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Summary of Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary of Fair Value of Investments
The table that follows is a reconciliation of the amortized cost to fair value of investments in available-for-sale fixed maturity securities, presented on a consolidated basis as of December 31, 2023 and 2022.
December 31, 2023
Type of InvestmentCost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair ValueAllowance for Credit LossesCarrying Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$51,211 $325 $675 $50,861 $— $50,861 
U.S. government agency102,540 255 8,302 94,493 — 94,493 
States, municipalities and political subdivisions
General obligations:
Midwest52,712 132 137 52,707 — 52,707 
Northeast11,422 1 43 11,380 — 11,380 
South54,560 47 400 54,207 — 54,207 
West77,874 23 471 77,426 — 77,426 
Special revenue:
Midwest101,037 302 358 100,981 — 100,981 
Northeast52,708 79 560 52,227 — 52,227 
South166,119 302 2,155 164,266 — 164,266 
West102,254 147 836 101,565 — 101,565 
Foreign bonds21,255 — 2,083 19,172 — 19,172 
Public utilities149,734 787 10,054 140,467 — 140,467 
Corporate bonds
Energy45,351 249 2,127 43,473 — 43,473 
Industrials74,760 727 4,939 70,548 — 70,548 
Consumer goods and services103,315 271 7,665 95,921 — 95,921 
Health care37,872 99 4,499 33,472 — 33,472 
Technology, media and telecommunications87,002 451 5,665 81,788 — 81,788 
Financial services152,329 743 7,381 145,691 1 145,690 
Mortgage-backed securities23,800 11 2,328 21,483 — 21,483 
Collateralized mortgage obligations
Government national mortgage association164,666 1,282 12,742 153,206 — 153,206 
Federal home loan mortgage corporation84,842 20 13,177 71,685 — 71,685 
Federal national mortgage association50,284 33 4,664 45,653 — 45,653 
Asset-backed securities3,394 524 87 3,831 — 3,831 
Total Available-for-Sale Fixed Maturities$1,771,041 $6,810 $91,348 $1,686,503 $1 $1,686,502 
December 31, 2022
Type of InvestmentCost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair ValueAllowance for Credit LossesCarrying Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$15,684 $— $1,009 $14,675 $— $14,675 
U.S. government agency94,092 35 9,721 84,406 — 84,406 
States, municipalities and political subdivisions
General obligations:
Midwest61,191 185 263 61,113 — 61,113 
Northeast15,518 18 73 15,463 — 15,463 
South64,851 57 927 63,981 — 63,981 
West87,094 163 712 86,545 — 86,545 
Special revenue:
Midwest103,107 224 1,065 102,266 — 102,266 
Northeast55,292 76 1,148 54,220 — 54,220 
South184,108 278 3,529 180,857 — 180,857 
West113,594 275 1,657 112,212 — 112,212 
Foreign bonds36,129 — 4,480 31,649 — 31,649 
Public utilities138,752 65 13,406 125,411 — 125,411 
Corporate bonds
Energy36,507 — 3,298 33,209 — 33,209 
Industrials58,334 62 5,554 52,842 — 52,842 
Consumer goods and services100,539 — 10,598 89,941 — 89,941 
Health care32,987 24 5,419 27,592 — 27,592 
Technology, media and telecommunications67,193 — 7,253 59,940 — 59,940 
Financial services132,849 851 9,408 124,292 3 124,289 
Mortgage-backed securities20,450 — 2,750 17,700 — 17,700 
Collateralized mortgage obligations
Government national mortgage association97,839 — 13,291 84,548 — 84,548 
Federal home loan mortgage corporation92,366 — 13,528 78,838 — 78,838 
Federal national mortgage association50,272 5 4,891 45,386 — 45,386 
Asset-backed securities3,932 466 145 4,253 — 4,253 
Total Available-for-Sale Fixed Maturities$1,662,680 $2,784 $114,125 $1,551,339 $3 $1,551,336 
Summary of Maturities
The amortized cost and fair value of available-for-sale fixed maturity securities at December 31, 2023, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity.
