Midwest Holding (MDWT) 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 16, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-39812
Entity Registrant Name	MIDWEST HOLDING INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0362426
Entity Address, Address Line One	2900 S. 70th, Suite 400
Entity Address, City or Town	Lincoln
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68506
City Area Code	402
Local Phone Number	489-8266
Title of 12(b) Security	Voting Common Stock, $0.001 par value
Trading Symbol	MDWT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,737,564
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000355379
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Fixed maturities, available for sale, at fair value(amortized cost: $774,248 and $679,921, respectively) (See Note 4)	$ 765,013	$ 683,296
Mortgage loans on real estate, held for investment	174,127	183,203
Derivatives	14,606	23,022
Equity securities, at fair value (cost: $22,158 in 2022 and $22,158 in 2021)	21,190	21,869
Other invested assets	55,479	35,293
Investment escrow	1,552	3,611
Federal Home Loan Bank (FHLB) stock	500	500
Preferred stock	20,134	18,686
Notes receivable	6,035	5,960
Policy loans	90	87
Total investments	1,058,726	975,527
Cash and cash equivalents	144,684	142,013
Deferred acquisition costs, net	28,292	24,530
Premiums receivable	364	354
Accrued investment income	13,205	13,623
Reinsurance recoverables (See Note 9)	33,908	38,579
Intangible assets	700	700
Property and equipment, net	570	386
Operating lease right of use assets	2,300	2,360
Receivable for securities sold	5,774	19,732
Other assets	13,375	2,113
Total assets	1,301,898	1,219,917
Liabilities:
Benefit reserves	12,899	12,941
Policy claims	1,167	237
Deposit-type contracts (See note 11)	1,148,085	1,075,439
Advance premiums	10	1
Deferred gain on coinsurance transactions	30,049	28,589
Lease liabilities (See Note 13):
Operating lease	2,307	2,364
Payable for securities purchased	3,290	5,546
Other liabilities	24,900	9,044
Total liabilities	1,222,707	1,134,161
Stockholders' Equity:
Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and outstanding as of March 31, 2022 or December 31, 2021
Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,737,564 shares issued and outstanding as of March 31, 2022 and December 31, 2021 , respectively; non-voting common stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding March 31, 2022 and December 31, 2021, respectively	4	4
Additional paid-in capital	138,483	138,452
Treasury stock	(175)	(175)
Accumulated deficit	(69,972)	(70,159)
Accumulated other comprehensive loss (income)	(7,581)	2,634
Total Midwest Holding Inc.'s stockholders' equity	60,759	70,756
Noncontrolling interests	18,432	15,000
Total stockholders' equity	79,191	85,756
Total liabilities and stockholders' equity	$ 1,301,898	$ 1,219,917

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Amortized Cost	$ 774,248	$ 679,921
Equity Securities, Amortized Cost	$ 22,158	$ 22,158
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	3,737,564	3,737,564
Common stock, shares outstanding	3,737,564	3,737,564
Non Voting Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Non Voting Common Stock, Shares Authorized	2,000,000	2,000,000
Non Voting Common Stock, Shares Issued	0	0
Non Voting Common Stock, Shares Outstanding	0	0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Investment income, net of expenses	$ 6,242	$ 2,887
Net realized loss on investments (See Note 4)	(6,175)	(4,649)
Amortization of deferred gain on reinsurance transactions	970	461
Service fee revenue, net of expenses	1,098	438
Other revenue	448	249
Total revenue	2,583	(614)
Expenses
Interest credited	(6,674)	(2,346)
Amortization of deferred acquisition costs	851	503
Salaries and benefits	4,318	2,927
Other operating expenses	(1,822)	(1,529)
Total expenses	(3,327)	(445)
Net income (loss) before income tax expense	5,910	(169)
Income tax expense (See Note 8)	(4,722)	(1,432)
Net income (loss) after income tax expense	1,188	(1,601)
Less: Income attributable to noncontrolling interest	1,001
Net loss attributable to Midwest Holding, Inc.	187	(1,601)
Comprehensive income (loss):
Unrealized (losses) gains on investments arising during the three months ended March 31, 2022 and 2021 , net of offsets, (tax ($2,900) and $181, respectively)	(9,703)	963
Less: Reclassification adjustment for net realized losses on investments, net of offsets (net of tax ($136) and $85, respectively)	(512)	(321)
Other comprehensive (loss) income	(10,215)	642
Comprehensive loss	$ (10,028)	$ (959)
Income (loss) per common share
Basic (in dollars per share)	$ 0.05	$ (0.43)
Diluted (in dollars per share)	$ 0.05	$ (0.43)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Unrealized (losses) gains on investments arising during period, net of tax	$ 2,600	$ 181
Reclassification adjustment for net realized gains on investments, net of tax	$ 136	$ 85

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Treasury Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	AOCI [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2020	$ (175)	$ 4	$ 133,593	$ (53,522)	$ 6,430		$ 86,330
Net income (loss) attributable to Midwest Holding, Inc.				(1,601)			(1,601)
Employee stock options			261				261
Unrealized (gains) losses on investments, net of taxes					642		642
Balance at Mar. 31, 2021	(175)	4	133,854	(55,123)	7,072		85,632
Balance at Dec. 31, 2021	(175)	4	138,452	(70,159)	2,634	$ 15,000	85,756
Net income (loss) attributable to Midwest Holding, Inc.				187			187
Employee stock options			31				31
Unrealized (gains) losses on investments, net of taxes					(10,215)		(10,215)
Noncontrolling interest						3,432	3,432
Balance at Mar. 31, 2022	$ (175)	$ 4	$ 138,483	$ (69,972)	$ (7,581)	$ 18,432	$ 79,191

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities:
Gain (loss) attributable to Midwest Holding, Inc.	$ 187,000	$ (1,601,000)
Adjustments to arrive at cash provided by operating activities:
Net premium and discount on investments	(639,000)	(280,000)
Depreciation and amortization	11,000	14,000
Stock options	32,000	261,340
Amortization of deferred acquisition costs	851,000	503,000
Deferred acquisition costs capitalized	(4,464,000)	(6,774,000)
Net realized loss on investments	6,175,000	4,649,000
Deferred gain on coinsurance transactions	1,460,000	2,398,000
Changes in operating assets and liabilities:
Reinsurance recoverables	5,316,000	(6,165,000)
Interest and dividends due and accrued	418,000	(2,288,000)
Premiums receivable	(10,000)
Deposit-type liabilities	(16,151,000)	(4,317,000)
Policy liabilities	897,000	12,000
Receivable and payable for securities	11,702,000
Other assets and liabilities	4,522,000	21,408,000
Other assets and liabilities - discontinued operations		(2,000)
Net cash provided by operating activities	10,307,000	7,818,000
Fixed maturities available for sale:
Purchases	(226,416,000)	(176,434,000)
Proceeds from sale or maturity	140,758,000	61,831,000
Mortgage loans on real estate, held for investment
Purchases	(19,699,000)	(16,447,000)
Proceeds from sale	30,835,000	1,661,000
Derivatives
Purchases	(4,691,000)	(4,157,000)
Proceeds from sale	1,388,000	660,000
Purchases		(42,093,000)
Proceeds from sale	142,000
Other invested assets
Purchases	(23,768,000)	(5,160,000)
Proceeds from sale	3,334,000	1,308,000
Preferred stock	(1,549,000)	(475,000)
Net change in policy loans	(3,000)	(3,000)
Net purchases of property and equipment	(195,000)	(10,000)
Net cash used in investing activities	(99,864,000)	(179,319,000)
Cash Flows from Financing Activities:
Net transfer to noncontrolling interest	3,432,000
Receipts on deposit-type contracts	98,111,000	123,654,000
Withdrawals on deposit-type contracts	(9,315,000)	(2,905,000)
Net cash provided by financing activities	92,228,000	120,749,000
Net increase (decrease) in cash and cash equivalents	2,671,000	(50,752,000)
Cash and cash equivalents:
Beginning	142,013,000	151,679,000
Ending	144,684,000	$ 100,927,000
Supplementary information
Cash paid for taxes	$ 250,000

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Note 1. Nature of Operations and Basis of Presentation Nature of Operations Midwest Holding Inc. (“Midwest,” “the Company,” “we,” “our,” or “us”) was incorporated in Nebraska on October 31, 2003 for the primary purpose of operating a financial services company. The Company redomesticated from the State of Nebraska to the State of Delaware on August 27, 2020. The Company is in the life and annuity insurance business and operates through its wholly owned subsidiaries, American Life & Security Corp. (“American Life”), and 1505 Capital LLC (“1505 Capital”) as well as through its sponsored captive reinsurance company, Seneca Reinsurance Company, LLC (“Seneca Re”). American Life is a Nebraska-domiciled life insurance company that is currently licensed to sell, underwrite, and market life insurance and annuity products in 22 states and the District of Columbia. Effective March 12, 2020, Seneca Re, a Vermont limited liability company, was formed by Midwest to operate as a sponsored captive insurance company for the purpose of insuring and reinsuring various types of risks of its participants through one or more protected cells and to conduct any other business or activity that is permitted for sponsored captive insurance companies under Vermont insurance regulations. On March 30, 2020, Seneca Re received its Certification of Authority to transact the business of a captive insurance company. On April 15, 2020, Midwest entered into an operating agreement with Seneca Re and as of March 31, 2022, Seneca Re has two incorporated cells, Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) and Seneca Re Protected Cell 2021-03 (“SRC3”) which are consolidated in our financial statements. On May 12, 2020, Midwest contributed $300,000 to Seneca Re for a 100% ownership interest. Midwest owned 100% in SRC1 by contributing a total of $21.4 million. On December 30, 2021, Midwest closed the sale of approximately 70% of SRC1 to a subsidiary of ORIX Corporation USA “ORIX USA”) for $15.0 million. Under the terms of the agreement, Midwest now holds a 30% ownership interest in SRC1. ORIX Advisers, LLC, another subsidiary of ORIX USA, is the manager of the assets underlying SRC1’s reinsurance obligations going forward, replacing Midwest’s asset management arm, 1505 Capital. ​ On April 2, 2019, we obtained a 51% ownership in 1505 Capital, a Delaware limited liability company, that was established in 2018 to provide financial and investment advisory and management services to clients and related investment activities. On June 15, 2020, we purchased the remaining 49% ownership in 1505 Capital for $500,000. 1505 Capital’s financial results have been consolidated with the Company’s since the date of its acquisition. ​ On July 27, 2020, American Life entered into a reinsurance agreement (the “Reinsurance Agreement”) with a new protected cell formed by Seneca Re (Seneca Incorporated Cell, LLC 2020-02 (“SRC2”)). SRC2 was capitalized by Crestline Management, L.P. (“Crestline”), a significant shareholder of Midwest via a Crestline subsidiary, Crestline Re SPC1. The Reinsurance Agreement, which was effective as of April 24, 2020, and was entered into pursuant to a Master Letter Agreement (the “Master Agreement”) dated and effective as of April 24, 2020, among American Life, Seneca Re and Crestline. The Reinsurance Agreement supports American Life’s new business production by providing reinsurance capacity for American Life to write certain kinds of fixed and multi-year guaranteed annuity products. Concurrently with the Reinsurance Agreement: ​ ● American Life and SRC2 each entered into investment management agreements with Crestline, pursuant to which Crestline manages the assets that support the reinsured business; and ● American Life and SRC2 entered into a trust agreement whereby SRC2 maintains for American Life’s benefit a trust account that supports the reinsured business. ​ Under the Master Agreement, Crestline agreed to provide reinsurance funding for a quota share percentage of 25% of the liabilities of American Life arising from its multi-year guaranteed annuities (“MYGA”) and a quota share percentage of 40% for American Life’s fixed indexed annuity (“FIA”) products. The Master Agreement expires on April 24, 2023. In addition, pursuant to the Master Agreement, the parties thereto have agreed to enter into a separate agreement whereby, among other things and subject to certain conditions, American Life will agree to reinsure additional new business production to one or more reinsurers formed and/or capitalized by Crestline, Midwest or an appropriate affiliate will refer potential advisory clients to Crestline, and American Life will consider investing in certain assets originated or sourced by Crestline. ​ On June 26, 2021, the Nebraska Department of Insurance (‘NDOI”) issued its non-disapproval of the Modified Coinsurance Agreement (“Modco AEG Agreement”) of American Life with American Republic Insurance Company (“AEG”), an Iowa domiciled reinsurance company. The agreement closed on June 30, 2021. Under the Modco AEG Agreement, American Life cedes to AEG, on a modified coinsurance basis, 20% quota share of certain liabilities with respect to its MYGA-5 business and an initial 20% quota share of certain liabilities with respect to its FIA products. American Life has established a Modco Deposit Account to hold the assets for the Modco Agreement. The initial settlement included net premium of $37.5 million and net reserves of $34.8 million for the modified coinsurance account. The amount paid to the Modified Deposit Account from AEG was $2.4 million. ​ On November 10, 2021, Midwest purchased 100% ownership of an intermediary holding company for $5.7 million, which company there of contributed capital of $5.5 million to purchase 100% of SRC3 Class A and B capital stock. Also, on November 10, 2021, American Life and SRC3 entered into a Funds Withheld and Modified Coinsurance Agreement, whereby, SRC3 agreed to provide reinsurance funding for a quota share percentage of 45% of the liabilities of American Life arising from its MYGA and quota share percentage of 45% of American Life’s FIA products. ​ Management evaluates the Company as one reporting segment in the life insurance industry. The Company is primarily engaged in the underwriting and marketing of annuity products through American Life, and then reinsuring such products with third-party reinsurers, and since May 13, 2020, with Seneca Re protected cells. American Life’s legacy product offerings consisted of a multi-benefit life insurance policy that combined cash value life insurance with a tax deferred annuity and a single premium term life product. American Life presently offers six annuity products: two MYGAs, two FIAs, and two bonus plans associated with the FIA product. It is not presently offering any traditional life insurance products. Basis of Presentation These financial statements include all adjustments, consisting of only normal recurring adjustments, which are necessary to make our financial position at March 31, 2022 and the results of our operations for the three months ended March 31, 2022 and 2021 not misleading. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), the accompanying condensed consolidated financial statements do not include all disclosures normally required by generally accepted accounting principles in the United States of American (“GAAP”). These financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 on file with the SEC. In our opinion, the condensed consolidated financial statements are a fair presentation of the financial position, results of operations, changes in stockholders’ equity and cash flows for the periods presented. The results of operations for three months ended March 31, 2022 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2022. The following is a summary of our significant accounting policies and estimates. These accounting policies inherently require significant judgment and assumptions, and actual operating results could differ significantly from management’s estimates determined using these policies. We believe the following accounting policies, judgments and estimates are the most critical to the understanding of our results of operations and financial position. All intercompany accounts and transactions have been eliminated in consolidation and certain immaterial reclassifications have been made to the prior period results to conform to the current period’s presentation with no impact on results of operations or total stockholders’ equity. Fixed Maturities All fixed maturities owned by the Company are considered available-for-sale and are included in the consolidated financial statements at their fair value as of the financial statement date. Premiums and discounts on fixed maturity debt instruments are amortized using the scientific-yield method over the term of the bonds. Realized gains and losses on securities sold during the year are determined using the specific identification method. Unrealized holding gains and losses, net of applicable income taxes, are included in accumulated other comprehensive (loss) income. Declines in the fair value of available-for-sale securities below their amortized cost are evaluated to assess whether any other-than-temporary impairment loss should be recorded. In determining if these losses are expected to be other-than-temporary, the Company considers severity of impairment, duration of impairment, forecasted recovery period, industry outlook, the financial condition of the issuer, issuer credit ratings, and the intent and ability of the Company to hold the investment until the recovery of the cost. The recognition of other-than-temporary impairment losses on debt securities is dependent on the facts and circumstances related to the specific security. If the Company intends to sell a security or it is more likely than not that the Company would be required to sell a security prior to recovery of the amortized cost, the difference between amortized cost and fair value is recognized in the statement of comprehensive income as an impairment. If the Company does not expect to recover the amortized basis, does not plan to sell the security, and if it is not more likely than not that the Company would be required to sell a security before the recovery of its amortized cost, the recognition of the impairment is bifurcated. The Company recognizes the credit loss portion as realized losses and the noncredit loss portion in accumulated other comprehensive loss. The credit component of other-than-temporary impairment is determined by comparing the net present value of projected cash flows with the amortized cost basis of the debt security. The net present value is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the fixed income security at the date of acquisition. Cash flow estimates are driven by assumptions regarding probability of default, including changes in credit ratings, and estimates regarding timing and amount of recoveries associated with a default. The Company had no impairment recognized as of March 31, 2022 and as of December 31, 2021. Investment income consists of interest, dividends, gains and losses from equity method investments, and real estate income, which are recognized on an accrual basis along with the amortization of premiums and discounts. Certain available-for-sale investments are maintained as collateral under funds withheld (“FW”) and modified coinsurance (“Modco”) agreements but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. American Life has treaties with several third-party reinsurers that have funds withheld and modified coinsurance provisions. In Modco, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In FW, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers to reduce the potential credit risk. The unrealized gains/losses on those investments are passed through to the third-party reinsurers as either a realized gain or loss on the Consolidated Statements of Comprehensive Loss. Mortgage loans on real estate, held for investment Mortgage loans on real estate, held for investment are carried at unpaid principal balances. Interest income on mortgage loans on real estate, held for investment, is recognized in net investment income at the contract interest rate when earned. A mortgage loan is considered to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances on mortgage loans are established based upon losses expected by management to be realized in connection with future dispositions or settlements of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate and disposition of collateral. These evaluations are revised as conditions change and new information becomes available. No such valuation allowance was established for the as of March 31, 2022 and as of December 31, 2021. Derivative Instruments Derivatives are used to hedge the risks experienced in our ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, or other underlying notional amounts. Derivative assets and liabilities are carried at fair value on the consolidated balance sheets. To qualify for hedge accounting, at the inception of the hedging relationship, we would formally document our designation of the hedge as a cash flow or fair value hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we would identify how the hedging instrument is expected to hedge the designated risks related to the hedged item, the method that would be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which would be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness would be formally assessed at inception and periodically throughout the life of the designated hedging relationship. During the last quarter of 2020, the Company began investing in foreign currency futures to hedge the fluctuations in the foreign currencies. The formal documentation and hedge effectiveness was also not completed at the date we entered into those futures contracts; therefore, they do not qualify for hedge accounting. The futures change in fair market values were recorded on our consolidated statement of comprehensive loss as realized gains or (losses). Additionally, reinsurance agreements written on a FW or Modco basis contain embedded derivatives on our annuity products. Gains or (losses) associated with the performance of assets maintained in the modified coinsurance deposit and funds withheld accounts are reflected as realized gains or (losses) in the consolidated statement of comprehensive loss. Equity Securities Equity securities at March 31, 2022 consisted of exchange traded funds (“ETFs”). The ETF’s are carried at fair value with the change in fair value recorded through realized gains and losses in the Consolidated Statements of Comprehensive Loss. As of March 31, 2022 and December 31, 2021, we held $21.2 million and $21.9 million of ETFs, respectively. Federal Home Loan Bank (FHLB) stock ​ American Life purchased Federal Home Loan Bank of Topeka (“FHLB”) common stock on May 5, 2021. This investment was to solidify our membership with FHLB Topeka. The carrying value of FHLB stock approximates fair value since the Company can redeem the stock with FHLB at cost. As a member of the FHLB, the Company is required to purchase this stock, which is carried at cost and classified as restricted equity securities. Membership allows access to various funding arrangements to provide a source of additional liquidity. As of March 31, 2022, 2021 and December 31, 2021, there were no such outstanding funding arrangements. Other invested assets Other invested assets consists of approximately $55.5 million of various investments which primarily consists of approximately $41.7 million of collateral loans, private credit, and equipment leases. Also, we had an initial investment of $19.0 million investment in a private fund that was repackaged into a special purpose vehicle between American Life and an unaffiliated entity, PF Collinwood Holdings, LLC (“PFC”), with American Life owning 100% of the entity effective January 2021. No gain or loss was recognized from the repackaging of PFC. The statement value approximates the fair value of PFC as of March 31, 2022 and December 31, 2021 of $15.0 million and $14.5 million, respectively, with the change in fair market value recorded in unrealized gains and losses in equity on the balance sheet. On February 2, 2022, we established a special purpose vehicle Python Asset Holding LLC with American Life owning 100% of the entity with an initial investments of $7.4 million. As of March 31, 2022 our investment in Python was carried at the initial investment minus approximately $275,000 distribution from the fund. Investment escrow The Company held in escrow $1.6 million and $3.6 million as of March 31, 2022 and December 31, 2021, respectively. The cash was used to settle mortgage loan investments that closed in April 2022 and January 2022, respectively. Preferred Stock The Company held a perpetual preferred stock investment of $10.0 million as of March 31, 2022 and December 31, 2021, respectively. The change in fair market value is recorded in net investment income on in the income statement. In 2020 American Life entered into a series of transactions with an unaffiliated entity, Ascona Group Holdings Ltd (“AGH”). Through this transactions American Life acquired preferred equity in AGH in Pound Sterling (“GBP”) of 3.6 million along with warrants bearing no initial assigned value. American Life subsequently created a special purpose vehicle, Ascona Asset Holding LLC (“AAH”), to hold the Preferred Equity and Warrants, and later created Ascona Collinwood HoldCo LLC (“ACH”) to be the sole member of AAH. American Life and Crestline Re SP1 own 74% and 26%, respectively, of ACH. American Life is carrying the preferred equity and warrants at a market value in USD of $10.1 million as of March 31, 2022 and $8.7 million as of December 31, 2021. The change in market value of $1.7 million for the preferred stock and warrants of $1.7 million was recorded in net investment income on the Consolidated Statements of Comprehensive Loss. Of the $1.7 million of investment income $438,631 was attributable to the noncontrolling interest. ​ Notes receivable The Company held notes receivable carried at fair value of $6.0 million as of March 31, 2022, and December 31, 2021, between American Life and a related party. The note receivable has an annual interest rate of 5% which is paid in kind (“PIK”) interest per annum that increases the outstanding note balance. This note was rated BBB+ by a nationally recognized statistical rating organization. This note matures on June 18, 2050. Policy loans Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. No valuation allowance is established for these policy loans as the amount of the loan is fully secured by the death benefit of the policy and cash surrender value. Cash and cash equivalents The Company considers all liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of March 31, 2022 and December 31, 2021, the Company held approximately GBP 131,078 and GBP 2.2 million in several of our custody accounts, respectively. The USD equivalent held was approximately $172,581 and $3.0 million, respectively. As of March 31, 2022 and December 31, 2021, the Company held approximately Euro 1.7 and 9.3 million, respectively. The USD equivalent held was approximately $1.9 million and $10.6 million, respectively. For the three months ended March 31, 2022 and 2021, we had realized losses of approximately $108,000 and $75,000 respectively, related to the change in the foreign currency exchange rate of the GBP and Euro that were recorded in realized (losses) gains on investments in the Consolidated Statements of Comprehensive Loss. The Company had no money market investments as of March 31, 2022 and December 31, 2021. Deferred acquisition costs Deferred acquisition costs (“DAC”) consist of incremental direct costs, net of amounts ceded to third-party reinsurers, that result directly from and are essential to the contract acquisition transaction and would not have been incurred by the Company had the contract acquisition not occurred. These costs are capitalized, to the extent recoverable, and amortized over the life of the premiums produced. The Company evaluates the types of acquisition costs it capitalizes. The Company capitalizes agent compensation and benefits and other expenses that are directly related to the successful acquisition of contracts. The Company also capitalizes expenses directly related to activities performed by the Company, such as underwriting, policy issuance, and processing fees incurred in connection with successful contract acquisitions. Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. The Company performs a recoverability analysis annually in the fourth quarter unless events occur which require an immediate review. The Company performed a recoverability analysis during the fourth quarter of 2021 and determined that all DAC balances were recoverable as of December 31, 2021.The Company determined that no events occurred in the three months ended March 31, 2022 that suggest a review should be undertaken. Property and equipment Property and equipment are stated at cost net of accumulated depreciation. Annual depreciation is primarily computed using straight-line methods for financial reporting and straight-line and accelerated methods for tax purposes. Furniture and equipment is depreciated over 3 to 7 years and computer software and equipment is generally depreciated over 3 years. Depreciation expense totaled $9,964 and $12,334 for the three months ended March 31, 2022 and 2021, respectively. Accumulated depreciation totaled $1.1 million and $1.1 million as of March 31, 2022 and December 31, 2021, respectively. During the first quarter of 2021, the Company began the implementation of a new cloud-based enterprise resource planning and enterprise performance management system. The Company is capitalizing related consultation and support expenses relating to this system and began amortizing these fees over a period of five years starting in 2022. The useful life of the system has been estimated at five years in accordance with guidance in ASC 350, Intangibles – Goodwill and Other Maintenance and repairs are expensed as incurred. Replacements and improvements which extend the useful life of the asset are capitalized. The net book value of assets sold or retired are removed from the accounts, and any resulting gain or loss is reflected in earnings. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its fair value. The Company determined that no such events occurred that in the periods covered by the Consolidated Financial Statements would indicate the carrying amounts may not be recoverable. Reinsurance In the normal course of business, the Company seeks to limit any single exposure to losses on large risks by purchasing reinsurance. The amounts reported in the Consolidated Balance Sheets as reinsurance recoverable include amounts billed to reinsurers on losses paid as well as estimates of amounts expected to be recovered from reinsurers on insurance liabilities that have not yet been paid. Reinsurance recoverable on unpaid losses are estimated based upon assumptions consistent with those used in establishing the liabilities related to the underlying reinsured contracts. Insurance liabilities are reported gross of reinsurance recoverable. Management believes the recoverables are appropriately established. The Company generally strives to diversify its credit risks related to reinsurance ceded. Reinsurance does not extinguish the Company’s primary liability under the policies written. Therefore, the Company regularly evaluates the financial condition of its reinsurers including their activities with respect to claim settlement practices and commutations, and establishes allowances for uncollectible reinsurance recoverable as appropriate. There were no allowances established as of March 31, 2022 and 2021 or December 31, 2021,. We seek to reinsure substantially all of our new insurance policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. Under these reinsurance agreements, we expect there will be a monthly or quarterly settlement of premiums, claims, surrenders, collateral, and other administration fees. We believe this will help preserve American Life’s capital while supporting its growth because American Life will have lower capital requirements when its business is reinsured due to lower overall financial exposure versus retaining the insurance policy business itself. See Note 9 below for further discussion of our reinsurance activities. There are two main categories of reinsurance transactions: 1) “indemnity,” where we cede a portion of our risk but retain the legal responsibility to our policyholders should our reinsurers not meet their financial obligations; and 2) “assumption,” where we transfer the risk and legal responsibilities to the reinsurers. The reinsurers are required to acquire the appropriate regulatory and policyholder approvals to convert indemnity policies to assumption policies. Our reinsurers may be domestic or foreign capital markets investors or traditional reinsurance companies seeking to assume U.S. insurance business. We plan to mitigate the credit risk relating to reinsurers generally by requiring other financial commitments from the reinsurers to secure the reinsured risks (such as posting substantial collateral). It should be noted that under indemnity reinsurance agreements American Life remains exposed to the credit risk of its reinsurers. If one or more reinsurers become insolvent or are otherwise unable or unwilling to pay claims under the terms of the applicable reinsurance agreement, American Life retains legal responsibility to pay policyholder claims, which, in such event would likely materially and adversely affect the capital and surplus of American Life. Midwest formed Seneca Re in early 2020. Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) and Seneca Incorporated Cell, LLC 2021-03 (“SRC3”), which are consolidated in our financial statements. Midwest sold 70% ownership of SRC1 to a ORIX USA on December 30, 2021 and retained 30% ownership. Midwest maintains control over SRC1 so we are still consolidating SRC1 in our financial statements. Some reinsurers are not and may not be “accredited” or qualified as reinsurers under Nebraska law and regulations. In order to enter into reinsurance agreements with such reinsurers and to reduce potential credit risk, American Life holds a deposit or withholds funds from the reinsurer or requires the reinsurer to maintain a trust that holds assets backing up the reinsurer’s obligation to pay claims on the business American Life assumes. The reinsurer may also appoint an investment manager for such funds, which in some cases may be our investment adviser subsidiary, 1505 Capital, to manage these assets pursuant to guidelines adopted by us that are consistent with Nebraska insurance investment statutes and applicable insurance regulations. American Life currently has treaties with several third-party reinsurers and one related party reinsurer. In a Modco agreement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a FW agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers, to reduce the potential credit risk. Under those provisions with third-party reinsurers, the assets backing the treaties are maintained by American Life as investments but the assets and total returns or losses on the investments are owned by the reinsurers. Under GAAP, this arrangement is considered an embedded derivative as discussed in Comprehensive Loss and Note 5 below. Assets carried as investments on American Life’s financial statements for the third-party reinsurers contained unrealized losses of approximately $923,000, and gains of $2.5 million, and $161,000 as of March 31, 2022 and 2021, and December 31, 2021, respectively. The terms of the contracts with the third-party reinsurers provide that the changes in unrealized gains on the portfolios accrue to the third-party reinsurers. Accordingly, the change in unrealized gains on the assets held by American Life were offset by gains in the embedded derivative of $1.1 million, $400,000 and $2.7 million as of March 31, 2022 and 2021, and December 31, 2021, respectively. We account for this unrealized gain (loss) pass-through by recording equivalent realized gain or (loss) on our Consolidated Statements of Comprehensive Loss and in amount payable to our third-party reinsurers on the Consolidated balance sheets. For further discussion see Note 5. Derivative Instruments below. Benefit reserves The Company establishes liabilities for amounts payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended period of time. Liabilities for future policy benefits of traditional life insurance have been computed by a net level premium method based upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality tables. Policy claims Policy claims are based on reported claims plus estimated incurred but not reported claims developed from trends of historical data applied to current exposure. Deposit-type contracts Deposit-type contracts consist of amounts on deposit associated with deferred annuities, premium deposit funds and supplemental contracts without life contingencies. Deferred gain on coinsurance transactions American Life has entered into several reinsurance contracts where it has earned or is earning ceding commissions. These ceding commissions are recorded as a deferred liability and amortized over the life of the business ceded. American Life receives commission and administrative expenses from reinsurance transactions that represent recovery of acquisition costs. These remittances first reduce the DAC associated with the reinsured blocks of business with the remainder being included in the deferred gain on coinsurance transactions that is also being amortized. Income ta

