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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023 is as follows:
 March 31, 2024December 31, 2023
Fair ValueCarrying ValueFair ValueCarrying Value
Assets    
Investments    
Fixed maturities:
Available-for-sale securities$1,589,248 $1,589,248 $1,686,503 $1,686,502 
Equity securities— — 55,019 55,019 
Mortgage loans38,999 41,380 42,632 45,366 
Other long-term investments99,020 99,020 99,507 99,507 
Short-term investments100 100 100 100 
Cash and cash equivalents217,785 217,785 102,046 102,046 
Corporate-owned life insurance12,482 12,482 11,913 11,913 
Liabilities
Long Term Debt38,370 50,000 38,413 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, 2024 and December 31, 2023:

March 31, 2024Fair Value Measurements
DescriptionTotalLevel 1Level 2Level 3
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$50,598 $— $50,598 $— 
U.S. government agency88,595 — 88,595 — 
States, municipalities and political subdivisions
General obligations
Midwest47,988 — 47,988 — 
Northeast11,372 — 11,372 — 
South47,765 — 47,765 — 
West77,133 — 77,133 — 
Special revenue
Midwest100,703 — 100,703 — 
Northeast51,993 — 51,993 — 
South161,838 — 161,838 — 
West99,732 — 99,732 — 
Foreign bonds12,176 — 12,176 — 
Public utilities129,816 — 129,816 — 
Corporate bonds
Energy39,760 — 39,760 — 
Industrials54,918 — 54,918 — 
Consumer goods and services80,910 — 80,910 — 
Health care28,116 — 28,116 — 
Technology, media and telecommunications75,725 — 75,725 — 
Financial services116,771 — 116,771 — 
Mortgage-backed securities53,197 — 53,197 — 
Collateralized mortgage obligations
Government National Mortgage Association144,679 — 144,679 — 
Federal Home Loan Mortgage Corporation68,882 — 68,882 — 
Federal National Mortgage Association43,520 — 43,520 — 
Asset-backed securities3,061 — 2,785 276 
Total Available-for-Sale Fixed Maturities$1,589,248 $— $1,588,972 $276 
Short-Term Investments$100 $100 $— $— 
Money Market Accounts$38,096 $38,096 $— $— 
Corporate-Owned Life Insurance$12,482 $— $12,482 $— 
Total Assets Measured at Fair Value$1,639,926 $38,196 $1,601,454 $276 
December 31, 2023Fair Value Measurements
DescriptionTotalLevel 1Level 2Level 3
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$50,861 $— $50,861 $— 
U.S. government agency94,493 — 94,493 — 
States, municipalities and political subdivisions
General obligations
Midwest52,707 — 52,707 — 
Northeast11,380 — 11,380 — 
South54,207 — 54,207 — 
West77,426 — 77,426 — 
Special revenue
Midwest100,981 — 100,981 — 
Northeast52,227 — 52,227 — 
South164,266 — 164,266 — 
West101,565 — 101,565 — 
Foreign bonds19,172 — 19,172 — 
Public utilities140,467 — 140,467 — 
Corporate bonds
Energy43,473 — 43,473 — 
Industrials70,548 — 70,548 — 
Consumer goods and services95,921 — 95,921 — 
Health care33,472 — 33,472 — 
Technology, media and telecommunications81,788 — 81,788 — 
Financial services145,691 — 140,799 4,892 
Mortgage-backed securities21,483 — 21,483 — 
Collateralized mortgage obligations
Government National Mortgage Association153,206 — 153,206 — 
Federal Home Loan Mortgage Corporation71,685 — 66,862 4,823 
Federal National Mortgage Association45,653 — 45,653 — 
Asset-backed securities3,831 — 2,962 869 
Total Available-for-Sale Fixed Maturities$1,686,503 $— $1,675,919 $10,584 
EQUITY SECURITIES
Common stocks
Public utilities$3,993 $3,993 $— $— 
Energy9,477 9,477 — — 
Industrials14,164 14,164 — — 
Consumer goods and services11,385 11,385 — — 
Health care2,060 2,060 — — 
Technology, media and telecommunications6,405 6,405 — — 
Financial services7,535 7,535 — — 
Total Equity Securities$55,019 $55,019 $— $— 
Short-Term Investments$100 $100 $— $— 
Money Market Accounts$20,333 $20,333 $— $— 
Corporate-Owned Life Insurance$11,913 $— $11,913 $— 
Total Assets Measured at Fair Value$1,773,868 $75,452 $1,687,832 $10,584 
Summary of Financial Instruments Not Carried at Fair Value on Recurring Basis
The fair value of financial instruments that are not carried at fair value on a recurring basis in the financial statements at March 31, 2024 are summarized below:
DescriptionFair Value TotalLevel 1Level 2Level 3Net Asset Value
Financial assets:
