0001140361-21-009603 | 10-K | XBRL Viewer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Mar. 10, 2021	Jun. 30, 2020
Cover page.
Entity Registrant Name	ATLANTIC AMERICAN CORP
Entity Central Index Key	0000008177
Current Fiscal Year End Date	--12-31
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Address, State or Province	GA
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 6,720,805
Entity Common Stock, Shares Outstanding		20,415,243

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 19,319	$ 12,893
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost: $222,461 and $219,233)	254,106	232,472
Equity securities, at fair value (cost: $6,393 and $7,168)	18,716	22,922
Other invested assets (cost: $3,765 and $9,908)	3,238	9,960
Policy loans	1,975	2,007
Real estate	38	38
Investment in unconsolidated trusts	1,238	1,238
Total investments	279,311	268,637
Receivables:
Reinsurance	29,086	32,135
Insurance premiums and other, net of allowance for doubtful accounts of $198 and $183 as of 2020 and 2019, respectively	27,512	13,134
Deferred income taxes, net	0	314
Deferred acquisition costs	39,611	38,861
Other assets	7,804	9,108
Intangibles	2,544	2,544
Total assets	405,187	377,626
LIABILITIES AND SHAREHOLDERS' EQUITY
Future policy benefits	90,872	92,490
Unearned premiums	27,131	26,035
Losses and claims	79,147	81,448
Other policy liabilities	1,526	1,933
Total insurance reserves and policyholder funds	198,676	201,906
Accounts payable and accrued expenses	26,412	23,588
Deferred income taxes, net	1,301	0
Junior subordinated debenture obligations, net	33,738	33,738
Total liabilities	260,127	259,232
Commitments and contingencies (Note 16)
Shareholders' equity:
Preferred stock, $1 par, 4,000,000 shares authorized; Series D preferred, 55,000 shares issued and outstanding; $5,500 redemption value	55	55
Common stock, $1 par, 50,000,000 shares authorized; 22,400,894 shares issued; 20,415,243 and 20,472,162 shares outstanding as of 2020 and 2019, respectively	22,401	22,401
Additional paid-in capital	57,437	57,820
Retained earnings	47,790	36,020
Accumulated other comprehensive income	25,000	10,459
Unearned stock grant compensation	(284)	(781)
Treasury stock, at cost, 1,985,651 and 1,928,732 shares as of 2020 and 2019, respectively	(7,339)	(7,580)
Total shareholders' equity	145,060	118,394
Total liabilities and shareholders' equity	$ 405,187	$ 377,626

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturities, cost	$ 222,461	$ 219,233
Equity securities, cost	6,393	7,168
Other invested assets, cost	3,765	9,908
Receivables:
Insurance premiums and other, allowance for doubtful accounts	$ 198	$ 183
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	55,000	55,000
Preferred stock, shares outstanding (in shares)	55,000	55,000
Preferred stock, redemption value	$ 5,500	$ 5,500
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	22,400,894	22,400,894
Common stock, shares outstanding (in shares)	20,415,243	20,472,162
Treasury stock, at cost (in shares)	1,985,651	1,928,732

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Insurance premiums, net	$ 183,539	$ 181,925
Net investment income	7,744	8,979
Realized investment gains, net	7,420	1,574
Unrealized gains (losses) on equity securities, net	(3,431)	5,511
Other income	76	190
Total revenue	195,348	198,179
Benefits and expenses:
Insurance benefits and losses incurred	119,876	139,225
Commissions and underwriting expenses	46,811	45,477
Interest expense	1,610	2,130
Other expense	11,548	11,754
Total benefits and expenses	179,845	198,586
Income (loss) before income taxes	15,503	(407)
Income tax expense (benefit)	3,334	(21)
Net income (loss)	12,169	(386)
Preferred stock dividends	(399)	(399)
Net income (loss) applicable to common shareholders	$ 11,770	$ (785)
Earnings (loss) per common share (basic) (in dollars per share)	$ 0.58	$ (0.04)
Earnings (loss) per common share (diluted) (in dollars per share)	$ 0.56	$ (0.04)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net Income (loss)	$ 12,169	$ (386)
Available-for-sale fixed maturity securities:
Gross unrealized holding gain arising in the period	18,791	23,130
Related income tax effect	(3,946)	(4,857)
Subtotal	14,845	18,273
Less: reclassification adjustment for net realized gains included in net income (loss)	(385)	(353)
Related income tax effect	81	74
Subtotal	(304)	(279)
Total other comprehensive income, net of tax	14,541	17,994
Total comprehensive income	$ 26,710	$ 17,608

