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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | INVESTMENTS The Company invests primarily in fixed maturity securities as shown below.
Carrying Value (In thousands, except for %) | September 30, 2025 |  | December 31, 2024
Amount |  | % |  | Amount |  | %
Cash and invested assets: |  |  |  |  |  |  |
Fixed maturity securities | $ | 1,270,045 |  |  | 87.7 | % |  | 1,220,961 |  |  | 86.0 | %
Equity securities | 1,371 |  |  | 0.1 |  |  | 5,447 |  |  | 0.4 |
Policy loans | 68,717 |  |  | 4.7 |  |  | 71,216 |  |  | 5.0 |
Other long-term investments | 85,738 |  |  | 5.9 |  |  | 93,604 |  |  | 6.6 |
Cash and cash equivalents | 23,123 |  |  | 1.6 |  |  | 29,271 |  |  | 2.0 |
Total cash and invested assets | $ | 1,448,994 |  |  | 100.0 | % |  | 1,420,499 |  |  | 100.0 | %
The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2025 |  |  |
(In thousands) |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 5,704 |  |  | 77 |  |  | 92 |  |  | 5,689 |
U.S. Government-sponsored enterprises | 1,272 |  |  | 93 |  |  | — |  |  | 1,365 |
States and political subdivisions | 293,634 |  |  | 1,904 |  |  | 27,754 |  |  | 267,784 |
Corporate: |  |  |  |  |  |  |
Financial | 296,501 |  |  | 4,126 |  |  | 25,975 |  |  | 274,652 |
Consumer | 247,721 |  |  | 1,132 |  |  | 38,409 |  |  | 210,444 |
Utilities | 131,878 |  |  | 822 |  |  | 19,377 |  |  | 113,323 |
Energy | 83,805 |  |  | 303 |  |  | 7,430 |  |  | 76,678 |
Communications | 63,311 |  |  | 296 |  |  | 7,460 |  |  | 56,147 |
All other | 130,248 |  |  | 1,369 |  |  | 15,214 |  |  | 116,403 |
Commercial mortgage-backed | 308 |  |  | 4 |  |  | 2 |  |  | 310 |
Residential mortgage-backed | 105,767 |  |  | 13 |  |  | 8,373 |  |  | 97,407 |
Asset-backed | 49,477 |  |  | 899 |  |  | 533 |  |  | 49,843 |
Total fixed maturity securities | $ | 1,409,626 |  |  | 11,038 |  |  | 150,619 |  |  | 1,270,045 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2024 |  |  |
(In thousands) |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 5,939 |  |  | 85 |  |  | 115 |  |  | 5,909 |
U.S. Government-sponsored enterprises | 3,152 |  |  | 152 |  |  | — |  |  | 3,304 |
States and political subdivisions | 300,757 |  |  | 1,087 |  |  | 33,542 |  |  | 268,302 |
Corporate: |  |  |  |  |  |  |
Financial | 272,925 |  |  | 1,593 |  |  | 33,285 |  |  | 241,233 |
Consumer | 263,242 |  |  | 899 |  |  | 45,955 |  |  | 218,186 |
Utilities | 126,361 |  |  | 220 |  |  | 22,770 |  |  | 103,811 |
Energy | 79,247 |  |  | 40 |  |  | 9,959 |  |  | 69,328 |
Communications | 70,896 |  |  | 111 |  |  | 9,910 |  |  | 61,097 |
All other | 117,387 |  |  | 315 |  |  | 16,368 |  |  | 101,334 |
Commercial mortgage-backed | 315 |  |  | 1 |  |  | 5 |  |  | 311 |
Residential mortgage-backed | 106,661 |  |  | 7 |  |  | 13,026 |  |  | 93,642 |
Asset-backed | 54,419 |  |  | 891 |  |  | 806 |  |  | 54,504 |
Total fixed maturity securities | $ | 1,401,301 |  |  | 5,401 |  |  | 185,741 |  |  | 1,220,961 |
The Company's investments in equity securities are shown below.
