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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023.

December 31, 2024
Type of InvestmentAmortized CostGross Unrealized GainGross Unrealized LossAllowance for Credit LossesFair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies$126,402 $153 $9,255 $— $117,301 
States, municipalities and political subdivisions252,936 52 5,084 — 247,904 
Corporate728,662 1,354 40,633 — 689,382 
Residential mortgage-backed623,431 864 40,884 — 583,411 
Commercial mortgage-backed102,975 624 44 — 103,554 
Other asset-backed127,125 593 940 — 126,779 
Total asset-backed$853,531 $2,081 $41,868 $— $813,744 
Total Available-for-Sale $1,961,531 $3,640 $96,840 $— $1,868,331 


December 31, 2023
Type of InvestmentAmortized CostGross Unrealized GainGross Unrealized LossAllowance for Credit LossesFair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies$153,751 $580 $8,977 $— $145,354 
Foreign government— — — — — 
States, municipalities and political subdivisions618,686 1,033 4,960 — 614,759 
Corporate671,618 3,32744,413 1 630,532 
Asset-backed:— 
Residential mortgage-backed323,592 1,346 32,911 — 292,027 
Commercial mortgage-backed— — — — — 
Other asset-backed3,394 524 87 — 3,831 
Total asset-backed$326,986 $1,870 $32,998 $— $295,858 
Total Available-for-Sale$1,771,041 $6,810 $91,348 $1 $1,686,503 
Summary of Maturities
 Available-For-Sale
December 31, 2024 Amortized Cost Fair Value
Due in one year or less $113,847  $113,124 
Due after one year through five years 301,844  296,271 
Due after five years through 10 years 390,686  364,810 
Due after 10 years 301,623  280,382 
Asset-backed securities853,531 813,744 
  $1,961,531  $1,868,331 
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, 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)— 
Writeoffs charged against the allowance— 
Recoveries of amounts previously written off(1)
Ending balance, December 31, 2024$— 
Summary of Unrealized Gain and Loss A summary of changes in net unrealized investment gain (loss), net of taxes, for 2024, 2023 and 2022, is as follows:
2024 20232022
Change in net unrealized investment gain (loss)   
Available-for-sale fixed maturities$(6,675)$27,091 $(174,858)
Income tax effect1,402  (5,689)36,720 
Total change in net unrealized investment gain (loss), net of tax$(5,273) $21,402 $(138,138)
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 December 31, 2024 and 2023. The securities are presented by the length of time they have been continuously in an unrealized loss position.
December 31, 2024Less than 12 months12 months or longerTotal
Type of InvestmentNumber of IssuesFair
Value		Gross Unrealized
Loss		Number of IssuesFair
Value		Gross Unrealized LossFair
Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies5 $16,006 $67 28 $83,386 $9,188 $99,392 $9,255 
States, municipalities and political subdivisions6792,003 1,159 72135,350 3,925 227,353 5,084 
Corporate73203,142 4,474 154370,211 36,159 573,352 40,633 
Asset-backed:
Residential mortgage-backed79 318,810 4,549 131 151,87936,335 470,689 40,884 
Commercial mortgage-backed4 8,198 44 — ——8,198 44 
Other asset-backed14 32,645 804 2 3,915 136 36,560 940 
Total asset-backed97 $359,653 $5,397 133 $155,794 $36,471 $515,447 $41,868 
Total Available-for-Sale242 $670,804 $11,097 387 $744,741 $85,743 $1,415,544 $96,840 
December 31, 2023Less than 12 months12 months or longerTotal
Type of InvestmentNumber of IssuesFair
Value		Gross Unrealized
Loss		Number of IssuesFair
Value		Gross Unrealized LossFair
Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies5 $15,124 $60 29 $84,092 $8,917 $99,216 $8,977 
States, municipalities and political subdivisions107 207,956 960 87 203,946 4,000 411,902 4,960 
Corporate16 44,381 451 203 483,644 43,962 528,025 44,413 
Asset-backed:
Residential mortgage-backed9 17,881 137 139 186,144 32,774 204,025 32,911 
Other asset-backed— — — 1 2,962 87 2,962 87 
