Docoh
Loading...

UFCS United Fire

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021May 03, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number001-34257
Entity Registrant NameUNITED FIRE GROUP INC
Entity Incorporation, State or Country CodeIA
Entity Tax Identification Number45-2302834
Entity Address, Address Line One118 Second Avenue SE
Entity Address, City or TownCedar Rapids
Entity Address, State or ProvinceIA
Entity Address, Postal Zip Code52401
City Area Code319
Local Phone Number399-5700
Title of 12(b) SecurityCommon Stock, $0.001 par value
Trading SymbolUFCS
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding25,119,855
Amendment Flagfalse
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Entity Central Index Key0000101199
Current Fiscal Year End Date--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fixed maturities
Available-for-sale, at fair value (amortized cost $1,741,481 in 2021 and $1,720,291 in 2020; allowance for credit losses $174 in 2021 and $5 in 2020) $ 1,816,765 $ 1,825,438
Equity securities at fair value (cost $48,996 in 2021 and $49,085 in 2020)193,263 206,685
Mortgage loans47,570 47,690
Less: allowance for mortgage loan losses76 76
Mortgage loans, net47,494 47,614
Other long-term investments77,816 69,305
Short-term investments available-for-sale, at fair value (amortized cost $801 in 2021 and $175 in 2020)804 175
Total investments2,136,142 2,149,217
Cash and cash equivalents71,514 87,948
Accrued investment income14,662 14,615
Premiums receivable (net of allowance for doubtful accounts of $699 in 2021 and $687 in 2020)328,389 317,292
Deferred policy acquisition costs87,955 87,094
Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $56,595 in 2021 and $55,141 in 2020)132,273 129,874
Reinsurance receivables and recoverables (net of allowance for credit losses of $233 in 2021 and $190 in 2020)163,541 160,540
Prepaid reinsurance premiums13,413 12,965
Intangible assets6,565 6,743
Income taxes receivable66,208 66,194
Other assets44,305 37,196
TOTAL ASSETS3,064,967 3,069,678
Liabilities
Losses and loss settlement expenses1,613,025 1,578,131
Unearned premiums461,530 464,845
Accrued expenses and other liabilities92,401 126,624
Long term debt50,000 50,000
Deferred tax liability24,412 24,929
TOTAL LIABILITIES2,241,368 2,244,529
Stockholders’ Equity
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,119,855 and 25,055,479 shares issued and outstanding in 2021 and 2020, respectively25 25
Additional paid-in capital202,874 202,359
Retained earnings570,789 555,854
Accumulated other comprehensive income, net of tax49,911 66,911
TOTAL STOCKHOLDERS’ EQUITY823,599 825,149
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,064,967 $ 3,069,678

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Available-for-sale securities, amortized cost $ 1,742,282 $ 1,720,291
Available-for-sale securities, allowance for credit losses174 5
Equity securities, cost48,996 49,085
Allowance for doubtful accounts699 687
Property and equipment accumulated depreciation56,595 55,141
Reinsurance receivables and recoverables, allowance for credit losses $ 233 $ 190
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares)75,000,000 75,000,000
Common stock, shares issued (in shares)25,119,855 25,055,479
Common stock, shares outstanding (in shares)25,119,855 25,055,479
Fixed maturities
Available-for-sale securities, amortized cost $ 1,741,481 $ 1,720,291
Available-for-sale securities, allowance for credit losses174 5
Short-Term Investments
Available-for-sale securities, amortized cost801 $ 175
Available-for-sale securities, allowance for credit losses $ 0

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues
Net premiums earned $ 259,225 $ 268,849
Investment income, net of investment expenses17,081 2,363
Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $(807) in 2021 and $(121) in 2020; previously included in accumulated other comprehensive income)24,508 (93,407)
Other income (loss)(79)0
Total revenues300,735 177,805
Benefits, Losses and Expenses
Losses and loss settlement expenses206,398 186,503
Amortization of deferred policy acquisition costs53,265 54,452
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,667 in 2021 and $1,072 in 2020; previously included in accumulated other comprehensive income)18,368 41,849
Total benefits, losses and expenses278,031 282,804
Income (loss) before income taxes22,704 (104,999)
Federal income tax expense (benefit) (includes reclassifications of $520 in 2021 and $250 in 2020; previously included in accumulated other comprehensive income)4,002 (32,465)
Net Income (loss)18,702 (72,534)
Other comprehensive income (loss)
Change in net unrealized appreciation on investments(30,497)7,168
Change in liability for underfunded employee benefit plans6,505 (1,593)
Other comprehensive income, before tax and reclassification adjustments(23,992)5,575
Income tax effect5,038 (1,171)
Change in accumulated other comprehensive income before reclassifications(18,954)4,404
Reclassification adjustment for net realized investment losses included in income807 121
Reclassification adjustment for employee benefit costs included in expense(1,667)(1,072)
Total reclassification adjustments, before tax2,474 1,193
Income tax effect(520)(250)
Total reclassification adjustments, after tax1,954 943
Comprehensive income (loss) $ 1,702 $ (67,187)
Diluted weighted average common shares outstanding (in shares)25,379,812 25,014,027
Earnings (loss) per common share:
Basic (in dollars per share) $ 0.75 $ (2.90)
Diluted (in dollars per share) $ 0.74 $ (2.90)

Consolidated Statements of In_2

Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Reclassification adjustment for net realized (gains) losses included in income $ (807) $ (121)
Reclassification adjustment for employee benefit costs included in expense1,667 1,072
Reclassifications for federal income tax expense (benefit) $ (520) $ (250)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in ThousandsTotalCumulative effect of change in accounting principleCommon StockAdditional paid-in capitalRetaining EarningsRetaining EarningsCumulative effect of change in accounting principleAccumulated other comprehensive income
Balance, beginning (in shares) at Dec. 31, 201925,015,963
Balance, beginning at Dec. 31, 2019 $ 910,472 $ (30) $ 25 $ 200,179 $ 697,116 $ (30) $ 13,152
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)(72,534)(72,534)
Shares repurchased (in shares)(70,467)
Shares repurchased(2,741)(2,741)
Stock based compensation (in shares)70,597
Stock based compensation879 879
Dividends on common stock(8,249)(8,249)
Change in net unrealized investment appreciation[1]4,500 4,500
Change in liability for underfunded employee benefit plans[2]847 847
Balance, ending (in shares) at Mar. 31, 202025,016,093
Balance, ending at Mar. 31, 2020 $ 833,144 $ 25 198,317 616,303 18,499
Balance, beginning (in shares) at Dec. 31, 202025,055,479 25,055,479
Balance, beginning at Dec. 31, 2020 $ 825,149 $ 25 202,359 555,854 66,911
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)18,702 18,702
Shares repurchased (in shares)(207)
Shares repurchased(7)(7)
Stock based compensation (in shares)64,583
Stock based compensation522 522
Dividends on common stock(3,767)(3,767)
Change in net unrealized investment appreciation[1](23,456)(23,456)
Change in liability for underfunded employee benefit plans[2] $ 6,456 6,456
Balance, ending (in shares) at Mar. 31, 202125,119,855 25,119,855
Balance, ending at Mar. 31, 2021 $ 823,599 $ 25 $ 202,874 $ 570,789 $ 49,911
[1]The change in net unrealized appreciation is net of reclassification adjustments and income taxes.
[2]The change in liability for underfunded employee benefit plans is net of reclassification adjustments and income taxes.

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends on common stock, per share (in dollars per share) $ 0.15 $ 0.33

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash Flows From Operating Activities
Net income (loss) $ 18,702 $ (72,534)
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Net accretion of bond premium3,586 3,008
Depreciation and amortization1,628 1,636
Stock-based compensation expense1,009 1,634
Net realized investment (gains) losses(24,508)93,407
Net cash flows from equity and trading investments38,737 2,156
Deferred income tax benefit4,002 (21,803)
Changes in:
Accrued investment income(47)(11)
Premiums receivable(11,097)(5,570)
Deferred policy acquisition costs(861)(43)
Reinsurance receivables(3,001)(26,026)
Prepaid reinsurance premiums(448)(2,139)
Income taxes receivable(14)(15,150)
Other assets(7,109)(7,126)
Losses and loss settlement expenses34,894 16,651
Unearned premiums(3,315)15,798
Accrued expenses and other liabilities(26,116)(1,958)
Deferred income taxes0 4,463
Other, net(6,532)11,120
Cash from operating activities808 70,047
Net cash provided by (used in) operating activities19,510 (2,487)
Cash Flows From Investing Activities
Proceeds from sale of available-for-sale investments99,682 11,910
Proceeds from call and maturity of available-for-sale investments72,617 68,976
Proceeds from sale of other investments621 1,889
Purchase of investments in mortgage loans0 (2,746)
Purchase of investments available-for-sale(198,331)(57,182)
Purchase of other investments(2,423)(1,469)
Net purchases and sales of property and equipment(3,848)(7,144)
Net cash provided by (used in) investing activities(31,682)14,234
Cash Flows From Financing Activities
Issuance of common stock(488)(755)
Repurchase of common stock(7)(2,741)
Payment of cash dividends(3,767)(8,249)
Net cash used in financing activities(4,262)(11,745)
Net Change in Cash and Cash Equivalents(16,434)2
Cash and Cash Equivalents at Beginning of Period87,948 120,722
Cash and Cash Equivalents at End of Period $ 71,514 $ 120,724

Nature of Operations and Basis

Nature of Operations and Basis of Presentation3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of PresentationNATURE OF OPERATIONS AND BASIS OF PRESENTATION Nature of Business United Fire Group, Inc. ("UFG," the "Registrant," the "Company," "we," "us," or "our") and its consolidated subsidiaries and affiliates are engaged in the business of writing property and casualty insurance through a network of independent agencies. Our insurance company subsidiaries are licensed as property and casualty insurers in 50 states and the District of Columbia. Basis of Presentation The unaudited consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X promulgated by the SEC. Certain financial information that is included in our Annual Report on Form 10-K for the year ended December 31, 2020, including certain financial statement footnote disclosures, is not required by the rules and regulations of the SEC for interim financial reporting and has been condensed or omitted. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statement categories that are most dependent on management estimates and assumptions include: investments; deferred policy acquisition costs; reinsurance receivables and recoverables; loss settlement expenses; and pension and post-retirement benefit obligations. Certain prior year amounts have been reclassified to conform to the current year presentation. Management of UFG believes the accompanying unaudited Consolidated Financial Statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. All significant intercompany transactions have been eliminated in consolidation. The results reported for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020. Segment Information Subsequent to the announcement of the sale of our life insurance business on September 19, 2017, our continuing operations, the property and casualty insurance business, was reported as one reportable segment. The property and casualty insurance business profit or loss is consistent with consolidated reporting as disclosed on the Consolidated Statements of Income and Comprehensive Income. We analyze the property and casualty insurance business results based on profitability (i.e., loss ratios), expenses and return on equity. The Company's property and casualty insurance business was determined using a management approach to make decisions on operating matters, including allocating resources, assessing performance, determining which products to market and sell, determining distribution networks with insurance agents and monitoring the regulatory environment. The property and casualty insurance business products have similar economic characteristics and use a similar marketing and distribution strategy with our independent agents. The property and casualty insurance business geographic concentration did not change after the announcement of the sale of the life insurance business. We will continue to evaluate our operations on the basis of both statutory accounting principles prescribed or permitted by our states of domicile and GAAP. Lloyd's Syndicates On January 1, 2021, the Company became a member of Lloyd's of London ("Lloyd's"). As a member of Lloyd's, the Company is required to maintain capital at Lloyd's, referred to as Funds at Lloyd's ("FAL"), to support underwriting of property and casualty and reinsurance business by Syndicate 1492, Syndicate 1729, Syndicate 1969, Syndicate 1971 and Syndicate 4747. At March 31, 2021, the Company's FAL investments were comprised of cash of $18,101 on deposit with Lloyd's in order to satisfy these FAL requirements. The results of the syndicates are normally reported on a quarter lag, except when information is available that is material to the current period. For the first quarter of 2021, the Company recorded estimates of premiums, losses and loss settlement reserves and expenses and underwriting expenses, including deferred acquisition costs, based on the information provided by the syndicates. These amounts will be revised based on reported information, if necessary, with changes reflected in second quarter operations. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash, money market accounts, cash on deposit and held by Lloyd's and non-negotiable certificates of deposit with original maturities of three months or less. For the three-month periods ended March 31, 2021 and 2020, we made payments for income taxes totaling $14 a nd $20, respectively. We did not receive a tax refund during the three-month periods ended March 31, 2021 and 2020. Deferred Policy Acquisition Costs ("DAC") Certain costs associated with underwriting new business (primarily commissions, premium taxes and variable underwriting and policy issue expenses associated with successful acquisition efforts) are deferred. The following table is a summary of the components of DAC, including the related amortization recognized for the three-month period ended March 31, 2021. Total Recorded asset at beginning of period $ 87,094 Underwriting costs deferred 54,125 Amortization of deferred policy acquisition costs (53,264) Recorded asset at March 31, 2021 $ 87,955 Property and casualty insurance policy acquisition costs deferred are amortized as premium revenue is recognized. The method followed in computing DAC limits the amount of such deferred costs to their estimated realizable value. This takes into account the premium to be earned, losses and loss settlement expenses expected to be incurred and certain other costs expected to be incurred as the premium is earned. Other Intangible Assets Our other intangible assets, which consist primarily of agency relationships, trade names, state insurance licenses, and software, are being amortized by the straight-line method over periods ranging from 2 years to 15 years, with the exception of state insurance licenses, which are indefinite-lived and not amortized. Long Term Debt The Company executed a private placement debt transaction on December 15, 2020 between United Fire & Casualty Company ("UF&C"), and Federated Mutual Insurance Company, a mutual insurance company domiciled in Minnesota ("Federated Mutual"), and Federated Life Insurance Company, an insurance company domiciled in Minnesota ("Federated Life” and, together with Federated Mutual, the "Note Purchasers"). UF&C sold an aggregate principal amount of $50,000 of notes due 2040 to the Note Purchasers. One note with a principal amount of $35,000 was issued to Federated Mutual and one note with a principal amount of $15,000 was issued to Federated Life subject to the terms of their respective notes. The notes are presented as a long term debt liability in the Consolidated Balance Sheets and as a financing activity in the Consolidated Statement of Cash Flows. Interest payments under the surplus notes are paid quarterly on March 15, June 15, September 15 and December 15 of each year (each such date, an "Interest Payment Date"). The interest rate will equal the rate that corresponds to the A.M. Best Co. (or its successor’s) financial strength rating for members of the United Fire & Casualty Pooled Group as of the applicable Interest Payment Date. For the three-month period ended March 31, 2021, interest totaled $797 and is included in accrued expenses and other liabilities in the Consolidated Balance Sheets and as an expense in other underwriting expenses in the Consolidated Statements of Income and Comprehensive Income. Payment of interest is subject to approval by the Iowa Insurance Division. Income Taxes On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss ("NOL") carryovers and carrybacks to offset 100 percent of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company has considered the implications of the CARES Act on its tax provision. As of March 31, 2021, there was no income tax benefit as the result of the CARES Act. As of March 31,2020, there was an income tax benefit of $9,500 as the result of the CARES Act. Deferred tax assets and liabilities are established based on differences between the financial statement bases of assets and liabilities and the tax bases of those same assets and liabilities, using the currently enacted statutory tax rates. Deferred income tax expense is measured by the year-to-year change in the net deferred tax asset or liability, except for certain changes in deferred tax amounts that affect stockholders' equity and do not impact federal income tax expense. We reported consolidated federal income tax expense of $4,002 for the three-month period ended March 31, 2021 compared to income tax benefit of $32,465 during the same period of 2020. Our effective tax rate for 2021 is different than the federal statutory rate of 21 percent, due principally to the net effect of tax-exempt municipal bond interest income. Our effective tax rate for 2020 is different than the federal statutory rate of 21 percent, due principally to the impact of the provisions of the CARES Act. The Company performs a quarterly review of its tax positions and makes a determination of whether it is more likely than not that the tax position will be sustained upon examination. If, based on this review, it appears not more likely than not that the positions will be sustained, the Company will calculate any unrecognized tax benefits and, if necessary, calculate and accrue any related interest and penalties. We did not recognize any liability for unrecognized tax benefits at March 31, 2021 or December 31, 2020. In addition, we have not accrued for interest and penalties related to unrecognized tax benefits. However, if interest and penalties would need to be accrued related to unrecognized tax benefits, such amounts would be recognized as a component of federal income tax expense. We file a consolidated federal income tax return. We also file income tax returns in various state jurisdictions. We are no longer subject to federal or state income tax examination for years before 2017. Leases The Company determines if a contract contains a lease at inception of the contract. The Company's inventory of leases consists of operating leases which are recorded as a lease obligation liability disclosed in the "Accrued expenses and other liabilities" line on the Consolidated Balance Sheets and as a lease right-of-use asset disclosed in the "Other assets" line on the Consolidated Balance Sheets. The Company's operating leases consist of office space, vehicles, computer equipment and office equipment. The lease right-of-use asset represents the Company's right to use each underlying asset for the lease term and the lease obligation liability represents the Company's obligation over the lease term. The Company's lease obligation is recorded at the present value of the lease payments based on the term of the applied lease. Short-term leases of 12 months or less are recorded on the Consolidated Balance Sheets and lease payments are recognized on the Consolidated Statements of Income and Comprehensive Income. For more information on leases refer to Note 10 "Leases." Variable Interest Entities The Company and certain related parties are equity investors in one investment which the Company determined is a variable interest entity ("VIE") as a result of participation in the risks and rewards of the VIE based on the objectives and strategies of the VIE. The VIE is a limited liability company that primarily invests in commercial real estate. The Company and certain related parties are not the primary beneficiary largely due to their inability to influence management or direct the activities that most significantly impact the VIE's economic performance. Based on these facts and circumstances, the Company has a variable interest in the VIE, but has not consolidated the VIE's financial results as it is not the primary beneficiary. The Company's investment is reported in other long-term investments in the Consolidated Balance Sheets and accounted for under the equity method of accounting. The fair value of the VIE at March 31, 2021 wa s $3,371 a nd there are no future funding commitments. Credit Losses The Company recognizes credit losses for our available-for-sale fixed-maturity portfolio, reinsurance receivables, mortgage loans and premium receivables by setting up allowances which are remeasured each reporting period and recorded in the Consolidated Statements of Income and Comprehensive Income. For our available-for-sale fixed-maturity portfolio an allowance for credit losses is recorded net of available-for-sale fixed maturities in the Consolidated Balance Sheets and a corresponding credit loss recognized as a realized loss or gain in the Consolidated Statements of Income and Comprehensive Income. The Company determines if an allowance for credit losses is recorded based on a number of factors including the current economic conditions, management's expectations of future economic conditions and performance indicators, such as market value vs. amortized cost, investment spreads widening or contracting, rating actions, payment and default history. For more information on credit losses and the allowance for credit losses for available-for-sale fixed-maturity portfolio, see Note 2 "Summary of Investments." An allowance for mortgage loan losses is established based on historical loss information of the collective pool of the Company's commercial mortgage loan investments which have similar risk characteristics. To calculate the allowance for mortgage loan losses, the Company starts with historical loan experience to predict the future expected losses and then layers on a market-linked adjustment. On a quarterly basis, quantitative credit risk metrics, including for example, cash-flows, rent rolls and financial statements are reviewed for each loan to determine if it is performing in line with its expectations. This allowance is presented as a separate line in the Consolidated Balance Sheets beneath the asset value as well as presented net and recorded through "Net realized investment gains (losses)" in the Consolidated Statements of Income and Comprehensive Income. For more information on credit losses and the allowance for credit losses for our investment in mortgage loans see Note 3 "Fair Value of Financial Instruments." For reinsurance receivables, the Company's model estimates expected credit loss by multiplying the exposure at default by both the probability of default and loss given default ("LGD"). The LGD is estimated by the rating of the reinsurer, historical relationship with UFG, existence of letters of credit and known regulation the Company may be held accountable for. The ultimate LGD percentage is estimated after considering Moody’s experience with unsecured year 1 bond recovery rates from 1983-2017. The allowance calculated as of March 31, 2021 is recorded through the line "Reinsurance receivables and recoverables" in the Consolidated Balance Sheets and through the line "Other underwriting expenses" in the Consolidated Statements of Income and Other Comprehensive Income. As of March 31, 2021, the Company had a credit loss allowance for reinsurance receivables of $233. Rollforward of credit loss allowance for reinsurance receivable: As of March 31, 2021 Beginning balance, January 1, 2021 $ 190 Current-period provision for expected credit losses 43 Ending balance of the allowance for reinsurance receivable, March 31, 2021 $ 233 With respect to premiums receivable, the Company utilizes an aging method to estimate credit losses. An allowance for doubtful accounts is based on a periodic evaluation of the aging and collectability of amounts due from agents and policyholders. "Premiums receivable" are presented in the Consolidated Balance Sheets net of an estimated allowance for doubtful accounts and recorded through "Other underwriting expenses" in the Consolidated Statements of Income and Comprehensive Income. COVID-19 Pandemic The COVID-19 pandemic caused significant financial market volatility, economic uncertainty and interruptions to normal business activities for the full year of 2020 and the economic uncertainty continued into the three-month period ended March 31, 2021. As of the date of this report, we expect the effect of the COVID-19 pandemic on claims currently under our coverages to be manageable, based on the information presently available. However, the effects of the COVID-19 pandemic, including the emergence of variant strains, continue to evolve and we cannot predict the extent to which our business, results of operations, financial condition, liquidity, capital position, the value of investments we hold in our investment portfolio, premiums and the demand for our products and our ability to collect premiums or requirement to return premiums to our policyholders, will ultimately be impacted. Additionally, if established written contract policy exclusions of business interruption coverage for losses attributable to the COVID-19 pandemic are voided or changed through legislation, regulations or interpretations by the courts, such changes have the potential to materially increase claims, losses and legal expenses which may impact our business, financial condition, results of operations or liquidity. See further discussion in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations. Subsequent Events In the preparation of the accompanying financial statements, the Company has evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition or disclosure in the Company's financial statements. Recently Issued Accounting Standards Accounting Standards Adopted in 2021 Defined Benefit Plans - Disclosures In August 2018, the FASB issued new guidance which modifies the disclosure requirements for employers that sponsor defined benefit pension and postretirement plans. The new guidance removes the requirement for disclosing the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit costs in the next year and the sensitivity of postretirement health plans to one-percentage-point changes in medical trend rates. The new guidance is effective for annual periods beginning after December 15, 2020. The Company adopted the new guidance as of January 1, 2021. The new guidance modifies disclosures, but will not have an impact on the Company's financial position and results of operations. Income Taxes In December 2019, the FASB issued new guidance which simplifies the accounting for income taxes by removing certain exceptions to income tax accounting. The amendments also improve consistent application of and simplify

