Summary of Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Fair Value of Investments

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 September 30, 2024 and December 31, 2023, is provided below:

September 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	$	31,210	$	422	$	285	$	—	$	31,347
U.S. government agency	97,386		266		6,051		—		91,601
States, municipalities and political subdivisions
General obligations:
Midwest	22,123		27		24		—		22,126
Northeast	7,114		1		20		—		7,095
South	24,887		2		303		—		24,586
West	35,854		264		231		—		35,887
Special revenue:
Midwest	54,998		95		130		—		54,963
Northeast	30,469		133		260		—		30,342
South	95,356		149		1,280		—		94,225
West	53,163		99		452		—		52,810
Foreign bonds	24,065		155		720		—		23,500
Public utilities	129,472		894		6,513		—		123,853
Corporate bonds
Energy	43,392		239		1,404		—		42,227
Industrials	62,188		520		3,417		—		59,291
Consumer goods and services	115,261		987		5,725		—		110,523
Health care	43,432		172		3,736		—		39,868
Technology, media and telecommunications	89,224		533		4,704		—		85,053
Financial services	226,329		6,272		2,809		—		229,792
Mortgage-backed securities	335,311		7,263		1,919		—		340,655
Collateralized mortgage obligations
Government National Mortgage Association	139,946		375		11,568		—		128,753
Federal Home Loan Mortgage Corporation	67,781		41		11,480		—		56,342
Federal National Mortgage Association	44,303		176		3,656		—		40,823
Asset-backed securities	125,577		1,678		126		—		127,129
Total Available-for-Sale Fixed Maturities	$	1,898,841	$	20,763	$	66,813	$	—	$	1,852,791

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

	Available-For-Sale
September 30, 2024	Amortized Cost		Fair Value
Due in one year or less	$	95,223	$	94,437
Due after one year through five years	342,767		340,681
Due after five years through 10 years	413,613		398,765
Due after 10 years	334,320		325,206
Asset-backed securities	125,577		127,129
Mortgage-backed securities	335,311		340,655
Collateralized mortgage obligations	252,030		225,918
	$	1,898,841	$	1,852,791

Summary of Net Investment Gains and Losses

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net investment gains (losses):
Fixed maturities:
Available-for-sale	$	(1,731)	$	(19)	$	(5,776)	$	(445)
Allowance for credit losses	—		(125)		1		(123)
Equity securities
Net gains (losses) recognized on equity securities sold during the period	—		(2,085)		1,362		150
Unrealized gains (losses) recognized during the period on equity securities held at reporting date	—		204		—		(1,960)
Net gains (losses) recognized during the reporting period on equity securities	—		(1,881)		1,362		(1,810)
Mortgage loans allowance for credit losses	—		1		10		(5)
Other long-term investments	51		64		292		(245)
Real estate	—		—		—		47
Total net investment gains (losses)	$	(1,680)	$	(1,960)	$	(4,111)	$	(2,581)

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Proceeds from sales	$	163,380	$	4,940	$	397,379	$	48,749
Gross realized gains	362		—		1,859		121
Gross realized losses	(2,093)		19		(7,635)		566

Summary of Unrealized Gain and Loss

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

	Nine Months Ended September 30,
	2024		2023
Change in net unrealized investment gain (loss)
Available-for-sale fixed maturities	$	39,468	$	(44,087)
Income tax effect	(8,288)		9,258
Total change in net unrealized investment gain (loss), net of tax	$	31,180	$	(34,829)

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 September 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, September 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 September 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, such as 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.

