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Summary of Investments (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024, is provided below:
March 31, 2025
Type of InvestmentAmortized CostGross Unrealized GainGross Unrealized LossAllowance for Credit LossesFair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies$125,187 $415 $7,208 $— $118,394 
States, municipalities and political subdivisions267,816 354 4,739 — 263,431 
Corporate705,122 3,342 32,271 — 676,193 
Residential mortgage-backed632,776 4,201 31,227 — 605,750 
Commercial mortgage-backed129,682 1,139 272 — 130,549 
Other asset-backed136,693 810 729 — 136,774 
Total Available-for-Sale Fixed Maturities$1,997,276 $10,261 $76,446 $— $1,931,091 

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 Available-for-Sale Fixed Maturities$1,961,531 $3,640 $96,840 $— $1,868,331 
Summary of Maturities
Available-For-Sale
March 31, 2025Amortized Cost Fair Value
Due in one year or less$115,148  $114,493 
Due after one year through five years292,128  289,670 
Due after five years through 10 years448,095  429,457 
Due after 10 years242,754  224,398 
Asset-backed securities899,151 873,073 
 $1,997,276  $1,931,091 
Summary of Unrealized Gain and Loss A summary of changes in net unrealized investment gain (loss), net of taxes, during the reporting period is as follows:
 Three months ended March 31,
2025 2024
Change in net unrealized investment gain (loss)   
Available-for-sale fixed maturities$25,998 $(8,532)
Income tax effect(5,459)1,792 
Total change in net unrealized investment gain (loss), net of tax$20,539  $(6,740)
Summary of Fixed Maturities Unrealized Loss
The following tables summarize our fixed maturity securities that were in an unrealized loss position at March 31, 2025 and December 31, 2024. The securities are presented by the length of time they have been continuously in an unrealized loss position.
March 31, 2025Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Loss		Number
of Issues		Fair
Value		Gross Unrealized LossFair
Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies— $— $— 26 $79,450 $7,208 $79,450 $7,208 
States, municipalities and political subdivisions4869,217 652 73138,291 4,087 207,508 4,739 
Corporate57142,880 2,037 135330,985 30,234 473,865 32,271 
Residential mortgage-backed43 101,485 1,589 118 145,546 29,638 247,031 31,227 
Commercial mortgage-backed6 20,452 272 — — — 20,452 272 
Other asset-backed17 50,630 246 3 3,745 483 54,375 729 
Total Available-for-Sale171 $384,664 $4,796 $355 $698,017 $71,650 $1,082,681 $76,446 
December 31, 2024Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Loss		Number
of Issues		Fair
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 subdivisions67 92,003 1,159 72 135,350 3,925 227,353 5,084 
Corporate73 203,142 4,474 154 370,211 36,159 573,352 40,633 
Residential mortgage-backed79 318,810 4,549 131 151,879 36,335 470,689 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 Available-for-Sale242 $670,804 $11,097 387 $744,741 $85,743 $1,415,544 $96,840 
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, 2025 and December 31, 2024:
Commercial Mortgage Loans
March 31, 2025December 31, 2024
Loan-to-valueCarrying ValueCarrying Value
Less than 65%$32,387 $32,499 
65%-75%8,419 8,468 
Total amortized cost$40,806 $40,967 
Allowance for mortgage loan losses(41)(45)
Mortgage loans, net$40,765 $40,922 
Commercial Mortgage Loans by Region
March 31, 2025December 31, 2024
Carrying ValuePercent of TotalCarrying ValuePercent of Total
East North Central$3,204 7.9 %$3,218 7.9 %
Southern Atlantic16,970 41.5 17,021 41.4 
East South Central7,188 17.6 7,257 17.7 
New England6,588 16.1 6,588 16.1 
Middle Atlantic2,066 5.1 2,078 5.1 
Mountain1,992 4.9 1,992 4.9 
West North Central2,798 6.9 2,813 6.9 
Total mortgage loans at amortized cost$40,806 100.0 %$40,967 100.0 %
Commercial Mortgage Loans by Property Type
March 31, 2025December 31, 2024
Carrying ValuePercent of TotalCarrying ValuePercent of Total
Commercial   
Multifamily$8,318 20.4 %$8,362 20.4 %
Office10,529 25.8 10,615 25.9 
Industrial
9,893 24.2 9,912 24.2 
Retail
10,000 24.5 10,000 24.4 
Mixed use/Other
2,066 5.1 2,078 5.1 
Total mortgage loans at amortized cost$40,806 100.0 %$40,967 100.0 %
Summary of Amortized Cost Basis by Year of Origination and Credit Quality Indicator The table below shows mortgage loans by year of origination as we have had no new mortgage loans during 2024 or 2025.
Amortized Cost Basis by Year of Origination and Credit Quality Indicator
20232022202020192018Total
Commercial mortgage loans:
Risk Rating:
1-2 internal grade$8,133 $98 5,113 $7,705 $13,169 $34,218 
3-4 internal grade— — — — 6,588 6,588 
5 internal grade— — — — — — 
6 internal grade— — — — — — 
7 internal grade— — — — — — 
Total commercial mortgage loans$8,133 $98 $5,113 $7,705 $19,757 $40,806 
Current-period write-offs$— $— $— $— $— $— 
Current-period recoveries— — — — — — 
Current-period net write-offs$— $— $— $— $— $— 
Summary of Rollforward of Allowance for Mortgage Loan Losses As of March 31, 2025, the Company had an allowance for mortgage loan losses of $41, summarized in the following rollforward:
Beginning balance, January 1, 2025$45 
Current-period provision for expected credit losses— 
Write-off charged against the allowance, if any— 
Recoveries of amounts previously written off, if any$(4)
Ending balance, March 31, 2025
$41 
Summary of Net Investment Gains and Losses
Details of net investment gains (losses) reported on the accompanying Consolidated Statements of Income were as follows:
Three months ended March 31,
2025 2024
Net investment gains (losses):   
Fixed maturities:
Available-for-sale$(797)$(2,662)
Allowance for credit losses— — 
Equity securities
Net gains (losses) recognized on equity securities sold during the period— 1,362 
Unrealized gains (losses) recognized during the period on equity securities held at reporting date— — 
Net gains (losses) recognized during the reporting period on equity securities— 1,362 
Mortgage loans allowance for credit losses4 9 
Other long-term investments39  89 
Total net investment gains (losses)$(754) $(1,202)
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 March 31,
2025 2024
Proceeds from sales$24,318  $88,378 
Gross realized gains24  1,365 
Gross realized losses821  4,027 
Summary of Net Investment Income
Net investment income is comprised of the following:

Investment Results
Three Months Ended March 31,
20252024
Investment income:
Interest on fixed maturities$21,124 $15,160 
Dividends on equity securities— 341 
Income on other long-term investments1,793 (242)
Other3,619 3,898 
Total investment income$26,536 $19,157 
Less investment expenses3,078 2,815 
Net investment income$23,458 $16,342