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Unearned Stock Grant Compensation [Member]	Treasury Stock [Member]	Total
Balance, beginning of year at Dec. 31, 2018	$ 55	$ 22,401	$ 57,414	$ 37,208	$ (7,535)	$ (186)	$ (7,985)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(386)				$ (386)
Other comprehensive income, net of tax					17,994			17,994
Dividends on common stock				(403)
Dividends accrued on preferred stock				(399)
Restricted stock grants, net of forfeitures			396			(948)	552
Amortization of unearned compensation						353
Purchase of shares for treasury							(71)
Net shares acquired related to employee share-based compensation plans							(92)
Issuance of shares under stock plans			10				16
Balance, end of year at Dec. 31, 2019	55	22,401	57,820	36,020	10,459	(781)	(7,580)	$ 118,394
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock per share (in dollars per share)								$ (0.02)
Net income (loss)				12,169				$ 12,169
Other comprehensive income, net of tax					14,541			14,541
Dividends on common stock				0
Dividends accrued on preferred stock				(399)
Restricted stock grants, net of forfeitures			(376)			60	316
Amortization of unearned compensation						437
Purchase of shares for treasury							0
Net shares acquired related to employee share-based compensation plans							(91)
Issuance of shares under stock plans			(7)				16
Balance, end of year at Dec. 31, 2020	$ 55	$ 22,401	$ 57,437	$ 47,790	$ 25,000	$ (284)	$ (7,339)	$ 145,060
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock per share (in dollars per share)								$ 0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares purchased (in shares)	0	26,210
Restricted shares issued (in shares)	20,000	355,000
Shares issued under stock plans (in shares)	4,701	10,862

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net Income (loss)	$ 12,169	$ (386)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred acquisition costs	19,393	17,288
Acquisition costs deferred	(20,143)	(19,055)
Realized investment gains, net	(7,420)	(1,574)
Unrealized (gains) losses on equity securities, net	3,431	(5,511)
Distributions received from equity method investees	0	379
Compensation expense related to share awards	437	353
Depreciation and amortization	980	996
Deferred income tax benefit	(2,250)	(913)
(Increase) decrease in receivables, net	1,349	(4,709)
Increase (decrease) in insurance reserves and policyholder funds	(3,230)	12,858
Increase in accounts payable and accrued expenses	2,324	3,472
Other, net	1,931	(5,005)
Net cash provided by (used in) operating activities	8,971	(1,807)
Cash flows from investing activities:
Proceeds from investments sold	18,541	120,950
Proceeds from investments matured, called or redeemed	7,117	6,157
Investments purchased	(27,489)	(124,029)
Additions to property and equipment	(233)	(69)
Net cash (used in) provided by investing activities	(2,064)	3,009
Cash flows from financing activities:
Payment of dividends on Series D preferred stock	(399)	(399)
Payment of dividends on common stock	0	(403)
Proceeds from shares issued under stock plans	9	26
Treasury stock acquired - share repurchase authorization	0	(71)
Treasury stock acquired - net employee share-based compensation	(91)	(92)
Net cash used in financing activities	(481)	(939)
Net increase in cash	6,426	263
Cash and cash equivalents at beginning of year	12,893	12,630
Cash and cash equivalents at end of year	19,319	12,893
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	1,665	2,155
Cash paid for income taxes	3,883	1,662
Non-cash investing activities:
Receivable from sale of other invested assets	$ 12,678	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 1.

Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which, for insurance companies, differ in some respects from the statutory accounting practices prescribed or permitted by regulatory authorities. These financial statements include the accounts of Atlantic American Corporation (“Atlantic American” or the “Parent”) and its subsidiaries (collectively with the Parent, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. Operating results achieved in any historical period are not necessarily indicative of results to be expected in any future period.

At December 31, 2020, the Parent owned four insurance subsidiaries, Bankers Fidelity Life Insurance Company and its wholly-owned subsidiary, Bankers Fidelity Assurance Company (together known as “Bankers Fidelity”), and American Southern Insurance Company and its wholly-owned subsidiary, American Safety Insurance Company (together known as “American Southern”), in addition to one non-insurance subsidiary, xCalibre Risk Services, Inc. The Parent has issued a guarantee of all liabilities of Bankers Fidelity.

Premium Revenue and Cost Recognition

Life insurance premiums are recognized as revenue when due; accident and health insurance premiums are recognized as revenue over the premium paying period and property and casualty insurance premiums are recognized as revenue over the period of the contract in proportion to the amount of insurance protection provided. Losses, benefits and expenses are accrued as incurred and are associated with premiums as they are earned so as to result in recognition of profits over the lives of the contracts. For traditional life insurance and long-duration health insurance, this association is accomplished by the provision of a future policy benefits reserve and the deferral and subsequent amortization of the costs of acquiring business, which are referred to as “deferred policy acquisition costs” (principally commissions, premium taxes, and other incremental direct costs of issuing policies). Deferred policy acquisition costs (“DAC”) are amortized over the estimated premium-paying period of the related policies using assumptions consistent with those used in computing the future policy benefits reserve. The Company provides for insurance benefits and losses on accident, health, and property-casualty claims based upon estimates of projected ultimate losses. DAC for property and casualty insurance and short-duration health insurance is amortized over the effective period of the related insurance policies. Contingent commissions, if contractually applicable, are ultimately payable to agents based on the underlying profitability of a particular insurance contract or a group of insurance contracts, and are periodically evaluated and accrued as earned. In periods in which revisions are made to the estimated loss reserves related to the particular insurance contract or group of insurance contracts subject to such commissions, corresponding adjustments are also made to the related accruals. DAC is expensed when such costs are deemed not to be recoverable from future premiums (for traditional life and long-duration health insurance) and from the related unearned premiums and investment income (for property and casualty and short-duration health insurance).

Intangibles

Intangibles consist of goodwill and other indefinite-lived intangible assets. Goodwill represents the excess of cost over the fair value of net assets acquired and is not amortized. Other indefinite-lived intangibles represent the value of licenses and are not amortized. The Company periodically reviews its goodwill and other indefinite-lived intangibles to determine if any adverse conditions exist that could indicate impairment. Conditions that could trigger impairment include, but are not limited to, a significant change in business climate that could affect the value of the related asset, an adverse action, or an assessment by a regulator. No impairment of the Company’s recorded intangibles was identified during any of the periods presented.

Investments

The Company’s investments in fixed maturities, which include bonds and redeemable preferred stocks, are classified as “available-for-sale” and, accordingly, are carried at fair value with the after-tax difference from amortized cost, as adjusted if applicable, reflected in shareholders’ equity as a component of accumulated other comprehensive income or loss. The Company’s equity securities, which include common and non-redeemable preferred stocks, are carried at fair value with changes in fair value reported in net income. The fair values of fixed maturities and equity securities are largely determined from publicly quoted market prices, when available, or independent broker quotations. As of December 31, 2020, the Company owned a certain equity security in the amount of $143, with a valuation that was derived from techniques in which one or more of the significant inputs are unobservable. As of December 31, 2020, all fixed maturities were valued using publicly quoted market prices or techniques with observable inputs. Values that are not determined using quoted market prices inherently involve a greater degree of judgment and uncertainty and therefore ultimately greater price volatility than the value of securities with publicly quoted market prices. Policy loans are carried at unpaid principal balance and real estate is carried at historical cost. Other invested assets are comprised of investments in limited partnerships, limited liability companies, and real estate joint ventures, and are accounted for using the equity method. If the value of a fixed maturity security or other invested asset declines below its cost or amortized cost, as applicable, and the decline is considered to be other than temporary, a realized loss is recorded to reduce the carrying value of the investment to its estimated fair value, which becomes the new cost basis.

Premiums and discounts related to investments are amortized or accreted over the life of the related investment as an adjustment to yield using the effective interest method. Dividends and interest income are recognized when earned or declared. The cost of securities sold is based on specific identification. Unrealized gains (losses) in the value of fixed maturities are accounted for as a direct increase (decrease) in accumulated other comprehensive income in shareholders’ equity, net of deferred tax and, accordingly, have no effect on net income.

Income Taxes

Deferred income taxes represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. They arise from differences between the financial reporting and tax basis of assets and liabilities and are adjusted for changes in tax laws and tax rates as those changes are enacted. The provision for income taxes represents the total amount of income taxes due related to the current year, plus the change in deferred income taxes during the year. A valuation allowance is recognized if, based on management’s assessment of the relevant facts, it is more likely than not that some portion of a deferred tax asset will not be realized.

Earnings Per Common Share

Basic earnings per common share are based on the weighted average number of common and participating shares outstanding during the relevant period. Diluted earnings per common share are based on the weighted average number of common and participating shares outstanding during the relevant period, plus options outstanding, if applicable, using the treasury stock method and the assumed conversion of the Series D preferred stock, if dilutive. Unless otherwise indicated, earnings per common share amounts are presented on a diluted basis.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and investments in short-term, highly liquid securities with original maturities of three months or less from date of purchase.

Reinsurance

The Company enters into reinsurance agreements with other companies in the normal course of business. For each reinsurance agreement, the Company determines if the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Reinsurance premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits and DAC are reported net of insurance ceded. Reinsurance premiums from assumed business are estimated based on information received from ceding companies and reinsureds. Any subsequent differences that arise regarding such estimates are recorded in the period in which they are determined.

Share-Based Transactions

For employee and director share-based compensation awards, the Company determines a grant date fair value based on the price of our publicly-traded common stock and recognize the related compensation expense, adjusted for actual forfeitures, in the consolidated statement of operations on a straight-line basis over the requisite service period for the entire award. For non-employee share-based compensation awards, the Company recognizes the impact during the period of performance, and the fair value of the award is measured as of the date performance is complete, which is the vesting date.

Treasury Stock

Treasury stock is reflected as a reduction of shareholders’ equity at cost. The Company uses the first-in-first-out (“FIFO”) purchase cost to determine the cost of treasury stock that is reissued. The Company includes any gains and losses in additional paid-in capital when treasury stock is reissued.

Recently Issued Accounting Standards

Adoption of New Accounting Standards

Fair Value Measurement – Changes to the Disclosure Requirements for Fair Value Measurement. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This guidance removes the following disclosure requirements from Topic 820: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation processes for Level 3 fair value measurements. This disclosure also includes the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The Company adopted ASU 2018-13 as of January 1, 2020. The adoption of this ASU did not have an impact on the Company’s consolidated financial statements.

Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 is intended to simplify the evaluation of goodwill. The updated guidance requires recognition and measurement of goodwill impairment based on the excess of the carrying value of the reporting unit compared to its estimated fair value, with the amount of the impairment not to exceed the carrying value of the reporting unit’s goodwill. Under the prior accounting guidance, if the reporting unit’s carrying value exceeds its estimated fair value, the Company allocates the fair value of the reporting unit to all of the assets and liabilities of the reporting unit to determine an implied goodwill value. An impairment loss is then recognized for the excess, if any, of the carrying value of the reporting unit’s goodwill compared to the implied goodwill value. The Company adopted ASU 2017-04 as of January 1, 2020. The adoption of this ASU did not have an impact on the Company’s consolidated financial statements.