Fair Value (In thousands) | September 30, 2025 |  | December 31, 2024
Equity securities: |  |  |
Bond mutual funds | $ | 222 |  |  | 739 |
Common stocks | 1,142 |  |  | 810 |
Non-redeemable preferred stock | 7 |  |  | 7 |
Non-redeemable preferred stock fund | — |  |  | 3,891 |
Total equity securities | $ | 1,371 |  |  | 5,447 |
VALUATION OF INVESTMENTS Available-for-sale ("AFS") fixed maturity securities are reported in the consolidated financial statements at fair value. Equity securities are measured at fair value with the change in fair value recorded through net income (loss). The Company recognized net investment related gains of $0.3 million for both the three and nine months ended September 30, 2025, compared to gains of $0.4 million for both the three and nine months ended September 30, 2024, respectively, on equity securities held. The Company considers several factors in its review and evaluation of individual investments, using the process described in Part IV, Item 15, Note 2. Investments in the notes to the consolidated financial statements of our Form 10-K to determine whether a credit valuation loss exists. For the three and nine months ended September 30, 2025 and 2024, the Company recorded no credit valuation losses on fixed maturity securities. For fixed maturity security investments that have unrealized losses as of September 30, 2025 and December 31, 2024, the gross unrealized losses and related fair values that have been in a continuous unrealized loss position by timeframe are as follows.
September 30, 2025 | Less than 12 months |  | Greater than 12 months |  | Total
(In thousands, except for # of securities) | Fair Value | Unrealized Losses | # of Securities |  | Fair Value | Unrealized Losses | # of Securities |  | Fair Value | Unrealized Losses | # of Securities
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 470 |  | 2 |  | 2 |  |  | 828 |  | 90 |  | 6 |  |  | 1,298 |  | 92 |  | 8 |
States and political subdivisions | 21,630 |  | 382 |  | 25 |  |  | 149,134 |  | 27,372 |  | 181 |  |  | 170,764 |  | 27,754 |  | 206 |
Corporate: |  |  |  |  |  |  |  |  |  |  |
Financial | 17,197 |  | 231 |  | 33 |  |  | 147,423 |  | 25,744 |  | 178 |  |  | 164,620 |  | 25,975 |  | 211 |
Consumer | 25,206 |  | 709 |  | 31 |  |  | 159,917 |  | 37,700 |  | 218 |  |  | 185,123 |  | 38,409 |  | 249 |
Utilities | 12,308 |  | 178 |  | 34 |  |  | 79,033 |  | 19,199 |  | 140 |  |  | 91,341 |  | 19,377 |  | 174 |
Energy | 13,304 |  | 160 |  | 29 |  |  | 45,449 |  | 7,270 |  | 53 |  |  | 58,753 |  | 7,430 |  | 82 |
Communications | 6,269 |  | 49 |  | 10 |  |  | 41,961 |  | 7,411 |  | 50 |  |  | 48,230 |  | 7,460 |  | 60 |
All Other | 7,481 |  | 207 |  | 17 |  |  | 73,067 |  | 15,007 |  | 95 |  |  | 80,548 |  | 15,214 |  | 112 |
Commercial mortgage-backed | — |  | — |  | — |  |  | 85 |  | 2 |  | 1 |  |  | 85 |  | 2 |  | 1 |
Residential mortgage-backed | 1,574 |  | 2 |  | 7 |  |  | 94,084 |  | 8,371 |  | 79 |  |  | 95,658 |  | 8,373 |  | 86 |
Asset-backed | 4,728 |  | 175 |  | 7 |  |  | 9,768 |  | 358 |  | 11 |  |  | 14,496 |  | 533 |  | 18 |
Total fixed maturity securities | $ | 110,167 |  | 2,095 |  | 195 |  |  | 800,749 |  | 148,524 |  | 1,012 |  |  | 910,916 |  | 150,619 |  | 1,207 |
December 31, 2024 | Less than 12 months |  | Greater than 12 months |  | Total
(In thousands, except for # of securities) | Fair Value | Unrealized Losses | # of Securities |  | Fair Value | Unrealized Losses | # of Securities |  | Fair Value | Unrealized Losses | # of Securities
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 835 |  | 51 |  | 3 |  |  | 435 |  | 64 |  | 5 |  |  | 1,270 |  | 115 |  | 8 |
States and political subdivisions | 42,583 |  | 1,484 |  | 63 |  |  | 147,534 |  | 32,058 |  | 177 |  |  | 190,117 |  | 33,542 |  | 240 |
