XML 38 R27.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investments (Tables)
3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities at March 31, 2024 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
  $ 91,551     $ 55    
$
91,606
   
$
   
$
9,550
   
$
82,056
 
Obligations of states and political subdivisions
    376,569       266      
376,835
     
1,057
     
50,664
     
327,228
 
Corporate securities
    202,093       1,001      
203,094
     
246
     
15,565
     
187,775
 
Mortgage-backed securities
    13,186       7      
13,193
     
9
     
447
     
12,755
 
Totals
  $ 683,399     $ 1,329    
$
684,728
   
$
1,312
   
$
76,226
   
$
609,814
 
 
   
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
 
$
91,561
   
$
79
   
$
4,585
   
$
87,055
 
Obligations of states and political subdivisions
   
41,893
     
10
     
4,164
     
37,739
 
Corporate securities
   
208,888
     
74
     
13,792
     
195,170
 
Mortgage-backed securities
   
300,874
     
377
     
20,454
     
280,797
 
Totals
 
$
643,216
   
$
540
   
$
42,995
   
$
600,761
 


The amortized cost and estimated fair values of our fixed maturities at December 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
  $ 91,518     $ 54    
$
91,572
   
$
   
$
8,885
   
$
82,687
 
Obligations of states and political subdivisions
    376,898       266      
377,164
     
1,449
     
46,845
     
331,768
 
Corporate securities
    201,847       1,000      
202,847
     
207
     
14,805
     
188,249
 
Mortgage-backed securities
    9,234       6      
9,240
     
     
418
     
8,822
 
Totals
  $ 679,497     $ 1,326    
$
680,823
   
$
1,656
   
$
70,953
   
$
611,526
 

   
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
 
$
89,367
   
$
199
   
$
4,147
   
$
85,419
 
Obligations of states and political subdivisions
   
41,958
     
12
     
3,854
     
38,116
 
Corporate securities
   
211,882
     
100
     
15,189
     
196,793
 
Mortgage-backed securities
   
286,520
     
594
     
18,094
     
269,020
 
Totals
 
$
629,727
   
$
905
   
$
41,284
   
$
589,348
 
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, 2024 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
 
$
42,228
   
$
41,549
 
Due after one year through five years
   
130,205
     
121,873
 
Due after five years through ten years
   
237,241
     
216,118
 
Due after ten years
   
261,861
     
217,519
 
Mortgage-backed securities
   
13,193
     
12,755
 
Total held to maturity
 
$
684,728
   
$
609,814
 
                 
Available for sale
               
Due in one year or less
 
$
62,925
   
$
61,761
 
Due after one year through five years
   
170,058
     
160,071
 
Due after five years through ten years
   
86,138
     
77,937
 
Due after ten years
   
23,221
     
20,195
 
Mortgage-backed securities
   
300,874
     
280,797
 
Total available for sale
 
$
643,216
   
$
600,761
 
Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at March 31, 2024 were as follows:
 
   
Cost
   
Gross Gains
   
Gross Losses
   
Estimated Fair
Value
 
   
(in thousands)
 
Equity securities
 
$
19,631
   
$
9,315
   
$
63
   
$
28,883
 



The cost and estimated fair values of our equity securities at December 31, 2023 were as follows:
 
   
Cost
   
Gross Gains
   
Gross Losses
   
Estimated Fair
Value
 
   
(in thousands)
 
Equity securities
 
$
18,844
   
$
7,059
   
$
   
$
25,903
 
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,
 
   
2024
   
2023
 
   
(in thousands)
 
Gross realized gains:
           
Fixed maturities
 
$
4
   
$
22
 
Equity securities
   
     
285
 
 
   
4
     
307
 
Gross realized losses:
               
Fixed maturities
   
81
     
2,222
 
Equity securities
   
     
46
 
     
81
     
2,268
 
Net realized losses
   
(77
)
   
(1,961
)
Gross unrealized gains on equity securities     2,256       2,202  
Gross unrealized losses on equity securities     (63 )     (485 )
Fixed maturities - credit impairment charges     (3 )     (87 )
Net investment gains (losses)   $ 2,113     $ (331 )
Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at March 31, 2024 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
 
$
37,188
   
$
299
   
$
125,533
   
$
13,836
 
Obligations of states and political subdivisions
   
29,747
     
251
     
304,139
     
54,577
 
Corporate securities
   
18,034
     
431
     
343,673
     
28,926
 
Mortgage-backed securities
   
58,891
     
656
     
187,697
     
20,245
 
Totals
 
$
143,860
   
$
1,637
   
$
961,042
   
$
117,584
 



We held fixed maturities with unrealized losses representing declines that we considered temporary at December 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
 
$
32,224
   
$
217
   
$
116,538
   
$
12,815
 
Obligations of states and political subdivisions
   
13,097
     
68
     
307,429
     
50,631
 
Corporate securities
   
13,066
     
324
     
353,863
     
29,670
 
Mortgage-backed securities
   
46,964
     
221
     
178,113
     
18,291
 
Totals
 
$
105,351
   
$
830
   
$
955,943
   
$
111,407