Vericity (VERY) 10-Q 15 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	VERICITY, INC.
Trading Symbol	VERY
Entity Central Index Key	0001575434
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		14,875,000
Entity Current Reporting Status	Yes
Entity File Number	001-38945
Entity Tax Identification Number	46-2348863
Entity Address, Address Line One	1350 E Touhy Avenue
Entity Address, Address Line Two	Suite 205W
Entity Address, City or Town	Des Plaines
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60018
City Area Code	312
Local Phone Number	288-0073
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, Par Value $0.001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Interim Condensed Consolidated

Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturities - available-for-sale - at fair value (amortized cost; $326,313 and $336,142, net of allowances for credit losses of $28 and $28)	$ 301,524	$ 313,382
Short-term investments - at fair value (amortized cost, $793 and $0)	830
Mortgage loans (net of allowances for credit losses of $566 and $573)	39,603	40,534
Policyholder loans	7,216	7,149
Other invested assets	2,603	2,364
Total investments	351,776	363,429
Cash, cash equivalents and restricted cash	13,740	8,044
Accrued investment income	3,727	3,630
Reinsurance recoverables (net of allowances for credit losses of $167 and $167)	240,224	238,598
Deferred policy acquisition costs	89,186	88,076
Commissions and agent balances (net of allowances for credit losses of $328 and $336)	58,291	53,494
Intangible assets	1,635	1,635
Deferred income tax assets, net	33,396	32,396
Other assets	35,359	33,516
Total assets	827,334	822,818
Liabilities
Future policy benefits and claims	512,494	502,464
Policyholder account balances	69,414	70,726
Other policyholder liabilities	40,580	41,450
Policy dividend obligations	9,783	9,636
Reinsurance liabilities and payables	12,032	6,262
Long-term debt	38,283	39,761
Short-term debt	12,976	9,249
Other liabilities	28,564	33,057
Total liabilities	724,126	712,605
Commitments and Contingencies (Note 6)
Shareholders' Equity
Common stock, $.001 par value, 30,000,000 shares authorized, 14,875,000 shares, issued and outstanding	15	15
Additional paid-in capital	39,840	39,840
Retained earnings	86,054	91,580
Accumulated other comprehensive (loss) income	(22,701)	(21,222)
Total shareholders' equity	103,208	110,213
Total liabilities and shareholders' equity	$ 827,334	$ 822,818

Interim Condensed Consolidate_2

Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed maturities - available-for-sale -amortized cost	$ 326,313	$ 336,142
Fixed maturities - available-for-sale, allowances for credit losses	28	28
Short-term investments - amortized cost	793	0
Mortgage loans, valuation allowances for credit losses	566	573
Reinsurance recoverable, allowances for credit losses	167	167
Commissions and agent balances, allowances for credit losses	$ 328	$ 336
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	30,000,000	30,000,000
Common stock, shares issued	14,875,000	14,875,000
Common stock, shares outstanding	14,875,000	14,875,000

Interim Condensed Consolidate_3

Interim Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Net insurance premiums	$ 22,557	$ 24,338
Net investment income	4,135	4,347
Net (losses) gains on investments	(380)	(539)
Earned commissions	16,798	14,749
Insurance lead sales	1,404	1,222
Other income	979	505
Total revenues	45,493	44,622
Benefits and expenses
Life, annuity, and health claim benefits	17,875	16,371
Interest credited to policyholder account balances	613	689
Operating costs and expenses	29,468	25,769
Amortization of deferred policy acquisition costs	3,749	3,648
Total benefits and expenses	51,705	46,477
Income (loss) before income tax	(6,212)	(1,855)
Income tax expense (benefit)	(686)	26
Net (loss) income	$ (5,526)	$ (1,881)
Weighted average shares outstanding, basic	14,875,000	14,875,000
Weighted average shares outstanding,diluted	14,875,000	14,875,000
Basic earnings per share	$ (0.37)	$ (0.13)
Diluted earnings per share	$ (0.37)	$ (0.13)

Interim Condensed Consolidate_4

Interim Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (5,526)	$ (1,881)
Other comprehensive (loss) income, net of tax:
Change in net unrealized (losses) gains	(1,479)	6,313
Total other comprehensive income (loss)	(1,479)	6,313
Total comprehensive (loss) income	$ (7,005)	$ 4,432

Interim Condensed Consolidate_5

Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect Adjustment from Changes in Accounting Guidance, Net of Tax	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect Adjustment from Changes in Accounting Guidance, Net of Tax	Retained Earnings Balance After Adjustments	Accumulated Other Comprehensive Income (loss)
Balance – beginning of period at Dec. 31, 2022			$ 15	$ 39,840	$ 101,660		$ 101,473	$ (30,172)
Net Income (Loss)	$ (1,881)				(1,881)
Other comprehensive (loss) income								6,313
Balance – end of period at Mar. 31, 2023	115,588		15	39,840	99,592			(23,859)
Balance – beginning of period at Dec. 31, 2023	110,213		15	39,840	91,580	$ (187)	$ 91,580	(21,222)
Net Income (Loss)	(5,526)				(5,526)
Other comprehensive (loss) income								(1,479)
Balance – end of period at Mar. 31, 2024	$ 103,208	$ 187	$ 15	$ 39,840	$ 86,054			$ (22,701)

Interim Condensed Consolidate_6

Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net (loss) income	$ (5,526)	$ (1,881)
Adjustments to reconcile net (loss) income to net cash (used) provided by operating activities:
Depreciation and amortization and other non-cash items	1,661	1,221
Interest credited to policyholder account balances	613	689
Deferred income tax	(686)	(999)
Net investment losses (gains)	380	539
Interest expense	719	492
Change in:
Accrued investment income	(97)	(326)
Reinsurance recoverables, net	(1,626)	(9,651)
Deferred policy acquisition costs	(1,110)	1,515
Commissions and agent balances	(4,797)	(8,734)
Other assets	(4,625)	(2,134)
Insurance liabilities	9,464	9,283
Other liabilities	4,180	4,632
Net cash (used) provided by operating activities	(1,450)	(5,354)
Sales, maturities and repayments of:
Fixed maturities	21,951	22,384
Mortgage loans	938	1,709
Purchases of:
Fixed maturities	(12,664)	(20,273)
Short-term investments	(792)
Mortgage loans	0	(144)
Other invested assets	(127)	(164)
Change in policyholder loans, net	(67)	(154)
Other, net	(1,745)	(1,120)
Net cash provided (used) by investing activities	7,494	2,238
Cash flows from financing activities
Debt issued	4,945	12,876
Debt repaid	(3,415)	(10,883)
Deposits to policyholder account balances	141	210
Withdrawals from policyholder account balances	(2,019)	(3,568)
Net cash (used) provided by financing activities	(348)	(1,365)
Net increase (decrease) in cash, cash equivalents and restricted cash	5,696	(4,481)
Cash, cash equivalents and restricted cash – beginning of period	8,044	9,776
Cash, cash equivalents and restricted cash – end of period	$ 13,740	$ 5,295

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,526)	$ (1,881)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Not e 1 – Summary of Significant Accounting Policies Description of Business Vericity, Inc. (the Company) is a Delaware corporation organized to be the stock holding company for Members Holding Company (Members) and its subsidiaries. On August 7, 2019, the Company completed the initial public offering of 14,875,000 shares of its common stock at a price of $ 10.00 per share (the IPO). The IPO was conducted in connection with the conversion of Members Mutual Holding Company from mutual to stock form and the acquisition by the Company of all of the capital stock of Members following its conversion to stock form after its plan of conversion and amended and restated articles of incorporation were approved at a special meeting of eligible members on August 6, 2019 (the Conversion). As a result of the Conversion, the Company became the holding company for converted Members Mutual Holding Company and its indirect subsidiaries, including Fidelity Life Association (Fidelity Life) and Efinancial, LLC (Efinancial). On October 3, 2023, the Company, announced that it entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, iA American Holdings Inc. (“iA” or “Parent”), Long Grove Acquisition Corp., a wholly owned subsidiary of Parent (“Merger Sub”), and, solely for purposes of Section 6.03 and Article IX thereof, iA Financial Corporation, Inc. (“Guarantor”). On the terms and subject to the conditions of the Merger Agreement, at the closing, Merger Sub will merge with and into the Company (the “Merger”), with the Company continuing as the surviving entity, which will become a wholly-owned subsidiary of Parent. The time that the Merger becomes effective is referred to as the “Effective Time.” The Merger was unanimously approved by the Company’s board of directors. Following execution of the Merger Agreement, Apex Holdco L.P. (the “Consenting Stockholder” or “Apex”) executed and delivered to the Company a written consent (the “Stockholder Written Consent”), adopting the Merger Agreement and the transactions contemplated thereby, including the Merger. As a result of the execution and delivery of the Stockholder Written Consent, the holders of at least a majority of the outstanding shares of Common Stock have adopted the Merger Agreement. No further approval of the stockholders of the Company is required to adopt the Merger Agreement. As a result of the Merger, each share of Common Stock outstanding immediately prior to the Effective Time (subject to certain exceptions, including shares of Common Stock owned by stockholders of the Company who have not voted in favor of the adoption of the Merger Agreement and have properly exercised appraisal rights in accordance with Section 262 of the General Corporation Law of the State of Delaware) will, at the Effective Time, automatically be converted into the right to receive $ 11.43 in cash, without interest and subject to applicable withholding taxes (the “Merger Consideration”). The aggregate equity value of the Common Stock acquired by Parent will be approximately $ 170 million. If the Merger is consummated, the Company’s Common Stock will be delisted from The Nasdaq Capital Market and deregistered under the Securities Exchange Act of 1934, as amended. The completion of the Merger is subject to satisfaction or waiver of certain closing conditions, including: (i) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), and receipt of certain regulatory approvals; (ii) there being no law or injunction prohibiting consummation of the Merger; (iii) subject to specified materiality standards, the accuracy of the representations and warranties of the other party; and (iv) compliance by the other party in all material respects with its covenants. Parent’s and Merger Sub’s obligations are also conditioned upon the absence of a material adverse effect on the Company and the absence of any burdensome condition (as defined in the Merger Agreement) imposed by any regulators as part of the regulatory approval process. On October 3, 2023, the Company issued a Form 8-K and press release announcing the execution of the Merger Agreement and the Form 8-K is incorporated into this filing by reference. The Merger is expected to close in Q2, 2024. The Company operates as a holding company and currently has no other business operations. Fidelity Life is an Illinois‑domiciled life insurance company that was founded in 1896. Fidelity Life markets life insurance products through independent and affiliated distributors and is licensed in the District of Columbia and all states, except New York and Wyoming. Efinancial markets life and other products for non‑affiliated insurance companies and sells life products for Fidelity Life. The accompanying interim condensed consolidated financial statements present the accounts of the Company and subsidiaries for the three months ended March 31, 2024 and March 31, 2023 and at March 31, 2024 and December 31, 2023. These interim condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report in the Form 10-K for the year ended December 31, 2023 . The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. Basis of Presentation These interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The unaudited interim condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted from this report, as is permitted by such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2023 , and notes thereto, included in the Form 10-K. Use of Estimates The preparation of interim condensed consolidated 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 more significant estimates employed in the preparation of the interim condensed consolidated financial statements include the determination of the valuation of investments in fixed maturity, investment impairments, the valuation of deferred tax assets, future policy benefits and other policyholder liabilities. Accounting Standards Adopted and Pending There were no significant accounting changes in 2024 that had a material impact on the Company's GAAP-basis financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments— Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance requires that Other-Than-Temporary Impairment (OTTI) on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through net gains (losses) on investments. The guidance also requires enhanced disclosures. In March 2022, the FASB issued ASU 2022-02 – Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosure. This ASU was issued to eliminate the troubled debt restructuring recognition and measurement guidance for creditors that have adopted the current expected credit loss guidance while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. The Company has assessed the impact of ASU 2016-13 and has established an additional for credit losses on our mortgage portfolio of $ 237 . The tax effected amount of $ 187 is reflected as a beginning of year equity as a Cumulative effect adjustment from changes in accounting guidance, net of tax. The Company has also assessed fixed maturities - available-for-sale, reinsurance recoverables and commissions and agent balances and determined no additional allowance for credit losses is needed. We also adopted the required disclosures within Note 2 Investments, Note 4 Reinsurance, Note 9 Accumulated Other Comprehensive Income and Note 10 Business Segments. Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior change in valuation allowance is now presented as a change in allowance for credit losses

