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Investments (Tables)

6 Months Ended

Jun. 30, 2024

Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities at June 30, 2024 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	$	93,404	$	56		$	93,460		$	9		$	9,476		$	83,993
Obligations of states and political subdivisions		376,833		269			377,102			625			53,705			324,022
Corporate securities		207,881		1,021			208,902			164			15,883			193,183
Mortgage-backed securities		12,462		8			12,470			—			422			12,048
Totals	$	690,580	$	1,354		$	691,934		$	798		$	79,486		$	613,246

	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	$	94,952	$	42	$	4,476	$	90,518
Obligations of states and political subdivisions		41,827		9		4,503		37,333
Corporate securities		207,842		54		13,258		194,638
Mortgage-backed securities		302,528		106		20,955		281,679
Totals	$	647,149	$	211	$	43,192	$	604,168

The amortized cost and estimated fair values of our fixed maturities at December 31, 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	$	91,518	$	54		$	91,572		$	—		$	8,885		$	82,687
Obligations of states and political subdivisions		376,898		266			377,164			1,449			46,845			331,768
Corporate securities		201,847		1,000			202,847			207			14,805			188,249
Mortgage-backed securities		9,234		6			9,240			—			418			8,822
Totals	$	679,497	$	1,326		$	680,823		$	1,656		$	70,953		$	611,526

	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	$	89,367	$	199	$	4,147	$	85,419
Obligations of states and political subdivisions		41,958		12		3,854		38,116
Corporate securities		211,882		100		15,189		196,793
Mortgage-backed securities		286,520		594		18,094		269,020
Totals	$	629,727	$	905	$	41,284	$	589,348

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 June 30, 2024 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	$	38,451	$	37,894
Due after one year through five years		130,089		121,597
Due after five years through ten years		242,095		219,387
Due after ten years		268,829		222,320
Mortgage-backed securities		12,470		12,048
Total held to maturity	$	691,934	$	613,246

Available for sale
Due in one year or less	$	57,703	$	56,838
Due after one year through five years		171,272		161,287
Due after five years through ten years		92,540		84,403
Due after ten years		23,106		19,961
Mortgage-backed securities		302,528		281,679
Total available for sale	$	647,149	$	604,168

Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at June 30, 2024 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	22,524	$	10,042	$	110	$	32,456

The cost and estimated fair values of our equity securities at December 31, 2023 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	18,844	$	7,059	$	—	$	25,903

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands)						(in thousands)
Gross realized gains:
Fixed maturities	$	82		$	419		$	5		$	441
Equity securities		—			—			—			285
		82			419			5			726
Gross realized losses:
Fixed maturities		—			272			—			2,494
Equity securities		—			5			—			51
		—			277			—			2,545
Net realized gains (losses)		82			142			5			(1,819	)
Gross unrealized gains on equity securities		727			2,473			2,983			4,675
Gross unrealized losses on equity securities		(47	)		(142	)		(110	)		(627	)
Fixed maturities - credit impairment charges		(25	)		31			(28	)		(56	)
Net investment gains	$	737		$	2,504		$	2,850		$	2,173

Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses at June 30, 2024 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	$	40,893	$	316	$	127,737	$	13,636
Obligations of states and political subdivisions		48,038		1,069		286,569		57,139
Corporate securities		43,123		1,031		327,109		28,110
Mortgage-backed securities		64,748		407		207,386		20,970
Totals	$	196,802	$	2,823	$	948,801	$	119,855

We held fixed maturities with unrealized losses at December 31, 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	$	32,224	$	217	$	116,538	$	12,815
Obligations of states and political subdivisions		13,097		68		307,429		50,631
Corporate securities		13,066		324		353,863		29,670
Mortgage-backed securities		46,964		221		178,113		18,291
Totals	$	105,351	$	830	$	955,943	$	111,407