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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities at June 30, 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	$	91,950	$	55		$	92,005		$	—		$	10,484		$	81,521
Obligations of states and political subdivisions		381,021		302			381,323			1,497			53,540			329,280
Corporate securities		201,869		960			202,829			3			20,751			182,081
Mortgage-backed securities		10,562		7			10,569			—			625			9,944
Totals	$	685,402	$	1,324		$	686,726		$	1,500		$	85,400		$	602,826

	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	$	80,775	$	—	$	5,365	$	75,410
Obligations of states and political subdivisions		42,238		30		4,674		37,594
Corporate securities		212,567		1		19,577		192,991
Mortgage-backed securities		277,841		—		23,098		254,743
Totals	$	613,421	$	31	$	52,714	$	560,738

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 June 30, 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	$	22,678	$	22,486
Due after one year through five years		106,904		100,896
Due after five years through ten years		250,813		224,857
Due after ten years		295,762		244,643
Mortgage-backed securities		10,569		9,944
Total held to maturity	$	686,726	$	602,826

Available for sale
Due in one year or less	$	39,996	$	39,179
Due after one year through five years		175,377		162,356
Due after five years through ten years		94,640		82,274
Due after ten years		25,567		22,186
Mortgage-backed securities		277,841		254,743
Total available for sale	$	613,421	$	560,738

Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at June 30, 2023 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	30,376	$	8,915	$	672	$	38,619

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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Gross realized gains:
Fixed maturities	$	419		$	438		$	441		$	672
Equity securities		—			—			285			843
Real estate		—			—			—			477
		419			438			726			1,992
Gross realized losses:
Fixed maturities		272			31			2,494			100
Equity securities		5			—			51			824
		277			31			2,545			924
Net realized gains (losses)		142			407			(1,819	)		1,068
Gross unrealized gains on equity securities		2,473			—			4,675			6
Gross unrealized losses on equity securities		(142	)		(8,784	)		(627	)		(9,527	)
Fixed maturities - credit impairment charges		31			—			(56	)		—
Net investment gains (losses)	$	2,504		$	(8,377	)	$	2,173		$	(8,453	)

Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at June 30, 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	$	54,372	$	1,032	$	102,559	$	14,817
Obligations of states and political subdivisions		45,123		717		285,954		57,497
Corporate securities		74,336		4,359		297,341		35,969
Mortgage-backed securities		88,841		1,811		175,846		21,912
Totals	$	262,672	$	7,919	$	861,700	$	130,195

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