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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
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 measured at fair value on a recurring basis as of the dates indicated.
September 30, 2024 | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
(In thousands) |  |  |
Financial assets: |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale: |  |  |  |  |  |  |
U.S. Treasury and U.S. Government-sponsored enterprises | $ | 6,086 |  |  | 3,667 |  |  | — |  |  | 9,753 |
States and political subdivisions | — |  |  | 278,213 |  |  | — |  |  | 278,213 |
Corporate | 47 |  |  | 832,577 |  |  | — |  |  | 832,624 |
Commercial mortgage-backed | — |  |  | 267 |  |  | — |  |  | 267 |
Residential mortgage-backed | — |  |  | 99,197 |  |  | — |  |  | 99,197 |
Asset-backed | — |  |  | 53,443 |  |  | — |  |  | 53,443 |
Total fixed maturity securities, available-for-sale | 6,133 |  |  | 1,267,364 |  |  | — |  |  | 1,273,497 |
Equity securities: |  |  |  |  |  |  |
Bond mutual funds | 766 |  |  | — |  |  | — |  |  | 766 |
Common stocks | 774 |  |  | — |  |  | — |  |  | 774 |
Non-redeemable preferred stock | 8 |  |  | — |  |  | — |  |  | 8 |
Non-redeemable preferred stock fund | 4,168 |  |  | — |  |  | — |  |  | 4,168 |
Total equity securities | 5,716 |  |  | — |  |  | — |  |  | 5,716 |
Other long-term investments (1) | — |  |  | — |  |  | — |  |  | 93,167 |
Total financial assets | $ | 11,849 |  |  | 1,267,364 |  |  | — |  |  | 1,372,380 |
(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 are not 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 consolidated balance sheets.
December 31, 2023 | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
(In thousands) |  |  |
Financial assets: |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale: |  |  |  |  |  |  |
U.S. Treasury and U.S. Government-sponsored enterprises | $ | 6,062 |  |  | 3,653 |  |  | — |  |  | 9,715 |
States and political subdivisions | — |  |  | 287,231 |  |  | — |  |  | 287,231 |
Corporate | 43 |  |  | 787,564 |  |  | — |  |  | 787,607 |
Commercial mortgage-backed | — |  |  | 171 |  |  | — |  |  | 171 |
Residential mortgage-backed | — |  |  | 97,123 |  |  | — |  |  | 97,123 |
Asset-backed | — |  |  | 57,134 |  |  | — |  |  | 57,134 |
Total fixed maturity securities, available-for-sale | 6,105 |  |  | 1,232,876 |  |  | — |  |  | 1,238,981 |
Equity securities: |  |  |  |  |  |  |
Bond mutual funds | 740 |  |  | — |  |  | — |  |  | 740 |
Common stocks | 665 |  |  | — |  |  | — |  |  | 665 |
Non-redeemable preferred stock | 7 |  |  | — |  |  | — |  |  | 7 |
Non-redeemable preferred stock fund | 3,870 |  |  | — |  |  | — |  |  | 3,870 |
Total equity securities | 5,282 |  |  | — |  |  | — |  |  | 5,282 |
Other long-term investments (1) | — |  |  | — |  |  | — |  |  | 82,460 |
Total financial assets | $ | 11,387 |  |  | 1,232,876 |  |  | — |  |  | 1,326,723 |
(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 are not 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 consolidated balance sheets.
Fair Value Measurements, Recurring and Nonrecurring | These investments are included in other long-term investments on the consolidated balance sheets.
|  | September 30, 2024 |  | December 31, 2023
(In thousands, except for years) |  | Fair Value Using NAV Per Share | Unfunded Commit- ments | Range (In years) |  | Fair Value Using NAV Per Share | Unfunded Commit- ments | Range (In years)
Description |
Limited partnerships: |  |  |  |  |  |  |
Middle market | Investments in privately-originated, performing senior secured debt primarily in North America-based companies | $ | 34,832 |  | 1,669 |  | 3 |  | $ | 34,858 |  | 3,452 |  | 4
Global equity fund | Investments in common stocks of U.S., international developed and emerging markets with a focus on long-term capital growth | 11,908 |  | — |  | 0 |  | 10,345 |  | — |  | 0
Late-stage growth | Investments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale | 25,431 |  | 10,102 |  | 4 to 6 |  | 20,524 |  | 14,271 |  | 4 to 6
Infrastructure | Investments in environmental infrastructure and related technology, focusing on renewable power generation and distribution | 20,996 |  | 6,345 |  | 9 to 11 |  | 16,733 |  | 9,576 |  | 10
Total limited partnerships | $ | 93,167 |  | 18,116 |  |  |  | $ | 82,460 |  | 27,299 |  |
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:
| September 30, 2024 |  | December 31, 2023
(In thousands) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets: |  |  |  |  |  |  |
Policy loans | $ | 72,463 |  |  | 72,463 |  |  | 75,359 |  |  | 75,359 |
Residential mortgage loan | 35 |  |  | 36 |  |  | 42 |  |  | 42 |
Cash and cash equivalents | 32,382 |  |  | 32,382 |  |  | 26,997 |  |  | 26,997 |
Financial liabilities: |  |  |  |  |  |  |
Annuity - investment contracts | 68,077 |  |  | 63,468 |  |  | 67,690 |  |  | 63,283 |
Fair Value Option, Disclosures | Financial instruments included in other long-term investments are classified in various levels of the fair value hierarchy. The following table summarizes the carrying amounts of these investments.
Carrying Value (In thousands) | September 30, 2024 |  | December 31, 2023
Other long-term investments: |  |  |
Limited partnerships | $ | 93,167 |  |  | 82,460 |
FHLB common stock | 210 |  |  | 202 |
Mortgage loans | 35 |  |  | 42 |
All other investments | 21 |  |  | 21 |
Total other long-term investments | $ | 93,433 |  |  | 82,725 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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