Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments

Gross unrealized gains and losses on investments in securities

	As of December 31, 2022
	Cost or		Allowance for		Gross Unrealized				Estimated
	Amortized		Expected Credit						Fair
	Cost		Losses		Gains		Losses (3)		Value
U.S. Treasury securities	$	1,825	$	—	$	—	$	(156)	$	1,669
Obligations of states and political subdivisions		57,319		—		282		(3,532)		54,069
Residential mortgage-backed securities (1)		259,878		—		385		(25,761)		234,502
Commercial mortgage-backed securities		156,303		—		107		(16,479)		139,931
Other asset-backed securities		74,160		—		—		(5,429)		68,731
Corporate and other securities		603,294		(678)		740		(52,103)		551,253
Subtotal, fixed maturity securities		1,152,779		(678)		1,514		(103,460)		1,050,155
Equity securities (2)		231,444		—		31,857		(23,146)		240,155
Other invested assets (4)		112,850		—		—		—		112,850
Totals	$	1,497,073	$	(678)	$	33,371	$	(126,606)	$	1,403,160

	As of December 31, 2021
	Cost or		Allowance for		Gross Unrealized				Estimated
	Amortized		Expected Credit						Fair
	Cost		Losses		Gains		Losses (3)		Value
U.S. Treasury securities	$	318	$	—	$	6	$	—	$	324
Obligations of states and political subdivisions		111,578		—		4,847		(123)		116,302
Residential mortgage-backed securities (1)		237,026		—		5,941		(1,503)		241,464
Commercial mortgage-backed securities		146,318		—		5,007		(442)		150,883
Other asset-backed securities		83,376		—		475		(255)		83,596
Corporate and other securities		609,241		(691)		20,647		(3,487)		625,710
Subtotal, fixed maturity securities		1,187,857		(691)		36,923		(5,810)		1,218,279
Equity securities (2)		211,848		—		54,861		(1,764)		264,945
Other invested assets (4)		87,911		—		—		—		87,911
Totals	$	1,487,616	$	(691)	$	91,784	$	(7,574)	$	1,571,135

(1) Residential mortgage-backed securities consists primarily of obligations of U.S. Government agencies including collateralized mortgage obligations issued, guaranteed and/or insured by the following issuers: Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA) and the Federal Home Loan Bank (FHLB).

(2) Equity securities include common stock, preferred stock, mutual funds and interests in mutual funds held to fund the Company’s executive deferred compensation plan.

(3) The Company’s investment portfolio included 1,195 and 444 securities in an unrealized loss position at December 31, 2022 and December 31, 2021, respectively.

(4) Other invested assets are accounted for under the equity method which approximates fair value.

Amortized cost and the estimated fair value of fixed maturity securities, by maturity

	As of December 31, 2022
	Amortized		Estimated
	Cost		Fair Value
Due in one year or less	$	4,899	$	4,665
Due after one year through five years		289,109		269,852
Due after five years through ten years		328,816		296,368
Due after ten years through twenty years		38,044		34,623
Due after twenty years		1,570		1,483
Asset-backed securities		490,341		443,164
Totals	$	1,152,779	$	1,050,155

Gross realized gains and losses on sales of investments

	Years Ended December 31,
	2022		2021		2020
Gross realized gains
Fixed maturity securities	$	1,511	$	3,666	$	1,645
Equity securities		12,367		12,275		6,864
Gross realized losses
Fixed maturity securities		(2,987)		(1,036)		(2,166)
Equity securities		(1,701)		(20)		(5,386)
Net realized gains on investments	$	9,190	$	14,885	$	957

Gross unrealized losses included in the Company's investment portfolio and the fair value of those securities

	As of December 31, 2022
	Less than 12 Months				12 Months or More				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	1,669	$	156	$	—	$	—	$	1,669	$	156
Obligations of states and political subdivisions		34,178		2,504		3,072		1,028		37,250		3,532
Residential mortgage-backed securities		140,855		12,254		70,956		13,507		211,811		25,761
Commercial mortgage-backed securities		110,073		11,632		24,653		4,847		134,726		16,479
Other asset-backed securities		41,113		2,358		27,618		3,071		68,731		5,429
Corporate and other securities		386,401		28,048		131,046		24,055		517,447		52,103
Subtotal, fixed maturity securities		714,289		56,952		257,345		46,508		971,634		103,460
Equity securities		116,881		21,198		6,209		1,948		123,090		23,146
Total temporarily impaired securities	$	831,170	$	78,150	$	263,554	$	48,456	$	1,094,724	$	126,606

	As of December 31, 2021
	Less than 12 Months				12 Months or More				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	—	$	—	$	—	$	—	$	—	$	—
Obligations of states and political subdivisions		2,985		85		1,012		38		3,997		123
Residential mortgage-backed securities		97,116		1,502		11		1		97,127		1,503
Commercial mortgage-backed securities		29,660		442		—		—		29,660		442
Other asset-backed securities		39,266		255		—		—		39,266		255
Corporate and other securities		181,470		3,140		11,436		347		192,906		3,487
Subtotal, fixed maturity securities		350,497		5,424		12,459		386		362,956		5,810
Equity securities		19,457		1,559		1,029		205		20,486		1,764
Total temporarily impaired securities	$	369,954	$	6,983	$	13,488	$	591	$	383,442	$	7,574

Reconciliation of beginning and ending balances of allowance for expected credit losses on fixed maturities classified as available for sale

		Year Ended December 31,
		2022		2021
Beginning of period	$	691	$	1,054
Credit losses on securities with no previously recorded credit losses		193		9
Net increases (decreases) in allowance on previously impaired securities		98		(137)
Reduction due to sales		(304)		(235)
Writeoffs charged against allowance		—		—
Recoveries of amounts previously written off		—		—
Ending balance of period	$	678	$	691

Components of net investment income

	Years Ended December 31,
	2022		2021		2020
Interest on fixed maturity securities	$	40,886	$	36,160	$	37,727
Dividends on equity securities		6,746		6,421		5,044
Equity in earnings of other invested assets		2,304		4,895		1,378
Interest on other assets		61		22		27
Total Investment Income		49,997		47,498		44,176
Investment expenses		3,272		3,363		3,131
Net investment income	$	46,725	$	44,135	$	41,045