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Investments
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] INVESTMENTS
The Company invests primarily in fixed maturity securities, which totaled 86.7% of total cash and invested assets at March 31, 2024, as shown below.

Carrying Value
(In thousands, except for %)
March 31, 2024December 31, 2023
Amount%Amount%
Cash and invested assets:
Fixed maturity securities$1,234,048 86.7 %1,238,981 86.7 %
Equity securities5,419 0.4 5,282 0.4 
Policy loans75,274 5.3 75,359 5.3 
Other long-term investments85,118 6.0 82,725 5.8 
Cash and cash equivalents23,242 1.6 26,997 1.8 
Total cash and invested assets$1,423,101 100.0 %1,429,344 100.0 %

The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated.
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2024
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$5,972 76 74 5,974 
U.S. Government-sponsored enterprises3,396 201 1 3,596 
States and political subdivisions313,364 1,718 30,027 285,055 
Corporate:
Financial273,436 1,701 32,459 242,678 
Consumer252,953 1,321 39,615 214,659 
Utilities127,577 369 21,576 106,370 
Energy72,733 27 8,576 64,184 
Communications
73,354 247 9,843 63,758 
All other111,641 444 14,289 97,796 
Commercial mortgage-backed276 1 5 272 
Residential mortgage-backed106,977 7 12,136 94,848 
Asset-backed55,395 511 1,048 54,858 
Total fixed maturity securities$1,397,074 6,623 169,649 1,234,048 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2023
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$5,983 127 48 6,062 
U.S. Government-sponsored enterprises3,404 250 1 3,653 
States and political subdivisions314,203 2,160 29,132 287,231 
Corporate:
Financial266,485 2,066 31,255 237,296 
Consumer250,672 2,145 37,094 215,723 
Utilities123,625 615 20,253 103,987 
Energy73,808 64 8,049 65,823 
Communications
74,029 309 8,892 65,446 
All other111,124 647 12,439 99,332 
Commercial mortgage-backed171 — — 171 
Residential mortgage-backed107,174 9 10,060 97,123 
Asset-backed58,360 290 1,516 57,134 
Total fixed maturity securities$1,389,038 8,682 158,739 1,238,981 
 
Most of the Company's equity securities are invested in a non-redeemable preferred stock fund.

Fair Value
(In thousands)
March 31, 2024December 31, 2023
Equity securities: 
Bond mutual funds$739 740 
Common stock664 665 
Non-redeemable preferred stock7 7 
Non-redeemable preferred stock fund4,009 3,870 
Total equity securities$5,419 5,282 

VALUATION OF INVESTMENTS

Available-for-sale ("AFS") fixed maturity securities are reported in the consolidated financial statements at fair value. Equity securities are measured at fair value with the change in fair value recorded through net income. The Company recognized net investment related gains of $0.1 million and $0.3 million on equity securities held for the three months ended March 31, 2024 and 2023, respectively.

The Company considers several factors in its review and evaluation of individual investments, using the process described in Part IV, Item 15, Note 2. Investments in the notes to the consolidated financial statements of our Form 10-K to determine whether a credit valuation loss exists. For the three months ended March 31, 2024 and 2023, the Company recorded no credit valuation losses on fixed maturity securities.
For fixed maturity security investments that have unrealized losses as of March 31, 2024 and December 31, 2023, the gross unrealized losses and related fair values that have been in a continuous unrealized loss position by timeframe are as follows.

March 31, 2024Less than 12 monthsGreater than 12 monthsTotal
(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 maturity securities:        
Available-for-sale securities:        
U.S. Treasury securities$1,178 67 5 66 7 2 1,244 74 7 
U.S. Government-sponsored enterprises220 1 1 — — — 220 1 1 
States and political subdivisions22,031 357 41 165,011 29,670 196 187,042 30,027 237 
Corporate:
Financial9,895 380 26 178,234 32,079 218 188,129 32,459 244 
Consumer13,303 643 29 174,217 38,972 224 187,520 39,615 253 
Utilities9,200 374 45 83,296 21,202 136 92,496 21,576 181 
Energy4,380 110 3 58,299 8,466 74 62,679 8,576 77 
Communications
6,429 190 6 54,172 9,653 68 60,601 9,843 74 
All Other4,147 121 9 83,944 14,168 100 88,091 14,289 109 
Commercial mortgage-backed— — — 100 5 1 100 5 1 
Residential mortgage-backed133 2 7 94,337 12,134 86 94,470 12,136 93 
Asset-backed6,793 60 10 22,959 988 29 29,752 1,048 39 
Total fixed maturity securities$77,709 2,305 182 914,635 167,344 1,134 992,344 169,649 1,316 

December 31, 2023Less than 12 monthsGreater than 12 monthsTotal
(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 maturity securities:        
Available-for-sale securities:        
U.S. Treasury securities$1,203 40 5 65 8 2 1,268 48 7 
U.S. Government-sponsored enterprises221 1 1 — — — 221 1 1 
States and political subdivisions19,540 357 35 164,264 28,775 192 183,804 29,132 227 
Corporate:
Financial12,584 383 19 176,521 30,872 217 189,105 31,255 236 
Consumer10,175 265 16 176,725 36,829 223 186,900 37,094 239 
Utilities3,596 66 20 85,169 20,187 137 88,765 20,253 157 
Energy3,291 57 1 59,392 7,992 76 62,683 8,049 77 
Communications
5,784 153 5 56,108 8,739 69 61,892 8,892 74 
All Other2,080 32 5 85,757 12,407 100 87,837 12,439 105 
Residential mortgage-backed849 38 5 95,806 10,022 86 96,655 10,060 91 
Asset-backed4,757 111 8 32,764 1,405 40 37,521 1,516 48 
Total fixed maturity securities$64,080 1,503 120 932,571 157,236 1,142 996,651 158,739 1,262 
In each category of our fixed maturity securities described above, we do not intend to sell our investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. As of March 31, 2024 and December 31, 2023, 99.0% and 99.4% of the fair value of our fixed maturity securities portfolio, respectively, were rated investment grade. While the losses are currently unrealized, we continue to monitor all fixed maturity securities on an on-going basis as future information may become available which could result in an allowance being recorded.

These unrealized losses on fixed maturity securities are due to noncredit-related factors, including widening credit spreads and rising interest rates since purchase, which have little bearing on the recoverability of our investments, hence they are not recognized as credit losses. The fair value is expected to recover as the securities approach maturity or if market yields for such investments decline.

The amortized cost and fair value of fixed maturity securities at March 31, 2024 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 final stated maturity.

March 31, 2024Amortized
Cost		Fair
Value
(In thousands)
Fixed maturity securities:  
Due in one year or less$15,247 15,156 
Due after one year through five years127,682 125,714 
Due after five years through ten years300,002 291,665 
Due after ten years954,143 801,513 
Total fixed maturity securities$1,397,074 1,234,048 

The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales.  
Three Months Ended
March 31,
(In thousands)20242023
Fixed maturity securities, available-for-sale:
Proceeds$2,508 2,865 
Gross realized gains$1 5 
Gross realized losses$49 12