Cash and cash equivalents$179,689 $99,947 $79,742 $— $— 
Other Long Term Investments$99,020 $— $1,277 $— $97,743 
Mortgage Loans$38,999 $— $— $38,999 $— 
Total Financial assets not accounted for at fair value$317,708 $99,947 $81,019 $38,999 $97,743 
Long Term Debt$38,370 $— $38,370 $— $— 
Total Financial liabilities not accounted for at fair value$38,370 $— $38,370 $— $— 
The fair value of financial instruments that are not carried at fair value on a recurring basis in the financial statements at December 31, 2023 are summarized below:
DescriptionFair Value TotalLevel 1Level 2Level 3Net Asset Value
Financial assets:
Cash and cash equivalents$81,713 $81,713 $— $— $— 
Other Long Term Investments$99,507 $— $1,249 $— $98,258 
Mortgage Loans$42,632 $— $— $42,632 $— 
Total Financial assets not accounted for at fair value$223,852 $81,713 $1,249 $42,632 $98,258 
Long Term Debt$38,413 $— $38,413 $— $— 
Total Financial liabilities not accounted for at fair value$38,413 $— $38,413 $— $— 
Summary of Quantitative Information About Level 3 Fair Value Measurements
The following table provides quantitative information about our Level 3 securities at March 31, 2024:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value atValuation Technique(s)Unobservable inputsRange of weighted average significant unobservable inputs
March 31, 2024
Fixed Maturities asset-backed securities276 Book ValueProbability of default
0% - 100%
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 the three-month period ended March 31, 2024:
Corporate bonds Asset-backed securitiesTotal
Beginning Balance - January 1, 2024$4,892 $5,692 $10,584 
Realized gains (losses)— — — 
Net unrealized gains (losses)(1)
— (593)(593)
Amortization— — — 
Purchases— — — 
Disposals— — — 
Transfers in— — — 
Transfers out(4,892)(4,823)(9,715)
Ending Balance - March 31, 2024$—  $276 $276 
(1) Net unrealized gains (losses) are recorded as a component of comprehensive income in the line item "Change in net unrealized gain (loss) on investments."
Summary of Carrying Value of Commercial Mortgage Loans and Additional Information
The following tables present the carrying value of our commercial mortgage loans and additional information at March 31, 2024 and December 31, 2023:
Commercial Mortgage Loans
March 31, 2024December 31, 2023
Loan-to-valueCarrying ValueCarrying Value
Less than 65%$32,814 $36,762 
65%-75%8,612 8,659 
Total amortized cost$41,426 $45,421 
Allowance for mortgage loan losses(46)(55)
Mortgage loans, net$41,380 $45,366 

Mortgage Loans by Region
March 31, 2024December 31, 2023
Carrying ValuePercent of TotalCarrying ValuePercent of Total
East North Central$3,245 7.8 %$3,245 7.1 %
Southern Atlantic17,168 41.4 17,217 37.9 
East South Central7,460 18.0 7,526 16.6 
New England6,588 16.0 6,588 14.5 
Middle Atlantic2,114 5.1 5,979 13.2 
Mountain1,992 4.8 1,992 4.4 
West North Central2,859 6.9 2,874 6.3 
Total mortgage loans at amortized cost$41,426 100.0 %$45,421 100.0 %
Mortgage Loans by Property Type
March 31, 2024December 31, 2023
Carrying ValuePercent of TotalCarrying ValuePercent of Total
Commercial   
Multifamily$8,478 20.5 %$8,507 18.7 %
Office10,867 26.2 10,950 24.1 
Industrial
9,967 24.1 9,985 22.0 
Retail
10,000 24.1 10,000 22.0 
Mixed use/Other
2,114 5.1 5,979 13.2 
Total mortgage loans at amortized cost$41,426 100.0 %$45,421 100.0 %
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$8,135 $99 5,234 $7,834 $13,536 $34,838 
3-4 internal grade— — — — 6,588 6,588 
5 internal grade— — — — — — 
6 internal grade— — — — — — 
7 internal grade— — — — — — 
Total commercial mortgage loans$8,135 $99 $5,234 $7,834 $20,124 $41,426 
Current-period write-offs— — — — — — 
Current-period recoveries— — — — — — 
Current-period net write-offs$— $— $— $— $— $— 
Summary of Rollforward of Allowance for Mortgage Loan Losses As of March 31, 2024, the Company had an allowance for mortgage loan losses of $46, summarized in the following rollforward:
Rollforward of allowance for mortgage loan losses:
As of
March 31, 2024
Beginning balance, January 1, 2024$55 
Recoveries of amounts previously written off, if any$(9)
Ending balance of the allowance for mortgage loan losses, March 31, 2024
$46