Total asset-backed9 $17,881 $137 140 $189,106 $32,861 $206,987 $32,998 
Total Available-for-Sale137 $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 at December 31, 2024 and 2023:
Commercial Mortgage Loans
Loan-to-valueDecember 31, 2024December 31, 2023
Less than 65%$32,499 36,762 
65%-75%8,468 8,659 
Total mortgage loans, gross of valuation allowance$40,967 $45,421 
Valuation allowance(45)(55)
Total mortgage loans, net of valuation allowance$40,922 $45,366 
Mortgage Loans by Region
December 31, 2024December 31, 2023
Carrying ValuePercent of TotalCarrying ValuePercent of Total
U.S. Region
East North Central$3,218 7.9 %$3,245 7.1 %
Southern Atlantic17,021 41.4 17,217 37.9 
East South Central7,257 17.7 7,526 16.6 
New England6,588 16.1 6,588 14.5 
Middle Atlantic2,078 5.1 5,979 13.2 
Mountain1,992 4.9 1,992 4.4 
West North Central2,813 6.9 2,874 6.3 
Total mortgage loans at amortized cost$40,967 100.0 %$45,421 100.0 %
Mortgage Loans by Property Type
December 31, 2024December 31, 2023
Carrying ValuePercent of TotalCarrying ValuePercent of Total
Property Type   
Multifamily$8,362 20.4 %$8,507 18.7 %
Office10,615 25.9 10,950 24.1 
Industrial9,912 24.2 9,985 22.0 
Retail10,000 24.4 10,000 22.0 
Mixed use/Other2,078 5.1 5,979 13.2 
Total mortgage loans at amortized cost$40,967 100.0 %$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
Risk Rating
1-2 internal grade$8,134 $98 $5,144 $7,737 $13,266 $34,379 
3-4 internal grade— — — — 6,588 6,588 
5 internal grade— — — — — — 
6 internal grade— — — — — — 
7 internal grade— — — — — — 
Total commercial mortgage loans$8,134 $98 $5,144 $7,737 $19,854 $40,967 
Current-period write-offs— — — — — — 
Current-period recoveries— — — — — — 
Current-period net write-offs$— $— $— $— $— $— 
Summary of Rollforward of Allowance for Mortgage Loan Losses As of December 31, 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, December 31, 2024$45 
Summary of Net Investment Gains and Losses
Details of net investment gains (losses) reported on the accompanying Consolidated Statements of Income were as follows:
2024 20232022
Fixed maturity, available-for-sale securities:
Net realized gains (losses) on fixed maturity, available-for-sale securities$(7,274)$(442)$(1,397)
Change in allowance for credit losses1 1 (3)
Equity securities:
Net realized gains (losses) on equity securities sold1,362 150 (1,767)
Unrealized gains (losses) on equity securities still held at reporting date— 1,842 (12,802)
Net gains (losses) recognized on equity securities1,362 1,992 (14,569)
Net realized gains (losses) on mortgage loans10 (5)109 
Net realized gains (losses) on other long-term assets472  (319)(267)
Net realized gains (losses) on real estate— 47 235 
   Total net investment gains (losses)$(5,429)$1,274 $(15,892)
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 the years ended December 31, 2024, 2023 and 2022 are as follows:
2024 20232022
Proceeds from sales$491,771  $77,388 $83,559 
Gross realized gains2,127  265 459 
Gross realized losses9,401  707 1,857 
Summary of Net Investment Income
Net investment income for the years ended December 31, 2024, 2023 and 2022, is comprised of the following:
Years Ended December 31,2024 20232022
Investment income:
Interest on fixed maturities$69,703 $56,243 $48,702 
Dividends on equity securities341 3,548 5,163 
Income on other long-term investments
Investment income6,492 2,833 4,742 
Change in value (1)
1,447 (2,864)(7,930)
Interest on mortgage loans1,852 1,889 1,897 
Interest on short-term investments3,048 1,068 354 
Interest on cash and cash equivalents5,045 2,228 740 
Other5,006 4,139 780 
Total investment income$92,934 $69,084 $54,448 
Less investment expenses10,948 9,478 9,516 
Net investment income$81,986 $59,606 $44,932 
(1)Represents the change in value of our interests in limited liability partnerships that are recorded on the equity method of accounting.