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Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of Company's Fixed Maturities Securities

The amortized cost and estimated fair value of the Company’s fixed maturities securities were as follows as of December 31, 2022 and 2021:

(Dollars in thousands)		Amortized Cost				Allowance for Expected Credit Losses				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
As of December 31, 2022
Fixed maturities:
U.S. treasuries		$	352,533			$	—			$	—			$	(8,430	)		$	344,103
Obligations of states and political subdivisions			33,471				—				—				(1,876	)			31,595
Mortgage-backed securities			67,560				—				165				(5,609	)			62,116
Asset-backed securities			198,161				—				390				(9,151	)			189,400
Commercial mortgage-backed securities			104,777				—				20				(6,133	)			98,664
Corporate bonds			353,622				—				16				(14,858	)			338,780
Foreign corporate bonds			191,599				—				—				(8,059	)			183,540
Total fixed maturities		$	1,301,723			$	—			$	591			$	(54,116	)		$	1,248,198

(Dollars in thousands)		Amortized Cost				Allowance for Expected Credit Losses				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
As of December 31, 2021
Fixed maturities:
U.S. treasuries		$	149,934			$	—			$	603			$	(419	)		$	150,118
Agency obligations			5,697				—				1				(68	)			5,630
Obligations of states and political subdivisions			53,637				—				1,385				(301	)			54,721
Mortgage-backed securities			250,007				—				2,618				(2,284	)			250,341
Asset-backed securities			172,916				—				700				(974	)			172,642
Commercial mortgage-backed securities			135,017				—				2,503				(627	)			136,893
Corporate bonds			288,866				—				5,571				(2,054	)			292,383
Foreign corporate bonds			137,672				—				2,370				(904	)			139,138
Total fixed maturities		$	1,193,746			$	—			$	15,751			$	(7,631	)		$	1,201,866

Schedule Of Investments In Equity Securities

As of December 31, 2022 and 2021, the Company’s investments in equity securities consist of the following:

		December 31,
(Dollars in thousands)		2022				2021
Common stock		$	1,271			$	75,987
Preferred stock			16,249				23,991
Total		$	17,520			$	99,978

Summary of Amortized Cost and Estimated Fair Value Through Fixed Maturities

The amortized cost and estimated fair value of the Company’s fixed maturities portfolio classified as available for sale at December 31, 2022, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(Dollars in thousands)		Amortized Cost				Estimated Fair Value
Due in one year or less		$	114,555			$	113,491
Due in one year through five years			773,372				747,197
Due in five years through ten years			29,200				25,594
Due in ten years through fifteen years			202				198
Due after fifteen years			13,896				11,538
Mortgage-backed securities			67,560				62,116
Asset-backed securities			198,161				189,400
Commercial mortgage-backed securities			104,777				98,664
Total		$	1,301,723			$	1,248,198

Summary of Securities With Gross Unrealized Losses

The following table contains an analysis of the Company’s fixed income securities with gross unrealized losses that are not deemed to have credit losses, categorized by the period that the securities were in a continuous loss position as of December 31, 2022. The fair value amounts reported in the table are estimates that are prepared using the process described in Note 8.

		Less than 12 months								12 months or longer								Total
(Dollars in thousands)		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
Fixed maturities:
U.S. treasuries		$	335,781			$	(7,518	)		$	8,322			$	(912	)		$	344,103			$	(8,430	)
Obligations of states and political subdivisions			27,772				(1,378	)			3,778				(498	)			31,550				(1,876	)
Mortgage-backed securities			51,517				(4,228	)			7,860				(1,381	)			59,377				(5,609	)
Asset-backed securities			97,857				(3,610	)			62,689				(5,541	)			160,546				(9,151	)
Commercial mortgage-backed securities			67,926				(4,072	)			27,907				(2,061	)			95,833				(6,133	)
Corporate bonds			261,123				(8,480	)			71,192				(6,378	)			332,315				(14,858	)
Foreign corporate bonds			150,308				(5,469	)			31,232				(2,590	)			181,540				(8,059	)
Total fixed maturities		$	992,284			$	(34,755	)		$	212,980			$	(19,361	)		$	1,205,264			$	(54,116	)

The following table contains an analysis of the Company’s fixed income securities with gross unrealized losses that are not deemed to have credit losses, categorized by the period that the securities were in a continuous loss position as of December 31, 2021. The fair value amounts reported in the table are estimates that are prepared using the process described in Note 8.

