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Investments (Tables)

3 Months Ended

Mar. 31, 2023

Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities at March 31, 2023 were as follows:

	Carrying Value		Allowance for Credit Losses		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	101,899	$	62	$	101,961	$	—	$	9,660	$	92,301
Obligations of states and political subdivisions		382,388		318		382,706		2,105		48,800		336,011
Corporate securities		198,202		968		199,170		17		17,854		181,333
Mortgage-backed securities		11,290		7		11,297		—		517		10,780
Totals	$	693,779	$	1,355	$	695,134	$	2,122	$	76,831	$	620,425

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	83,666	$	134	$	4,654	$	79,146
Obligations of states and political subdivisions		45,383		72		4,105		41,350
Corporate securities		212,358		2		14,710		197,650
Mortgage-backed securities		248,187		246		20,110		228,323
Totals	$	589,594	$	454	$	43,579	$	546,469

The amortized cost and estimated fair values of our fixed maturities at December 31, 2022 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	103,362	$	1	$	10,566	$	92,797
Obligations of states and political subdivisions		382,097		1,810		60,494		323,413
Corporate securities		190,949		—		20,510		170,439
Mortgage-backed securities		12,031		—		635		11,396
Totals	$	688,439	$	1,811	$	92,205	$	598,045

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	68,538	$	109	$	5,125	$	63,522
Obligations of states and political subdivisions		45,448		34		5,326		40,156
Corporate securities		218,041		8		15,211		202,838
Mortgage-backed securities		239,886		155		22,765		217,276
Totals	$	571,913	$	306	$	48,427	$	523,792

Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity

We show below the amortized cost and estimated fair value of our fixed maturities at March 31, 2023 by contractual maturity. Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
	(in thousands)
Held to maturity
Due in one year or less	$	38,587	$	38,484
Due after one year through five years		107,029		102,259
Due after five years through ten years		243,499		220,660
Due after ten years		294,722		248,242
Mortgage-backed securities		11,297		10,780
Total held to maturity	$	695,134	$	620,425

Available for sale
Due in one year or less	$	46,221	$	45,327
Due after one year through five years		181,269		169,788
Due after five years through ten years		88,229		80,403
Due after ten years		25,688		22,628
Mortgage-backed securities		248,187		228,323
Total available for sale	$	589,594	$	546,469

Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at March 31, 2023 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	31,672	$	6,631	$	718	$	37,585

The cost and estimated fair values of our equity securities at December 31, 2022 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	30,771	$	5,666	$	1,332	$	35,105

Gross Investment Gains and Losses before Applicable Income Taxes

We present below gross gains and losses from investments and the change in the difference between fair value and cost of investments:

	Three Months Ended March 31,
	2023			2022
	(in thousands)
Gross realized gains:
Fixed maturities	$	22		$	234
Equity securities		285			843
Real estate		—			477
		307			1,554
Gross realized losses:
Fixed maturities		2,222			69
Equity securities		46			824
		2,268			893
Net realized (losses) gains		(1,961	)		661
Gross unrealized gains on equity securities		2,202			716
Gross unrealized losses on equity securities		(485	)		(1,453	)
Fixed maturities - credit impairment charges		(87	)		—
Net investment losses	$	(331	)	$	(76	)

Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at March 31, 2023 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	80,775	$	2,009	$	77,265	$	12,305
Obligations of states and political subdivisions		75,542		4,515		233,732		48,390
Corporate securities		198,944		8,137		177,785		24,427
Mortgage-backed securities		57,432		1,646		162,160		18,981
Totals	$	412,693	$	16,307	$	650,942	$	104,103

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2022 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	90,245	$	5,327	$	47,238	$	10,364
Obligations of states and political subdivisions		261,465		49,327		47,945		16,493
Corporate securities		298,706		22,272		72,959		13,449
Mortgage-backed securities		143,886		10,941		69,879		12,459
Totals	$	794,302	$	87,867	$	238,021	$	52,765