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v3.22.2.2

Credit Arrangements, Junior Subordinated Debentures (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2022 USD ($) Trust Quarter $ / shares shares
Debt Instruments [Abstract] |  |
Number of Connecticut statutory business trusts | Trust | 2 |
Financial structure of statutory business trusts [Abstract] |  |
Net balance September 30, 2022 | $ 33,738 |
Net balance December 31, 2021 | $ 33,738 |
Junior Subordinated Debentures [Member] |  |
Financial structure of statutory business trusts [Abstract] |  |
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 September 30, 2022 | $ 18,042 | [1],[2]
Less: Treasury debt | 0 | [1],[2],[3]
Net balance September 30, 2022 | 18,042 | [1],[2]
Net balance December 31, 2021 | $ 18,042 | [1],[2]
Coupon rate | LIBOR + 4.00% | [1],[2]
Interest payable | Quarterly | [1],[2]
Maturity date | Dec. 04, 2032 | [1],[2]
Redeemable by issuer | Yes | [1],[2]
Atlantic American Statutory Trust I [Member] | Junior Subordinated Debentures [Member] | LIBOR [Member] |  |
Financial structure of statutory business trusts [Abstract] |  |
Basis spread on variable rate | 4.00% |
Atlantic American Statutory Trust I [Member] | Trust Preferred Securities [Member] |  |
Financial structure of statutory business trusts [Abstract] |  |
Coupon rate | LIBOR + 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 | Atlantic American Corporation | [4]
Atlantic American Statutory Trust I [Member] | Trust Preferred Securities [Member] | LIBOR [Member] |  |
Financial structure of statutory business trusts [Abstract] |  |
Basis spread on variable rate | 4.00% |
Atlantic American Statutory Trust II [Member] | Junior Subordinated Debentures [Member] |  |
Financial structure of statutory business trusts [Abstract] |  |
Principal amount owed September 30, 2022 | $ 23,196 | [1],[2]
Less: Treasury debt | (7,500) | [1],[2],[3]
Net balance September 30, 2022 | 15,696 | [1],[2]
Net balance December 31, 2021 | $ 15,696 | [1],[2]
Coupon rate | LIBOR + 4.10% | [1],[2]
Interest payable | Quarterly | [1],[2]
Maturity date | May 15, 2033 | [1],[2]
Redeemable by issuer | Yes | [1],[2]
Atlantic American Statutory Trust II [Member] | Junior Subordinated Debentures [Member] | LIBOR [Member] |  |
Financial structure of statutory business trusts [Abstract] |  |
Basis spread on variable rate | 4.10% |
Atlantic American Statutory Trust II [Member] | Trust Preferred Securities [Member] |  |
Financial structure of statutory business trusts [Abstract] |  |
Coupon rate | LIBOR + 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 | Atlantic American Corporation | [4]
Atlantic American Statutory Trust II [Member] | Trust Preferred Securities [Member] | LIBOR [Member] |  |
Financial structure of statutory business trusts [Abstract] |  |
Basis spread on variable rate | 4.10% |
[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.

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- Definition Including the current and noncurrent portions, the carrying value of junior subordinated long-term debt owed to unconsolidated subsidiary trusts as of the balance sheet date. Such debt places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets and was initially scheduled to be repaid after one year or beyond the normal operating cycle if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 + Details
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