Summary of Investments

Summary of Investments3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of InvestmentsSUMMARY OF INVESTMENTS Fair Value of Investments A reconciliation of the amortized cost to fair value of investments in available-for-sale fixed maturity and short-term investments, presented on a consolidated basis, as of March 31, 2021 and December 31, 2020, is provided below: March 31, 2021 Type of Investment Cost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value Allowance for Credit Losses Carrying Value AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 70,254 $ 343 $ 505 $ 70,092 $ — $ 70,092 U.S. government agency 87,150 3,265 2,258 88,157 — 88,157 States, municipalities and political subdivisions General obligations: Midwest 68,578 2,951 — 71,529 — 71,529 Northeast 29,018 1,081 — 30,099 — 30,099 South 94,493 4,695 — 99,188 — 99,188 West 97,459 6,042 — 103,501 — 103,501 Special revenue: Midwest 123,401 8,257 — 131,658 — 131,658 Northeast 56,193 3,972 — 60,165 — 60,165 South 211,100 15,728 98 226,730 — 226,730 West 131,711 8,375 — 140,086 — 140,086 Foreign bonds 26,372 1,171 134 27,409 — 27,409 Public utilities 95,501 5,155 523 100,133 — 100,133 Corporate bonds Energy 24,101 2,306 — 26,407 — 26,407 Industrials 53,535 2,618 572 55,581 — 55,581 Consumer goods and services 66,557 3,233 1,285 68,505 — 68,505 Health care 29,025 662 1,188 28,499 — 28,499 Technology, media and telecommunications 66,211 3,679 1,956 67,934 — 67,934 Financial services 101,002 5,504 487 106,019 174 105,845 Mortgage-backed securities 26,092 351 143 26,300 — 26,300 Collateralized mortgage obligations Government national mortgage association 83,303 3,454 113 86,644 — 86,644 Federal home loan mortgage corporation 139,364 1,570 1,402 139,532 — 139,532 Federal national mortgage association 60,744 1,642 463 61,923 — 61,923 Asset-backed securities 317 531 — 848 — 848 Total Available-for-Sale Fixed Maturities $ 1,741,481 $ 86,585 $ 11,127 $ 1,816,939 $ 174 $ 1,816,765 Short-Term Investments $ 801 $ 3 $ — $ 804 $ — $ 804 Total Available-for-Sale Investments $ 1,742,282 $ 86,588 $ 11,127 $ 1,817,743 $ 174 $ 1,817,569 December 31, 2020 Type of Investment Cost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value Allowance for Credit Losses Carrying Value AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 149,481 $ 482 $ 25 $ 149,938 $ — $ 149,938 U.S. government agency 60,502 4,016 — 64,518 — 64,518 States, municipalities and political subdivisions General obligations: Midwest 77,933 4,047 — 81,980 — 81,980 Northeast 29,071 1,379 — 30,450 — 30,450 South 104,522 5,448 — 109,970 — 109,970 West 102,590 7,431 — 110,021 — 110,021 Special revenue: Midwest 115,956 9,142 — 125,098 — 125,098 Northeast 56,317 4,759 — 61,076 — 61,076 South 208,739 17,967 — 226,706 — 226,706 West 129,417 9,982 — 139,399 — 139,399 Foreign bonds 27,799 1,805 2 29,602 — 29,602 Public utilities 76,114 7,388 — 83,502 — 83,502 Corporate bonds Energy 22,441 2,895 — 25,336 — 25,336 Industrials 39,513 3,744 — 43,257 — 43,257 Consumer goods and services 46,521 4,046 — 50,567 — 50,567 Health care 6,678 898 — 7,576 — 7,576 Technology, media and telecommunications 37,270 4,381 15 41,636 — 41,636 Financial services 93,736 7,564 269 101,031 5 101,026 Mortgage-backed securities 20,305 326 54 20,577 — 20,577 Collateralized mortgage obligations Government national mortgage association 81,758 4,439 45 86,152 — 86,152 Federal home loan mortgage corporation 151,362 2,239 758 152,843 — 152,843 Federal national mortgage association 81,952 2,013 683 83,282 — 83,282 Asset-backed securities 314 612 — 926 — 926 Total Available-for-Sale Fixed Maturities $ 1,720,291 $ 107,003 $ 1,851 $ 1,825,443 $ 5 $ 1,825,438 Maturities The amortized cost and fair value of available-for-sale fixed maturity securities at March 31, 2021, by contractual maturity, are shown in the following tables. 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. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity. Maturities Available-For-Sale March 31, 2021 Amortized Cost Fair Value Due in one year or less $ 29,859 $ 30,220 Due after one year through five years 482,121 506,835 Due after five years through 10 years 374,037 393,314 Due after 10 years 545,644 571,323 Asset-backed securities 317 848 Mortgage-backed securities 26,092 26,300 Collateralized mortgage obligations 283,411 288,099 $ 1,741,481 $ 1,816,939 Net Realized Investment Gains and Losses Net realized gains on disposition of investments are computed using the specific identification method and are included in the computation of net income. A summary of the components of net realized investment gains (losses) is as follows: Three Months Ended March 31, 2021 2020 Net realized investment gains (losses): Fixed maturities: Available-for-sale $ (637) $ (30) Allowance for credit losses (170) (59) Trading Securities — (2,457) Equity securities 25,315 (90,828) Mortgage loans allowance for credit losses — (5) Real estate — (28) Total net realized investment gains (losses) $ 24,508 $ (93,407) The proceeds and gross realized gains on the sale of available-for-sale fixed maturity securities are as follows: Three Months Ended March 31, 2021 2020 Proceeds from sales $ 31,091 $ 11,910 Gross realized gains 1 172 Gross realized losses 638 382 Funding Commitment Pursuant to an agreement with one of our limited liability partnership investments, we are contractually committed through July 10, 2030 to make capital contributions upon request of the partnership. Our remaining potential contractual obligation was $6,061 at March 31, 2021. In addition, the Company invested $25,000 in December 2019 in a limited liability partnership investment fund which is subject to a 3-year lockup with a 60 day minimum notice, with 4 possible repurchase dates per year, after the 3-year lockup period is met. The fair value of the investment at March 31, 2021 was $24,889 and there are no remaining capital contributions with this investment. Unrealized Appreciation A summary of the changes in net unrealized investment appreciation during the reporting period is as follows: Three Months Ended March 31, 2021 2020 Change in net unrealized investment appreciation Available-for-sale fixed maturities $ (29,691) $ 5,696 Income tax effect 6,235 (1,196) Total change in net unrealized investment appreciation, net of tax $ (23,456) $ 4,500 Credit Risk An allowance for credit losses is recorded based on a number of factors including the current economic conditions, management's expectations of future economic conditions and performance indicators, such as market value vs. amortized cost, investment spreads widening or contracting, rating actions, payment and default history. The following table contains a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities at March 31, 2021: Rollforward of allowance for credit losses for available-for-sale fixed maturity securities: As of March 31, 2021 Beginning balance, January 1, 2021 $ 5 Additions to the allowance for credit losses for which credit losses were not previously recorded 169 Ending balance, March 31, 2021 $ 174 The following tables summarize our fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at March 31, 2021 and December 31, 2020. The securities are presented by the length of time they have been continuously in an unrealized loss position. Non-credit related unrealized losses are recognized as a component of other comprehensive income and represent other market movements that are not credit related, for example interest rate changes. We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature. March 31, 2021 Less than 12 months 12 months or longer Total Type of Investment Number Fair Gross Unrealized Number Fair Gross Unrealized Depreciation Fair Gross Unrealized Depreciation AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury 8 $ 62,122 $ 505 — $ — $ — $ 62,122 $ 505 U.S. government agency 4 27,391 2,258 — — — 27,391 2,258 States, municipalities and political subdivisions General obligations South 1 1,176 98 — — — 1,176 98 Foreign bonds 3 $ 5,770 $ 134 — $ — $ — $ 5,770 $ 134 Public utilities 7 20,607 523 — — — 20,607 523 Corporate bonds Industrials 6 16,436 572 — — — 16,436 572 Consumer goods and services 5 19,897 1,285 — — — 19,897 1,285 Health care 5 21,508 1,188 — — — 21,508 1,188 Technology, media and telecommunications 9 24,792 1,956 — — — 24,792 1,956 Financial services 6 13,262 231 — — — 13,262 231 Mortgage-backed securities 7 17,126 143 2 14 — 17,140 143 Collateralized mortgage obligations Federal home loan mortgage corporation 24 90,493 1,402 — — — 90,493 1,402 Federal national mortgage association 9 26,987 463 — — — 26,987 463 Government national mortgage association 4 15,547 113 — — — 15,547 113 Total Available-for-Sale Fixed Maturities 98 $ 363,114 $ 10,871 2 $ 14 $ — $ 363,128 $ 10,871 The unrealized losses on our investments in available-for-sale fixed maturities were the result of interest rate movements. We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature. December 31, 2020 Less than 12 months 12 months or longer Total Type of Investment Number Fair Gross Unrealized Depreciation Number Fair Gross Unrealized Depreciation Fair Gross Unrealized Depreciation AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury 5 $ 86,371 $ 25 — $ — $ — $ 86,371 $ 25 Foreign bonds 1 2,000 2 — — — 2,000 2 Technology, media and telecommunications 1 2,020 15 — — — 2,020 15 Financial services 1 2,995 5 1 3,000 7 5,995 12 Mortgage-backed securities 2 8,099 53 5 118 1 8,217 54 Collateralized mortgage obligations Federal home loan mortgage corporation 24 97,691 758 1 26 — 97,717 758 Federal national mortgage association 10 44,677 683 — — — 44,677 683 Government national mortgage association 2 12,394 45 1 24 — 12,418 45 Total Available-for-Sale Fixed Maturities 46 $ 256,247 $ 1,586 8 $ 3,168 $ 8 $ 259,415 $ 1,594