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Note 2 – I nvestments The Company continuously monitors its investment strategies and individual holdings with consideration of current and projected market conditions, the composition of the Company’s liabilities, projected liquidity and capital investment needs, and compliance with investment policies and state regulatory guidelines. Fixed Maturities The amortized cost, gross unrealized gains, gross unrealized losses, fair value, and net of allowances for credit losses are included in accumulated other comprehensive income (AOCI) of fixed maturities available-for-sale are as follows: March 31, 2024 Fixed maturities Amortized Unrealized Unrealized Fair U.S. government and agencies $ 10,171 $ 257 $ ( 572 ) $ 9,856 U.S. agency mortgage-backed 7,018 37 ( 595 ) 6,460 State and political subdivisions 80,891 359 ( 9,692 ) 71,558 Corporate and miscellaneous 165,521 1,796 ( 12,641 ) 154,676 Foreign government 130 3 — 133 Residential mortgage-backed 8,194 80 ( 535 ) 7,739 Commercial mortgage-backed 22,101 11 ( 1,512 ) 20,600 Asset-backed 32,287 62 ( 1,847 ) 30,502 Total fixed maturities $ 326,313 $ 2,605 $ ( 27,394 ) $ 301,524 December 31, 2023 Fixed maturities Amortized Unrealized Unrealized Fair U.S. government and agencies $ 10,188 $ 365 $ ( 488 ) $ 10,065 U.S. agency mortgage-backed 7,173 61 ( 516 ) 6,718 State and political subdivisions 79,362 347 ( 9,490 ) 70,219 Corporate and miscellaneous 174,263 2,733 ( 11,700 ) 165,296 Foreign government 130 5 — 135 Residential mortgage-backed 7,302 96 ( 523 ) 6,875 Commercial mortgage-backed 22,043 23 ( 1,678 ) 20,388 Asset-backed 35,681 86 ( 2,081 ) 33,686 Total fixed maturities $ 336,142 $ 3,716 $ ( 26,476 ) $ 313,382 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. Maturities of mortgage-backed and asset-backed securities may be substantially shorter than their contractual maturity because they may require monthly principal installments and such loans may prepay principal. The amortized cost and fair value of fixed maturities available-for-sale by contractual maturity, are presented in the following table: March 31, 2024 Amortized Fair Due in one year or less $ 6,207 $ 6,126 Due after one year through five years 33,569 32,728 Due after five years through ten years 75,051 71,357 Due after ten years 141,885 126,012 Securities not due at a single maturity date — primarily mortgage and asset-backed 69,601 65,301 Total fixed maturities $ 326,313 $ 301,524 Fixed maturities with a carrying value of $ 2,610 and $ 2,689 were on deposit with governmental authoritie s, as required by law at March 31, 2024 and December 31, 2023, respectively. The Company’s fixed maturities portfolio was primarily composed of investment grade securities, defined as a security having a rating of Aaa, Aa, A, or Baa from Moody’s, AAA, AA, A, or BBB from Standard & Poor’s, or National Association of Insurance Commissioners (NAIC) rating of NAIC 1 or NAIC 2. Investment grade securities comprised 96.2 % and 96.0 % of the Company’s total fixed maturities portfolio at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023 , the Company had commitments to make investments in available-for-sale securities in the amount of $ 411 and $ 0 , respectively. Mortgage Loans The Company makes investments in commercial mortgage loans. The Company, along with other investors, owns a pro rata share of each loan. The Company participates in 33 such investment instruments with ownership shares ranging from 0.6 % to 30.0 % of the trust at March 31, 2024 . The Company owns a share of 307 mortgage loans with an average loan balance of $ 130 and a maximum exposure related to any single loan of $ 600 . Mortgage loan holdings are diversified by geography and property type as follows: March 31, 2024 December 31, 2023 Gross Carrying % of Total Gross Carrying % of Total Property Type: Retail $ 12,367 30.7 % $ 12,812 31.2 % Office 10,530 26.2 % 10,635 25.9 % Industrial 7,386 18.4 % 7,476 18.2 % Mixed use 4,654 11.6 % 4,798 11.7 % Apartments 1,960 4.9 % 2,077 5.0 % Medical office 2,393 6.0 % 2,423 5.9 % Other 879 2.2 % 886 2.1 % Gross carrying value of mortgage loans 40,169 100.0 % 41,107 100.0 % Credit loss allowance ( 566 ) ( 573 ) Net carrying value of mortgage loans $ 39,603 $ 40,534 March 31, 2024 December 31, 2023 Gross Carrying % of Total Gross Carrying % of Total U.S. Region: West South Central $ 9,935 24.7 % $ 10,038 24.3 % East North Central 11,588 28.8 % 12,184 29.6 % South Atlantic 7,938 19.8 % 8,046 19.6 % West North Central 2,300 5.7 % 2,328 5.7 % Mountain 2,524 6.3 % 2,560 6.2 % Middle Atlantic 1,966 4.9 % 1,986 4.8 % East South Central 3,480 8.7 % 3,519 8.7 % Pacific 438 1.1 % 446 1.1 % Gross carrying value of mortgage loans 40,169 100.0 % 41,107 100.0 % Credit loss allowance ( 566 ) ( 573 ) Net carrying value of mortgage loans $ 39,603 $ 40,534 During the three months ended March 31, 2024 and March 31, 2023 , $ 0 and $ 144 of new mortgage loans were purchased, respectively, which did not include second lien mortgage loans. There were no taxes, assessments, or any amounts advanced that were not included in the mortgage loan balances at March 31, 2024 and December 31, 2023. At March 31, 2024 and December 31, 2023 , the Company had no mortgage loans that were in a restructured status, respectively. There were no impairments for mortgage loans during the three months ended March 31, 2024 and December 31, 2023. The changes in the allowances for credit losses for commercial mortgage loans were as follows: Three Months Ended March 31, 2024 Year Ended December 31, 2023 Beginning balance $ 573 $ 83 Net increase in allowances for credit losses related to change in accounting standards — 237 Net (decrease) increase in allowances for credit losses ( 7 ) 253 Ending balance $ 566 $ 573 At March 31, 2024 and December 31, 2023 , the Company had no mortgage loans that were on non-accrual status. At March 31, 2024 and December 31, 2023 , the Company had commitments to make investments in mortgage loans in the amount of $ 3,828 and $ 3,734 , respectively. Net Investment Income The sources of net investment income are as follows: Three Months Ended March 31, 2024 2023 Income from: Fixed maturities $ 3,875 $ 3,868 Policyholder loans 85 97 Mortgage loans 479 726 Cash, cash equivalents and restricted cash 44 31 Gross investment income 4,483 4,722 Investment expenses ( 348 ) ( 375 ) Net investment income $ 4,135 $ 4,347 Investment expenses include investment management fees, some of which include incentives based on market performance, custodial fees and internal costs for investment-related activities. Net Investment (Losses) Gains The sources of net investment gains (losses) are as follows: Three Months Ended March 31, 2024 2023 Investment (losses) gains from sales: Fixed maturities $ ( 500 ) $ 36 Mortgage loans — — Gains and losses from sales ( 500 ) 36 Valuation change of other invested assets - (decline) appreciation: 113 ( 545 ) Change in allowance for credit losses 7 ( 30 ) Total net gains (losses) on investments $ ( 380 ) $ ( 539 ) Change in Allowance for Credit Losses The Company regularly reviews its fixed income portfolio to identify and evaluate whether a security may require a credit loss allowance. For each fixed income security in an unrealized loss position, the Company assesses whether management with the appropriate authority has made the decision to sell or whether it is more likely than not the Company will be required to sell the security before recovery of the amortized cost basis for reasons such as liquidity, contractual or regulatory purposes. If a security meets either of these criteria, any existing credit loss allowance would be written-off against the amortized cost basis of the asset along with any remaining unrealized losses, with incremental losses recorded in earnings. For all other securities in an unrealized loss position in which the Company does not expect to recover the entire amortized cost basis, the security is deemed to have a credit loss. Significant judgment is required in the determination of whether a credit loss has occurred for a security. The Company has developed a consistent methodology and has identified significant inputs for determining whether a credit loss has occurred. Some of the factors considered in evaluating whether a decline in fair value is a credit loss are the financial condition and prospects of the issuer, payment status, the probability of collecting scheduled principal and interest payments when due, credit ratings of the securities, and the duration and severity of the decline. The credit loss component of fixed maturity impairment is calculated as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate of cash flows discounted at the effective rate implicit to the security at the date of purchase or prior impairment. The methodology and assumptions for estimating the cash flows vary depending on the type of security. For mortgage-backed and asset-backed securities, cash flow estimates, including prepayment assumptions, are based on data from widely accepted third-party sources or internal estimates. In addition to prepayment assumptions, cash flow estimates vary based on assumptions regarding the underlying collateral characteristics, expectations of delinquency and default rates, and structural support, including subordination and guarantees. If the present value of the modeled expected cash flows equals or exceeds the amortized cost of a security, no credit loss exists. The non-credit component, determined as the difference between the adjusted amortized cost basis and fair value, is recognized in other comprehensive (loss) income. The credit loss component of a fixed maturity security impairment is calculated as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate of cash flows discounted at the effective rate implicit to the security at the date of purchase or prior impairment. The methodology and assumptions for estimating the cash flows vary depending on the type of security. For mortgage-backed and asset-backed securities, cash flow estimates, including prepayment assumptions, are based on data from widely accepted third-party sources or internal estimates. In addition to prepayment assumptions, cash flow estimates vary based on assumptions regarding the underlying collateral characteristics, expectations of delinquency and default rates, and structural support, including subordination and guarantees. If the Company does not expect to receive cash flows sufficient to recover the entire amortized cost basis of the fixed maturity security, a credit loss allowance is recorded in earnings for the shortfall in expected cash flows; however, the amortized cost, net of the credit loss allowance, may not be lower than the fair value of the security. If the present value of the modeled expected cash flows equals or exceeds the amortized cost of a security, no credit loss exists. The non-credit component, determined as the difference between the adjusted amortized cost basis and fair value, is recognized in other comprehensive (loss) income. The measurement of credit losses for available-for-sale fixed income securities measured at fair value is not affected except that credit losses recognized are limited to the amount by which fair value is below amortized cost and the credit loss adjustment is recognized through an allowance which may change over time but once recorded cannot subsequently be reduced to an amount below zero. A roll-forward of the cumulative credit losses on fixed maturities are as follows: March 31, December 31, 2024 2023 Beginning allowance for credit loss balance $ 28 $ - Increase in credit loss allowance — 28 Reduction of credit losses allowances related to securities sold during period — — Ending allowance for credit loss balance $ 28 $ 28 Unrealized Losses for Fixed Maturities The Company’s fair value and gross unrealized losses for fixed maturities available-for-sale, aggregated by investment category and length of time that individual securities have been in a continuous gross unrealized loss position are as follows: 12 months or less Longer than 12 months Total March 31, 2024 Estimated Gross Estimated Gross Estimated Gross Fixed maturities U.S. government and agencies $ 994 $ ( 6 ) $ 2,652 $ ( 566 ) $ 3,646 $ ( 572 ) U.S. agency mortgage-backed 452 ( 4 ) 4,663 ( 591 ) 5,115 ( 595 ) State and political subdivisions 9,992 ( 258 ) 46,997 ( 9,434 ) 56,989 ( 9,692 ) Corporate and miscellaneous 27,711 ( 2,044 ) 60,852 ( 10,597 ) 88,563 ( 12,641 ) Residential mortgage-backed 849 ( 12 ) 3,135 ( 523 ) 3,984 ( 535 ) Commercial mortgage-backed 1,246 ( 25 ) 17,878 ( 1,487 ) 19,124 ( 1,512 ) Asset-backed 4,286 ( 224 ) 20,076 ( 1,623 ) 24,362 ( 1,847 ) Total fixed maturities $ 45,530 $ ( 2,573 ) $ 156,253 $ ( 24,821 ) $ 201,783 $ ( 27,394 ) 12 months or less Longer than 12 months Total December 31, 2023 Estimated Gross Estimated Gross Estimated Gross Fixed maturities U.S. agency mortgage-backed $ 499 $ ( 1 ) $ 2,732 $ ( 488 ) $ 3,231 $ ( 489 ) U.S. agency mortgage-backed 94 — 4,879 ( 515 ) 4,973 ( 515 ) State and political subdivisions 8,151 ( 176 ) 45,628 ( 9,314 ) 53,779 ( 9,490 ) Corporate and miscellaneous 22,527 ( 1,871 ) 66,482 ( 9,829 ) 89,009 ( 11,700 ) Residential mortgage-backed 269 ( 10 ) 3,029 ( 513 ) 3,298 ( 523 ) Commercial mortgage-backed 1,430 ( 53 ) 17,582 ( 1,625 ) 19,012 ( 1,678 ) Asset-backed 3,551 ( 190 ) 26,644 ( 1,891 ) 30,195 ( 2,081 ) Total fixed maturities $ 36,521 $ ( 2,301 ) $ 166,976 $ ( 24,175 ) $ 203,497 $ ( 26,476 ) The indicated gross unrealized losses in all fixed maturity categories increased to $ 27,394 from $ 26,476 at March 31, 2024 and December 31, 2023, respectively. Based on the Company’s current evaluation of its fixed maturities in an unrealized loss position, in accordance with our impairment policy and the Company’s current intentions to hold these securities, the Company concluded that these securities do not have credit losses. Information and concentrations related to fixed maturities in an unrealized loss position are included below. The tables below include fixed maturities and number of securities in an unrealized loss position for greater than and less than 12 months and the percentage that were investment grade at March 31, 2024 . Unrealized Losses 12 months or less Gross Unrealized Losses Impairment is Impairment Impairment Percent Fixed maturities U.S. government and agencies $ ( 6 ) $ ( 6 ) $ — $ — 100 % U.S. agency mortgage-backed ( 4 ) ( 4 ) — — 100 % State and political subdivisions ( 258 ) ( 258 ) — — 100 % Corporate and miscellaneous ( 2,044 ) ( 623 ) ( 771 ) ( 650 ) 87 % Residential mortgage-backed ( 12 ) ( 8 ) — ( 4 ) 58 % Commercial mortgage-backed ( 25 ) ( 25 ) — — 100 % Asset-backed ( 224 ) ( 128 ) ( 95 ) ( 1 ) 100 % Gross unrealized losses $ ( 2,573 ) $ ( 1,052 ) $ ( 866 ) $ ( 655 ) Total number of fixed maturities 188 158 21 9 Unrealized Losses greater than 12 months Gross Unrealized Losses Impairment is Impairment Impairment Percent Fixed maturities U.S. government and agencies $ ( 566 ) $ ( 72 ) $ — $ ( 494 ) 100 % U.S. agency mortgage-backed ( 591 ) ( 174 ) ( 417 ) — 100 % State and political subdivisions ( 9,434 ) ( 623 ) ( 3,636 ) ( 5,175 ) 100 % Corporate and miscellaneous ( 10,597 ) ( 884 ) ( 4,678 ) ( 5,035 ) 85 % Residential mortgage-backed ( 523 ) ( 59 ) ( 338 ) ( 126 ) 79 % Commercial mortgage-backed ( 1,487 ) ( 915 ) ( 565 ) ( 7 ) 100 % Asset-backed ( 1,623 ) ( 703 ) ( 900 ) ( 20 ) 97 % Gross unrealized losses $ ( 24,821 ) $ ( 3,430 ) $ ( 10,534 ) $ ( 10,857 ) Total number of fixed maturities 574 206 235 133 Investment Grade Below Investment Grade Total Fixed income securities with unrealized loss position less than or equal to 20% of amortized cost, net (1) (2) $ 15,466 $ 416 $ 15,882 Fixed income securities with unrealized loss position greater than 20% of amortized cost, net (3) (4) 11,064 448 11,512 Total unrealized losses $ 26,530 $ 864 $ 27,394 (1) Below investment grade fixed income securities include $ 108 that have been in an unrealized loss position for less than twelve months. (2) Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses. (3) Below investment grade fixed income securities include $ 756 that have been in an unrealized loss position for a period of twelve or more consecutive months. (4) Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.

Policy Liabilities

Policy Liabilities	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Policy Liabilities	Note 3 – Poli cy Liabilities Future Policy Benefits Future policy benefits represent the reserve for direct and assumed traditional life insurance policies and annuities in payout status. The annuities in payout status are certain structured settlement contracts. The policy liability for structured settlement contracts of $ 12,400 and $ 12,665 at March 31, 2024 and December 31, 2023, respectively, is computed as the present value of contractually specified future benefits. The amounts included in the policy liability for structured settlements that are life contingent at March 31, 2024 and December 31, 2023 , is $ 9,850 and $ 10,014 , respectively. To the extent that unrealized gains on fixed maturities would result in a premium deficiency had those gains actually been realized, a premium deficiency reserve is recorded. A liability of $ 429 and $ 629 is included as part of the liability for structured settlements with respect to this deficiency at March 31, 2024 and December 31, 2023, respectively. The offset to this liability is recorded as a reduction of the unrealized capital gains included in AOCI. Participating life insurance in-force was 2.3 % and 2.3 % of the face value of total life insurance at March 31, 2024 and December 31, 2023 , respectively.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Reinsurance	Note 4 – Re insurance The Company uses reinsurance to mitigate exposure to potential losses, provide additional capacity for growth, and provide greater diversity of business. For ceded reinsurance, the Company remains liable to the extent that reinsuring companies may not be able to meet their obligations under the reinsurance agreements. To manage the risk from failure of a reinsurer to meet its obligations, the Company periodically evaluates the financial condition of all of its reinsurers. The reinsurance recoverable balances are stated net of allowances for credit losses. We have recorded claim amounts anticipated to be uncollectible of $ 0.2 million as of March 31, 2024 and $ 0.2 million as of December 31, 2023. On July 18, 2023, the Liquidation Order of Scottish Re was approved by the Delaware Court specifying the effective date of the liquidation as September 30, 2023. The Liquidation Order specifies that all reinsurance agreements of Scottish Re are cancelled effective September 30, 2023. Accordingly, ceded future policy benefits of $ 657 were taken down as of the effective date of the order. Amounts recoverable on paid claims of $ 1.4 million and $ 1.4 million as of March 31, 2024 and December 31, 2023, respectively have been evaluated for any further credit losses and all amounts recorded are expected to be collectible. Reinsurance recoverables are as follows: March 31, December 31, 2024 2023 Ceded future policy benefits $ 205,552 $ 198,973 Claims and other amounts recoverables 34,672 39,625 Ending balance $ 240,224 $ 238,598 The reconciliation of direct premiums to net premiums is as follows: Three Months Ended March 31, 2024 2023 Direct premiums $ 47,504 $ 44,356 Assumed premiums 8,158 9,913 Ceded premiums ( 33,105 ) ( 29,931 ) Net insurance premiums $ 22,557 $ 24,338 The reconciliation of direct, assumed and ceded amounts for life, annuity, and health claim benefits is as follows: Three Months Ended March 31, 2024 2023 Direct $ 35,751 $ 34,056 Assumed 4,145 4,161 Ceded ( 22,021 ) ( 21,846 ) Life, annuity, and health claim benefits $ 17,875 $ 16,371 Net policy charges on universal life products were $ 47 and $ 47 for the three months ended March 31, 2024 and 2023, respectively and are included in other income. At March 31, 2024 and December 31, 2023 , reserves related to fixed‑rate annuity deposits assumed from a former affiliate company amounted to approximately $ 61,416 and $ 62,665 , respectively, and are included with policyholder account balances in the Interim Condensed Consolidated Balance Sheets.

