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Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments Including Short Term And Cash And Cash Equivalents [Abstract]  
Investments Including Short Term And Cash And Cash Equivalents [Table Text Block]
Carrying Value as of December 31,
(In thousands, except for %)
2019
 
%
 
2018
 
%
Cash, Cash Equivalents and Investments:
 
 
 
 
 
 
 
Fixed maturity securities
$
1,377,959

 
90.2
 
$
1,231,039

 
88.7
Equity securities
16,033

 
1.1
 
15,068

 
1.1
Policy loans
82,005

 
5.4
 
80,825

 
5.8
Real estate and other long-term investments
2,956

 
0.2
 
7,409

 
0.5
Short-term investments
1,301

 
0.1
 
7,865

 
0.6
Cash and cash equivalents
46,205

 
3.0
 
45,492

 
3.3
Total cash, cash equivalents and investments
$
1,526,459

 
100.0
 
$
1,387,698

 
100.0
Debt Securities, Unrealized Gain (Loss) on Investments [Abstract]  
Unrealized Gain (Loss) on Investments [Table Text Block]
The amortized cost, gross unrealized gains and losses and fair value of investments in fixed maturities as of December 31, 2019 and 2018 are as follows.

December 31, 2019
(In thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed Maturities:
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
U.S. Treasury securities
$
9,709

 
1,638

 
—

 
11,347

U.S. Government-sponsored enterprises
3,516

 
1,015

 
—

 
4,531

States and political subdivisions
512,239

 
24,285

 
240

 
536,284

Corporate
604,750

 
46,472

 
1,134

 
650,088

Commercial mortgage-backed
1,105

 
—

 
5

 
1,100

Residential mortgage-backed
118,130

 
12,223

 
66

 
130,287

Asset-backed
44,302

 
11

 
110

 
44,203

Foreign governments
102

 
17

 
—

 
119

Total fixed maturity securities
$
1,293,853

 
85,661

 
1,555

 
1,377,959


We reclassified all of our fixed maturity holdings that were previously classified as held-to-maturity to available-for-sale based upon our intent and investment strategy as of September 30, 2018. The net carrying value of the fixed maturities held-to-maturity reclassified as available-for-sale amounted to $209.7 million.
December 31, 2018
(In thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Fixed Maturities:
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
U.S. Treasury securities
$
9,864

 
1,410

 
—

 
11,274

U.S. Government-sponsored enterprises
3,540

 
740

 
—

 
4,280

States and political subdivisions
713,991

 
7,614

 
1,490

 
720,115

Corporate
384,817

 
6,725

 
9,746

 
381,796

Commercial mortgage-backed
39,694

 
386

 
66

 
40,014

Residential mortgage-backed
66,960

 
1,726

 
2

 
68,684

Asset-backed
4,764

 
1

 
8

 
4,757

Foreign governments
117

 
2

 
—

 
119

Total fixed maturity securities
$
1,223,747

 
18,604

 
11,312

 
1,231,039
Schedule of Equity Securities [Table Text Block]

Most of the Company's equity securities are diversified stock and bond mutual funds.
Fair Value as of December 31,
(In thousands)
2019
 
2018
Equity Securities:
 
 
 
Stock mutual funds
$
3,274

 
2,906

Bond mutual funds
12,311

 
11,774

Common stock
134

 
94

Non-redeemable preferred stock
314

 
294

Total equity securities
$
16,033

 
15,068
Unrealized Continuous Losses on Investments [Abstract]  
Schedule of Unrealized Loss on Investments [Table Text Block]
For fixed maturity security investments that have unrealized losses as of December 31, 2019, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses that have been in a continuous unrealized loss position for 12 months or longer and fair value are as follows.

December 31, 2019
Less than 12 months
 
Greater than 12 months
 
Total
(In thousands, except for # of securities)
Fair
Value
 
Unrealized
Losses
 
# of
Securities
 
Fair
Value
 
Unrealized
Losses
 
# of
Securities
 
Fair
Value
 
Unrealized
Losses
 
# of
Securities
Fixed Maturities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
24,064

 
163

 
24

 
1,961

 
77

 
6

 
26,025

 
240

 
30

Corporate
62,897

 
918

 
69

 
3,669

 
216

 
5

 
66,566

 
1,134

 
74

Commercial mortgage-backed
1,100

 
5

 
2

 
—

 
—

 
—

 
1,100

 
5

 
2

Residential mortgage-backed
1,656

 
65

 
11

 
91

 
1

 
3

 
1,747

 
66

 
14

Asset-backed
36,039

 
110

 
27

 
—

 
—

 
—

 
36,039

 
110

 
27

Total fixed maturity securities
$
125,756

 
1,261

 
133

 
5,721

 
294

 
14

 
131,477

 
1,555

 
147



The Company does not consider securities to be other-than-temporarily impaired when the market decline is attributable to factors such as market volatility, liquidity, spread widening and credit quality when it is anticipated that a recovery of all amounts due under the contractual terms of the security will occur. Based on our evaluation of the credit worthiness of the issuers and because we do not intend to sell the investments, nor is it likely that we would be required to sell these investments before recovery of their amortized cost bases, which may be maturity, none of the unrealized losses are considered to be other-than-temporary.