Assets and Liabilities Associat

Assets and Liabilities Associated with Business Held for Sale	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Associated with Business Held for Sale	Note 2. Assets and Liabilities Associated with Business Held for Sale On November 30, 2018, American Life entered into an Assumption and Indemnity Reinsurance Agreement (“Reinsurance Agreement”) with Unified Life Insurance Company (“Unified”), a Texas domiciled stock insurance company. The Reinsurance Agreement provides that American Life ceded and Unified agreed to reinsure, on an indemnity reinsurance basis, 100% of the liabilities and obligations under substantially all of American Life’s life, annuity and health policies (“Policies”). The Agreement closed on December 10, 2018. After the closing of the Reinsurance Agreement, Unified prepared and delivered certificates of assumption and other materials to policyholders of American Life in order to effect an assumption of the Policies by Unified. Unified is obligated to indemnify American Life against all liabilities and claims and all of its policy obligations from and after July 1, 2018. Unified estimated that 80% to 90% of the policyholder would convert to assumptive, where American Life would no longer be responsible for the obligations to the policyholders, by the end of 2019. The consideration paid by Unified to American Life under the Reinsurance Agreement upon closing was $3.5 million (“Ceding Commission”), subject to minor settlement adjustments. At closing, American Life transferred the Statutory Reserves and Liabilities, as defined in the Reinsurance Agreement, directly related to the policies, to Unified. The Ceding Commission is being amortized on a straight-line basis over the life of the policies. When the policies are converted to assumptive, meaning American Life has no liability exposure for those policies, the remaining Ceding Commission will be recognized in our Consolidated Statement of Comprehensive Loss. An assessment of the assets and liabilities held for sale was performed as of December 31, 2021 and management believed that the remaining policyholder contracts will not be converted; therefore, those remaining policy contracts were reclassified to continuing operations and are no longer called out as discontinued operations. ​ ​

Non-controlling Interest

Non-controlling Interest	3 Months Ended
	Mar. 31, 2022
Non-controlling Interest
Non-controlling Interest	Note 3. Non-controlling Interest ​ On December 30, 2021, Midwest closed the sale of approximately 70% of SRC1 to ORIX USA for $15.0 million. Under the terms of the agreement, Midwest holds a 30% ownership interest in SRC1. ORIX Advisers, LLC, another subsidiary of ORIX USA, is the manager of the assets underlying SRC1’s reinsurance obligations, replacing Midwest’s asset management arm, 1505 Capital LLC. As of March 31, 2022, Midwest recognized the original purchase of $15.0 million plus $606,000 of earnings as noncontrolling interest in the equity section of the Consolidated Balance Sheets. ​ In 2020 American Life entered into a series of transactions with an unaffiliated entity, Ascona Group Holdings Ltd (“AGH”). Through this transactions American Life acquired preferred equity in AGH in Pound Sterling (“GBP”) of 3.6 million along with warrants bearing no initial assigned value. American Life subsequently created a special purpose vehicle, Ascona Asset Holding LLC (“AAH”), to hold the Preferred Equity and Warrants, and later created Ascona Collinwood HoldCo LLC (“ACH”) to be the sole member of AAH. American Life and Crestline Re SP1 own 74% and 26%, respectively, of ACH. American Life is carrying the preferred equity at a market USD value of $10.1 million as of March 31, 2022 and $8.7 million as of December 31, 2021. The change in market value of $1.7 million for the preferred stock and warrants was recorded in net investment income on the Consolidated Statements of Comprehensive Loss. Of the $1.7 million of investment income, $438,631 was attributable to noncontrolling interest. ​ ​

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Marketable Securities [Abstract]
Investments	Note 4. Investments ​ The amortized cost and estimated fair value of investments as of March 31, 2022 and December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated (In thousands) Cost Gains Losses Fair Value March 31, 2022: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ 1,845 ​ $ 9 ​ $ 44 ​ $ 1,810 Mortgage-backed securities ​ 112,125 ​ 99 ​ 3,677 ​ 108,547 Asset-backed securities ​ ​ 29,142 ​ ​ 332 ​ ​ 1,476 ​ ​ 27,998 Collateralized loan obligations ​ ​ 228,494 ​ ​ 1,668 ​ ​ 2,136 ​ ​ 228,026 States and political subdivisions-general obligations ​ 105 ​ 4 ​ — ​ 109 States and political subdivisions-special revenue ​ 25 ​ — ​ — ​ 25 Corporate ​ 40,017 ​ 845 ​ 1,644 ​ 39,218 Term Loans ​ ​ 348,265 ​ ​ 395 ​ ​ 2,194 ​ ​ 346,466 Redeemable preferred stock ​ ​ 14,230 ​ ​ 53 ​ ​ 1,469 ​ ​ 12,814 Total fixed maturities ​ $ 774,248 ​ $ 3,405 ​ $ 12,640 ​ $ 765,013 Mortgage loans on real estate, held for investment ​ ​ 174,127 ​ ​ — ​ ​ — ​ ​ 174,127 Derivatives ​ ​ 21,511 ​ ​ 1,328 ​ ​ 8,233 ​ ​ 14,606 Federal Home Loan Bank (FHLB) stock ​ ​ 500 ​ ​ — ​ ​ — ​ ​ 500 Equity securities ​ ​ 22,158 ​ ​ — ​ ​ 968 ​ ​ 21,190 Other invested assets ​ ​ 54,671 ​ ​ 832 ​ ​ 24 ​ ​ 55,479 Investment escrow ​ ​ 1,552 ​ ​ — ​ ​ — ​ ​ 1,552 Preferred stock ​ ​ 16,797 ​ ​ 3,338 ​ ​ 1 ​ ​ 20,134 Notes receivable ​ ​ 6,035 ​ ​ — ​ ​ — ​ ​ 6,035 Policy loans ​ ​ 90 ​ ​ — ​ ​ — ​ ​ 90 Total investments ​ $ 1,071,689 ​ $ 8,903 ​ $ 21,866 ​ $ 1,058,726 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ 1,855 ​ $ 32 ​ $ 5 ​ $ 1,882 Mortgage-backed securities ​ 55,667 ​ 368 ​ 755 ​ 55,280 Asset-backed securities ​ ​ 24,675 ​ ​ 443 ​ ​ 167 ​ ​ 24,951 Collateralized loan obligations ​ ​ 272,446 ​ ​ 2,928 ​ ​ 851 ​ ​ 274,523 States and political subdivisions-general obligations ​ 105 ​ 9 ​ — ​ 114 States and political subdivisions-special revenue ​ 4,487 ​ 1,129 ​ 4 ​ 5,612 Corporate ​ 35,392 ​ 1,846 ​ 99 ​ 37,139 Term Loans ​ ​ 268,794 ​ ​ 441 ​ ​ 1,767 ​ ​ 267,468 Trust preferred ​ ​ 2,218 ​ ​ 19 ​ ​ — ​ ​ 2,237 Redeemable preferred stock ​ ​ 14,282 ​ ​ 53 ​ ​ 245 ​ ​ 14,090 Total fixed maturities ​ $ 679,921 ​ $ 7,268 ​ $ 3,893 ​ $ 683,296 Mortgage loans on real estate, held for investment ​ ​ 183,203 ​ ​ — ​ ​ — ​ ​ 183,203 Derivatives ​ ​ 18,654 ​ ​ 6,391 ​ ​ 2,023 ​ ​ 23,022 Federal Home Loan Bank (FHLB) stock ​ ​ 500 ​ ​ — ​ ​ — ​ ​ 500 Equity securities ​ ​ 22,158 ​ ​ — ​ ​ 289 ​ ​ 21,869 Other invested assets ​ ​ 34,491 ​ ​ 813 ​ ​ 11 ​ ​ 35,293 Investment escrow ​ ​ 3,611 ​ ​ — ​ ​ — ​ ​ 3,611 Preferred stock ​ ​ 14,885 ​ ​ 3,801 ​ ​ — ​ ​ 18,686 Notes receivable ​ ​ 5,960 ​ ​ — ​ ​ — ​ ​ 5,960 Policy loans ​ ​ 87 ​ ​ — ​ ​ — ​ ​ 87 Total investments ​ $ 963,470 ​ $ 18,273 ​ $ 6,216 ​ $ 975,527 ​ ​ The following table shows the distribution of the credit ratings of our portfolio of fixed maturity securities by carrying value as of March 31, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ ​ ​ Carrying ​ ​ (In thousands) Value Percent Value Percent AAA and U.S. Government ​ $ 2,524 0.3 % $ 2,674 0.4 % AA ​ 462 0.1 ​ 482 0.1 ​ A ​ 176,757 23.1 ​ 168,141 24.6 ​ BBB ​ 548,998 71.8 ​ 462,699 67.7 ​ Total investment grade ​ 728,741 95.3 ​ 633,996 92.8 ​ BB and below ​ 36,272 4.7 ​ 49,300 7.2 ​ Total ​ $ 765,013 100.0 % $ 683,296 100.0 % ​ Reflecting the quality of securities maintained by us as of March 31, 2022 and December 31, 2021, 95.3% and 92.8%, respectively, of all fixed maturity securities were investment grade. The BB and below also includes maturities that have no rating. The following table summarizes, for all fixed maturity securities in an unrealized loss position as of March 31, 2022 and December 31, 2021, the estimated fair value, pre-tax gross unrealized loss, and number of securities by consecutive months they have been in an unrealized loss position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Number ​ ​ ​ ​ Gross ​ Number ​ ​ Estimated ​ Unrealized ​ of ​ Estimated ​ Unrealized ​ of (In thousands) Fair Value Loss Securities (1) Fair Value Loss Securities (1) Fixed Maturities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ $ 971 ​ $ 30 11 ​ $ 104 ​ $ 2 ​ 1 Mortgage-backed securities ​ 95,079 ​ 3,677 54 ​ 35,403 ​ 755 ​ 35 Asset-backed securities ​ ​ 21,006 ​ ​ 1,476 ​ ​ 206 ​ ​ 12,355 ​ ​ 167 ​ ​ 13 Collateralized loan obligations ​ ​ 122,333 ​ ​ 2,136 ​ ​ 25 ​ ​ 90,731 ​ ​ 851 ​ ​ 115 States and political subdivisions-special revenue ​ — ​ ​ — — ​ 217 ​ 4 ​ 1 Term loans ​ ​ 305,212 ​ ​ 2,194 ​ ​ 171 ​ ​ 105,677 ​ ​ 1,767 ​ ​ 47 Redeemable preferred stock ​ ​ 12,814 ​ ​ 1,469 ​ ​ 9 ​ ​ 10,837 ​ ​ 245 ​ ​ 6 Corporate ​ 23,351 ​ 1,574 42 ​ 2,367 ​ 73 ​ 9 Greater than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ 162 ​ 14 4 ​ 66 ​ 3 ​ 3 Corporate ​ 416 ​ ​ 70 5 ​ 324 ​ ​ 26 ​ 2 Total fixed maturities ​ $ 581,344 ​ $ 12,640 527 ​ $ 258,081 ​ $ 3,893 ​ ​ 232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) ​ Our security positions resulted in a gross unrealized loss position as of March 31, 2022, that was greater than the gross unrealized loss position at December 31, 2021 due to increases in the Federal Reserve interest rates. We performed an analysis and determined that there were no additional indicators other than the increase in the interest rates that would indicate a cash flow testing analysis should be performed. No impairment was required as of March 31, 2022, and December 31, 2021. ​ See the discussion above under “Comprehensive loss” in Note 1 regarding unrealized gains/losses on investments that are owned by our reinsurers and the corresponding offset in the associated embedded derivatives. ​ The Company purchases and sells equipment leases in its investment portfolio. As of March 31, 2022, the Company owned several leases, all which were performing. No impairment was required as of March 31, 2022 and December 31, 2021. ​ The amortized cost and estimated fair value of fixed maturities as of March 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. No securities due in the next year are in an unrealized loss position, therefore no impairments were recognized as of March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Estimated (In thousands) Cost Fair Value Due in one year or less ​ $ 18,453 ​ $ 18,319 Due after one year through five years ​ 314,101 ​ 311,328 Due after five years through ten years ​ 322,244 ​ 319,834 Due after ten years through twenty years ​ ​ 73,023 ​ ​ 71,273 Due after twenty years ​ ​ 41,427 ​ ​ 39,722 No maturity ​ ​ 5,000 ​ ​ 4,537 ​ ​ $ 774,248 ​ $ 765,013 ​ The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. As of March 31, 2022 and December 31, 2021, these required deposits had a total amortized cost of $3.2 million and $3.0 million and fair values of $3.1 million and $3.0 million, respectively. Mortgage loans consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ March 31, 2022 ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ 1-4 Family ​ $ 65,603 ​ $ 72,324 Hospitality ​ ​ 12,769 ​ ​ 12,822 Land ​ ​ 16,383 ​ ​ 15,904 Multifamily (5+) ​ ​ 28,768 ​ ​ 31,583 Retail ​ ​ 13,457 ​ ​ 17,655 Other ​ ​ 37,147 ​ ​ 32,915 Total mortgage loans ​ $ 174,127 ​ $ 183,203 ​ Geographic Locations: As of March 31, 2022, the commercial mortgages loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in Delaware (38%), New York (31%), Arizona (5%), Maine (4%) and non-US (11%). As of December 31, 2021, the commercial mortgages loans were secured by properties geographically dispersed (with the largest concentrations in loans secured by properties in Delaware (34%) New York (32%), Arizona (4%), California (4%), and non-US (9%). ​ The loan-to-value ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances. Commercial Mortgage Loans ​ ​ ​ ​ ​ ​ ​ (In thousands) March 31, 2022 ​ December 31, 2021 Loan-to-Value Ratio: ​ ​ ​ ​ ​ 0%-59.99% $ 89,379 ​ $ 91,104 60%-69.99% ​ 37,195 ​ ​ 42,819 70%-79.99% ​ 42,379 ​ ​ 44,106 80% or greater ​ 5,174 ​ ​ 5,174 Total mortgage loans $ 174,127 ​ $ 183,203 ​ The components of net investment income for the three months ended March 31, 2022 and 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (In thousands) 2022 2021 Fixed maturities ​ $ 5,042 ​ $ 3,050 Mortgage loans ​ ​ 282 ​ ​ 174 Other invested assets ​ ​ 1,248 ​ ​ — Other interest income ​ 2 ​ 56 Gross investment income ​ 6,574 ​ 3,280 Less: investment expenses ​ (332) ​ (393) Investment income, net of expenses ​ $ 6,242 ​ $ 2,887 ​ Proceeds for the three months ended March 31, 2022 and 2021 from sales of investments classified as available-for-sale were $93.5 million and $61.8 million, respectively. Gross gains of $1.5 million and $572,807 and gross losses of $541,590 and $166,386 were realized on those sales during the three months ended March 31, 2022 and 2021, respectively. The proceeds included those assets associated with the third-party reinsurers. The gains and losses relate only to the assets retained by American Life.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 5. Derivative Instruments The Company enters into derivative instruments to manage risk, primarily equity, interest rate, credit, foreign currency and market volatility. The derivative instruments are to hedge fixed indexed annuity products that guarantee the return of principal to the policyholders and credit interest based on a percentage of the gain in a specified market index. To hedge against adverse changes in equity indices, the Company entered into contracts to buy equity indexed options. The following is a summary of the asset derivatives not designated as hedges embedded in our FIA product as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Location in the ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands, except number of contracts) ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Not Designated ​ Statement of Notional ​ Number of ​ Estimated ​ Notional ​ Number of ​ Estimated as Hedging Instruments ​ Balance Sheets Amount ​ Contracts ​ Fair Value ​ Amount ​ Contracts ​ Fair Value Equity-indexed options ​ Derivatives $ 561,115 ​ 508 ​ $ 14,696 ​ $ 526,096 ​ 482 ​ $ 23,766 Equity-indexed embedded derivatives ​ Deposit-type ​ 579,250 ​ 4,609 ​ ​ 111,148 ​ ​ 525,548 ​ 4,205 ​ ​ 123,692 ​ ​ At March 31, 2022, the value of the embedded derivative considers all amounts projected to be paid in excess of the minimum guarantee (the amounts payable without any indexation increases) over future periods. The host contract reflects the minimum guaranteed values. Due to Federal Reserve rate increases, our securities positions resulted in unrealized losses at March 31, 2022, compared to unrealized gains as of December 31, 2021, reported in accumulated other comprehensive income on the balance sheet. The embedded derivative related to the asset portfolio belonging to the third-party reinsurers offset these unrealized gains. The unrealized losses as of March 31, 2022 was $923,000 compared to unrealized gains of $161,000 as of December 31, 2021. The following table summarizes the impact of those embedded derivatives related to the funds withheld provision where the total return on the asset portfolio is passed through to the third-party-reinsurers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 (In thousands) ​ Book Value ​ Market Value ​ Total Return ​ Book Value ​ Market Value ​ Total Return Portfolio ​ Assets ​ Assets ​ Swap Value ​ Assets ​ Assets ​ Swap Value American Republic Insurance Company ​ $ 87,737 ​ $ 86,319 ​ $ 1,418 ​ $ 74,983 ​ $ 74,670 ​ $ 313 Crestline Re SP1 ​ ​ 228,200 ​ ​ 227,598 ​ ​ 602 ​ ​ 228,560 ​ ​ 228,450 ​ ​ 110 Ironbound ​ ​ 159,306 ​ ​ 160,092 ​ ​ (786) ​ ​ 154,867 ​ ​ 155,755 ​ ​ (888) Ascendent Re ​ ​ 55,151 ​ ​ 55,294 ​ ​ (143) ​ ​ 56,246 ​ ​ 56,078 ​ ​ 168 US Alliance ​ ​ 46,107 ​ ​ 46,275 ​ ​ (168) ​ ​ 46,221 ​ ​ 46,085 ​ ​ 136 Total ​ $ 576,501 ​ $ 575,578 ​ $ 923 ​ $ 560,877 ​ $ 561,038 ​ $ (161) ​ The total return swap value was recorded as an increase in our amounts recoverable from reinsurers of $923,000 compared to decrease of $161,000 on our balance sheet as of March 31, 2022 and December 31, 2021, respectively, and a realized gain of $1.1 million compared to $400,000 on our income statement for the three months ended March 31, 2022 and 2021, respectively.