Fair Value of Financial Instrum

Fair Value of Financial Instruments3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial InstrumentsFAIR VALUE OF FINANCIAL INSTRUMENTS Current accounting guidance on fair value measurements includes the application of a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Our financial instruments that are recorded at fair value are categorized into a three-level hierarchy, which is based upon the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (i.e., Level 1) and the lowest priority to unobservable inputs (i.e., Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the financial instrument. Financial instruments recorded at fair value are categorized in the fair value hierarchy as follows: • Level 1 : Valuations are based on unadjusted quoted prices in active markets for identical financial instruments that we have the ability to access. • Level 2 : Valuations are based on quoted prices for similar financial instruments, other than quoted prices included in Level 1, in markets that are not active or on inputs that are observable either directly or indirectly for the full term of the financial instrument. • Level 3 : Valuations are based on pricing or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management's own assumptions about the assumptions a market participant would use in pricing the financial instrument. We review our fair value hierarchy categorizations on a quarterly basis at which time the classification of certain financial instruments may change if the input observations have changed. Transfers between levels, if any, are recorded as of the beginning of the reporting period. To determine the fair value of the majority of our investments, we utilize prices obtained from independent, nationally recognized pricing services. When the pricing services cannot provide a determination of fair value for a specific security, we obtain non-binding price quotes from broker-dealers with whom we have had several years' experience and who have demonstrated knowledge of the subject security. In order to determine the proper classification in the fair value hierarchy, we obtain and evaluate the vendors' pricing procedures and inputs used to price the security, which include unadjusted quoted market prices for identical securities, such as a New York Stock Exchange closing price, and quoted prices for identical securities in markets that are not active. For fixed maturity securities, an evaluation of interest rates and yield curves observable at commonly quoted intervals, volatility, prepayment speeds, credit risks and default rates may also be performed. We have determined that these processes and inputs result in fair values and classifications consistent with the applicable accounting guidance on fair value measurements. When possible, we use quoted market prices to determine the fair value of fixed maturities, equity securities, trading securities and short-term investments. When quoted market prices do not exist, we base estimates of fair value on market information obtained from independent pricing services and brokers or on valuation techniques that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management's own assumptions about the assumptions a market participant would use in pricing the financial instrument. Our valuation techniques are discussed in more detail throughout this section. The mortgage loan portfolio consists entirely of commercial mortgage loans. The fair value of our mortgage loans is determined by modeling performed by our third party fund manager based on the stated principal and coupon payments provided for in the loan agreements. These cash flows are then discounted using an appropriate risk-adjusted discount rate to determine the security's fair value. Our other long-term investments consist primarily of our interests in limited liability partnerships that are recorded on the equity method of accounting. The fair value of the partnerships is obtained from the fund managers, which is based on the fair value of the underlying investments held in the partnerships. In management's opinion, these values represent a reasonable estimate of fair value. We have not adjusted the net asset value provided by the fund managers. For cash and cash equivalents and accrued investment income, carrying value is a reasonable estimate of fair value due to the short-term nature of these financial instruments. The Company formed a rabbi trust in 2014 to fund obligations under the United Fire & Casualty Company Supplemental Executive Retirement and Deferral Plan (the "Executive Retirement Plan"). Within the rabbi trust, corporate-owned life insurance ("COLI") policies are utilized as an investment vehicle and source of funding for the Company's Executive Retirement Plan. The COLI policies invest in mutual funds, which are priced daily by independent sources. As of March 31, 2021, the cash surrender value of the COLI policies was $9,188 , which is equal to the fair value measured using Level 2 inputs, based on the underlying assets of the COLI policie s, and is included in other assets in the Consolidated Balance Sheets. Our long-term debt is not carried in the Consolidated Balance Sheet at fair value. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for similar financial instruments. The fair value is estimated using a discounted cash flows analysis. A summary of the carrying value and estimated fair value of our financial instruments at March 31, 2021 and December 31, 2020 is as follows: March 31, 2021 December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value Assets Investments Fixed maturities: Available-for-sale securities $ 1,816,939 $ 1,816,765 $ 1,825,443 $ 1,825,438 Equity securities 193,263 193,263 206,685 206,685 Mortgage loans 48,129 47,494 48,932 47,614 Other long-term investments 77,816 77,816 69,305 69,305 Short-term investments 804 804 175 175 Cash and cash equivalents 71,514 71,514 87,948 87,948 Corporate-owned life insurance 9,188 9,188 8,557 8,557 Liabilities Long Term Debt 46,683 50,000 50,000 50,000 The following tables present the categorization for our financial instruments measured at fair value on a recurring basis. The table includes financial instruments at March 31, 2021 and December 31, 2020: March 31, 2021 Fair Value Measurements Description Total Level 1 Level 2 Level 3 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 70,092 $ — $ 70,092 $ — U.S. government agency 88,157 — 88,157 — States, municipalities and political subdivisions General obligations Midwest 71,529 — 71,529 — Northeast 30,099 — 30,099 — South 99,188 — 99,188 — West 103,501 — 103,501 — Special revenue Midwest 131,658 — 131,658 — Northeast 60,165 — 60,165 — South 226,730 — 226,730 — West 140,086 — 140,086 — Foreign bonds 27,409 — 27,409 — Public utilities 100,133 — 100,133 — Corporate bonds Energy 26,407 — 26,407 — Industrials 55,581 — 55,581 — Consumer goods and services 68,505 — 68,505 — Health care 28,499 — 28,499 — Technology, media and telecommunications 67,934 — 67,934 — Financial services 106,019 — 105,869 150 Mortgage-backed securities 26,300 — 26,300 — Collateralized mortgage obligations Government national mortgage association 86,644 — 86,644 — Federal home loan mortgage corporation 139,532 — 139,532 — Federal national mortgage association 61,923 — 61,923 — Asset-backed securities 848 — — 848 Total Available-for-Sale Fixed Maturities $ 1,816,939 $ — $ 1,815,941 $ 998 EQUITY SECURITIES Common stocks Public utilities $ 16,695 $ 16,695 $ — $ — Energy 8,194 8,194 — — Industrials 38,430 38,430 — — Consumer goods and services 40,056 40,056 — — Health care 18,316 18,316 — — Technology, media and telecommunications 17,749 17,749 — — Financial services 53,228 53,228 — — Nonredeemable preferred stocks 595 — — 595 Total Equity Securities $ 193,263 $ 192,668 $ — $ 595 Short-Term Investments $ 804 $ 804 $ — $ — Money Market Accounts $ 41,378 $ 41,378 $ — $ — Corporate-Owned Life Insurance $ 9,188 $ — $ 9,188 $ — Total Assets Measured at Fair Value $ 2,061,572 $ 234,850 $ 1,825,129 $ 1,593 December 31, 2020 Fair Value Measurements Description Total Level 1 Level 2 Level 3 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 149,938 $ — $ 149,938 $ — U.S. government agency 64,518 — 64,518 — States, municipalities and political subdivisions General obligations Midwest 81,980 — 81,980 — Northeast 30,450 — 30,450 — South 109,970 — 109,970 — West 110,021 — 110,021 — Special revenue Midwest 125,098 — 125,098 — Northeast 61,076 — 61,076 — South 226,706 — 226,706 — West 139,399 — 139,399 — Foreign bonds 29,602 — 29,602 — Public utilities 83,502 — 83,502 — Corporate bonds Energy 25,336 — 25,336 — Industrials 43,257 — 43,257 — Consumer goods and services 50,567 — 50,567 — Health care 7,576 — 7,576 — Technology, media and telecommunications 41,636 — 41,636 — Financial services 101,031 — 100,781 250 Mortgage-backed securities 20,577 — 20,577 — Collateralized mortgage obligations Government national mortgage association 86,152 — 86,152 — Federal home loan mortgage corporation 152,843 — 152,843 — Federal national mortgage association 83,282 — 83,282 — Asset-backed securities 926 — — 926 Total Available-for-Sale Fixed Maturities $ 1,825,443 $ — $ 1,824,267 $ 1,176 EQUITY SECURITIES Common stocks Public utilities $ 16,320 $ 16,320 $ — $ — Energy 9,918 9,918 — — Industrials 36,556 36,556 — — Consumer goods and services 32,061 32,061 — — Health care 24,549 24,549 — — Technology, media and telecommunications 17,109 17,109 — — Financial services 69,577 69,577 — — Nonredeemable preferred stocks 595 — — 595 Total Equity Securities $ 206,685 $ 206,090 $ — $ 595 Short-Term Investments $ 175 $ 175 $ — $ — Money Market Accounts $ 24,790 $ 24,790 $ — $ — Corporate-Owned Life Insurance $ 8,557 $ — $ 8,557 $ — Total Assets Measured at Fair Value $ 2,065,650 $ 231,055 $ 1,832,824 $ 1,771 The fair value of securities that are categorized as Level 1 is based on quoted market prices that are readily and regularly available. We use a market-based approach for valuing all of our Level 2 securities and submit them primarily to a third-party valuation service provider. Any of these securities not valued by this service provider are submitted to another third-party valuation service provider. Both service providers use a market approach to find pricing of similar financial instruments. The market inputs our service providers normally seek to value our securities include the following, listed in approximate order of priority: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. The method and inputs for these securities classified as Level 2 are the same regardless of industry category, credit quality, duration, geographical concentration or economic characteristics. For our mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, our service providers use additional market inputs to value these securities, including the following: new issue data, periodic payment information, monthly payment information, collateral performance and real estate analysis from third parties. Our service providers prioritize inputs based on market conditions, and not all inputs listed are available for use in the valuation process for each security on any given day. At least annually, we review the methodologies and assumptions used by our valuation service providers and verify that they are reasonable and representative of the fair value of the underlying securities held in the investment portfolio. We validate the prices obtained from independent pricing services and brokers prior to their use for reporting purposes by evaluating their reasonableness on a monthly basis. In addition, on a quarterly basis, we also test all securities in the portfolio and independently corroborate the valuations obtained from our third-party valuation service providers. Quarterly, we also perform deep dive analysis of the pricing method used by our third-party valuation service provider by selecting a random sample of securities by asset class and reviewing methodologies. In our opinion, the pricing obtained at March 31, 2021 and December 31, 2020 was reasonable. For the three-month period ended March 31, 2021, the change in our available-for-sale securities categorized as Level 1 and Level 2 is the result of investment purchases that were made using funds held in our money market accounts, disposals and the change in unrealized gains on both fixed maturities and equity securities. Securities categorized as Level 3 include holdings in certain private placement fixed maturity and equity securities for which an active market does not currently exist. The fair value of our Level 3 private placement securities is determined by management relying on pricing received from our independent pricing services and brokers consistent with the process to estimate fair value for Level 2 securities. However, securities are categorized as Level 3 if these quotes cannot be corroborated by other market observable data due to the unobservable nature of the brokers’ valuation processes. The following table provides a quantitative information about our Level 3 securities at March 31, 2021: Quantitative Information about Level 3 Fair Value Measurements Fair Value at Valuation Technique(s) Unobservable inputs Range of weighted average significant unobservable inputs March 31, 2021 Corporate bonds - financial services $ 150 Fair value equals cost NA NA Fixed Maturities asset-backed securities 848 Discounted cash flow Probability of default 4% - 6% Nonredeemable preferred stocks 595 Discounted cash flow Multiplier 3x - 4x During the three-month period ended March 31, 2021, there were no securities transferred in or out of Level 3. The following table provides a summary of the changes in fair value of our Level 3 securities for the three-month period ended March 31, 2021: Corporate bonds Asset-backed securities Equities Total Balance at January 1, 2021 $ 250 $ 926 $ 595 $ 1,771 Net unrealized gains (losses) (1) — (78) — (78) Transfers out (100) — — (100) Balance at March 31, 2021 $ 150 $ 848 $ 595 $ 1,593 (1) Net unrealized gains (losses) are recorded as a component of comprehensive income. Commercial Mortgage Loans The following tables present the carrying value of our commercial mortgage loans and additional information at March 31, 2021 and December 31, 2020: Commercial Mortgage Loans March 31, 2021 December 31, 2020 Loan-to-value Carrying Value Carrying Value Less than 65% $ 30,253 $ 30,361 65%-75% 17,317 17,329 Total amortized cost $ 47,570 $ 47,690 Allowance for mortgage loan losses (76) (76) Mortgage loans, net $ 47,494 $ 47,614 Mortgage Loans by Region March 31, 2021 December 31, 2020 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 3,245 6.8 % $ 3,245 6.8 % Southern Atlantic 9,709 20.4 9,752 20.5 East South Central 8,155 17.1 8,197 17.2 New England 6,588 13.8 6,588 13.8 Middle Atlantic 14,900 31.4 14,936 31.2 Mountain 2,227 4.7 2,227 4.7 West North Central 2,746 5.8 2,745 5.8 Total mortgage loans at amortized cost $ 47,570 100.0 % $ 47,690 100.0 % Mortgage Loans by Property Type March 31, 2021 December 31, 2020 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Multifamily $ 17,025 35.7 % $ 17,038 35.7 % Office 11,790 24.8 11,861 24.9 Industrial 10,124 21.3 10,124 21.2 Retail 2,227 4.7 2,227 4.7 Mixed use/Other 6,404 13.5 6,440 13.5 Total mortgage loans at amortized cost $ 47,570 100.0 % $ 47,690 100.0 % Amortized Cost Basis by Year of Origination and Credit Quality Indicator 2021 2020 2019 2018 Total Commercial mortgage loans: Risk Rating: 1-2 internal grade $ — $ 5,524 $ 8,380 $ 18,582 $ 32,486 3-4 internal grade — — 8,496 6,588 15,084 5 internal grade — — — — — 6 internal grade — — — — — 7 internal grade — — — — — Total commercial mortgage loans $ — $ 5,524 $ 16,876 $ 25,170 $ 47,570 Current-period write-offs — — — — — Current-period recoveries — — — — — Current-period net write-offs $ — $ — $ — $ — $ — Commercial mortgage loans carrying value excludes accrued interest of $168. As of March 31, 2021, all loan receivables were current, with no delinquencies. The commercial mortgage loans originate with an initial loan-to-value ratio to provide sufficient collateral to absorb losses should a loan be required to foreclose. Mortgage loans are evaluated on a quarterly basis for impairment on an individual basis through a monitoring process and review of key credit indicators, such as economic trends, delinquency rates, property valuations, occupancy and rental rates and loan-to-value ratios. A loan is considered impaired when the Company believes it will not collect the contractual principal and interest set forth in the contractual terms of the loan. An internal grade is assigned to each mortgage loan, with a grade of 1 being the highest and least likely for an impairment and the lowest rating of 7 being the most likely for an impairment. An allowance for mortgage loan losses is established on each loan recognizing a loss for amounts which we believe will not be collected according to the contractual terms of the respective loan agreement. As of March 31, 2021, the Company had an allowance for mortgage loan losses of $76, summarized in the following rollforward: Rollforward of allowance for mortgage loan losses: As of March 31, 2021 Beginning balance, January 1, 2021 $ 76 Current-period provision for expected credit losses — Ending balance of the allowance for mortgage loan losses, March 31, 2021 $ 76

Reserves for Losses and Loss Se

Reserves for Losses and Loss Settlement Expenses3 Months Ended
Mar. 31, 2021
Insurance Loss Reserves [Abstract]
Reserves for Losses and Loss Settlement ExpensesRESERVES FOR LOSSES AND LOSS SETTLEMENT EXPENSES Property insurance indemnifies an insured with an interest in physical property for loss of, or damage to, such property or the loss of its income-producing abilities. Casualty insurance primarily covers liability for damage to property of, or injury to, a person or entity other than the insured. In most cases, casualty insurance also obligates the insurance company to provide a defense for the insured in litigation, arising out of events covered by the policy. Liabilities for losses and loss settlement expenses reflect management's best estimates at a given point in time of what we expect to pay for claims that have been reported and those that have been incurred but not reported ("IBNR"), based on known facts, circumstances, and historical trends. Because property and casualty insurance reserves are estimates of the unpaid portions of incurred losses that have been reported to us, as well as losses that have been incurred but not reported, the establishment of appropriate reserves, including reserves for catastrophes, is an inherently uncertain and complex process. The ultimate cost of losses and related loss settlement expenses may vary materially from recorded amounts. We regularly update our reserve estimates as new information becomes available and as events unfold that may affect the resolution of unsettled claims. Changes in prior year reserve estimates, which may be material, are reported as a component of losses and loss settlement expenses incurred in the period such changes are determined. The determination of reserves (particularly those relating to liability lines of insurance that have relatively longer lag in claim reporting) requires significant work to reasonably project expected future claim reporting and payment patterns. If, during the course of our regular monitoring of reserves, we determine that coverages previously written are incurring higher than expected losses, we will take action that may include, among other things, increasing the related reserves. Any adjustments we make to reserves are reflected in operating results in the year in which we make those adjustments. We engage an independent actuary, Regnier Consulting Group, Inc., to render an opinion as to the reasonableness of our statutory reserves annually. On a quarterly basis, UFG's internal actuary performs a detailed actuarial review of IBNR reserves. This review includes a comparison of results from the most recent analysis of reserves completed by both our internal and external actuaries. Senior management meets with our internal actuary to review, on a regular and quarterly basis, the adequacy of carried reserves based on results from this actuarial analysis. There are two fundamental types or sources of IBNR reserves. We record IBNR reserves for "normal" types of claims and also specific IBNR reserves related to unique circumstances or events. A major hurricane is an example of an event that might necessitate establishing specific IBNR reserves because an analysis of existing historical data would not provide an appropriate estimate. We do not discount loss reserves based on the time value of money. The following table provides an analysis of changes in our property and casualty losses and loss settlement expense reserves at March 31, 2021 and December 31, 2020 (net of reinsurance amounts): March 31, 2021 December 31, 2020 Gross liability for losses and loss settlement expenses $ 1,578,131 $ 1,421,754 Ceded losses and loss settlement expenses (131,843) (68,536) Net liability for losses and loss settlement expenses $ 1,446,288 $ 1,353,218 Losses and loss settlement expenses incurred Current year $ 217,621 $ 887,119 Prior years (13,259) (17,652) Total incurred $ 206,398 $ 869,467 Losses and loss settlement expense payments Current year $ 54,053 $ 354,635 Prior years 123,533 421,762 Total paid $ 177,586 $ 776,397 Net liability for losses and loss settlement expenses $ 1,475,100 $ 1,446,288 Ceded loss and loss settlement expenses 137,925 131,843 Gross liability for losses and loss settlement expenses $ 1,613,025 $ 1,578,131 There are a multitude of factors that can impact loss reserve development. Those factors include, but are not limited to: historical data, the potential impact of various loss reserve development factors and trends including historical loss experience, legislative enactments, judicial decisions, legal developments in imposition of damages, experience with alternative dispute resolution, results of our medical bill review process, the potential impact of salvage and subrogation and changes and trends in general economic conditions, including the effects of inflation. All of these factors influence our estimates of required reserves and for long tail lines these factors can change over the course of the settlement of the claim. However, there is no precise method for evaluating the specific monetary impact of any individual factor on the development of reserves. Generally, we base reserves for each claim on the estimated ultimate exposure for that claim. We believe that it is appropriate and reasonable to establish a best estimate for reserves within a range of reasonable estimates, especially when we are reserving for claims for bodily injury, disabilities and similar claims, for which settlements and verdicts can vary widely. Our reserving philosophy may result in favorable reserve development in future years that will decrease losses and loss settlement expenses for prior year claims in the year of adjustment. We realize that this philosophy, coupled with what we believe to be aggressive and successful claims management and loss settlement practices, has resulted in year-to-year redundancies in reserves. We believe our approach produces recorded reserves that are reasonably consistent as to their relative position within a range of reasonable reserves from year-to-year. However, conditions and trends that have affected the reserve development for a given year do change. Therefore, such development cannot be used to project future reserve redundancies or deficiencies. We are not aware of any significant contingent liabilities related to environmental issues. Because of the type of property coverage we write, we have potential exposure to environmental pollution, mold and asbestos claims. Our underwriters are aware of these exposures and use riders or endorsements to limit exposure. Reserve Development The significant drivers of the favorable reserve development in the three-month period ended March 31, 2021. Three lines contributing the majority of the favorable development were commercial fire and allied lines, personal fire and allied lines and fidelity and surety. Both loss and loss adjustment expense contributed to the favorable development. A partial offset to the favorable development came from two lines which had unfavorable development with the largest portion coming from commercial liability and the remainder coming from reinsurance assumed. Commercial liability experienced unfavorable development primarily due to paid loss which was greater than reductions in reserves for unpaid loss; favorable loss adjustment expense ("LAE") development partially offset the unfavorable loss experience.