Future Adoption of New Accounting Standards

Reference Rate Reform. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This guidance provides optional expedients and exceptions for applying GAAP to investments, derivatives, or other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Along with the optional expedients, the amendments include a general principle that permits an entity to consider contract modifications due to reference reform to be an event that does not require contract re-measurement at the modification date or reassessment of a previous accounting determination. Additionally, a company may make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that were classified as held to maturity before January 1, 2020. This standard may be elected over time through December 31, 2022 as reference rate reform activities occur. The Company is currently assessing the effect of adopting this guidance on its financial condition and results of operations.

Investments – Equity Securities. In January 2020, the FASB issued ASU No. 2020-01 (“ASU 2020-01”) Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This update, among others, clarifies the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 when there is a change in level of ownership or degree of influence. ASU 2020-01 is effective for the Company beginning with the first quarter of 2021 and will be applied prospectively. Early adoption is permitted. This guidance is not expected to have a material impact on the Company’s consolidated financial statements.

Income Taxes – Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2020, although earlier adoption is permitted. The Company expects to adopt the updated guidance January 1, 2021, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Accounting for Long-Duration Contracts. In August 2018, the FASB issued ASU No. 2018-12, Financial Services —Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). This guidance (1) improves the timeliness of recognizing changes in the liability for future policy benefits and modifies the rate used to discount future cash flows, (2) simplifies and improves the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, (3) simplifies the amortization of deferred acquisition costs, and (4) improves the effectiveness of the required disclosures. ASU 2018-12 is effective for interim and annual reporting periods beginning after December 15, 2024, although earlier adoption is permitted. The Company has not yet determined the method or timing for adoption or estimated the impact on the Company’s consolidated financial statements.

Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to measure all expected credit losses for financial instruments (including reinsurance recoverable and policy loans) held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Under current GAAP, entities generally recognize credit losses when it is probable that the loss has been incurred. ASU 2016-13 will remove all recognition thresholds and will require entities to recognize an allowance for credit losses equal to the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the entity expects to collect over the instrument’s contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale (“AFS”) debt securities and beneficial interests in securitized financial assets. Credit losses on AFS debt securities carried at fair value will continue to be measured as an other than temporary impairment (“OTTI”) when incurred; however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment yield. The allowance on AFS debt securities cannot cause the net carrying value to be below fair value and, therefore, it is possible that increases in fair value due to decreases in market interest rates could cause the reversal of a valuation allowance and increase net income. The new guidance will also require purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance to be recorded based on contractual amounts due and an initial allowance recorded at the date of purchase. For the Company, the amendments in ASU 2016-13 will be effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company has not yet determined the timing of adoption. Implementation matters yet to be addressed include determining the impact of valuation allowances on the effective interest method for recognizing interest income from AFS debt securities as well as updating our investment accounting system functionality to adjust valuation allowances based on changes in fair value. The estimated effect on the Company’s consolidated financial statements can only be estimated based on the current investment portfolio at any given point in time, and accordingly, has not currently been determined.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Significant estimates and assumptions are used in developing and evaluating deferred income taxes, deferred acquisition costs, insurance reserves, investments, and receivables, among others, and actual results could differ materially from management’s estimates.

Investments

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Investments

Note 2.

Investments

The following tables set forth the estimated fair value, gross unrealized gains, gross unrealized losses and cost or amortized cost of the Company’s investments in fixed maturities and equity securities, aggregated by type and industry, as of December 31, 2020 and December 31, 2019.

Fixed maturities were comprised of the following:

	2020
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	30,762	$	1,381	$	26	$	29,407
Obligations of states and political subdivisions		11,802		898		—		10,904
Corporate securities:
Utilities and telecom		30,359		4,423		—		25,936
Financial services		78,258		9,811		6		68,453
Other business – diversified		41,145		5,689		15		35,471
Other consumer – diversified		61,530		9,479		47		52,098
Total corporate securities		211,292		29,402		68		181,958
Redeemable preferred stocks:
Other consumer – diversified		250		58		—		192
Total redeemable preferred stocks		250		58		—		192
Total fixed maturities	$	254,106	$	31,739	$	94	$	222,461

	2019
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	20,259	$	467	$	53	$	19,845
Obligations of states and political subdivisions		11,940		371		53		11,622
Corporate securities:
Utilities and telecom		26,648		2,404		32		24,276
Financial services		73,917		4,249		57		69,725
Other business – diversified		41,706		2,335		98		39,469
Other consumer – diversified		57,752		3,702		54		54,104
Total corporate securities		200,023		12,690		241		187,574
Redeemable preferred stocks:
Other consumer – diversified		250		58		—		192
Total redeemable preferred stocks		250		58		—		192
Total fixed maturities	$	232,472	$	13,586	$	347	$	219,233

Bonds having an amortized cost of $10,670 and $10,669 and included in the tables above were on deposit with insurance regulatory authorities at December 31, 2020 and 2019, respectively, in accordance with statutory requirements. Additionally, bonds having an amortized cost of $1,997 and $0 and included in the tables above were pledged as collateral to FHLB at December 31, 2020 and 2019, respectively.