Fair Values of Financial Instru

Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Fair Values of Financial Instruments	Note 6. Fair Values of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. We use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, accounting standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. ● Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. ● Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the period in which the reclassifications occur. A description of the valuation methodologies used for assets measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Level 1 measurements There were no assets or liabilities classified as level 1 at March 31, 2022 and December 31, 2021. Level 2 measurements Cash: Investment escrow: Fixed maturity securities: Derivatives: Equity securities Notes receivable Level 3 measurements Term loans: ​ Mortgage loans on real estate, held for investment: loans are generally stated at principal amounts outstanding, net of deferred expenses and allowance for loan loss. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. Loan commitment fees are generally deferred and amortized on an effective yield basis over the term of the loan. Impaired loans are generally carried on a non-accrual status. Loans are ordinarily placed on non-accrual status when, in management’s opinion, the collection of principal or interest is unlikely, or when the collection of principal or interest is 90 days or more past due. ​ Other invested assets: ​ Federal Home Loan Bank (FHLB) stock: Preferred stock: ​ As of March 31, 2022, the fair market value of the Ascona preferred stock and warrants was $3.7 million and $6.4. million, respectively. As of December 31, 2021, the fair market value of the Ascona preferred stock and warrants was $4.9 million and $3.8. million, respectively. The Ascona preferred stock and warrants have no readily available market value; therefore a valuation of the investments was prepared by a third-party. ​ Policy loans: ​ Deposit-type contracts: Embedded derivative for equity-indexed contracts ​ ​ The following table presents the Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ Other ​ Significant ​ ​ ​ ​ ​ In Active ​ Observable ​ Unobservable ​ Estimated ​ ​ Markets ​ Inputs ​ Inputs ​ Fair (In thousands) (Level 1) (Level 2) (Level 3) Value March 31, 2022 ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 1,810 ​ $ — ​ $ 1,810 Mortgage-backed securities ​ ​ — ​ ​ 108,547 ​ ​ — ​ ​ 108,547 Asset-backed securities ​ ​ — ​ ​ 27,998 ​ ​ — ​ ​ 27,998 Collateralized loan obligations ​ ​ — ​ ​ 228,026 ​ ​ — ​ ​ 228,026 States and political subdivisions-general obligations ​ — ​ 109 ​ — ​ 109 States and political subdivisions-special revenue ​ — ​ 25 ​ — ​ 25 Corporate ​ — ​ 39,218 ​ — ​ 39,218 Term Loans ​ ​ — ​ ​ — ​ 346,466 ​ 346,466 Redeemable preferred stock ​ ​ — ​ ​ 12,814 ​ ​ — ​ ​ 12,814 Total fixed maturity securities ​ ​ — ​ ​ 418,547 ​ ​ 346,466 ​ ​ 765,013 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 174,127 ​ ​ 174,127 Derivatives ​ ​ — ​ ​ 14,606 ​ ​ — ​ ​ 14,606 Equity securities ​ ​ — ​ ​ 21,190 ​ ​ — ​ ​ 21,190 Other invested assets ​ ​ — ​ ​ — ​ ​ 55,479 ​ ​ 55,479 Investment escrow ​ ​ — ​ ​ 1,552 ​ ​ — ​ ​ 1,552 Federal Home Loan Bank (FHLB) stock ​ ​ — ​ ​ — ​ ​ 500 ​ ​ 500 Preferred stock ​ ​ — ​ ​ — ​ ​ 20,134 ​ ​ 20,134 Notes receivable ​ ​ — ​ ​ 6,035 ​ ​ — ​ ​ 6,035 Policy loans ​ ​ — ​ ​ — ​ ​ 90 ​ ​ 90 Total Investments ​ $ — ​ $ 461,930 ​ $ 596,796 ​ $ 1,058,726 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ $ — ​ $ — ​ $ 111,148 ​ ​ 111,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 1,882 ​ $ — ​ $ 1,882 Mortgage-backed securities ​ ​ — ​ ​ 55,280 ​ ​ — ​ ​ 55,280 Asset-backed securities ​ ​ — ​ ​ 24,951 ​ ​ — ​ ​ 24,951 Corporate ​ ​ — ​ ​ 274,523 ​ ​ — ​ ​ 274,523 States and political subdivisions-general obligations ​ ​ — ​ 114 ​ — ​ 114 States and political subdivisions-special revenue ​ ​ — ​ 5,612 ​ — ​ 5,612 Corporate ​ ​ — ​ 37,139 ​ — ​ 37,139 Term Loans ​ — ​ ​ — ​ 267,468 ​ 267,468 Trust preferred ​ — ​ ​ 2,237 ​ ​ — ​ ​ 2,237 Redeemable preferred stock ​ ​ — ​ ​ 14,090 ​ ​ — ​ ​ 14,090 Total fixed maturity securities ​ ​ — ​ ​ 415,828 ​ ​ 267,468 ​ ​ 683,296 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 183,203 ​ ​ 183,203 Derivatives ​ ​ — ​ ​ 23,022 ​ ​ — ​ ​ 23,022 Equity securities ​ ​ — ​ ​ 21,869 ​ ​ — ​ ​ 21,869 Other invested assets ​ ​ — ​ ​ — ​ ​ 35,293 ​ ​ 35,293 Investment escrow ​ ​ — ​ ​ 3,611 ​ ​ — ​ ​ 3,611 Federal Home Loan Bank (FHLB) stock ​ ​ — ​ ​ — ​ ​ 500 ​ ​ 500 Preferred stock ​ ​ — ​ ​ — ​ ​ 18,686 ​ ​ 18,686 Notes receivable ​ ​ — ​ ​ 5,960 ​ ​ — ​ ​ 5,960 Policy loans ​ ​ — ​ ​ — ​ ​ 87 ​ ​ 87 Total Investments ​ $ — ​ $ 470,290 ​ $ 505,237 ​ $ 975,527 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ ​ — ​ ​ — ​ ​ 123,692 ​ ​ 123,692 ​ There were no Accounting standards require disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring basis are discussed above. There were no financial assets or financial liabilities measured at fair value on a non-recurring basis. The following disclosure contains the carrying values, estimated fair values and their corresponding placement in the fair value hierarchy for financial assets and financial liabilities as of March 31, 2022 and as of December 31, 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 90 ​ $ — ​ $ — ​ $ 90 ​ $ 90 Cash equivalents ​ 144,684 ​ — ​ 144,684 ​ — ​ 144,684 Liabilities: ​ ​ ​ ​ ​ Policyholder deposits (deposit-type contracts) ​ 1,148,085 ​ — ​ — ​ 1,148,085 ​ 1,148,085 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 87 ​ $ — ​ $ — ​ $ 87 ​ $ 87 Cash equivalents ​ 142,013 ​ — ​ 142,013 ​ — ​ 142,013 Liabilities: ​ ​ ​ ​ ​ Policyholder deposits (deposit-type contracts) ​ 1,075,439 ​ — ​ — ​ 1,075,439 ​ 1,075,439 ​ ​ ​ The following table presents a reconciliation of the beginning balance for all assets and liabilities measured at fair value on a recurring basis using level three inputs during the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended March 31, 2022 ​ ​ ​ ​ ​ Total realized and unrealized gains (losses) ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance ​ Included in Income ​ Included in AOCI ​ Net Purchases, Issuances, Sales, and Settlements ​ Ending Balance (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ $ 267,468 ​ $ (1,416) ​ $ 965 ​ $ 79,449 ​ ​ 346,466 Mortgage loans on real estate, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ held for investment ​ ​ 183,203 ​ ​ — ​ ​ — ​ ​ (9,076) ​ ​ 174,127 Federal Home Loan Bank (FHLB) stock ​ ​ 500 ​ ​ — ​ ​ — ​ ​ — ​ ​ 500 Other invested assets ​ ​ 35,293 ​ ​ (172) ​ ​ (76) ​ ​ 20,434 ​ ​ 55,479 Preferred stock ​ ​ 18,686 ​ ​ — ​ ​ (101) ​ ​ 1,549 ​ ​ 20,134 Total level 3 assets ​ $ 505,150 ​ $ (1,588) ​ $ 788 ​ $ 92,356 ​ $ 596,706 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ ​ (123,692) ​ ​ (7,764) ​ ​ — ​ ​ 20,308 ​ ​ (111,148) Total level 3 liabilities ​ $ (123,692) ​ $ (7,764) ​ $ — ​ $ 20,308 ​ $ (111,148) ​ The following table presents a reconciliation of the beginning balance for all investments measured at fair value on a recurring basis using level three inputs during the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ Total realized and unrealized gains (losses) ​ ​ ​ ​ ​ ​ (In thousands) Beginning Balance ​ Included in Income ​ Included in AOCI ​ Net Purchases, Issuances, Sales, and Settlements ​ Ending Balance Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ $ 107,254 ​ $ (1,326) ​ $ 225 ​ $ 161,315 ​ $ 267,468 Mortgage loans on real estate, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ held for investment ​ ​ 94,990 ​ ​ — ​ ​ — ​ ​ 88,213 ​ ​ 183,203 Federal Home Loan Bank (FHLB) stock ​ ​ — ​ ​ — ​ ​ — ​ ​ 500 ​ ​ 500 Other invested assets ​ ​ 21,897 ​ ​ 810 ​ ​ (671) ​ ​ 13,257 ​ ​ 35,293 Preferred stock ​ ​ 3,898 ​ ​ — ​ ​ 157 ​ ​ 14,631 ​ ​ 18,686 Total level 3 assets ​ $ 228,039 ​ $ (516) ​ $ (289) ​ $ 277,916 ​ $ 505,150 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ ​ (84,501) ​ ​ (4,169) ​ ​ — ​ ​ (35,022) ​ ​ (123,692) Total level 3 liabilities ​ $ (84,501) ​ $ (4,169) ​ $ — ​ $ (35,022) ​ $ (123,692) ​ Significant Unobservable Inputs —Significant unobservable inputs occur when we could not obtain or corroborate the quantitative detail of the inputs. This applies to fixed maturity securities, preferred stock, mortgage loans and certain derivatives, as well as embedded derivatives in liabilities. Additional significant unobservable inputs are described below. ​ Interest sensitive contract liabilities – embedded derivative – Significant unobservable inputs we use in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include: ​ ● Nonperformance risk – For contracts we issue, we use the credit spread, relative to the US Department of the Treasury (Treasury) curve based on our public credit rating as of the valuation date. This represents our credit risk for use in the estimate of the fair value of embedded derivatives. ​ ● Option budget – We assume future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth. ​ ● Policyholder behavior – We regularly review the lapse and withdrawal assumptions (surrender rate). These are based on our initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products. ​ Preferred equity and warrants – Significant unobservable inputs we use in the preferred equity and warrants include discount rates and earnings before interest, taxes, depreciation, and amortization (“ EBITDA ​ ● EBITDA Multiple -The warrants valued using a market approach guideline public company method ("GCPM") using a multiplier of EBITDA. ​ ● Discount Rates - For the preferred equity, discounted cash flow models are used to assist with the calculation the fair value. ​ The following summarizes the unobservable inputs for available for sale and trading securities and the embedded derivatives of fixed indexed annuities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 (In millions, except for percentages and multiples) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $111.1 ​ Option Budget Method ​ Nonperformance risk ​ 0.3% ​ 1.5% ​ 90.0% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 1.1% ​ 4.4% ​ 2.4% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 7.9% ​ Decrease Preferred equity ​ $4.9 ​ Yield analysis ​ Discount rates ​ 17.5% ​ 19.5% ​ 18.5% ​ Increase Detachable warrants ​ $3.8 ​ Market Approach - GPCM ​ EBITDA Multiples ​ 9.0x ​ 10.0x ​ 100.0% ​ Increase * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (In millions, except for percentages and multiples) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $123.7 ​ Option Budget Method ​ Nonperformance risk ​ 0.3% ​ 1.1% ​ 0.6% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 1.1% ​ 3.4% ​ 2.4% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 7.7% ​ Decrease Preferred equity ​ $4.9 ​ Yield analysis ​ Discount rates ​ 17.5% ​ 19.5% ​ 18.5% ​ Increase Detachable warrants ​ $3.8 ​ Market Approach - GPCM ​ EBITDA Multiples ​ 9.0x ​ 10.0x ​ 100.0% ​ Increase * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Loss Per Share	Note 7. Earnings Per Share The Company has 20 million voting common shares authorized, two million non-voting common shares authorized, and two million preferred shares authorized. There were 3,737,564 voting common shares issued and outstanding as of March 31, 2022 and March 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 2021 (in thousands, except per share amounts) ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Midwest Holding, Inc. ​ $ 187 ​ $ (1,601) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ 3,737,564 ​ ​ 3,737,564 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options and deferred compensation agreements ​ ​ — ​ ​ 40,850 Denominator for earnings (loss) per common share ​ ​ 3,737,564 ​ ​ 3,778,414 ​ ​ ​ ​ ​ ​ ​ Income (loss) per common share ​ $ 0.05 ​ $ (0.43) ​

Income Tax Matters

Income Tax Matters	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax Matters	Note 8. Income Tax Matters Significant components of the Company’s deferred tax assets and liabilities as of March 31, 2022 and December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2022 December 31, 2021 Deferred tax assets: ​ ​ Loss carryforwards ​ $ 2,701 ​ $ 2,244 Capitalized costs ​ 115 ​ 127 Stock option granted ​ ​ 1,060 ​ ​ 1,060 Policy acquisition costs ​ ​ 4,121 ​ ​ 3,640 General business credits ​ ​ 6 ​ ​ 6 Derivative option allowance ​ ​ — ​ ​ 510 Sec 163(j) limitation ​ ​ 172 ​ ​ 171 Benefit reserves ​ 7,817 ​ 6,720 Property and equipment ​ ​ 34 ​ ​ 33 Unrealized losses on investments ​ ​ 2,121 ​ ​ — Other ​ ​ 1,464 ​ ​ 1,464 Total deferred tax assets ​ 19,611 ​ 15,975 Less valuation allowance ​ (17,962) ​ (14,431) Total deferred tax assets, net of valuation allowance ​ 1,649 ​ 1,544 Deferred tax liabilities: ​ ​ Unrealized losses on investments ​ — ​ 1,084 Intangible assets ​ 147 ​ 147 Derivative option allowance ​ 1,043 ​ — Bond Discount ​ ​ 459 ​ ​ 313 Total deferred tax liabilities ​ 1,649 ​ 1,544 Net deferred tax assets ​ $ — ​ $ — ​ As of March 31, 2022 and December 31, 2021, the Company recorded a valuation allowance of $18.0 million and $14.4 million, respectively, on the deferred tax assets to reduce the total to an amount that management believes will ultimately be realized. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. There was income tax expense of $4.7 million and $1.4 million for the three months ended March 31, 2022 and 2021, respectively. This differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to pretax income, as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (in thousands) 2022 2021 Computed expected income tax benefit ​ $ 1,099 ​ $ (35) Increase (reduction) in income taxes resulting from: ​ ​ ​ IMR and reinsurance ​ ​ 79 ​ ​ 67 Nondeductible expenses ​ ​ 2 ​ ​ 1 Change in valuation allowance ​ 3,532 ​ ​ 1,402 Dividends received deduction ​ ​ — ​ ​ (3) Deferred tax adjustment ​ ​ 10 ​ ​ — Subtotal of increases ​ 3,623 ​ 1,467 Tax expense ​ $ 4,722 ​ $ 1,432 ​ Section 382 of the Internal Revenue Code limits the utilization of U.S. net operating loss (“NOL”) carryforwards following a change of control, which occurred on June 28, 2018. As of March 31, 2022 the deferred tax assets included the expected tax benefit attributable to federal NOLs of $2.1 million. The federal NOLs generated prior to June 28, 2018 which are subject to Section 382 limitation can be carried forward. If not utilized, the NOLs of $1.0 million prior to 2017 will expire through the year of 2032, and the NOLs generated from June 28, 2018 to March 31, 2022 do not expire and will carry forward indefinitely, but their utilization in any carry forward year is limited to 80% of taxable income in that year. The Company believes that it is more likely than not that the benefit from federal NOL carryforwards will not be realized; thus, we have recorded a full valuation allowance of $2.2 million on the deferred tax assets related to these federal NOL carryforwards.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2022
Reinsurance Disclosures [Abstract]
Reinsurance	Note 9. Reinsurance A summary of significant reinsurance, including our 100% legacy life business reinsured, amounts affecting the accompanying consolidated financial statements as of March 31, 2022 and December 31, 2021, respectively, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2022 December 31, 2021 Assets: ​ ​ Reinsurance recoverables ​ $ 33,908 ​ $ 38,579 Liabilities: ​ ​ ​ ​ ​ ​ Deposit-type contracts ​ ​ ​ ​ ​ ​ Direct ​ $ 1,148,085 ​ ​ 1,075,439 Reinsurance ceded ​ ​ (671,929) ​ ​ (647,632) Retained deposit-type contracts ​ $ 476,156 ​ $ 427,807 ​ The table below is a summary of our 100% legacy life business reinsured for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 2021 (in thousands) ​ ​ Premiums ​ ​ ​ ​ ​ Direct $ 61 ​ $ 48 Reinsurance ceded ​ (61) ​ ​ (48) Total Premiums $ - ​ $ - Future policy and other policy benefits ​ ​ ​ ​ ​ Direct $ 54 ​ $ 7 Reinsurance ceded (54) ​ (7) Total future policy and other policy benefits $ - ​ $ — ​ The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by third-party reinsurers as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable/ ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ (Payable) on Benefit ​ Ceded ​ Recoverable/ (in thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ (Payable) to/from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited ​ ​ NR ​ $ — ​ $ — ​ $ (3,272) ​ $ — ​ $ (3,272) Optimum Re Insurance Company ​ A ​ ​ — ​ ​ — ​ ​ 561 ​ ​ — ​ ​ 561 Sagicor Life Insurance Company ​ A- ​ — ​ 155 ​ 10,754 ​ 302 ​ 10,607 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ (56) ​ ​ — ​ ​ (56) Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ 14,575 ​ ​ — ​ ​ 14,575 American Republic Insurance Company ​ ​ A ​ ​ — ​ ​ — ​ ​ 5,752 ​ ​ — ​ ​ 5,752 Unified Life Insurance Company ​ ​ NR ​ ​ — ​ ​ 45 ​ ​ 999 ​ ​ 21 ​ ​ 1,023 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 4,747 ​ 29 ​ 4,718 ​ ​ ​ ​ ​ $ — ​ $ 200 ​ $ 34,060 ​ $ 352 ​ $ 33,908 ​ ​ The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable on ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ Benefit ​ Ceded ​ Recoverable (in thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited ​ ​ NR ​ $ — ​ $ — ​ $ (3,561) ​ $ — ​ $ (3,561) Optimum Re Insurance Company ​ A ​ ​ — ​ ​ — ​ ​ 561 ​ ​ — ​ ​ 561 Sagicor Life Insurance Company ​ A- ​ — ​ 157 ​ 10,901 ​ 303 ​ 10,755 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ 1,550 ​ ​ — ​ ​ 1,550 Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ 18,288 ​ ​ — ​ ​ 18,288 American Republic Insurance Company ​ ​ A ​ ​ — ​ ​ — ​ ​ 4,885 ​ ​ — ​ ​ 4,885 Unified Life Insurance Company ​ ​ NR ​ ​ — ​ ​ 45 ​ ​ 1,013 ​ ​ 21 ​ ​ 1,037 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 5,090 ​ 26 ​ 5,064 ​ ​ ​ ​ ​ $ — ​ $ 202 ​ $ 38,727 ​ $ 350 ​ $ 38,579 ​ Our securities positions resulted in changes in the unrealized gains position as of March 31, 2022 compared to December 31, 2021, reported in accumulated other comprehensive income on the Consolidated Balance Sheets. As discussed in Note 1, American Life has treaties with several third-party reinsurers that have FW and Modco provisions. Under those provisions, the assets backing the treaties are maintained by American Life as collateral but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. Under GAAP this arrangement is considered an embedded derivative as discussed in Note 5. The assets had unrealized losses of approximately $923,000 and gains of $2.5 million as of March 31, 2022 and 2021, respectively. The terms of the contracts with the third-party reinsurers provide that unrealized gains and losses on the portfolios accrue to the third-party reinsurers. Accordingly, the change in unrealized gains and unrealized losses on the assets held by American Life were offset by a gain in the embedded derivative for the three months ended March 31, 2022 and 2021 of $1.1 million and $400,000, respectively. We account for this unrealized loss pass through by recording equivalent realized gains on our Consolidated Statements of Comprehensive Loss. On June 26, 2021, the NDOI issued its non-disapproval of the Modified Coinsurance Agreement (“Modco AEG Agreement”) with American Republic Insurance Company (“AEG”), an Iowa domiciled reinsurance company. The agreement closed on June 30, 2021. Under the Modco AEG Agreement, American Life cedes to AEG, on a modified coinsurance basis, 20% quota share of certain liabilities with respect to its multi-year guaranteed annuity MYGA-5 business and an initial 20% quota share of certain liabilities with respect to its fixed indexed annuity FIA. American Life has established a Modco Deposit Account to hold the assets for the Modco Agreement. The initial settlement included net premium income of $37.5 million and net statutory reserves of $34.8 million for the modified coinsurance account. The amount paid to the Modified coinsurance deposit account from AEG was $2.4 million. On November 10, 2021, the NDOI issued its non-disapproval of the Funds Withheld and Modified Coinsurance Agreement SRC3, whereby, SRC3 agreed to provide reinsurance funding for a quota share percentage of 45% of the liabilities of American Life arising from its MYGA products and a quota share percentage of 45% of American Life’s FIA products. American Life has established a FW and Modco Deposit Account to hold the assets for the FW and Modco Agreement. The initial settlement included net premium income of $37.5 million and net statutory reserves of $43.6 million. ​ ​ Under GAAP, ceding commissions are deferred on the Consolidated balance sheets and are amortized over the period of the policyholder contracts. The table below shows the ceding commissions from the reinsurers excluding SRC1 and what was earned on a GAAP basis for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (in thousands) ​ 2022 ​ 2021 Reinsurer ​ Gross Ceding Commission ​ Expense Allowance (1) ​ Interest on Ceding Commission ​ Earned Ceding Commission ​ Gross Ceding Commission ​ Expense Allowance ​ Interest on Ceding Commission ​ Earned Ceding Commission Unified Life Insurance Company ​ $ — ​ $ — ​ $ — ​ $ 8 ​ $ — ​ $ — ​ $ — ​ $ — Ironbound Reinsurance Company Limited ​ ​ — ​ ​ — ​ ​ 49 ​ ​ 130 ​ ​ — ​ ​ 15 ​ ​ 54 ​ ​ 122 Ascendant Re ​ ​ — ​ ​ — ​ ​ 23 ​ ​ 86 ​ ​ — ​ ​ 24 ​ ​ 22 ​ ​ 46 US Alliance Life and Security Company ​ ​ — ​ ​ — ​ ​ 14 ​ ​ 87 ​ ​ 2 ​ ​ 21 ​ ​ 15 ​ ​ 67 Crestline SP1 ​ ​ 1,034 ​ ​ 1,830 ​ ​ 80 ​ ​ 506 ​ ​ 2,345 ​ ​ 4,678 ​ ​ 50 ​ ​ 216 American Republic Insurance Company ​ ​ 801 ​ ​ 1,454 ​ ​ 23 ​ ​ 153 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ $ 1,835 ​ $ 3,284 ​ $ 189 ​ $ 970 ​ $ 2,347 ​ $ 4,738 ​ $ 141 ​ $ 451 (1) Includes acquisition and administrative expenses, commission expense allowance and product development fees. The table below shows the ceding commissions deferred on each reinsurance transaction on a GAAP basis: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 31, 2022 ​ December 31, 2021 Reinsurer Deferred Gain on Reinsurance Transactions ​ Deferred Gain on Reinsurance Transactions US Alliance Life and Security Company (1) $ 159 ​ $ 162 Unified Life Insurance Company (1) ​ 235 ​ ​ 242 Ironbound Reinsurance Company Limited (2) ​ ​ 5,078 ​ ​ 5,137 Ascendant Re ​ 3,061 ​ ​ 3,101 US Alliance Life and Security Company (2) ​ ​ 2,233 ​ ​ 2,286 American Republic Insurance Company (2) ​ ​ 4,945 ​ ​ 4,146 Crestline SP1 (2) ​ ​ 14,338 ​ ​ 13,515 ​ ​ $ 30,049 ​ $ 28,589 ​ 1) These reinsurance transactions on our legacy life insurance business received gross ceding commissions on the effective dates of the transaction. The difference between the statutory net adjusted reserves and the GAAP adjusted reserves plus the elimination of DAC and value of business acquired related to these businesses reduces the gross ceding commission with the remaining deferred and amortized over the lifetime of the blocks of business. 2) These reinsurance transactions include the ceding commissions and expense allowances which are accounted for as described in (1). The use of reinsurance does not relieve American Life of its primary liability to pay the full amount of the insurance benefit in the event of the failure of a reinsurer to honor its contractual obligation for all blocks of business except what is included in the Unified transaction. The reinsurance agreement with Unified discharges American Life’s responsibilities once all the policies have changed from indemnity to assumptive reinsurance. No reinsurer of business ceded by American Life has failed to pay policy claims (individually or in the aggregate) with respect to our ceded business. American Life monitors several factors that it considers relevant to satisfy itself as to the ongoing ability of a reinsurer to meet all obligations of the reinsurance agreements. These factors include the credit rating of the reinsurer, the financial strength of the reinsurer, significant changes or events of the reinsurer, and any other relevant factors. If American Life believes that any reinsurer would not be able to satisfy its obligations with American Life, separate contingency reserves may be established. As of March 31, 2022 and December 31, 2021, no contingency reserves were established. American Life seeks to reinsure substantially all of its new insurance policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. American Life may retain some business with the intent to reinsure some or all at a future date. Retained and Reinsured Balance Sheets The table below shows the retained and reinsurance condensed balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Retained ​ Reinsured ​ Consolidated ​ Retained ​ Reinsured ​ Consolidated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 481,732 ​ $ 576,994 ​ $ 1,058,726 ​ $ 414,418 ​ $ 561,109 ​ $ 975,527 Cash and cash equivalents ​ ​ 73,782 ​ ​ 70,902 ​ ​ 144,684 ​ ​ 95,406 ​ ​ 46,607 ​ ​ 142,013 Accrued investment income ​ ​ 3,662 ​ ​ 9,543 ​ ​ 13,205 ​ ​ 3,853 ​ ​ 9,770 ​ ​ 13,623 Deferred acquisition costs, net ​ ​ 28,292 ​ ​ — ​ ​ 28,292 ​ ​ 24,530 ​ ​ — ​ ​ 24,530 Reinsurance recoverables ​ ​ — ​ ​ 33,908 ​ ​ 33,908 ​ ​ — ​ ​ 38,579 ​ ​ 38,579 Other assets ​ ​ 11,238 ​ ​ 11,845 ​ ​ 23,083 ​ ​ 27,834 ​ ​ (2,189) ​ ​ 25,645 Total assets ​ $ 598,706 ​ $ 703,192 ​ $ 1,301,898 ​ $ 566,041 ​ $ 653,876 ​ $ 1,219,917 Liabilities and Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policyholder liabilities ​ $ 477,122 ​ $ 685,039 ​ $ 1,162,161 ​ $ 427,807 ​ $ 660,811 ​ $ 1,088,618 Deferred gain on coinsurance transactions ​ ​ 30,049 ​ ​ — ​ ​ 30,049 ​ ​ 28,589 ​ ​ — ​ ​ 28,589 Other liabilities ​ ​ 12,344 ​ ​ 18,153 ​ ​ 30,497 ​ ​ 23,889 ​ ​ (6,935) ​ ​ 16,954 Total liabilities ​ $ 519,515 ​ $ 703,192 ​ $ 1,222,707 ​ $ 480,285 ​ $ 653,876 ​ $ 1,134,161 Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Voting common stock ​ ​ 4 ​ ​ — ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ 4 Additional paid-in capital ​ ​ 138,308 ​ ​ — ​ ​ 138,308 ​ ​ 138,277 ​ ​ — ​ ​ 138,277 Accumulated deficit ​ ​ (69,972) ​ ​ — ​ ​ (69,972) ​ ​ (70,159) ​ ​ — ​ ​ (70,159) Accumulated other comprehensive income ​ ​ (7,581) ​ ​ — ​ ​ (7,581) ​ ​ 2,634 ​ ​ — ​ ​ 2,634 Total Midwest Holding Inc.'s stockholders' equity ​ $ 60,759 ​ $ — ​ $ 60,759 ​ $ 70,756 ​ $ — ​ $ 70,756 Noncontrolling interest ​ ​ 18,432 ​ ​ — ​ ​ 18,432 ​ ​ 15,000 ​ ​ — ​ ​ 15,000 Total stockholders' equity ​ ​ 79,191 ​ ​ — ​ ​ 79,191 ​ ​ 85,756 ​ ​ — ​ ​ 85,756 Total liabilities and stockholders' equity ​ $ 598,706 ​ $ 703,192 ​ $ 1,301,898 ​ $ 566,041 ​ $ 653,876 ​ $ 1,219,917 ​

