Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments

Gross unrealized gains and losses on investments in securities

	As of December 31, 2021
	Cost or		Allowance for		Gross Unrealized				Estimated
	Amortized		Expected Credit						Fair
	Cost		Losses		Gains		Losses  (3)		Value
U.S. Treasury securities	$	318	$	—	$	6	$	—	$	324
Obligations of states and political subdivisions		111,578		—		4,847		(123)		116,302
Residential mortgage-backed securities (1)		237,026		—		5,941		(1,503)		241,464
Commercial mortgage-backed securities		146,318		—		5,007		(442)		150,883
Other asset-backed securities		83,376		—		475		(255)		83,596
Corporate and other securities		609,241		(691)		20,647		(3,487)		625,710
Subtotal, fixed maturity securities		1,187,857		(691)		36,923		(5,810)		1,218,279
Equity securities (2)		211,848		—		54,861		(1,764)		264,945
Other invested assets (4)		87,911		—		—		—		87,911
Totals	$	1,487,616	$	(691)	$	91,784	$	(7,574)	$	1,571,135

	As of December 31, 2020
	Cost or		Allowance for		Gross Unrealized				Estimated
	Amortized		Expected Credit						Fair
	Cost		Losses		Gains		Losses  (3)		Value
U.S. Treasury securities	$	1,821	$	—	$	44	$	—	$	1,865
Obligations of states and political subdivisions		214,647		—		7,745		(3)		222,389
Residential mortgage-backed securities (1)		229,910		—		11,701		(14)		241,597
Commercial mortgage-backed securities		115,575		—		10,460		—		126,035
Other asset-backed securities		72,756		—		531		(163)		73,124
Corporate and other securities		555,242		(1,054)		38,415		(960)		591,643
Subtotal, fixed maturity securities		1,189,951		(1,054)		68,896		(1,140)		1,256,653
Short term investments		441		—		—		—		441
Equity securities (2)		168,289		—		38,676		(1,711)		205,254
Other invested assets (4)		45,239		—		—		—		45,239
Totals	$	1,403,920	$	(1,054)	$	107,572	$	(2,851)	$	1,507,587

(1) Residential mortgage-backed securities consists primarily of obligations of U.S. Government agencies including collateralized mortgage obligations issued, guaranteed and/or insured by the following issuers: Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA) and the Federal Home Loan Bank (FHLB).

(2) Equity securities include common stock, preferred stock, mutual funds and interests in mutual funds held to fund the Company’s executive deferred compensation plan.

(3) The Company’s investment portfolio included 444 and 270 securities in an unrealized loss position at December 31, 2021 and December 31, 2020, respectively.

(4) Other invested assets are accounted for under the equity method which approximates fair value.

Amortized cost and the estimated fair value of fixed maturity securities, by maturity

	As of December 31, 2021
	Amortized		Estimated
	Cost		Fair Value
Due in one year or less	$	45,874	$	45,844
Due after one year through five years		246,621		253,781
Due after five years through ten years		374,788		385,569
Due after ten years through twenty years		52,592		55,341
Due after twenty years		1,262		1,800
Asset-backed securities		466,720		475,944
Totals	$	1,187,857	$	1,218,279

Gross realized gains and losses on sales of investments

	Years Ended December 31,
	2021		2020		2019
Gross realized gains
Fixed maturity securities	$	3,666	$	1,645	$	1,294
Equity securities		12,275		6,864		4,536
Gross realized losses
Fixed maturity securities		(1,036)		(2,166)		(1,805)
Equity securities		(20)		(5,386)		(1,049)
Net realized gains on investments	$	14,885	$	957	$	2,976

Gross unrealized losses included in the Company's investment portfolio and the fair value of those securities

	As of December 31, 2021
	Less than 12 Months				12 Months or More				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	—	$	—	$	—	$	—	$	—	$	—
Obligations of states and political subdivisions		2,985		85		1,012		38		3,997		123
Residential mortgage-backed securities		97,116		1,502		11		1		97,127		1,503
Commercial mortgage-backed securities		29,660		442		—		—		29,660		442
Other asset-backed securities		39,266		255		—		—		39,266		255
Corporate and other securities		181,470		3,140		11,436		347		192,906		3,487
Subtotal, fixed maturity securities		350,497		5,424		12,459		386		362,956		5,810
Equity securities		19,457		1,559		1,029		205		20,486		1,764
Total temporarily impaired securities	$	369,954	$	6,983	$	13,488	$	591	$	383,442	$	7,574

	As of December 31, 2020
	Less than 12 Months				12 Months or More				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	—	$	—	$	—	$	—	$	—	$	—
Obligations of states and political subdivisions		1,047		3		—		—		1,047		3
Residential mortgage-backed securities		8,569		14		9		—		8,578		14
Commercial mortgage-backed securities		—		—		—		—		—		—
Other asset-backed securities		26,959		84		9,004		79		35,963		163
Corporate and other securities		62,882		863		6,774		97		69,656		960
Subtotal, fixed maturity securities		99,457		964		15,787		176		115,244		1,140
Equity securities		10,708		986		2,293		725		13,001		1,711
Total temporarily impaired securities	$	110,165	$	1,950	$	18,080	$	901	$	128,245	$	2,851

Credit loss recognized in earnings related to fixed maturity securities

		Year Ended December 31,
		2021		2020
Beginning of period	$	1,054	$	—
Credit losses on securities with no previously recorded credit losses		9		1,054
Net increases (decreases) in allowance on previously impaired securities		(137)		—
Reduction due to sales		(235)		—
Writeoffs charged against allowance		—		—
Recoveries of amounts previously written off		—		—
Ending balance of period	$	691	$	1,054

Components of net investment income

	Years Ended December 31,
	2021		2020		2019
Interest on fixed maturity securities	$	36,160	$	37,727	$	42,892
Dividends on equity securities		6,421		5,044		5,268
Equity in earnings of other invested assets		4,895		1,378		1,552
Interest on other assets		22		27		32
Total Investment Income		47,498		44,176		49,744
Investment expenses		3,363		3,131		3,079
Net investment income	$	44,135	$	41,045	$	46,665