Closed Block

Closed Block	3 Months Ended
	Mar. 31, 2024
Closed Block Disclosure [Abstract]
Closed Block	Note 5 – C losed Block The Closed Block was formed at October 1, 2006 and contains all participating policies issued or assumed by Fidelity Life. The assets and future net cash flows of the Closed Block are available only for purposes of paying benefits, expenses and dividends of the Closed Block and are not available to the Company, except for an amount of additional funding that was established at the inception of the Closed Block. The additional funding was designed to protect the block against future experience, and if the funding is not required for that purpose, is subject to reversion to the Company in the future. Any reversion of Closed Block assets to the Company must be approved by the Illinois Department of Insurance (IDOI). In October 2011, the IDOI approved a reversion of a portion of the initial funding that the Company had determined was not required to fund the Closed Block. The carrying value of the assets transferred from the Closed Block on October 31, 2011, the date of transfer, was $ 4,397 . The assets and liabilities within the Closed Block are included in the Company’s condensed consolidated financial statements on the same basis as other accounts of the Company. The maximum future earnings and accumulated other comprehensive income to be recognized from Closed Block assets and liabilities represent the estimated future Closed Block profits that will accrue to the Company and is calculated as the excess of Closed Block assets over Closed Block liabilities. Included in Closed Block assets at March 31, 2024 and December 31, 2023 is $ 11,236 and $ 11,143 of additional Closed Block funding, plus accrued interest, that is eligible for reversion to the Company if not needed to fund Closed Block experience, respectively. The Closed Block was funded based on a model developed to forecast the future cash flows of the Closed Block, which is referred to as the actuarial calculation. The actuarial calculation projected the anticipated future cash flows of the Closed Block as established at the initial funding. We compare the actual results of the Closed Block to expected results from the actuarial calculation as part of the annual assessment of the current level of policyholder dividends. The assessment of policyholder dividends includes projections of future experience of the Closed Block. The review of Closed Block experience also includes consideration of whether a policy dividend obligation should be recorded to reflect favorable Closed Block experience that has not yet been reflected in the dividend scales. At March 31, 2024 and December 31, 2023, the Company recognized a policyholder dividend obligation of $ 9,783 and $ 9,636 , respectively, resulting from the excess of actual cumulative earnings over the expected cumulative earnings and from accumulated net unrealized investment gains (losses) that have arisen subsequent to the establishment of the Closed Block. Information regarding the Closed Block liabilities (assets) designated to the Closed Block is as follows: March 31, December 31, Closed Block Liabilities 2024 2023 Future policy benefits and claims $ 28,989 $ 29,144 Policyholder account balances 6,414 6,492 Other policyholder liabilities 2,489 5,207 Policyholder dividend obligations 9,783 9,636 Other liabilities 374 2,068 Total Closed Block liabilities 48,049 52,547 Assets Designated to the Closed Block Investments: Fixed maturities - available-for-sale (amortized cost $ 42,414 and 42,506 , respectively) 39,068 39,678 Policyholder loans 1,198 1,234 Total investments 40,266 40,912 Cash and Cash Equivalents — — Premiums due and uncollected 164 81 Accrued investment income 528 484 Reinsurance recoverables 10,313 14,739 Deferred income tax assets, net 4,290 4,100 Total assets designated to the Closed Block 55,561 60,316 Excess of Closed Block assets over liabilities 7,512 7,769 Amounts included in accumulated other comprehensive income: Unrealized investment loss (gains), net of income tax ( 2,643 ) ( 2,234 ) Total amounts included in accumulated other comprehensive income ( 2,643 ) ( 2,234 ) Maximum future earnings and accumulated other comprehensive income to 11,236 and $ 11,143 , respectively) $ ( 10,155 ) $ ( 10,003 ) March 31, December 31, Policyholder Dividend Obligations 2024 2023 Beginning balance $ 9,636 $ 9,515 Impact from earnings allocable to policyholder dividend obligations 147 121 Change in net unrealized investment gains (losses) allocated to policyholder — — Ending balance $ 9,783 $ 9,636 Information regarding the Closed Block revenues and expenses is as follows: Three Months Ended March 31, 2024 2023 Revenues Net insurance premiums $ 864 $ 1,377 Net investment income 480 438 Net Realized Investment Gains (Losses) 1 1 Total revenues 1,345 1,816 Benefits and expenses Life and annuity benefits - including policyholder dividends 339 and $ 325 , respectively 1,150 1,682 Interest credited to policyholder account balances 52 41 Operating costs and expenses ( 48 ) 170 Total expenses 1,154 1,893 Revenues, net of expenses before provision for income tax 192 ( 77 ) Income tax expense (benefit) 40 ( 16 ) Revenues, net of expenses and provision for income tax $ 152 $ ( 61 ) The Company charges the Closed Block with federal income taxes and state and local premium taxes, policy maintenance costs and investment management expenses relating to the Closed Block as provided in the Closed Block Memorandum. The following table presents the amortized cost and fair value of the Closed Block fixed maturities portfolio by contractual maturity at March 31, 2024. 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: Amortized Cost Fair Value Due in one year or less $ 3,704 $ 3,647 Due after one year through five years 3,922 3,913 Due after five years through ten years 6,825 6,473 Due after ten years 24,865 22,018 Securities not due at a single maturity date — primarily mortgage and asset- 3,098 3,017 Total fixed maturities $ 42,414 $ 39,068

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6 – Commitmen ts and Contingencies Litigation The Company is subject to legal and regulatory actions in the course of our business. Management does not believe such litigation will have a material impact on the Company’s interim condensed consolidated financial statements. The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible but not probable or, is probable but not reasonably able to be estimated, no accrual is established, but the matter, if material, is disclosed. The Company is not aware of any material legal or regulatory matters threatened or pending against the Company.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value	Note 7 – Assets and Liabili ties Measured at Fair Value Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company attempts to establish fair value as an exit price consistent with transactions taking place under normal market conventions. The Company utilizes market observable information to the extent possible and seeks to obtain quoted market prices for all securities. If quoted market prices in active markets are not available, the Company uses a number of methodologies to establish fair value estimates including discounted cash flow models, prices from recently executed transactions of similar securities, or broker/dealer quotes. Fair values for the Company’s fixed maturity and equity securities are determined by management, utilizing prices obtained from third-party pricing services. Management reviews on an ongoing basis the reasonableness of the methodologies used by the pricing services to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. The main procedure the Company employs in fulfillment of this objective includes back-testing transactions, where past fair value estimates are compared to actual transactions executed in the market on similar dates. The Company’s assets and liabilities have been classified into a three-level hierarchy based on the priority of the inputs to the respective valuation technique. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Level 1 and Level 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows: Level 1 – Unadjusted quoted prices for identical assets in active markets the Company can access. Level 1 assets include securities that are traded in an active exchange market. Level 2 – This level includes fixed maturities priced principally by independent pricing services using observable inputs other than Level 1 prices, such as quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments on inactive markets; and model-derived valuations for which all significant inputs are observable market data. Level 2 instruments include most corporate debt securities and U.S. government and agency mortgage-backed securities that are valued by models using inputs that are derived principally from or corroborated by observable market data. Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are unobservable. Level 3 instruments include less liquid assets for which significant inputs are unobservable in the market, such as structured securities with complex features that require significant management assumptions or estimation in the fair value measurement. This hierarchy requires the use of observable market data when available. Certain assets and liabilities are not carried at fair value on a recurring basis, including investments such as mortgage loans, intangible assets, future policy benefits excluding term life reserves and policyholder account balances. Accordingly, such items are only included in the fair value hierarchy disclosure when the items are subject to re-measurement at fair value after initial recognition (for example, when there is evidence of impairment) and the resulting re-measurement is reflected in the consolidated financial statements at the reporting date. Recurring and Non-Recurring Fair Value Measurements The Company’s assets that are carried at fair value on a recurring and non-recurring basis, by fair value hierarchy level, are as follows: March 31, 2024 Level 1 Level 2 Level 3 Total Fair Value Recurring fair value measurements Financial instruments recorded as assets: Fixed maturities U.S. government and agencies $ — $ 9,856 $ — $ 9,856 U.S. agency mortgage-backed — 6,460 — 6,460 State and political subdivisions — 71,058 500 71,558 Corporate and miscellaneous 2,290 126,535 25,851 154,676 Foreign government — 133 — 133 Residential mortgage-backed — 7,739 — 7,739 Commercial mortgage-backed — 20,600 — 20,600 Asset-backed — 27,149 3,353 30,502 Total fixed maturities 2,290 269,530 29,704 301,524 Total recurring assets $ 2,290 $ 269,530 $ 29,704 $ 301,524 December 31, 2023 Level 1 Level 2 Level 3 Total Fair Value Recurring fair value measurements Financial instruments recorded as assets: Fixed maturities U.S. government and agencies $ — $ 10,065 $ — $ 10,065 U.S. agency mortgage-backed — 6,718 — 6,718 State and political subdivisions — 69,726 493 70,219 Corporate and miscellaneous 2,258 136,688 26,351 165,297 Foreign government — 135 — 135 Residential mortgage-backed — 6,875 — 6,875 Commercial mortgage-backed — 20,388 — 20,388 Asset-backed — 30,428 3,258 33,686 Total fixed maturities 2,258 281,023 30,102 313,383 Total recurring assets $ 2,258 $ 281,023 $ 30,102 $ 313,383 Summary of Significant Valuation Techniques for Assets on a Recurring Basis Level 1 securities include principally exchange‑traded funds that are valued based on quoted market prices for identical assets. Level 2 securities are based on prices obtained from independent pricing services. All of the Company’s prices for each security are generally sourced from multiple pricing vendors, and a vendor hierarchy is maintained by asset type and region of the world, based on historical pricing experience and vendor expertise. The Company ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type and region. For fixed maturities that do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications which incorporate a variety of inputs including, but not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, and U.S. Treasury curves. Specifically, for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Securities with validated quotes from pricing services are reflected within Level 2 of the fair value hierarchy, as they generally are based on observable pricing for similar assets or other market significant observable inputs. Level 3 fair value classification consists of investments in securities where the fair value of the security is determined by a pricing service using internal pricing models where one or more of the significant inputs is unobservable in the marketplace, or there is a single broker/dealer quote. The fair value of a broker-quoted asset is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant. The fair value of Level 3 liabilities is estimated on the discounted cash flows of contractual payments. If the Company believes the pricing information received from third-party pricing services is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service. Historically, the Company has not challenged or updated the prices provided by third-party pricing services. However, any such updates by a pricing service to be more consistent with the presented market observations, or any adjustments made by the Company to prices provided by third-party pricing services would be reflected in the balance sheet for the current period. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. Thus, a Level 3 fair value measurement may include inputs that are observable (Level 1 or Level 2) and unobservable (Level 3). Net transfers into and/or out of Level 3 are reported as having occurred at the beginning of the period and are based on observable inputs received from pricing sources; therefore, all net realized and unrealized gains and losses on these securities for the period are reflected in the table that follows. A summary of changes in fair value of Level 3 assets held at fair value on a recurring basis is as follows: Total gains (losses) included in: Balance at January 1, 2024 Net Income OCI Purchases Sales Settlements Net Balance at March 31, 2024 Financial Assets Fixed maturities State and political subdivision $ 492 $ — $ 8 $ — $ — $ — $ — $ 500 Corporate and miscellaneous 26,351 ( 142 ) 14 3,064 ( 3,190 ) — ( 246 ) 25,851 Asset-backed 3,259 53 ( 19 ) 143 ( 83 ) — — 3,353 Total assets $ 30,102 $ ( 89 ) $ 3 $ 3,207 $ ( 3,273 ) $ — $ ( 246 ) $ 29,704 Total gains (losses) included in: Balance at January 1, 2023 Net Income OCI Purchases Sales Settlements Net Balance at December 31, 2023 Financial Assets Fixed maturities State and political subdivisions $ 442 $ — $ 50 $ — $ — $ — $ — $ 492 Corporate and miscellaneous 26,991 ( 38 ) 74 2,982 ( 4,030 ) — 372 26,351 Asset-backed 3,133 106 182 658 ( 820 ) — — 3,259 Total assets $ 30,566 $ 68 $ 306 $ 3,640 $ ( 4,850 ) $ - $ 372 $ 30,102 There was 1 transfer from Level 3 to Level 2 and no transfer from Level 2 to Level 3 in 2024. There were 3 transfers from Level 2 to Level 3 and 1 transfer from Level 3 to Level 2 in 2023. Financial Instruments not Measured at Fair Value The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude cash and cash equivalents and accrued investment income, that are not securities and therefore are not included in the three-level hierarchy table disclosed in the “Recurring and Non-Recurring Fair Value Measurements” section. The carrying amount and estimated fair values of the Company’s financial instruments that are not measured at fair value on the Interim Condensed Consolidated Balance Sheets are as follows: Estimated Fair Value March 31, 2024 Carrying Value Level 1 Level 2 Level 3 Total Financial instruments recorded as assets: Mortgage loans $ 39,603 $ — $ — $ 36,357 $ 36,357 Policyholder loans $ 7,216 $ — $ — $ 8,310 $ 8,310 Financial instruments recorded as liabilities: Future policy benefits, excluding term life reserves $ 16,017 $ — $ — $ 15,119 $ 15,119 Long/short-term debt $ 51,259 $ — $ — $ 49,244 $ 49,244 Policyholder account balances $ 69,414 $ — $ — $ 64,748 $ 64,748 Estimated Fair Value December 31, 2023 Carrying Value Level 1 Level 2 Level 3 Total Financial instruments recorded as assets: Mortgage loans $ 40,534 $ — $ — $ 37,005 $ 37,005 Policyholder loans $ 7,149 $ — $ — $ 8,234 $ 8,234 Financial instruments recorded Future policy benefits, excluding term $ 16,307 $ — $ — $ 15,319 $ 15,319 Long/short-term debt $ 49,010 $ — $ — $ 51,927 $ 51,927 Policyholder account balances $ 70,726 $ — $ — $ 65,881 $ 65,881 The following methods and assumptions were used to estimate the fair value of these financial assets and liabilities. Mortgage Loans — Fair value was based on the discounted value of future cash flows for all first mortgage loans adjusted for specific loan risk. The discount rate was based on the rate that would be offered for similar loans at the reporting date. Fair value excludes $ 1,005 and $ 1,098 of second and mezzanine mortgages carried at cost for which fair value is not measurable at March 31, 2024 and December 31, 2023, respectively. Policyholder Loans — Fair value of policyholder loans was estimated using discounted cash flows using risk-free interest rates with no adjustment for borrower credit risk as these loans are fully collateralized by the cash value of the underlying insurance policy. Future Policy Benefits and Policyholder Account Balances — Liabilities with interest rate guarantees greater than one year or with defined maturities, the fair value was estimated by calculating an average present value of expected cash flows over a broad range of interest rate scenarios using the current market risk‑free interest rates adjusted for spreads required for publicly traded bonds issued by comparably rated insurers. Certain non - interest sensitive reserves are at carrying value, which approximates fair value. Long and Short-Term Debt — Fair value was calculated using the discounted value of future cash flows method. The discount rate was based on the rate that is commensurable to the level of risk. The carrying amounts reported on the Interim Condensed Consolidated Balance Sheets have been divided into short and long-term based upon expected maturity dates.

