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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Carrying Value and Estimated Fair Value of Financial Instruments
A summary of the carrying value and estimated fair value of our financial instruments from at December 31, 2022 and 2021 is as follows:
 December 31, 2022December 31, 2021
Fair ValueCarrying ValueFair ValueCarrying Value
Assets    
Investments    
Fixed maturities:
Available-for-sale securities $1,551,339 $1,551,336 $1,719,790 $1,719,785 
Equity securities169,106 169,106 213,401 213,401 
Mortgage loans35,302 37,898 48,815 47,130 
Other long-term investments86,276 86,276 84,090 84,090 
Short-term investments275 275 275 275 
Cash and cash equivalents96,650 96,650 132,104 132,104 
Corporate-owned life insurance10,588 10,588 10,755 10,755 
Liabilities
Long term debt36,168 50,000 46,047 50,000 
Summary of Financial Instruments Measured at Fair Value on Recurring Basis
The following tables present the categorization for our financial instruments measured at fair value on a recurring basis. The tables include financial instruments at December 31, 2022 and 2021:
Fair Value Measurements
DescriptionDecember 31, 2022Level 1Level 2Level 3
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$14,675 $— $14,675 $— 
U.S. government agency84,406 — 84,406 — 
States, municipalities and political subdivisions
General obligations
Midwest61,113 — 61,113 — 
Northeast15,463 — 15,463 — 
South63,981 — 63,981 — 
West86,545 — 86,545 — 
Special revenue
Midwest102,266 — 102,266 — 
Northeast54,220 — 54,220 — 
South180,857 — 180,857 — 
West112,212 — 112,212 — 
Foreign bonds31,649 — 31,649 — 
Public utilities125,411 — 125,411 — 
Corporate bonds
Energy33,209 — 33,209 — 
Industrials52,842 — 52,842 — 
Consumer goods and services89,941 — 89,941 — 
Health care27,592 — 27,592 — 
Technology, media and telecommunications59,940 — 59,940 — 
Financial services124,292 — 118,617 5,675 
Mortgage-backed securities17,700 — 17,700 — 
Collateralized mortgage obligations
Government national mortgage association84,548 — 84,548 — 
Federal home loan mortgage corporation78,838 — 78,838 — 
Federal national mortgage association45,386 — 45,386 — 
Asset-backed securities4,253 — 3,452 801 
Redeemable preferred stocks— — — — 
Total Available-for-Sale Fixed Maturities$1,551,339 $— $1,544,863 $6,476 
EQUITY SECURITIES
Public utilities14,846 14,846 — — 
Energy19,743 19,743 — — 
Industrials27,163 27,163 — — 
Consumer goods and services43,139 43,139 — — 
Health care7,981 7,981 — — 
Technology, media and telecommunications28,213 28,213 — — 
Financial services28,021 28,021 — — 
Nonredeemable preferred stocks— — — — 
Total Equity Securities$169,106 $169,106 $— $— 
Short-Term Investments$275 $275 $— $— 
Money Market Accounts$31,289 $31,289 $— $— 
COLI$10,588 $— $10,588 $— 
Total Assets Measured at Fair Value$1,762,597 $200,670 $1,555,451 $6,476 
Fair Value Measurements
DescriptionDecember 31, 2021Level 1Level 2Level 3
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$41,923 $— $41,923 $— 
U.S. government agency61,667 — 61,667 — 
States, municipalities and political subdivisions
General obligations
Midwest74,346 — 74,346 — 
Northeast22,762 — 22,762 — 
South94,044 — 94,044 — 
West99,078 — 99,078 — 
Special revenue
Midwest122,289 — 122,289 — 
Northeast59,732 — 59,732 — 
South215,670 — 215,670 — 
West134,649 — 134,649 — 
Foreign bonds30,906 — 30,906 — 
Public utilities107,493 — 107,493 — 
Corporate bonds
Energy32,681 — 32,681 — 
Industrials57,171 — 57,171 — 
Consumer goods and services72,844 — 72,844 — 
Health care27,429 — 27,429 — 
Technology, media and telecommunications57,497 — 57,497 — 
Financial services102,615 — 102,465 150 
Mortgage-backed securities25,013 — 25,013 — 
Collateralized mortgage obligations
Government national mortgage association110,518 — 110,518 — 
Federal home loan mortgage corporation119,989 — 119,989 — 
Federal national mortgage association48,549 — 48,549 — 
Asset-backed securities925 — — 925 
Total Available-for-Sale Fixed Maturities$1,719,790 $— $1,718,715 $1,075 
Equity securities
Public utilities$17,940 $17,940 $— $— 
Energy13,593 13,593 — — 
Industrials31,400 31,400 — — 
Consumer goods and services56,233 56,233 — — 
Health care13,845 13,845 — — 
Financial Services33,973 33,973 — — 
Technology, media and telecommunications45,822 45,822 — — 
Nonredeemable preferred stocks595 — — 595 
Total Equity Securities$213,401 $212,806 $— $595 
Short-Term Investments$275 $275 $— $— 
Money Market Accounts$43,351 $43,351 $— $— 
Corporate-Owned Life Insurance$10,755 $— $10,755 $— 
Total Assets Measured at Fair Value$1,987,572 $256,432 $1,729,470 $1,670 
Summary of Quantitative Information About Level 3 Fair Value Measurements The following table provides a quantitative information about our Level 3 securities at December 31, 2022.