Employee Benefits

Employee Benefits3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]
Employee BenefitsEMPLOYEE BENEFITS Net Periodic Benefit Cost The components of the net periodic benefit cost for our pension and postretirement benefit plans are as follows: Pension Plan Postretirement Benefit Plan Three Months Ended March 31, 2021 2020 2021 2020 Net periodic benefit cost Service cost $ 3,020 $ 2,707 $ 148 $ 432 Interest cost 1,728 2,066 69 253 Expected return on plan assets (4,202) (3,385) — — Amortization of prior service credit (809) — (3,196) (2,021) Amortization of net loss 999 979 492 94 Special event plan closure — — (20,177) — Net periodic benefit cost $ 736 $ 2,367 $ (22,664) $ (1,242) A portion of the service cost component of net periodic pension and postretirement benefit costs is capitalized and amortized as part of deferred acquisition costs and is included in the line "Amortization of deferred policy acquisition costs" in the Consolidated Statements of Income and Comprehensive Income. The portion not related to the compensation and the other components of net periodic pension and postretirement benefit costs is included in the income statement line titled "other underwriting expenses." In January 2021, the Company decided to change the post-retirement benefit plan to a voluntary plan funded exclusively by participants, commencing at the start of 2023. The impact of this decision is reflected in the table above, with a one-time adjustment presented in the line "Special event plan closure" and an additional adjustment in the line "Amortization of prior service credit" recorded in first quarter of 2021. There will be continuing amortization of prior service credits through the end of 2022 related to these plan changes. Employer Contributions

Stock-Based Compensation

Stock-Based Compensation3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based CompensationSTOCK-BASED COMPENSATION Non-Qualified Employee Stock Award Plan The United Fire Group, Inc. 2008 Stock Plan (the "2008 Stock Plan") authorized the issuance of restricted and unrestricted stock awards, restricted stock units, stock appreciation rights, incentive stock options, and non-qualified stock options for up to 1,900,000 shares of UFG common stock to employees. In May 2014, the Registrant's shareholders approved an additional 1,500,000 shares of UFG common stock issuable at any time and from time to time pursuant to the 2008 Stock Plan, among other amendments, and renamed such plan as the United Fire Group, Inc. Stock Plan (as amended, the "Stock Plan"). At March 31, 2021, there were 579,589 authorized shares remaining available for future issuance. The Stock Plan is administered by the Board of Directors, which determines those employees who will receive awards, when awards will be granted, and the terms and conditions of the awards. The Board of Directors may also take any action it deems necessary and appropriate for the administration of the Stock Plan. Pursuant to the Stock Plan, the Board of Directors may, at its sole discretion, grant awards to our employees, who are in positions of substantial responsibility with United Fire. Options granted pursuant to the Stock Plan are granted to buy shares of UFG's common stock at the market value of the stock on the date of grant. Options granted prior to March 2017 vest and are exercisable in installments of 20.0 percent of the number of shares covered by the option award each year from the grant date, unless the Board of Directors authorizes the acceleration of vesting. Options granted after March 2017 vest and are exercisable in installments of 33.3 percent of the number of shares covered by the option award each year from the grant date, unless the Board of Directors authorizes the acceleration of vesting. To the extent not exercised, vested option awards accumulate and are exercisable by the awardee, in whole or in part, in any subsequent year included in the option period, but not later than 10 years from the grant date. Restricted and unrestricted stock awards granted pursuant to the Stock Plan are granted at the market value of UFG's common stock on the date of the grant. Restricted stock units fully vest after 3 years or 5 years from the date of grant, unless accelerated upon the approval of the Board of Directors, at which time UFG common stock will be issued to the awardee. The activity in the Stock Plan is displayed in the following table: Authorized Shares Available for Future Award Grants Three Months Ended March 31, 2021 From Inception to March 31, 2021 Beginning balance 700,680 1,900,000 Additional shares authorized — 1,500,000 Number of awards granted (153,260) (3,442,159) Number of awards forfeited or expired 32,169 621,748 Ending balance 579,589 579,589 Number of option awards exercised 4,500 1,478,589 Number of unrestricted stock awards granted — 10,090 Number of restricted stock awards vested 51,902 216,280 Non-Qualified Non-Employee Director Stock Plan The United Fire Group, Inc. Non-Employee Director Stock Plan (formerly known as the 2005 Non-Qualified Non- Employee Director Stock Option and Restricted Stock Plan) (the "Director Stock Plan") authorizes the issuance of restricted stock awards and non-qualified stock options to purchase shares of UFG's common stock to non-employee directors. On May 20, 2020, the Company’s shareholders approved amendments to the Director Stock Plan, previously approved by the Company’s Board of Directors, to (i) increase the number of shares available for future awards under the Director Stock Plan from 300,000 to 450,000, (ii) extend the expiration date of the Director Stock Plan from December 31, 2020 to December 31, 2029, (iii) allow for the grant of awards of restricted stock units, and (iv) rename the Director Stock Plan as the "United Fire Group, Inc. Non-Employee Director Stock Plan." At March 31, 2021, the Company had 162,862 authorized shares available for future issuance. The Board of Directors has the authority to determine which non-employee directors receive awards, when restricted stock, restricted stock units and options shall be granted, the option price, the option expiration date, the date of grant, the vesting schedule of options or whether the options shall be immediately vested, the terms and conditions of options, restricted stock and restricted stock units (other than those terms and conditions set forth in the plan) and the number of shares of common stock to be issued pursuant to an option, restricted stock or restricted stock unit agreements (subject to limits set forth in the Director Stock Plan). The Board of Directors may also take any action it deems necessary and appropriate for the administration of the Director Stock Plan. The activity in the Director Stock Plan is displayed in the following table: Authorized Shares Available for Future Award Grants Three Months Ended March 31, 2021 From Inception to March 31, 2021 Beginning balance 160,135 300,000 Additional authorization — 150,000 Number of awards granted — (313,868) Number of awards forfeited or expired 2,727 26,730 Ending balance 162,862 162,862 Number of option awards exercised 8,181 142,001 Number of restricted stock awards vested — 98,491 Stock-Based Compensation Expense For the three-month periods ended March 31, 2021 and 2020, we recognized stock-based compensation expense of $1,008 and $1,634, respectively. As of March 31, 2021, we had $6,396 in stock-based compensation expense that has yet to be recognized through our results of operations. We expect this compensation to be recognized over the remainder of 2021 and subsequent years according to the table below, except with respect to awards that are accelerated by the Board of Directors, in which case we will recognize any remaining compensation expense in the period in which the awards are accelerated. 2021 $ 2,565 2022 2,216 2023 1,372 2024 231 2025 12 Total $ 6,396

Earnings Per Common Share

Earnings Per Common Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Common ShareEARNINGS PER COMMON SHARE Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings per share calculation relate to our outstanding stock options, restricted stock awards and restricted stock unit awards. We determine the dilutive effect of our outstanding stock options using the "treasury stock" method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average market value of our common stock during the reporting period. This method also assumes that the proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the weighted-average market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation. The components of basic and diluted earnings per share were as follows for the three-month periods ended March 31, 2021 and 2020: Three Months Ended March 31, (In Thousands, Except Share Data) 2021 2020 Basic Diluted Basic Diluted Net income (loss) $ 18,702 $ 18,702 $ (72,534) $ (72,534) Weighted-average common shares outstanding 25,085,914 25,085,914 25,014,027 25,014,027 Add dilutive effect of restricted stock unit awards — 229,930 — — Add dilutive effect of stock options — 63,968 — — Weighted-average common shares outstanding 25,085,914 25,379,812 25,014,027 25,014,027 Earnings (loss) per common share $ 0.75 $ 0.74 $ (2.90) $ (2.90) Awards excluded from diluted earnings per share calculation (1) — 515,984 — 379,282 (1) Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would have been anti-dilutive.

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtDEBT Long Term Debt The Company executed a private placement debt transaction on December 15, 2020 between UF&C, and Federated Mutual and Federated Life. UF&C sold an aggregate principal amount of $50,000 of notes due 2040 to the Note Purchasers. One note with a principal amount of $35,000 was issued to Federated Mutual and one note with a principal amount of $15,000 was issued to Federated Life subject to the terms of their respective notes. Interest payments under the surplus notes will be paid quarterly on March 15, June 15, September 15 and December 15 of each year (each such date, an "Interest Payment Date"). The interest rate will equal the rate that corresponds to the A.M. Best Co. (or its successor’s) financial strength rating for members of the United Fire & Casualty Pooled Group as of the applicable Interest Payment Date, as set forth in the table below. For the three-month period ended March 31, 2021, interest expense totaled $797. Payment of interest is subject to approval by the Iowa Insurance Division. A.M. Best Co. Financial Strength Rating Applicable Interest Rate A+ 5.875% A 6.375% A- 6.875% B++ (or lower) 7.375% Credit Facilities On March 31, 2020, UF&C, a wholly owned subsidiary of the Company, entered into a credit agreement (the "Credit Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent (the "Administrative Agent"), issuing lender, swing-line lender and lender, and the other lenders from time to time party thereto (collectively with Wells Fargo, the "Lenders"), providing for a $50,000 revolving credit facility, which includes a $20,000 letter of credit sub-facility and a $5,000 swing-line loan for working capital and other general corporate purposes. The Credit Agreement is provided by the Lenders on an unsecured basis, and UF&C has the option to increase the Credit Agreement by $100,000 if agreed to by the Lenders providing such incremental facility. The Credit Agreement includes customary events of default, including default in payments of principals, default in payment of other indebtedness, change of control and voluntary and involuntary insolvency proceedings, the occurrence of which would allow the Lenders to accelerate payment of all amounts outstanding thereunder and terminate any further commitments to lend. The entry into the Credit Agreement was completed as part of the Company’s regular course of financial planning and was not initiated as a result of market conditions resulting from the COVID-19 pandemic. There was no outstanding balance on the Credit Agreement at March 31, 2021 and 2020, respectively. For the three-month periods ended March 31, 2021 and 2020, we did not incur any interest expense related to the credit facility. We were in compliance with all covenants under the Credit Agreement at March 31, 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table shows the changes in the components of our accumulated other comprehensive income (loss), net of tax, for the three-month period ended March 31, 2021: Liability for Net unrealized underfunded appreciation employee on investments benefit costs (1) Total Balance as of January 1, 2021 83,070 (16,159) $ 66,911 Change in accumulated other comprehensive income before reclassifications (24,093) 5,139 (18,954) Reclassification adjustments from accumulated other comprehensive income (loss) 637 1,317 1,954 Balance as of March 31, 2021 $ 59,614 $ (9,703) $ 49,911

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases [Abstract]
LeasesLEASESThe Company has operating leases consisting of office space, vehicle leases, computer equipment, and office equipment. Lease terms and options vary in the Company's operating leases dependent upon the underlying leased asset. We exclude options to extend or terminate a lease from our recognition as part of our right-of-use assets and lease liabilities until those options are known and/or executed, as we typically do not exercise options to purchase the underlying leased asset. As of March 31, 2021, we have leases with remaining terms of 1 year to 7 years, some of which may include no options for renewal and others with options to extend the lease terms from 6 months to 5 years. The components of our operating leases were as follows for the three-month periods ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Components of lease expense: Operating lease expense $ 1,782 $ 2,029 Less sublease income 53 122 Net lease expense 1,729 1,907 Cash flows information related to leases: Operating cash outflow from operating leases 1,747 1,639

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationThe unaudited consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X promulgated by the SEC. Certain financial information that is included in our Annual Report on Form 10-K for the year ended December 31, 2020, including certain financial statement footnote disclosures, is not required by the rules and regulations of the SEC for interim financial reporting and has been condensed or omitted.
Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statement categories that are most dependent on management estimates and assumptions include: investments; deferred policy acquisition costs; reinsurance receivables and recoverables; loss settlement expenses; and pension and post-retirement benefit obligations.
ReclassificationCertain prior year amounts have been reclassified to conform to the current year presentation.
Segment InformationSubsequent to the announcement of the sale of our life insurance business on September 19, 2017, our continuing operations, the property and casualty insurance business, was reported as one reportable segment. The property and casualty insurance business profit or loss is consistent with consolidated reporting as disclosed on the Consolidated Statements of Income and Comprehensive Income. We analyze the property and casualty insurance business results based on profitability (i.e., loss ratios), expenses and return on equity. The Company's property and casualty insurance business was determined using a management approach to make decisions on operating matters, including allocating resources, assessing performance, determining which products to market and sell, determining distribution networks with insurance agents and monitoring the regulatory environment. The property and casualty insurance business products have similar economic characteristics and use a similar marketing and distribution strategy with our independent agents. The property and casualty insurance business geographic concentration did not change after the announcement of the sale of the life insurance business. We will continue to evaluate our operations on the basis of both statutory accounting principles prescribed or permitted by our states of domicile and GAAP.
Cash and Cash EquivalentsFor purposes of reporting cash flows, cash and cash equivalents include cash, money market accounts, cash on deposit and held by Lloyd's and non-negotiable certificates of deposit with original maturities of three months or less.
Deferred Policy Acquisition Costs (DAC)Certain costs associated with underwriting new business (primarily commissions, premium taxes and variable underwriting and policy issue expenses associated with successful acquisition efforts) are deferred.Property and casualty insurance policy acquisition costs deferred are amortized as premium revenue is recognized. The method followed in computing DAC limits the amount of such deferred costs to their estimated realizable value. This takes into account the premium to be earned, losses and loss settlement expenses expected to be incurred and certain other costs expected to be incurred as the premium is earned.
Other Intangible AssetsOur other intangible assets, which consist primarily of agency relationships, trade names, state insurance licenses, and software, are being amortized by the straight-line method over periods ranging from 2 years to 15 years, with the exception of state insurance licenses, which are indefinite-lived and not amortized.
Income TaxesOn March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss ("NOL") carryovers and carrybacks to offset 100 percent of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company has considered the implications of the CARES Act on its tax provision. As of March 31, 2021, there was no income tax benefit as the result of the CARES Act. As of March 31,2020, there was an income tax benefit of $9,500 as the result of the CARES Act. Deferred tax assets and liabilities are established based on differences between the financial statement bases of assets and liabilities and the tax bases of those same assets and liabilities, using the currently enacted statutory tax rates. Deferred income tax expense is measured by the year-to-year change in the net deferred tax asset or liability, except for certain changes in deferred tax amounts that affect stockholders' equity and do not impact federal income tax expense. We reported consolidated federal income tax expense of $4,002 for the three-month period ended March 31, 2021 compared to income tax benefit of $32,465 during the same period of 2020. Our effective tax rate for 2021 is different than the federal statutory rate of 21 percent, due principally to the net effect of tax-exempt municipal bond interest income. Our effective tax rate for 2020 is different than the federal statutory rate of 21 percent, due principally to the impact of the provisions of the CARES Act. The Company performs a quarterly review of its tax positions and makes a determination of whether it is more likely than not that the tax position will be sustained upon examination. If, based on this review, it appears not more likely than not that the positions will be sustained, the Company will calculate any unrecognized tax benefits and, if necessary, calculate and accrue any related interest and penalties. We did not recognize any liability for unrecognized tax benefits at March 31, 2021 or December 31, 2020. In addition, we have not accrued for interest and penalties related to unrecognized tax benefits. However, if interest and penalties would need to be accrued related to unrecognized tax benefits, such amounts would be recognized as a component of federal income tax expense.
LeasesThe Company determines if a contract contains a lease at inception of the contract. The Company's inventory of leases consists of operating leases which are recorded as a lease obligation liability disclosed in the "Accrued expenses and other liabilities" line on the Consolidated Balance Sheets and as a lease right-of-use asset disclosed in the "Other assets" line on the Consolidated Balance Sheets. The Company's operating leases consist of office space, vehicles, computer equipment and office equipment. The lease right-of-use asset represents the Company's right to use each underlying asset for the lease term and the lease obligation liability represents the Company's obligation over the lease term. The Company's lease obligation is recorded at the present value of the lease payments based on the term of the applied lease. Short-term leases of 12 months or less are recorded on the Consolidated Balance Sheets and lease payments are recognized on the Consolidated Statements of Income and Comprehensive Income.
Variable Interest EntitiesThe Company and certain related parties are equity investors in one investment which the Company determined is a variable interest entity ("VIE") as a result of participation in the risks and rewards of the VIE based on the objectives and strategies of the VIE. The VIE is a limited liability company that primarily invests in commercial real estate. The Company and certain related parties are not the primary beneficiary largely due to their inability to influence management or direct the activities that most significantly impact the VIE's economic performance. Based on these facts and circumstances, the Company has a variable interest in the VIE, but has not consolidated the VIE's financial results as it is not the primary beneficiary. The Company's investment is reported in other long-term investments in the Consolidated Balance Sheets and accounted for under the equity method of accounting.
Credit LossesThe Company recognizes credit losses for our available-for-sale fixed-maturity portfolio, reinsurance receivables, mortgage loans and premium receivables by setting up allowances which are remeasured each reporting period and recorded in the Consolidated Statements of Income and Comprehensive Income. For our available-for-sale fixed-maturity portfolio an allowance for credit losses is recorded net of available-for-sale fixed maturities in the Consolidated Balance Sheets and a corresponding credit loss recognized as a realized loss or gain in the Consolidated Statements of Income and Comprehensive Income. The Company determines if an allowance for credit losses is recorded based on a number of factors including the current economic conditions, management's expectations of future economic conditions and performance indicators, such as market value vs. amortized cost, investment spreads widening or contracting, rating actions, payment and default history. For more information on credit losses and the allowance for credit losses for available-for-sale fixed-maturity portfolio, see Note 2 "Summary of Investments." An allowance for mortgage loan losses is established based on historical loss information of the collective pool of the Company's commercial mortgage loan investments which have similar risk characteristics. To calculate the allowance for mortgage loan losses, the Company starts with historical loan experience to predict the future expected losses and then layers on a market-linked adjustment. On a quarterly basis, quantitative credit risk metrics, including for example, cash-flows, rent rolls and financial statements are reviewed for each loan to determine if it is performing in line with its expectations. This allowance is presented as a separate line in the Consolidated Balance Sheets beneath the asset value as well as presented net and recorded through "Net realized investment gains (losses)" in the Consolidated Statements of Income and Comprehensive Income. For more information on credit losses and the allowance for credit losses for our investment in mortgage loans see Note 3 "Fair Value of Financial Instruments."
Subsequent EventsIn the preparation of the accompanying financial statements, the Company has evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition or disclosure in the Company's financial statements.
Recently Issued Accounting StandardsAccounting Standards Adopted in 2021 Defined Benefit Plans - Disclosures In August 2018, the FASB issued new guidance which modifies the disclosure requirements for employers that sponsor defined benefit pension and postretirement plans. The new guidance removes the requirement for disclosing the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit costs in the next year and the sensitivity of postretirement health plans to one-percentage-point changes in medical trend rates. The new guidance is effective for annual periods beginning after December 15, 2020. The Company adopted the new guidance as of January 1, 2021. The new guidance modifies disclosures, but will not have an impact on the Company's financial position and results of operations. Income Taxes In December 2019, the FASB issued new guidance which simplifies the accounting for income taxes by removing certain exceptions to income tax accounting. The amendments also improve consistent application of and simplify
Fair Value of Financial InstrumentsCurrent accounting guidance on fair value measurements includes the application of a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Our financial instruments that are recorded at fair value are categorized into a three-level hierarchy, which is based upon the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (i.e., Level 1) and the lowest priority to unobservable inputs (i.e., Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the financial instrument. Financial instruments recorded at fair value are categorized in the fair value hierarchy as follows: • Level 1 : Valuations are based on unadjusted quoted prices in active markets for identical financial instruments that we have the ability to access. • Level 2 : Valuations are based on quoted prices for similar financial instruments, other than quoted prices included in Level 1, in markets that are not active or on inputs that are observable either directly or indirectly for the full term of the financial instrument. • Level 3 : Valuations are based on pricing or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management's own assumptions about the assumptions a market participant would use in pricing the financial instrument. We review our fair value hierarchy categorizations on a quarterly basis at which time the classification of certain financial instruments may change if the input observations have changed. Transfers between levels, if any, are recorded as of the beginning of the reporting period. To determine the fair value of the majority of our investments, we utilize prices obtained from independent, nationally recognized pricing services. When the pricing services cannot provide a determination of fair value for a specific security, we obtain non-binding price quotes from broker-dealers with whom we have had several years' experience and who have demonstrated knowledge of the subject security. In order to determine the proper classification in the fair value hierarchy, we obtain and evaluate the vendors' pricing procedures and inputs used to price the security, which include unadjusted quoted market prices for identical securities, such as a New York Stock Exchange closing price, and quoted prices for identical securities in markets that are not active. For fixed maturity securities, an evaluation of interest rates and yield curves observable at commonly quoted intervals, volatility, prepayment speeds, credit risks and default rates may also be performed. We have determined that these processes and inputs result in fair values and classifications consistent with the applicable accounting guidance on fair value measurements. When possible, we use quoted market prices to determine the fair value of fixed maturities, equity securities, trading securities and short-term investments. When quoted market prices do not exist, we base estimates of fair value on market information obtained from independent pricing services and brokers or on valuation techniques that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management's own assumptions about the assumptions a market participant would use in pricing the financial instrument. Our valuation techniques are discussed in more detail throughout this section. The mortgage loan portfolio consists entirely of commercial mortgage loans. The fair value of our mortgage loans is determined by modeling performed by our third party fund manager based on the stated principal and coupon payments provided for in the loan agreements. These cash flows are then discounted using an appropriate risk-adjusted discount rate to determine the security's fair value. Our other long-term investments consist primarily of our interests in limited liability partnerships that are recorded on the equity method of accounting. The fair value of the partnerships is obtained from the fund managers, which is based on the fair value of the underlying investments held in the partnerships. In management's opinion, these values represent a reasonable estimate of fair value. We have not adjusted the net asset value provided by the fund managers. For cash and cash equivalents and accrued investment income, carrying value is a reasonable estimate of fair value due to the short-term nature of these financial instruments. The Company formed a rabbi trust in 2014 to fund obligations under the United Fire & Casualty Company Supplemental Executive Retirement and Deferral Plan (the "Executive Retirement Plan"). Within the rabbi trust, corporate-owned life insurance ("COLI") policies are utilized as an investment vehicle and source of funding for the Company's Executive Retirement Plan. The COLI policies invest in mutual funds, which are priced daily by independent sources. As of March 31, 2021, the cash surrender value of the COLI policies was $9,188 , which is equal to the fair value measured using Level 2 inputs, based on the underlying assets of the COLI policie s, and is included in other assets in the Consolidated Balance Sheets. Our long-term debt is not carried in the Consolidated Balance Sheet at fair value. The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for similar financial instruments. The fair value is estimated using a discounted cash flows analysis. The fair value of securities that are categorized as Level 1 is based on quoted market prices that are readily and regularly available. We use a market-based approach for valuing all of our Level 2 securities and submit them primarily to a third-party valuation service provider. Any of these securities not valued by this service provider are submitted to another third-party valuation service provider. Both service providers use a market approach to find pricing of similar financial instruments. The market inputs our service providers normally seek to value our securities include the following, listed in approximate order of priority: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. The method and inputs for these securities classified as Level 2 are the same regardless of industry category, credit quality, duration, geographical concentration or economic characteristics. For our mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, our service providers use additional market inputs to value these securities, including the following: new issue data, periodic payment information, monthly payment information, collateral performance and real estate analysis from third parties. Our service providers prioritize inputs based on market conditions, and not all inputs listed are available for use in the valuation process for each security on any given day. At least annually, we review the methodologies and assumptions used by our valuation service providers and verify that they are reasonable and representative of the fair value of the underlying securities held in the investment portfolio. We validate the prices obtained from independent pricing services and brokers prior to their use for reporting purposes by evaluating their reasonableness on a monthly basis. In addition, on a quarterly basis, we also test all securities in the portfolio and independently corroborate the valuations obtained from our third-party valuation service providers. Quarterly, we also perform deep dive analysis of the pricing method used by our third-party valuation service provider by selecting a random sample of securities by asset class and reviewing methodologies. In our opinion, the pricing obtained at March 31, 2021 and December 31, 2020 was reasonable. For the three-month period ended March 31, 2021, the change in our available-for-sale securities categorized as Level 1 and Level 2 is the result of investment purchases that were made using funds held in our money market accounts, disposals and the change in unrealized gains on both fixed maturities and equity securities. Securities categorized as Level 3 include holdings in certain private placement fixed maturity and equity securities for which an active market does not currently exist. The fair value of our Level 3 private placement securities is determined by management relying on pricing received from our independent pricing services and brokers consistent with the process to estimate fair value for Level 2 securities. However, securities are categorized as Level 3 if these quotes cannot be corroborated by other market observable data due to the unobservable nature of the brokers’
Earnings Per Common ShareBasic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings per share calculation relate to our outstanding stock options, restricted stock awards and restricted stock unit awards.We determine the dilutive effect of our outstanding stock options using the "treasury stock" method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average market value of our common stock during the reporting period. This method also assumes that the proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the weighted-average market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation.