Long-Term Incentive Plans

Long-Term Incentive Plans	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Long-Term Incentive Plans	Note 10. Long-Term Incentive Plans ​ On June 11, 2019, our Board of Directors approved the Midwest Holding Inc. Long-Term Incentive Plan (the “2019 Plan”) that reserves up to 102,000 shares of our voting common stock for award issuances. It provides for the grant of options, restricted stock awards, restricted stock units, stock appreciation rights, performance units, performance bonuses, stock awards and other incentive awards to eligible employees, consultants and eligible directors, subject to the conditions set forth in the 2019 Plan. Shareholder approval of the plan occurred on June 11, 2019. All awards are required to be established, approved, and/or granted by the compensation committee of our Board. ​ On November 16, 2020, our Board of Directors adopted a new equity incentive plan titled the 2020 Long-Term Incentive Plan (the "2020 Plan") that reserves up to 350,000 shares of voting common stock for award issuances. The terms of the 2020 Plan are essentially the same as the 2019 Plan. On June 29, 2021, the 2020 Plan was approved by the shareholders. ​ In accordance with the stockholder-approved equity incentive plans above, we have granted stock options to employees and directors for the purchase of common stock at exercise prices at the date of the grants and restricted stock unit awards. We calculate the fair value and compensation at grant date using the Black Scholes Model. Stock options become exercisable under various vesting schedules (typically two ​ Restricted Stock and Restricted Stock Units ​ On November 16, 2020, the Company awarded 18,596 shares of restricted stock, and on November 11, 2021, it awarded 5,089 restricted stock units (“RSUs”). The restricted stock award of 18,596 shares had a grant date fair value of $41.25 and was subject to time-based vesting requirements of one-fourth ​ The 5,089 RSUs were granted to our non-employee directors and had grant a date fair value of $24.34 and will vest on June 14, 2022, the date of the Company’s 2022 annual meeting of stockholders. The RSU compensation expense was calculated using the grant date fair value and is amortizing on a straight-line basis over the requisite service periods. Total compensation recognized in connection with the RSUs has been approximately $80,000 with a remainder of $44,000 to be recognized in the second quarter of 2022. ​ The compensation expense relating to these awards was calculated using the grant date fair value and is amortized on a straight-line basis over the requisite service periods. ​ The table below identifies the assumptions used in the Black Scholes Model to calculate the compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, 2021 ​ ​ 2022 ​ 2021 Expected volatility ​ 4.16% - 4.26% ​ 4.4% - 66.3% Weighted-average volatility ​ 4.2% ​ 38.9% Expected term (in years) ​ 2 - 7 ​ 2 - 7 Risk-free rate ​ 1.79% - 2.15% ​ .8% - 1.5% ​ For the three months ended March 31, 2022 and 2021, we amortized the compensation expense related to the 2019 and 2020 Plans, from the stock option grants on the dates above, over the vesting tranches which resulted in expenses and an increase in additional paid in capital of approximately $32,000 and $261,340, respectively. The tables below shows the remaining non-vested shares and options under the 2019 and 2020 Plans as of March 31, 2022 and December 31, 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Stock Options/ Restricted Stock/Unit Outstanding ​ Weighted Average Grant-Date Fair Value ​ Weighted Average Exercise Price (1) Nonvested stock options and restricted stock unit awards at December 31, 2021 ​ 317,217 ​ $ 25.80 ​ $ 40.13 Options granted ​ 38,367 ​ ​ 3.41 ​ ​ 20.69 Adjustment to prior year options granted ​ (20,325) ​ ​ — ​ ​ — Vested ​ (7,318) ​ ​ 26.01 ​ ​ 20.50 Forfeited ​ (34,123) ​ ​ 27.14 ​ ​ 30.74 Ending Balance at March 31 2022 293,818 ​ $ 17.27 ​ $ 37.35 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Stock Options/ Restricted Stock/Unit Outstanding ​ Weighted Average Grant-Date Fair Value ​ Weighted Average Exercise Price (1) Nonvested stock options at December 31, 2020 ​ 100,972 ​ $ 22.91 ​ $ 34.70 Options granted ​ 333,880 ​ ​ 19.25 ​ ​ 42.84 Restricted stock units ​ 5,089 ​ ​ 24.34 ​ ​ 24.34 Vested ​ (85,957) ​ ​ 17.32 ​ ​ 30.20 Forfeited ​ (36,767) ​ ​ 23.91 ​ ​ 40.42 Ending Balance at December 31, 2021 317,217 ​ $ 25.80 ​ $ 40.13 (1) Restricted stock and restricted stock units do not have an exercise price. The tables below shows the outstanding vested and nonvested stock options as of March 31, 2022 and December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options (3) ​ Weighted Average Exercise Price Per Share ​ Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2021 ​ 489,331 ​ $ 38.62 ​ 9.2 Granted (1) ​ 37,517 ​ ​ 19.85 ​ 10.0 Vested (2) ​ 26,793 ​ ​ 39.85 ​ 8.8 Forfeited or expired ​ (34,123) ​ ​ 44.29 ​ 8.6 Exercised ​ — ​ ​ — ​ — Outstanding at March 31, 2022 ​ 519,518 ​ ​ 28.52 ​ 9.1 ​ (1) Includes adjustment to prior year granted options (2) Includes adjustment to prior year vested options (3) Includes restricted stock units which do not have an exercise price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options (1) ​ ​ Weighted Average Exercise Price Per Share ​ Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2020 ​ 101,172 ​ ​ 38.51 ​ 9.8 Granted ​ 333,880 ​ ​ 43.91 ​ 10.0 Restricted stock units ​ 5,089 ​ ​ — ​ 10.0 Vested ​ 85,957 ​ ​ 39.78 ​ 9.0 Forfeited or expired ​ (36,767) ​ ​ 44.05 ​ 8.5 Exercised ​ — ​ ​ — ​ — Outstanding at December 31, 2021 ​ 489,331 ​ ​ 38.62 ​ 9.2 ​ (1) Includes restricted stock units which do not have an exercise price ​

Deposit-Type Contracts

Deposit-Type Contracts	3 Months Ended
	Mar. 31, 2022
Separate Accounts Disclosure [Abstract]
Deposit-Type Contracts	Note 11. Deposit-Type Contracts The Company’s deposit-type contracts represent the contract value that has accrued to the benefit of policyholders as of the balance sheet date. Liabilities for these deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and less policyholder withdrawals. The following table provides information about deposit-type contracts as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 31, 2022 December 31, 2021 Beginning balance ​ $ 1,075,439 ​ $ 597,868 US Alliance ​ (1,338) ​ 1,873 Unified Life Insurance Company ​ ​ (9) ​ ​ 468 Ironbound Reinsurance Company Limited ​ 1,521 ​ 6,579 Ascendant Re ​ ​ (1,715) ​ ​ 2,880 Crestline SP1 ​ ​ (6,232) ​ ​ 4,834 American Republic Insurance Company ​ ​ (1,560) ​ ​ 1,567 Deposits received ​ 98,111 ​ 471,646 Investment earnings (includes embedded derivative) ​ (6,674) ​ 7,012 Withdrawals ​ (9,315) ​ (18,446) Policy charges ​ ​ (143) ​ ​ (842) Ending balance ​ $ 1,148,085 ​ $ 1,075,439 ​

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Note 12. Contingencies and Commitments Contingent Commitments: ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (In thousands) March 31, 2022 ​ December 31, 2021 Due in one year or less $ 13,822 ​ $ 19,245 Due in two years 32,651 ​ 26,753 Due in three years 5,392 ​ 4,705 Due in four years ​ 13,406 ​ ​ 8,741 Due in five years and after ​ 167,730 ​ ​ 86,497 ​ $ 233,001 ​ $ 145,941 ​ Legal Proceedings: ​ Regulatory Matters:

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Note 13. Leases Our operating lease activities consist of leases for office space and equipment. Our finance lease activities consisted of one lease for hardware which we owned at the end of the lease agreement on March 31, 2020. None of our lease agreements include variable lease payments. Supplemental balance sheet information as of March 31, 2022 and December 31, 2021, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ As of ​ As of Leases Classification March 31, 2022 December 31, 2021 Assets ​ ​ Operating Operating lease right-of-use assets ​ $ 2,300 ​ $ 2,360 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Operating lease Operating lease liabilities ​ $ 2,307 ​ $ 2,364 ​ Our operating leases expenses for the three months ended March 31, 2022 and 2021, were approximately $3,000 and $1,000, respectively. ​ ​ Minimum contractual obligations for our operating leases as of March 31, 2022, are as follows: ​ ​ ​ ​ ​ (in thousands) Operating Leases 2022 ​ $ 257 2023 ​ 342 2024 ​ 342 2025 ​ ​ 342 2026 ​ ​ 345 2027 ​ ​ 353 2028 ​ ​ 362 2029 ​ ​ 371 2030 ​ ​ 380 2031 ​ ​ 292 Total remaining lease payments ​ $ 3,386 ​ The cash flows related to operating leases was approximately $3,000 and $2,000 as of March 31, 2022 and 2021, respectively. ​ The weighted average remaining lease terms of our operating leases were approximately nine years and one

Statutory Net Income and Surplu

Statutory Net Income and Surplus	3 Months Ended
	Mar. 31, 2022
Statutory Net Income and Surplus [Abstract]
Statutory Net Income and Surplus	Note 14. Statutory Net Income and Surplus ​ American Life is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Nebraska Department of Insurance and the Vermont Department of Insurance. Statutory practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. The following table represents the net gains or (losses) as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ Three months ended March 31, ​ ​ ​ 2022 2021 American Life ​ ​ $ 9,593 ​ $ 6,109 SRC1 ​ ​ $ (822) ​ $ (3,312) SRC3 ​ ​ $ 469 ​ $ — ​ The following table represents the Capital and Surplus as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (In thousands) ​ ​ March 31, 2022 ​ December 31, 2021 American Life ​ ​ $ 68,204 ​ $ 74,011 SRC1 ​ ​ $ 7,593 ​ $ 8,415 SRC3 ​ ​ $ 3,619 ​ $ 3,150 ​ ​ ​ The following table represents the premiums sales as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (In thousands) ​ ​ 2022 2021 American Life ​ ​ $ 58,118 ​ $ 39,955 SRC1 ​ ​ $ - ​ $ 36,234 SRC3 ​ ​ $ (148) ​ $ — ​ State insurance laws require American Life to maintain certain minimum capital and surplus amounts on a statutory basis. Our insurance subsidiary is subject to regulations that restrict the payment of dividends from statutory surplus and may require prior approval from its domiciliary insurance regulatory authorities. American Life is also subject to risk-based capital (“RBC”) requirements that may further affect its ability to pay dividends. American Life’s statutory capital and surplus as of March 31, 2022 and December 31, 2021, exceeded the amount of statutory capital and surplus necessary to satisfy regulatory requirements, including the RBC requirements as of those dates. As of December 31, 2020, American Life had an invested asset that was impaired as a result of the fair market of the underlying collateral being valued less that the book value. This was a non-admitted asset for statutory accounting purposes. This asset was held in our modified coinsurance account for Ironbound so it was passed through to the third-party reinsurer through as a reduction of the investment income earned by the third-party reinsurer. As of March 31, 2021, this invested asset was sold for a loss of $2.4 million that was passed through to the third-party reinsurer as a reduction of its investment income earned. As of March 31, 2022 and December 31, 2021, American Life did not hold any participating policyholder contracts where dividends were required to be paid.

Third-party Administration

Third-party Administration	3 Months Ended
	Mar. 31, 2022
Related Party
Third Party Administration	Note 15. Third-Party Administration The Company commenced its third-party administrative (“TPA”) services in 2012 as an additional revenue source. These services are offered to non-affiliated entities. These agreements, for various levels of administrative services on behalf of each company, generate fee income for the Company. Services provided vary based on their needs and can include some or all aspects of back-office accounting and policy administration. TPA fee income earned for TPA administration during the three months ended March 31, 2022 and 2021 were $100,000 and $207,500, respectively.

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Equity	Note 16. Equity Preferred stock As of March 31, 2022 and December 31, 2021, the Company had two million shares of preferred stock authorized but none were issued or outstanding. Common Stock The voting common stock is traded on The Nasdaq Capital Market under the symbol “MDWT.” Midwest has authorized 20 million shares of voting common stock and two million shares of non-voting common stock. As of March 31, 2022 and December 31, 2021, Midwest had 3,737,564 shares of voting common stock issued and outstanding. As of those dates, there were no shares of Midwest’s non-voting common stock issued or outstanding. ​ Midwest holds approximately 4,500 shares of voting common stock in its treasury due to the reverse stock split in 2020. ​ Additional paid-in capital ​ Additional paid-in capital is primarily comprised of the cumulative cash that exceeds the par value received by the Company in conjunction with past issuances of its shares. It also is increased by the amortization expense of the consideration calculated at inception of the stock option grants as discussed in Note 10 – Long-Term Incentive Plans above. ​ ​ Accumulated Other Comprehensive Income (AOCI) AOCI represents the cumulative other comprehensive (loss) income (OCI) items that are reported separate from net loss and detailed on the Consolidated Statements of Comprehensive Loss. AOCI includes the unrealized gains and losses on investments and DAC, net of offsets and taxes are as follows: ​ ​ ​ ​ (In thousands) Unrealized investment gains (losses) on fixed maturities, net of offsets Balance at December 31, 2020 $ 6,431 Other comprehensive income before reclassifications (1,422) Unrealized gains on foreign currency ​ — Less: Reclassification adjustments for losses realized in net income ​ (2,375) Balance, December 31, 2021 ​ 2,634 Other comprehensive loss before reclassifications, net of tax ​ (9,703) Less: Reclassification adjustments for losses realized in net income, net of tax ​ (512) Balance, March 31, 2022 $ (7,581) ​

Deferred Acquisition Costs

Deferred Acquisition Costs	3 Months Ended
	Mar. 31, 2022
Deferred Acquisition Costs
Deferred Acquisition Costs	Note 17. Deferred Acquisition Costs The following table represents a roll forward of DAC, net of reinsurance: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 31, 2022 ​ December 31, 2021 Beginning balance ​ $ 24,530 ​ $ 13,456 Additions ​ ​ 4,294 ​ ​ 13,402 Amortization ​ ​ (851) ​ ​ (2,886) Interest ​ ​ 136 ​ ​ 632 Impact of unrealized investment losses ​ ​ 183 ​ ​ (74) Ending Balance ​ $ 28,292 ​ $ 24,530 ​

Related Party

Related Party	3 Months Ended
	Mar. 31, 2022
Related Party
Related Party	​ Note 18. Related Party Crestline ​ On April 24, 2020, we entered into a Securities Purchase Agreement with Crestline Assurance Holdings LLC (“Crestline”) an institutional alternative investment management firm under which we issued 444,444 shares of our voting common stock to Crestline. We contributed $5.0 million of the net proceeds to American Life and used $3.3 million of the proceeds to capitalize Seneca Re and its first protected cell. We also entered into a Stockholders Agreement along with Xenith and Vespoint that grants Crestline certain rights. Also, Douglas K. Bratton, a principal of Crestline, was appointed as a director of both our board of directors and the American Life board of directors. In addition, on April 24, 2020, American Life entered into a three-year master letter agreement and related reinsurance, trust and asset management agreement with Seneca Re and a Crestline affiliate regarding the flow of annuity reinsurance and related asset management, whereby Crestline agreed to provide reinsurance funding for a quota share percentage of 25% of the liabilities of American Life arising from its MYGA and quota share percentage of 40% of American Life’s FIA products. From inception through March 31, 2022, American Life had ceded $296.6 million face amount of annuities to Crestline SP1. American Life received total ceding commissions, inception-to-date, of $14.0 million and expense reimbursements of $26.5 million in connection with these transactions as of March 31, 2022. The Reinsurance Agreement also contains the following agreements: ● American Life and Crestline SP1 each entered into investment management agreements with Crestline, pursuant to which Crestline manages the assets that support the reinsured business; and ● American Life and Crestline SP1 entered into a trust agreement whereby SRC2 maintains for American Life’s benefit a trust account that supports the reinsured business. ​ Currently, Crestline has approximately $228.0 million assets under management and is a subadvisor on approximately $341.0 million of additional investments. ​ Chelsea ​ On June 29, 2020, Midwest’s subsidiary, American Life, purchased a 17% interest in Financial Guaranty UK Limited through an economic interest in Chelsea Holdings Midwest LLC. American Life has a note receivable from Chelsea Holdings Midwest LLC with an interest rate of 5% per annum that was rated BBB+ by a nationally recognized statistical rating organization (“NRSRO”). This note is being carried at cost plus PIK of $6.0 million as of March 31, 2022. ​ ​