Long and Short-Term Debt

Long and Short-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long and Short-Term Debt	Note 8 – Long an d Short-Term Debt Beginning January 1, 2024, the commission financing agreement, which has been effective since 2022 has been terminated relating to any new business. At March 31, 2024 and December 31, 2023 , the Company had a net advance of $ 36,622 and $ 40,393 , respectively, under this arrangement. At March 31, 2024, the Company expects to pay back the aggregate amounts as presented in the following table. March 31, 2024 Due in one year or less $ 12,976 Due after one year through two years 6,408 Due after two years through three years 5,994 Due after three years through four years 5,556 Due after four years through five years 5,091 Due after five years 39,837 Less discount ( 24,603 ) Total long/short-term debt $ 51,259 Federal Home Loan Bank of Chicago The Company is a member of the Federal Home Loan Bank of Chicago (FHLBC). As a member, the Company is able to borrow on a collateralized basis from the FHLBC which can be used as an alternative source of liquidity. The FHLBC membership requires the Company to own member stock. At March 31, 2024 and December 31, 2023 , the Company held $ 270 and $ 270 of FHLBC common stock, which is included in Other invested assets, respectively. The Company's ability to borrow under this facility is subject to the FHLBC's discretion and requires the availability of qualifying assets. During the first three months of 2024, the Company received advances of $ 5,300 , which remains outstanding as of March 31, 2024 and is included in the Due in one year or less line in the table above.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2024
Equity, Attributable to Parent [Abstract]
Accumulated Other Comprehensive (Loss) Income	Note 9 – Accumulated Other Comprehensive (Loss) Income Changes in accumulated other comprehensive (loss) income, net of taxes are as follows: Other comprehensive income (loss) Net Unrealized Net Unrealized Total Balance at January 1, 2024 $ 362 $ ( 21,584 ) $ ( 21,222 ) Unrealized holding (losses) gains from changes in the market value of securities — ( 1,991 ) ( 1,991 ) Impact on Policy benefit liabilities of changes in market value of securities — 199 199 Change in net unrealized investment (losses) gains allocated to policyholder dividend obligations — — - Income tax benefit (expense) — 313 313 Other comprehensive income (loss), net of tax — ( 1,479 ) ( 1,479 ) Balance at March 31, 2024 $ 362 $ ( 23,063 ) $ ( 22,701 ) Other comprehensive income (loss) Net Unrealized Net Unrealized Total Balance at January 1, 2023 $ 362 $ ( 30,534 ) $ ( 30,172 ) Unrealized holding (losses) gains from changes in the market value of securities — 7,927 7,927 Impact on Policy benefit liabilities of changes in market value of securities — ( 251 ) ( 251 ) Change in net unrealized investment (losses) gains allocated to policyholder dividend obligations — - - Income tax (expense) benefit — ( 1,363 ) ( 1,363 ) Other comprehensive income (loss), net of tax — 6,313 6,313 Balance at March 31, 2023 $ 362 $ ( 24,221 ) $ ( 23,859 )

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segments	Note 10 – Bus iness Segments Our Chief Operating Decision Maker makes decisions by analyzing our segment information. For internal decision-making purposes and external reporting purposes, we do not disaggregate revenue beyond our segment information and believe that any further disaggregation is immaterial. The Company’s current operations were organized into three reportable segments: Insurance, Agency, and Corporate & Other. The Insurance Segment is composed of three broad lines consisting of Traditional Life, Closed Block, and Assumed Life and Annuities. Traditional Life and the Closed Block are distinct operations; the Assumed life and annuities business and the small amount of structured settlements are all blocks in runoff from a prior management arrangement. The Agency Segment includes the insurance distribution operations of the Company and includes commission revenue from the sale of Fidelity Life products. The Corporate & Other Segment includes expenses that will benefit the overall organization, which are not allocated to a segment. This segment recognizes net investment income on cash and invested assets held mainly as a result of the IPO and transaction expenses related to our recently announced merger transaction and interest expense on the commission financing agreement. All intercompany accounts and transactions have been eliminated in consolidation, including any profit or loss from the sale of Insurance Segment products through the Agency Segment. The segment results are as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Insurance Agency Corporate & Other Total Insurance Agency Corporate & Other Total Net insurance premiums $ 22,557 $ — $ — $ 22,557 $ 24,338 $ — $ — $ 24,338 Net investment income 4,079 — 56 4,135 4,273 — 74 4,347 Net (losses) gains on investments ( 380 ) — — ( 380 ) ( 307 ) — ( 232 ) ( 539 ) Earned commissions — 16,798 — 16,798 — 15,094 ( 345 ) 14,749 Other income 438 1,945 — 2,383 275 1,452 — 1,727 Total revenues 26,694 18,743 56 45,493 28,579 16,546 ( 503 ) 44,622 Life, annuity, and health claim benefits 18,488 — — 18,488 17,060 — — 17,060 Operating costs and expenses 8,199 19,814 1,455 29,468 7,704 16,419 1,646 25,769 Amortization of deferred policy acquisition costs 3,749 — — 3,749 3,648 — — 3,648 Total benefits and expenses 30,436 19,814 1,455 51,705 28,412 16,419 1,646 46,477 Income (loss) before income taxes $ ( 3,742 ) $ ( 1,071 ) $ ( 1,399 ) $ ( 6,212 ) $ 167 $ 127 $ ( 2,149 ) $ ( 1,855 ) March 31, 2024 December 31, 2023 Insurance Agency Corporate & Other Total Insurance Agency Corporate & Other Total Investments and cash $ 364,457 $ 844 $ 215 $ 365,516 $ 367,746 $ 643 $ 3,084 $ 371,473 Commissions and agent balances 13,059 45,232 — 58,291 8,471 45,023 — 53,494 Deferred policy acquisition costs 89,186 — — 89,186 88,076 — — 88,076 Intangible assets — 1,635 — 1,635 — 1,635 — 1,635 Reinsurance recoverables net 240,224 — — 240,224 238,598 — — 238,598 Deferred income tax assets, net 20,612 — 12,784 33,396 19,195 — 13,201 32,396 Other 29,600 9,095 391 39,086 27,623 9,009 514 37,146 Total assets $ 757,138 $ 56,806 $ 13,390 $ 827,334 $ 749,709 $ 56,310 $ 16,799 $ 822,818 All the Company’s significant revenues and long-lived assets are located in the United States, which is the Company’s country of domicile.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 11 – Subsequent Events Management has evaluated subsequent events up to and including May 15, 2024, the date these Interim Condensed Consolidated Financial Statements were issued and determined there were no reportable subsequent events .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Description of Business	Description of Business Vericity, Inc. (the Company) is a Delaware corporation organized to be the stock holding company for Members Holding Company (Members) and its subsidiaries. On August 7, 2019, the Company completed the initial public offering of 14,875,000 shares of its common stock at a price of $ 10.00 per share (the IPO). The IPO was conducted in connection with the conversion of Members Mutual Holding Company from mutual to stock form and the acquisition by the Company of all of the capital stock of Members following its conversion to stock form after its plan of conversion and amended and restated articles of incorporation were approved at a special meeting of eligible members on August 6, 2019 (the Conversion). As a result of the Conversion, the Company became the holding company for converted Members Mutual Holding Company and its indirect subsidiaries, including Fidelity Life Association (Fidelity Life) and Efinancial, LLC (Efinancial). On October 3, 2023, the Company, announced that it entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, iA American Holdings Inc. (“iA” or “Parent”), Long Grove Acquisition Corp., a wholly owned subsidiary of Parent (“Merger Sub”), and, solely for purposes of Section 6.03 and Article IX thereof, iA Financial Corporation, Inc. (“Guarantor”). On the terms and subject to the conditions of the Merger Agreement, at the closing, Merger Sub will merge with and into the Company (the “Merger”), with the Company continuing as the surviving entity, which will become a wholly-owned subsidiary of Parent. The time that the Merger becomes effective is referred to as the “Effective Time.” The Merger was unanimously approved by the Company’s board of directors. Following execution of the Merger Agreement, Apex Holdco L.P. (the “Consenting Stockholder” or “Apex”) executed and delivered to the Company a written consent (the “Stockholder Written Consent”), adopting the Merger Agreement and the transactions contemplated thereby, including the Merger. As a result of the execution and delivery of the Stockholder Written Consent, the holders of at least a majority of the outstanding shares of Common Stock have adopted the Merger Agreement. No further approval of the stockholders of the Company is required to adopt the Merger Agreement. As a result of the Merger, each share of Common Stock outstanding immediately prior to the Effective Time (subject to certain exceptions, including shares of Common Stock owned by stockholders of the Company who have not voted in favor of the adoption of the Merger Agreement and have properly exercised appraisal rights in accordance with Section 262 of the General Corporation Law of the State of Delaware) will, at the Effective Time, automatically be converted into the right to receive $ 11.43 in cash, without interest and subject to applicable withholding taxes (the “Merger Consideration”). The aggregate equity value of the Common Stock acquired by Parent will be approximately $ 170 million. If the Merger is consummated, the Company’s Common Stock will be delisted from The Nasdaq Capital Market and deregistered under the Securities Exchange Act of 1934, as amended. The completion of the Merger is subject to satisfaction or waiver of certain closing conditions, including: (i) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), and receipt of certain regulatory approvals; (ii) there being no law or injunction prohibiting consummation of the Merger; (iii) subject to specified materiality standards, the accuracy of the representations and warranties of the other party; and (iv) compliance by the other party in all material respects with its covenants. Parent’s and Merger Sub’s obligations are also conditioned upon the absence of a material adverse effect on the Company and the absence of any burdensome condition (as defined in the Merger Agreement) imposed by any regulators as part of the regulatory approval process. On October 3, 2023, the Company issued a Form 8-K and press release announcing the execution of the Merger Agreement and the Form 8-K is incorporated into this filing by reference. The Merger is expected to close in Q2, 2024. The Company operates as a holding company and currently has no other business operations. Fidelity Life is an Illinois‑domiciled life insurance company that was founded in 1896. Fidelity Life markets life insurance products through independent and affiliated distributors and is licensed in the District of Columbia and all states, except New York and Wyoming. Efinancial markets life and other products for non‑affiliated insurance companies and sells life products for Fidelity Life. The accompanying interim condensed consolidated financial statements present the accounts of the Company and subsidiaries for the three months ended March 31, 2024 and March 31, 2023 and at March 31, 2024 and December 31, 2023. These interim condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report in the Form 10-K for the year ended December 31, 2023 . The results of operations for the interim periods should not be considered indicative of results to be expected for the full year.
Basis of Presentation	Basis of Presentation These interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The unaudited interim condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted from this report, as is permitted by such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2023 , and notes thereto, included in the Form 10-K.
Use of Estimates	Use of Estimates The preparation of interim condensed consolidated 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 more significant estimates employed in the preparation of the interim condensed consolidated financial statements include the determination of the valuation of investments in fixed maturity, investment impairments, the valuation of deferred tax assets, future policy benefits and other policyholder liabilities.
Accounting Standards Adopted and Pending	Accounting Standards Adopted and Pending There were no significant accounting changes in 2024 that had a material impact on the Company's GAAP-basis financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments— Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance requires that Other-Than-Temporary Impairment (OTTI) on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through net gains (losses) on investments. The guidance also requires enhanced disclosures. In March 2022, the FASB issued ASU 2022-02 – Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosure. This ASU was issued to eliminate the troubled debt restructuring recognition and measurement guidance for creditors that have adopted the current expected credit loss guidance while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. The Company has assessed the impact of ASU 2016-13 and has established an additional for credit losses on our mortgage portfolio of $ 237 . The tax effected amount of $ 187 is reflected as a beginning of year equity as a Cumulative effect adjustment from changes in accounting guidance, net of tax. The Company has also assessed fixed maturities - available-for-sale, reinsurance recoverables and commissions and agent balances and determined no additional allowance for credit losses is needed. We also adopted the required disclosures within Note 2 Investments, Note 4 Reinsurance, Note 9 Accumulated Other Comprehensive Income and Note 10 Business Segments. Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior change in valuation allowance is now presented as a change in allowance for credit losses