Corporate: |  |  |  |  |  |  |  |  |  |  |
Financial | 29,258 |  | 756 |  | 53 |  |  | 154,448 |  | 32,529 |  | 192 |  |  | 183,706 |  | 33,285 |  | 245 |
Consumer | 37,231 |  | 2,053 |  | 57 |  |  | 161,795 |  | 43,902 |  | 216 |  |  | 199,026 |  | 45,955 |  | 273 |
Utilities | 16,750 |  | 687 |  | 47 |  |  | 79,488 |  | 22,083 |  | 142 |  |  | 96,238 |  | 22,770 |  | 189 |
Energy | 11,654 |  | 438 |  | 29 |  |  | 52,537 |  | 9,521 |  | 65 |  |  | 64,191 |  | 9,959 |  | 94 |
Communications | 9,973 |  | 250 |  | 11 |  |  | 48,462 |  | 9,660 |  | 60 |  |  | 58,435 |  | 9,910 |  | 71 |
All Other | 25,208 |  | 1,237 |  | 38 |  |  | 68,756 |  | 15,131 |  | 87 |  |  | 93,964 |  | 16,368 |  | 125 |
Commercial mortgage-backed | 100 |  | — |  | 1 |  |  | 89 |  | 5 |  | 1 |  |  | 189 |  | 5 |  | 2 |
Residential mortgage-backed | 160 |  | 2 |  | 11 |  |  | 93,231 |  | 13,024 |  | 84 |  |  | 93,391 |  | 13,026 |  | 95 |
Asset-backed | 10,330 |  | 243 |  | 14 |  |  | 14,741 |  | 563 |  | 16 |  |  | 25,071 |  | 806 |  | 30 |
Total fixed maturity securities | $ | 184,082 |  | 7,201 |  | 327 |  |  | 821,516 |  | 178,540 |  | 1,045 |  |  | 1,005,598 |  | 185,741 |  | 1,372 |
In each category of our fixed maturity securities described above, we do not intend to sell our investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. As of September 30, 2025 and December 31, 2024, 99.0% and 99.2% of the fair value of our fixed maturity securities portfolio, respectively, were rated investment grade. While the losses are currently unrealized, we continue to monitor all fixed maturity securities on an on-going basis as future information may become available which could result in an allowance being recorded. These unrealized losses on fixed maturity securities are due to noncredit-related factors, including changes in credit spreads and rising interest rates since purchase, which have little bearing on the recoverability of our investments, hence they are not recognized as credit losses. The fair value is expected to recover as the securities approach maturity or if market yields for such investments decline. The amortized cost and fair value of fixed maturity securities at September 30, 2025 by contractual maturity are shown in the table 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. Securities not due at a single maturity date have been reflected based upon final stated maturity.
September 30, 2025 | Amortized Cost |  | Fair Value
(In thousands) |
Fixed maturity securities: |  |  |
Due in one year or less | $ | 31,925 |  |  | 31,911 |
Due after one year through five years | 117,290 |  |  | 117,944 |
Due after five years through ten years | 281,140 |  |  | 281,669 |
Due after ten years | 979,271 |  |  | 838,521 |
Total fixed maturity securities | $ | 1,409,626 |  |  | 1,270,045 |
The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales.
| Three Months Ended |  | Nine Months Ended |  |  |  |
| September 30, |  | September 30, |  |  |  |
(In thousands) | 2025 | 2024 |  | 2025 | 2024 |  |  |  |  |  |
Fixed maturity securities, available-for-sale: |  |  |  |  |  |  |  |  |  |
Proceeds | $ | 45,574 |  | — |  |  | 60,143 |  | 4,659 |  |  |  |  |  |  |
Gross realized gains | $ | 868 |  | — |  |  | 960 |  | 91 |  |  |  |  |  |  |
Gross realized losses | $ | 75 |  | — |  |  | 517 |  | 196 |  |  |  |  |  |  |
During the second quarter of 2025, the Company accepted a tender offer by Discovery Communications, Inc. after considering the outlook of the issuer. As a result, the Company recognized a realized loss of $0.4 million, which is recorded a net realized investment loss for the period.

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