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Tables)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Deferred Acquisition CostsThe following table is a summary of the components of DAC, including the related amortization recognized for the three-month period ended March 31, 2021. Total Recorded asset at beginning of period $ 87,094 Underwriting costs deferred 54,125 Amortization of deferred policy acquisition costs (53,264) Recorded asset at March 31, 2021 $ 87,955
Schedule of Rollforward of Credit Loss Allowance for Reinsurance ReceivableRollforward of credit loss allowance for reinsurance receivable: As of March 31, 2021 Beginning balance, January 1, 2021 $ 190 Current-period provision for expected credit losses 43 Ending balance of the allowance for reinsurance receivable, March 31, 2021 $ 233

Summary of Investments (Tables)

Summary of Investments (Tables)3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Fair Value of InvestmentsA reconciliation of the amortized cost to fair value of investments in available-for-sale fixed maturity and short-term investments, presented on a consolidated basis, as of March 31, 2021 and December 31, 2020, is provided below: March 31, 2021 Type of Investment Cost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value Allowance for Credit Losses Carrying Value AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 70,254 $ 343 $ 505 $ 70,092 $ — $ 70,092 U.S. government agency 87,150 3,265 2,258 88,157 — 88,157 States, municipalities and political subdivisions General obligations: Midwest 68,578 2,951 — 71,529 — 71,529 Northeast 29,018 1,081 — 30,099 — 30,099 South 94,493 4,695 — 99,188 — 99,188 West 97,459 6,042 — 103,501 — 103,501 Special revenue: Midwest 123,401 8,257 — 131,658 — 131,658 Northeast 56,193 3,972 — 60,165 — 60,165 South 211,100 15,728 98 226,730 — 226,730 West 131,711 8,375 — 140,086 — 140,086 Foreign bonds 26,372 1,171 134 27,409 — 27,409 Public utilities 95,501 5,155 523 100,133 — 100,133 Corporate bonds Energy 24,101 2,306 — 26,407 — 26,407 Industrials 53,535 2,618 572 55,581 — 55,581 Consumer goods and services 66,557 3,233 1,285 68,505 — 68,505 Health care 29,025 662 1,188 28,499 — 28,499 Technology, media and telecommunications 66,211 3,679 1,956 67,934 — 67,934 Financial services 101,002 5,504 487 106,019 174 105,845 Mortgage-backed securities 26,092 351 143 26,300 — 26,300 Collateralized mortgage obligations Government national mortgage association 83,303 3,454 113 86,644 — 86,644 Federal home loan mortgage corporation 139,364 1,570 1,402 139,532 — 139,532 Federal national mortgage association 60,744 1,642 463 61,923 — 61,923 Asset-backed securities 317 531 — 848 — 848 Total Available-for-Sale Fixed Maturities $ 1,741,481 $ 86,585 $ 11,127 $ 1,816,939 $ 174 $ 1,816,765 Short-Term Investments $ 801 $ 3 $ — $ 804 $ — $ 804 Total Available-for-Sale Investments $ 1,742,282 $ 86,588 $ 11,127 $ 1,817,743 $ 174 $ 1,817,569 December 31, 2020 Type of Investment Cost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value Allowance for Credit Losses Carrying Value AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 149,481 $ 482 $ 25 $ 149,938 $ — $ 149,938 U.S. government agency 60,502 4,016 — 64,518 — 64,518 States, municipalities and political subdivisions General obligations: Midwest 77,933 4,047 — 81,980 — 81,980 Northeast 29,071 1,379 — 30,450 — 30,450 South 104,522 5,448 — 109,970 — 109,970 West 102,590 7,431 — 110,021 — 110,021 Special revenue: Midwest 115,956 9,142 — 125,098 — 125,098 Northeast 56,317 4,759 — 61,076 — 61,076 South 208,739 17,967 — 226,706 — 226,706 West 129,417 9,982 — 139,399 — 139,399 Foreign bonds 27,799 1,805 2 29,602 — 29,602 Public utilities 76,114 7,388 — 83,502 — 83,502 Corporate bonds Energy 22,441 2,895 — 25,336 — 25,336 Industrials 39,513 3,744 — 43,257 — 43,257 Consumer goods and services 46,521 4,046 — 50,567 — 50,567 Health care 6,678 898 — 7,576 — 7,576 Technology, media and telecommunications 37,270 4,381 15 41,636 — 41,636 Financial services 93,736 7,564 269 101,031 5 101,026 Mortgage-backed securities 20,305 326 54 20,577 — 20,577 Collateralized mortgage obligations Government national mortgage association 81,758 4,439 45 86,152 — 86,152 Federal home loan mortgage corporation 151,362 2,239 758 152,843 — 152,843 Federal national mortgage association 81,952 2,013 683 83,282 — 83,282 Asset-backed securities 314 612 — 926 — 926 Total Available-for-Sale Fixed Maturities $ 1,720,291 $ 107,003 $ 1,851 $ 1,825,443 $ 5 $ 1,825,438
Schedule of MaturitiesThe amortized cost and fair value of available-for-sale fixed maturity securities at March 31, 2021, by contractual maturity, are shown in the following tables. 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. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity. Maturities Available-For-Sale March 31, 2021 Amortized Cost Fair Value Due in one year or less $ 29,859 $ 30,220 Due after one year through five years 482,121 506,835 Due after five years through 10 years 374,037 393,314 Due after 10 years 545,644 571,323 Asset-backed securities 317 848 Mortgage-backed securities 26,092 26,300 Collateralized mortgage obligations 283,411 288,099 $ 1,741,481 $ 1,816,939
Summary of Net Realized Investment Gains and LossesA summary of the components of net realized investment gains (losses) is as follows: Three Months Ended March 31, 2021 2020 Net realized investment gains (losses): Fixed maturities: Available-for-sale $ (637) $ (30) Allowance for credit losses (170) (59) Trading Securities — (2,457) Equity securities 25,315 (90,828) Mortgage loans allowance for credit losses — (5) Real estate — (28) Total net realized investment gains (losses) $ 24,508 $ (93,407)
Schedule of Proceeds and Gross Realized Gains and LossesThe proceeds and gross realized gains on the sale of available-for-sale fixed maturity securities are as follows: Three Months Ended March 31, 2021 2020 Proceeds from sales $ 31,091 $ 11,910 Gross realized gains 1 172 Gross realized losses 638 382
Schedule of Unrealized Investment AppreciationA summary of the changes in net unrealized investment appreciation during the reporting period is as follows: Three Months Ended March 31, 2021 2020 Change in net unrealized investment appreciation Available-for-sale fixed maturities $ (29,691) $ 5,696 Income tax effect 6,235 (1,196) Total change in net unrealized investment appreciation, net of tax $ (23,456) $ 4,500
Schedule of Rollforward of Allowance for Credit Losses for Available-for-Sale Fixed Maturity SecuritiesThe following table contains a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities at March 31, 2021: Rollforward of allowance for credit losses for available-for-sale fixed maturity securities: As of March 31, 2021 Beginning balance, January 1, 2021 $ 5 Additions to the allowance for credit losses for which credit losses were not previously recorded 169 Ending balance, March 31, 2021 $ 174
Schedule of Investments in Unrealized Loss PositionThe following tables summarize our fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at March 31, 2021 and December 31, 2020. The securities are presented by the length of time they have been continuously in an unrealized loss position. Non-credit related unrealized losses are recognized as a component of other comprehensive income and represent other market movements that are not credit related, for example interest rate changes. We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature. March 31, 2021 Less than 12 months 12 months or longer Total Type of Investment Number Fair Gross Unrealized Number Fair Gross Unrealized Depreciation Fair Gross Unrealized Depreciation AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury 8 $ 62,122 $ 505 — $ — $ — $ 62,122 $ 505 U.S. government agency 4 27,391 2,258 — — — 27,391 2,258 States, municipalities and political subdivisions General obligations South 1 1,176 98 — — — 1,176 98 Foreign bonds 3 $ 5,770 $ 134 — $ — $ — $ 5,770 $ 134 Public utilities 7 20,607 523 — — — 20,607 523 Corporate bonds Industrials 6 16,436 572 — — — 16,436 572 Consumer goods and services 5 19,897 1,285 — — — 19,897 1,285 Health care 5 21,508 1,188 — — — 21,508 1,188 Technology, media and telecommunications 9 24,792 1,956 — — — 24,792 1,956 Financial services 6 13,262 231 — — — 13,262 231 Mortgage-backed securities 7 17,126 143 2 14 — 17,140 143 Collateralized mortgage obligations Federal home loan mortgage corporation 24 90,493 1,402 — — — 90,493 1,402 Federal national mortgage association 9 26,987 463 — — — 26,987 463 Government national mortgage association 4 15,547 113 — — — 15,547 113 Total Available-for-Sale Fixed Maturities 98 $ 363,114 $ 10,871 2 $ 14 $ — $ 363,128 $ 10,871 December 31, 2020 Less than 12 months 12 months or longer Total Type of Investment Number Fair Gross Unrealized Depreciation Number Fair Gross Unrealized Depreciation Fair Gross Unrealized Depreciation AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury 5 $ 86,371 $ 25 — $ — $ — $ 86,371 $ 25 Foreign bonds 1 2,000 2 — — — 2,000 2 Technology, media and telecommunications 1 2,020 15 — — — 2,020 15 Financial services 1 2,995 5 1 3,000 7 5,995 12 Mortgage-backed securities 2 8,099 53 5 118 1 8,217 54 Collateralized mortgage obligations Federal home loan mortgage corporation 24 97,691 758 1 26 — 97,717 758 Federal national mortgage association 10 44,677 683 — — — 44,677 683 Government national mortgage association 2 12,394 45 1 24 — 12,418 45 Total Available-for-Sale Fixed Maturities 46 $ 256,247 $ 1,586 8 $ 3,168 $ 8 $ 259,415 $ 1,594