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Fixed Maturities	The amortized cost, gross unrealized gains, gross unrealized losses, fair value, and net of allowances for credit losses are included in accumulated other comprehensive income (AOCI) of fixed maturities available-for-sale are as follows: March 31, 2024 Fixed maturities Amortized Unrealized Unrealized Fair U.S. government and agencies $ 10,171 $ 257 $ ( 572 ) $ 9,856 U.S. agency mortgage-backed 7,018 37 ( 595 ) 6,460 State and political subdivisions 80,891 359 ( 9,692 ) 71,558 Corporate and miscellaneous 165,521 1,796 ( 12,641 ) 154,676 Foreign government 130 3 — 133 Residential mortgage-backed 8,194 80 ( 535 ) 7,739 Commercial mortgage-backed 22,101 11 ( 1,512 ) 20,600 Asset-backed 32,287 62 ( 1,847 ) 30,502 Total fixed maturities $ 326,313 $ 2,605 $ ( 27,394 ) $ 301,524 December 31, 2023 Fixed maturities Amortized Unrealized Unrealized Fair U.S. government and agencies $ 10,188 $ 365 $ ( 488 ) $ 10,065 U.S. agency mortgage-backed 7,173 61 ( 516 ) 6,718 State and political subdivisions 79,362 347 ( 9,490 ) 70,219 Corporate and miscellaneous 174,263 2,733 ( 11,700 ) 165,296 Foreign government 130 5 — 135 Residential mortgage-backed 7,302 96 ( 523 ) 6,875 Commercial mortgage-backed 22,043 23 ( 1,678 ) 20,388 Asset-backed 35,681 86 ( 2,081 ) 33,686 Total fixed maturities $ 336,142 $ 3,716 $ ( 26,476 ) $ 313,382
Schedule of Amortized Cost and Fair Value of Fixed Maturities Available-for-sale by Contractual Maturity	The amortized cost and fair value of fixed maturities available-for-sale by contractual maturity, are presented in the following table: March 31, 2024 Amortized Fair Due in one year or less $ 6,207 $ 6,126 Due after one year through five years 33,569 32,728 Due after five years through ten years 75,051 71,357 Due after ten years 141,885 126,012 Securities not due at a single maturity date — primarily mortgage and asset-backed 69,601 65,301 Total fixed maturities $ 326,313 $ 301,524
Schedule of Mortgage Loan Holdings Diversified by Geography and Property	Mortgage loan holdings are diversified by geography and property type as follows: March 31, 2024 December 31, 2023 Gross Carrying % of Total Gross Carrying % of Total Property Type: Retail $ 12,367 30.7 % $ 12,812 31.2 % Office 10,530 26.2 % 10,635 25.9 % Industrial 7,386 18.4 % 7,476 18.2 % Mixed use 4,654 11.6 % 4,798 11.7 % Apartments 1,960 4.9 % 2,077 5.0 % Medical office 2,393 6.0 % 2,423 5.9 % Other 879 2.2 % 886 2.1 % Gross carrying value of mortgage loans 40,169 100.0 % 41,107 100.0 % Credit loss allowance ( 566 ) ( 573 ) Net carrying value of mortgage loans $ 39,603 $ 40,534 March 31, 2024 December 31, 2023 Gross Carrying % of Total Gross Carrying % of Total U.S. Region: West South Central $ 9,935 24.7 % $ 10,038 24.3 % East North Central 11,588 28.8 % 12,184 29.6 % South Atlantic 7,938 19.8 % 8,046 19.6 % West North Central 2,300 5.7 % 2,328 5.7 % Mountain 2,524 6.3 % 2,560 6.2 % Middle Atlantic 1,966 4.9 % 1,986 4.8 % East South Central 3,480 8.7 % 3,519 8.7 % Pacific 438 1.1 % 446 1.1 % Gross carrying value of mortgage loans 40,169 100.0 % 41,107 100.0 % Credit loss allowance ( 566 ) ( 573 ) Net carrying value of mortgage loans $ 39,603 $ 40,534
Schedule of Changes in Valuation Allowance for Commercial Mortgage Loans	The changes in the allowances for credit losses for commercial mortgage loans were as follows: Three Months Ended March 31, 2024 Year Ended December 31, 2023 Beginning balance $ 573 $ 83 Net increase in allowances for credit losses related to change in accounting standards — 237 Net (decrease) increase in allowances for credit losses ( 7 ) 253 Ending balance $ 566 $ 573
Schedule of Net Investment Income	The sources of net investment income are as follows: Three Months Ended March 31, 2024 2023 Income from: Fixed maturities $ 3,875 $ 3,868 Policyholder loans 85 97 Mortgage loans 479 726 Cash, cash equivalents and restricted cash 44 31 Gross investment income 4,483 4,722 Investment expenses ( 348 ) ( 375 ) Net investment income $ 4,135 $ 4,347
Schedule of Net Investment Gains (Losses)	The sources of net investment gains (losses) are as follows: Three Months Ended March 31, 2024 2023 Investment (losses) gains from sales: Fixed maturities $ ( 500 ) $ 36 Mortgage loans — — Gains and losses from sales ( 500 ) 36 Valuation change of other invested assets - (decline) appreciation: 113 ( 545 ) Change in allowance for credit losses 7 ( 30 ) Total net gains (losses) on investments $ ( 380 ) $ ( 539 )
Rollforward of Cumulative Credit Losses on Fixed Maturities	A roll-forward of the cumulative credit losses on fixed maturities are as follows: March 31, December 31, 2024 2023 Beginning allowance for credit loss balance $ 28 $ - Increase in credit loss allowance — 28 Reduction of credit losses allowances related to securities sold during period — — Ending allowance for credit loss balance $ 28 $ 28
Fair Value and Gross Unrealized Losses for Fixed Maturities Available-for-sale in Continuous Gross Unrealized Loss Position	The Company’s fair value and gross unrealized losses for fixed maturities available-for-sale, aggregated by investment category and length of time that individual securities have been in a continuous gross unrealized loss position are as follows: 12 months or less Longer than 12 months Total March 31, 2024 Estimated Gross Estimated Gross Estimated Gross Fixed maturities U.S. government and agencies $ 994 $ ( 6 ) $ 2,652 $ ( 566 ) $ 3,646 $ ( 572 ) U.S. agency mortgage-backed 452 ( 4 ) 4,663 ( 591 ) 5,115 ( 595 ) State and political subdivisions 9,992 ( 258 ) 46,997 ( 9,434 ) 56,989 ( 9,692 ) Corporate and miscellaneous 27,711 ( 2,044 ) 60,852 ( 10,597 ) 88,563 ( 12,641 ) Residential mortgage-backed 849 ( 12 ) 3,135 ( 523 ) 3,984 ( 535 ) Commercial mortgage-backed 1,246 ( 25 ) 17,878 ( 1,487 ) 19,124 ( 1,512 ) Asset-backed 4,286 ( 224 ) 20,076 ( 1,623 ) 24,362 ( 1,847 ) Total fixed maturities $ 45,530 $ ( 2,573 ) $ 156,253 $ ( 24,821 ) $ 201,783 $ ( 27,394 ) 12 months or less Longer than 12 months Total December 31, 2023 Estimated Gross Estimated Gross Estimated Gross Fixed maturities U.S. agency mortgage-backed $ 499 $ ( 1 ) $ 2,732 $ ( 488 ) $ 3,231 $ ( 489 ) U.S. agency mortgage-backed 94 — 4,879 ( 515 ) 4,973 ( 515 ) State and political subdivisions 8,151 ( 176 ) 45,628 ( 9,314 ) 53,779 ( 9,490 ) Corporate and miscellaneous 22,527 ( 1,871 ) 66,482 ( 9,829 ) 89,009 ( 11,700 ) Residential mortgage-backed 269 ( 10 ) 3,029 ( 513 ) 3,298 ( 523 ) Commercial mortgage-backed 1,430 ( 53 ) 17,582 ( 1,625 ) 19,012 ( 1,678 ) Asset-backed 3,551 ( 190 ) 26,644 ( 1,891 ) 30,195 ( 2,081 ) Total fixed maturities $ 36,521 $ ( 2,301 ) $ 166,976 $ ( 24,175 ) $ 203,497 $ ( 26,476 )
Schedule of Number of Fixed Maturities in Unrealized Loss Position and Percentage Investment Grade	Information and concentrations related to fixed maturities in an unrealized loss position are included below. The tables below include fixed maturities and number of securities in an unrealized loss position for greater than and less than 12 months and the percentage that were investment grade at March 31, 2024 . Unrealized Losses 12 months or less Gross Unrealized Losses Impairment is Impairment Impairment Percent Fixed maturities U.S. government and agencies $ ( 6 ) $ ( 6 ) $ — $ — 100 % U.S. agency mortgage-backed ( 4 ) ( 4 ) — — 100 % State and political subdivisions ( 258 ) ( 258 ) — — 100 % Corporate and miscellaneous ( 2,044 ) ( 623 ) ( 771 ) ( 650 ) 87 % Residential mortgage-backed ( 12 ) ( 8 ) — ( 4 ) 58 % Commercial mortgage-backed ( 25 ) ( 25 ) — — 100 % Asset-backed ( 224 ) ( 128 ) ( 95 ) ( 1 ) 100 % Gross unrealized losses $ ( 2,573 ) $ ( 1,052 ) $ ( 866 ) $ ( 655 ) Total number of fixed maturities 188 158 21 9 Unrealized Losses greater than 12 months Gross Unrealized Losses Impairment is Impairment Impairment Percent Fixed maturities U.S. government and agencies $ ( 566 ) $ ( 72 ) $ — $ ( 494 ) 100 % U.S. agency mortgage-backed ( 591 ) ( 174 ) ( 417 ) — 100 % State and political subdivisions ( 9,434 ) ( 623 ) ( 3,636 ) ( 5,175 ) 100 % Corporate and miscellaneous ( 10,597 ) ( 884 ) ( 4,678 ) ( 5,035 ) 85 % Residential mortgage-backed ( 523 ) ( 59 ) ( 338 ) ( 126 ) 79 % Commercial mortgage-backed ( 1,487 ) ( 915 ) ( 565 ) ( 7 ) 100 % Asset-backed ( 1,623 ) ( 703 ) ( 900 ) ( 20 ) 97 % Gross unrealized losses $ ( 24,821 ) $ ( 3,430 ) $ ( 10,534 ) $ ( 10,857 ) Total number of fixed maturities 574 206 235 133
Schedule of Gross Unrealized Losses By Unrealized Loss Position and Credit Quality	Investment Grade Below Investment Grade Total Fixed income securities with unrealized loss position less than or equal to 20% of amortized cost, net (1) (2) $ 15,466 $ 416 $ 15,882 Fixed income securities with unrealized loss position greater than 20% of amortized cost, net (3) (4) 11,064 448 11,512 Total unrealized losses $ 26,530 $ 864 $ 27,394 (1) Below investment grade fixed income securities include $ 108 that have been in an unrealized loss position for less than twelve months. (2) Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses. (3) Below investment grade fixed income securities include $ 756 that have been in an unrealized loss position for a period of twelve or more consecutive months. (4) Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Schedule of Reinsurance Recoverables	Reinsurance recoverables are as follows: March 31, December 31, 2024 2023 Ceded future policy benefits $ 205,552 $ 198,973 Claims and other amounts recoverables 34,672 39,625 Ending balance $ 240,224 $ 238,598
Reconciliation of Direct Premiums to Net Premiums	The reconciliation of direct premiums to net premiums is as follows: Three Months Ended March 31, 2024 2023 Direct premiums $ 47,504 $ 44,356 Assumed premiums 8,158 9,913 Ceded premiums ( 33,105 ) ( 29,931 ) Net insurance premiums $ 22,557 $ 24,338 The reconciliation of direct, assumed and ceded amounts for life, annuity, and health claim benefits is as follows: Three Months Ended March 31, 2024 2023 Direct $ 35,751 $ 34,056 Assumed 4,145 4,161 Ceded ( 22,021 ) ( 21,846 ) Life, annuity, and health claim benefits $ 17,875 $ 16,371

Closed Block (Tables)

Closed Block (Tables)	3 Months Ended
	Mar. 31, 2024
Closed Block Disclosure [Abstract]
Schedule of Information Regarding Closed Block Liabilities (Assets) Designated to Closed Block	Information regarding the Closed Block liabilities (assets) designated to the Closed Block is as follows: March 31, December 31, Closed Block Liabilities 2024 2023 Future policy benefits and claims $ 28,989 $ 29,144 Policyholder account balances 6,414 6,492 Other policyholder liabilities 2,489 5,207 Policyholder dividend obligations 9,783 9,636 Other liabilities 374 2,068 Total Closed Block liabilities 48,049 52,547 Assets Designated to the Closed Block Investments: Fixed maturities - available-for-sale (amortized cost $ 42,414 and 42,506 , respectively) 39,068 39,678 Policyholder loans 1,198 1,234 Total investments 40,266 40,912 Cash and Cash Equivalents — — Premiums due and uncollected 164 81 Accrued investment income 528 484 Reinsurance recoverables 10,313 14,739 Deferred income tax assets, net 4,290 4,100 Total assets designated to the Closed Block 55,561 60,316 Excess of Closed Block assets over liabilities 7,512 7,769 Amounts included in accumulated other comprehensive income: Unrealized investment loss (gains), net of income tax ( 2,643 ) ( 2,234 ) Total amounts included in accumulated other comprehensive income ( 2,643 ) ( 2,234 ) Maximum future earnings and accumulated other comprehensive income to 11,236 and $ 11,143 , respectively) $ ( 10,155 ) $ ( 10,003 )
Schedule of Information Regarding Policyholder Dividend Obligations	March 31, December 31, Policyholder Dividend Obligations 2024 2023 Beginning balance $ 9,636 $ 9,515 Impact from earnings allocable to policyholder dividend obligations 147 121 Change in net unrealized investment gains (losses) allocated to policyholder — — Ending balance $ 9,783 $ 9,636
Schedule of Information Regarding Closed Block Revenues and Expenses	Information regarding the Closed Block revenues and expenses is as follows: Three Months Ended March 31, 2024 2023 Revenues Net insurance premiums $ 864 $ 1,377 Net investment income 480 438 Net Realized Investment Gains (Losses) 1 1 Total revenues 1,345 1,816 Benefits and expenses Life and annuity benefits - including policyholder dividends 339 and $ 325 , respectively 1,150 1,682 Interest credited to policyholder account balances 52 41 Operating costs and expenses ( 48 ) 170 Total expenses 1,154 1,893 Revenues, net of expenses before provision for income tax 192 ( 77 ) Income tax expense (benefit) 40 ( 16 ) Revenues, net of expenses and provision for income tax $ 152 $ ( 61 )
Schedule of Amortized Cost and Fair Value of Closed Block Fixed Maturity Portfolio by Contractual Maturity	The following table presents the amortized cost and fair value of the Closed Block fixed maturities portfolio by contractual maturity at March 31, 2024. 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: Amortized Cost Fair Value Due in one year or less $ 3,704 $ 3,647 Due after one year through five years 3,922 3,913 Due after five years through ten years 6,825 6,473 Due after ten years 24,865 22,018 Securities not due at a single maturity date — primarily mortgage and asset- 3,098 3,017 Total fixed maturities $ 42,414 $ 39,068

Assets and Liabilities Measur_2

Assets and Liabilities Measured at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary of Assets Carried at Fair Value on Recurring and Non-recurring Basis	The Company’s assets that are carried at fair value on a recurring and non-recurring basis, by fair value hierarchy level, are as follows: March 31, 2024 Level 1 Level 2 Level 3 Total Fair Value Recurring fair value measurements Financial instruments recorded as assets: Fixed maturities U.S. government and agencies $ — $ 9,856 $ — $ 9,856 U.S. agency mortgage-backed — 6,460 — 6,460 State and political subdivisions — 71,058 500 71,558 Corporate and miscellaneous 2,290 126,535 25,851 154,676 Foreign government — 133 — 133 Residential mortgage-backed — 7,739 — 7,739 Commercial mortgage-backed — 20,600 — 20,600 Asset-backed — 27,149 3,353 30,502 Total fixed maturities 2,290 269,530 29,704 301,524 Total recurring assets $ 2,290 $ 269,530 $ 29,704 $ 301,524 December 31, 2023 Level 1 Level 2 Level 3 Total Fair Value Recurring fair value measurements Financial instruments recorded as assets: Fixed maturities U.S. government and agencies $ — $ 10,065 $ — $ 10,065 U.S. agency mortgage-backed — 6,718 — 6,718 State and political subdivisions — 69,726 493 70,219 Corporate and miscellaneous 2,258 136,688 26,351 165,297 Foreign government — 135 — 135 Residential mortgage-backed — 6,875 — 6,875 Commercial mortgage-backed — 20,388 — 20,388 Asset-backed — 30,428 3,258 33,686 Total fixed maturities 2,258 281,023 30,102 313,383 Total recurring assets $ 2,258 $ 281,023 $ 30,102 $ 313,383
Summary of Changes in Fair Value of Level 3 Assets Held at Fair Value on Recurring Basis	A summary of changes in fair value of Level 3 assets held at fair value on a recurring basis is as follows: Total gains (losses) included in: Balance at January 1, 2024 Net Income OCI Purchases Sales Settlements Net Balance at March 31, 2024 Financial Assets Fixed maturities State and political subdivision $ 492 $ — $ 8 $ — $ — $ — $ — $ 500 Corporate and miscellaneous 26,351 ( 142 ) 14 3,064 ( 3,190 ) — ( 246 ) 25,851 Asset-backed 3,259 53 ( 19 ) 143 ( 83 ) — — 3,353 Total assets $ 30,102 $ ( 89 ) $ 3 $ 3,207 $ ( 3,273 ) $ — $ ( 246 ) $ 29,704 Total gains (losses) included in: Balance at January 1, 2023 Net Income OCI Purchases Sales Settlements Net Balance at December 31, 2023 Financial Assets Fixed maturities State and political subdivisions $ 442 $ — $ 50 $ — $ — $ — $ — $ 492 Corporate and miscellaneous 26,991 ( 38 ) 74 2,982 ( 4,030 ) — 372 26,351 Asset-backed 3,133 106 182 658 ( 820 ) — — 3,259 Total assets $ 30,566 $ 68 $ 306 $ 3,640 $ ( 4,850 ) $ - $ 372 $ 30,102
Summary of Carrying Amount and Estimated Fair Values of Financial Instruments not Measured at Fair Value	The carrying amount and estimated fair values of the Company’s financial instruments that are not measured at fair value on the Interim Condensed Consolidated Balance Sheets are as follows: Estimated Fair Value March 31, 2024 Carrying Value Level 1 Level 2 Level 3 Total Financial instruments recorded as assets: Mortgage loans $ 39,603 $ — $ — $ 36,357 $ 36,357 Policyholder loans $ 7,216 $ — $ — $ 8,310 $ 8,310 Financial instruments recorded as liabilities: Future policy benefits, excluding term life reserves $ 16,017 $ — $ — $ 15,119 $ 15,119 Long/short-term debt $ 51,259 $ — $ — $ 49,244 $ 49,244 Policyholder account balances $ 69,414 $ — $ — $ 64,748 $ 64,748 Estimated Fair Value December 31, 2023 Carrying Value Level 1 Level 2 Level 3 Total Financial instruments recorded as assets: Mortgage loans $ 40,534 $ — $ — $ 37,005 $ 37,005 Policyholder loans $ 7,149 $ — $ — $ 8,234 $ 8,234 Financial instruments recorded Future policy benefits, excluding term $ 16,307 $ — $ — $ 15,319 $ 15,319 Long/short-term debt $ 49,010 $ — $ — $ 51,927 $ 51,927 Policyholder account balances $ 70,726 $ — $ — $ 65,881 $ 65,881