September 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	—	$	—	$	—	7	$	14,984	$	285	$	14,984	$	285
U.S. government agency	—	—		—		23	73,449		6,051		73,449		6,051
States, municipalities and political subdivisions
General obligations
Midwest	2	2,658		2		2	3,117		22		5,775		24
Northeast	—	—		—		1	3,463		20		3,463		20
South	—	—		—		11	18,380		303		18,380		303
West	2	3,313		1		8	22,357		230		25,670		231
Special revenue
Midwest	5	10,957		33		11	21,577		97		32,534		130
Northeast	3	4,969		11		6	18,743		249		23,712		260
South	3	6,441		22		31	70,370		1,258		76,811		1,280
West	2	2,254		9		15	36,856		443		39,110		452
Foreign bonds	2	10,170		62		4	9,236		658		19,406		720
Public utilities	—	—		—		44	100,064		6,513		100,064		6,513
Corporate bonds
Energy	2	1,520		9		12	30,557		1,395		32,077		1,404
Industrials	1	2,523		22		18	40,991		3,395		43,514		3,417
Consumer goods and services	1	933		5		25	64,510		5,720		65,443		5,725
Health care	2	5,236		29		9	22,563		3,707		27,799		3,736
Technology, media and telecommunications	1	994		5		26	61,896		4,699		62,890		4,704
Financial services	1	1,988		8		29	77,715		2,801		79,703		2,809
Mortgage-backed securities	11	60,221		140		49	17,234		1,779		77,455		1,919
Collateralized mortgage obligations
Government National Mortgage Association	2	4,589		17		40	66,719		11,551		71,308		11,568
Federal Home Loan Mortgage Corporation	—	—		—		27	51,513		11,480		51,513		11,480
Federal National Mortgage Association	1	2,367		4		20	30,005		3,652		32,372		3,656
Asset-backed securities	7	16,568		100		1	2,476		26		19,044		126
Total Available-for-Sale Fixed Maturities	48	$	137,701	$	479	419	$	858,775	$	66,334	$	996,476	$	66,813

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

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 September 30, 2024 and December 31, 2023:

Commercial Mortgage Loans
	September 30, 2024		December 31, 2023
Loan-to-value	Carrying Value		Carrying Value
Less than 65%	$	32,610	$	36,762
65%-75%	8,516		8,659
Total amortized cost	$	41,126	$	45,421
Allowance for mortgage loan losses	(45)		(55)
Mortgage loans, net	$	41,081	$	45,366

Commercial Mortgage Loans by Region
	September 30, 2024				December 31, 2023
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
East North Central	$	3,231	7.9	%	$	3,245	7.1	%
Southern Atlantic	17,070		41.5		17,217		37.9
East South Central	7,326		17.8		7,526		16.6
New England	6,588		16.0		6,588		14.5
Middle Atlantic	2,090		5.1		5,979		13.2
Mountain	1,992		4.8		1,992		4.4
West North Central	2,829		6.9		2,874		6.3
Total mortgage loans at amortized cost	$	41,126	100.0	%	$	45,421	100.0	%

Commercial Mortgage Loans by Property Type
	September 30, 2024				December 31, 2023
	Carrying Value		Percent of Total		Carrying Value		Percent of Total
Commercial
Multifamily	$	8,406	20.5	%	$	8,507	18.7	%
Office	10,700		26.0		10,950		24.1
Industrial	9,930		24.1		9,985		22.0
Retail	10,000		24.3		10,000		22.0
Mixed use/Other	2,090		5.1		5,979		13.2
Total mortgage loans at amortized cost	$	41,126	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
	2023		2022		2020		2019		2018		Total
Commercial mortgage loans:
Risk Rating:
1-2 internal grade	$	8,134	$	99	5,175		$	7,769	$	13,361	$	34,538
3-4 internal grade	—		—		—		—		6,588		6,588
5 internal grade	—		—		—		—		—		—
6 internal grade	—		—		—		—		—		—
7 internal grade	—		—		—		—		—		—
Total commercial mortgage loans	$	8,134	$	99	$	5,175	$	7,769	$	19,949	$	41,126
Current-period write-offs	—		—		—		—		—		—
Current-period recoveries	—		—		—		—		—		—
Current-period net write-offs	$	—	$	—	$	—	$	—	$	—	$	—

Summary of Rollforward of Allowance for Mortgage Loan Losses

As of September 30, 2024, the Company had an allowance for mortgage loan losses of $45, summarized in the following rollforward:

Beginning balance, January 1, 2024	$	55
Current-period provision for expected credit losses
Write-off charged against the allowance, if any	—
Recoveries of amounts previously written off, if any	$	(10)
Ending balance, September 30, 2024	$	45