	2020
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		2,111		351		—		1,760
Other business – diversified		16,605		11,972		—		4,633
Total equity securities	$	18,716	$	12,323	$	—	$	6,393

	2019
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		3,159		624		—		2,535
Other business – diversified		19,763		15,130		—		4,633
Total equity securities	$	22,922	$	15,754	$	—	$	7,168

The carrying value and amortized cost of the Company’s investments in fixed maturities at December 31, 2020 and 2019 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	2020				2019
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	2,041	$	2,015	$	—	$	—
Due after one year through five years		18,373		17,039		14,664		14,280
Due after five years through ten years		89,892		79,993		77,934		73,521
Due after ten years		124,609		104,527		130,680		122,321
Asset backed securities		19,191		18,887		9,194		9,111
Totals	$	254,106	$	222,461	$	232,472	$	219,233

The following tables present the Company’s unrealized loss aging for securities by type and length of time the security was in a continuous unrealized loss position as of December 31, 2020 and 2019.

	2020
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	7,045	$	26	$	—	$	—	$	7,045	$	26
Corporate securities		4,602		68		—		—		4,602		68
Total temporarily impaired securities	$	11,647	$	94	$	—	$	—	$	11,647	$	94

	2019
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	3,432	$	22	$	3,533	$	31	$	6,965	$	53
Obligations of states and political subdivisions		3,106		53		—		—		3,106		53
Corporate securities		23,245		145		2,504		96		25,749		241
Total temporarily impaired securities	$	29,783	$	220	$	6,037	$	127	$	35,820	$	347

The evaluation for an OTTI is a quantitative and qualitative process, which is subject to risks and uncertainties in the determination of whether declines in the fair value of investments are other than temporary. Potential risks and uncertainties include, among other things, changes in general economic conditions, an issuer’s financial condition or near term recovery prospects and the effects of changes in interest rates. In evaluating a potential impairment, the Company considers, among other factors, management’s intent and ability to hold the securities until price recovery, the nature of the investment and the expectation of prospects for the issuer and its industry, the status of an issuer’s continued satisfaction of its obligations in accordance with their contractual terms, and management’s expectation as to the issuer’s ability and intent to continue to do so, as well as ratings actions that may affect the issuer’s credit status.

There were no OTTI charges recorded during the years ended December 31, 2020 and 2019.

As of December 31, 2020 and 2019, there were twenty and thirty securities, respectively, in an unrealized loss position which primarily included certain of the Company’s investments in fixed maturities within the financial services, other diversified business and other diversified consumer sectors. The decrease in the number and value of securities in an unrealized loss position during the year ended December 31, 2020, was primarily attributable to improvement in market values in certain of the Company’s fixed maturity securities as a result of a declining interest rate environment. The Company does not currently intend to sell nor does it expect to be required to sell any of the securities in an unrealized loss position. Based upon the Company’s expected continuation of receipt of contractually required principal and interest payments and its intent and ability to retain the securities until price recovery, as well as the Company’s evaluation of other relevant factors, including those described above, the Company has deemed these securities to be temporarily impaired as of December 31, 2020.

Investment income was earned from the following sources:

	2020			2019
Fixed maturities	$	8,646		$	8,485
Equity securities		141			282
Other		(788	)		319
		7,999			9,086
Investment expenses		255			107
Net investment income	$	7,744		$	8,979

A summary of realized investment gains (losses) follows:

	2020
	Fixed Maturities			Equity Securities			Other Invested Assets		Total
Gains	$	835		$	88		$	6,948	$	7,871
Losses		(450	)		(1	)		—		(451	)
Realized investment gains, net	$	385		$	87		$	6,948	$	7,420

	2019
	Fixed Maturities			Equity Securities		Other Invested Assets		Total
Gains	$	2,003		$	1,221	$	—	$	3,224
Losses		(1,650	)		—		—		(1,650	)
Realized investment gains, net	$	353		$	1,221	$	—	$	1,574

Proceeds from the sales of available-for-sale fixed maturities were as follows:

	2020			2019
Sales proceeds	$	18,504		$	117,530
Gross gains		835			2,003
Gross losses		(450	)		(1,650	)

Proceeds from the sales of available-for-sale equity securities were as follows:

	2020			2019
Sales proceeds	$	5		$	2,568
Gross gains		—			1,113
Gross losses		(1	)		—

Sales of available-for-sale securities in 2020 and 2019 were primarily a result of improving the overall risk versus return profile of the portfolio. In addition, the Company sold its interest in a certain limited liability company held as other invested assets to a third-party. The transaction closed prior to December 31, 2020. The Company recorded gross realized gains on this sale of $6.9 million and proceeds of $12.7 million which settled after year end.

The following table presents the portion of unrealized gains (losses) related to equity securities still held for the years ended December 31, 2020 and 2019.

	2020			2019
Net realized and unrealized gains (losses) recognized during the period on equity securities	$	(3,344	)	$	6,732
Less: Net realized gains (losses) recognized during the period on equity securities sold during the period		87			1,221
Unrealized gains (losses) on equity securities, net	$	(3,431	)	$	5,511

The Company’s bond portfolio included 97% investment grade securities, as defined by the NAIC, at December 31, 2020.

