Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments [Abstract]

Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities at September 30, 2023 were as follows:

	Carrying Value		Allowance for Credit Losses		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value
					(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	91,484	$	55		$	91,539		$	—		$	12,921		$	78,618
Obligations of states and political subdivisions		379,764		298			380,062			454			75,269			305,247
Corporate securities		202,797		1,000			203,797			—			24,284			179,513
Mortgage-backed securities		9,867		6			9,873			—			748			9,125
Totals	$	683,912	$	1,359		$	685,271		$	454		$	113,222		$	572,503

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	88,636	$	—	$	6,485	$	82,151
Obligations of states and political subdivisions		42,173		7		6,634		35,546
Corporate securities		212,323		—		19,300		193,023
Mortgage-backed securities		285,619		—		29,799		255,820
Totals	$	628,751	$	7	$	62,218	$	566,540

The amortized cost and estimated fair values of our fixed maturities at December 31, 2022 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	103,362	$	1	$	10,566	$	92,797
Obligations of states and political subdivisions		382,097		1,810		60,494		323,413
Corporate securities		190,949		—		20,510		170,439
Mortgage-backed securities		12,031		—		635		11,396
Totals	$	688,439	$	1,811	$	92,205	$	598,045

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	68,538	$	109	$	5,125	$	63,522
Obligations of states and political subdivisions		45,448		34		5,326		40,156
Corporate securities		218,041		8		15,211		202,838
Mortgage-backed securities		239,886		155		22,765		217,276
Totals	$	571,913	$	306	$	48,427	$	523,792

Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity

We show below the amortized cost and estimated fair value of our fixed maturities at September 30, 2023 by contractual maturity. Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
	(in thousands)
Held to maturity
Due in one year or less	$	22,133	$	22,012
Due after one year through five years		106,022		98,950
Due after five years through ten years		251,366		217,144
Due after ten years		295,877		225,272
Mortgage-backed securities		9,873		9,125
Total held to maturity	$	685,271	$	572,503
Available for sale
Due in one year or less	$	40,101	$	39,458
Due after one year through five years		175,077		161,274
Due after five years through ten years		102,498		89,399
Due after ten years		25,456		20,589
Mortgage-backed securities		285,619		255,820
Total available for sale	$	628,751	$	566,540

Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at September 30, 2023 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	27,953	$	8,014	$	503	$	35,464

The cost and estimated fair values of our equity securities at December 31, 2022 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	30,771	$	5,666	$	1,332	$	35,105

Gross Investment Gains and Losses before Applicable Income Taxes

We present below gross gains and losses from investments and the change in the difference between fair value and cost of investments:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Gross realized gains:
Fixed maturities	$	—		$	326		$	295		$	998
Equity securities		108			400			393			1,243
Real estate		—			—			—			477
		108			726			688			2,718
Gross realized losses:
Fixed maturities		237			73			2,585			173
Equity securities		424			249			475			1,073
		661			322			3,060			1,246
Net realized (losses) gains		(553	)		404			(2,372	)		1,472
Gross unrealized gains on equity securities		(735	)		117			3,940			123
Gross unrealized losses on equity securities		80			(2,879	)		(547	)		(12,406	)
Fixed maturities - credit impairment charges		(35	)		—			(91	)		—
Net investment (losses) gains	$	(1,243	)	$	(2,358	)	$	930		$	(10,811	)

Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at September 30, 2023 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	51,076	$	1,224	$	109,693	$	18,182
Obligations of states and political subdivisions		38,870		1,965		281,436		79,938
Corporate securities		33,707		2,325		338,829		41,259
Mortgage-backed securities		89,676		3,221		175,269		27,326
Totals	$	213,329	$	8,735	$	905,227	$	166,705

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2022 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	90,245	$	5,327	$	47,238	$	10,364
Obligations of states and political subdivisions		261,465		49,327		47,945		16,493
Corporate securities		298,706		22,272		72,959		13,449
Mortgage-backed securities		143,886		10,941		69,879		12,459
Totals	$	794,302	$	87,867	$	238,021	$	52,765