Quantitative Information about Level 3 Fair Value Measurements
Fair Value atValuation Technique(s)Unobservable inputsRange of weighted average significant unobservable inputs
December 31, 2022
Fixed Maturities corporate$5,675 Discounted cash flowDiscount Rates
3.5% - 7.5%
Fixed Maturities asset-backed securities801 Discounted cash flowProbability of default
4% - 6%
Summary of Changes in Fair Value of Level 3 Securities The following table provides a summary of the changes in fair value of our Level 3 securities for 2022:
 Corporate bonds Asset-backed securitiesEquitiesTotal
Beginning Balance - 01/01/2022 $150  $925 $595 $1,670 
Realized gains (loss) (1)
 —  — (595)(595)
Unrealized gains (losses) (1)
 —  (124)— (124)
Purchases —  — — — 
Disposals (150) — — (150)
Amortization —  — — — 
Transfers in 5,675  — — 5,675 
Transfers out —  — — — 
Ending Balance - 12/31/2022 $5,675 $801 $— $6,476 
(1) Unrealized gains (losses) are recorded as a component of comprehensive income.

The following table provides a summary of the changes in fair value of our Level 3 securities for 2021:
 Corporate bonds Asset-backed securitiesEquitiesTotal
Beginning Balance - 01/01/2021 $250  $926 $595 $1,771 
Unrealized gains (losses) (1)
 —  (1)— (1)
Transfers out (100) — — (100)
Ending Balance - 12/31/2021 $150  $925 $595 $1,670 
(1) Unrealized gains (losses) are recorded as a component of comprehensive income.
Summary of Carrying Value of Commercial Mortgage Loans by Loan-to-Value Ratio
The following tables present the carrying value of our commercial mortgage loans and additional information at December 31, 2022 and 2021:
Commercial Mortgage Loans
Loan-to-valueDecember 31, 2022December 31, 2021
Less than 65%$29,231 29,924 
65%-75%8,716 17,277 
Total amortized cost$37,947 $47,201 
Valuation allowance(49)(71)
Total mortgage loans$37,898 $47,130 
Mortgage Loans by Region
December 31, 2022December 31, 2021
Carrying ValuePercent of TotalCarrying ValuePercent of Total
East North Central$3,245 8.6 %$3,245 6.9 %
Southern Atlantic9,397 24.7 9,578 20.3 
East South Central7,783 20.5 8,028 17.0 
New England6,588 17.4 6,588 14.0 
Middle Atlantic6,139 16.2 14,789 31.3 
Mountain1,992 5.2 2,227 4.7 
West North Central2,803 7.4 2,746 5.8 
Total mortgage loans at amortized cost$37,947 100.0 %$47,201 100.0 %
Mortgage Loans by Property Type
December 31, 2022December 31, 2021
Carrying ValuePercent of TotalCarrying ValuePercent of Total
Commercial   
Multifamily$8,493 22.4 %$16,986 36.0 %
Office11,267 29.7 11,571 24.5 
Industrial
10,056 26.5 10,124 21.5 
Retail
1,992 5.2 2,227 4.7 
Mixed use/Other
6,139 16.2 6,293 13.3 
Total mortgage loans at amortized cost$37,947 100.0 %$47,201 100.0 %
Summary of Amortized Cost Basis by Year of Origination and Credit Quality Indicator
Amortized Cost Basis by Year of Origination and Credit Quality Indicator
2022202020192018Total
Commercial mortgage loans:
Risk Rating:
1-2 internal grade$102 $5,378 $7,989 $17,890 $31,359 
3-4 internal grade— — — 6,588 6,588 
5 internal grade— — — — — 
6 internal grade— — — — — 
7 internal grade— — — — — 
Total commercial mortgage loans$102 $5,378 $7,989 $24,478 $37,947 
Current-period write-offs— — — — — 
Current-period recoveries— — — — — 
Current-period net write-offs$— $— $— $— $— 
Summary of Rollforward of Allowance for Mortgage Loan Losses As of December 31, 2022, the Company had an allowance for mortgage loan losses of $49, summarized in the following rollforward:
Rollforward of allowance for mortgage loan losses:
As of
December 31, 2022
Beginning balance, January 1, 2022$71 
Recoveries of amounts previously written off, if any(22)
Ending balance of the allowance for mortgage loan losses, December 31, 2022$49