Long and Short-Term Debt (Table

Long and Short-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long Term and Short Term Debt Pay Back	At March 31, 2024, the Company expects to pay back the aggregate amounts as presented in the following table. March 31, 2024 Due in one year or less $ 12,976 Due after one year through two years 6,408 Due after two years through three years 5,994 Due after three years through four years 5,556 Due after four years through five years 5,091 Due after five years 39,837 Less discount ( 24,603 ) Total long/short-term debt $ 51,259

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2024
Equity, Attributable to Parent [Abstract]
Changes in Accumulated Other Comprehensive (Loss) Income, Net of Taxes	Changes in accumulated other comprehensive (loss) income, net of taxes are as follows: Other comprehensive income (loss) Net Unrealized Net Unrealized Total Balance at January 1, 2024 $ 362 $ ( 21,584 ) $ ( 21,222 ) Unrealized holding (losses) gains from changes in the market value of securities — ( 1,991 ) ( 1,991 ) Impact on Policy benefit liabilities of changes in market value of securities — 199 199 Change in net unrealized investment (losses) gains allocated to policyholder dividend obligations — — - Income tax benefit (expense) — 313 313 Other comprehensive income (loss), net of tax — ( 1,479 ) ( 1,479 ) Balance at March 31, 2024 $ 362 $ ( 23,063 ) $ ( 22,701 ) Other comprehensive income (loss) Net Unrealized Net Unrealized Total Balance at January 1, 2023 $ 362 $ ( 30,534 ) $ ( 30,172 ) Unrealized holding (losses) gains from changes in the market value of securities — 7,927 7,927 Impact on Policy benefit liabilities of changes in market value of securities — ( 251 ) ( 251 ) Change in net unrealized investment (losses) gains allocated to policyholder dividend obligations — - - Income tax (expense) benefit — ( 1,363 ) ( 1,363 ) Other comprehensive income (loss), net of tax — 6,313 6,313 Balance at March 31, 2023 $ 362 $ ( 24,221 ) $ ( 23,859 )

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	The segment results are as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Insurance Agency Corporate & Other Total Insurance Agency Corporate & Other Total Net insurance premiums $ 22,557 $ — $ — $ 22,557 $ 24,338 $ — $ — $ 24,338 Net investment income 4,079 — 56 4,135 4,273 — 74 4,347 Net (losses) gains on investments ( 380 ) — — ( 380 ) ( 307 ) — ( 232 ) ( 539 ) Earned commissions — 16,798 — 16,798 — 15,094 ( 345 ) 14,749 Other income 438 1,945 — 2,383 275 1,452 — 1,727 Total revenues 26,694 18,743 56 45,493 28,579 16,546 ( 503 ) 44,622 Life, annuity, and health claim benefits 18,488 — — 18,488 17,060 — — 17,060 Operating costs and expenses 8,199 19,814 1,455 29,468 7,704 16,419 1,646 25,769 Amortization of deferred policy acquisition costs 3,749 — — 3,749 3,648 — — 3,648 Total benefits and expenses 30,436 19,814 1,455 51,705 28,412 16,419 1,646 46,477 Income (loss) before income taxes $ ( 3,742 ) $ ( 1,071 ) $ ( 1,399 ) $ ( 6,212 ) $ 167 $ 127 $ ( 2,149 ) $ ( 1,855 ) March 31, 2024 December 31, 2023 Insurance Agency Corporate & Other Total Insurance Agency Corporate & Other Total Investments and cash $ 364,457 $ 844 $ 215 $ 365,516 $ 367,746 $ 643 $ 3,084 $ 371,473 Commissions and agent balances 13,059 45,232 — 58,291 8,471 45,023 — 53,494 Deferred policy acquisition costs 89,186 — — 89,186 88,076 — — 88,076 Intangible assets — 1,635 — 1,635 — 1,635 — 1,635 Reinsurance recoverables net 240,224 — — 240,224 238,598 — — 238,598 Deferred income tax assets, net 20,612 — 12,784 33,396 19,195 — 13,201 32,396 Other 29,600 9,095 391 39,086 27,623 9,009 514 37,146 Total assets $ 757,138 $ 56,806 $ 13,390 $ 827,334 $ 749,709 $ 56,310 $ 16,799 $ 822,818

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Aug. 07, 2019	Mar. 31, 2024	Dec. 31, 2023	Oct. 03, 2023	Mar. 31, 2023
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Common stock acquired by parent		$ 15	$ 15
Common stock outstanding converted into right to receive in cash				$ 11.43
Equity, tax effected amount		103,208	110,213		$ 115,588
Additional valuation allowance on mortgage portfolio			$ 237
Parent [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Common stock acquired by parent				$ 170,000
Mortgage Loans
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Additional valuation allowance on mortgage portfolio		237
Cumulative Effect Adjustment from Changes in Accounting Guidance, Net of Tax
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Equity, tax effected amount		$ 187
ASU No. 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Initial Public Offering
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Common stock issued	14,875,000
Common stock per share	$ 10

Investments - Schedule of Fixed

Investments - Schedule of Fixed Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities, available-for-sale, Amortized Cost	$ 326,313	$ 336,142
Fixed maturities, available-for-sale, Unrealized Gains	2,605	3,716
Fixed maturities, available-for-sale, Unrealized Losses	(27,394)	(26,476)
Fixed maturities, available-for-sale, Fair Value	301,524	313,382
U.S. Government and Agencies
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities, available-for-sale, Amortized Cost	10,171	10,188
Fixed maturities, available-for-sale, Unrealized Gains	257	365
Fixed maturities, available-for-sale, Unrealized Losses	(572)	(488)
Fixed maturities, available-for-sale, Fair Value	9,856	10,065
U.S. Agency Mortgage-backed
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities, available-for-sale, Amortized Cost	7,018	7,173
Fixed maturities, available-for-sale, Unrealized Gains	37	61
Fixed maturities, available-for-sale, Unrealized Losses	(595)	(516)
Fixed maturities, available-for-sale, Fair Value	6,460	6,718
State and Political Subdivisions
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities, available-for-sale, Amortized Cost	80,891	79,362
Fixed maturities, available-for-sale, Unrealized Gains	359	347
Fixed maturities, available-for-sale, Unrealized Losses	(9,692)	(9,490)
Fixed maturities, available-for-sale, Fair Value	71,558	70,219
Corporate and Miscellaneous
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities, available-for-sale, Amortized Cost	165,521	174,263
Fixed maturities, available-for-sale, Unrealized Gains	1,796	2,733
Fixed maturities, available-for-sale, Unrealized Losses	(12,641)	(11,700)
Fixed maturities, available-for-sale, Fair Value	154,676	165,296
Foreign Government
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities, available-for-sale, Amortized Cost	130	130
Fixed maturities, available-for-sale, Unrealized Gains	3	5
Fixed maturities, available-for-sale, Unrealized Losses	0
Fixed maturities, available-for-sale, Fair Value	133	135
Residential Mortgage-backed
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities, available-for-sale, Amortized Cost	8,194	7,302
Fixed maturities, available-for-sale, Unrealized Gains	80	96
Fixed maturities, available-for-sale, Unrealized Losses	(535)	(523)
Fixed maturities, available-for-sale, Fair Value	7,739	6,875
Commercial Mortgage-backed
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities, available-for-sale, Amortized Cost	22,101	22,043
Fixed maturities, available-for-sale, Unrealized Gains	11	23
Fixed maturities, available-for-sale, Unrealized Losses	(1,512)	(1,678)
Fixed maturities, available-for-sale, Fair Value	20,600	20,388
Asset-backed
Schedule Of Available For Sale Securities [Line Items]
Fixed maturities, available-for-sale, Amortized Cost	32,287	35,681
Fixed maturities, available-for-sale, Unrealized Gains	62	86
Fixed maturities, available-for-sale, Unrealized Losses	(1,847)	(2,081)
Fixed maturities, available-for-sale, Fair Value	$ 30,502	$ 33,686

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value of Fixed Maturities Available-for-sale by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, Amortized Cost	$ 6,207
Due after one year through five years, Amortized Cost	33,569
Due after five years through ten years, Amortized Cost	75,051
Due after ten years, Amortized Cost	141,885
Securities not due at a single maturity date - primarily mortgage and asset-backed, Amortized Cost	69,601
Fixed maturities, available-for-sale, Amortized Cost	326,313	$ 336,142
Due in one year or less, Fair Value	6,126
Due after one year through five years, Fair Value	32,728
Due after five years through ten years, Fair Value	71,357
Due after ten years, Fair Value	126,012
Securities not due at a single maturity date -primarily mortgage and asset-backed, Fair Value	65,301
Total fixed maturities, Fair Value	$ 301,524	$ 313,382

Investments - Additional Inform

Investments - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) Investment Loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule Of Investments [Line Items]
Deposit with governmental authorities	$ 2,610,000		$ 2,689,000
Investment, Type [Extensible Enumeration]	Fixed Maturities [Member]		Fixed Maturities [Member]
Commitments to investment in available for sale securities	$ 411,000		$ 0
Number of investment instruments | Investment	33
Number of mortgage loan | Loan	307
Additional valuation allowance on mortgage portfolio			$ 237,000
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]		Accounting Standards Update 2016-13 [Member]
Average loan balance	$ 130,000
Maximum exposure related to a single loan	600,000
New mortgage loans purchased	0	$ 144,000
Total carrying value of mortgage loans in restructured status	0		$ 0
Impairments for mortgage loans	0		0
Mortgage loans, nonaccrual status	0		0
Commitments to investment in mortgage loans	3,828,000		3,734,000
Gross unrealized losses	$ 27,394,000		$ 26,476,000
Minimum
Schedule Of Investments [Line Items]
Commercial mortgage loan ownership percent	0.60%
Maximum
Schedule Of Investments [Line Items]
Commercial mortgage loan ownership percent	30%
Mortgage Loans Receivable | Credit Concentration Risk
Schedule Of Investments [Line Items]
Fixed maturities portfolio	100%		100%
Mortgage Loans Receivable | Credit Concentration Risk | Investment Grade Securities
Schedule Of Investments [Line Items]
Fixed maturities portfolio	96.20%		96%

Investments - Schedule of Mortg

Investments - Schedule of Mortgage Loan Holdings Diversified by Geography and Property (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Investments [Line Items]
Credit loss allowance	$ (566)	$ (573)	$ (83)
Net carrying value of mortgage loans	$ 39,603	$ 40,534
Mortgage Loans Receivable | Credit Concentration Risk
Schedule Of Investments [Line Items]
Fixed maturities portfolio	100%	100%
Mortgage Loans Receivable | Geographic Concentration Risk
Schedule Of Investments [Line Items]
Fixed maturities portfolio	100%	100%
Mortgage Loans Receivable | Geographic Concentration Risk | West South Central
Schedule Of Investments [Line Items]
Fixed maturities portfolio	24.70%	24.30%
Mortgage Loans Receivable | Geographic Concentration Risk | East North Central
Schedule Of Investments [Line Items]
Fixed maturities portfolio	28.80%	29.60%
Mortgage Loans Receivable | Geographic Concentration Risk | South Atlantic
Schedule Of Investments [Line Items]
Fixed maturities portfolio	19.80%	19.60%
Mortgage Loans Receivable | Geographic Concentration Risk | West North Central
Schedule Of Investments [Line Items]
Fixed maturities portfolio	5.70%	5.70%
Mortgage Loans Receivable | Geographic Concentration Risk | Mountain
Schedule Of Investments [Line Items]
Fixed maturities portfolio	6.30%	6.20%
Mortgage Loans Receivable | Geographic Concentration Risk | Middle Atlantic
Schedule Of Investments [Line Items]
Fixed maturities portfolio	4.90%	4.80%
Mortgage Loans Receivable | Geographic Concentration Risk | East South Central
Schedule Of Investments [Line Items]
Fixed maturities portfolio	8.70%	8.70%
Mortgage Loans Receivable | Geographic Concentration Risk | Pacific
Schedule Of Investments [Line Items]
Fixed maturities portfolio	1.10%	1.10%
Mortgage Loans
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	$ 40,169	$ 41,107
Credit loss allowance	(566)	(573)
Net carrying value of mortgage loans	39,603	40,534
Mortgage Loans | West South Central
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	9,935	10,038
Mortgage Loans | East North Central
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	11,588	12,184
Mortgage Loans | South Atlantic
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	7,938	8,046
Mortgage Loans | West North Central
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	2,300	2,328
Mortgage Loans | Mountain
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	2,524	2,560
Mortgage Loans | Middle Atlantic
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	1,966	1,986
Mortgage Loans | East South Central
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	3,480	3,519
Mortgage Loans | Pacific
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	$ 438	$ 446
Retail | Mortgage Loans Receivable | Credit Concentration Risk
Schedule Of Investments [Line Items]
Fixed maturities portfolio	30.70%	31.20%
Retail | Mortgage Loans
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	$ 12,367	$ 12,812
Office | Mortgage Loans Receivable | Credit Concentration Risk
Schedule Of Investments [Line Items]
Fixed maturities portfolio	26.20%	25.90%
Office | Mortgage Loans
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	$ 10,530	$ 10,635
Industrial | Mortgage Loans Receivable | Credit Concentration Risk
Schedule Of Investments [Line Items]
Fixed maturities portfolio	18.40%	18.20%
Industrial | Mortgage Loans
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	$ 7,386	$ 7,476
Mixed Use | Mortgage Loans Receivable | Credit Concentration Risk
Schedule Of Investments [Line Items]
Fixed maturities portfolio	11.60%	11.70%
Mixed Use | Mortgage Loans
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	$ 4,654	$ 4,798
Apartments | Mortgage Loans Receivable | Credit Concentration Risk
Schedule Of Investments [Line Items]
Fixed maturities portfolio	4.90%	5%
Apartments | Mortgage Loans
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	$ 1,960	$ 2,077
Medical Office | Mortgage Loans Receivable | Credit Concentration Risk
Schedule Of Investments [Line Items]
Fixed maturities portfolio	6%	5.90%
Medical Office | Mortgage Loans
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	$ 2,393	$ 2,423
Other | Mortgage Loans Receivable | Credit Concentration Risk
Schedule Of Investments [Line Items]
Fixed maturities portfolio	2.20%	2.10%
Other | Mortgage Loans
Schedule Of Investments [Line Items]
Gross carrying value of mortgage loans	$ 879	$ 886

Investments - Schedule of Chang

Investments - Schedule of Changes in Valuation Allowance for Commercial Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Beginning balance	$ 573	$ 83
Net increase in allowances for credit losses related to change in accounting standards		$ 237
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]	Accounting Standards Update 2016-13 [Member]
Net (decrease) increase in allowances for credit losses	$ (7)	$ 253
Ending balance	$ 566	$ 573

Investments - Schedule of Net I

Investments - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Gross investment income	$ 4,483	$ 4,722
Investment expenses	(348)	(375)
Net investment income	4,135	4,347
Fixed Maturities
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Interest	3,875	3,868
Policyholder Loans
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Interest	85	97
Mortgage Loans
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Interest	479	726
Cash and Cash Equivalents and Restricted Cash
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Interest	$ 44	$ 31

Investments - Schedule of Net_2

Investments - Schedule of Net Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Gains and losses from sales	$ (500)	$ 36
Change in allowance for credit losses	7	(30)
Total net gains (losses) on investments	(380)	(539)
Fixed Maturities
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Gains and losses from sales	(500)	36
Mortgage Loans
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Gains and losses from sales	0	0
Other Invested Assets
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Valuation change of other invested assets - (decline) appreciation:	$ 113	$ (545)

Investments - Rollforward of Cu

Investments - Rollforward of Cumulative Credit Losses on Fixed Maturities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Beginning allowance for credit loss balance	$ 28	$ 0
Increase in credit loss allowance	0	28
Reduction of credit losses allowances related to securities sold during period	0	0
Ending allowance for credit loss balance	$ 28	$ 28