We monitor all debt securities on an on-going basis relative to changes in credit ratings, market prices, earnings trends and financial performance, in addition to specific region or industry reviews.  The assessment of whether OTTI has occurred is based on a case-by-case evaluation of underlying reasons for the decline in fair value.  The Company determines OTTI by reviewing relevant evidence related to the specific security issuer as well as our intent to sell the security, or if it is more likely than not that we would be required to sell a security before recovery of its amortized cost.  All securities with a market price below par were segregated and reviewed as of December 31, 2019 based upon the items above for impairment.

For fixed maturity investments that have unrealized losses as of December 31, 2018, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months, gross unrealized losses that have been in a continuous unrealized loss position for 12 months or longer and fair value are as follows.

December 31, 2018
Less than 12 months
 
Greater than 12 months
 
Total
(In thousands, except for # of securities)
Fair
Value
 
Unrealized
Losses
 
# of
Securities
 
Fair
Value
 
Unrealized
Losses
 
# of
Securities
 
Fair
Value
 
Unrealized
Losses
 
# of
Securities
Fixed Maturities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
227,132

 
883

 
233

 
33,891

 
607

 
46

 
261,023

 
1,490

 
279

Corporate
230,030

 
8,770

 
191

 
9,936

 
976

 
8

 
239,966

 
9,746

 
199

Commercial mortgage-backed
14,992

 
66

 
11

 
—

 
—

 
—

 
14,992

 
66

 
11

Residential mortgage-backed
18

 
—

 
3

 
98

 
2

 
4

 
116

 
2

 
7

Asset-backed
3,747

 
8

 
4

 
—

 
—

 
—

 
3,747

 
8

 
4

Total fixed maturity securities
$
475,919

 
9,727

 
442

 
43,925

 
1,585

 
58

 
519,844

 
11,312

 
500
Schedule of Fixed Maturities [Abstract]  
Investments Classified by Contractual Maturity Date [Table Text Block]
The amortized cost and fair value of fixed maturities at December 31, 2019 by contractual maturity are shown in the table below.  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. Securities not due at a single maturity date have been reflected based upon the final stated maturity.

(In thousands)
Amortized Cost
 
Fair Value
Fixed maturities:
 
 
 
Due in one year or less
$
122,544

 
123,391

Due after one year through five years
106,106

 
111,107

Due after five years through ten years
215,718

 
230,069

Due after ten years
849,485

 
913,392

Total fixed maturities
$
1,293,853

 
1,377,959
Debt and Equity Securities, Realized Gain (Loss) [Abstract]  
Schedule of Realized Gain (Loss) [Table Text Block]
Proceeds and gross realized gains and losses from sales of available-for-sale fixed maturity securities for 2019, 2018 and 2017 are summarized as follows:

Years ended December 31,
(In thousands)
2019
 
2018
 
2017
Proceeds
$
66,900

 
38,823

 
1,077

Gross realized gains
$
2,538

 
1,301

 
19

Gross realized losses
$
973

 
653

 
16



We sold 68 and 41 fixed maturity securities from our available-for-sale portfolio in 2019 and 2018, respectively, as part of a repositioning strategy recommended by our asset manager. There were no securities sold from the held-to-maturity portfolio in 2018 or 2017.

Proceeds and gross realized gains and losses from sales of equity securities for 2019, 2018 and 2017 are summarized as follows:

Years ended December 31,
(In thousands)
2019
 
2018
 
2017
Proceeds
$
—

 
—

 
1,940

Gross realized gains
$
—

 
—

 
—

Gross realized losses
$
—

 
—

 
30
Investment Income [Table Text Block]
Major categories of net investment income are summarized as follows:

Years ended December 31,
(In thousands)
2019
 
2018
 
2017
Gross investment income:
 
 
 
 
 
Fixed maturities
$
53,860

 
49,126

 
48,164

Equity securities
662

 
722

 
708

Policy loans
6,451

 
6,210

 
5,735

Other long-term investments
13

 
15

 
87

Other
374

 
409

 
68

Total investment income
61,360

 
56,482

 
54,762

Investment expenses
(1,829
)
 
(2,277
)
 
(1,616
)
Net investment income
$
59,531

 
54,205

 
53,146
Realized Gain (Loss) on Investments [Table Text Block]
Realized investment gains (losses) are as follows:

Years ended December 31,
(In thousands)
2019
 
2018
 
2017
Realized investment gains (losses):
 
 
 
 
 
Sales, calls and maturities:
 
 
 
 
 
Fixed maturities
$
1,927

 
1,792

 
(506
)
Equity securities
—

 
—

 
121

Real estate
5,513

 
—

 
1,110

Property and equipment
(48
)
 
(80
)
 
—

Realized investment gains
7,392

 
1,712

 
725

Change in fair value of equity securities
962

 
(828
)
 
—

Other-than-temporary impairments ("OTTI")
 
 
 

 
 

Fixed maturities
—

 
(776
)
 
—

Equity securities
—

 
—

 
(207
)
Real estate held for sale
(3,105
)
 
—

 
—

Realized loss on OTTI
(3,105
)
 
(776
)
 
(207
)
Net realized investment gains (losses)
$
5,249

 
108

 
518