Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables set forth our assets that are measured at fair value on a recurring basis as of the dates indicated.

December 31, 2020 (In thousands)	Level 1		Level 2	Level 3	Total Fair Value
Financial assets:
Fixed maturity securities available-for-sale:
U.S. Treasury and U.S. Government-sponsored enterprises	$	11,326	4,791	—	16,117
States and political subdivisions	—		409,665	—	409,665
Corporate	52		877,156	—	877,208
Commercial mortgage-backed	—		221	—	221
Residential mortgage-backed	—		139,963	—	139,963
Asset-backed	—		46,091	—	46,091
Foreign governments	—		118	—	118
Total fixed maturity securities available-for-sale	11,378		1,478,005	—	1,489,383
Equity securities:
Stock mutual funds	3,174		—	—	3,174
Bond mutual funds	12,354		—	—	12,354
Common stock	1,143		—	—	1,143
Non-redeemable preferred stock	281		—	—	281
Non-redeemable preferred stock fund	5,150		—	—	5,150
Total equity securities	22,102		—	—	22,102
Other long-term investments (1)	—		—	—	11,923
Total financial assets	$	33,480	1,478,005	—	1,523,408

(1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the balance sheet.

December 31, 2019 (In thousands)	Level 1		Level 2	Level 3	Total Fair Value
Financial assets:
Fixed maturity securities available-for-sale:
U.S. Treasury and U.S. Government-sponsored enterprises	$	11,348	4,530	—	15,878
States and political subdivisions	—		536,284	—	536,284
Corporate	52		650,036	—	650,088
Commercial mortgage-backed	—		1,100	—	1,100
Residential mortgage-backed	—		130,287	—	130,287
Asset-backed	—		44,203	—	44,203
Foreign governments	—		119	—	119
Total fixed maturity securities available-for-sale	11,400		1,366,559	—	1,377,959
Equity securities:
Stock mutual funds	3,274		—	—	3,274
Bond mutual funds	12,311		—	—	12,311
Common stock	134		—	—	134
Non-redeemable preferred stock	314		—	—	314
Total equity securities	16,033		—	—	16,033
Total financial assets	$	27,433	1,366,559	—	1,393,992

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

These investments are included in other long-term investments on the consolidated balance sheets.

December 31, 2020		Fair Value Using NAV Per Share		Unfunded Commitments		Life in years
(In thousands, except years)	Description
Private equity funds
Middle market	Investments in privately-originated, performing senior secured debt primarily in North America-based companies	$	10,542	$	29,783	10
Term liquidity facility	Investments in a facility established by the U.S. Federal Reserve that provides financing to U.S. company market participants for levered asset purchases with a focus on asset-backed, commercial mortgage and collateralized loan obligation markets	1,381		—		3
Late-stage growth	Investments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale	—		16,291		7
Infrastructure	Investments in climate infrastructure assets, focusing on renewable power generation in wind and solar energy	—		17,497		12
Total private equity funds		$	11,923	$	63,571

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying amount and fair value for the financial assets and liabilities on the consolidated financial statements not otherwise disclosed for the periods indicated were as follows:

	December 31, 2020			December 31, 2019
(In thousands)	Carrying Value		Fair Value	Carrying Value	Fair Value
Financial assets:
Policy loans	$	83,318	83,318	82,005	82,005
Mortgage loans	157		195	177	210
Short-term investments	—		—	1,301	1,301
Cash and cash equivalents	34,131		34,131	46,205	46,205
Financial liabilities:
Annuity - investment contracts	$	60,861	71,547	56,878	60,667

The following table summarizes the carrying amounts of other long-term investments.

Years ended December 31, (In thousands)	2020		2019
Other long-term investments:
Private equity funds	$	18,135	—
FHLB common stock	190		187
Mortgage loans	157		177
All other investments	8,811		21
Total other long-term investments	$	27,293	385

We are a member of the FHLB of Dallas and such membership requires members to own stock in the FHLB. Our FHLB stock is carried at amortized cost, which approximates fair value. Included in all other investments at December 31, 2020 is a Rabbi Trust holding of $8.8 million for the benefit of our former Chief Executive Officer, Geoffrey M. Kolander, representing the severance payment due to him under the terms of his employment agreement in connection with his resignation following a change in control of the Company. Such amount was paid to him in February 2021.