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Nature of operations	Nature of Operations Midwest Holding Inc. (“Midwest,” “the Company,” “we,” “our,” or “us”) was incorporated in Nebraska on October 31, 2003 for the primary purpose of operating a financial services company. The Company redomesticated from the State of Nebraska to the State of Delaware on August 27, 2020. The Company is in the life and annuity insurance business and operates through its wholly owned subsidiaries, American Life & Security Corp. (“American Life”), and 1505 Capital LLC (“1505 Capital”) as well as through its sponsored captive reinsurance company, Seneca Reinsurance Company, LLC (“Seneca Re”). American Life is a Nebraska-domiciled life insurance company that is currently licensed to sell, underwrite, and market life insurance and annuity products in 22 states and the District of Columbia. Effective March 12, 2020, Seneca Re, a Vermont limited liability company, was formed by Midwest to operate as a sponsored captive insurance company for the purpose of insuring and reinsuring various types of risks of its participants through one or more protected cells and to conduct any other business or activity that is permitted for sponsored captive insurance companies under Vermont insurance regulations. On March 30, 2020, Seneca Re received its Certification of Authority to transact the business of a captive insurance company. On April 15, 2020, Midwest entered into an operating agreement with Seneca Re and as of March 31, 2022, Seneca Re has two incorporated cells, Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) and Seneca Re Protected Cell 2021-03 (“SRC3”) which are consolidated in our financial statements. On May 12, 2020, Midwest contributed $300,000 to Seneca Re for a 100% ownership interest. Midwest owned 100% in SRC1 by contributing a total of $21.4 million. On December 30, 2021, Midwest closed the sale of approximately 70% of SRC1 to a subsidiary of ORIX Corporation USA “ORIX USA”) for $15.0 million. Under the terms of the agreement, Midwest now holds a 30% ownership interest in SRC1. ORIX Advisers, LLC, another subsidiary of ORIX USA, is the manager of the assets underlying SRC1’s reinsurance obligations going forward, replacing Midwest’s asset management arm, 1505 Capital. ​ On April 2, 2019, we obtained a 51% ownership in 1505 Capital, a Delaware limited liability company, that was established in 2018 to provide financial and investment advisory and management services to clients and related investment activities. On June 15, 2020, we purchased the remaining 49% ownership in 1505 Capital for $500,000. 1505 Capital’s financial results have been consolidated with the Company’s since the date of its acquisition. ​ On July 27, 2020, American Life entered into a reinsurance agreement (the “Reinsurance Agreement”) with a new protected cell formed by Seneca Re (Seneca Incorporated Cell, LLC 2020-02 (“SRC2”)). SRC2 was capitalized by Crestline Management, L.P. (“Crestline”), a significant shareholder of Midwest via a Crestline subsidiary, Crestline Re SPC1. The Reinsurance Agreement, which was effective as of April 24, 2020, and was entered into pursuant to a Master Letter Agreement (the “Master Agreement”) dated and effective as of April 24, 2020, among American Life, Seneca Re and Crestline. The Reinsurance Agreement supports American Life’s new business production by providing reinsurance capacity for American Life to write certain kinds of fixed and multi-year guaranteed annuity products. Concurrently with the Reinsurance Agreement: ​ ● American Life and SRC2 each entered into investment management agreements with Crestline, pursuant to which Crestline manages the assets that support the reinsured business; and ● American Life and SRC2 entered into a trust agreement whereby SRC2 maintains for American Life’s benefit a trust account that supports the reinsured business. ​ Under the Master Agreement, Crestline agreed to provide reinsurance funding for a quota share percentage of 25% of the liabilities of American Life arising from its multi-year guaranteed annuities (“MYGA”) and a quota share percentage of 40% for American Life’s fixed indexed annuity (“FIA”) products. The Master Agreement expires on April 24, 2023. In addition, pursuant to the Master Agreement, the parties thereto have agreed to enter into a separate agreement whereby, among other things and subject to certain conditions, American Life will agree to reinsure additional new business production to one or more reinsurers formed and/or capitalized by Crestline, Midwest or an appropriate affiliate will refer potential advisory clients to Crestline, and American Life will consider investing in certain assets originated or sourced by Crestline. ​ On June 26, 2021, the Nebraska Department of Insurance (‘NDOI”) issued its non-disapproval of the Modified Coinsurance Agreement (“Modco AEG Agreement”) of American Life with American Republic Insurance Company (“AEG”), an Iowa domiciled reinsurance company. The agreement closed on June 30, 2021. Under the Modco AEG Agreement, American Life cedes to AEG, on a modified coinsurance basis, 20% quota share of certain liabilities with respect to its MYGA-5 business and an initial 20% quota share of certain liabilities with respect to its FIA products. American Life has established a Modco Deposit Account to hold the assets for the Modco Agreement. The initial settlement included net premium of $37.5 million and net reserves of $34.8 million for the modified coinsurance account. The amount paid to the Modified Deposit Account from AEG was $2.4 million. ​ On November 10, 2021, Midwest purchased 100% ownership of an intermediary holding company for $5.7 million, which company there of contributed capital of $5.5 million to purchase 100% of SRC3 Class A and B capital stock. Also, on November 10, 2021, American Life and SRC3 entered into a Funds Withheld and Modified Coinsurance Agreement, whereby, SRC3 agreed to provide reinsurance funding for a quota share percentage of 45% of the liabilities of American Life arising from its MYGA and quota share percentage of 45% of American Life’s FIA products. ​ Management evaluates the Company as one reporting segment in the life insurance industry. The Company is primarily engaged in the underwriting and marketing of annuity products through American Life, and then reinsuring such products with third-party reinsurers, and since May 13, 2020, with Seneca Re protected cells. American Life’s legacy product offerings consisted of a multi-benefit life insurance policy that combined cash value life insurance with a tax deferred annuity and a single premium term life product. American Life presently offers six annuity products: two MYGAs, two FIAs, and two bonus plans associated with the FIA product. It is not presently offering any traditional life insurance products.
Basis of presentation	Basis of Presentation These financial statements include all adjustments, consisting of only normal recurring adjustments, which are necessary to make our financial position at March 31, 2022 and the results of our operations for the three months ended March 31, 2022 and 2021 not misleading. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), the accompanying condensed consolidated financial statements do not include all disclosures normally required by generally accepted accounting principles in the United States of American (“GAAP”). These financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 on file with the SEC. In our opinion, the condensed consolidated financial statements are a fair presentation of the financial position, results of operations, changes in stockholders’ equity and cash flows for the periods presented. The results of operations for three months ended March 31, 2022 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2022. The following is a summary of our significant accounting policies and estimates. These accounting policies inherently require significant judgment and assumptions, and actual operating results could differ significantly from management’s estimates determined using these policies. We believe the following accounting policies, judgments and estimates are the most critical to the understanding of our results of operations and financial position. All intercompany accounts and transactions have been eliminated in consolidation and certain immaterial reclassifications have been made to the prior period results to conform to the current period’s presentation with no impact on results of operations or total stockholders’ equity.
Fixed Maturities	Fixed Maturities All fixed maturities owned by the Company are considered available-for-sale and are included in the consolidated financial statements at their fair value as of the financial statement date. Premiums and discounts on fixed maturity debt instruments are amortized using the scientific-yield method over the term of the bonds. Realized gains and losses on securities sold during the year are determined using the specific identification method. Unrealized holding gains and losses, net of applicable income taxes, are included in accumulated other comprehensive (loss) income. Declines in the fair value of available-for-sale securities below their amortized cost are evaluated to assess whether any other-than-temporary impairment loss should be recorded. In determining if these losses are expected to be other-than-temporary, the Company considers severity of impairment, duration of impairment, forecasted recovery period, industry outlook, the financial condition of the issuer, issuer credit ratings, and the intent and ability of the Company to hold the investment until the recovery of the cost. The recognition of other-than-temporary impairment losses on debt securities is dependent on the facts and circumstances related to the specific security. If the Company intends to sell a security or it is more likely than not that the Company would be required to sell a security prior to recovery of the amortized cost, the difference between amortized cost and fair value is recognized in the statement of comprehensive income as an impairment. If the Company does not expect to recover the amortized basis, does not plan to sell the security, and if it is not more likely than not that the Company would be required to sell a security before the recovery of its amortized cost, the recognition of the impairment is bifurcated. The Company recognizes the credit loss portion as realized losses and the noncredit loss portion in accumulated other comprehensive loss. The credit component of other-than-temporary impairment is determined by comparing the net present value of projected cash flows with the amortized cost basis of the debt security. The net present value is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the fixed income security at the date of acquisition. Cash flow estimates are driven by assumptions regarding probability of default, including changes in credit ratings, and estimates regarding timing and amount of recoveries associated with a default. The Company had no impairment recognized as of March 31, 2022 and as of December 31, 2021. Investment income consists of interest, dividends, gains and losses from equity method investments, and real estate income, which are recognized on an accrual basis along with the amortization of premiums and discounts. Certain available-for-sale investments are maintained as collateral under funds withheld (“FW”) and modified coinsurance (“Modco”) agreements but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. American Life has treaties with several third-party reinsurers that have funds withheld and modified coinsurance provisions. In Modco, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In FW, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers to reduce the potential credit risk. The unrealized gains/losses on those investments are passed through to the third-party reinsurers as either a realized gain or loss on the Consolidated Statements of Comprehensive Loss.
Mortgage loans on real estate, held for investment	Mortgage loans on real estate, held for investment Mortgage loans on real estate, held for investment are carried at unpaid principal balances. Interest income on mortgage loans on real estate, held for investment, is recognized in net investment income at the contract interest rate when earned. A mortgage loan is considered to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances on mortgage loans are established based upon losses expected by management to be realized in connection with future dispositions or settlements of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate and disposition of collateral. These evaluations are revised as conditions change and new information becomes available. No such valuation allowance was established for the as of March 31, 2022 and as of December 31, 2021.
Derivative Instruments	Derivative Instruments Derivatives are used to hedge the risks experienced in our ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, or other underlying notional amounts. Derivative assets and liabilities are carried at fair value on the consolidated balance sheets. To qualify for hedge accounting, at the inception of the hedging relationship, we would formally document our designation of the hedge as a cash flow or fair value hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we would identify how the hedging instrument is expected to hedge the designated risks related to the hedged item, the method that would be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which would be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness would be formally assessed at inception and periodically throughout the life of the designated hedging relationship. During the last quarter of 2020, the Company began investing in foreign currency futures to hedge the fluctuations in the foreign currencies. The formal documentation and hedge effectiveness was also not completed at the date we entered into those futures contracts; therefore, they do not qualify for hedge accounting. The futures change in fair market values were recorded on our consolidated statement of comprehensive loss as realized gains or (losses). Additionally, reinsurance agreements written on a FW or Modco basis contain embedded derivatives on our annuity products. Gains or (losses) associated with the performance of assets maintained in the modified coinsurance deposit and funds withheld accounts are reflected as realized gains or (losses) in the consolidated statement of comprehensive loss.
Equity Securities	Equity Securities Equity securities at March 31, 2022 consisted of exchange traded funds (“ETFs”). The ETF’s are carried at fair value with the change in fair value recorded through realized gains and losses in the Consolidated Statements of Comprehensive Loss. As of March 31, 2022 and December 31, 2021, we held $21.2 million and $21.9 million of ETFs, respectively.
Federal Home Loan Bank (FHLB) stock	Federal Home Loan Bank (FHLB) stock ​ American Life purchased Federal Home Loan Bank of Topeka (“FHLB”) common stock on May 5, 2021. This investment was to solidify our membership with FHLB Topeka. The carrying value of FHLB stock approximates fair value since the Company can redeem the stock with FHLB at cost. As a member of the FHLB, the Company is required to purchase this stock, which is carried at cost and classified as restricted equity securities. Membership allows access to various funding arrangements to provide a source of additional liquidity. As of March 31, 2022, 2021 and December 31, 2021, there were no such outstanding funding arrangements.
Other invested assets	Other invested assets Other invested assets consists of approximately $55.5 million of various investments which primarily consists of approximately $41.7 million of collateral loans, private credit, and equipment leases. Also, we had an initial investment of $19.0 million investment in a private fund that was repackaged into a special purpose vehicle between American Life and an unaffiliated entity, PF Collinwood Holdings, LLC (“PFC”), with American Life owning 100% of the entity effective January 2021. No gain or loss was recognized from the repackaging of PFC. The statement value approximates the fair value of PFC as of March 31, 2022 and December 31, 2021 of $15.0 million and $14.5 million, respectively, with the change in fair market value recorded in unrealized gains and losses in equity on the balance sheet. On February 2, 2022, we established a special purpose vehicle Python Asset Holding LLC with American Life owning 100% of the entity with an initial investments of $7.4 million. As of March 31, 2022 our investment in Python was carried at the initial investment minus approximately $275,000 distribution from the fund.
Investment escrow	Investment escrow The Company held in escrow $1.6 million and $3.6 million as of March 31, 2022 and December 31, 2021, respectively. The cash was used to settle mortgage loan investments that closed in April 2022 and January 2022, respectively.
Preferred Stock	Preferred Stock The Company held a perpetual preferred stock investment of $10.0 million as of March 31, 2022 and December 31, 2021, respectively. The change in fair market value is recorded in net investment income on in the income statement. In 2020 American Life entered into a series of transactions with an unaffiliated entity, Ascona Group Holdings Ltd (“AGH”). Through this transactions American Life acquired preferred equity in AGH in Pound Sterling (“GBP”) of 3.6 million along with warrants bearing no initial assigned value. American Life subsequently created a special purpose vehicle, Ascona Asset Holding LLC (“AAH”), to hold the Preferred Equity and Warrants, and later created Ascona Collinwood HoldCo LLC (“ACH”) to be the sole member of AAH. American Life and Crestline Re SP1 own 74% and 26%, respectively, of ACH. American Life is carrying the preferred equity and warrants at a market value in USD of $10.1 million as of March 31, 2022 and $8.7 million as of December 31, 2021. The change in market value of $1.7 million for the preferred stock and warrants of $1.7 million was recorded in net investment income on the Consolidated Statements of Comprehensive Loss. Of the $1.7 million of investment income $438,631 was attributable to the noncontrolling interest.
Notes receivable	Notes receivable The Company held notes receivable carried at fair value of $6.0 million as of March 31, 2022, and December 31, 2021, between American Life and a related party. The note receivable has an annual interest rate of 5% which is paid in kind (“PIK”) interest per annum that increases the outstanding note balance. This note was rated BBB+ by a nationally recognized statistical rating organization. This note matures on June 18, 2050.
Policy loans	Policy loans Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. No valuation allowance is established for these policy loans as the amount of the loan is fully secured by the death benefit of the policy and cash surrender value.
Cash and cash equivalents	Cash and cash equivalents The Company considers all liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of March 31, 2022 and December 31, 2021, the Company held approximately GBP 131,078 and GBP 2.2 million in several of our custody accounts, respectively. The USD equivalent held was approximately $172,581 and $3.0 million, respectively. As of March 31, 2022 and December 31, 2021, the Company held approximately Euro 1.7 and 9.3 million, respectively. The USD equivalent held was approximately $1.9 million and $10.6 million, respectively. For the three months ended March 31, 2022 and 2021, we had realized losses of approximately $108,000 and $75,000 respectively, related to the change in the foreign currency exchange rate of the GBP and Euro that were recorded in realized (losses) gains on investments in the Consolidated Statements of Comprehensive Loss. The Company had no money market investments as of March 31, 2022 and December 31, 2021.
Deferred acquisition costs	Deferred acquisition costs Deferred acquisition costs (“DAC”) consist of incremental direct costs, net of amounts ceded to third-party reinsurers, that result directly from and are essential to the contract acquisition transaction and would not have been incurred by the Company had the contract acquisition not occurred. These costs are capitalized, to the extent recoverable, and amortized over the life of the premiums produced. The Company evaluates the types of acquisition costs it capitalizes. The Company capitalizes agent compensation and benefits and other expenses that are directly related to the successful acquisition of contracts. The Company also capitalizes expenses directly related to activities performed by the Company, such as underwriting, policy issuance, and processing fees incurred in connection with successful contract acquisitions. Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. The Company performs a recoverability analysis annually in the fourth quarter unless events occur which require an immediate review. The Company performed a recoverability analysis during the fourth quarter of 2021 and determined that all DAC balances were recoverable as of December 31, 2021.The Company determined that no events occurred in the three months ended March 31, 2022 that suggest a review should be undertaken.
Property and equipment	Property and equipment Property and equipment are stated at cost net of accumulated depreciation. Annual depreciation is primarily computed using straight-line methods for financial reporting and straight-line and accelerated methods for tax purposes. Furniture and equipment is depreciated over 3 to 7 years and computer software and equipment is generally depreciated over 3 years. Depreciation expense totaled $9,964 and $12,334 for the three months ended March 31, 2022 and 2021, respectively. Accumulated depreciation totaled $1.1 million and $1.1 million as of March 31, 2022 and December 31, 2021, respectively. During the first quarter of 2021, the Company began the implementation of a new cloud-based enterprise resource planning and enterprise performance management system. The Company is capitalizing related consultation and support expenses relating to this system and began amortizing these fees over a period of five years starting in 2022. The useful life of the system has been estimated at five years in accordance with guidance in ASC 350, Intangibles – Goodwill and Other Maintenance and repairs are expensed as incurred. Replacements and improvements which extend the useful life of the asset are capitalized. The net book value of assets sold or retired are removed from the accounts, and any resulting gain or loss is reflected in earnings. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its fair value. The Company determined that no such events occurred that in the periods covered by the Consolidated Financial Statements would indicate the carrying amounts may not be recoverable.
Reinsurance	Reinsurance In the normal course of business, the Company seeks to limit any single exposure to losses on large risks by purchasing reinsurance. The amounts reported in the Consolidated Balance Sheets as reinsurance recoverable include amounts billed to reinsurers on losses paid as well as estimates of amounts expected to be recovered from reinsurers on insurance liabilities that have not yet been paid. Reinsurance recoverable on unpaid losses are estimated based upon assumptions consistent with those used in establishing the liabilities related to the underlying reinsured contracts. Insurance liabilities are reported gross of reinsurance recoverable. Management believes the recoverables are appropriately established. The Company generally strives to diversify its credit risks related to reinsurance ceded. Reinsurance does not extinguish the Company’s primary liability under the policies written. Therefore, the Company regularly evaluates the financial condition of its reinsurers including their activities with respect to claim settlement practices and commutations, and establishes allowances for uncollectible reinsurance recoverable as appropriate. There were no allowances established as of March 31, 2022 and 2021 or December 31, 2021,. We seek to reinsure substantially all of our new insurance policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. Under these reinsurance agreements, we expect there will be a monthly or quarterly settlement of premiums, claims, surrenders, collateral, and other administration fees. We believe this will help preserve American Life’s capital while supporting its growth because American Life will have lower capital requirements when its business is reinsured due to lower overall financial exposure versus retaining the insurance policy business itself. See Note 9 below for further discussion of our reinsurance activities. There are two main categories of reinsurance transactions: 1) “indemnity,” where we cede a portion of our risk but retain the legal responsibility to our policyholders should our reinsurers not meet their financial obligations; and 2) “assumption,” where we transfer the risk and legal responsibilities to the reinsurers. The reinsurers are required to acquire the appropriate regulatory and policyholder approvals to convert indemnity policies to assumption policies. Our reinsurers may be domestic or foreign capital markets investors or traditional reinsurance companies seeking to assume U.S. insurance business. We plan to mitigate the credit risk relating to reinsurers generally by requiring other financial commitments from the reinsurers to secure the reinsured risks (such as posting substantial collateral). It should be noted that under indemnity reinsurance agreements American Life remains exposed to the credit risk of its reinsurers. If one or more reinsurers become insolvent or are otherwise unable or unwilling to pay claims under the terms of the applicable reinsurance agreement, American Life retains legal responsibility to pay policyholder claims, which, in such event would likely materially and adversely affect the capital and surplus of American Life. Midwest formed Seneca Re in early 2020. Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) and Seneca Incorporated Cell, LLC 2021-03 (“SRC3”), which are consolidated in our financial statements. Midwest sold 70% ownership of SRC1 to a ORIX USA on December 30, 2021 and retained 30% ownership. Midwest maintains control over SRC1 so we are still consolidating SRC1 in our financial statements. Some reinsurers are not and may not be “accredited” or qualified as reinsurers under Nebraska law and regulations. In order to enter into reinsurance agreements with such reinsurers and to reduce potential credit risk, American Life holds a deposit or withholds funds from the reinsurer or requires the reinsurer to maintain a trust that holds assets backing up the reinsurer’s obligation to pay claims on the business American Life assumes. The reinsurer may also appoint an investment manager for such funds, which in some cases may be our investment adviser subsidiary, 1505 Capital, to manage these assets pursuant to guidelines adopted by us that are consistent with Nebraska insurance investment statutes and applicable insurance regulations. American Life currently has treaties with several third-party reinsurers and one related party reinsurer. In a Modco agreement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a FW agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers, to reduce the potential credit risk. Under those provisions with third-party reinsurers, the assets backing the treaties are maintained by American Life as investments but the assets and total returns or losses on the investments are owned by the reinsurers. Under GAAP, this arrangement is considered an embedded derivative as discussed in Comprehensive Loss and Note 5 below. Assets carried as investments on American Life’s financial statements for the third-party reinsurers contained unrealized losses of approximately $923,000, and gains of $2.5 million, and $161,000 as of March 31, 2022 and 2021, and December 31, 2021, respectively. The terms of the contracts with the third-party reinsurers provide that the changes in unrealized gains on the portfolios accrue to the third-party reinsurers. Accordingly, the change in unrealized gains on the assets held by American Life were offset by gains in the embedded derivative of $1.1 million, $400,000 and $2.7 million as of March 31, 2022 and 2021, and December 31, 2021, respectively. We account for this unrealized gain (loss) pass-through by recording equivalent realized gain or (loss) on our Consolidated Statements of Comprehensive Loss and in amount payable to our third-party reinsurers on the Consolidated balance sheets. For further discussion see Note 5. Derivative Instruments below.
Benefit reserves	Benefit reserves The Company establishes liabilities for amounts payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended period of time. Liabilities for future policy benefits of traditional life insurance have been computed by a net level premium method based upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality tables.
Policy claims	Policy claims Policy claims are based on reported claims plus estimated incurred but not reported claims developed from trends of historical data applied to current exposure.
Deposit-type contracts	Deposit-type contracts Deposit-type contracts consist of amounts on deposit associated with deferred annuities, premium deposit funds and supplemental contracts without life contingencies.
Deferred gain on reinsurance transactions	Deferred gain on coinsurance transactions American Life has entered into several reinsurance contracts where it has earned or is earning ceding commissions. These ceding commissions are recorded as a deferred liability and amortized over the life of the business ceded. American Life receives commission and administrative expenses from reinsurance transactions that represent recovery of acquisition costs. These remittances first reduce the DAC associated with the reinsured blocks of business with the remainder being included in the deferred gain on coinsurance transactions that is also being amortized.
Income taxes	Income taxes The Company is subject to income taxes in the U.S. federal and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for the years before 2019. The Company is not currently under examination for any open years for income taxes. The provision for income taxes is based on income as reported in the financial statements. The income tax provision is calculated under the asset and liability method. Deferred tax assets are recorded based on the differences between the financial statement and tax basis of assets and liabilities at the enacted tax rates. The principal assets and liabilities giving rise to such differences are investments, insurance reserves, and deferred acquisition costs. A deferred tax asset valuation allowance is established when there is uncertainty that such assets would be realized. The Company has no uncertain tax positions that it believes are more-likely-than not that the benefit will not to be realized. When applicable, the Company recognizes interest accrued related to unrecognized tax benefits and penalties in income tax expense.
Revenue recognition and related expenses	Revenue recognition and related expenses Amounts received as payment for annuities are recognized as deposits to policyholder account balances and are included in deposit-type liabilities. Revenues from these contracts are comprised of fees earned for administrative and contract-holder services and cost of insurance, which are recognized over the period of the contracts, and included in revenue. Deposits are shown as a financing activity in the consolidated statements of cash flows. Revenues on traditional life insurance products consist of direct and assumed premiums reported as earned when due. Liabilities for future policy benefits are provided and acquisition costs are amortized by associating benefits and expenses with earned premiums to recognize related profits over the life of the contracts. Acquisition costs are amortized over the expected life of the annuity contracts. Service fee revenue is comprised of third-party administration (“TPA”) fees and investment management fees: ● The TPA fees are related to accounting services performed based on service agreements with varying lengths. Revenue associated with TPA fees are only recognized when the services are performed, which is typically on a monthly or quarterly basis. ● Fees for investment management fees are based on the total assets managed for each client at a contracted rate. The length of term on the contracts varies by client. The Company accrues investment advisory fees and recognizes revenue based on the market value of the client’s assets at the end of the applicable period, at the client’s contracted rate.
Comprehensive Loss	Comprehensive loss Comprehensive loss is comprised of net loss and other comprehensive loss. Other comprehensive loss includes unrealized gains and losses from fixed maturities classified as available for sale and unrealized gains and losses from foreign currency transactions, net of applicable taxes. American Life has treaties with several third-party reinsurers that have FW and Modco provisions. Under those provisions, the assets backing the treaties are maintained by American Life as collateral but are owned by the third-party reinsurers; thus, the total return on the asset portfolio belongs to the third-party reinsurers. Under GAAP this is considered an embedded derivative as discussed above under “Reinsurance” and in Note 5 below. Assets carried as investments on American Life’s financial statements for the third-party reinsurers contained unrealized gains of approximately $923,000, $2.5 million and $161,000 as of March 31, 2022 and 2021, and December 31, 2021, respectively. The terms of the contracts with the third-party reinsurers provide that the changes in unrealized gains on the portfolios accrue to the third-party reinsurers. Accordingly, the change in unrealized gains on the assets held by American Life were offset by gains in the embedded derivative of $1.1 million, $400,000, and $2.7 million as of March 31, 2022 and 2021, and December 31, 2021, respectively. We account for this unrealized gain (loss) pass-through by recording equivalent realized gains or (losses) on our Consolidated Statements of Comprehensive Loss and in amount payable to our third-party reinsurers on the Consolidated Balance Sheets. For further discussion see Note 5. Derivative Instruments below Basic income (loss) per share for the three months ended March 31, 2022 and 2021 was $0.05 and ($0.43), respectively, which included the aforementioned gains of $1.1 million and of $400,000, respectively.
New Accounting Standards	Adoption of New Accounting Standards In January 2020, the FASB issued ASU No. 2020-1, Equity Securities Investments-Equity Method and Joint Ventures and Derivatives and Hedging -Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computer Arrangement That is a Service Contract Future adoption of New Accounting Standards In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended by ASU 2019-09, Financial Services —Insurance (Topic 944). The new guidance (i) prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts, and requires assumptions for those liability valuations to be updated after contract inception, (ii) requires more market-based product guarantees on certain separate account and other account balance long-duration contracts to be accounted for at fair value, (iii) simplifies the amortization of DAC for virtually all long duration contracts, and (iv) introduces certain financial statement presentation requirements, as well as significant additional quantitative and qualitative disclosures. The new standard becomes effective after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024 for companies eligible as smaller reporting companies. Early application of the amendments in Update 2018-12 is permitted. We anticipate that the adoption of ASU 2018-12 will have a broad impact on our consolidated financial statements and related disclosures and will require us to make changes to certain of our processes, systems and controls. We are unable to determine the impact at this time of ASU No. 2018-12 as we are still in the process of evaluating the standard. ​ In November 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The amendments in this update include items brought to the FASB’s attention by stakeholders to clarify the guidance in the amendments in ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) which was issued in June 2016. These updated amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Under ASU 2016-13, this replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to perform credit loss estimates. This update changes the methodology from an incurred loss to an expected credit loss. An allowance for the expected credit loss will be set up and the net income will be impacted. The credit losses will be evaluated in the current period and an adjustment to the allowance can be made. The new standard becomes effective after December 15, 2022.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Schedule of Available for Sale Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated (In thousands) Cost Gains Losses Fair Value March 31, 2022: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ 1,845 ​ $ 9 ​ $ 44 ​ $ 1,810 Mortgage-backed securities ​ 112,125 ​ 99 ​ 3,677 ​ 108,547 Asset-backed securities ​ ​ 29,142 ​ ​ 332 ​ ​ 1,476 ​ ​ 27,998 Collateralized loan obligations ​ ​ 228,494 ​ ​ 1,668 ​ ​ 2,136 ​ ​ 228,026 States and political subdivisions-general obligations ​ 105 ​ 4 ​ — ​ 109 States and political subdivisions-special revenue ​ 25 ​ — ​ — ​ 25 Corporate ​ 40,017 ​ 845 ​ 1,644 ​ 39,218 Term Loans ​ ​ 348,265 ​ ​ 395 ​ ​ 2,194 ​ ​ 346,466 Redeemable preferred stock ​ ​ 14,230 ​ ​ 53 ​ ​ 1,469 ​ ​ 12,814 Total fixed maturities ​ $ 774,248 ​ $ 3,405 ​ $ 12,640 ​ $ 765,013 Mortgage loans on real estate, held for investment ​ ​ 174,127 ​ ​ — ​ ​ — ​ ​ 174,127 Derivatives ​ ​ 21,511 ​ ​ 1,328 ​ ​ 8,233 ​ ​ 14,606 Federal Home Loan Bank (FHLB) stock ​ ​ 500 ​ ​ — ​ ​ — ​ ​ 500 Equity securities ​ ​ 22,158 ​ ​ — ​ ​ 968 ​ ​ 21,190 Other invested assets ​ ​ 54,671 ​ ​ 832 ​ ​ 24 ​ ​ 55,479 Investment escrow ​ ​ 1,552 ​ ​ — ​ ​ — ​ ​ 1,552 Preferred stock ​ ​ 16,797 ​ ​ 3,338 ​ ​ 1 ​ ​ 20,134 Notes receivable ​ ​ 6,035 ​ ​ — ​ ​ — ​ ​ 6,035 Policy loans ​ ​ 90 ​ ​ — ​ ​ — ​ ​ 90 Total investments ​ $ 1,071,689 ​ $ 8,903 ​ $ 21,866 ​ $ 1,058,726 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ 1,855 ​ $ 32 ​ $ 5 ​ $ 1,882 Mortgage-backed securities ​ 55,667 ​ 368 ​ 755 ​ 55,280 Asset-backed securities ​ ​ 24,675 ​ ​ 443 ​ ​ 167 ​ ​ 24,951 Collateralized loan obligations ​ ​ 272,446 ​ ​ 2,928 ​ ​ 851 ​ ​ 274,523 States and political subdivisions-general obligations ​ 105 ​ 9 ​ — ​ 114 States and political subdivisions-special revenue ​ 4,487 ​ 1,129 ​ 4 ​ 5,612 Corporate ​ 35,392 ​ 1,846 ​ 99 ​ 37,139 Term Loans ​ ​ 268,794 ​ ​ 441 ​ ​ 1,767 ​ ​ 267,468 Trust preferred ​ ​ 2,218 ​ ​ 19 ​ ​ — ​ ​ 2,237 Redeemable preferred stock ​ ​ 14,282 ​ ​ 53 ​ ​ 245 ​ ​ 14,090 Total fixed maturities ​ $ 679,921 ​ $ 7,268 ​ $ 3,893 ​ $ 683,296 Mortgage loans on real estate, held for investment ​ ​ 183,203 ​ ​ — ​ ​ — ​ ​ 183,203 Derivatives ​ ​ 18,654 ​ ​ 6,391 ​ ​ 2,023 ​ ​ 23,022 Federal Home Loan Bank (FHLB) stock ​ ​ 500 ​ ​ — ​ ​ — ​ ​ 500 Equity securities ​ ​ 22,158 ​ ​ — ​ ​ 289 ​ ​ 21,869 Other invested assets ​ ​ 34,491 ​ ​ 813 ​ ​ 11 ​ ​ 35,293 Investment escrow ​ ​ 3,611 ​ ​ — ​ ​ — ​ ​ 3,611 Preferred stock ​ ​ 14,885 ​ ​ 3,801 ​ ​ — ​ ​ 18,686 Notes receivable ​ ​ 5,960 ​ ​ — ​ ​ — ​ ​ 5,960 Policy loans ​ ​ 87 ​ ​ — ​ ​ — ​ ​ 87 Total investments ​ $ 963,470 ​ $ 18,273 ​ $ 6,216 ​ $ 975,527
Schedule of credit ratings of fixed maturity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ ​ ​ Carrying ​ ​ (In thousands) Value Percent Value Percent AAA and U.S. Government ​ $ 2,524 0.3 % $ 2,674 0.4 % AA ​ 462 0.1 ​ 482 0.1 ​ A ​ 176,757 23.1 ​ 168,141 24.6 ​ BBB ​ 548,998 71.8 ​ 462,699 67.7 ​ Total investment grade ​ 728,741 95.3 ​ 633,996 92.8 ​ BB and below ​ 36,272 4.7 ​ 49,300 7.2 ​ Total ​ $ 765,013 100.0 % $ 683,296 100.0 %
Schedule of Unrealized Loss of Securities	The following table summarizes, for all fixed maturity securities in an unrealized loss position as of March 31, 2022 and December 31, 2021, the estimated fair value, pre-tax gross unrealized loss, and number of securities by consecutive months they have been in an unrealized loss position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Number ​ ​ ​ ​ Gross ​ Number ​ ​ Estimated ​ Unrealized ​ of ​ Estimated ​ Unrealized ​ of (In thousands) Fair Value Loss Securities (1) Fair Value Loss Securities (1) Fixed Maturities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ $ 971 ​ $ 30 11 ​ $ 104 ​ $ 2 ​ 1 Mortgage-backed securities ​ 95,079 ​ 3,677 54 ​ 35,403 ​ 755 ​ 35 Asset-backed securities ​ ​ 21,006 ​ ​ 1,476 ​ ​ 206 ​ ​ 12,355 ​ ​ 167 ​ ​ 13 Collateralized loan obligations ​ ​ 122,333 ​ ​ 2,136 ​ ​ 25 ​ ​ 90,731 ​ ​ 851 ​ ​ 115 States and political subdivisions-special revenue ​ — ​ ​ — — ​ 217 ​ 4 ​ 1 Term loans ​ ​ 305,212 ​ ​ 2,194 ​ ​ 171 ​ ​ 105,677 ​ ​ 1,767 ​ ​ 47 Redeemable preferred stock ​ ​ 12,814 ​ ​ 1,469 ​ ​ 9 ​ ​ 10,837 ​ ​ 245 ​ ​ 6 Corporate ​ 23,351 ​ 1,574 42 ​ 2,367 ​ 73 ​ 9 Greater than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ 162 ​ 14 4 ​ 66 ​ 3 ​ 3 Corporate ​ 416 ​ ​ 70 5 ​ 324 ​ ​ 26 ​ 2 Total fixed maturities ​ $ 581,344 ​ $ 12,640 527 ​ $ 258,081 ​ $ 3,893 ​ ​ 232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1)
Schedule of Fixed Maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Estimated (In thousands) Cost Fair Value Due in one year or less ​ $ 18,453 ​ $ 18,319 Due after one year through five years ​ 314,101 ​ 311,328 Due after five years through ten years ​ 322,244 ​ 319,834 Due after ten years through twenty years ​ ​ 73,023 ​ ​ 71,273 Due after twenty years ​ ​ 41,427 ​ ​ 39,722 No maturity ​ ​ 5,000 ​ ​ 4,537 ​ ​ $ 774,248 ​ $ 765,013
Schedule of investment in mortgage loans	​ ​ ​ ​ ​ ​ ​ (In thousands) March 31, 2022 ​ December 31, 2021 Loan-to-Value Ratio: ​ ​ ​ ​ ​ 0%-59.99% $ 89,379 ​ $ 91,104 60%-69.99% ​ 37,195 ​ ​ 42,819 70%-79.99% ​ 42,379 ​ ​ 44,106 80% or greater ​ 5,174 ​ ​ 5,174 Total mortgage loans $ 174,127 ​ $ 183,203
Components of net investment income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (In thousands) 2022 2021 Fixed maturities ​ $ 5,042 ​ $ 3,050 Mortgage loans ​ ​ 282 ​ ​ 174 Other invested assets ​ ​ 1,248 ​ ​ — Other interest income ​ 2 ​ 56 Gross investment income ​ 6,574 ​ 3,280 Less: investment expenses ​ (332) ​ (393) Investment income, net of expenses ​ $ 6,242 ​ $ 2,887
Mortgage-back securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Schedule of Mortgage Loan Activity	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ March 31, 2022 ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ 1-4 Family ​ $ 65,603 ​ $ 72,324 Hospitality ​ ​ 12,769 ​ ​ 12,822 Land ​ ​ 16,383 ​ ​ 15,904 Multifamily (5+) ​ ​ 28,768 ​ ​ 31,583 Retail ​ ​ 13,457 ​ ​ 17,655 Other ​ ​ 37,147 ​ ​ 32,915 Total mortgage loans ​ $ 174,127 ​ $ 183,203

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the derivatives not designated as hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Location in the ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands, except number of contracts) ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Not Designated ​ Statement of Notional ​ Number of ​ Estimated ​ Notional ​ Number of ​ Estimated as Hedging Instruments ​ Balance Sheets Amount ​ Contracts ​ Fair Value ​ Amount ​ Contracts ​ Fair Value Equity-indexed options ​ Derivatives $ 561,115 ​ 508 ​ $ 14,696 ​ $ 526,096 ​ 482 ​ $ 23,766 Equity-indexed embedded derivatives ​ Deposit-type ​ 579,250 ​ 4,609 ​ ​ 111,148 ​ ​ 525,548 ​ 4,205 ​ ​ 123,692
Summary of embedded derivatives related to the funds withheld provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 (In thousands) ​ Book Value ​ Market Value ​ Total Return ​ Book Value ​ Market Value ​ Total Return Portfolio ​ Assets ​ Assets ​ Swap Value ​ Assets ​ Assets ​ Swap Value American Republic Insurance Company ​ $ 87,737 ​ $ 86,319 ​ $ 1,418 ​ $ 74,983 ​ $ 74,670 ​ $ 313 Crestline Re SP1 ​ ​ 228,200 ​ ​ 227,598 ​ ​ 602 ​ ​ 228,560 ​ ​ 228,450 ​ ​ 110 Ironbound ​ ​ 159,306 ​ ​ 160,092 ​ ​ (786) ​ ​ 154,867 ​ ​ 155,755 ​ ​ (888) Ascendent Re ​ ​ 55,151 ​ ​ 55,294 ​ ​ (143) ​ ​ 56,246 ​ ​ 56,078 ​ ​ 168 US Alliance ​ ​ 46,107 ​ ​ 46,275 ​ ​ (168) ​ ​ 46,221 ​ ​ 46,085 ​ ​ 136 Total ​ $ 576,501 ​ $ 575,578 ​ $ 923 ​ $ 560,877 ​ $ 561,038 ​ $ (161)

