Summary of Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

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 March 31, 2024 and December 31, 2023, is provided below:


March 31, 2024
Type of Investment	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	$	51,211	$	101	$	714	$	—	$	50,598
U.S. government agency	97,489		70		8,964		—		88,595
States, municipalities and political subdivisions
General obligations:
Midwest	48,181		114		307		—		47,988
Northeast	11,408		5		41		—		11,372
South	48,335		28		598		—		47,765
West	77,705		18		590		—		77,133
Special revenue:
Midwest	100,879		237		413		—		100,703
Northeast	52,580		51		638		—		51,993
South	164,309		167		2,638		—		161,838
West	100,720		78		1,066		—		99,732
Foreign bonds	13,269		—		1,093		—		12,176
Public utilities	140,276		307		10,767		—		129,816
Corporate bonds
Energy	41,901		79		2,220		—		39,760
Industrials	59,656		181		4,919		—		54,918
Consumer goods and services	89,135		—		8,225		—		80,910
Health care	32,746		7		4,637		—		28,116
Technology, media and telecommunications	82,329		111		6,715		—		75,725
Financial services	123,031		39		6,298		1		116,771
Mortgage-backed securities	55,865		—		2,668		—		53,197
Collateralized mortgage obligations
Government National Mortgage Association	158,150		268		13,739		—		144,679
Federal Home Loan Mortgage Corporation	82,653		—		13,771		—		68,882
Federal National Mortgage Association	48,444		65		4,989		—		43,520
Asset-backed securities	3,214		—		153		—		3,061

Total Available-for-Sale Fixed Maturities	$	1,683,486	$	1,926	$	96,163	$	1	$	1,589,248


December 31, 2023
Type of Investment	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	$	51,211	$	325	$	675	$	—	$	50,861
U.S. government agency	102,540		255		8,302		—		94,493
States, municipalities and political subdivisions
General obligations:
Midwest	52,712		132		137		—		52,707
Northeast	11,422		1		43		—		11,380
South	54,560		47		400		—		54,207
West	77,874		23		471		—		77,426
Special revenue:
Midwest	101,037		302		358		—		100,981
Northeast	52,708		79		560		—		52,227
South	166,119		302		2,155		—		164,266
West	102,254		147		836		—		101,565
Foreign bonds	21,255		—		2,083		—		19,172
Public utilities	149,734		787		10,054		—		140,467
Corporate bonds
Energy	45,351		249		2,127		—		43,473
Industrials	74,760		727		4,939		—		70,548
Consumer goods and services	103,315		271		7,665		—		95,921
Health care	37,872		99		4,499		—		33,472
Technology, media and telecommunications	87,002		451		5,665		—		81,788
Financial services	152,329		743		7,380		1		145,691
Mortgage-backed securities	23,800		11		2,328		—		21,483
Collateralized mortgage obligations
Government National Mortgage Association	164,666		1,282		12,742		—		153,206
Federal Home Loan Mortgage Corporation	84,842		20		13,177		—		71,685
Federal National Mortgage Association	50,284		33		4,664		—		45,653
Asset-backed securities	3,394		524		87		—		3,831

Total Available-for-Sale Fixed Maturities	$	1,771,041	$	6,810	$	91,347	$	1	$	1,686,503

Summary of Maturities


Maturities
	Available-For-Sale
March 31, 2024	Amortized Cost		Fair Value
Due in one year or less	$	93,954	$	93,317
Due after one year through five years	469,466		458,561
Due after five years through 10 years	471,780		442,802
Due after 10 years	299,960		281,229
Asset-backed securities	3,214		3,061
Mortgage-backed securities	55,865		53,197
Collateralized mortgage obligations	289,247		257,081
	$	1,683,486	$	1,589,248

Summary of Net Investment Gains and Losses

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


	Three Months Ended March 31,
	2024		2023
Net investment gains (losses):
Fixed maturities:
Available-for-sale	$	(2,662)	$	(178)
Allowance for credit losses	—		(176)



Equity securities
Net gains (losses) recognized on equity securities sold during the period	1,362		500
Unrealized gains (losses) recognized during the period on equity securities held at reporting date	—		(1,705)
Net gains (losses) recognized during the reporting period on equity securities	1,362		(1,205)
Mortgage loans allowance for credit losses	9		—
Other long-term investments	89		(186)




Real estate	—		—
Total net investment gains (losses)	$	(1,202)	$	(1,745)

Summary of Proceeds and Gross Realized Gains (Losses)

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


	Three Months Ended March 31,
	2024		2023
Proceeds from sales	$	88,378	$	9,868
Gross realized gains	1,365		11
Gross realized losses	4,027		189

Summary of Unrealized Gain and Loss

A summary of the changes in net unrealized investment gain (loss) during the reporting period is as follows:


	Three Months Ended March 31,
	2024		2023
Change in net unrealized investment gain (loss)
Available-for-sale fixed maturities	$	(8,532)	$	18,544
Income tax effect	1,792		(3,894)
Total change in net unrealized investment gain (loss), net of tax	$	(6,740)	$	14,650

Summary 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 March 31, 2024.



Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
	As of
	March 31, 2024
Beginning balance, January 1, 2024	$	1
Additions to the allowance for credit losses for which credit losses were not previously recorded	—
Reductions for securities sold during the period (realized)	—
Write-offs charged against the allowance	—
Recoveries of amounts previously written off	—
Ending balance, March 31, 2024	$	1

Summary of Fixed Maturities Unrealized Loss

The following tables summarize our fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at March 31, 2024 and December 31, 2023. 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, 2024	Less than 12 months					12 months or longer					Total
Type of Investment	Number of Issues	Fair Value		Gross Unrealized Loss		Number of Issues	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	4	$	28,933	$	132	6	$	12,726	$	582	$	41,659	$	714
U.S. government agency	3	8,940		56		23	70,702		8,908		79,642		8,964
States, municipalities and political subdivisions
General obligations
Midwest	11	16,175		79		6	16,922		228		33,097		307
Northeast	6	3,624		7		1	3,463		34		7,087		41
South	10	19,982		177		11	20,677		421		40,659		598
West	17	38,938		177		10	25,487		413		64,425		590
Special revenue
Midwest	11	18,084		146		15	29,692		267		47,776		413
Northeast	5	15,071		70		10	27,206		568		42,277		638
South	22	48,147		334		37	76,664		2,304		124,811		2,638
West	24	36,615		294		20	46,373		772		82,988		1,066
Foreign bonds	—	—		—		6	12,176		1,093		12,176		1,093
Public utilities	4	10,305		169		48	108,152		10,598		118,457		10,767
Corporate bonds
Energy	—	—		—		13	31,746		2,220		31,746		2,220
Industrials	2	4,143		74		19	40,544		4,845		44,687		4,919
Consumer goods and services	5	17,465		323		26	63,446		7,902		80,911		8,225
Health care	1	2,932		69		10	23,174		4,568		26,106		4,637
Technology, media and telecommunications	3	9,794		216		26	59,197		6,499		68,991		6,715
Financial services	4	12,261		308		39	97,549		5,990		109,810		6,298
Mortgage-backed securities	4	35,406		138		50	17,792		2,530		53,198		2,668
Collateralized mortgage obligations
Government National Mortgage Association	10	35,428		140		41	72,010		13,599		107,438		13,739
Federal Home Loan Mortgage Corporation	2	5,152		6		31	63,729		13,765		68,881		13,771
Federal National Mortgage Association	4	8,201		78		20	29,629		4,911		37,830		4,989
Asset-backed securities	1	276		71		1	2,785		82		3,061		153

Total Available-for-Sale Fixed Maturities	153	$	375,872	$	3,064	469	$	951,841	$	93,099	$	1,327,713	$	96,163



December 31, 2023	Less than 12 months					12 months or longer					Total
Type of Investment	Number of Issues	Fair Value		Gross Unrealized Loss		Number of Issues	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	2	$	4,138	$	46	6	$	12,717	$	629	$	16,855	$	675
U.S. government agency	3	10,986		14		23	71,375		8,288		82,361		8,302
States, municipalities and political subdivisions
General obligations
Midwest	11	19,534		61		3	10,737		76		30,271		137
Northeast	3	5,371		8		1	3,469		35		8,840		43
South	12	21,753		91		9	16,610		309		38,363		400
West	17	38,204		140		7	20,064		331		58,268		471
Special revenue
Midwest	17	29,535		113		11	23,375		245		52,910		358
Northeast	6	15,131		67		8	24,271		493		39,402		560
South	21	45,639		232		32	66,925		1,923		112,564		2,155
West	20	32,789		248		16	38,495		588		71,284		836
Foreign bonds	—	—		—		9	19,172		2,083		19,172		2,083
Public utilities	4	7,151		74		48	111,793		9,980		118,944		10,054
Corporate bonds
Energy	—	—		—		15	34,331		2,127		34,331		2,127
Industrials	1	1,210		19		21	47,462		4,920		48,672		4,939
Consumer goods and services	4	14,724		98		28	68,837		7,567		83,561		7,665
Health care	1	3,000		2		11	26,544		4,497		29,544		4,499
Technology, media and telecommunications	1	3,969		35		27	62,988		5,630		66,957		5,665
Financial services	5	14,327		223		44	112,517		7,158		126,844		7,381
Mortgage-backed securities	3	2,783		33		48	15,758		2,295		18,541		2,328
Collateralized mortgage obligations
Government National Mortgage Association	2	7,055		27		40	72,565		12,715		79,620		12,742
Federal Home Loan Mortgage Corporation	2	2,589		22		31	66,361		13,155		68,950		13,177
Federal National Mortgage Association	2	5,454		55		20	31,460		4,609		36,914		4,664
Asset-backed securities	—	—		—		1	2,962		87		2,962		87

Total Available-for-Sale Fixed Maturities	137	$	285,342	$	1,608	459	$	960,788	$	89,740	$	1,246,130	$	91,348