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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
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 at March 31, 2023 and December 31, 2022 is as follows:
 March 31, 2023December 31, 2022
Fair ValueCarrying ValueFair ValueCarrying Value
Assets    
Investments    
Fixed maturities:
Available-for-sale securities$1,591,348 $1,591,169 $1,551,339 $1,551,336 
Equity securities159,378 159,378 169,106 169,106 
Mortgage loans35,240 37,863 35,302 37,898 
Other long-term investments91,003 91,003 86,276 86,276 
Short-term investments275 275 275 275 
Cash and cash equivalents53,230 53,230 96,650 96,650 
Corporate-owned life insurance11,568 11,568 10,588 10,588 
Liabilities
Long Term Debt37,696 50,000 36,168 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 table includes financial instruments at March 31, 2023 and December 31, 2022:

March 31, 2023Fair Value Measurements
DescriptionTotalLevel 1Level 2Level 3
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$14,816 $— $14,816 $— 
U.S. government agency82,148 — 82,148 — 
States, municipalities and political subdivisions
General obligations
Midwest58,888 — 58,888 — 
Northeast11,476 — 11,476 — 
South63,471 — 63,471 — 
West86,710 — 86,710 — 
Special revenue
Midwest103,010 — 103,010 — 
Northeast54,614 — 54,614 — 
South178,965 — 178,965 — 
West112,902 — 112,902 — 
Foreign bonds34,301 — 34,301 — 
Public utilities135,711 — 135,711 — 
Corporate bonds
Energy34,426 — 34,426 — 
Industrials59,399 — 59,399 — 
Consumer goods and services91,752 — 91,752 — 
Health care30,497 — 30,497 — 
Technology, media and telecommunications63,296 — 63,296 — 
Financial services126,379 — 120,966 5,413 
Mortgage-backed securities23,534 — 23,534 — 
Collateralized mortgage obligations
Government national mortgage association89,503 — 89,503 — 
Federal home loan mortgage corporation81,454 — 81,454 — 
Federal national mortgage association49,771 — 49,771 — 
Asset-backed securities4,325 — 3,474 851 
Total Available-for-Sale Fixed Maturities$1,591,348 $— $1,585,084 $6,264 
EQUITY SECURITIES
Common stocks
Public utilities$14,200 $14,200 $— $— 
Energy19,812 19,812 — — 
Industrials28,536 28,536 — — 
Consumer goods and services37,262 37,262 — — 
Health care7,585 7,585 — — 
Technology, media and telecommunications27,290 27,290 — — 
Financial services24,693 24,693 — — 
Total Equity Securities$159,378 $159,378 $— $— 
Short-Term Investments$275 $275 $— $— 
Money Market Accounts$17,962 $17,962 $— $— 
Corporate-Owned Life Insurance$11,568 $— $11,568 $— 
Total Assets Measured at Fair Value$1,780,531 $177,615 $1,596,652 $6,264 



December 31, 2022Fair Value Measurements
DescriptionTotalLevel 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 
Total Available-for-Sale Fixed Maturities$1,551,339 $— $1,544,863 $6,476 
EQUITY SECURITIES
Common stocks
Public utilities$14,846 $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 — — 
Total Equity Securities$169,106 $169,106 $— $— 
Short-Term Investments$275 $275 $— $— 
Money Market Accounts$31,289 $31,289 $— $— 
Corporate-Owned Life Insurance$10,588 $— $10,588 $— 
Total Assets Measured at Fair Value$1,762,597 $200,670 $1,555,451 $6,476 
Summary of Quantitative Information About Level 3 Fair Value Measurements
The following table provides quantitative information about our Level 3 securities at March 31, 2023:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value atValuation Technique(s)Unobservable inputsRange of weighted average significant unobservable inputs
March 31, 2023
Fixed Maturities corporate$5,413 Discounted cash flowDiscount Rates
3.5% - 7.5%
Fixed Maturities asset-backed securities851 Discounted cash flowProbability of default
4% - 6%
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 the three-month period ended March 31, 2023:

Corporate bonds Asset-backed securitiesEquitiesTotal
Beginning Balance at January 1, 2023$5,675 $801 $— $6,476 
Net unrealized gains (losses)(1)
(262)50 — (212)
Ending Balance at March 31, 2023
$5,413  $851 $— $6,264 
(1) Net 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 March 31, 2023 and December 31, 2022:
Commercial Mortgage Loans
March 31, 2023December 31, 2022
Loan-to-valueCarrying ValueCarrying Value
Less than 65%$29,113 $29,231 
65%-75%8,799 8,716 
Total amortized cost$37,912 $37,947 
Allowance for mortgage loan losses(49)(49)
Mortgage loans, net$37,863 $37,898 

Mortgage Loans by Region
March 31, 2023December 31, 2022
Carrying ValuePercent of TotalCarrying ValuePercent of Total
East North Central$3,245 8.6 %$3,245 8.6 %
Southern Atlantic9,351 24.6 9,397 24.7 
East South Central7,719 20.3 7,783 20.5 
New England6,588 17.4 6,588 17.4 
Middle Atlantic6,100 16.1 6,139 16.2 
Mountain1,992 5.3 1,992 5.2 
West North Central2,917 7.7 2,803 7.4 
Total mortgage loans at amortized cost$37,912 100.0 %$37,947 100.0 %
Mortgage Loans by Property Type
March 31, 2023December 31, 2022
Carrying ValuePercent of TotalCarrying ValuePercent of Total
Commercial   
Multifamily$8,593 22.7 %$8,493 22.4 %
Office11,189 29.4 11,267 29.7 
Industrial
10,038 26.5 10,056 26.5 
Retail
1,992 5.3 1,992 5.2 
Mixed use/Other
6,100 16.1 6,139 16.2 
Total mortgage loans at amortized cost$37,912 100.0 %$37,947 100.0 %
Summary of Amortized Cost Basis by Year of Origination and Credit Quality Indicator
Amortized Cost Basis by Year of Origination and Credit Quality Indicator
20232022202020192018Total
Commercial mortgage loans:
Risk Rating:
1-2 internal grade$128 $101 5,350 $7,959 $17,786 $31,324 
3-4 internal grade— — — — 6,588 6,588 
5 internal grade— — — — — — 
6 internal grade— — — — — — 
7 internal grade— — — — — — 
Total commercial mortgage loans$128 $101 $5,350 $7,959 $24,374 $37,912 
Current-period write-offs— — — — — — 
Current-period recoveries— — — — — — 
Current-period net write-offs$— $— $— $— $— $— 
Summary of Rollforward of Allowance for Mortgage Loan Losses As of March 31, 2023, 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
March 31, 2023
Beginning balance, January 1, 2023$49 
Current-period provision for expected credit losses— 
Ending balance of the allowance for mortgage loan losses, March 31, 2023
$49