Summary of Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

A reconciliation of the amortized cost to fair value of investments in our available-for-sale fixed maturity portfolio, presented on a consolidated basis, as of June 30, 2024 and December 31, 2023, is provided below:


June 30, 2024
Type of Investment	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	$	51,211	$	56	$	618	$	—	$	50,649
U.S. government agency	97,438		57		9,154		—		88,341
States, municipalities and political subdivisions
General obligations:
Midwest	38,918		—		469		—		38,449
Northeast	7,121		—		122		—		6,999
South	36,875		—		768		—		36,107
West	58,789		35		939		—		57,885
Special revenue:
Midwest	64,440		2		729		—		63,713
Northeast	50,012		23		767		—		49,268
South	121,547		21		2,932		—		118,636
West	86,246		8		1,485		—		84,769
Foreign bonds	16,210		11		1,083		—		15,138
Public utilities	141,202		286		10,720		—		130,768
Corporate bonds
Energy	41,879		3		2,245		—		39,637
Industrials	58,647		86		5,011		—		53,722
Consumer goods and services	101,945		52		8,675		—		93,322
Health care	31,795		—		4,939		—		26,856
Technology, media and telecommunications	82,279		—		7,305		—		74,974
Financial services	233,099		852		6,379		—		227,572
Mortgage-backed securities	219,159		500		3,380		—		216,279
Collateralized mortgage obligations
Government National Mortgage Association	151,577		161		14,138		—		137,600
Federal Home Loan Mortgage Corporation	79,811		—		14,502		—		65,309
Federal National Mortgage Association	46,395		23		5,201		—		41,217
Asset-backed securities	78,987		123		187		—		78,923

Total Available-for-Sale Fixed Maturities	$	1,895,582	$	2,299	$	101,748	$	—	$	1,796,133


December 31, 2023
Type of Investment	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	$	51,211	$	325	$	675	$	—	$	50,861
U.S. government agency	102,540		255		8,302		—		94,493
States, municipalities and political subdivisions
General obligations:
Midwest	52,712		132		137		—		52,707
Northeast	11,422		1		43		—		11,380
South	54,560		47		400		—		54,207
West	77,874		23		471		—		77,426
Special revenue:
Midwest	101,037		302		358		—		100,981
Northeast	52,708		79		560		—		52,227
South	166,119		302		2,155		—		164,266
West	102,254		147		836		—		101,565
Foreign bonds	21,255		—		2,083		—		19,172
Public utilities	149,734		787		10,054		—		140,467
Corporate bonds
Energy	45,351		249		2,127		—		43,473
Industrials	74,760		727		4,939		—		70,548
Consumer goods and services	103,315		271		7,665		—		95,921
Health care	37,872		99		4,499		—		33,472
Technology, media and telecommunications	87,002		451		5,665		—		81,788
Financial services	152,329		743		7,381		1		145,690
Mortgage-backed securities	23,800		11		2,328		—		21,483
Collateralized mortgage obligations
Government National Mortgage Association	164,666		1,282		12,742		—		153,206
Federal Home Loan Mortgage Corporation	84,842		20		13,177		—		71,685
Federal National Mortgage Association	50,284		33		4,664		—		45,653
Asset-backed securities	3,394		524		87		—		3,831

Total Available-for-Sale Fixed Maturities	$	1,771,041	$	6,810	$	91,348	$	1	$	1,686,502

Summary of Maturities


Maturities
	Available-For-Sale
June 30, 2024	Amortized Cost		Fair Value
Due in one year or less	$	119,744	$	118,585
Due after one year through five years	418,408		406,880
Due after five years through 10 years	415,686		385,942
Due after 10 years	365,815		345,398
Asset-backed securities	78,987		78,923
Mortgage-backed securities	219,159		216,279
Collateralized mortgage obligations	277,783		244,126
	$	1,895,582	$	1,796,133

Summary of Net Investment Gains and Losses

A summary of the components of net investment gains (losses) is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net investment gains (losses):
Fixed maturities:
Available-for-sale	$	(1,382)	$	(248)	$	(4,044)	$	(426)
Allowance for credit losses	1		177		1		1



Equity securities
Net gains (losses) recognized on equity securities sold during the period	—		1,735		1,362		2,235
Unrealized gains (losses) recognized during the period on equity securities held at reporting date	—		(459)		—		(2,164)
Net gains (losses) recognized during the reporting period on equity securities	—		1,276		1,362		71
Mortgage loans allowance for credit losses	—		(6)		10		(6)
Other long-term investments	152		(122)		241		(308)




Real estate	—		47		—		47
Total net investment gains (losses)	$	(1,229)	$	1,124	$	(2,431)	$	(621)

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 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Proceeds from sales	$	145,621	$	33,941	$	233,999	$	43,809
Gross realized gains	133		110		1,498		121
Gross realized losses	1,515		358		5,542		547

Summary of Unrealized Gain and Loss

A summary of the changes in net unrealized investment gain (loss) during the reporting period is as follows:


	Six Months Ended June 30,
	2024		2023
Change in net unrealized investment gain (loss)
Available-for-sale fixed maturities	$	(13,958)	$	(919)
Income tax effect	2,931		193
Total change in net unrealized investment gain (loss), net of tax	$	(11,027)	$	(726)

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 June 30, 2024.



Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
	As of
	June 30, 2024
Beginning balance, January 1, 2024	$	1
Additions to the allowance for credit losses for which credit losses were not previously recorded
Reductions for securities sold during the period (realized)
Write-offs charged against the allowance
Recoveries of amounts previously written off	(1)
Ending balance, June 30, 2024	$	—

Summary of Fixed Maturities Unrealized Loss

The following tables summarize our fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at June 30, 2024 and December 31, 2023. 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.



June 30, 2024	Less than 12 months					12 months or longer					Total
Type of Investment	Number of Issues	Fair Value		Gross Unrealized Loss		Number of Issues	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	2	$	24,891	$	47	8	$	16,856	$	571	$	41,747	$	618
U.S. government agency	4	13,890		91		23	70,493		9,063		84,383		9,154
States, municipalities and political subdivisions
General obligations
Midwest	7	18,941		123		7	18,388		346		37,329		469
Northeast	9	3,566		64		1	3,433		58		6,999		122
South	4	8,914		59		14	26,042		709		34,956		768
West	6	9,558		46		12	36,434		893		45,992		939
Special revenue
Midwest	14	23,903		238		18	33,974		491		57,877		729
Northeast	3	6,844		28		13	32,544		739		39,388		767
South	13	24,560		213		42	89,295		2,719		113,855		2,932
West	14	17,608		207		30	63,881		1,278		81,489		1,485
Foreign bonds	—	—		—		5	11,190		1,083		11,190		1,083
Public utilities	5	12,656		148		48	107,286		10,572		119,942		10,720
Corporate bonds
Energy	3	7,613		52		13	31,759		2,193		39,372		2,245
Industrials	1	2,931		63		19	40,660		4,948		43,591		5,011
Consumer goods and services	6	11,860		155		29	76,528		8,520		88,388		8,675
Health care	3	5,412		95		9	21,444		4,844		26,856		4,939
Technology, media and telecommunications	4	13,285		344		27	61,689		6,961		74,974		7,305
Financial services	13	69,749		557		38	100,662		5,822		170,411		6,379
Mortgage-backed securities	18	128,323		777		50	17,020		2,603		145,343		3,380
Collateralized mortgage obligations
Government National Mortgage Association	11	39,696		304		41	69,975		13,834		109,671		14,138
Federal Home Loan Mortgage Corporation	1	2,528		12		32	62,781		14,490		65,309		14,502
Federal National Mortgage Association	3	5,464		74		20	30,266		5,127		35,730		5,201
Asset-backed securities	6	22,483		115		1	2,612		72		25,095		187

Total Available-for-Sale Fixed Maturities	150	$	474,675	$	3,812	500	$	1,025,212	$	97,936	$	1,499,887	$	101,748



December 31, 2023	Less than 12 months					12 months or longer					Total
Type of Investment	Number of Issues	Fair Value		Gross Unrealized Loss		Number of Issues	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury	2	$	4,138	$	46	6	$	12,717	$	629	$	16,855	$	675
U.S. government agency	3	10,986		14		23	71,375		8,288		82,361		8,302
States, municipalities and political subdivisions
General obligations
Midwest	11	19,534		61		3	10,737		76		30,271		137
Northeast	3	5,371		8		1	3,469		35		8,840		43
South	12	21,753		91		9	16,610		309		38,363		400
West	17	38,204		140		7	20,064		331		58,268		471
Special revenue
Midwest	17	29,535		113		11	23,375		245		52,910		358
Northeast	6	15,131		67		8	24,271		493		39,402		560
South	21	45,639		232		32	66,925		1,923		112,564		2,155
West	20	32,789		248		16	38,495		588		71,284		836
Foreign bonds	—	—		—		9	19,172		2,083		19,172		2,083
Public utilities	4	7,151		74		48	111,793		9,980		118,944		10,054
Corporate bonds
Energy	—	—		—		15	34,331		2,127		34,331		2,127
Industrials	1	1,210		19		21	47,462		4,920		48,672		4,939
Consumer goods and services	4	14,724		98		28	68,837		7,567		83,561		7,665
Health care	1	3,000		2		11	26,544		4,497		29,544		4,499
Technology, media and telecommunications	1	3,969		35		27	62,988		5,630		66,957		5,665
Financial services	5	14,327		223		44	112,517		7,158		126,844		7,381
Mortgage-backed securities	3	2,783		33		48	15,758		2,295		18,541		2,328
Collateralized mortgage obligations
Government National Mortgage Association	2	7,055		27		40	72,565		12,715		79,620		12,742
Federal Home Loan Mortgage Corporation	2	2,589		22		31	66,361		13,155		68,950		13,177
Federal National Mortgage Association	2	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 Maturities	137	$	285,342	$	1,608	459	$	960,788	$	89,740	$	1,246,130	$	91,348