Maturities
 Available-For-Sale
December 31, 2023 Amortized Cost Fair Value
Due in one year or less $74,293  $74,066 
Due after one year through five years 524,463  515,126 
Due after five years through 10 years 523,999  496,643 
Due after 10 years 321,300  304,810 
Asset-backed securities3,394 3,831 
Mortgage-backed securities 23,800  21,483 
Collateralized mortgage obligations 299,792  270,544 
  $1,771,041  $1,686,503 
Summary of Net Realized Investment Gains (Losses) A summary of net investment gains (losses) for 2023, 2022 and 2021, is as follows:
2023 20222021
Net investment gains (losses)   
Fixed maturities:
Available-for-sale$(442)$(1,397)$(277)
Allowance for Credit Losses1 (3)5 
Equity securities:
Net gains (losses) recognized on equity securities sold during the period150 (1,767)14,444 
Unrealized gains (losses) recognized during the period on equity securities still held at reporting date1,842 (12,802)30,682 
Net gains (losses) recognized during the reporting period on equity securities1,992 (14,569)45,126 
Mortgage loans(5)109 5 
Other long-term assets(319) (267)2,780 
Real Estate47 235 (256)
   Total net investment gains (losses)$1,274 $(15,892)$47,383 
Summary of Proceeds and Gross Realized Gains (Losses)
The proceeds and gross realized gains (losses) on the sale of available-for-sale fixed maturity securities for 2023, 2022 and 2021, are as follows:
2023 20222021
Proceeds from sales$77,388  $83,559 $180,514 
Gross realized gains265  459 843 
Gross realized losses707  1,857 1,120 
Summary of Net Investment Income
Net investment income for the years ended December 31, 2023, 2022 and 2021, is comprised of the following:
Years Ended December 31,2023 20222021
Investment income:
Interest on fixed maturities$56,243 $48,702 $43,224 
Dividends on equity securities3,548 5,163 5,031 
Income on other long-term investments
Investment income2,833 4,742 4,481 
Change in value (1)
(2,864)(7,930)9,699 
Interest on mortgage loans1,889 1,897 1,995 
Interest on short-term investments1,068 354 18 
Interest on cash and cash equivalents2,228 740 252 
Other4,139 780 152 
Total investment income$69,084 $54,448 $64,852 
Less investment expenses9,478 9,516 9,074 
Net investment income$59,606 $44,932 $55,778 
(1)Represents the change in value of our interests in limited liability partnerships that are recorded on the equity method of accounting.
Summary of Rollforward of Allowance for Credit Losses for Available-for-Sale Fixed Maturity Securities The following table contains a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities at December 31, 2023:
Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
As of
December 31, 2023
Beginning balance, January 1, 2023$3 
Additions to the allowance for credit losses for which credit losses were not previously recorded$— 
Reductions for securities sold during the period (realized)— 
Writeoffs charged against the allowance— 
Recoveries of amounts previously written off(2)
Ending balance, December 31, 2023$1 
Summary of Changes in Net Unrealized Investment Appreciation
A summary of changes in net unrealized investment appreciation for 2023, 2022 and 2021, is as follows:
2023 20222021
Change in net unrealized investment appreciation (depreciation)   
Available-for-sale fixed maturities$27,091 $(174,858)$(42,159)
Income tax effect(5,689) 36,720 8,858 
Total change in net unrealized investment appreciation (depreciation), net of tax$21,402  $(138,138)$(33,301)
Summary of Investments in Unrealized Loss Position
The following tables summarize our fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at December 31, 2023 and 2022. The securities are presented by the length of time they have been continuously in an unrealized loss position. Non-credit related unrealized losses are recognized as a component of other comprehensive income and represent other market movements that are not credit related, for example, interest rate changes. We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature.