Variable Interest Entities

The Company holds passive interests in a number of entities that are considered to be variable interest entities (“VIEs”) under GAAP guidance. The Company’s VIE interests principally consist of interests in limited partnerships and limited liability companies formed for the purpose of achieving diversified equity returns. The Company’s VIE interests, carried as a part of other invested assets, totaled $3,238 and $9,960 at December 31, 2020 and 2019, respectively. The Company’s VIE interests, carried as a part of investment in unconsolidated subsidiaries, totaled $1,238 at December 31, 2020 and 2019.

The Company does not have power over the activities that most significantly impact the economic performance of these VIEs and thus is not the primary beneficiary. Therefore, the Company has not consolidated these VIEs. The Company’s involvement with each VIE is limited to its direct ownership interest in the VIE. The Company has no arrangements with any of the VIEs to provide other financial support to or on behalf of the VIE. The Company’s maximum loss exposure relative to these investments was limited to the carrying value of the Company’s investment in the VIEs, which amount to $4,476 and $11,198, at December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the Company had outstanding commitments totaling $1,997, whereby the Company is committed to fund these investments and may be called by such VIEs during the commitment period to fund the purchase of new investments and partnership expenses.

Disclosures About Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

Disclosures About Fair Value of Financial Instruments [Abstract]

Disclosures About Fair Value of Financial Instruments

Note 3.

Disclosures About Fair Value of Financial Instruments

The estimated fair values have been determined by the Company using available market information from various market sources and appropriate valuation methodologies as of the respective dates. However, considerable judgment is necessary to interpret market data and to develop the estimates of fair value. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, the estimates presented herein are not necessarily indicative of the amounts which the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The following describes the fair value hierarchy and provides information as to the extent to which the Company uses fair value to measure the value of its financial instruments and information about the inputs used to value those financial instruments. The fair value hierarchy prioritizes the inputs in the valuation techniques used to measure fair value into three broad levels.

Level 1

Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. The Company’s financial instruments valued using Level 1 criteria include cash equivalents and exchange traded common stocks.

Level 2

Observable inputs, other than quoted prices included in Level 1, for an asset or liability or prices for similar assets or liabilities. The Company’s financial instruments valued using Level 2 criteria include significantly most of its fixed maturities, which consist of U.S. Treasury securities, U.S. Government securities, obligations of states and political subdivisions, and certain corporate fixed maturities, as well as its non-redeemable preferred stocks. In determining fair value measurements of its fixed maturities and non-redeemable preferred stocks using Level 2 criteria, the Company utilizes data from outside sources, including nationally recognized pricing services and broker/dealers. Prices for the majority of the Company’s Level 2 fixed maturities and non-redeemable preferred stocks were determined using unadjusted prices received from pricing services that utilize models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data.

Level 3

Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Fair value is based on criteria that use assumptions or other data that are not readily observable from objective sources. With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. The Company’s financial instruments valued using Level 3 criteria consist of one fixed maturity security and one equity security. As of December 31, 2020 and December 31, 2019, the value of the fixed maturity valued using Level 3 criteria was $0 for both years. As of December 31, 2020 and December 31, 2019, the value of the equity security valued using Level 3 criteria was $143 and $0, respectively. The equity security is not traded and valued at cost. The use of different criteria or assumptions regarding data may have yielded materially different valuations.

Recurring Fair Value Measurements

Cash Equivalents. The carrying amount approximates fair value due to the short-term nature of the instruments.

Fixed Maturities and Common and Non-Redeemable Preferred Stocks. The carrying amount is determined from publicly quoted market prices. Certain fixed maturities do not have publicly quoted values and consist solely of issuances of pooled debt obligations of multiple, smaller financial services companies. They are not actively traded and valuation techniques used to measure fair value are based on future estimated cash flows discounted at reasonable estimated rates of interest. Other qualitative and quantitative information is also considered, as applicable.

Nonrecurring Fair Value Measurements

Non-publicly Traded Invested Assets. The fair value of investments in certain limited partnerships which are included in other invested assets on the consolidated balance sheet were determined by officers of those limited partnerships.

Policy Loans. Policy loans, which are categorized as Level 2 fair value measurements, are carried at the unpaid principal balances.

Junior Subordinated Debentures. The fair value is estimated based on observable interest rates and yields for debt instruments having similar characteristics.

As of December 31, 2020, financial instruments carried at fair value were measured on a recurring basis as summarized below:

Assets:	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed maturities	$	—	$	254,106	$	—	$	254,106
Equity securities		18,573		—		143		18,716
Cash equivalents		12,010		—		—		12,010
Total	$	30,583	$	254,106	$	143	$	284,832

As of December 31, 2019, financial instruments carried at fair value were measured on a recurring basis as summarized below:

Assets:	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed maturities	$	—	$	232,472	$	—	$	232,472
Equity securities		22,922		—		—		22,922
Cash equivalents		7,173		—		—		7,173
Total	$	30,095	$	232,472	$	—	$	262,567

The Company does not have any fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of years ended December 31, 2020 and 2019.

The following table sets forth the carrying amount, estimated fair value and level within the fair value hierarchy of the Company’s financial instruments as of December 31, 2020 and 2019.