Investments - Fair Value and Gr

Investments - Fair Value and Gross Unrealized Losses for Fixed Maturities Available-for-sale in Continuous Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Fixed maturity securities, 12 months or less, Estimated Fair Value	$ 45,530	$ 36,521
Fixed maturity securities, 12 months or less, Gross Unrealized Losses	(2,573)	(2,301)
Fixed maturity securities, Longer than 12 months, Estimated Fair Value	156,253	166,976
Fixed maturity securities, Longer than 12 months, Gross Unrealized Losses	(24,821)	(24,175)
Fixed maturity securities, Total, Estimated Fair Value	201,783	203,497
Fixed maturity securities, Total, Gross Unrealized Losses	(27,394)	(26,476)
U.S. Government and Agencies
Schedule Of Available For Sale Securities [Line Items]
Fixed maturity securities, 12 months or less, Estimated Fair Value	994	499
Fixed maturity securities, 12 months or less, Gross Unrealized Losses	(6)	(1)
Fixed maturity securities, Longer than 12 months, Estimated Fair Value	2,652	2,732
Fixed maturity securities, Longer than 12 months, Gross Unrealized Losses	(566)	(488)
Fixed maturity securities, Total, Estimated Fair Value	3,646	3,231
Fixed maturity securities, Total, Gross Unrealized Losses	(572)	(489)
U.S. Agency Mortgage-backed
Schedule Of Available For Sale Securities [Line Items]
Fixed maturity securities, 12 months or less, Estimated Fair Value	452	94
Fixed maturity securities, 12 months or less, Gross Unrealized Losses	(4)
Fixed maturity securities, Longer than 12 months, Estimated Fair Value	4,663	4,879
Fixed maturity securities, Longer than 12 months, Gross Unrealized Losses	(591)	(515)
Fixed maturity securities, Total, Estimated Fair Value	5,115	4,973
Fixed maturity securities, Total, Gross Unrealized Losses	(595)	(515)
State and Political Subdivisions
Schedule Of Available For Sale Securities [Line Items]
Fixed maturity securities, 12 months or less, Estimated Fair Value	9,992	8,151
Fixed maturity securities, 12 months or less, Gross Unrealized Losses	(258)	(176)
Fixed maturity securities, Longer than 12 months, Estimated Fair Value	46,997	45,628
Fixed maturity securities, Longer than 12 months, Gross Unrealized Losses	(9,434)	(9,314)
Fixed maturity securities, Total, Estimated Fair Value	56,989	53,779
Fixed maturity securities, Total, Gross Unrealized Losses	(9,692)	(9,490)
Corporate and Miscellaneous
Schedule Of Available For Sale Securities [Line Items]
Fixed maturity securities, 12 months or less, Estimated Fair Value	27,711	22,527
Fixed maturity securities, 12 months or less, Gross Unrealized Losses	(2,044)	(1,871)
Fixed maturity securities, Longer than 12 months, Estimated Fair Value	60,852	66,482
Fixed maturity securities, Longer than 12 months, Gross Unrealized Losses	(10,597)	(9,829)
Fixed maturity securities, Total, Estimated Fair Value	88,563	89,009
Fixed maturity securities, Total, Gross Unrealized Losses	(12,641)	(11,700)
Residential Mortgage-backed
Schedule Of Available For Sale Securities [Line Items]
Fixed maturity securities, 12 months or less, Estimated Fair Value	849	269
Fixed maturity securities, 12 months or less, Gross Unrealized Losses	(12)	(10)
Fixed maturity securities, Longer than 12 months, Estimated Fair Value	3,135	3,029
Fixed maturity securities, Longer than 12 months, Gross Unrealized Losses	(523)	(513)
Fixed maturity securities, Total, Estimated Fair Value	3,984	3,298
Fixed maturity securities, Total, Gross Unrealized Losses	(535)	(523)
Commercial Mortgage-backed
Schedule Of Available For Sale Securities [Line Items]
Fixed maturity securities, 12 months or less, Estimated Fair Value	1,246	1,430
Fixed maturity securities, 12 months or less, Gross Unrealized Losses	(25)	(53)
Fixed maturity securities, Longer than 12 months, Estimated Fair Value	17,878	17,582
Fixed maturity securities, Longer than 12 months, Gross Unrealized Losses	(1,487)	(1,625)
Fixed maturity securities, Total, Estimated Fair Value	19,124	19,012
Fixed maturity securities, Total, Gross Unrealized Losses	(1,512)	(1,678)
Asset-backed
Schedule Of Available For Sale Securities [Line Items]
Fixed maturity securities, 12 months or less, Estimated Fair Value	4,286	3,551
Fixed maturity securities, 12 months or less, Gross Unrealized Losses	(224)	(190)
Fixed maturity securities, Longer than 12 months, Estimated Fair Value	20,076	26,644
Fixed maturity securities, Longer than 12 months, Gross Unrealized Losses	(1,623)	(1,891)
Fixed maturity securities, Total, Estimated Fair Value	24,362	30,195
Fixed maturity securities, Total, Gross Unrealized Losses	$ (1,847)	$ (2,081)

Investments - Schedule of Fix_2

Investments - Schedule of Fixed Maturities and Number of Fixed Maturities in Unrealized Loss Position and Percentage Investment Grade (Details)	Mar. 31, 2024 Security
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses 12 months or less, Total	(2,573)
Unrealized Losses 12 months or less, Impairment is Less than 10% of Amortized Cost	(1,052)
Unrealized Losses 12 months or less, Impairment is Between 10% and 20% of Amortized Cost	(866)
Unrealized Losses 12 months or less, Impairment is Greater than 20% of Amortized Cost	(655)
Unrealized Losses 12 months or less, Number of Fixed Maturities Total	188
Unrealized Losses 12 months or less, Impairment is Less than 10% of Amortized Cost Number of Fixed Maturities	158
Unrealized Losses 12 months or less, Impairment is Between 10% and 20% of Amortized Cost, Number of Fixed Maturities Total	21
Unrealized Losses 12 months or less, Impairment is Greater than 20% of Amortized Cost Number Fixed Maturities Total	9
Unrealized Losses greater than 12 months, Total	(24,821)
Unrealized Losses greater than 12 months, Impairment is Less than 10% of Amortized Cost	(3,430)
Unrealized Losses greater than 12 months, Impairment is Between 10% and 20% of Amortized Cost	(10,534)
Unrealized Losses greater than 12 months, Impairment is Greater than 20% of Amortized Cost	(10,857)
Unrealized Losses greater than 12 months, Number of Fixed Maturities, Total	574
Unrealized Losses greater than 12 months, Impairment is Less than 10% of Amortized Cost Number of Fixed Maturities Total	206
Unrealized Losses greater than 12 months, Impairment is Between 10% and 20% of Amortized Cost Number of Fixed Maturities Total	235
Unrealized Losses greater than 12 months, Impairment is Greater than 20% of Amortized Cost Number of Fixed Maturities Total	133
U.S. Government and Agencies
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses 12 months or less, Total	(6)
Unrealized Losses 12 months or less, Impairment is Less than 10% of Amortized Cost	(6)
Unrealized Losses 12 months or less, Percent Investment Grade	100%
Unrealized Losses greater than 12 months, Total	(566)
Unrealized Losses greater than 12 months, Impairment is Less than 10% of Amortized Cost	(72)
Unrealized Losses greater than 12 months, Impairment is Greater than 20% of Amortized Cost	(494)
Unrealized Losses greater than 12 months, Percent Investment Grade	100%
U.S. Agency Mortgage-backed
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses 12 months or less, Total	(4)
Unrealized Losses 12 months or less, Impairment is Less than 10% of Amortized Cost	(4)
Unrealized Losses 12 months or less, Percent Investment Grade	100%
Unrealized Losses greater than 12 months, Total	(591)
Unrealized Losses greater than 12 months, Impairment is Less than 10% of Amortized Cost	(174)
Unrealized Losses greater than 12 months, Impairment is Between 10% and 20% of Amortized Cost	(417)
Unrealized Losses greater than 12 months, Percent Investment Grade	100%
State and Political Subdivisions
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses 12 months or less, Total	(258)
Unrealized Losses 12 months or less, Impairment is Less than 10% of Amortized Cost	(258)
Unrealized Losses 12 months or less, Percent Investment Grade	100%
Unrealized Losses greater than 12 months, Total	(9,434)
Unrealized Losses greater than 12 months, Impairment is Less than 10% of Amortized Cost	(623)
Unrealized Losses greater than 12 months, Impairment is Between 10% and 20% of Amortized Cost	(3,636)
Unrealized Losses greater than 12 months, Impairment is Greater than 20% of Amortized Cost	(5,175)
Unrealized Losses greater than 12 months, Percent Investment Grade	100%
Corporate and Miscellaneous
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses 12 months or less, Total	(2,044)
Unrealized Losses 12 months or less, Impairment is Less than 10% of Amortized Cost	(623)
Unrealized Losses 12 months or less, Impairment is Between 10% and 20% of Amortized Cost	(771)
Unrealized Losses 12 months or less, Impairment is Greater than 20% of Amortized Cost	(650)
Unrealized Losses 12 months or less, Percent Investment Grade	87%
Unrealized Losses greater than 12 months, Total	(10,597)
Unrealized Losses greater than 12 months, Impairment is Less than 10% of Amortized Cost	(884)
Unrealized Losses greater than 12 months, Impairment is Between 10% and 20% of Amortized Cost	(4,678)
Unrealized Losses greater than 12 months, Impairment is Greater than 20% of Amortized Cost	(5,035)
Unrealized Losses greater than 12 months, Percent Investment Grade	85%
Residential Mortgage-backed
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses 12 months or less, Total	(12)
Unrealized Losses 12 months or less, Impairment is Less than 10% of Amortized Cost	(8)
Unrealized Losses 12 months or less, Impairment is Greater than 20% of Amortized Cost	(4)
Unrealized Losses 12 months or less, Percent Investment Grade	58%
Unrealized Losses greater than 12 months, Total	(523)
Unrealized Losses greater than 12 months, Impairment is Less than 10% of Amortized Cost	(59)
Unrealized Losses greater than 12 months, Impairment is Between 10% and 20% of Amortized Cost	(338)
Unrealized Losses greater than 12 months, Impairment is Greater than 20% of Amortized Cost	(126)
Unrealized Losses greater than 12 months, Percent Investment Grade	79%
Commercial Mortgage-backed
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses 12 months or less, Total	(25)
Unrealized Losses 12 months or less, Impairment is Less than 10% of Amortized Cost	(25)
Unrealized Losses 12 months or less, Percent Investment Grade	100%
Unrealized Losses greater than 12 months, Total	(1,487)
Unrealized Losses greater than 12 months, Impairment is Less than 10% of Amortized Cost	(915)
Unrealized Losses greater than 12 months, Impairment is Between 10% and 20% of Amortized Cost	(565)
Unrealized Losses greater than 12 months, Impairment is Greater than 20% of Amortized Cost	(7)
Unrealized Losses greater than 12 months, Percent Investment Grade	100%
Asset-backed
Schedule Of Available For Sale Securities [Line Items]
Unrealized Losses 12 months or less, Total	(224)
Unrealized Losses 12 months or less, Impairment is Less than 10% of Amortized Cost	(128)
Unrealized Losses 12 months or less, Impairment is Between 10% and 20% of Amortized Cost	(95)
Unrealized Losses 12 months or less, Impairment is Greater than 20% of Amortized Cost	(1)
Unrealized Losses 12 months or less, Percent Investment Grade	100%
Unrealized Losses greater than 12 months, Total	(1,623)
Unrealized Losses greater than 12 months, Impairment is Less than 10% of Amortized Cost	(703)
Unrealized Losses greater than 12 months, Impairment is Between 10% and 20% of Amortized Cost	(900)
Unrealized Losses greater than 12 months, Impairment is Greater than 20% of Amortized Cost	(20)
Unrealized Losses greater than 12 months, Percent Investment Grade	97%

Investments - Schedule of Gross

Investments - Schedule of Gross Unrealized Losses By Unrealized Loss Position and Credit Quality (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Total unrealized losses	$ 27,394	$ 26,476
Investment Grade
Debt Securities, Available-for-Sale [Line Items]
Fixed income securities with unrealized loss position less than or equal to 20% of amortized cost, net	15,466
Fixed income securities with unrealized loss position greater than 20% of amortized cost, net	11,064
Total unrealized losses	26,530
Below Investment Grade Fixed Income Securities
Debt Securities, Available-for-Sale [Line Items]
Fixed income securities with unrealized loss position less than or equal to 20% of amortized cost, net	416
Fixed income securities with unrealized loss position greater than 20% of amortized cost, net	448
Total unrealized losses	864
Fixed Income Securities
Debt Securities, Available-for-Sale [Line Items]
Fixed income securities with unrealized loss position less than or equal to 20% of amortized cost, net	15,882
Fixed income securities with unrealized loss position greater than 20% of amortized cost, net	11,512
Total unrealized losses	$ 27,394

Investments - Schedule of Gro_2

Investments - Schedule of Gross Unrealized Losses By Unrealized Loss Position and Credit Quality (Parenthetical) (Details) - Below Investment Grade Fixed Income Securities $ in Thousands	Mar. 31, 2024 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses having loss of less than or equal to twenty percent	$ 108
Unrealized losses having loss of greater than twenty percent	$ 756

Policy Liabilities - Additional

Policy Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Liability For Future Policy Benefit By Product Segment [Line Items]
Percentage of participating life insurance in force	2.30%	2.30%
Structured Settlement Contract
Liability For Future Policy Benefit By Product Segment [Line Items]
Policy liability	$ 12,400	$ 12,665
Policy liability that are life contingent	9,850	10,014
Structured Settlement Annuity Deficiency
Liability For Future Policy Benefit By Product Segment [Line Items]
Policy liability	$ 429	$ 629

Reinsurance - Schedule of Reins

Reinsurance - Schedule of Reinsurance Recoverables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Ceded future policy benefits	$ 205,552	$ 198,973
Claims and other amounts recoverables	34,672	39,625
Ending balance	$ 240,224	$ 238,598

Reinsurance - Schedule of Recon

Reinsurance - Schedule of Reconciliation of Direct Premiums to Net Premiums (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Insurance [Abstract]
Direct premiums	$ 47,504	$ 44,356
Assumed premiums	8,158	9,913
Ceded premiums	(33,105)	(29,931)
Net insurance premiums	$ 22,557	$ 24,338

Reinsurance - Schedule of Rec_2

Reinsurance - Schedule of Reconciliation of Direct Assumed and Ceded Amount for Life, Annuity and Health Claim Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Insurance [Abstract]
Direct	$ 35,751	$ 34,056
Assumed	4,145	4,161
Ceded	(22,021)	(21,846)
Life, annuity, and health claim benefits	$ 17,875	$ 16,371

Reinsurance - Additional Inform

Reinsurance - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Effects Of Reinsurance [Line Items]
Reinsurance, uncollectible or anticipated failure, amount	$ 200		$ 200
Amounts recoverable on paid claims	1,400		1,400
Decrease in ceded future policy benefits	657
Fixed-Rate Annuity | Policyholder Account Balances
Effects Of Reinsurance [Line Items]
Reserves related to fixed-rate annuity deposits	61,416		$ 62,665
Other Income
Effects Of Reinsurance [Line Items]
Net policy charges on universal life products	$ 47	$ 47

Closed Block - Additional Infor

Closed Block - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2011
Closed Block Disclosure [Abstract]
Assets transferred from closed block				$ 4,397
Additional closed block funding and accrued interest	$ 11,236	$ 11,143
Policyholder dividend obligation	$ 9,783	$ 9,636	$ 9,515

