XML 55 R45.htm IDEA: XBRL DOCUMENT v3.25.1
Credit Arrangements, Junior Subordinated Debentures (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2025
USD ($)
Quarter
Trust
$ / shares
shares
Jun. 30, 2023
Dec. 31, 2024
Debt Instruments [Abstract]      
Number of Connecticut statutory business trusts | Trust 2    
Financial structure of statutory business trusts [Abstract]      
Net balance March 31, 2025 $ 33,738    
Net balance December 31, 2024 $ 33,738    
Junior Subordinated Debentures [Member]      
Financial structure of statutory business trusts [Abstract]      
Basis spread on variable rate 0.26161%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember    
Variable rate term 3 months 3 months  
Investment, Variable Interest Rate, Type [Extensible Enumeration]   aame:LondonInterbankOfferedRateMember  
Debt instrument, effective interest rate percentage 8.64%   8.82%
Number of consecutive quarters for which interest payments can be deferred | Quarter 20    
Atlantic American Statutory Trust I [Member] | Junior Subordinated Debentures [Member]      
Financial structure of statutory business trusts [Abstract]      
Principal amount owed March 31, 2025 [1],[2] $ 18,042    
Less: Treasury debt [1],[2],[3] 0    
Net balance March 31, 2025 [1],[2] 18,042    
Net balance December 31, 2024 [1],[2] $ 18,042    
Coupon rate 3-Month SOFR + 0.26161% spread adj + 4.00%    
Interest payable Quarterly    
Maturity date [1],[2] Dec. 04, 2032    
Redeemable by issuer [1],[2] Yes    
Atlantic American Statutory Trust I [Member] | Trust Preferred Securities [Member]      
Financial structure of statutory business trusts [Abstract]      
Coupon rate 3-Month SOFR + 0.26161% spread adj + 4.00%    
Issuance date Dec. 04, 2002    
Securities issued (in shares) | shares 17,500    
Liquidation preference per security (in dollars per share) | $ / shares $ 1    
Liquidation value $ 17,500    
Distribution payable Quarterly    
Distribution guaranteed by [4] Atlantic American Corporation    
Basis spread on variable rate 4.00%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember    
Atlantic American Statutory Trust II [Member] | Junior Subordinated Debentures [Member]      
Financial structure of statutory business trusts [Abstract]      
Principal amount owed March 31, 2025 [1],[2] $ 23,196    
Less: Treasury debt [1],[2],[3] (7,500)    
Net balance March 31, 2025 [1],[2] 15,696    
Net balance December 31, 2024 [1],[2] $ 15,696    
Coupon rate 3-Month SOFR + 0.26161% spread adj + 4.10%    
Interest payable Quarterly    
Maturity date [1],[2] May 15, 2033    
Redeemable by issuer [1],[2] Yes    
Atlantic American Statutory Trust II [Member] | Trust Preferred Securities [Member]      
Financial structure of statutory business trusts [Abstract]      
Coupon rate 3-Month SOFR + 0.26161% spread adj + 4.10%    
Issuance date May 15, 2003    
Securities issued (in shares) | shares 22,500    
Liquidation preference per security (in dollars per share) | $ / shares $ 1    
Liquidation value $ 22,500    
Distribution payable Quarterly    
Distribution guaranteed by [4] Atlantic American Corporation    
Basis spread on variable rate 4.10%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember    
[1] For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures’ respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company’s common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities.
[2] The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries.
[3] On August 4, 2014, the Company acquired $7,500 of the Junior Subordinated Debentures.
[4] The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation.