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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block] FAIR VALUE MEASUREMENTS
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  We hold AFS fixed maturity securities, which are carried at fair value with changes in fair value reported through other comprehensive income (loss). We also report our equity securities and certain other long-term investments at fair value with changes in fair value reported through the consolidated statements of operations and comprehensive income (loss).

Fair value measurements are generally based upon observable and unobservable inputs.  Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.  All assets and liabilities carried at fair value are required to be classified and disclosed in one of the following three categories.

•Level 1 - Quoted prices for identical instruments in active markets.
•Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or whose significant value drivers are observable.
•Level 3 - Instruments whose significant value drivers are unobservable.

Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as U.S. Treasury securities and actively traded mutual fund and stock investments.

Level 2 includes those financial instruments that are valued by independent pricing services or broker quotes.  These pricing models are primarily industry-standard models that consider various inputs, such as interest rates, credit spreads and foreign exchange rates for the underlying financial instruments.  All significant inputs are observable or derived from observable information in the marketplace or are supported by observable levels at which transactions are executed in the marketplace.  Financial instruments in this category primarily include corporate securities, U.S. Government-sponsored enterprise securities, securities issued by states and political subdivisions and certain mortgage and asset-backed securities.

Level 3 is comprised of financial instruments whose fair value is estimated based on non-binding broker prices utilizing significant inputs not based on or corroborated by readily available market information.  Real estate held-
for-sale is included in this category. There were no securities in this category as of or during the periods ended March 31, 2025 and December 31, 2024.

The following tables set forth our assets measured at fair value on a recurring basis as of the dates indicated.

March 31, 2025Level 1Level 2Level 3Total
Fair Value
(In thousands)
Financial assets:
Fixed maturity securities:
    
U.S. Treasury and U.S. Government-sponsored enterprises$5,938 3,351 — 9,289 
States and political subdivisions— 270,436 — 270,436 
Corporate42 816,511 — 816,553 
Commercial mortgage-backed— 311 — 311 
Residential mortgage-backed— 96,406 — 96,406 
Asset-backed— 54,433 — 54,433 
Total fixed maturity securities
5,980 1,241,448 — 1,247,428 
Equity securities:    
Bond mutual funds748 — — 748 
Common stocks
952 — — 952 
Non-redeemable preferred stock7 — — 7 
Non-redeemable preferred stock fund3,786 — — 3,786 
Total equity securities5,493 — — 5,493 
Other long-term investments (1)
— — — 93,036 
Total financial assets$11,473 1,241,448 — 1,345,957 
(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, 2024Level 1Level 2Level 3Total
Fair Value
(In thousands)
Financial assets:
Fixed maturity securities:
    
U.S. Treasury and U.S. Government-sponsored enterprises$5,909 3,304 — 9,213 
States and political subdivisions— 268,302 — 268,302 
Corporate42 794,947 — 794,989 
Commercial mortgage-backed— 311 — 311 
Residential mortgage-backed— 93,642 — 93,642 
Asset-backed— 54,504 — 54,504 
Total fixed maturity securities
5,951 1,215,010 — 1,220,961 
Equity securities:    
Bond mutual funds739 — — 739 
Common stocks
810 — — 810 
Non-redeemable preferred stock7 — — 7 
Non-redeemable preferred stock fund3,891 — — 3,891 
Total equity securities5,447 — — 5,447 
Other long-term investments (1)
— — — 93,337 
Total financial assets$11,398 1,215,010 — 1,319,745 
(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.
 
FINANCIAL INSTRUMENTS VALUATION

FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

Fixed maturity securities, available-for-sale.  At March 31, 2025, fixed maturity securities, valued using a third-party pricing source, totaled $1.2 billion for Level 2 assets and comprised 92.2% of total reported fair value of our financial assets.  The Level 1 and Level 2 valuations are reviewed and updated quarterly through testing by comparisons to separate pricing models, other third-party pricing services, and back tested to recent trades.  In addition, we obtain information annually relative to the third-party pricing models and review model parameters for reasonableness.  There were no Level 3 assets at March 31, 2025.  As of March 31, 2025, there were no material changes to the valuation methods or assumptions used to determine fair values, and no broker or third-party prices were changed from the values received.

Equity securities.  Our equity securities are classified as Level 1 assets as their fair values are based upon quoted market prices.

Limited partnerships. The Company considers the net asset value ("NAV") to represent the value of the investment fund and is measured by the total value of assets minus the total value of liabilities. The following table includes information related to our investments in limited partnerships that calculate NAV per share. For these investments, which are measured at fair value on a recurring basis, we use the NAV per share to measure fair value. The Company recognized net investment related losses of $1.5 million for the three months ended March 31, 2025, and
gains of $1.3 million on limited partnerships held for the three months ended March 31, 2024. These investments are included in other long-term investments on the consolidated balance sheets.

March 31, 2025December 31, 2024
(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 marketInvestments in privately-originated, performing senior secured debt primarily in North America-based companies$34,307 1,660 2$35,369 1,660 3
Global equity fundInvestments in common stocks of U.S., international developed and emerging markets with a focus on long-term capital growth11,416 — 011,568 — 0
Late-stage growthInvestments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale31,676 5,498 
3 to 5
27,825 8,134 
3 to 5
InfrastructureInvestments in environmental infrastructure and related technology, focusing on renewable power generation and distribution15,637 5,364 
8 to 10
18,575 5,637 
9 to 10
Total limited partnerships$93,036 12,522 $93,337 15,431 

The majority of our limited partnership investments are not redeemable because distributions from the funds will be received when the underlying investments of the funds are liquidated. The life spans indicated above may be shortened or extended at the fund manager's discretion, typically in one or two-year increments. The global equity fund is redeemable monthly.

FINANCIAL INSTRUMENTS NOT CARRIED AT FAIR VALUE

Estimates of fair values are made at a specific point in time, based on relevant market prices and information about the financial instruments.  The estimated fair values of financial instruments presented below are not necessarily indicative of the amounts the Company might realize in actual market transactions.

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:

 March 31, 2025December 31, 2024
(In thousands)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial assets:
    
Policy loans$70,961 70,961 71,216 71,216 
Residential mortgage loan31 31 33 34 
Cash and cash equivalents18,355 18,355 29,271 29,271 
Financial liabilities:
    
Annuity - investment contracts69,492 64,285 68,888 63,629 

Policy loans. Policy loans had a weighted average annual interest rate of 7.7% at both March 31, 2025 and December 31, 2024 and no specified maturity dates. The aggregate fair value of policy loans approximates the
carrying value reflected on the consolidated balance sheets. Policy loans are an integral part of the life insurance policies we have in force, cannot be valued separately and are not marketable. Therefore, the fair value of policy loans approximates the carrying value and policy loans are considered Level 3 assets in the fair value hierarchy.

Residential mortgage loan. This mortgage loan is secured by a residential property. The interest rate for this loan was 7.0% at both March 31, 2025 and December 31, 2024. At March 31, 2025, the remaining loan matures in three years.  Management estimated the fair value using an annual interest rate of 6.25% at both March 31, 2025 and December 31, 2024. Our mortgage loan is considered a Level 3 asset in the fair value hierarchy and is included in other long-term investments on the consolidated balance sheets.

Cash and cash equivalents. The fair value of cash and cash equivalents approximates carrying value and these assets are characterized as Level 1 assets in the fair value hierarchy.

Annuity liabilities. The fair value of the Company's liabilities under annuity contracts, which are considered Level 3 liabilities, was estimated at March 31, 2025 and December 31, 2024 using discounted cash flows based upon spot rates adjusted for various risk adjustments ranging from 3.80% to 4.92% and 3.96% to 4.96%, respectively. The fair value of liabilities under all insurance contracts are taken into consideration in the overall management of interest rate risk, which seeks to minimize exposure to changing interest rates through the matching of investment maturities with amounts due under insurance contracts.

Other long-term investments. 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)
March 31, 2025December 31, 2024
Other long-term investments:
Limited partnerships$93,036 93,337 
FHLB common stock215 212 
Mortgage loans31 33 
Real estate held-for-sale
15 — 
All other investments21 22 
Total other long-term investments$93,318 93,604 
We are a member of the Federal Home Loan Bank ("FHLB") of Dallas and such membership requires members to own stock in the FHLB. Our FHLB stock is carried at amortized cost, which approximates fair value.