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Carrying Value and Estimated Fair Value of Financial InstrumentsA summary of the carrying value and estimated fair value of our financial instruments at March 31, 2021 and December 31, 2020 is as follows: March 31, 2021 December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value Assets Investments Fixed maturities: Available-for-sale securities $ 1,816,939 $ 1,816,765 $ 1,825,443 $ 1,825,438 Equity securities 193,263 193,263 206,685 206,685 Mortgage loans 48,129 47,494 48,932 47,614 Other long-term investments 77,816 77,816 69,305 69,305 Short-term investments 804 804 175 175 Cash and cash equivalents 71,514 71,514 87,948 87,948 Corporate-owned life insurance 9,188 9,188 8,557 8,557 Liabilities Long Term Debt 46,683 50,000 50,000 50,000
Summary of Financial Instruments Measured at Fair Value on Recurring BasisThe following tables present the categorization for our financial instruments measured at fair value on a recurring basis. The table includes financial instruments at March 31, 2021 and December 31, 2020: March 31, 2021 Fair Value Measurements Description Total Level 1 Level 2 Level 3 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 70,092 $ — $ 70,092 $ — U.S. government agency 88,157 — 88,157 — States, municipalities and political subdivisions General obligations Midwest 71,529 — 71,529 — Northeast 30,099 — 30,099 — South 99,188 — 99,188 — West 103,501 — 103,501 — Special revenue Midwest 131,658 — 131,658 — Northeast 60,165 — 60,165 — South 226,730 — 226,730 — West 140,086 — 140,086 — Foreign bonds 27,409 — 27,409 — Public utilities 100,133 — 100,133 — Corporate bonds Energy 26,407 — 26,407 — Industrials 55,581 — 55,581 — Consumer goods and services 68,505 — 68,505 — Health care 28,499 — 28,499 — Technology, media and telecommunications 67,934 — 67,934 — Financial services 106,019 — 105,869 150 Mortgage-backed securities 26,300 — 26,300 — Collateralized mortgage obligations Government national mortgage association 86,644 — 86,644 — Federal home loan mortgage corporation 139,532 — 139,532 — Federal national mortgage association 61,923 — 61,923 — Asset-backed securities 848 — — 848 Total Available-for-Sale Fixed Maturities $ 1,816,939 $ — $ 1,815,941 $ 998 EQUITY SECURITIES Common stocks Public utilities $ 16,695 $ 16,695 $ — $ — Energy 8,194 8,194 — — Industrials 38,430 38,430 — — Consumer goods and services 40,056 40,056 — — Health care 18,316 18,316 — — Technology, media and telecommunications 17,749 17,749 — — Financial services 53,228 53,228 — — Nonredeemable preferred stocks 595 — — 595 Total Equity Securities $ 193,263 $ 192,668 $ — $ 595 Short-Term Investments $ 804 $ 804 $ — $ — Money Market Accounts $ 41,378 $ 41,378 $ — $ — Corporate-Owned Life Insurance $ 9,188 $ — $ 9,188 $ — Total Assets Measured at Fair Value $ 2,061,572 $ 234,850 $ 1,825,129 $ 1,593 December 31, 2020 Fair Value Measurements Description Total Level 1 Level 2 Level 3 AVAILABLE-FOR-SALE Fixed maturities: Bonds U.S. Treasury $ 149,938 $ — $ 149,938 $ — U.S. government agency 64,518 — 64,518 — States, municipalities and political subdivisions General obligations Midwest 81,980 — 81,980 — Northeast 30,450 — 30,450 — South 109,970 — 109,970 — West 110,021 — 110,021 — Special revenue Midwest 125,098 — 125,098 — Northeast 61,076 — 61,076 — South 226,706 — 226,706 — West 139,399 — 139,399 — Foreign bonds 29,602 — 29,602 — Public utilities 83,502 — 83,502 — Corporate bonds Energy 25,336 — 25,336 — Industrials 43,257 — 43,257 — Consumer goods and services 50,567 — 50,567 — Health care 7,576 — 7,576 — Technology, media and telecommunications 41,636 — 41,636 — Financial services 101,031 — 100,781 250 Mortgage-backed securities 20,577 — 20,577 — Collateralized mortgage obligations Government national mortgage association 86,152 — 86,152 — Federal home loan mortgage corporation 152,843 — 152,843 — Federal national mortgage association 83,282 — 83,282 — Asset-backed securities 926 — — 926 Total Available-for-Sale Fixed Maturities $ 1,825,443 $ — $ 1,824,267 $ 1,176 EQUITY SECURITIES Common stocks Public utilities $ 16,320 $ 16,320 $ — $ — Energy 9,918 9,918 — — Industrials 36,556 36,556 — — Consumer goods and services 32,061 32,061 — — Health care 24,549 24,549 — — Technology, media and telecommunications 17,109 17,109 — — Financial services 69,577 69,577 — — Nonredeemable preferred stocks 595 — — 595 Total Equity Securities $ 206,685 $ 206,090 $ — $ 595 Short-Term Investments $ 175 $ 175 $ — $ — Money Market Accounts $ 24,790 $ 24,790 $ — $ — Corporate-Owned Life Insurance $ 8,557 $ — $ 8,557 $ — Total Assets Measured at Fair Value $ 2,065,650 $ 231,055 $ 1,832,824 $ 1,771
Summary of Quantitative Information About Level 3 Fair Value MeasurementsThe following table provides a quantitative information about our Level 3 securities at March 31, 2021: Quantitative Information about Level 3 Fair Value Measurements Fair Value at Valuation Technique(s) Unobservable inputs Range of weighted average significant unobservable inputs March 31, 2021 Corporate bonds - financial services $ 150 Fair value equals cost NA NA Fixed Maturities asset-backed securities 848 Discounted cash flow Probability of default 4% - 6% Nonredeemable preferred stocks 595 Discounted cash flow Multiplier 3x - 4x
Changes in Fair Value of Level 3 SecuritiesThe following table provides a summary of the changes in fair value of our Level 3 securities for the three-month period ended March 31, 2021: Corporate bonds Asset-backed securities Equities Total Balance at January 1, 2021 $ 250 $ 926 $ 595 $ 1,771 Net unrealized gains (losses) (1) — (78) — (78) Transfers out (100) — — (100) Balance at March 31, 2021 $ 150 $ 848 $ 595 $ 1,593 (1) Net unrealized gains (losses) are recorded as a component of comprehensive income.
Summary of Carrying Value of Commercial Mortgage Loans by Loan-to-Value RatioThe following tables present the carrying value of our commercial mortgage loans and additional information at March 31, 2021 and December 31, 2020: Commercial Mortgage Loans March 31, 2021 December 31, 2020 Loan-to-value Carrying Value Carrying Value Less than 65% $ 30,253 $ 30,361 65%-75% 17,317 17,329 Total amortized cost $ 47,570 $ 47,690 Allowance for mortgage loan losses (76) (76) Mortgage loans, net $ 47,494 $ 47,614 Mortgage Loans by Region March 31, 2021 December 31, 2020 Carrying Value Percent of Total Carrying Value Percent of Total East North Central $ 3,245 6.8 % $ 3,245 6.8 % Southern Atlantic 9,709 20.4 9,752 20.5 East South Central 8,155 17.1 8,197 17.2 New England 6,588 13.8 6,588 13.8 Middle Atlantic 14,900 31.4 14,936 31.2 Mountain 2,227 4.7 2,227 4.7 West North Central 2,746 5.8 2,745 5.8 Total mortgage loans at amortized cost $ 47,570 100.0 % $ 47,690 100.0 % Mortgage Loans by Property Type March 31, 2021 December 31, 2020 Carrying Value Percent of Total Carrying Value Percent of Total Commercial Multifamily $ 17,025 35.7 % $ 17,038 35.7 % Office 11,790 24.8 11,861 24.9 Industrial 10,124 21.3 10,124 21.2 Retail 2,227 4.7 2,227 4.7 Mixed use/Other 6,404 13.5 6,440 13.5 Total mortgage loans at amortized cost $ 47,570 100.0 % $ 47,690 100.0 %
Summary of Amortized Cost Basis by Year of Origination and Credit Quality IndicatorAmortized Cost Basis by Year of Origination and Credit Quality Indicator 2021 2020 2019 2018 Total Commercial mortgage loans: Risk Rating: 1-2 internal grade $ — $ 5,524 $ 8,380 $ 18,582 $ 32,486 3-4 internal grade — — 8,496 6,588 15,084 5 internal grade — — — — — 6 internal grade — — — — — 7 internal grade — — — — — Total commercial mortgage loans $ — $ 5,524 $ 16,876 $ 25,170 $ 47,570 Current-period write-offs — — — — — Current-period recoveries — — — — — Current-period net write-offs $ — $ — $ — $ — $ —
Summary of Rollforward of Allowance for Mortgage Loan LossesAs of March 31, 2021, the Company had an allowance for mortgage loan losses of $76, summarized in the following rollforward: Rollforward of allowance for mortgage loan losses: As of March 31, 2021 Beginning balance, January 1, 2021 $ 76 Current-period provision for expected credit losses — Ending balance of the allowance for mortgage loan losses, March 31, 2021 $ 76

Reserves for Losses and Loss _2

Reserves for Losses and Loss Settlement Expenses (Tables)3 Months Ended
Mar. 31, 2021
Insurance Loss Reserves [Abstract]
Changes in Property and Casualty Losses and Loss Settlement Expense ReservesThe following table provides an analysis of changes in our property and casualty losses and loss settlement expense reserves at March 31, 2021 and December 31, 2020 (net of reinsurance amounts): March 31, 2021 December 31, 2020 Gross liability for losses and loss settlement expenses $ 1,578,131 $ 1,421,754 Ceded losses and loss settlement expenses (131,843) (68,536) Net liability for losses and loss settlement expenses $ 1,446,288 $ 1,353,218 Losses and loss settlement expenses incurred Current year $ 217,621 $ 887,119 Prior years (13,259) (17,652) Total incurred $ 206,398 $ 869,467 Losses and loss settlement expense payments Current year $ 54,053 $ 354,635 Prior years 123,533 421,762 Total paid $ 177,586 $ 776,397 Net liability for losses and loss settlement expenses $ 1,475,100 $ 1,446,288 Ceded loss and loss settlement expenses 137,925 131,843 Gross liability for losses and loss settlement expenses $ 1,613,025 $ 1,578,131

Employee Benefits (Tables)

Employee Benefits (Tables)3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]
Net Periodic Benefit CostThe components of the net periodic benefit cost for our pension and postretirement benefit plans are as follows: Pension Plan Postretirement Benefit Plan Three Months Ended March 31, 2021 2020 2021 2020 Net periodic benefit cost Service cost $ 3,020 $ 2,707 $ 148 $ 432 Interest cost 1,728 2,066 69 253 Expected return on plan assets (4,202) (3,385) — — Amortization of prior service credit (809) — (3,196) (2,021) Amortization of net loss 999 979 492 94 Special event plan closure — — (20,177) — Net periodic benefit cost $ 736 $ 2,367 $ (22,664) $ (1,242)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Activity in Stock Award PlansThe activity in the Stock Plan is displayed in the following table: Authorized Shares Available for Future Award Grants Three Months Ended March 31, 2021 From Inception to March 31, 2021 Beginning balance 700,680 1,900,000 Additional shares authorized — 1,500,000 Number of awards granted (153,260) (3,442,159) Number of awards forfeited or expired 32,169 621,748 Ending balance 579,589 579,589 Number of option awards exercised 4,500 1,478,589 Number of unrestricted stock awards granted — 10,090 Number of restricted stock awards vested 51,902 216,280 The activity in the Director Stock Plan is displayed in the following table: Authorized Shares Available for Future Award Grants Three Months Ended March 31, 2021 From Inception to March 31, 2021 Beginning balance 160,135 300,000 Additional authorization — 150,000 Number of awards granted — (313,868) Number of awards forfeited or expired 2,727 26,730 Ending balance 162,862 162,862 Number of option awards exercised 8,181 142,001 Number of restricted stock awards vested — 98,491
Remaining Stock-Based Compensation ExpenseWe expect this compensation to be recognized over the remainder of 2021 and subsequent years according to the table below, except with respect to awards that are accelerated by the Board of Directors, in which case we will recognize any remaining compensation expense in the period in which the awards are accelerated. 2021 $ 2,565 2022 2,216 2023 1,372 2024 231 2025 12 Total $ 6,396

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Components of Basic and Diluted Earnings Per ShareThe components of basic and diluted earnings per share were as follows for the three-month periods ended March 31, 2021 and 2020: Three Months Ended March 31, (In Thousands, Except Share Data) 2021 2020 Basic Diluted Basic Diluted Net income (loss) $ 18,702 $ 18,702 $ (72,534) $ (72,534) Weighted-average common shares outstanding 25,085,914 25,085,914 25,014,027 25,014,027 Add dilutive effect of restricted stock unit awards — 229,930 — — Add dilutive effect of stock options — 63,968 — — Weighted-average common shares outstanding 25,085,914 25,379,812 25,014,027 25,014,027 Earnings (loss) per common share $ 0.75 $ 0.74 $ (2.90) $ (2.90) Awards excluded from diluted earnings per share calculation (1) — 515,984 — 379,282 (1) Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would have been anti-dilutive.

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Interest PaymentsThe interest rate will equal the rate that corresponds to the A.M. Best Co. (or its successor’s) financial strength rating for members of the United Fire & Casualty Pooled Group as of the applicable Interest Payment Date, as set forth in the table below. For the three-month period ended March 31, 2021, interest expense totaled $797. Payment of interest is subject to approval by the Iowa Insurance Division. A.M. Best Co. Financial Strength Rating Applicable Interest Rate A+ 5.875% A 6.375% A- 6.875% B++ (or lower) 7.375%

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)The following table shows the changes in the components of our accumulated other comprehensive income (loss), net of tax, for the three-month period ended March 31, 2021: Liability for Net unrealized underfunded appreciation employee on investments benefit costs (1) Total Balance as of January 1, 2021 83,070 (16,159) $ 66,911 Change in accumulated other comprehensive income before reclassifications (24,093) 5,139 (18,954) Reclassification adjustments from accumulated other comprehensive income (loss) 637 1,317 1,954 Balance as of March 31, 2021 $ 59,614 $ (9,703) $ 49,911

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Components of Operating LeasesThe components of our operating leases were as follows for the three-month periods ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Components of lease expense: Operating lease expense $ 1,782 $ 2,029 Less sublease income 53 122 Net lease expense 1,729 1,907 Cash flows information related to leases: Operating cash outflow from operating leases 1,747 1,639

Nature of Operations and Basi_4

Nature of Operations and Basis of Presentation (Segment Information) (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)statesegment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which we are licensed as insurer | state50
Number of reportable segments | segment1
Cash on deposit with Lloyd's of London | $ $ 18,101

Nature of Operations and Basi_5

Nature of Operations and Basis of Presentation (Cash and Cash Equivalents) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payment for income taxes $ 14,000 $ 20,000
Federal tax refund received $ 0

Nature of Operations and Basi_6

Nature of Operations and Basis of Presentation (Deferred Policy Acquisition Costs) (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Recorded asset at beginning of period $ 87,094
Underwriting costs deferred54,125
Amortization of deferred policy acquisition costs(53,264)
Recorded asset at ending of period $ 87,955

Nature of Operations and Basi_7

Nature of Operations and Basis of Presentation (Other Intangible Assets) (Details)3 Months Ended
Mar. 31, 2021
Minimum
Item Effected [Line Items]
Useful life2 years
Maximum
Item Effected [Line Items]
Useful life15 years

Nature of Operations and Basi_8

Nature of Operations and Basis of Presentation (Long Term Debt) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Dec. 15, 2020
Item Effected [Line Items]
Interest expense incurred $ 797,000
Surplus Notes
Item Effected [Line Items]
Principal amount $ 50,000,000
Interest expense incurred $ 797,000
Surplus Notes | Federated Mutual
Item Effected [Line Items]
Principal amount35,000,000
Surplus Notes | Federated Life
Item Effected [Line Items]
Principal amount $ 15,000,000

Nature of Operations and Basi_9

Nature of Operations and Basis of Presentation (Income Taxes) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax benefit, CARES Act $ 0 $ 9,500,000
Federal income tax expense (benefit)4,002,000 $ (32,465,000)
Liability for unrecognized tax benefits $ 0 $ 0

Nature of Operations and Bas_10

Nature of Operations and Basis of Presentation (Variable Interest Entities) (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)variable_interest_entityDec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Number of variable interest entities | variable_interest_entity1
Fair value of VIE $ 3,064,967 $ 3,069,678
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair value of VIE $ 3,371

Nature of Operations and Bas_11

Nature of Operations and Basis of Presentation (Credit Losses) (Details) - USD ($) $ in ThousandsMar. 31, 2021Jan. 01, 2021Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Credit loss allowance for reinsurance receivables $ 233 $ 190 $ 190

Nature of Operations and Bas_12

Nature of Operations and Basis of Presentation (Rollforward of Credit Loss Allowance for Reinsurance Receivable) (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance, January 1, 2021 $ 190
Current-period provision for expected credit losses43
Ending balance of the allowance for reinsurance receivable, March 31, 2021 $ 233