	Level in		2020				2019
	Fair Value Hierarchy⁽¹⁾		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	Level 1		$	19,319	$	19,319	$	12,893	$	12,893
Fixed maturities		⁽¹⁾		254,106		254,106		232,472		232,472
Equity securities		⁽¹⁾		18,716		18,716		22,922		22,922
Other invested assets	Level 3			3,238		3,238		9,960		9,960
Policy loans	Level 2			1,975		1,975		2,007		2,007
Investments in unconsolidated trusts	Level 2			1,238		1,238		1,238		1,238

Liabilities:
Junior Subordinated Debentures, net	Level 2			33,738		32,297		33,738		35,977

(1)	See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2020

Deferred Policy Acquisition Costs [Abstract]

Deferred Policy Acquisition Costs

Note 4.

Deferred Policy Acquisition Costs

The following table presents a rollforward of deferred policy acquisition costs by segment for the years ended December 31.

	2020						2019
	American Southern			Bankers Fidelity			American Southern			Bankers Fidelity
Deferred policy acquisition costs:
Balance, beginning of year	$	1,979		$	36,882		$	2,047		$	35,047
Capitalization		9,910			10,233			8,761			10,294
Amortization		(9,590	)		(9,803	)		(8,829	)		(8,459	)
Balance, end of year	$	2,299		$	37,312		$	1,979		$	36,882

Insurance Reserves and Policyholder Funds

12 Months Ended

Dec. 31, 2020

Insurance Reserves and Policyholder Funds [Abstract]

Insurance Reserves and Policyholder Funds

Note 5.

Insurance Reserves and Policyholder Funds

The following table presents the Company’s reserves for life, accident and health, and property and casualty losses, claims and loss adjustment expenses at December 31, 2020 and 2019.

					Amount of Insurance In Force, Net
	2020		2019		2020			2019
Future policy benefits
Life insurance policies:
Ordinary life and annuities	$	54,442	$	55,403	$	199,827		$	212,774
Group life		91		93		83,533	⁽¹⁾		33,508
		54,533		55,496	$	283,360		$	246,282
Accident and health insurance policies		36,339		36,994
		90,872		92,490
Unearned premiums		27,131		26,035
Losses, claims and loss adjustment expenses		79,147		81,448
Other policy liabilities		1,526		1,933
Total insurance reserves and policyholder funds	$	198,676	$	201,906

(1)	The group life in force amounts increased significantly during 2020. However, the impact on future policy benefits is not significant due to the deferred premium offset to the gross benefit reserve.

Annualized premiums for accident and health insurance policies were $109,430 and $112,734 at December 31, 2020 and 2019, respectively.

Future Policy Benefits

Liabilities for life insurance future policy benefits are based upon assumed future investment yields, mortality rates, and withdrawal rates after giving effect to possible risks of unexpected claim experience. The assumed mortality, withdrawal rates and expenses are based upon the Company’s experience, modified as necessary to reflect anticipated trends and are generally established at contract inception. The interest rates assumed for life, accident and health future policy benefits are generally: (i) 2.5% to 5.5% for issues prior to 1977, (ii) 7% graded to 5.5% for 1977 through 1979 issues, (iii) 9% for 1980 through 1987 issues, (iv) 5% to 7% for 1988 through 2009 issues, (v) 4% for 2010 through 2012 issues, and (vi) 3.5% to 4.0% for 2013 through 2020 issues.

Loss and Claim Reserves

Loss and claim reserves represent estimates of projected ultimate losses and are based upon: (a) management’s estimate of ultimate liability and claims adjusters’ evaluations for unpaid claims reported prior to the close of the accounting period, (b) estimates of IBNR claims based on past experience, and (c) estimates of loss adjustment expenses. The estimated liability is periodically reviewed by management and updated, with changes to the estimated liability recorded in the statement of operations in the year in which such changes are known.

Activity in the liability for unpaid loss and claim reserves is summarized as follows:

	2020			2019
Balance at January 1	$	81,448		$	72,612
Less: Reinsurance recoverable on unpaid losses		(18,339	)		(14,354	)
Net balance at January 1		63,109			58,258

Incurred related to:
Current year		122,626			137,305
Prior years		(3,480	)⁽¹⁾		(80	)⁽²⁾
Total incurred		119,146			137,225

Paid related to:
Current year		84,518			95,489
Prior years		36,190			36,885
Total paid		120,708			132,374
Net balance at December 31		61,547			63,109
Plus: Reinsurance recoverable on unpaid losses		17,600			18,339
Balance at December 31	$	79,147		$	81,448

(1)

Prior years’ development was primarily the result of favorable development in the loss and claim reserves for the Medicare supplement line of business in Bankers Fidelity. Rate increases on existing business and the resultant improvement in rate adequacy was more favorable than expected. Additionally, the Company experienced favorable development in the surety line of business in American Southern due to a reduction in exposure coupled with recoveries on certain prior year losses.

(2)

Prior years’ development was primarily the result of better than expected development on prior years loss and claim reserves for certain lines of business in American Southern, somewhat offset by unfavorable development on prior years loss and claim reserves for the Medicare Supplement line of business in Bankers Fidelity.

Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred:

	2020			2019
Total incurred losses	$	119,146		$	137,225
Cash surrender value and matured endowments		1,198			1,362
Benefit reserve changes		(468	)		638
Total insurance benefits and losses incurred	$	119,876		$	139,225

Liability for Unpaid Losses, Claims and Loss Adjustment Expenses

The following is information, by significant product lines, about incurred and paid claims development as of December 31, 2020, net of reinsurance, as well as the cumulative number of reported claims and the total of IBNR reserves plus expected development on reported claims included within the net incurred claims amounts. The information presented for the years ended December 31, 2015 and prior is presented as supplementary information and is unaudited.