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ Other ​ Significant ​ ​ ​ ​ ​ In Active ​ Observable ​ Unobservable ​ Estimated ​ ​ Markets ​ Inputs ​ Inputs ​ Fair (In thousands) (Level 1) (Level 2) (Level 3) Value March 31, 2022 ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 1,810 ​ $ — ​ $ 1,810 Mortgage-backed securities ​ ​ — ​ ​ 108,547 ​ ​ — ​ ​ 108,547 Asset-backed securities ​ ​ — ​ ​ 27,998 ​ ​ — ​ ​ 27,998 Collateralized loan obligations ​ ​ — ​ ​ 228,026 ​ ​ — ​ ​ 228,026 States and political subdivisions-general obligations ​ — ​ 109 ​ — ​ 109 States and political subdivisions-special revenue ​ — ​ 25 ​ — ​ 25 Corporate ​ — ​ 39,218 ​ — ​ 39,218 Term Loans ​ ​ — ​ ​ — ​ 346,466 ​ 346,466 Redeemable preferred stock ​ ​ — ​ ​ 12,814 ​ ​ — ​ ​ 12,814 Total fixed maturity securities ​ ​ — ​ ​ 418,547 ​ ​ 346,466 ​ ​ 765,013 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 174,127 ​ ​ 174,127 Derivatives ​ ​ — ​ ​ 14,606 ​ ​ — ​ ​ 14,606 Equity securities ​ ​ — ​ ​ 21,190 ​ ​ — ​ ​ 21,190 Other invested assets ​ ​ — ​ ​ — ​ ​ 55,479 ​ ​ 55,479 Investment escrow ​ ​ — ​ ​ 1,552 ​ ​ — ​ ​ 1,552 Federal Home Loan Bank (FHLB) stock ​ ​ — ​ ​ — ​ ​ 500 ​ ​ 500 Preferred stock ​ ​ — ​ ​ — ​ ​ 20,134 ​ ​ 20,134 Notes receivable ​ ​ — ​ ​ 6,035 ​ ​ — ​ ​ 6,035 Policy loans ​ ​ — ​ ​ — ​ ​ 90 ​ ​ 90 Total Investments ​ $ — ​ $ 461,930 ​ $ 596,796 ​ $ 1,058,726 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ $ — ​ $ — ​ $ 111,148 ​ ​ 111,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 1,882 ​ $ — ​ $ 1,882 Mortgage-backed securities ​ ​ — ​ ​ 55,280 ​ ​ — ​ ​ 55,280 Asset-backed securities ​ ​ — ​ ​ 24,951 ​ ​ — ​ ​ 24,951 Corporate ​ ​ — ​ ​ 274,523 ​ ​ — ​ ​ 274,523 States and political subdivisions-general obligations ​ ​ — ​ 114 ​ — ​ 114 States and political subdivisions-special revenue ​ ​ — ​ 5,612 ​ — ​ 5,612 Corporate ​ ​ — ​ 37,139 ​ — ​ 37,139 Term Loans ​ — ​ ​ — ​ 267,468 ​ 267,468 Trust preferred ​ — ​ ​ 2,237 ​ ​ — ​ ​ 2,237 Redeemable preferred stock ​ ​ — ​ ​ 14,090 ​ ​ — ​ ​ 14,090 Total fixed maturity securities ​ ​ — ​ ​ 415,828 ​ ​ 267,468 ​ ​ 683,296 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 183,203 ​ ​ 183,203 Derivatives ​ ​ — ​ ​ 23,022 ​ ​ — ​ ​ 23,022 Equity securities ​ ​ — ​ ​ 21,869 ​ ​ — ​ ​ 21,869 Other invested assets ​ ​ — ​ ​ — ​ ​ 35,293 ​ ​ 35,293 Investment escrow ​ ​ — ​ ​ 3,611 ​ ​ — ​ ​ 3,611 Federal Home Loan Bank (FHLB) stock ​ ​ — ​ ​ — ​ ​ 500 ​ ​ 500 Preferred stock ​ ​ — ​ ​ — ​ ​ 18,686 ​ ​ 18,686 Notes receivable ​ ​ — ​ ​ 5,960 ​ ​ — ​ ​ 5,960 Policy loans ​ ​ — ​ ​ — ​ ​ 87 ​ ​ 87 Total Investments ​ $ — ​ $ 470,290 ​ $ 505,237 ​ $ 975,527 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ ​ — ​ ​ — ​ ​ 123,692 ​ ​ 123,692
Schedule of Financial Assets and Liabilities at Fair Value	The following disclosure contains the carrying values, estimated fair values and their corresponding placement in the fair value hierarchy for financial assets and financial liabilities as of March 31, 2022 and as of December 31, 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 90 ​ $ — ​ $ — ​ $ 90 ​ $ 90 Cash equivalents ​ 144,684 ​ — ​ 144,684 ​ — ​ 144,684 Liabilities: ​ ​ ​ ​ ​ Policyholder deposits (deposit-type contracts) ​ 1,148,085 ​ — ​ — ​ 1,148,085 ​ 1,148,085 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 87 ​ $ — ​ $ — ​ $ 87 ​ $ 87 Cash equivalents ​ 142,013 ​ — ​ 142,013 ​ — ​ 142,013 Liabilities: ​ ​ ​ ​ ​ Policyholder deposits (deposit-type contracts) ​ 1,075,439 ​ — ​ — ​ 1,075,439 ​ 1,075,439
Schedule of Recurring Basis Using Level Three Inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended March 31, 2022 ​ ​ ​ ​ ​ Total realized and unrealized gains (losses) ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance ​ Included in Income ​ Included in AOCI ​ Net Purchases, Issuances, Sales, and Settlements ​ Ending Balance (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ $ 267,468 ​ $ (1,416) ​ $ 965 ​ $ 79,449 ​ ​ 346,466 Mortgage loans on real estate, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ held for investment ​ ​ 183,203 ​ ​ — ​ ​ — ​ ​ (9,076) ​ ​ 174,127 Federal Home Loan Bank (FHLB) stock ​ ​ 500 ​ ​ — ​ ​ — ​ ​ — ​ ​ 500 Other invested assets ​ ​ 35,293 ​ ​ (172) ​ ​ (76) ​ ​ 20,434 ​ ​ 55,479 Preferred stock ​ ​ 18,686 ​ ​ — ​ ​ (101) ​ ​ 1,549 ​ ​ 20,134 Total level 3 assets ​ $ 505,150 ​ $ (1,588) ​ $ 788 ​ $ 92,356 ​ $ 596,706 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ ​ (123,692) ​ ​ (7,764) ​ ​ — ​ ​ 20,308 ​ ​ (111,148) Total level 3 liabilities ​ $ (123,692) ​ $ (7,764) ​ $ — ​ $ 20,308 ​ $ (111,148) ​ The following table presents a reconciliation of the beginning balance for all investments measured at fair value on a recurring basis using level three inputs during the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ Total realized and unrealized gains (losses) ​ ​ ​ ​ ​ ​ (In thousands) Beginning Balance ​ Included in Income ​ Included in AOCI ​ Net Purchases, Issuances, Sales, and Settlements ​ Ending Balance Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ $ 107,254 ​ $ (1,326) ​ $ 225 ​ $ 161,315 ​ $ 267,468 Mortgage loans on real estate, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ held for investment ​ ​ 94,990 ​ ​ — ​ ​ — ​ ​ 88,213 ​ ​ 183,203 Federal Home Loan Bank (FHLB) stock ​ ​ — ​ ​ — ​ ​ — ​ ​ 500 ​ ​ 500 Other invested assets ​ ​ 21,897 ​ ​ 810 ​ ​ (671) ​ ​ 13,257 ​ ​ 35,293 Preferred stock ​ ​ 3,898 ​ ​ — ​ ​ 157 ​ ​ 14,631 ​ ​ 18,686 Total level 3 assets ​ $ 228,039 ​ $ (516) ​ $ (289) ​ $ 277,916 ​ $ 505,150 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ ​ (84,501) ​ ​ (4,169) ​ ​ — ​ ​ (35,022) ​ ​ (123,692) Total level 3 liabilities ​ $ (84,501) ​ $ (4,169) ​ $ — ​ $ (35,022) ​ $ (123,692)
Summary of unobservable inputs for AFS and trading securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 (In millions, except for percentages and multiples) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $111.1 ​ Option Budget Method ​ Nonperformance risk ​ 0.3% ​ 1.5% ​ 90.0% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 1.1% ​ 4.4% ​ 2.4% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 7.9% ​ Decrease Preferred equity ​ $4.9 ​ Yield analysis ​ Discount rates ​ 17.5% ​ 19.5% ​ 18.5% ​ Increase Detachable warrants ​ $3.8 ​ Market Approach - GPCM ​ EBITDA Multiples ​ 9.0x ​ 10.0x ​ 100.0% ​ Increase * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (In millions, except for percentages and multiples) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $123.7 ​ Option Budget Method ​ Nonperformance risk ​ 0.3% ​ 1.1% ​ 0.6% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 1.1% ​ 3.4% ​ 2.4% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 7.7% ​ Decrease Preferred equity ​ $4.9 ​ Yield analysis ​ Discount rates ​ 17.5% ​ 19.5% ​ 18.5% ​ Increase Detachable warrants ​ $3.8 ​ Market Approach - GPCM ​ EBITDA Multiples ​ 9.0x ​ 10.0x ​ 100.0% ​ Increase * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 2021 (in thousands, except per share amounts) ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Midwest Holding, Inc. ​ $ 187 ​ $ (1,601) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ 3,737,564 ​ ​ 3,737,564 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options and deferred compensation agreements ​ ​ — ​ ​ 40,850 Denominator for earnings (loss) per common share ​ ​ 3,737,564 ​ ​ 3,778,414 ​ ​ ​ ​ ​ ​ ​ Income (loss) per common share ​ $ 0.05 ​ $ (0.43)

Income Tax Matters (Tables)

Income Tax Matters (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of deferred tax assets and liabilities	Significant components of the Company’s deferred tax assets and liabilities as of March 31, 2022 and December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2022 December 31, 2021 Deferred tax assets: ​ ​ Loss carryforwards ​ $ 2,701 ​ $ 2,244 Capitalized costs ​ 115 ​ 127 Stock option granted ​ ​ 1,060 ​ ​ 1,060 Policy acquisition costs ​ ​ 4,121 ​ ​ 3,640 General business credits ​ ​ 6 ​ ​ 6 Derivative option allowance ​ ​ — ​ ​ 510 Sec 163(j) limitation ​ ​ 172 ​ ​ 171 Benefit reserves ​ 7,817 ​ 6,720 Property and equipment ​ ​ 34 ​ ​ 33 Unrealized losses on investments ​ ​ 2,121 ​ ​ — Other ​ ​ 1,464 ​ ​ 1,464 Total deferred tax assets ​ 19,611 ​ 15,975 Less valuation allowance ​ (17,962) ​ (14,431) Total deferred tax assets, net of valuation allowance ​ 1,649 ​ 1,544 Deferred tax liabilities: ​ ​ Unrealized losses on investments ​ — ​ 1,084 Intangible assets ​ 147 ​ 147 Derivative option allowance ​ 1,043 ​ — Bond Discount ​ ​ 459 ​ ​ 313 Total deferred tax liabilities ​ 1,649 ​ 1,544 Net deferred tax assets ​ $ — ​ $ —
Schedule of effective tax rate reconciliation	There was income tax expense of $4.7 million and $1.4 million for the three months ended March 31, 2022 and 2021, respectively. This differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to pretax income, as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (in thousands) 2022 2021 Computed expected income tax benefit ​ $ 1,099 ​ $ (35) Increase (reduction) in income taxes resulting from: ​ ​ ​ IMR and reinsurance ​ ​ 79 ​ ​ 67 Nondeductible expenses ​ ​ 2 ​ ​ 1 Change in valuation allowance ​ 3,532 ​ ​ 1,402 Dividends received deduction ​ ​ — ​ ​ (3) Deferred tax adjustment ​ ​ 10 ​ ​ — Subtotal of increases ​ 3,623 ​ 1,467 Tax expense ​ $ 4,722 ​ $ 1,432

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2022
Reinsurance Disclosures [Abstract]
Summary of significant reinsurance amounts	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2022 December 31, 2021 Assets: ​ ​ Reinsurance recoverables ​ $ 33,908 ​ $ 38,579 Liabilities: ​ ​ ​ ​ ​ ​ Deposit-type contracts ​ ​ ​ ​ ​ ​ Direct ​ $ 1,148,085 ​ ​ 1,075,439 Reinsurance ceded ​ ​ (671,929) ​ ​ (647,632) Retained deposit-type contracts ​ $ 476,156 ​ $ 427,807 ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 2021 (in thousands) ​ ​ Premiums ​ ​ ​ ​ ​ Direct $ 61 ​ $ 48 Reinsurance ceded ​ (61) ​ ​ (48) Total Premiums $ - ​ $ - Future policy and other policy benefits ​ ​ ​ ​ ​ Direct $ 54 ​ $ 7 Reinsurance ceded (54) ​ (7) Total future policy and other policy benefits $ - ​ $ —
Schedule of significant reinsurance balances	The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by third-party reinsurers as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable/ ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ (Payable) on Benefit ​ Ceded ​ Recoverable/ (in thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ (Payable) to/from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited ​ ​ NR ​ $ — ​ $ — ​ $ (3,272) ​ $ — ​ $ (3,272) Optimum Re Insurance Company ​ A ​ ​ — ​ ​ — ​ ​ 561 ​ ​ — ​ ​ 561 Sagicor Life Insurance Company ​ A- ​ — ​ 155 ​ 10,754 ​ 302 ​ 10,607 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ (56) ​ ​ — ​ ​ (56) Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ 14,575 ​ ​ — ​ ​ 14,575 American Republic Insurance Company ​ ​ A ​ ​ — ​ ​ — ​ ​ 5,752 ​ ​ — ​ ​ 5,752 Unified Life Insurance Company ​ ​ NR ​ ​ — ​ ​ 45 ​ ​ 999 ​ ​ 21 ​ ​ 1,023 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 4,747 ​ 29 ​ 4,718 ​ ​ ​ ​ ​ $ — ​ $ 200 ​ $ 34,060 ​ $ 352 ​ $ 33,908 ​ ​ The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable on ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ Benefit ​ Ceded ​ Recoverable (in thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited ​ ​ NR ​ $ — ​ $ — ​ $ (3,561) ​ $ — ​ $ (3,561) Optimum Re Insurance Company ​ A ​ ​ — ​ ​ — ​ ​ 561 ​ ​ — ​ ​ 561 Sagicor Life Insurance Company ​ A- ​ — ​ 157 ​ 10,901 ​ 303 ​ 10,755 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ 1,550 ​ ​ — ​ ​ 1,550 Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ 18,288 ​ ​ — ​ ​ 18,288 American Republic Insurance Company ​ ​ A ​ ​ — ​ ​ — ​ ​ 4,885 ​ ​ — ​ ​ 4,885 Unified Life Insurance Company ​ ​ NR ​ ​ — ​ ​ 45 ​ ​ 1,013 ​ ​ 21 ​ ​ 1,037 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 5,090 ​ 26 ​ 5,064 ​ ​ ​ ​ ​ $ — ​ $ 202 ​ $ 38,727 ​ $ 350 ​ $ 38,579
Schedule of ceding commissions from the reinsurers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (in thousands) ​ 2022 ​ 2021 Reinsurer ​ Gross Ceding Commission ​ Expense Allowance (1) ​ Interest on Ceding Commission ​ Earned Ceding Commission ​ Gross Ceding Commission ​ Expense Allowance ​ Interest on Ceding Commission ​ Earned Ceding Commission Unified Life Insurance Company ​ $ — ​ $ — ​ $ — ​ $ 8 ​ $ — ​ $ — ​ $ — ​ $ — Ironbound Reinsurance Company Limited ​ ​ — ​ ​ — ​ ​ 49 ​ ​ 130 ​ ​ — ​ ​ 15 ​ ​ 54 ​ ​ 122 Ascendant Re ​ ​ — ​ ​ — ​ ​ 23 ​ ​ 86 ​ ​ — ​ ​ 24 ​ ​ 22 ​ ​ 46 US Alliance Life and Security Company ​ ​ — ​ ​ — ​ ​ 14 ​ ​ 87 ​ ​ 2 ​ ​ 21 ​ ​ 15 ​ ​ 67 Crestline SP1 ​ ​ 1,034 ​ ​ 1,830 ​ ​ 80 ​ ​ 506 ​ ​ 2,345 ​ ​ 4,678 ​ ​ 50 ​ ​ 216 American Republic Insurance Company ​ ​ 801 ​ ​ 1,454 ​ ​ 23 ​ ​ 153 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ $ 1,835 ​ $ 3,284 ​ $ 189 ​ $ 970 ​ $ 2,347 ​ $ 4,738 ​ $ 141 ​ $ 451 (1) Includes acquisition and administrative expenses, commission expense allowance and product development fees.
Schedule of ceding commissions deferred on each reinsurance transaction	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 31, 2022 ​ December 31, 2021 Reinsurer Deferred Gain on Reinsurance Transactions ​ Deferred Gain on Reinsurance Transactions US Alliance Life and Security Company (1) $ 159 ​ $ 162 Unified Life Insurance Company (1) ​ 235 ​ ​ 242 Ironbound Reinsurance Company Limited (2) ​ ​ 5,078 ​ ​ 5,137 Ascendant Re ​ 3,061 ​ ​ 3,101 US Alliance Life and Security Company (2) ​ ​ 2,233 ​ ​ 2,286 American Republic Insurance Company (2) ​ ​ 4,945 ​ ​ 4,146 Crestline SP1 (2) ​ ​ 14,338 ​ ​ 13,515 ​ ​ $ 30,049 ​ $ 28,589 ​ 1) These reinsurance transactions on our legacy life insurance business received gross ceding commissions on the effective dates of the transaction. The difference between the statutory net adjusted reserves and the GAAP adjusted reserves plus the elimination of DAC and value of business acquired related to these businesses reduces the gross ceding commission with the remaining deferred and amortized over the lifetime of the blocks of business. 2) These reinsurance transactions include the ceding commissions and expense allowances which are accounted for as described in (1).
Schedule of retained and reinsurance balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Retained ​ Reinsured ​ Consolidated ​ Retained ​ Reinsured ​ Consolidated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 481,732 ​ $ 576,994 ​ $ 1,058,726 ​ $ 414,418 ​ $ 561,109 ​ $ 975,527 Cash and cash equivalents ​ ​ 73,782 ​ ​ 70,902 ​ ​ 144,684 ​ ​ 95,406 ​ ​ 46,607 ​ ​ 142,013 Accrued investment income ​ ​ 3,662 ​ ​ 9,543 ​ ​ 13,205 ​ ​ 3,853 ​ ​ 9,770 ​ ​ 13,623 Deferred acquisition costs, net ​ ​ 28,292 ​ ​ — ​ ​ 28,292 ​ ​ 24,530 ​ ​ — ​ ​ 24,530 Reinsurance recoverables ​ ​ — ​ ​ 33,908 ​ ​ 33,908 ​ ​ — ​ ​ 38,579 ​ ​ 38,579 Other assets ​ ​ 11,238 ​ ​ 11,845 ​ ​ 23,083 ​ ​ 27,834 ​ ​ (2,189) ​ ​ 25,645 Total assets ​ $ 598,706 ​ $ 703,192 ​ $ 1,301,898 ​ $ 566,041 ​ $ 653,876 ​ $ 1,219,917 Liabilities and Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policyholder liabilities ​ $ 477,122 ​ $ 685,039 ​ $ 1,162,161 ​ $ 427,807 ​ $ 660,811 ​ $ 1,088,618 Deferred gain on coinsurance transactions ​ ​ 30,049 ​ ​ — ​ ​ 30,049 ​ ​ 28,589 ​ ​ — ​ ​ 28,589 Other liabilities ​ ​ 12,344 ​ ​ 18,153 ​ ​ 30,497 ​ ​ 23,889 ​ ​ (6,935) ​ ​ 16,954 Total liabilities ​ $ 519,515 ​ $ 703,192 ​ $ 1,222,707 ​ $ 480,285 ​ $ 653,876 ​ $ 1,134,161 Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Voting common stock ​ ​ 4 ​ ​ — ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ 4 Additional paid-in capital ​ ​ 138,308 ​ ​ — ​ ​ 138,308 ​ ​ 138,277 ​ ​ — ​ ​ 138,277 Accumulated deficit ​ ​ (69,972) ​ ​ — ​ ​ (69,972) ​ ​ (70,159) ​ ​ — ​ ​ (70,159) Accumulated other comprehensive income ​ ​ (7,581) ​ ​ — ​ ​ (7,581) ​ ​ 2,634 ​ ​ — ​ ​ 2,634 Total Midwest Holding Inc.'s stockholders' equity ​ $ 60,759 ​ $ — ​ $ 60,759 ​ $ 70,756 ​ $ — ​ $ 70,756 Noncontrolling interest ​ ​ 18,432 ​ ​ — ​ ​ 18,432 ​ ​ 15,000 ​ ​ — ​ ​ 15,000 Total stockholders' equity ​ ​ 79,191 ​ ​ — ​ ​ 79,191 ​ ​ 85,756 ​ ​ — ​ ​ 85,756 Total liabilities and stockholders' equity ​ $ 598,706 ​ $ 703,192 ​ $ 1,301,898 ​ $ 566,041 ​ $ 653,876 ​ $ 1,219,917

Long-Term Incentive Plans (Tabl

Long-Term Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of assumptions used to calculate compensation expense	​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, 2021 ​ ​ 2022 ​ 2021 Expected volatility ​ 4.16% - 4.26% ​ 4.4% - 66.3% Weighted-average volatility ​ 4.2% ​ 38.9% Expected term (in years) ​ 2 - 7 ​ 2 - 7 Risk-free rate ​ 1.79% - 2.15% ​ .8% - 1.5%
Schedule of vested and non-vested stock options activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Stock Options/ Restricted Stock/Unit Outstanding ​ Weighted Average Grant-Date Fair Value ​ Weighted Average Exercise Price (1) Nonvested stock options and restricted stock unit awards at December 31, 2021 ​ 317,217 ​ $ 25.80 ​ $ 40.13 Options granted ​ 38,367 ​ ​ 3.41 ​ ​ 20.69 Adjustment to prior year options granted ​ (20,325) ​ ​ — ​ ​ — Vested ​ (7,318) ​ ​ 26.01 ​ ​ 20.50 Forfeited ​ (34,123) ​ ​ 27.14 ​ ​ 30.74 Ending Balance at March 31 2022 293,818 ​ $ 17.27 ​ $ 37.35 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Stock Options/ Restricted Stock/Unit Outstanding ​ Weighted Average Grant-Date Fair Value ​ Weighted Average Exercise Price (1) Nonvested stock options at December 31, 2020 ​ 100,972 ​ $ 22.91 ​ $ 34.70 Options granted ​ 333,880 ​ ​ 19.25 ​ ​ 42.84 Restricted stock units ​ 5,089 ​ ​ 24.34 ​ ​ 24.34 Vested ​ (85,957) ​ ​ 17.32 ​ ​ 30.20 Forfeited ​ (36,767) ​ ​ 23.91 ​ ​ 40.42 Ending Balance at December 31, 2021 317,217 ​ $ 25.80 ​ $ 40.13 (1) Restricted stock and restricted stock units do not have an exercise price. The tables below shows the outstanding vested and nonvested stock options as of March 31, 2022 and December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options (3) ​ Weighted Average Exercise Price Per Share ​ Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2021 ​ 489,331 ​ $ 38.62 ​ 9.2 Granted (1) ​ 37,517 ​ ​ 19.85 ​ 10.0 Vested (2) ​ 26,793 ​ ​ 39.85 ​ 8.8 Forfeited or expired ​ (34,123) ​ ​ 44.29 ​ 8.6 Exercised ​ — ​ ​ — ​ — Outstanding at March 31, 2022 ​ 519,518 ​ ​ 28.52 ​ 9.1 ​ (1) Includes adjustment to prior year granted options (2) Includes adjustment to prior year vested options (3) Includes restricted stock units which do not have an exercise price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options (1) ​ ​ Weighted Average Exercise Price Per Share ​ Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2020 ​ 101,172 ​ ​ 38.51 ​ 9.8 Granted ​ 333,880 ​ ​ 43.91 ​ 10.0 Restricted stock units ​ 5,089 ​ ​ — ​ 10.0 Vested ​ 85,957 ​ ​ 39.78 ​ 9.0 Forfeited or expired ​ (36,767) ​ ​ 44.05 ​ 8.5 Exercised ​ — ​ ​ — ​ — Outstanding at December 31, 2021 ​ 489,331 ​ ​ 38.62 ​ 9.2 ​ (1) Includes restricted stock units which do not have an exercise price

Deposit-Type Contracts (Tables)

Deposit-Type Contracts (Tables)	3 Months Ended
	Mar. 31, 2022
Deposit Type Contracts [Abstract]
Schedule of deposit-type contracts	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 31, 2022 December 31, 2021 Beginning balance ​ $ 1,075,439 ​ $ 597,868 US Alliance ​ (1,338) ​ 1,873 Unified Life Insurance Company ​ ​ (9) ​ ​ 468 Ironbound Reinsurance Company Limited ​ 1,521 ​ 6,579 Ascendant Re ​ ​ (1,715) ​ ​ 2,880 Crestline SP1 ​ ​ (6,232) ​ ​ 4,834 American Republic Insurance Company ​ ​ (1,560) ​ ​ 1,567 Deposits received ​ 98,111 ​ 471,646 Investment earnings (includes embedded derivative) ​ (6,674) ​ 7,012 Withdrawals ​ (9,315) ​ (18,446) Policy charges ​ ​ (143) ​ ​ (842) Ending balance ​ $ 1,148,085 ​ $ 1,075,439

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of other commitments	​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (In thousands) March 31, 2022 ​ December 31, 2021 Due in one year or less $ 13,822 ​ $ 19,245 Due in two years 32,651 ​ 26,753 Due in three years 5,392 ​ 4,705 Due in four years ​ 13,406 ​ ​ 8,741 Due in five years and after ​ 167,730 ​ ​ 86,497 ​ $ 233,001 ​ $ 145,941

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information as of March 31, 2022 and December 31, 2021, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ As of ​ As of Leases Classification March 31, 2022 December 31, 2021 Assets ​ ​ Operating Operating lease right-of-use assets ​ $ 2,300 ​ $ 2,360 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Operating lease Operating lease liabilities ​ $ 2,307 ​ $ 2,364
Schedule of Finance and Operating Leases Minimum	​ Minimum contractual obligations for our operating leases as of March 31, 2022, are as follows: ​ ​ ​ ​ ​ (in thousands) Operating Leases 2022 ​ $ 257 2023 ​ 342 2024 ​ 342 2025 ​ ​ 342 2026 ​ ​ 345 2027 ​ ​ 353 2028 ​ ​ 362 2029 ​ ​ 371 2030 ​ ​ 380 2031 ​ ​ 292 Total remaining lease payments ​ $ 3,386