Summary of Investments (Fair Va

Summary of Investments (Fair Value of Investments) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fixed maturities:
Amortized Cost $ 1,742,282 $ 1,720,291
Gross Unrealized Appreciation86,588
Gross Unrealized Depreciation11,127
Fair Value1,816,765 1,825,438
Allowance for Credit Losses174 5
Short-Term Investments
Fixed maturities:
Amortized Cost801 175
Gross Unrealized Appreciation3
Gross Unrealized Depreciation0
Allowance for Credit Losses0
Fixed maturities
Fixed maturities:
Amortized Cost1,741,481 1,720,291
Gross Unrealized Appreciation86,585 107,003
Gross Unrealized Depreciation11,127 1,851
Allowance for Credit Losses174 5
U.S. Treasury
Fixed maturities:
Amortized Cost70,254 149,481
Gross Unrealized Appreciation343 482
Gross Unrealized Depreciation505 25
Allowance for Credit Losses0 0
U.S. government agency
Fixed maturities:
Amortized Cost87,150 60,502
Gross Unrealized Appreciation3,265 4,016
Gross Unrealized Depreciation2,258 0
Allowance for Credit Losses0 0
States, municipalities and political subdivisions | General obligations | Midwest
Fixed maturities:
Amortized Cost68,578 77,933
Gross Unrealized Appreciation2,951 4,047
Gross Unrealized Depreciation0 0
Allowance for Credit Losses0 0
States, municipalities and political subdivisions | General obligations | Northeast
Fixed maturities:
Amortized Cost29,018 29,071
Gross Unrealized Appreciation1,081 1,379
Gross Unrealized Depreciation0 0
Allowance for Credit Losses0 0
States, municipalities and political subdivisions | General obligations | South
Fixed maturities:
Amortized Cost94,493 104,522
Gross Unrealized Appreciation4,695 5,448
Gross Unrealized Depreciation0 0
Allowance for Credit Losses0 0
States, municipalities and political subdivisions | General obligations | West
Fixed maturities:
Amortized Cost97,459 102,590
Gross Unrealized Appreciation6,042 7,431
Gross Unrealized Depreciation0 0
Allowance for Credit Losses0 0
States, municipalities and political subdivisions | Special revenue | Midwest
Fixed maturities:
Amortized Cost123,401 115,956
Gross Unrealized Appreciation8,257 9,142
Gross Unrealized Depreciation0 0
Allowance for Credit Losses0 0
States, municipalities and political subdivisions | Special revenue | Northeast
Fixed maturities:
Amortized Cost56,193 56,317
Gross Unrealized Appreciation3,972 4,759
Gross Unrealized Depreciation0 0
Allowance for Credit Losses0 0
States, municipalities and political subdivisions | Special revenue | South
Fixed maturities:
Amortized Cost211,100 208,739
Gross Unrealized Appreciation15,728 17,967
Gross Unrealized Depreciation98 0
Allowance for Credit Losses0 0
States, municipalities and political subdivisions | Special revenue | West
Fixed maturities:
Amortized Cost131,711 129,417
Gross Unrealized Appreciation8,375 9,982
Gross Unrealized Depreciation0 0
Allowance for Credit Losses0 0
Foreign bonds
Fixed maturities:
Amortized Cost26,372 27,799
Gross Unrealized Appreciation1,171 1,805
Gross Unrealized Depreciation134 2
Allowance for Credit Losses0 0
Public utilities
Fixed maturities:
Amortized Cost95,501 76,114
Gross Unrealized Appreciation5,155 7,388
Gross Unrealized Depreciation523 0
Allowance for Credit Losses0 0
Corporate bonds | Energy
Fixed maturities:
Amortized Cost24,101 22,441
Gross Unrealized Appreciation2,306 2,895
Gross Unrealized Depreciation0 0
Allowance for Credit Losses0 0
Corporate bonds | Industrials
Fixed maturities:
Amortized Cost53,535 39,513
Gross Unrealized Appreciation2,618 3,744
Gross Unrealized Depreciation572 0
Allowance for Credit Losses0 0
Corporate bonds | Consumer goods and services
Fixed maturities:
Amortized Cost66,557 46,521
Gross Unrealized Appreciation3,233 4,046
Gross Unrealized Depreciation1,285 0
Allowance for Credit Losses0 0
Corporate bonds | Health care
Fixed maturities:
Amortized Cost29,025 6,678
Gross Unrealized Appreciation662 898
Gross Unrealized Depreciation1,188 0
Allowance for Credit Losses0 0
Corporate bonds | Technology, media and telecommunications
Fixed maturities:
Amortized Cost66,211 37,270
Gross Unrealized Appreciation3,679 4,381
Gross Unrealized Depreciation1,956 15
Allowance for Credit Losses0 0
Corporate bonds | Financial services
Fixed maturities:
Amortized Cost101,002 93,736
Gross Unrealized Appreciation5,504 7,564
Gross Unrealized Depreciation487 269
Allowance for Credit Losses174 5
Mortgage-backed securities
Fixed maturities:
Amortized Cost26,092 20,305
Gross Unrealized Appreciation351 326
Gross Unrealized Depreciation143 54
Allowance for Credit Losses0 0
Collateralized mortgage obligations | Government national mortgage association
Fixed maturities:
Amortized Cost83,303 81,758
Gross Unrealized Appreciation3,454 4,439
Gross Unrealized Depreciation113 45
Allowance for Credit Losses0 0
Collateralized mortgage obligations | Federal home loan mortgage corporation
Fixed maturities:
Amortized Cost139,364 151,362
Gross Unrealized Appreciation1,570 2,239
Gross Unrealized Depreciation1,402 758
Allowance for Credit Losses0 0
Collateralized mortgage obligations | Federal national mortgage association
Fixed maturities:
Amortized Cost60,744 81,952
Gross Unrealized Appreciation1,642 2,013
Gross Unrealized Depreciation463 683
Allowance for Credit Losses0 0
Asset-backed securities
Fixed maturities:
Amortized Cost317 314
Gross Unrealized Appreciation531 612
Gross Unrealized Depreciation0 0
Allowance for Credit Losses0 0
Fair Value
Fixed maturities:
Fair Value1,817,743
Fair Value | Short-Term Investments
Fixed maturities:
Fair Value804
Fair Value | Fixed maturities
Fixed maturities:
Fair Value1,816,939 1,825,443
Fair Value | U.S. Treasury
Fixed maturities:
Fair Value70,092 149,938
Fair Value | U.S. government agency
Fixed maturities:
Fair Value88,157 64,518
Fair Value | States, municipalities and political subdivisions | General obligations | Midwest
Fixed maturities:
Fair Value71,529 81,980
Fair Value | States, municipalities and political subdivisions | General obligations | Northeast
Fixed maturities:
Fair Value30,099 30,450
Fair Value | States, municipalities and political subdivisions | General obligations | South
Fixed maturities:
Fair Value99,188 109,970
Fair Value | States, municipalities and political subdivisions | General obligations | West
Fixed maturities:
Fair Value103,501 110,021
Fair Value | States, municipalities and political subdivisions | Special revenue | Midwest
Fixed maturities:
Fair Value131,658 125,098
Fair Value | States, municipalities and political subdivisions | Special revenue | Northeast
Fixed maturities:
Fair Value60,165 61,076
Fair Value | States, municipalities and political subdivisions | Special revenue | South
Fixed maturities:
Fair Value226,730 226,706
Fair Value | States, municipalities and political subdivisions | Special revenue | West
Fixed maturities:
Fair Value140,086 139,399
Fair Value | Foreign bonds
Fixed maturities:
Fair Value27,409 29,602
Fair Value | Public utilities
Fixed maturities:
Fair Value100,133 83,502
Fair Value | Corporate bonds | Energy
Fixed maturities:
Fair Value26,407 25,336
Fair Value | Corporate bonds | Industrials
Fixed maturities:
Fair Value55,581 43,257
Fair Value | Corporate bonds | Consumer goods and services
Fixed maturities:
Fair Value68,505 50,567
Fair Value | Corporate bonds | Health care
Fixed maturities:
Fair Value28,499 7,576
Fair Value | Corporate bonds | Technology, media and telecommunications
Fixed maturities:
Fair Value67,934 41,636
Fair Value | Corporate bonds | Financial services
Fixed maturities:
Fair Value106,019 101,031
Fair Value | Mortgage-backed securities
Fixed maturities:
Fair Value26,300 20,577
Fair Value | Collateralized mortgage obligations | Government national mortgage association
Fixed maturities:
Fair Value86,644 86,152
Fair Value | Collateralized mortgage obligations | Federal home loan mortgage corporation
Fixed maturities:
Fair Value139,532 152,843
Fair Value | Collateralized mortgage obligations | Federal national mortgage association
Fixed maturities:
Fair Value61,923 83,282
Fair Value | Asset-backed securities
Fixed maturities:
Fair Value848 926
Carrying Value
Fixed maturities:
Fair Value1,817,569
Carrying Value | Short-Term Investments
Fixed maturities:
Fair Value804
Carrying Value | Fixed maturities
Fixed maturities:
Fair Value1,816,765 1,825,438
Carrying Value | U.S. Treasury
Fixed maturities:
Fair Value70,092 149,938
Carrying Value | U.S. government agency
Fixed maturities:
Fair Value88,157 64,518
Carrying Value | States, municipalities and political subdivisions | General obligations | Midwest
Fixed maturities:
Fair Value71,529 81,980
Carrying Value | States, municipalities and political subdivisions | General obligations | Northeast
Fixed maturities:
Fair Value30,099 30,450
Carrying Value | States, municipalities and political subdivisions | General obligations | South
Fixed maturities:
Fair Value99,188 109,970
Carrying Value | States, municipalities and political subdivisions | General obligations | West
Fixed maturities:
Fair Value103,501 110,021
Carrying Value | States, municipalities and political subdivisions | Special revenue | Midwest
Fixed maturities:
Fair Value131,658 125,098
Carrying Value | States, municipalities and political subdivisions | Special revenue | Northeast
Fixed maturities:
Fair Value60,165 61,076
Carrying Value | States, municipalities and political subdivisions | Special revenue | South
Fixed maturities:
Fair Value226,730 226,706
Carrying Value | States, municipalities and political subdivisions | Special revenue | West
Fixed maturities:
Fair Value140,086 139,399
Carrying Value | Foreign bonds
Fixed maturities:
Fair Value27,409 29,602
Carrying Value | Public utilities
Fixed maturities:
Fair Value100,133 83,502
Carrying Value | Corporate bonds | Energy
Fixed maturities:
Fair Value26,407 25,336
Carrying Value | Corporate bonds | Industrials
Fixed maturities:
Fair Value55,581 43,257
Carrying Value | Corporate bonds | Consumer goods and services
Fixed maturities:
Fair Value68,505 50,567
Carrying Value | Corporate bonds | Health care
Fixed maturities:
Fair Value28,499 7,576
Carrying Value | Corporate bonds | Technology, media and telecommunications
Fixed maturities:
Fair Value67,934 41,636
Carrying Value | Corporate bonds | Financial services
Fixed maturities:
Fair Value105,845 101,026
Carrying Value | Mortgage-backed securities
Fixed maturities:
Fair Value26,300 20,577
Carrying Value | Collateralized mortgage obligations | Government national mortgage association
Fixed maturities:
Fair Value86,644 86,152
Carrying Value | Collateralized mortgage obligations | Federal home loan mortgage corporation
Fixed maturities:
Fair Value139,532 152,843
Carrying Value | Collateralized mortgage obligations | Federal national mortgage association
Fixed maturities:
Fair Value61,923 83,282
Carrying Value | Asset-backed securities
Fixed maturities:
Fair Value $ 848 $ 926

Summary of Investments (Maturit

Summary of Investments (Maturities) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Available-For-Sale, Amortized Cost
Due in one year or less $ 29,859
Due after one year through five years482,121
Due after five years through 10 years374,037
Due after 10 years545,644
Amortized Cost1,742,282 $ 1,720,291
Available-For-Sale, Fair Value
Due in one year or less30,220
Due after one year through five years506,835
Due after five years through 10 years393,314
Due after 10 years571,323
Fair Value1,816,765 1,825,438
Asset-backed securities
Available-For-Sale, Amortized Cost
Securities not categorized by contractual maturity317
Amortized Cost317 314
Available-For-Sale, Fair Value
Securities not categorized by contractual maturity848
Mortgage-backed securities
Available-For-Sale, Amortized Cost
Securities not categorized by contractual maturity26,092
Amortized Cost26,092 $ 20,305
Available-For-Sale, Fair Value
Securities not categorized by contractual maturity26,300
Collateralized mortgage obligations
Available-For-Sale, Amortized Cost
Securities not categorized by contractual maturity283,411
Available-For-Sale, Fair Value
Securities not categorized by contractual maturity288,099
Fixed maturities
Available-For-Sale, Amortized Cost
Amortized Cost1,741,481
Available-For-Sale, Fair Value
Fair Value $ 1,816,939

Summary of Investments (Net Rea

Summary of Investments (Net Realized Investment Gains and Losses and Proceeds) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net realized investment gains (losses):
Available-for-sale $ (637) $ (30)
Allowance for credit losses(170)(59)
Trading Securities0 (2,457)
Equity securities25,315 (90,828)
Mortgage loans allowance for credit losses0 (5)
Real estate0 (28)
Total net realized investment gains (losses)24,508 (93,407)
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of available-for-sale investments99,682 11,910
Fixed maturities
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of available-for-sale investments31,091 11,910
Gross realized gains1 172
Gross realized losses $ 638 $ 382

Summary of Investments (Narrati

Summary of Investments (Narrative) (Details) $ in Thousands1 Months Ended
Dec. 31, 2019USD ($)dateMar. 31, 2021USD ($)
Investments, Debt and Equity Securities [Abstract]
Remaining potential contractual obligation $ 6,061
Investment in limited liability partnership investment fund $ 25,000
Lockup period3 years
Minimum notice period60 days
Number of possible repurchase dates | date4
Investment fair value $ 24,889

Summary of Investments (Unreali

Summary of Investments (Unrealized Appreciation) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Change in net unrealized investment appreciation
Available-for-sale fixed maturities $ (29,691) $ 5,696
Income tax effect6,235 (1,196)
Total change in net unrealized investment appreciation, net of tax $ (23,456) $ 4,500

Summary of Investments (Rollfor

Summary of Investments (Rollforward of Allowance for Credit Losses for Available-for-Sale Fixed Maturity Securities) (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
Beginning balance, January 1, 2021 $ 5
Additions to the allowance for credit losses for which credit losses were not previously recorded169
Ending balance, March 31, 2021 $ 174

Summary of Investments (Investm

Summary of Investments (Investments in Unrealized Loss Position) (Details) $ in ThousandsMar. 31, 2021USD ($)issueDec. 31, 2020USD ($)issue
Number of Issues
Less than 12 months | issue98 46
12 months or longer | issue2 8
Fair Value
Less than 12 months $ 363,114 $ 256,247
12 months or longer14 3,168
Total363,128 259,415
Gross Unrealized Depreciation
Less than 12 months10,871 1,586
12 months or longer0 8
Total $ 10,871 $ 1,594
U.S. Treasury
Number of Issues
Less than 12 months | issue8 5
12 months or longer | issue0 0
Fair Value
Less than 12 months $ 62,122 $ 86,371
12 months or longer0 0
Total62,122 86,371
Gross Unrealized Depreciation
Less than 12 months505 25
12 months or longer0 0
Total $ 505 $ 25
U.S. government agency
Number of Issues
Less than 12 months | issue4
12 months or longer | issue0
Fair Value
Less than 12 months $ 27,391
12 months or longer0
Total27,391
Gross Unrealized Depreciation
Less than 12 months2,258
12 months or longer0
Total $ 2,258
States, municipalities and political subdivisions | General obligations | South
Number of Issues
Less than 12 months | issue1
12 months or longer | issue0
Fair Value
Less than 12 months $ 1,176
12 months or longer0
Total1,176
Gross Unrealized Depreciation
Less than 12 months98
12 months or longer0
Total $ 98
Foreign bonds
Number of Issues
Less than 12 months | issue3 1
12 months or longer | issue0 0
Fair Value
Less than 12 months $ 5,770 $ 2,000
12 months or longer0 0
Total5,770 2,000
Gross Unrealized Depreciation
Less than 12 months134 2
12 months or longer0 0
Total $ 134 $ 2
Public utilities
Number of Issues
Less than 12 months | issue7
12 months or longer | issue0
Fair Value
Less than 12 months $ 20,607
12 months or longer0
Total20,607
Gross Unrealized Depreciation
Less than 12 months523
12 months or longer0
Total $ 523
Corporate bonds | Industrials
Number of Issues
Less than 12 months | issue6
12 months or longer | issue0
Fair Value
Less than 12 months $ 16,436
12 months or longer0
Total16,436
Gross Unrealized Depreciation
Less than 12 months572
12 months or longer0
Total $ 572
Corporate bonds | Consumer goods and services
Number of Issues
Less than 12 months | issue5
12 months or longer | issue0
Fair Value
Less than 12 months $ 19,897
12 months or longer0
Total19,897
Gross Unrealized Depreciation
Less than 12 months1,285
12 months or longer0
Total $ 1,285
Corporate bonds | Health care
Number of Issues
Less than 12 months | issue5
12 months or longer | issue0
Fair Value
Less than 12 months $ 21,508
12 months or longer0
Total21,508
Gross Unrealized Depreciation
Less than 12 months1,188
12 months or longer0
Total $ 1,188
Corporate bonds | Technology, media and telecommunications
Number of Issues
Less than 12 months | issue9 1
12 months or longer | issue0 0
Fair Value
Less than 12 months $ 24,792 $ 2,020
12 months or longer0 0
Total24,792 2,020
Gross Unrealized Depreciation
Less than 12 months1,956 15
12 months or longer0 0
Total $ 1,956 $ 15
Corporate bonds | Financial services
Number of Issues
Less than 12 months | issue6 1
12 months or longer | issue0 1
Fair Value
Less than 12 months $ 13,262 $ 2,995
12 months or longer0 3,000
Total13,262 5,995
Gross Unrealized Depreciation
Less than 12 months231 5
12 months or longer0 7
Total $ 231 $ 12
Mortgage-backed securities
Number of Issues
Less than 12 months | issue7 2
12 months or longer | issue2 5
Fair Value
Less than 12 months $ 17,126 $ 8,099
12 months or longer14 118
Total17,140 8,217
Gross Unrealized Depreciation
Less than 12 months143 53
12 months or longer0 1
Total $ 143 $ 54
Collateralized mortgage obligations | Federal home loan mortgage corporation
Number of Issues
Less than 12 months | issue24 24
12 months or longer | issue0 1
Fair Value
Less than 12 months $ 90,493 $ 97,691
12 months or longer0 26
Total90,493 97,717
Gross Unrealized Depreciation
Less than 12 months1,402 758
12 months or longer0 0
Total $ 1,402 $ 758
Collateralized mortgage obligations | Federal national mortgage association
Number of Issues
Less than 12 months | issue9 10
12 months or longer | issue0 0
Fair Value
Less than 12 months $ 26,987 $ 44,677
12 months or longer0 0
Total26,987 44,677
Gross Unrealized Depreciation
Less than 12 months463 683
12 months or longer0 0
Total $ 463 $ 683
Collateralized mortgage obligations | Government national mortgage association
Number of Issues
Less than 12 months | issue4 2
12 months or longer | issue0 1
Fair Value
Less than 12 months $ 15,547 $ 12,394
12 months or longer0 24
Total15,547 12,418
Gross Unrealized Depreciation
Less than 12 months113 45
12 months or longer0 0
Total $ 113 $ 45

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accrued interest excluded from carrying value $ 168
Allowance for mortgage loan losses76 $ 76
Rabbi Trust | Other Assets | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash surrender value $ 9,188

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Carrying Value and Estimated Fair Value) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fixed maturities:
Available-for-sale securities $ 1,816,765 $ 1,825,438
Equity securities193,263 206,685
Mortgage loans47,494 47,614
Fair Value
Fixed maturities:
Available-for-sale securities1,817,743
Equity securities193,263 206,685
Mortgage loans48,129 48,932
Other long-term investments77,816 69,305
Short-term investments804 175
Cash and cash equivalents71,514 87,948
Corporate-owned life insurance9,188 8,557
Liabilities
Long Term Debt46,683 50,000
Fair Value | Fixed maturities
Fixed maturities:
Available-for-sale securities1,816,939 1,825,443
Carrying Value
Fixed maturities:
Available-for-sale securities1,817,569
Equity securities193,263 206,685
Mortgage loans47,494 47,614
Other long-term investments77,816 69,305
Short-term investments804 175
Cash and cash equivalents71,514 87,948
Corporate-owned life insurance9,188 8,557
Liabilities
Long Term Debt50,000 50,000
Carrying Value | Fixed maturities
Fixed maturities:
Available-for-sale securities $ 1,816,765 $ 1,825,438