		Less than 12 months								12 months or longer								Total
(Dollars in thousands)		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
Fixed maturities:
U.S. treasuries		$	114,894			$	(390	)		$	970			$	(29	)		$	115,864			$	(419	)
Agency obligations			5,380				(68	)			—				—				5,380				(68	)
Obligations of states and political subdivisions			13,346				(301	)			—				—				13,346				(301	)
Mortgage-backed securities			143,674				(2,222	)			3,009				(62	)			146,683				(2,284	)
Asset-backed securities			102,309				(703	)			10,662				(271	)			112,971				(974	)
Commercial mortgage-backed securities			50,448				(466	)			1,286				(161	)			51,734				(627	)
Corporate bonds			129,146				(1,954	)			2,633				(100	)			131,779				(2,054	)
Foreign corporate bonds			67,915				(893	)			412				(11	)			68,327				(904	)
Total fixed maturities		$	627,112			$	(6,997	)		$	18,972			$	(634	)		$	646,084			$	(7,631	)

Schedule of Impairments on Investments

The Company recorded the following impairments on its investment portfolio for the years ended December 31, 2022, 2021, and 2020 and are related to securities in an unrealized loss position where the Company had an intent to sell the securities:

		Years Ended December 31,
(Dollars in thousands)		2022 (1)				2021				2020
Fixed maturities:
Impairment related to intent to sell		$	(26,205	)		$	—			$	(760	)
Total		$	(26,205	)		$	—			$	(760	)

Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated other comprehensive income (loss), net of tax, as of December 31, 2022 and 2021 was as follows:

		December 31,
(Dollars in thousands)		2022				2021
Net unrealized gains (losses) from:
Fixed maturities		$	(53,525	)		$	8,120
Foreign currency fluctuations			(127	)			(145	)
Deferred taxes			10,594				(1,571	)
Accumulated other comprehensive income (loss), net of tax		$	(43,058	)		$	6,404

Changes in Accumulated Other Comprehensive Income

The following tables present the changes in accumulated other comprehensive income, net of tax, by components, for the years ended December 31, 2022 and 2021:

Year Ended December 31, 2022 (Dollars in thousands)		Unrealized Gains and Losses on Available for Sale Securities				Foreign Currency Items				Accumulated Other Comprehensive Income
Beginning balance, net of tax		$	6,519			$	(115	)		$	6,404
Other comprehensive income (loss) before reclassification, before tax			(101,255	)			18				(101,237	)
Amounts reclassified from accumulated other comprehensive income, before tax			39,610				—				39,610
Other comprehensive income (loss), before tax			(61,645	)			18				(61,627	)
Income tax benefit (expense)			12,168				(3	)			12,165
Ending balance, net of tax		$	(42,958	)		$	(100	)		$	(43,058	)

Year Ended December 31, 2021 (Dollars in thousands)		Unrealized Gains and Losses on Available for Sale Securities				Foreign Currency Items				Accumulated Other Comprehensive Income
Beginning balance, net of tax		$	34,181			$	127			$	34,308
Other comprehensive income (loss) before reclassification, before tax			(33,715	)			(306	)			(34,021	)
Amounts reclassified from accumulated other comprehensive income (loss), before tax			(342	)			—				(342	)
Other comprehensive income (loss), before tax			(34,057	)			(306	)			(34,363	)
Income tax benefit			6,395				64				6,459
Ending balance, net of tax		$	6,519			$	(115	)		$	6,404

Reclassifications Out of Accumulated Other Comprehensive Income

The reclassifications out of accumulated other comprehensive income for the years ended December 31, 2022 and 2021 were as follows:

(Dollars in thousands)				Amounts Reclassified from Accumulated Other Comprehensive Income
				Years Ended December 31,
Details about Accumulated Other Comprehensive Income Components		Affected Line Item in the Consolidated Statements of Operations		2022				2021
Unrealized gains and losses on available for sale securities		Other net realized investment (gains) losses		$	39,610			$	(342	)
		Income tax expense (benefit)			(7,357	)			64
		Total reclassifications, net of tax		$	32,253			$	(278	)

Components of Net Realized Investment Gains (Losses)

The components of net realized investment gains (losses) for the years ended December 31, 2022, 2021, and 2020 were as follows:

		Years Ended December 31,
(Dollars in thousands)		2022				2021				2020
Fixed maturities:
Gross realized gains		$	688			$	11,390			$	28,381
Gross realized losses			(40,298	)			(11,048	)			(5,537	)
Net realized gains (losses)			(39,610	)			342				22,844
Equity securities:
Gross realized gains			2,289				15,350				16,997
Gross realized losses			(5,681	)			(1,910	)			(32,247	)
Net realized gains (losses)			(3,392	)			13,440				(15,250	)
Derivatives:
Gross realized gains			12,844				8,035				19,460
Gross realized losses			(2,771	)			(5,930	)			(41,716	)
Net realized gains (losses) (1)			10,073				2,105				(22,256	)
Total net realized investment gains (losses)		$	(32,929	)		$	15,887			$	(14,662	)

(1)Includes periodic net interest settlements related to the derivatives of $3.0 million, $5.6 million, and $4.5 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Summary of Calculation of Realized Gains and Losses

The following table shows the calculation of the portion of realized gains and losses related to equity securities held as of December 31, 2022, 2021, and 2020:

		Years Ended December 31,
(Dollars in thousands)		2022				2021				2020
Net gains (losses) recognized during the period on equity securities		$	(3,392	)		$	13,440			$	(15,250	)
Less: net gains (losses) recognized during the period on equity securities sold during the period			10,577				4,058				(103	)
Unrealized gains (losses) recognized during the reporting period on equity securities		$	(13,969	)		$	9,382			$	(15,147	)

Proceeds from Sales and Redemptions of Available-for-Sale Securities

The proceeds from sales and redemptions of available for sale and equity securities resulting in net realized investment gains (losses) for the years ended December 31, 2022, 2021, and 2020 were as follows:

		Years Ended December 31,
(Dollars in thousands)		2022				2021				2020
Fixed maturities		$	933,554			$	1,065,398			$	791,554
Equity securities			88,726				54,691				604,772

Schedule of Investment Income

The sources of net investment income for the years ended December 31, 2022, 2021, and 2020 were as follows:

		Years Ended December 31,
(Dollars in thousands)		2022				2021				2020
Fixed maturities		$	33,852			$	25,751			$	31,987
Equity securities			1,100				2,692				4,944
Cash and cash equivalents			790				363				784
Other invested assets			(5,966	)			10,856				(6,228	)
Total investment income			29,776				39,662				31,487
Investment expense			(2,149	)			(2,642	)			(3,095	)
Net investment income		$	27,627			$	37,020			$	28,392

Schedule of Total Investment Return

The Company’s total investment return on a pre-tax basis for the years ended December 31, 2022, 2021, and 2020 were as follows:

		Years Ended December 31,
(Dollars in thousands)		2022				2021				2020
Net investment income		$	27,627			$	37,020			$	28,392
Net realized investment gains (losses)			(32,929	)			15,887				(14,662	)
Change in unrealized holding gains (losses)			(61,627	)			(34,363	)			21,779
Net realized and unrealized investment returns			(94,556	)			(18,476	)			7,117
Total investment return		$	(66,929	)		$	18,544			$	35,509
Total investment return %			(4.7	%)			1.2	%			2.3	%
Average investment portfolio		$	1,437,327			$	1,490,933			$	1,528,425

Summary of Estimated Fair Values of Bonds Held on Deposit

The fair values were as follows as of December 31, 2022 and 2021:

		Estimated Fair Value
(Dollars in thousands)		December 31, 2022				December 31, 2021
On deposit with governmental authorities		$	19,290			$	26,093
Held in trust pursuant to third-party requirements			161,901				119,513
Letter of credit held for third-party requirements			—				2,512
Total		$	181,191			$	148,118

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