	$	678,865	$	22,642	470	$	942,364	$	133,570	$	1,621,229	$	156,212

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