Fair Value of Financial Instr_5

Fair Value of Financial Instruments (Financial Instruments Measured at Fair Value) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities $ 1,816,765 $ 1,825,438
Equity securities193,263 206,685
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities1,816,939 1,825,443
Equity securities193,263 206,685
Short-Term Investments804 175
Money Market Accounts41,378 24,790
Corporate-Owned Life Insurance9,188 8,557
Total Assets Measured at Fair Value2,061,572 2,065,650
Recurring | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities70,092 149,938
Recurring | U.S. government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities88,157 64,518
Recurring | Foreign bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities27,409 29,602
Recurring | Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities100,133 83,502
Recurring | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities26,300 20,577
Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities848 926
Recurring | Nonredeemable preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities595 595
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Equity securities192,668 206,090
Short-Term Investments804 175
Money Market Accounts41,378 24,790
Corporate-Owned Life Insurance0 0
Total Assets Measured at Fair Value234,850 231,055
Recurring | Level 1 | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 1 | U.S. government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 1 | Foreign bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 1 | Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 1 | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 1 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 1 | Nonredeemable preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities1,815,941 1,824,267
Equity securities0 0
Short-Term Investments0 0
Money Market Accounts0 0
Corporate-Owned Life Insurance9,188 8,557
Total Assets Measured at Fair Value1,825,129 1,832,824
Recurring | Level 2 | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities70,092 149,938
Recurring | Level 2 | U.S. government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities88,157 64,518
Recurring | Level 2 | Foreign bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities27,409 29,602
Recurring | Level 2 | Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities100,133 83,502
Recurring | Level 2 | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities26,300 20,577
Recurring | Level 2 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 2 | Nonredeemable preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities998 1,176
Equity securities595 595
Short-Term Investments0 0
Money Market Accounts0 0
Corporate-Owned Life Insurance0 0
Total Assets Measured at Fair Value1,593 1,771
Recurring | Level 3 | U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 3 | U.S. government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 3 | Foreign bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 3 | Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 3 | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Level 3 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities848 926
Recurring | Level 3 | Nonredeemable preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities595 595
Recurring | Government national mortgage association | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities86,644 86,152
Recurring | Government national mortgage association | Level 1 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Government national mortgage association | Level 2 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities86,644 86,152
Recurring | Government national mortgage association | Level 3 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Federal home loan mortgage corporation | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities139,532 152,843
Recurring | Federal home loan mortgage corporation | Level 1 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Federal home loan mortgage corporation | Level 2 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities139,532 152,843
Recurring | Federal home loan mortgage corporation | Level 3 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Federal national mortgage association | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities61,923 83,282
Recurring | Federal national mortgage association | Level 1 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Federal national mortgage association | Level 2 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities61,923 83,282
Recurring | Federal national mortgage association | Level 3 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | General obligations | States, municipalities and political subdivisions | Midwest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities71,529 81,980
Recurring | General obligations | States, municipalities and political subdivisions | Northeast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities30,099 30,450
Recurring | General obligations | States, municipalities and political subdivisions | South
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities99,188 109,970
Recurring | General obligations | States, municipalities and political subdivisions | West
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities103,501 110,021
Recurring | General obligations | Level 1 | States, municipalities and political subdivisions | Midwest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | General obligations | Level 1 | States, municipalities and political subdivisions | Northeast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | General obligations | Level 1 | States, municipalities and political subdivisions | South
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | General obligations | Level 1 | States, municipalities and political subdivisions | West
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | General obligations | Level 2 | States, municipalities and political subdivisions | Midwest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities71,529 81,980
Recurring | General obligations | Level 2 | States, municipalities and political subdivisions | Northeast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities30,099 30,450
Recurring | General obligations | Level 2 | States, municipalities and political subdivisions | South
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities99,188 109,970
Recurring | General obligations | Level 2 | States, municipalities and political subdivisions | West
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities103,501 110,021
Recurring | General obligations | Level 3 | States, municipalities and political subdivisions | Midwest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | General obligations | Level 3 | States, municipalities and political subdivisions | Northeast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | General obligations | Level 3 | States, municipalities and political subdivisions | South
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | General obligations | Level 3 | States, municipalities and political subdivisions | West
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Special revenue | States, municipalities and political subdivisions | Midwest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities131,658 125,098
Recurring | Special revenue | States, municipalities and political subdivisions | Northeast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities60,165 61,076
Recurring | Special revenue | States, municipalities and political subdivisions | South
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities226,730 226,706
Recurring | Special revenue | States, municipalities and political subdivisions | West
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities140,086 139,399
Recurring | Special revenue | Level 1 | States, municipalities and political subdivisions | Midwest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Special revenue | Level 1 | States, municipalities and political subdivisions | Northeast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Special revenue | Level 1 | States, municipalities and political subdivisions | South
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Special revenue | Level 1 | States, municipalities and political subdivisions | West
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Special revenue | Level 2 | States, municipalities and political subdivisions | Midwest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities131,658 125,098
Recurring | Special revenue | Level 2 | States, municipalities and political subdivisions | Northeast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities60,165 61,076
Recurring | Special revenue | Level 2 | States, municipalities and political subdivisions | South
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities226,730 226,706
Recurring | Special revenue | Level 2 | States, municipalities and political subdivisions | West
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities140,086 139,399
Recurring | Special revenue | Level 3 | States, municipalities and political subdivisions | Midwest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Special revenue | Level 3 | States, municipalities and political subdivisions | Northeast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Special revenue | Level 3 | States, municipalities and political subdivisions | South
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Special revenue | Level 3 | States, municipalities and political subdivisions | West
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities16,695 16,320
Recurring | Public utilities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities16,695 16,320
Recurring | Public utilities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Public utilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Energy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities8,194 9,918
Recurring | Energy | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities26,407 25,336
Recurring | Energy | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities8,194 9,918
Recurring | Energy | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Energy | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Energy | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities26,407 25,336
Recurring | Energy | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Energy | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Industrials
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities38,430 36,556
Recurring | Industrials | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities55,581 43,257
Recurring | Industrials | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities38,430 36,556
Recurring | Industrials | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Industrials | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Industrials | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities55,581 43,257
Recurring | Industrials | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Industrials | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Consumer goods and services
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities40,056 32,061
Recurring | Consumer goods and services | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities68,505 50,567
Recurring | Consumer goods and services | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities40,056 32,061
Recurring | Consumer goods and services | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Consumer goods and services | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Consumer goods and services | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities68,505 50,567
Recurring | Consumer goods and services | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Consumer goods and services | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Health care
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities18,316 24,549
Recurring | Health care | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities28,499 7,576
Recurring | Health care | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities18,316 24,549
Recurring | Health care | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Health care | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Health care | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities28,499 7,576
Recurring | Health care | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Health care | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Technology, media and telecommunications
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities17,749 17,109
Recurring | Technology, media and telecommunications | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities67,934 41,636
Recurring | Technology, media and telecommunications | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities17,749 17,109
Recurring | Technology, media and telecommunications | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Technology, media and telecommunications | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Technology, media and telecommunications | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities67,934 41,636
Recurring | Technology, media and telecommunications | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Technology, media and telecommunications | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Financial services
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities53,228 69,577
Recurring | Financial services | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities106,019 101,031
Recurring | Financial services | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities53,228 69,577
Recurring | Financial services | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities0 0
Recurring | Financial services | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Financial services | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities105,869 100,781
Recurring | Financial services | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities0 0
Recurring | Financial services | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities $ 150 $ 250

Fair Value of Financial Instr_6

Fair Value of Financial Instruments (Quantitative Information About Level 3 Fair Value Measurements) (Details) $ in ThousandsMar. 31, 2021USD ($)Dec. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities $ 1,816,765 $ 1,825,438
Nonredeemable preferred stocks193,263 206,685
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities1,816,939 1,825,443
Nonredeemable preferred stocks193,263 206,685
Recurring | Asset-backed securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities848 926
Recurring | Nonredeemable preferred stocks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Nonredeemable preferred stocks595 595
Recurring | Financial services
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Nonredeemable preferred stocks53,228 69,577
Recurring | Financial services | Corporate bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities106,019 101,031
Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities998 1,176
Nonredeemable preferred stocks595 595
Recurring | Level 3 | Asset-backed securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities $ 848 926
Recurring | Level 3 | Asset-backed securities | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities, range of weighted average significant unobservable inputs0.04
Recurring | Level 3 | Asset-backed securities | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities, range of weighted average significant unobservable inputs0.06
Recurring | Level 3 | Nonredeemable preferred stocks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Nonredeemable preferred stocks $ 595 595
Recurring | Level 3 | Nonredeemable preferred stocks | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Nonredeemable preferred stocks, range of weighted average significant unobservable inputs0.03
Recurring | Level 3 | Nonredeemable preferred stocks | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Nonredeemable preferred stocks, range of weighted average significant unobservable inputs0.04
Recurring | Level 3 | Financial services
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Nonredeemable preferred stocks $ 0 0
Recurring | Level 3 | Financial services | Corporate bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities $ 150 $ 250

Fair Value of Financial Instr_7

Fair Value of Financial Instruments (Level 3 Securities) (Details) - Recurring $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance $ 1,771
Net unrealized gains (losses)(78)
Transfers out(100)
Ending balance1,593
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance250
Net unrealized gains (losses)0
Transfers out(100)
Ending balance150
Asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance926
Net unrealized gains (losses)(78)
Transfers out0
Ending balance848
Equities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance595
Net unrealized gains (losses)0
Transfers out0
Ending balance $ 595

Fair Value of Financial Instr_8

Fair Value of Financial Instruments (Carrying Value of Commercial Mortgage Loans and Additional Information) (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost $ 47,570 $ 47,690
Allowance for mortgage loan losses(76)(76)
Mortgage loans, net47,494 47,614
Total mortgage loans | Mortgage Loans by Region
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 47,570 $ 47,690
Percent of Total100.00%100.00%
Total mortgage loans | Mortgage Loans by Region | East North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 3,245 $ 3,245
Percent of Total6.80%6.80%
Total mortgage loans | Mortgage Loans by Region | Southern Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 9,709 $ 9,752
Percent of Total20.40%20.50%
Total mortgage loans | Mortgage Loans by Region | East South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 8,155 $ 8,197
Percent of Total17.10%17.20%
Total mortgage loans | Mortgage Loans by Region | New England
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 6,588 $ 6,588
Percent of Total13.80%13.80%
Total mortgage loans | Mortgage Loans by Region | Middle Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 14,900 $ 14,936
Percent of Total31.40%31.20%
Total mortgage loans | Mortgage Loans by Region | Mountain
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 2,227 $ 2,227
Percent of Total4.70%4.70%
Total mortgage loans | Mortgage Loans by Region | West North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 2,746 $ 2,745
Percent of Total5.80%5.80%
Total mortgage loans | Mortgage Loans by Property Type
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 47,570 $ 47,690
Percent of Total100.00%100.00%
Total mortgage loans | Mortgage Loans by Property Type | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 17,025 $ 17,038
Percent of Total35.70%35.70%
Total mortgage loans | Mortgage Loans by Property Type | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 11,790 $ 11,861
Percent of Total24.80%24.90%
Total mortgage loans | Mortgage Loans by Property Type | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 10,124 $ 10,124
Percent of Total21.30%21.20%
Total mortgage loans | Mortgage Loans by Property Type | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 2,227 $ 2,227
Percent of Total4.70%4.70%
Total mortgage loans | Mortgage Loans by Property Type | Mixed use/Other
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage loans, net $ 6,404 $ 6,440
Percent of Total13.50%13.50%
Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost $ 30,253 $ 30,361
65%-75%
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost $ 17,317 $ 17,329

Fair Value of Financial Instr_9

Fair Value of Financial Instruments (Amortized Cost Basis by Year of Origination and Credit Quality Indicator) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
2021 $ 0
20205,524
201916,876
201825,170
Total47,570 $ 47,690
Current-period write-offs0
Current-period recoveries0
Current-period net write-offs0
1-2 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20205,524
20198,380
201818,582
Total32,486
3-4 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20198,496
20186,588
Total15,084
5 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
Total0
6 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
Total0
7 internal grade
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
Total $ 0

Fair Value of Financial Inst_10

Fair Value of Financial Instruments (Rollforward of Allowance for Mortgage Loan Losses) (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Rollforward of allowance for mortgage loan losses:
Beginning balance $ 76
Current-period provision for expected credit losses0
Ending balance of the allowance for mortgage loan losses $ 76

Reserves for Losses and Loss _3

Reserves for Losses and Loss Settlement Expenses (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross liability for losses and loss settlement expenses at beginning of year $ 1,578,131 $ 1,421,754
Ceded losses and loss settlement expenses(131,843)(68,536)
Net liability for losses and loss settlement expenses at beginning of year1,446,288 1,353,218
Losses and loss settlement expenses incurred for claims occurring during
Current year217,621 887,119
Prior years(13,259)(17,652)
Total incurred206,398 869,467
Losses and loss settlement expense payments for claims occurring during
Current year54,053 354,635
Prior years123,533 421,762
Total paid177,586 776,397
Net liability for losses and loss settlement expenses at end of year1,475,100 1,446,288
Ceded loss and loss settlement expenses137,925 131,843
Gross liability for losses and loss settlement expenses at end of period $ 1,613,025 $ 1,578,131

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Pension Plan
Net periodic benefit cost
Service cost $ 3,020 $ 2,707
Interest cost1,728 2,066
Expected return on plan assets(4,202)(3,385)
Amortization of prior service credit(809)0
Amortization of net loss999 979
Special event plan closure0 0
Net periodic benefit cost736 2,367
Postretirement Benefit Plan
Net periodic benefit cost
Service cost148 432
Interest cost69 253
Expected return on plan assets0 0
Amortization of prior service credit(3,196)(2,021)
Amortization of net loss492 94
Special event plan closure(20,177)0
Net periodic benefit cost(22,664) $ (1,242)
Estimated 2021 pension plan contribution, disclosed in prior year 10K $ 10,000
Contribution by employer $ 2,500

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands1 Months Ended3 Months Ended147 Months Ended195 Months Ended
May 31, 2014Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2021Dec. 31, 2020May 20, 2020May 19, 2020Dec. 31, 2008Dec. 31, 2004
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense $ 1,008 $ 1,634
Stock-based compensation expense to be recognized through results of operations $ 6,396 $ 6,396 $ 6,396
Employee Stock Award Plan-2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)579,589 579,589 579,589 700,680 1,900,000
Additional shares authorized (in shares)1,500,000 0 1,500,000
Employee Stock Award Plan-2008 | Options Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period10 years
Employee Stock Award Plan-2008 | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage20.00%
Employee Stock Award Plan-2008 | Share-based Compensation Award, Tranche One | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period3 years
Employee Stock Award Plan-2008 | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage33.30%
Employee Stock Award Plan-2008 | Share-based Compensation Award, Tranche Two | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period5 years
Director Plan - 2005
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)162,862 162,862 162,862 160,135 450,000 300,000 300,000
Additional shares authorized (in shares)0 150,000

Stock-Based Compensation (Activ

Stock-Based Compensation (Activity in the Stock Plan) (Details) - shares1 Months Ended3 Months Ended147 Months Ended195 Months Ended
May 31, 2014Mar. 31, 2021Mar. 31, 2021Mar. 31, 2021
Employee Stock Award Plan-2008
Share-based Compensation Arrangement by Share-based Payment Award Available for Grant [Roll Forward]
Beginning balance (in shares)700,680 1,900,000
Additional shares authorized (in shares)1,500,000 0 1,500,000
Number of awards granted (in shares)(153,260)(3,442,159)
Number of awards forfeited or expired (in shares)32,169 621,748
Ending balance (in shares)579,589 579,589 579,589
Employee Stock Award Plan-2008 | Options Awards
Share-based Compensation Arrangement by Share-based Payment Award Available for Grant [Roll Forward]
Number of option awards exercised (in shares)4,500 1,478,589
Employee Stock Award Plan-2008 | Unrestricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award Available for Grant [Roll Forward]
Number of awards granted (in shares)0 (10,090)
Employee Stock Award Plan-2008 | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award Available for Grant [Roll Forward]
Number of restricted stock awards vested (in shares)51,902 216,280
Director Plan - 2005
Share-based Compensation Arrangement by Share-based Payment Award Available for Grant [Roll Forward]
Beginning balance (in shares)160,135 300,000
Additional shares authorized (in shares)0 150,000
Number of awards granted (in shares)0 (313,868)
Number of awards forfeited or expired (in shares)2,727 26,730
Ending balance (in shares)162,862 162,862 162,862
Director Plan - 2005 | Options Awards
Share-based Compensation Arrangement by Share-based Payment Award Available for Grant [Roll Forward]
Number of option awards exercised (in shares)8,181 142,001
Director Plan - 2005 | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award Available for Grant [Roll Forward]
Number of restricted stock awards vested (in shares)0 98,491

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock-based Compensation Expense) (Details) $ in ThousandsMar. 31, 2021USD ($)
Share-based Payment Arrangement [Abstract]
2021 $ 2,565
20222,216
20231,372
2024231
202512
Total $ 6,396

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Basic and Diluted Earnings per Share [Line Items]
Net income (loss) $ 18,702 $ (72,534)
Weighted-average common shares outstanding, basic (in shares)25,085,914 25,014,027
Weighted-average common shares outstanding, diluted (in shares)25,379,812 25,014,027
Earnings (loss) per common share, basic (in dollars per share) $ 0.75 $ (2.90)
Earnings (loss) per common share, diluted (in dollars per share) $ 0.74 $ (2.90)
Awards excluded from diluted earnings per share calculation (in shares)515,984 379,282
Restricted Stock Unit Awards
Basic and Diluted Earnings per Share [Line Items]
Add dilutive effect of share-based awards outstanding (in shares)229,930 0
Stock Options
Basic and Diluted Earnings per Share [Line Items]
Add dilutive effect of share-based awards outstanding (in shares)63,968 0

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 15, 2020
Line of Credit Facility [Line Items]
Interest expense incurred $ 797,000
Outstanding balance on credit facility0 $ 0
New Credit Agreement
Line of Credit Facility [Line Items]
Option to increase, maximum amount100,000,000
New Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest expense incurred0 0
Maximum borrowing capacity50,000,000
New Credit Agreement | Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity20,000,000
New Credit Agreement | Swing Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity $ 5,000,000
Surplus Notes
Line of Credit Facility [Line Items]
Principal amount $ 50,000,000
Interest expense incurred $ 797,000
Surplus Notes | Federated Mutual
Line of Credit Facility [Line Items]
Principal amount35,000,000
Surplus Notes | Federated Life
Line of Credit Facility [Line Items]
Principal amount $ 15,000,000

Debt (Interest Payable) (Detail

Debt (Interest Payable) (Details) - Surplus NotesMar. 31, 2021
A+
Financing Receivable, Credit Quality Indicator [Line Items]
Applicable Interest Rate5.875%
A
Financing Receivable, Credit Quality Indicator [Line Items]
Applicable Interest Rate6.375%
A-
Financing Receivable, Credit Quality Indicator [Line Items]
Applicable Interest Rate6.875%
B++ (or lower)
Financing Receivable, Credit Quality Indicator [Line Items]
Applicable Interest Rate7.375%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning $ 825,149 $ 910,472
Change in accumulated other comprehensive income before reclassifications(18,954)4,404
Reclassification adjustments from accumulated other comprehensive income (loss)1,954 943
Balance, ending823,599 833,144
Net unrealized appreciation on investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning83,070
Change in accumulated other comprehensive income before reclassifications(24,093)
Reclassification adjustments from accumulated other comprehensive income (loss)637
Balance, ending59,614
Liability for underfunded employee benefit costs
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning(16,159)
Change in accumulated other comprehensive income before reclassifications5,139
Reclassification adjustments from accumulated other comprehensive income (loss)1,317
Balance, ending(9,703)
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning66,911 13,152
Balance, ending $ 49,911 $ 18,499

Leases (Narrative) (Details)

Leases (Narrative) (Details)Mar. 31, 2021
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms1 year
Lease extension option terms6 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms7 years
Lease extension option terms5 years

Leases (Lease Costs) (Details)

Leases (Lease Costs) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Components of lease expense:
Operating lease expense $ 1,782 $ 2,029
Less sublease income53 122
Net lease expense1,729 1,907
Cash flows information related to leases:
Operating cash outflow from operating leases $ 1,747 $ 1,639