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Credit Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2022
Credit Arrangements [Abstract] |
Financial Structure of Statutory Business Trusts | The financial structure of each of Atlantic American Statutory Trust I and II, as of December 31, 2022 and 2021, was as follows:
|  | Atlantic American Statutory Trust I |  |  | Atlantic American Statutory Trust II |
JUNIOR SUBORDINATED DEBENTURES(1)(2) |  |  |  |  |  |
Balance December 31, 2022 |  | $ | 18,042 |  |  | $ | 23,196 |
Less: Treasury debt(3) |  |  | — |  |  |  | (7,500 | )
Net balance December 31, 2022 |  | $ | 18,042 |  |  | $ | 15,696 |
Net balance December 31, 2021 |  | $ | 18,042 |  |  | $ | 15,696 |
Coupon rate |  | LIBOR + 4.00% |  |  |  | LIBOR + 4.10% |
Interest payable |  | Quarterly |  |  | Quarterly |
Maturity date |  | December 4, 2032 |  |  | May 15, 2033 |
Redeemable by issuer |  | Yes |  |  | Yes |
TRUST PREFERRED SECURITIES |  |  |  |  |  |  |  |
Issuance date |  | December 4, 2002 |  |  | May 15, 2003 |
Securities issued |  |  | 17,500 |  |  |  | 22,500 |
Liquidation preference per security |  | $ | 1 |  |  | $ | 1 |
Liquidation value |  | $ | 17,500 |  |  | $ | 22,500 |
Coupon rate |  | LIBOR + 4.00% |  |  | LIBOR + 4.10% |
Distribution payable |  | Quarterly |  |  | Quarterly |
Distribution guaranteed by(4) |  | Atlantic American Corporation |  |  | Atlantic American Corporation |
(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) | In 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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