Statutory Net Income and Surp_2

Statutory Net Income and Surplus (Tables)	3 Months Ended
	Mar. 31, 2022
Statutory Net Income and Surplus [Abstract]
Statutory Accounting Practices Disclosure	The following table represents the net gains or (losses) as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ Three months ended March 31, ​ ​ ​ 2022 2021 American Life ​ ​ $ 9,593 ​ $ 6,109 SRC1 ​ ​ $ (822) ​ $ (3,312) SRC3 ​ ​ $ 469 ​ $ — ​ The following table represents the Capital and Surplus as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of (In thousands) ​ ​ March 31, 2022 ​ December 31, 2021 American Life ​ ​ $ 68,204 ​ $ 74,011 SRC1 ​ ​ $ 7,593 ​ $ 8,415 SRC3 ​ ​ $ 3,619 ​ $ 3,150 ​ ​ ​ The following table represents the premiums sales as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (In thousands) ​ ​ 2022 2021 American Life ​ ​ $ 58,118 ​ $ 39,955 SRC1 ​ ​ $ - ​ $ 36,234 SRC3 ​ ​ $ (148) ​ $ —

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Summary of Balance of and Changes in Each Component of AOCI	​ ​ ​ ​ (In thousands) Unrealized investment gains (losses) on fixed maturities, net of offsets Balance at December 31, 2020 $ 6,431 Other comprehensive income before reclassifications (1,422) Unrealized gains on foreign currency ​ — Less: Reclassification adjustments for losses realized in net income ​ (2,375) Balance, December 31, 2021 ​ 2,634 Other comprehensive loss before reclassifications, net of tax ​ (9,703) Less: Reclassification adjustments for losses realized in net income, net of tax ​ (512) Balance, March 31, 2022 $ (7,581)

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Acquisition Costs
Schedule of Deferred Acquisition Costs	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) March 31, 2022 ​ December 31, 2021 Beginning balance ​ $ 24,530 ​ $ 13,456 Additions ​ ​ 4,294 ​ ​ 13,402 Amortization ​ ​ (851) ​ ​ (2,886) Interest ​ ​ 136 ​ ​ 632 Impact of unrealized investment losses ​ ​ 183 ​ ​ (74) Ending Balance ​ $ 28,292 ​ $ 24,530

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Narrative) (Details) $ / shares in Units, € in Millions	Feb. 02, 2022USD ($)	Dec. 30, 2021USD ($)	Nov. 10, 2021USD ($)	Sep. 28, 2020GBP (£)	Jun. 15, 2020USD ($)	May 12, 2020USD ($)	Apr. 24, 2020	Mar. 31, 2022USD ($)productsegment$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2021GBP (£)shares	Dec. 31, 2021USD ($)$ / shares	Mar. 31, 2022GBP (£)	Mar. 31, 2022EUR (€)	Dec. 31, 2021GBP (£)	Dec. 31, 2021EUR (€)	Apr. 02, 2019
Common Stock, Par or Stated Value Per Share | $ / shares								$ 0.001			$ 0.001
Number of reporting segment | segment								1
Number of Products | product								6
Number of Bonus Plans | product								2
Valuation allowances on mortgage loans								$ 0			$ 0
Equity securities								21,190,000			21,869,000
Escrow Deposit								1,552,000			3,611,000
Fund investments								23,768,000	$ 5,160,000
Other investments in fund								19,000,000
Gain or loss on investment								0
Other invested assets								55,479,000			35,293,000
Impairment allowance on investment								0			0
Perpetual Preferred Stock								10,000,000			10,000,000
Fair value of preferred stock								3,700,000			4,900,000
Warrants Market Value								6,400,000			3,800,000
Notes receivable								$ 6,035,000			5,960,000
Interest rate								5.00%				5.00%	5.00%
Valuation allowance on policy loans								$ 0
Realized gains (losses) on foreign exchange translation								(108,000)	75,000
Money market investments								0
Depreciation								9,964	12,334
Accumulated depreciation								1,100,000			1,100,000
Reinsurance recoverables on unpaid losses, allowance								0	0
Unrealized gains								923,000	2,500,000	£ 2,500,000	161,000
Unrecognized Tax Benefits								0
Embedded derivative gains								1,100,000	400,000		2,700,000
Unrealized (gains) losses on investments, net of taxes								$ (10,215,000)	$ 642,000
Basic Income (loss) per common share | $ / shares								$ 0.05	$ (0.43)
Weighted Average Number of Shares Outstanding, Basic (in shares) | shares								3,737,564	3,737,564	3,737,564
Weighted average number of shares outstanding, Diluted (in shares) | shares								3,737,564	3,778,414	3,778,414
BBB+
Interest rate								5.00%				5.00%	5.00%
Ascona Group Holdings Ltd
Preferred equity								$ 3,600,000
Market value								10,100,000			8,700,000
Fair value of preferred stock								1,700,000
Warrants Market Value								1,700,000
Investment income								1,700,000
Investment income, non-controlling interest								438,631
Ascona Asset Holding LLC
Preferred equity | £				£ 3,600,000
PF Collinwood Holdings LLC
Other invested assets								15,000,000			14,500,000
SRC1
Ownership (as a percent)			100.00%
Payments to acquire SRC			$ 21,400,000
Python Asset Holding LLC
Fund investments	$ 275,000
Other investments in fund	$ 7,400,000
Ownership (as a percent)	100.00%
United Kingdom, Pounds
Cash held in custody accounts								172,581			3,000,000	£ 131,078		£ 2,200,000
Euro Member Countries, Euro
Cash held in custody accounts								$ 1,900,000			10,600,000		€ 1.7		€ 9.3
Computer Software, Intangible Asset [Member]
Useful life of intangible assets								5 years
Capitalized software								$ 1,400,000			1,400,000
Amortization expenses								$ 58,000
Furniture and Fixtures [Member] | Minimum
Useful life								3 years
Furniture and Fixtures [Member] | Maximum
Useful life								7 years
Computer Software, Intangible Asset [Member]
Useful life								3 years
Securities Purchase Agreement | SRC1
Ownership (as a percent)								30.00%				30.00%	30.00%
Seneca Re Agreement | MYGA
Percentage of indemnity coinsurance							25.00%
Seneca Re Agreement | FIA
Percentage of indemnity coinsurance							40.00%
SRC1
Sale of non controlling interest		$ 15,000,000
Embedded derivative gains								$ 1,100,000	$ 400,000
Basic Income (loss) per common share | $ / shares								$ 0.05	$ (0.43)
SRC3
Ownership interest			100.00%
Shares sold, value			$ 5,700,000
Proceeds from capital contribution			$ 5,500,000
American Life and Security National Life Insurance [Member]
Net premium income								$ 37,500,000			37,500,000
Net statutory reserves								34,800,000			34,800,000
Amount owed deposit account								$ 2,400,000			$ 2,400,000
American Life and Security National Life Insurance [Member] | US Alliance Agreement | MYGA
Percentage of multi year guaranteed annuity											20.00%
American Life and Security National Life Insurance [Member] | US Alliance Agreement | FIA
Percentage of fixed indexed annuity								20.00%			20.00%
Multi Year Guaranteed Annuity
Number of Products | product								2
Multi Year Guaranteed Annuity | SRC3
Percentage of indemnity coinsurance			45.00%
Multi Year Guaranteed Annuity | Crestline Assurance Holdings LLC | Master Letter Agreement
Percentage of indemnity coinsurance							25.00%
Fixed Index Annuity
Number of Products | product								2
Fixed Index Annuity | SRC3
Percentage of indemnity coinsurance			45.00%
Fixed Index Annuity | Crestline Assurance Holdings LLC | Master Letter Agreement
Percentage of indemnity coinsurance							40.00%
Exchange Traded Funds
Equity securities								$ 21,200,000			$ 21,900,000
ORIX USA | SRC1
Ownership (as a percent)		30.00%									30.00%			30.00%	30.00%
Sale of non controlling interest								$ 15,000,000			$ 15,000,000
Percentage of ownership interest sold											70.00%
ORIX USA | Securities Purchase Agreement
Percentage of ownership interest sold								70.00%
ORIX USA | SRC1
Percentage of ownership interest sold		70.00%
American Life [Member] | PF Collinwood Holdings LLC
Ownership (as a percent)								100.00%				100.00%	100.00%
Investment Manager
Other investments in fund								$ 41,700,000
Other invested assets								$ 55,500,000
1505 Capital LLC
Ownership percentage acquired					49.00%											51.00%
1505 Capital LLC | 1505 Capital LLC
Business Combination, Consideration Transferred					$ 500,000
American Life [Member] | Ascona Group Holdings Ltd
Ownership interest								74.00%				74.00%	74.00%
Seneca Reinsurance Company, LLC
Contributions made						$ 300,000
Ownership percentage acquired						100.00%
Crestline Assurance Holdings LLC | Ascona Group Holdings Ltd
Ownership interest								26.00%				26.00%	26.00%

Assets and Liabilities Associ_2

Assets and Liabilities Associated with Business Held for Sale (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Percentage of indemnity reinsurance basis of liabilities and obligations	100.00%
Ceding commission	$ 3.5
Minimum
Percentage of indemnity policies	80.00%
Maximum
Percentage of indemnity policies	90.00%

Non-controlling Interest (Detai

Non-controlling Interest (Details) £ in Millions	Sep. 28, 2020GBP (£)	Jun. 15, 2020USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 30, 2021	Nov. 10, 2021	Dec. 31, 2020	Apr. 02, 2019
Net income, including portion attributable to non-controlling interest			$ 1,188,000	$ (1,601,000)
Net income (loss) attributable to Midwest Holding, Inc.			187,000	$ (1,601,000)
Fair value of preferred stock			3,700,000		$ 4,900,000
Warrants Market Value			6,400,000		3,800,000
SRC1
Ownership (as a percent)							100.00%
Ascona Collinwood HoldCo LLC (ACH)
Market value			1,700,000
Ascona Asset Holding LLC
Preferred equity | £	£ 3.6
American Life [Member] | Ascona Collinwood HoldCo LLC (ACH)
Ownership interest								74.00%
Fair value of preferred stock			10,100,000		$ 8,700,000
Crestline SP 1 | Ascona Collinwood HoldCo LLC (ACH)
Ownership interest								26.00%
Market value			438,631
ORIX USA | SRC1
Percentage of ownership interest sold					70.00%
Sale of non controlling interest			15,000,000		$ 15,000,000
Ownership (as a percent)					30.00%	30.00%
Income attributable to non-controlling interest			$ 606,000
1505 Capital LLC
Ownership percentage acquired		49.00%							51.00%
1505 Capital LLC | 1505 Capital LLC
Business Combination, Consideration Transferred		$ 500,000

Investments (Schedule of Amorti

Investments (Schedule of Amortized Cost and Estimated Fair Value of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost	$ 774,248	$ 679,921
Total fixed maturities	765,013	683,296
Mortgage loans on real estate, held for investment	174,127	183,203
Derivatives, Cost	21,511	18,654
Derivatives, Gross Unrealized Gains	1,328	6,391
Derivatives, Gross Unrealized Losses	8,233	2,023
Estimated Fair Value	14,606	23,022
Federal Home Loan Bank (FHLB) stock	500	500
Equity Securities, Amortized Cost	22,158	22,158
Equity securities, Gross Unrealized Losses	968	289
Equity securities, at fair value (cost: $22,158 in 2022 and $22,158 in 2021)	21,190	21,869
Other invested assets, Cost	54,671	34,491
Other invested assets, Gross Unrealized Gains	832	813
Other invested assets, Gross Unrealized Losses	24	11
Other invested assets	55,479	35,293
Investment escrow	1,552	3,611
Preferred stock , Amortized cost	16,797	14,885
Preferred stock, Gross Unrealized Gains	3,338	3,801
Preferred stock, Gross Unrealized Losses	1
Preferred stock, Fair value	20,134	18,686
Notes receivable	6,035	5,960
Policy Loans	90	87
Total investments, Amortized Cost	1,071,689	963,470
Investments, Gross Unrealized Gains	8,903	18,273
Investments, Gross Unrealized Losses	21,866	6,216
Investments, Fair Value Disclosure	1,058,726	975,527
Fixed Maturities
Amortized Cost	774,248	679,921
Gross Unrealized Gains	3,405	7,268
Gross Unrealized Losses	12,640	3,893
Total fixed maturities	765,013	683,296
Redeemable preferred stock | Fixed Maturities
Amortized Cost	14,230	14,282
Gross Unrealized Gains	53	53
Gross Unrealized Losses	1,469	245
Total fixed maturities	12,814	14,090
U.S. government obligations | Fixed Maturities
Amortized Cost	1,845	1,855
Gross Unrealized Gains	9	32
Gross Unrealized Losses	44	5
Total fixed maturities	1,810	1,882
Mortgage-back securities | Fixed Maturities
Amortized Cost	112,125	55,667
Gross Unrealized Gains	99	368
Gross Unrealized Losses	3,677	755
Total fixed maturities	108,547	55,280
Asset-backed securities
Amortized Cost		24,675
Gross Unrealized Gains		443
Gross Unrealized Losses		167
Total fixed maturities		24,951
Asset-backed securities | Fixed Maturities
Amortized Cost	29,142
Gross Unrealized Gains	332
Gross Unrealized Losses	1,476
Total fixed maturities	27,998	24,951
Collateralized loan obligation | Fixed Maturities
Amortized Cost	228,494	272,446
Gross Unrealized Gains	1,668	2,928
Gross Unrealized Losses	2,136	851
Total fixed maturities	228,026	274,523
States and Political Subdivisions - general obligations | Fixed Maturities
Amortized Cost	105	105
Gross Unrealized Gains	4	9
Total fixed maturities	109	114
States and Political Subdivisions - special revenue | Fixed Maturities
Amortized Cost	25	4,487
Gross Unrealized Gains		1,129
Gross Unrealized Losses		4
Total fixed maturities	25	5,612
Corporate
Amortized Cost		35,392
Gross Unrealized Gains		1,846
Gross Unrealized Losses		99
Total fixed maturities		37,139
Corporate | Fixed Maturities
Amortized Cost	40,017
Gross Unrealized Gains	845
Gross Unrealized Losses	1,644
Total fixed maturities	39,218	37,139
Term Loans
Amortized Cost		268,794
Gross Unrealized Gains		441
Gross Unrealized Losses		1,767
Total fixed maturities		267,468
Term Loans | Fixed Maturities
Amortized Cost	348,265
Gross Unrealized Gains	395
Gross Unrealized Losses	2,194
Total fixed maturities	$ 346,466	267,468
Trust preferred.
Amortized Cost		2,218
Gross Unrealized Gains		19
Total fixed maturities		$ 2,237

Investments (Schedule of Credit

Investments (Schedule of Credit Ratings of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Total fixed maturities	$ 765,013	$ 683,296
Fixed Maturities
Marketable Securities [Line Items]
Total fixed maturities	$ 765,013	$ 683,296
Percent	100.00%	100.00%
Fixed Maturities | Investment grade
Marketable Securities [Line Items]
Total fixed maturities	$ 728,741	$ 633,996
Percent	95.30%	92.80%
Fixed Maturities | Investment grade | AAA and U.S. Government
Marketable Securities [Line Items]
Total fixed maturities	$ 2,524	$ 2,674
Percent	0.30%	0.40%
Fixed Maturities | Investment grade | AA
Marketable Securities [Line Items]
Total fixed maturities	$ 462	$ 482
Percent	0.10%	0.10%
Fixed Maturities | Investment grade | A
Marketable Securities [Line Items]
Total fixed maturities	$ 176,757	$ 168,141
Percent	23.10%	24.60%
Fixed Maturities | Investment grade | BBB
Marketable Securities [Line Items]
Total fixed maturities	$ 548,998	$ 462,699
Percent	71.80%	67.70%
Fixed Maturities | Non investment grade | BB and other
Marketable Securities [Line Items]
Total fixed maturities	$ 36,272	$ 49,300
Percent	4.70%	7.20%

Investments (Schedule of Unreal

Investments (Schedule of Unrealized Loss of Securities) (Details) $ in Thousands	Mar. 31, 2022USD ($)security	Dec. 31, 2021USD ($)security
Redeemable preferred stock
Estimated Fair Value, Less than 12 months	$ 12,814	$ 10,837
Gross Unrealized Loss, Less than 12 months	$ 1,469	$ 245
Number of Securities, Less than 12 months | security	9	6
Fixed Maturities
Estimated Fair Value, Total	$ 581,344	$ 258,081
Gross Unrealized Loss, Total	$ 12,640	$ 3,893
Number of Securities, Total | security	527	232
U.S. government obligations | Fixed Maturities
Estimated Fair Value, Less than 12 months	$ 971	$ 104
Gross Unrealized Loss, Less than 12 months	$ 30	$ 2
Number of Securities, Less than 12 months | security	11	1
Estimated Fair value, Greater than 12 months	$ 162	$ 66
Gross Unrealized Loss, Greater than 12 months	$ 14	$ 3
Number of Securities, Greater than 12 months | security	4	3
Mortgage-back securities | Fixed Maturities
Estimated Fair Value, Less than 12 months	$ 95,079	$ 35,403
Gross Unrealized Loss, Less than 12 months	$ 3,677	$ 755
Number of Securities, Less than 12 months | security	54	35
Asset-backed securities | Fixed Maturities
Estimated Fair Value, Less than 12 months	$ 21,006	$ 12,355
Gross Unrealized Loss, Less than 12 months	$ 1,476	$ 167
Number of Securities, Less than 12 months | security	206	13
Collateralized loan obligation
Estimated Fair Value, Less than 12 months	$ 122,333	$ 90,731
Gross Unrealized Loss, Less than 12 months	$ 2,136	$ 851
Number of Securities, Less than 12 months | security	25	115
States and Political Subdivisions - special revenue | Fixed Maturities
Estimated Fair Value, Less than 12 months		$ 217
Gross Unrealized Loss, Less than 12 months		$ 4
Number of Securities, Less than 12 months | security		1
Term Loans
Estimated Fair Value, Less than 12 months	$ 305,212	$ 105,677
Gross Unrealized Loss, Less than 12 months	$ 2,194	$ 1,767
Number of Securities, Less than 12 months | security	171	47
Corporate | Fixed Maturities
Estimated Fair Value, Less than 12 months	$ 23,351	$ 2,367
Gross Unrealized Loss, Less than 12 months	$ 1,574	$ 73
Number of Securities, Less than 12 months | security	42	9
Estimated Fair value, Greater than 12 months	$ 416	$ 324
Gross Unrealized Loss, Greater than 12 months	$ 70	$ 26
Number of Securities, Greater than 12 months | security	5	2

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Abstract]
Amortized Cost, Due in one year or less	$ 18,453
Amortized Cost, Due after one year through five years	314,101
Amortized Cost, Due after five years through ten years	322,244
Amortized Cost, Due after ten years through twenty years	73,023
Amortized Cost, Due after twenty years	41,427
Amortized Cost, No maturity	5,000
Amortized Cost	774,248	$ 679,921
Estimated Fair Value, Due in one year or less	18,319
Estimated Fair Value, Due after one year through five years	311,328
Estimated Fair Value, Due after five years through ten years	319,834
Estimated Fair Value, Due after ten years through twenty years	71,273
Estimated Fair Value, Due after twenty years	39,722
Estimated Fair Value, No maturity	4,537
Estimated Fair Value	$ 765,013	$ 683,296

Investments (Schedule of Invest

Investments (Schedule of Investments Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	$ 174,127	$ 183,203
1-4 Family
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	65,603	72,324
Hospitality
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	12,769	12,822
Land
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	16,383	15,904
Multifamily(5+)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	28,768	31,583
Retail Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	13,457	17,655
Other.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	37,147	32,915
Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	$ 174,127	$ 183,203

Investments (Schedule of Mortga

Investments (Schedule of Mortgage Loan Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgage loans on real estate, held for investment	$ 174,127	$ 183,203
0%-59.99%
Mortgage loans on real estate, held for investment	89,379	91,104
60%-69.99%
Mortgage loans on real estate, held for investment	37,195	42,819
70%-79.99%
Mortgage loans on real estate, held for investment	42,379	44,106
80% or greater
Mortgage loans on real estate, held for investment	$ 5,174	$ 5,174

Investments (Components of Net

Investments (Components of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Gross investment income	$ 6,574	$ 3,280
Less investment expense	(332)	(393)
Investment income, net of expenses	6,242	2,887
Fixed Maturities
Gross investment income	5,042	3,050
Mortgage loans
Gross investment income	282	174
Other invested assets
Gross investment income	1,248
Other interest income
Gross investment income	$ 2	$ 56

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Impairment on fixed maturities	$ 0		$ 0
Amortized cost	3,200,000		3,000,000
Fair value	3,100,000		$ 3,000,000
Proceeds from sales of available-for-sale investments	93,500,000	$ 61,800,000
Gross realized gain	1,500,000	572,807
Gross realized losses	$ 541,590	$ 166,386
Mortgage Loans Secured by Property | Delaware | Geographic Concentration Risk [Member]
Concentration risk percentage	38.00%		34.00%
Mortgage Loans Secured by Property | New York | Geographic Concentration Risk [Member]
Concentration risk percentage	31.00%		32.00%
Mortgage Loans Secured by Property | Arizona | Geographic Concentration Risk [Member]
Concentration risk percentage	5.00%		4.00%
Mortgage Loans Secured by Property | Maine | Geographic Concentration Risk [Member]
Concentration risk percentage	4.00%
Mortgage Loans Secured by Property | California | Geographic Concentration Risk [Member]
Concentration risk percentage			4.00%
Mortgage Loans Secured by Property | Non-US | Geographic Concentration Risk [Member]
Concentration risk percentage	11.00%		9.00%

Derivative Instruments (Details

Derivative Instruments (Details) $ in Thousands	Mar. 31, 2022USD ($)contract	Dec. 31, 2021USD ($)contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated Fair Value	$ 14,606	$ 23,022
Derivatives not designated as hedge | Equity-indexed options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 561,115	$ 526,096
Number of Contracts | contract	508	482
Estimated Fair Value	$ 14,696	$ 23,766
Derivatives not designated as hedge | Equity-indexed embedded derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 579,250	$ 525,548
Number of Contracts | contract	4,609	4,205
Estimated Fair Value	$ 111,148	$ 123,692

Derivative Instruments - Funds

Derivative Instruments - Funds Withheld Provision (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reinsurance recoverables (See Note 9)	$ 33,908,000		$ 38,579,000
Embedded derivative gains	1,100,000	$ 400,000	2,700,000
American Republic Insurance Company
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reinsurance recoverables (See Note 9)	5,752,000		4,885,000
Crestline SP 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reinsurance recoverables (See Note 9)	14,575,000		18,288,000
US Alliance Life and Security Company [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reinsurance recoverables (See Note 9)	4,718,000		5,064,000
Funds With held Provision Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	576,501		560,877
Market value of assets	575,578		561,038
Total return swap value	923		(161)
Increase in realized gain (loss)	923,000		161,000
Unrealized gain (loss) on embedded derivatives	923,000		161,000
Embedded derivative gains	1,100,000	$ 400,000
Funds With held Provision Agreement | American Republic Insurance Company
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	87,737,000		74,983,000
Market value of assets	86,319,000		74,670,000
Total return swap value	1,418,000		313,000
Funds With held Provision Agreement | Crestline SP 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	228,200,000		228,560,000
Market value of assets	227,598,000		228,450,000
Total return swap value	602,000		110,000
Funds With held Provision Agreement | Ironbound Reinsurance Company Limited
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	159,306,000		154,867,000
Market value of assets	160,092,000		155,755,000
Total return swap value	(786,000)		(888,000)
Funds With held Provision Agreement | Ascendent Re
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	55,151,000		56,246,000
Market value of assets	55,294,000		56,078,000
Total return swap value	(143,000)		168,000
Funds With held Provision Agreement | US Alliance Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	46,107,000		46,221,000
Market value of assets	46,275,000		46,085,000
Total return swap value	$ (168,000)		$ 136,000

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 765,013,000	$ 683,296,000
Mortgage loans on real estate, held for investment	174,127,000	183,203,000
Derivatives	14,606,000	23,022,000
Equity securities	21,190,000	21,869,000
Other Invested assets	55,479,000	35,293,000
Investment escrow	1,552,000	3,611,000
Federal Home Loan Bank (FHLB) stock	500,000	500,000
Preferred stock	20,134,000	18,686,000
Notes receivable	6,035,000	5,960,000
Policy Loans	90,000	87,000
Policy Loans Receivable	90,000	87,000
Total Investments	1,058,726,000	975,527,000
Embedded derivative for equity-indexed contracts	111,148,000	123,692,000
Transfers between levels	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	14,606,000	23,022,000
Equity securities	21,190,000	21,869,000
Investment escrow	1,552,000	3,611,000
Notes receivable	6,035,000	5,960,000
Total Investments	461,930,000	470,290,000
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans on real estate, held for investment	174,127,000	183,203,000
Other Invested assets	55,479,000	35,293,000
Federal Home Loan Bank (FHLB) stock	500,000	500,000
Preferred stock	20,134,000	18,686,000
Policy Loans	90,000	87,000
Total Investments	596,796,000	505,237,000
Embedded derivative for equity-indexed contracts	111,148,000	123,692,000
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		24,951,000
Trust preferred.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		2,237,000
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		37,139,000
Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		267,468,000
Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	765,013,000	683,296,000
Fixed Maturities | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	12,814,000	14,090,000
Fixed Maturities | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	418,547,000	415,828,000
Fixed Maturities | Fair Value, Inputs, Level 2 | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	12,814,000	14,090,000
Fixed Maturities | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	346,466,000	267,468,000
Fixed Maturities | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	1,810,000	1,882,000
Fixed Maturities | U.S. government obligations | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	1,810,000	1,882,000
Fixed Maturities | Mortgage-back securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	108,547,000	55,280,000
Fixed Maturities | Mortgage-back securities | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	108,547,000	55,280,000
Fixed Maturities | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	27,998,000	24,951,000
Fixed Maturities | Asset-backed securities | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	27,998,000	24,951,000
Fixed Maturities | Collateralized loan obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	228,026,000	274,523,000
Fixed Maturities | Collateralized loan obligation | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	228,026,000	274,523,000
Fixed Maturities | States and Political Subdivisions - general obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	109,000	114,000
Fixed Maturities | States and Political Subdivisions - general obligations | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	109,000	114,000
Fixed Maturities | States and Political Subdivisions - special revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	25,000	5,612,000
Fixed Maturities | States and Political Subdivisions - special revenue | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	25,000	5,612,000
Fixed Maturities | Trust preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		2,237,000
Fixed Maturities | Trust preferred | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		2,237,000
Fixed Maturities | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	39,218,000	37,139,000
Fixed Maturities | Corporate | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	39,218,000	37,139,000
Fixed Maturities | Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	346,466,000	267,468,000
Fixed Maturities | Term Loans | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 346,466,000	$ 267,468,000

