Investments (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities

The Company holds investments in fixed-maturity securities that are classified as available-for-sale. At December 31, 2022 and 2021, the cost or amortized cost, allowance for credit loss, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows:

	Cost or Amortized		Allowance  for		Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Credit Loss		Gain		Loss			Value
As of December 31, 2022
U.S. Treasury and U.S. government agencies	$	463,648	$	—	$	59	$	(9,105	)	$	454,602
Corporate bonds		28,378		—		20		(1,205	)		27,193
State, municipalities, and political subdivisions		1,389		—		—		(6	)		1,383
Exchange-traded debt		683		—		2		(52	)		633
Redeemable preferred stock		99		—		—		(9	)		90
Total	$	494,197	$	—	$	81	$	(10,377	)	$	483,901
As of December 31, 2021
U.S. Treasury and U.S. government agencies	$	17,046	$	—	$	64	$	(86	)	$	17,024
Corporate bonds		21,913		—		632		(53	)		22,492
State, municipalities, and political subdivisions		1,759		—		49		—			1,808
Exchange-traded debt		767		—		44		—			811
Redeemable preferred stock		468		—		—		(20	)		448
Total	$	41,953	$	—	$	789	$	(159	)	$	42,583

Scheduled Contractual Maturities of Fixed-Maturity Securities

The scheduled contractual maturities of fixed-maturity securities at December 31, 2022 and 2021 are as follows:

	December 31,
	2022				2021
	Cost or		Estimated		Cost or		Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Available-for-sale
Due in one year or less	$	266,170	$	265,353	$	10,734	$	10,826
Due after one year through five years		223,153		214,307		19,222		19,820
Due after five years through ten years		4,380		3,797		11,503		11,403
Due after ten years		494		444		494		534
	$	494,197	$	483,901	$	41,953	$	42,583

Summary of Proceeds Received and Gross Realized Gains and Losses from Sales of Available-for-Sale Securities

Proceeds received, and the gross realized gains and losses from sales of available-for-sale fixed-maturity securities, for the years ended December 31, 2022, 2021 and 2020 were as follows:

			Gross		Gross
			Realized		Realized
	Proceeds		Gains		Losses
Year ended December 31, 2022	$	11,716	$	13	$	(442	)
Year ended December 31, 2021	$	23,055	$	722	$	(35	)
Year ended December 31, 2020	$	81,433	$	1,773	$	(610	)

Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category

Securities with gross unrealized loss positions at December 31, 2022 and 2021, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:

	Less Than Twelve Months					Twelve Months or Longer					Total
As of December 31, 2022	Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	(8,701	)	$	269,116	$	(404	)	$	4,644	$	(9,105	)	$	273,760
Corporate bonds		(909	)		23,028		(296	)		2,541		(1,205	)		25,569
States, municipalities, and political    subdivisions		(6	)		1,383		—			—		(6	)		1,383
Exchange-traded debt		(52	)		463		—			—		(52	)		463
Redeemable preferred stock		(9	)		90		—			—		(9	)		90
Total available-for-sale securities	$	(9,677	)	$	294,080	$	(700	)	$	7,185	$	(10,377	)	$	301,265

	Less Than Twelve Months					Twelve Months or Longer					Total
As of December 31, 2021	Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value
U.S. Treasury and U.S. government agencies	$	(73	)	$	9,809	$	(13	)	$	616	$	(86	)	$	10,425
Corporate bonds		(53	)		4,452		—			—		(53	)		4,452
Redeemable preferred stock		(20	)		442		—			—		(20	)		442
Total available-for-sale securities	$	(146	)	$	14,703	$	(13	)	$	616	$	(159	)	$	15,319

Summary of Allowance for Credit Losses of Available-for-Sale Securities

The table below summarizes the activity in the allowance for credit losses of available-for-sale fixed-maturity securities for the years ended December 31, 2022 and 2021:

	2022		2021
Balance at January 1	$	—	$	588
Reductions for securities sold		—		(9	)
Reductions for securities exchanged		—		(579	)
Balance at December 31	$	—	$	—

Summary of Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Equity Securities

The Company holds investments in equity securities measured at fair values which are readily determinable. At December 31, 2022 and 2021, the cost, gross unrealized gains and losses, and estimated fair value of the Company’s equity securities were as follows:

			Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Gain		Loss			Value
December 31, 2022	$	36,272	$	2,078	$	(3,767	)	$	34,583
December 31, 2021	$	46,276	$	6,335	$	(871	)	$	51,740

Summary of Unrealized Gains and Losses for Equity Securities

The table below presents the portion of unrealized gains and losses in the Company’s consolidated statements of income related to equity securities still held.

	Years Ended December 31,
	2022			2021		2020
Net (losses) gains recognized	$	(8,149	)	$	5,486	$	435
Exclude: Net realized (losses) gains recognized for    securities sold		(996	)		4,123		(244	)
Net unrealized (losses) gains recognized	$	(7,153	)	$	1,363	$	679

Summary of Proceeds Received, Gross Realized Gains and Losses from Sales of Equity Securities

Proceeds received, and the gross realized gains and losses from sales of equity securities, for the years ended December 31, 2022, 2021 and 2020 were as follows:

			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Year ended December 31, 2022	$	31,605	$	2,224	$	(3,220	)
Year ended December 31, 2021	$	112,310	$	6,280	$	(2,157	)
Year ended December 31, 2020	$	47,312	$	2,868	$	(3,112	)

Schedule of Company's Investments in Limited Partnerships

The following table provides information related to the Company’s investments in limited partnerships:

	December 31, 2022						December 31, 2021
	Carrying		Unfunded				Carrying		Unfunded
Investment Strategy	Value		Balance		(%) (a)		Value		Balance		(%) (a)
Primarily in senior secured loans and, to    a limited extent, in other debt and    equity securities of private U.S. lower-    middle-market companies. (b)(c)(e)	$	4,146	$	—		15.37	$	6,076	$	2,085		15.37
Value creation through active distressed    debt investing primarily in bank loans,    public and private corporate bonds,    asset-backed securities, and equity    securities received in connection with    debt restructuring. (b)(d)(e)		2,528		—		1.66		3,423		—		1.69
High returns and long-term capital    appreciation through investments in    the power, utility and energy industries,    and in the infrastructure sector. (b)(f)(g)		5,319		—		0.18		6,270		1,401		0.18
Value-oriented investments in less liquid    and mispriced senior and junior debts    of private equity-backed companies.    (b)(h)(i)		3,470		—		0.56		4,437		—		0.57
Value-oriented investments in mature real    estate private equity funds and portfolios    globally. (b)(j)		7,457		3,125		1.32		5,977		4,537		1.36
Risk-adjusted returns on credit and equity    investments, primarily in private    equity-owned companies. (b)(k)		2,782		2,536		0.98		1,950		3,050		0.47
Total	$	25,702	$	5,661			$	28,133	$	11,073

(a)Represents the Company’s percentage investment in the fund at each balance sheet date.

(b)Except under certain circumstances, withdrawals from the funds or any assignments are not permitted. Distributions, except income from late admission of a new limited partner, will be received when underlying investments of the funds are liquidated.

(c)The term is expected to be the later of ten years or two years following the maturity of the fund’s outstanding leverage. Although the capital commitment period has expired, follow-on investments and pending commitments may require additional fundings.

(d)The term has been extended for a second additional one-year period to June 30, 2023. Although the capital commitment period has ended, the general partner could still request an additional funding under certain circumstances.

(e)At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year periods.

(f)Expected to have a ten-year term. The capital commitment period has expired but the general partner may request additional funding for follow-on investment.

(g)With the consent of a supermajority of partners, the term of the fund may be extended for up to three additional one-year periods.

(h)Expected to have an eight-year term from the commencement date, which can be extended for up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners.

(i)The capital commitment period has ended but an additional funding may be requested.

(j)The term is expected to end November 27, 2027. The term may be extended for up to four additional one-year periods at the general partner’s discretion, and up to two additional one-year periods with the consent of the advisory committee.

(k)Expected to have an eight-year term after the final admission date. The term may be extended for an additional one-year period at the general partner’s discretion, and up to two additional one-year periods with the consent of either the advisory committee or a majority of limited partners.

Summary of Unaudited Financial Information and Unaudited Financial Position

The following tables provide FMJV’s summarized unaudited financial results and the unaudited financial positions:

	Years Ended December 31,
	2022			2021			2020
Operating results:
Total revenues	$	572		$	540		$	—
Total expenses		(22	)		(77	)		(64	)
Net income (loss)	$	550		$	463		$	(64	)
The Company’s share of net income (loss)*	$	495		$	417		$	(57	)

* Included in net investment income in the Company’s consolidated statements of income.

	December 31,
	2022		2021
Balance sheet:
Property and equipment, net	$	—	$	357
Cash		—		29
Other		—		18
Total assets	$	—	$	404
Members’ capital	$	—	$	404
Total members’ capital	$	—	$	404
Investment in unconsolidated joint venture, at equity**	$	18	$	363

** Includes the 90% share of FMKT Mel JV’s operating results.

Summary of Real Estate Investments

Real estate investments consist of the following as of December 31, 2022 and 2021:

	December 31,
	2022			2021
Land	$	38,327		$	39,720
Land improvements		12,138			11,917
Buildings and building improvements		29,410			29,405
Tenant and leasehold improvements		1,742			1,511
Other		1,649			1,265
Total, at cost		83,266			83,818
Less: accumulated depreciation and amortization		(11,878	)		(9,922	)
Real estate investments	$	71,388		$	73,896

Investment Income (Loss) Summarized

f) Net Investment Income

Net investment income (loss), by source, is summarized as follows:

	Years Ended December 31,
	2022			2021			2020
Available-for-sale fixed-maturity securities	$	6,367		$	1,375		$	4,252
Equity securities		1,204			1,411			1,388
Investment expense		(491	)		(542	)		(497	)
Limited partnership investments		3,963			4,947			(1,595	)
Real estate investments		16,126			4,086			(620	)
Net income (loss) from unconsolidated joint venture		495			417			(57	)
Cash and cash equivalents		4,783			641			1,691
Short-term investments		—			—			2
Net investment income	$	32,447		$	12,335		$	4,564

Limited Partnership [Member]

Summary of Unaudited Financial Information and Unaudited Financial Position

The following is the summary of aggregated unaudited financial information of limited partnerships included in the investment strategy table above, which in certain cases is presented on a three-month lag due to the unavailability of information at the Company’s respective balance sheet dates. The financial statements of these limited partnerships are audited annually.

	Years Ended December 31,
	2022			2021			2020
Operating results:
Total income	$	1,252,264		$	705,610		$	(1,432,907	)
Total expenses		(139,174	)		(131,463	)		(133,281	)
Net income (loss)	$	1,113,090		$	574,147		$	(1,566,188	)

	December 31,
	2022		2021
Balance sheet:
Total assets	$	5,119,695	$	5,855,616
Total liabilities	$	430,354	$	564,732