December 31, 2023Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Depreciation		Number
of Issues		Fair
Value		Gross Unrealized DepreciationFair
Value		Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury2 $4,138 $46 6 $12,717 $629 $16,855 $675 
U.S. government agency3 10,986 14 23 71,375 8,288 82,361 8,302 
States, municipalities and political subdivisions
General obligations:
Midwest11 19,534 61 310,7377630,271 137 
Northeast3 5,371 8 13,469358,840 43 
South12 21,753 91 916,61030938,363 400 
West17 38,204 140 720,06433158,268 471 
Special revenue:
Midwest17 29,535 113 1123,37524552,910 358 
Northeast6 15,131 67 824,27149339,402 560 
South21 45,639 232 32 66,925 1,923 112,564 2,155 
West20 32,789 248 16 38,49558871,284 836 
Foreign bonds— — — 9 19,172 2,083 19,172 2,083 
Public utilities4 7,151 74 48 111,793 9,980 118,944 10,054 
Corporate bonds
Energy— — — 15 34,331 2,127 34,331 2,127 
Industrials1 1,210 19 21 47,462 4,920 48,672 4,939 
Consumer goods and services4 14,724 98 28 68,837 7,567 83,561 7,665 
Health care1 3,000 2 11 26,544 4,497 29,544 4,499 
Technology, media and telecommunications1 3,969 35 27 62,988 5,630 66,957 5,665 
Financial services5 14,327 223 44 112,517 7,158 126,844 7,381 
Mortgage-backed securities3 2,783 33 48 15,758 2,295 18,541 2,328 
Collateralized mortgage obligations
Government National Mortgage Association2 7,055 27 40 72,565 12,715 79,620 12,742 
Federal Home Loan Mortgage Corporation2 2,589 22 31 66,361 13,155 68,950 13,177 
Federal National Mortgage Association2 5,454 55 20 31,460 4,609 36,914 4,664 
Asset-backed securities— — — 1 2,962 87 2,962 87 
Total Available-for-Sale Fixed Maturities137 $285,342 $1,608 459 $960,788 $89,740 $1,246,130 $91,348 

The unrealized losses on our investments in available-for-sale fixed maturities were the result of interest rate movements. We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature.
December 31, 2022Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized DepreciationNumber
of Issues		Fair
Value		Gross Unrealized DepreciationFair
Value		Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury4 $6,656 $212 4 $8,019 $797 $14,675 $1,009 
U.S. government agency24 70,158 5,606 3 11,242 4,115 81,400 9,721 
States, municipalities and political subdivisions
South58 126,388 3,124 1 866 405 127,254 3,529 
Foreign bonds9 21,377 1,861 5 10,272 2,619 31,649 4,480 
Public utilities45 101,867 8,737 9 19,979 4,669 121,846 13,406 
Corporate bonds
Energy15 28,612 1,930 1 4,597 1,368 33,209 3,298 
Industrials21 43,639 3,542 4 7,049 2,012 50,688 5,554 
Consumer goods and services28 69,320 4,440 7 20,620 6,157 89,940 10,597 
Health care5 9,829 487 6 15,928 4,933 25,757 5,420 
Technology, media and telecommunications23 49,970 3,279 5 9,970 3,974 59,940 7,253 
Financial services40 101,411 6,997 5 11,236 2,208 112,647 9,205 
Mortgage-backed securities38 7,909 1,056 12 9,791 1,693 17,700 2,749 
Collateralized mortgage obligations
Government National Mortgage Association29 48,898 4,500 12 35,650 8,791 84,548 13,291 
Federal Home Loan Mortgage Corporation21 35,456 5,629 19 43,383 7,900 78,839 13,529 
Federal National Mortgage Association14 24,146 1,281 7 16,674 3,611 40,820 4,892 
Total Available-for-Sale Fixed Maturities534 $1,085,847 $58,671 100 $225,276 $55,252 $1,311,123 $113,923