Fair Values of Financial Inst_4

Fair Values of Financial Instruments (Schedule of Financial Assets and Liabilities at Fair Value) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash	$ 144,684,000	$ 142,013,000
Fair Value, Inputs, Level 2
Assets
Cash	144,684	142,013
Fair Value, Inputs, Level 3
Assets
Policy loans	90	87
Liabilities:
Policyholder deposits (Deposit-type contracts)	1,148,085	1,075,439
Carrying Amount
Assets
Policy loans	90	87
Cash	144,684	142,013
Liabilities:
Policyholder deposits (Deposit-type contracts)	1,148,085	1,075,439
Fair Value
Assets
Policy loans	90	87
Cash	144,684	142,013
Liabilities:
Policyholder deposits (Deposit-type contracts)	$ 1,148,085	$ 1,075,439

Fair Values of Financial Inst_5

Fair Values of Financial Instruments (Recurring Basis Level 3) (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Assets
Beginning Balance	$ 505,150	$ 228,039
Total realized and unrealized gains (losses) Included In Income	(1,588)	(516)
Total realized and unrealized gains (losses) Included In AOCI	788	(289)
Net Purchases, Issuances, Sales, and Settlements	92,356	277,916
Ending Balance	596,706	505,150
Liabilities
Beginning Balance	(123,692)	(84,501)
Total realized and unrealized gains (losses) Included In Income	(7,764)
Total realized and unrealized gains (losses) Included In AOCI		(4,169)
Net Purchases, Issuances, Sales, and Settlements	20,308	(35,022)
Ending Balance	(111,148)	(123,692)
Equity-indexed embedded derivative
Liabilities
Beginning Balance	(123,692)	(84,501)
Total realized and unrealized gains (losses) Included In Income	(7,764)	(4,169)
Net Purchases, Issuances, Sales, and Settlements	20,308	(35,022)
Ending Balance	(111,148)	(123,692)
Term loans
Assets
Beginning Balance	267,468	107,254
Total realized and unrealized gains (losses) Included In Income	(1,416)	(1,326)
Total realized and unrealized gains (losses) Included In AOCI	965	225
Net Purchases, Issuances, Sales, and Settlements	79,449	161,315
Ending Balance	346,466	267,468
Mortgage loans on real estate, held for investment
Assets
Beginning Balance	183,203	94,990
Net Purchases, Issuances, Sales, and Settlements	(9,076)	88,213
Ending Balance	174,127	183,203
Federal Home Loan Bank (FHLB) stock
Assets
Beginning Balance	500
Net Purchases, Issuances, Sales, and Settlements		500
Ending Balance	500	500
Other invested assets
Assets
Beginning Balance	35,293	21,897
Total realized and unrealized gains (losses) Included In Income	(172)	810
Total realized and unrealized gains (losses) Included In AOCI	(76)	(671)
Net Purchases, Issuances, Sales, and Settlements	20,434	13,257
Ending Balance	55,479	35,293
Preferred Stock
Assets
Beginning Balance	18,686	3,898
Total realized and unrealized gains (losses) Included In AOCI	(101)	157
Net Purchases, Issuances, Sales, and Settlements	1,549	14,631
Ending Balance	$ 20,134	$ 18,686

Fair Values of Financial Inst_6

Fair Values of Financial Instruments (Summary of unobservable inputs) (Details) - Fair Value, Inputs, Level 3 $ in Millions	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Non performance risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 111.1	$ 123.7
Non performance risk | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.3	0.3
Non performance risk | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	1.5	1.1
Non performance risk | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	90	0.6
Option budget | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	1.1	1.1
Option budget | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	4.4	3.4
Option budget | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	2.4	2.4
Discount rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 4.9	$ 4.9
Discount rates | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	17.5	17.5
Discount rates | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	19.5	19.5
Discount rates | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	18.5	18.5
EBITDA Multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 3.8	$ 3.8
EBITDA Multiple | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	9	9
EBITDA Multiple | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	10	10
EBITDA Multiple | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	100	100
Surrender rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.5	0.5
Surrender rate | Maximum | Base
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	15	15
Surrender rate | Maximum | Additional Shock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	30	30
Surrender rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	7.9	7.7

Fair Values of Financial Inst_7

Fair Values of Financial Instruments (Narrative) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Investment escrow	$ 1,552,000	$ 3,611,000
Equity securities	21,190,000	21,869,000
Notes receivable	$ 6,035,000	5,960,000
Interest rate	5.00%
Other Investments in Fund	$ 19,000,000
Warrants Market Value	6,400,000	3,800,000
Perpetual preferred stock	10,000,000	10,000,000
Fair value of preferred stock	3,700,000	4,900,000
Other Invested assets	55,479,000	35,293,000
Transfers between levels	$ 0
BBB+
Interest rate	5.00%
Exchange Traded Funds
Equity securities	$ 21,200,000	$ 21,900,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Earnings Per Share [Abstract]
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, shares authorized	20,000,000		20,000,000
Non-voting common shares authorized	2,000,000		2,000,000
Preferred stock, shares authorized	2,000,000		2,000,000
Common stock, shares issued	3,737,564		3,737,564
Common stock, shares outstanding	3,737,564		3,737,564
Net income (loss) attributable to Midwest Holding, Inc.	$ 187	$ (1,601)
Weighted average common shares outstanding	3,737,564	3,737,564
Stock options and deferred compensation agreements		40,850
Denominator for earnings (loss) per common share	3,737,564	3,778,414
Basic Income (loss) per common share	$ 0.05	$ (0.43)
Diluted Income (loss) per common share	$ 0.05	$ (0.43)

Income Tax Matters (Schedule of

Income Tax Matters (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Loss carryforwards	$ 2,701	$ 2,244
Capitalized costs	115	127
Stock option granted	1,060	1,060
Unrealized losses on investments	2,121
Policy acquisition costs	4,121	3,640
General business credits	6	6
Derivative option allowance		510
Sec 163(j) limitation	172	171
Benefit reserves	7,817	6,720
Property and equipment	34	33
Other	1,464	1,464
Total deferred tax assets	19,611	15,975
Less valuation allowance	(17,962)	(14,431)
Total deferred tax assets, net of valuation allowance	1,649	1,544
Deferred tax liabilities:
Unrealized losses on investments		1,084
Intangible assets	147	147
Derivative option allowance	1,043
Bond Discount	459	313
Total deferred tax liabilities	$ 1,649	$ 1,544

Income Tax Matters (Schedule _2

Income Tax Matters (Schedule of Effective Tax Rate Reconciliation) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Computed expected income tax benefit	$ 1,099	$ (35)
Increase (reduction) in income taxes resulting from:
IMR and reinsurance	79,000	67,000
Non deductible expenses	2,000	1,000
Change in valuation allowance	3,532,000	1,402,000
Dividends received deduction		(3,000)
Deferred tax adjustment	10,000
Subtotal of increases	3,623,000	1,467,000
Tax expense	$ 4,722,000	$ 1,432,000

Income Tax Matters (Narrative)

Income Tax Matters (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2016
Income Tax Matters Narrative Details Abstract
Deferred Tax Assets, Valuation Allowance	$ 17,962		$ 14,431
U.S. federal income tax rate	21.00%
Net operating loss ("NOL") carryforwards	$ 2,100			$ 1,000
Percentage of carry forward year limited taxable income	80.00%
NOLs carryforwards, valuation allowance	$ 2,200
Income tax expense	$ 4,722	$ 1,432

Reinsurance (Summary of Signifi

Reinsurance (Summary of Significant Reinsurance Amounts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
Reinsurance recoverables	$ 33,908		$ 38,579
Deposit-type contracts	1,148,085		1,075,439	$ 597,868
Deposit-type contracts Reinsurance ceded	(671,929)		(647,632)
Retained deposit-type contracts	476,156		$ 427,807
Premiums
Direct Premiums Earned	61	$ 48
Reinsurance ceded	(61)	(48)
Future policy and other policy benefits
Direct	54	7
Reinsurance ceded	$ (54)	$ (7)

Reinsurance (Schedule of Signif

Reinsurance (Schedule of Significant Reinsurance Balances) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Recoverable on Unpaid Losses	$ 200	$ 202
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	34,060	38,727
Ceded Due Premiums	352	350
Reinsurance recoverables	$ 33,908	$ 38,579
Ironbound Reinsurance Company Limited [Member]
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ (3,272)	$ (3,561)
Reinsurance payable	$ (3,272)	$ (3,561)
Optimum Reinsurance Company [Member]
AM Best Rating	A	A
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 561	$ 561
Reinsurance recoverables	$ 561	$ 561
Sagicor Life Insurance Company [Member]
AM Best Rating	A-	A-
Recoverable on Unpaid Losses	$ 155	$ 157
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	10,754	10,901
Ceded Due Premiums	302	303
Reinsurance recoverables	$ 10,607	$ 10,755
Ascendant Re
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ (56)	$ 1,550
Reinsurance payable	$ (56)
Reinsurance recoverables		$ 1,550
Crestline SP 1
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 14,575	$ 18,288
Reinsurance recoverables	$ 14,575	$ 18,288
American Republic Insurance Company
AM Best Rating	A	A
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 5,752	$ 4,885
Reinsurance recoverables	$ 5,752	$ 4,885
Unified Life Insurance Company [Member]
AM Best Rating	NR	NR
Recoverable on Unpaid Losses	$ 45	$ 45
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	999	1,013
Ceded Due Premiums	21	21
Reinsurance recoverables	$ 1,023	$ 1,037
US Alliance Life and Security Company [Member]
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 4,747	$ 5,090
Ceded Due Premiums	29	26
Reinsurance recoverables	$ 4,718	$ 5,064

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details) £ in Millions	Apr. 24, 2020	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2021GBP (£)	Dec. 31, 2021USD ($)
Reinsurance recoverables (See Note 7)		$ 33,908,000			$ 38,579,000
Unrealized gains		923,000	$ 2,500,000	£ 2.5	161,000
Embedded derivative gains		1,100,000	$ 400,000		2,700,000
Contingency reserves		0			0
Deferred acquisition cost		183,000			(74,000)
Seneca Re Agreement | MYGA
Percentage of indemnity coinsurance	25.00%
Seneca Re Agreement | FIA
Percentage of indemnity coinsurance	40.00%
US Alliance Life and Security Company [Member]
Reinsurance recoverables (See Note 7)		$ 4,718,000			5,064,000
US Alliance Life and Security Company [Member] | US Alliance Agreement | MYGA
Percentage of multi year guaranteed annuity		20.00%
American Life [Member]
Net premium income		$ 37,500,000
Net statutory reserves		$ 43,600,000
American Life [Member] | FW, Modco Agreement | MYGA
Percentage of multi year guaranteed annuity		45.00%
American Life [Member] | FW, Modco Agreement | FIA
Percentage of fixed indexed annuity		45.00%
Unified Life Insurance Company [Member]
Reinsurance recoverables (See Note 7)		$ 1,023,000			1,037,000
Optimum Reinsurance Company [Member]
Reinsurance recoverables (See Note 7)		561,000			561,000
Sagicor Life Insurance Company [Member]
Reinsurance recoverables (See Note 7)		10,607,000			10,755,000
American Life and Security National Life Insurance [Member]
Net premium income		37,500,000			37,500,000
Net statutory reserves		34,800,000			34,800,000
Amount owed deposit account		$ 2,400,000			$ 2,400,000
American Life and Security National Life Insurance [Member] | US Alliance Agreement | MYGA
Percentage of multi year guaranteed annuity					20.00%
American Life and Security National Life Insurance [Member] | US Alliance Agreement | FIA
Percentage of fixed indexed annuity		20.00%			20.00%
Crestline SP 1
Reinsurance recoverables (See Note 7)		$ 14,575,000			$ 18,288,000

Reinsurance (Ceding commissions

Reinsurance (Ceding commissions deferred) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Ceded Commission Earned	$ 1,835	$ 2,347
Expense Allowances	3,284	4,738
Interest On Ceding Commissions	189	141
Earned Ceding Commission	970	451
Deferred gain on coinsurance transactions	30,049		$ 28,589
Unified Life Insurance Company [Member]
Earned Ceding Commission	8
Deferred gain on coinsurance transactions	235		242
Ironbound Reinsurance Company Limited [Member]
Expense Allowances		15
Interest On Ceding Commissions	49	54
Earned Ceding Commission	130	122
Deferred gain on coinsurance transactions	5,078		5,137
Ascendant Re
Expense Allowances		24
Interest On Ceding Commissions	23	22
Earned Ceding Commission	86	46
Deferred gain on coinsurance transactions	3,061		3,101
US Alliance Life and Security Company [Member]
Ceded Commission Earned		2
Expense Allowances		21
Interest On Ceding Commissions	14	15
Earned Ceding Commission	87	67
Deferred gain on coinsurance transactions	159		162
Crestline SP 1
Ceded Commission Earned	1,034	2,345
Expense Allowances	1,830	4,678
Interest On Ceding Commissions	80	50
Earned Ceding Commission	506	$ 216
Deferred gain on coinsurance transactions	14,338		13,515
American Republic Insurance Company
Ceded Commission Earned	801
Expense Allowances	1,454
Interest On Ceding Commissions	23
Earned Ceding Commission	153
Deferred gain on coinsurance transactions	4,945		4,146
US Alliance Life and Security Company(3)
Deferred gain on coinsurance transactions	$ 2,233		$ 2,286

Reinsurance (Retained and Reins

Reinsurance (Retained and Reinsurer Balance Sheets) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Total investments	$ 1,058,726	$ 975,527
Cash and cash equivalents	144,684	142,013
Accrued investment income	13,205	13,623
Deferred acquisition costs, net	28,292	24,530		$ 13,456
Reinsurance recoverables	33,908	38,579
Other assets	23,083	25,645
Total assets	1,301,898	1,219,917
Liabilities:
Policyholder liabilities	1,162,161	1,088,618
Deferred gain on coinsurance transactions	30,049	28,589
Other liabilities	30,497	16,954
Total liabilities	1,222,707	1,134,161
Stockholders' Equity:
Voting common stock	4	4
Additional paid-in capital	138,308	138,277
Accumulated deficit	(69,972)	(70,159)
Accumulated other comprehensive income (loss)	(7,581)	2,634
Total Midwest Holding Inc.'s stockholders' equity	60,759	70,756
Noncontrolling interests	18,432	15,000
Total stockholders' equity	79,191	85,756	$ 85,632	$ 86,330
Total liabilities and stockholders' equity	1,301,898	1,219,917
Retained
Assets [Abstract]
Total investments	481,732	414,418
Cash and cash equivalents	73,782	95,406
Accrued investment income	3,662	3,853
Deferred acquisition costs, net	28,292	24,530
Other assets	11,238	27,834
Total assets	598,706	566,041
Liabilities:
Policyholder liabilities	477,122	427,807
Deferred gain on coinsurance transactions	30,049	28,589
Other liabilities	12,344	23,889
Total liabilities	519,515	480,285
Stockholders' Equity:
Voting common stock	4	4
Additional paid-in capital	138,308	138,277
Accumulated deficit	(69,972)	(70,159)
Accumulated other comprehensive income (loss)	(7,581)	2,634
Total Midwest Holding Inc.'s stockholders' equity	60,759	70,756
Noncontrolling interests	18,432	15,000
Total stockholders' equity	79,191	85,756
Total liabilities and stockholders' equity	598,706	566,041
Reinsurance
Assets [Abstract]
Total investments	576,994	561,109
Cash and cash equivalents	70,902	46,607
Accrued investment income	9,543	9,770
Reinsurance recoverables	33,908	38,579
Other assets	11,845	(2,189)
Total assets	703,192	653,876
Liabilities:
Policyholder liabilities	685,039	660,811
Other liabilities	18,153	(6,935)
Total liabilities	703,192	653,876
Stockholders' Equity:
Total liabilities and stockholders' equity	$ 703,192	$ 653,876

Long-Term Incentive Plans (Deta

Long-Term Incentive Plans (Details) - USD ($)	Mar. 31, 2022	Nov. 11, 2021	Nov. 16, 2020	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jun. 11, 2019
Share based compensation					$ 32,000	$ 261,340
Options granted (in shares)					37,517		333,880
Restricted stock granted (in shares)							5,089
Vested (in shares)					(26,793)		(85,957)
Nonvested stock options at beginning (in dollars per share)				$ 28.52	$ 38.62	$ 38.51	$ 38.51
Grants, weighted average exercise price (in dollars per share)					19.85		43.91
Vested, weighted average exercise price (in dollars per share)					39.85		39.78
Nonvested stock options at ending (in dollars per share)	$ 28.52				$ 28.52		$ 38.62
Fair value assumptions
Weighted-average volatility (as a percent)					4.20%		38.90%
Stock Options
Fair value assumptions
Expiration period					10 years
Restricted Stock
Restricted stock granted (in shares)			18,596		18,596
Restricted stock granted (in dollars per share)					$ 41.25
Vesting percentage					25.00%
Vested (in shares)	5,812
Forfeited (in shares)	12,784
Restricted stock unit
Restricted stock granted (in shares)		5,089			5,089
Restricted stock granted (in dollars per share)					$ 24.34
Compensation recognized				$ 44,000	$ 80,000
Minimum
Fair value assumptions
Expected volatility (as a percent)					4.16%		4.40%
Expected term (in years)					2 years		2 years
Risk free rate (as a percent)					1.79%		0.80%
Minimum | Stock Options
Fair value assumptions
Vesting period					2 years
Maximum
Fair value assumptions
Expected volatility (as a percent)					4.26%		66.30%
Expected term (in years)					7 years		7 years
Risk free rate (as a percent)					2.15%		1.50%
Maximum | Stock Options
Fair value assumptions
Vesting period					4 years
Long-Term Incentive Plans
Nonvested stock options at beginning (in shares)				293,818	317,217	100,972	100,972
Options granted (in shares)							333,880
Adjustment to prior year options granted					(20,325)
Vested (in shares)					(7,318)		(85,957)
Forfeited (in shares)					(34,123)		(36,767)
Nonvested stock options at ending (in shares)	293,818				293,818		317,217
Nonvested stock options at beginning (in dollars per share)				$ 17.27	$ 25.80	$ 22.91	$ 22.91
Options granted (in dollars per share)							19.25
Vested (in dollars per share)					26.01		17.32
Forfeited (in dollars per share)					27.14		23.91
Nonvested stock options at ending (in dollars per share)	$ 17.27				17.27		25.80
Nonvested stock options at beginning (in dollars per share)				$ 37.35	40.13	$ 34.70	34.70
Grants, weighted average exercise price (in dollars per share)							42.84
Vested, weighted average exercise price (in dollars per share)					20.50		30.20
Forfeited, weighted average exercise price (in dollars per share)					30.74		40.42
Nonvested stock options at ending (in dollars per share)	$ 37.35				$ 37.35		$ 40.13
Long-Term Incentive Plans | Stock Options
Options granted (in shares)					38,367
Options granted (in dollars per share)					$ 3.41
Restricted stock granted, weighted average exercise price (in dollars per share)					$ 20.69
Long-Term Incentive Plans | Restricted stock unit
Restricted stock granted (in shares)							5,089
Restricted stock granted (in dollars per share)							$ 24.34
Restricted stock granted, weighted average exercise price (in dollars per share)							$ 24.34
2019 LTIP | Maximum | Stock Options
Shares authorized								102,000
2020 LTIP | Maximum | Stock Options
Shares authorized			350,000

Long-Term Incentive Plans - Opt

Long-Term Incentive Plans - Options Outstanding (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Options
Outstanding at the beginning (in shares)	489,331	101,172
Options granted (in shares)	37,517	333,880
Restricted stock granted (in shares)		5,089
Vested (in shares)	26,793	85,957
Forfeited or expired (in shares)	(34,123)	(36,767)
Outstanding at the end (in shares)	519,518	489,331	101,172
Weighted Average Exercise Price Per Share
Nonvested stock options at beginning (in dollars per share)	$ 38.62	$ 38.51
Grants, weighted average exercise price (in dollars per share)	19.85	43.91
Vested, weighted average exercise price (in dollars per share)	39.85	39.78
Forfeited, weighted average exercise price ( in dollars per share)	44.29	44.05
Nonvested stock options at ending (in dollars per share)	$ 28.52	$ 38.62	$ 38.51
Weighted Average Remaining Contractual Life (Years)
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	9 years 1 month 6 days	9 years 2 months 12 days	9 years 9 months 18 days
Granted, Weighted Average Remaining Contractual Life (Years)	10 years	10 years
Restricted Stock Units, Weighted Average Remaining Contractual Life (Years)		10 years
Vested, Weighted Average Remaining Contractual Life (Years)	8 years 9 months 18 days	9 years
Forfeited or Expired, Weighted Average Remaining Contractual Life (Years)	8 years 7 months 6 days	8 years 6 months
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	9 years 1 month 6 days	9 years 2 months 12 days	9 years 9 months 18 days

Deposit-Type Contracts (Details

Deposit-Type Contracts (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Beginning balance	$ 1,075,439	$ 597,868
US Alliance	(1,338)	1,873
Unified Life Insurance Company	(9)	468
Deposits received	98,111	471,646
Investment earnings (includes embedded derivative)	(6,674)	7,012
Withdrawals	(9,315)	(18,446)
Policy charges	(143)	(842)
Ending balance	1,148,085	1,075,439
Ironbound Reinsurance Company Limited
Ironbound Reinsurance Company Limited	1,521	6,579
Ascendant Re
Deposit contract	(1,715)	2,880
Crestline SP 1
Deposit contract	(6,232)	4,834
American Republic Insurance Company
Deposit contract	$ (1,560)	$ 1,567

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded Commitments - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Commitments	$ 233,001	$ 145,941
Commitments reinsurance	134,600
Unfunded Commitment
Due in one year or less	13,822	19,245
Due in two years	32,651	26,753
Due in three years	5,392	4,705
Due in four years	13,406	8,741
Due in five years and after	167,730	86,497
Total	233,001	$ 145,941
American Life and Security Corporation
Other Commitments [Line Items]
Commitments	98,400
Unfunded Commitment
Total	$ 98,400

Leases (Schedule of Supplementa

Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) $ in Thousands	Mar. 31, 2022USD ($)item	Dec. 31, 2021USD ($)
Leases [Abstract]
Number of finance leases that the company owned at the end of the reporting period | item	1
Number of lease agreements that include variable lease payments | item	0
Noncurrent:
Operating lease right of use assets	$ 2,300	$ 2,360
Noncurrent:
Operating lease	2,307	2,364
Operating lease	$ 2,307	$ 2,364

Leases (Schedule of Finance and

Leases (Schedule of Finance and Operating Leases Mature) (Details) $ in Thousands	Mar. 31, 2022USD ($)
Operating Leases
2022	$ 257
2023	342
2024	342
2025	342
2026	345
2027	353
2028	362
2029	371
2030	380
2031	292
Total remaining lease payments	$ 3,386

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease expense	$ 3,000	$ 1,000
Operating cash flows from operating leases	$ 3,000	$ 2,000
Weighted Average Remaining Term - Operating lease	9 years	1 year 6 months
Weighted Average Discount Rate - Finance lease	8.00%	8.00%

Statutory Net Income and Surp_3

Statutory Net Income and Surplus (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Net realized loss on investments	$ (6,175)	$ (4,649)
SRC1
Statutory Net Income/(Loss)	(822)	(3,312)
Statutory Capital and Surplus	7,593		$ 8,415
Premiums Sales		36,234
SRC3
Statutory Net Income/(Loss)	469
Statutory Capital and Surplus	3,619		3,150
Premiums Sales	(148)
Ironbound Reinsurance Company Limited | FW, Modco Agreement
Net realized loss on investments	2,400
American Life and Security Corporation
Statutory Net Income/(Loss)	9,593	6,109
Statutory Capital and Surplus	68,204		$ 74,011
Premiums Sales	$ 58,118	$ 39,955

Third-party Administration (Det

Third-party Administration (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
TPA [Member]
Related Party Transaction [Line Items]
Amount of transaction	$ 100,000	$ 207,500

Equity (Narrative) (Details)

Equity (Narrative) (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Preferred stock
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	3,737,564	3,737,564
Common stock, shares outstanding	3,737,564	3,737,564
Non Voting Common Stock, Shares Issued	0	0
Non Voting Common Stock, Shares Outstanding	0	0
Reverse stock split fractions retired (in shares)	4,500
Voting common share
Common Stock
Common stock, shares authorized	20,000,000
Non-voting common shares [Member]
Common Stock
Common stock, shares authorized	2,000,000

Equity (AOCI) (Details)

Equity (AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 85,756	$ 86,330	$ 86,330
Other comprehensive income (loss) before reclassifications	(9,703)	963
Less: Reclassification adjustments for losses realized in net income, net of tax	(512)	(321)
Balance	79,191	85,632	85,756
Unrealized investment gains (losses) on fixed maturities, net of offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	2,634	$ 6,431	6,431
Other comprehensive income (loss) before reclassifications	(9,703)		(1,422)
Less: Reclassification adjustments for losses realized in net income, net of tax	(512)		(2,375)
Balance	$ (7,581)		$ 2,634

Deferred Acquisition Costs (Det

Deferred Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Deferred Acquisition Costs
Deferred Policy Acquisition Cost, Beginning Balance	$ 24,530	$ 13,456
Additions	4,294	13,402
Amortization	(851)	(2,886)
Interest	136	632
Impact of unrealized investment losses	183	(74)
Deferred Policy Acquisition Cost, Ending Balance	$ 28,292	$ 24,530

Related Party (Details)

Related Party (Details) - USD ($) $ in Millions	Apr. 24, 2020	Mar. 31, 2022	Mar. 31, 2022
Related Party Transaction [Line Items]
Interest rate		5.00%	5.00%
BBB+
Related Party Transaction [Line Items]
Interest rate		5.00%	5.00%
Seneca Re Agreement
Related Party Transaction [Line Items]
Reinsurance term	3 years
Seneca Re Agreement | MYGA
Related Party Transaction [Line Items]
Percentage of indemnity coinsurance	25.00%
Seneca Re Agreement | FIA
Related Party Transaction [Line Items]
Percentage of indemnity coinsurance	40.00%
Crestline Assurance Holdings LLC
Related Party Transaction [Line Items]
Assets under management		$ 228	$ 228
Additional investments		$ 341	$ 341
Crestline Assurance Holdings LLC | Securities Purchase Agreement
Related Party Transaction [Line Items]
Shares issued	444,444
American Life [Member]
Related Party Transaction [Line Items]
Capital contribution	$ 5
American Life [Member] | UK Limited
Related Party Transaction [Line Items]
Percentage of interest acquired in financial guarantee		17.00%
SRC1
Related Party Transaction [Line Items]
Capital contribution	$ 3.3
Chelsea Holdings Midwest LLC | BBB+
Related Party Transaction [Line Items]
Interest rate		5.00%	5.00%
Fair market value		$ 6	$ 6
Crestline SP 1
Related Party Transaction [Line Items]
Reinsurance ceded amount		$ 296.6	296.6
Reinsurance ceded commissions			14
Reinsurance ceded expense reimbursements			$ 26.5