Closed Block - Schedule of Info

Closed Block - Schedule of Information Regarding Closed Block Liabilities (Assets) Designated to Closed Block (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Closed Block Liabilities
Future policy benefits and claims	$ 28,989	$ 29,144
Policyholder account balances	6,414	6,492
Other policyholder liabilities	2,489	5,207
Policyholder dividend obligation	9,783	9,636	$ 9,515
Other liabilities	374	2,068
Total Closed Block liabilities	48,049	52,547
Investments:
Fixed maturities - available-for-sale (amortized cost $42,414 and $42,506, respectively)	39,068	39,678
Policyholder loans	1,198	1,234
Total investments	40,266	40,912
Premiums due and uncollected	164	81
Accrued investment income	528	484
Reinsurance recoverables	10,313	14,739
Deferred income tax assets, net	4,290	4,100
Total assets designated to the Closed Block	55,561	60,316
Excess of Closed Block assets over liabilities	7,512	7,769
Amounts included in accumulated other comprehensive income:
Unrealized investment loss (gains), net of income tax	(2,643)	(2,234)
Total amounts included in accumulated other comprehensive income	(2,643)	(2,234)
Maximum future earnings and accumulated other comprehensive income to be recognized from Closed Block assets and liabilities (includes excess assets of $11,236 and $11,143, respectively)	$ (10,155)	$ (10,003)

Closed Block - Schedule of In_2

Closed Block - Schedule of Information Regarding Closed Block Liabilities (Assets) Designated to Closed Block (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Closed Block Disclosure [Abstract]
Fixed maturity securities available for sale amortized cost	$ 42,414	$ 42,506
Excess assets	$ 11,236	$ 11,143

Closed Block - Schedule of In_3

Closed Block - Schedule of Information Regarding Policyholder Dividend Obligations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Policyholder Dividend Obligations
Beginning balance	$ 9,636	$ 9,515
Impact from earnings allocable to policyholder dividend obligations	147	121
Ending balance	$ 9,783	$ 9,636

Closed Block - Schedule of In_4

Closed Block - Schedule of Information Regarding Closed Block Revenues and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Net insurance premiums	$ 864	$ 1,377
Net investment income	480	438
Net Realized Investment Gains (Losses)	1	1
Total revenues	1,345	1,816
Benefits and expenses
Life and annuity benefits - including policyholder dividends of $339 and $325, respectively	1,150	1,682
Interest credited to policyholder account balances	52	41
Operating costs and expenses	(48)	170
Total expenses	1,154	1,893
Revenues, net of expenses before provision for income tax expense (benefit)	192	(77)
Income tax expense (benefit)	40	(16)
Revenues, net of expenses and provision for income tax expense (benefit)	$ 152	$ (61)

Closed Block - Schedule of In_5

Closed Block - Schedule of Information Regarding Closed Block Revenues and Expenses (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Closed Block Disclosure [Abstract]
Policyholders dividends	$ 339	$ 325

Closed Block - Schedule of Amor

Closed Block - Schedule of Amortized Cost and Fair Value of Closed Block Fixed Maturity Portfolio by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Closed Block Disclosure [Abstract]
Amortized Cost, Due in one year or less	$ 3,704
Amortized Cost, Due after one year through five years	3,922
Amortized Cost, Due after five years through ten years	6,825
Amortized Cost, Due after ten years	24,865
Amortized Cost, Securities not due at a single maturity date - primarily mortgage and asset-backed	3,098
Amortized Cost, Total fixed maturities	42,414	$ 42,506
Fair Value, Due in one year or less	3,647
Fair Value, Due after one year through five years	3,913
Fair Value, Due after five years through ten years	6,473
Fair Value, Due after ten years	22,018
Fair Value, Securities not due at a single maturity date - primarily mortgage and asset-backed	3,017
Fair Value, Total fixed maturities	$ 39,068	$ 39,678

Assets and Liabilities Measur_3

Assets and Liabilities Measured at Fair Value - Summary of Assets Carried at Fair Value on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Recurring fair value measurements
Fixed maturities	$ 301,524	$ 313,382
Fair Value, Measurements, Recurring
Recurring fair value measurements
Fixed maturities	301,524	313,383
Total recurring assets	301,524	313,383
Fair Value, Measurements, Recurring | Level 1
Recurring fair value measurements
Fixed maturities	2,290	2,258
Total recurring assets	2,290	2,258
Fair Value, Measurements, Recurring | Level 2
Recurring fair value measurements
Fixed maturities	269,530	281,023
Total recurring assets	269,530	281,023
Fair Value, Measurements, Recurring | Level 3
Recurring fair value measurements
Fixed maturities	29,704	30,102
Total recurring assets	29,704	30,102
U.S. Government and Agencies
Recurring fair value measurements
Fixed maturities	9,856	10,065
U.S. Government and Agencies | Fair Value, Measurements, Recurring
Recurring fair value measurements
Fixed maturities	9,856	10,065
U.S. Government and Agencies | Fair Value, Measurements, Recurring | Level 2
Recurring fair value measurements
Fixed maturities	9,856	10,065
U.S. Agency Mortgage-backed
Recurring fair value measurements
Fixed maturities	6,460	6,718
U.S. Agency Mortgage-backed | Fair Value, Measurements, Recurring
Recurring fair value measurements
Fixed maturities	6,460	6,718
U.S. Agency Mortgage-backed | Fair Value, Measurements, Recurring | Level 2
Recurring fair value measurements
Fixed maturities	6,460	6,718
State and Political Subdivisions
Recurring fair value measurements
Fixed maturities	71,558	70,219
State and Political Subdivisions | Fair Value, Measurements, Recurring
Recurring fair value measurements
Fixed maturities	71,558	70,219
State and Political Subdivisions | Fair Value, Measurements, Recurring | Level 2
Recurring fair value measurements
Fixed maturities	71,058	69,726
State and Political Subdivisions | Fair Value, Measurements, Recurring | Level 3
Recurring fair value measurements
Fixed maturities	500	493
Corporate and Miscellaneous
Recurring fair value measurements
Fixed maturities	154,676	165,296
Corporate and Miscellaneous | Fair Value, Measurements, Recurring
Recurring fair value measurements
Fixed maturities	154,676	165,297
Corporate and Miscellaneous | Fair Value, Measurements, Recurring | Level 1
Recurring fair value measurements
Fixed maturities	2,290	2,258
Corporate and Miscellaneous | Fair Value, Measurements, Recurring | Level 2
Recurring fair value measurements
Fixed maturities	126,535	136,688
Corporate and Miscellaneous | Fair Value, Measurements, Recurring | Level 3
Recurring fair value measurements
Fixed maturities	25,851	26,351
Foreign Government
Recurring fair value measurements
Fixed maturities	133	135
Foreign Government | Fair Value, Measurements, Recurring
Recurring fair value measurements
Fixed maturities	133	135
Foreign Government | Fair Value, Measurements, Recurring | Level 2
Recurring fair value measurements
Fixed maturities	133	135
Residential Mortgage-backed
Recurring fair value measurements
Fixed maturities	7,739	6,875
Residential Mortgage-backed | Fair Value, Measurements, Recurring
Recurring fair value measurements
Fixed maturities	7,739	6,875
Residential Mortgage-backed | Fair Value, Measurements, Recurring | Level 2
Recurring fair value measurements
Fixed maturities	7,739	6,875
Commercial Mortgage-backed
Recurring fair value measurements
Fixed maturities	20,600	20,388
Commercial Mortgage-backed | Fair Value, Measurements, Recurring
Recurring fair value measurements
Fixed maturities	20,600	20,388
Commercial Mortgage-backed | Fair Value, Measurements, Recurring | Level 2
Recurring fair value measurements
Fixed maturities	20,600	20,388
Asset-backed
Recurring fair value measurements
Fixed maturities	30,502	33,686
Asset-backed | Fair Value, Measurements, Recurring
Recurring fair value measurements
Fixed maturities	30,502	33,686
Asset-backed | Fair Value, Measurements, Recurring | Level 2
Recurring fair value measurements
Fixed maturities	27,149	30,428
Asset-backed | Fair Value, Measurements, Recurring | Level 3
Recurring fair value measurements
Fixed maturities	$ 3,353	$ 3,258

Assets and Liabilities Measur_4

Assets and Liabilities Measured at Fair Value - Summary of Changes in Fair Value of Level 3 Assets Held at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net Income (Loss)	Net Income (Loss)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax	OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax
Fixed Maturities, Available-for-Sale | Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial Assets, Beginning Balance	$ 30,102	$ 30,566
Total gains (losses) included in: Net Income (loss)	(89)	68
Total gains (losses) included in: OCI	3	306
Purchases	3,207	3,640
Sales	(3,273)	(4,850)
Net Transfers	(246)	372
Financial Assets, Ending Balance	29,704	30,102
State and Political Subdivisions | Fixed Maturities, Available-for-Sale | Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial Assets, Beginning Balance	492	442
Total gains (losses) included in: OCI	8	50
Financial Assets, Ending Balance	500	492
Corporate and Miscellaneous | Fixed Maturities, Available-for-Sale | Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial Assets, Beginning Balance	26,351	26,991
Total gains (losses) included in: Net Income (loss)	(142)	(38)
Total gains (losses) included in: OCI	14	74
Purchases	3,064	2,982
Sales	(3,190)	(4,030)
Net Transfers	(246)	372
Financial Assets, Ending Balance	25,851	26,351
Asset-backed | Fixed Maturities, Available-for-Sale | Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial Assets, Beginning Balance	3,259	3,133
Total gains (losses) included in: Net Income (loss)	53	106
Total gains (losses) included in: OCI	(19)	182
Purchases	143	658
Sales	(83)	(820)
Financial Assets, Ending Balance	$ 3,353	$ 3,259

Assets and Liabilities Measur_5

Assets and Liabilities Measured at Fair Value - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Investment	Dec. 31, 2023 USD ($) Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of investments transferred from level 3 to level 2 | Investment	1	1
Number of investments transferred from level 2 to level 3 | Investment	0	3
Mortgage loans | $	$ 39,603	$ 40,534
Second and Mezzanine Mortgages
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mortgage loans | $	$ 1,005	$ 1,098

Assets and Liabilities Measur_6

Assets and Liabilities Measured at Fair Value - Summary of Carrying Amount and Estimated Fair Values of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Financial instruments recorded as assets:
Mortgage loans	$ 39,603	$ 40,534
Policyholder loans	7,216	7,149
Financial instruments recorded as liabilities:
Future policy benefits, excluding term life reserves	16,017	16,307
Long/short-term debt	51,259	49,010
Policyholder account balances	69,414	70,726
Estimated Fair Value
Financial instruments recorded as assets:
Mortgage loans	36,357	37,005
Policyholder loans	8,310	8,234
Financial instruments recorded as liabilities:
Future policy benefits, excluding term life reserves	15,119	15,319
Long/short-term debt	49,244	51,927
Policyholder account balances	64,748	65,881
Estimated Fair Value | Level 3
Financial instruments recorded as assets:
Mortgage loans	36,357	37,005
Policyholder loans	8,310	8,234
Financial instruments recorded as liabilities:
Future policy benefits, excluding term life reserves	15,119	15,319
Long/short-term debt	49,244	51,927
Policyholder account balances	$ 64,748	$ 65,881

Long and Short-Term Debt - Addi

Long and Short-Term Debt - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Net advance from external party	$ 36,622,000	$ 40,393,000
Federal Home Loan Bank of Chicago
Debt Instrument [Line Items]
Outstanding borrowings	5,300,000
Federal Home Loan Bank of Chicago | Other Invested Assets
Debt Instrument [Line Items]
Common stock held	$ 270,000	$ 270,000

Long and Short-Term Debt - Sche

Long and Short-Term Debt - Schedule of Long Term and Short Term Debt Pay Back (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Due in one year or less	$ 12,976
Due after one year through two years	6,408
Due after two years through three years	5,994
Due after three years through four years	5,556
Due after four years through five years	5,091
Due after five years	39,837
Less discount	(24,603)
Total long/short-term debt	$ 51,259

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other comprehensive income (loss)
Balance – beginning of period	$ 110,213
Unrealized holding (losses) gains from changes in the market value of securities	(1,991)	$ 7,927
Impact on Policy benefit liabilities of changes in market value of securities	199	(251)
Income tax benefit (expense)	313	(1,363)
Total other comprehensive income (loss)	(1,479)	6,313
Balance – end of period	103,208	115,588
Net Unrealized Gains (Losses) on Investments with Credit Losses
Other comprehensive income (loss)
Balance – beginning of period	362	362
Balance – end of period	362	362
Net Unrealized Gains (Losses) on Other Investments
Other comprehensive income (loss)
Balance – beginning of period	(21,584)	(30,534)
Unrealized holding (losses) gains from changes in the market value of securities	(1,991)	7,927
Impact on Policy benefit liabilities of changes in market value of securities	199	(251)
Income tax benefit (expense)	313	(1,363)
Total other comprehensive income (loss)	(1,479)	6,313
Balance – end of period	(23,063)	(24,221)
Accumulated Other Comprehensive Income (Loss)
Other comprehensive income (loss)
Balance – beginning of period	(21,222)	(30,172)
Balance – end of period	$ (22,701)	$ (23,859)

Business Segments - Additional

Business Segments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Business Segments - Schedule of

Business Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net insurance premiums	$ 22,557	$ 24,338
Net investment income	4,135	4,347
Net (losses) gains on investments	(380)	(539)
Earned commissions	16,798	14,749
Other income	2,383	1,727
Total revenues	45,493	44,622
Life, annuity, and health claim benefits	18,488	17,060
Operating costs and expenses	29,468	25,769
Amortization of deferred policy acquisition costs	3,749	3,648
Total benefits and expenses	51,705	46,477
Income (loss) before income tax	(6,212)	(1,855)
Investments and cash	365,516		$ 371,473
Commissions and agent balances	58,291		53,494
Deferred policy acquisition costs	89,186		88,076
Intangible assets	1,635		1,635
Reinsurance recoverables net	240,224		238,598
Deferred income tax assets, net	33,396		32,396
Other	39,086		37,146
Total assets	827,334		822,818
Operating Segments | Insurance
Segment Reporting Information [Line Items]
Net insurance premiums	22,557	24,338
Net investment income	4,079	4,273
Net (losses) gains on investments	(380)	(307)
Other income	438	275
Total revenues	26,694	28,579
Life, annuity, and health claim benefits	18,488	17,060
Operating costs and expenses	8,199	7,704
Amortization of deferred policy acquisition costs	3,749	3,648
Total benefits and expenses	30,436	28,412
Income (loss) before income tax	(3,742)	167
Investments and cash	364,457		367,746
Commissions and agent balances	13,059		8,471
Deferred policy acquisition costs	89,186		88,076
Reinsurance recoverables net	240,224		238,598
Deferred income tax assets, net	20,612		19,195
Other	29,600		27,623
Total assets	757,138		749,709
Operating Segments | Agency
Segment Reporting Information [Line Items]
Earned commissions	16,798	15,094
Other income	1,945	1,452
Total revenues	18,743	16,546
Operating costs and expenses	19,814	16,419
Total benefits and expenses	19,814	16,419
Income (loss) before income tax	(1,071)	127
Investments and cash	844		643
Commissions and agent balances	45,232		45,023
Intangible assets	1,635		1,635
Other	9,095		9,009
Total assets	56,806		56,310
Operating Segments | Corporate & Other
Segment Reporting Information [Line Items]
Net investment income	56	74
Net (losses) gains on investments		(232)
Earned commissions		(345)
Total revenues	56	(503)
Operating costs and expenses	1,455	1,646
Total benefits and expenses	1,455	1,646
Income (loss) before income tax	(1,399)	$ (2,149)
Investments and cash	215		3,084
Deferred income tax assets, net	12,784		13,201
Other	391		514
Total assets	$ 13,390		$ 16,799