Medicare Supplement

	For the Years Ended December 31,																				As of December 31, 2020
	Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance																				IBNR Reserves		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		IBNR Reserves		Cumulative Number of Reported Claims
2011	$	38,188	$	38,296	$	38,360	$	38,327	$	38,316	$	38,302	$	38,299	$	38,297	$	38,297	$	38,297	$	—		664,056
2012				50,021		50,996		51,021		50,998		50,989		50,987		50,985		50,984		50,984		—		867,050
2013						56,974		56,970		57,034		57,023		57,021		57,016		57,015		57,014		—		957,363
2014								57,179		56,938		56,981		56,981		56,976		56,977		56,976		—		939,478
2015										55,482		54,939		54,993		54,990		54,984		54,985		—		898,374
2016												58,849		59,851		63,226		63,225		63,221		—		1,036,769
2017														67,960		69,655		69,643		69,635		—		1,510,654
2018																79,140		80,404		80,361		—		1,782,982
2019																		88,765		87,028		172		2,242,156
2020																				75,857		12,728		1,620,697
																			$	634,358

	Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	31,720	$	38,296	$	38,360	$	38,327	$	38,316	$	38,302	$	38,299	$	38,297	$	38,297	$	38,297
2012				42,267		50,996		51,021		50,998		50,989		50,987		50,985		50,984		50,984
2013						47,770		56,970		57,034		57,023		57,021		57,016		57,015		57,014
2014								48,024		56,938		56,981		56,981		56,976		56,977		56,976
2015										45,430		54,876		54,993		54,990		54,984		54,985
2016												49,165		59,747		63,226		63,225		63,221
2017														57,696		69,517		69,643		69,635
2018																66,565		80,222		80,361
2019																		72,333		86,856
2020																				63,129
																			$	621,458
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance																			$	12,900

The cumulative number of reported claims for the Medicare supplement line of business is the number of distinct claims incurred and submitted to Medicare for payment in the given year. Multiple payments on the same claim are not counted in the frequency information. Estimated ultimate claims incurred, using claims data reported during each month of any given year, are calculated using the chain ladder method modified to use seasonality and trend-adjusted expected claims for the final four months. Additional adjustments to the estimated ultimate claims incurred are then applied to account for seasonal changes in billing and payment frequencies. The IBNR reserve is calculated as estimated ultimate claims less paid claims and claims in course of settlement. Thirty-six months of loss data are used to develop the estimated ultimate incurred claims. Similar approaches are used for other less significant health products, subject to modifications to account for unique aspects of the product.

Automobile Liability

	For the Years Ended December 31,																				As of December 31, 2020
	Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance																				IBNR Reserves		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		IBNR Reserves		Cumulative Number of Reported Claims
2011	$	12,263	$	13,802	$	13,235	$	13,289	$	13,281	$	13,495	$	13,385	$	13,330	$	13,329	$	13,328	$	—		2,134
2012				12,980		15,007		14,108		13,707		13,313		13,343		13,357		13,373		13,373		—		2,343
2013						18,664		20,702		21,096		21,823		21,352		21,020		20,972		20,972		—		3,267
2014								20,812		21,881		22,041		22,353		21,682		22,080		22,100		48		3,544
2015										18,521		19,857		20,017		20,007		20,086		20,680		75		3,525
2016												20,549		21,275		21,846		22,388		22,245		140		3,842
2017														22,179		24,212		23,766		25,180		801		3,772
2018																24,284		25,682		27,338		2,072		3,578
2019																		25,241		24,045		3,117		3,479
2020																				22,416		12,187		2,183
																			$	211,677

	Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	4,205	$	7,934	$	9,858	$	12,071	$	13,039	$	13,106	$	13,199	$	13,330	$	13,329	$	13,328
2012				4,627		8,791		11,507		12,932		13,197		13,211		13,288		13,373		13,373
2013						5,144		12,193		16,782		19,407		20,382		20,982		20,972		20,972
2014								6,822		13,807		17,554		20,177		20,878		21,735		21,813
2015										6,226		11,878		14,938		17,612		19,557		20,234
2016												6,796		13,141		16,397		19,613		21,408
2017														7,401		16,317		20,221		22,778
2018																6,989		15,647		21,121
2019																		7,305		14,694
2020																				5,172
																			$	174,893
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance																			$	36,784

Automobile Physical Damage

	For the Years Ended December 31,										As of December 31, 2020
	Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance										IBNR Reserves		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		IBNR Reserves		Cumulative Number of Reported Claims
2016	$	6,877	$	6,386	$	6,352	$	6,289	$	6,289	$	—		1,269
2017				6,257		5,933		5,857		5,860		—		1,324
2018						7,805		7,530		7,447		—		1,452
2019								8,526		8,026		2		1,485
2020										10,288		177		1,526
									$	37,910

	Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	2016		2017		2018		2019		2020
2016	$	5,804	$	6,353	$	6,349	$	6,289	$	6,289
2017				5,215		5,914		5,856		5,860
2018						6,344		7,510		7,446
2019								6,360		8,005
2020										8,347
									$	35,947
All outstanding liabilities before 2016, net of reinsurance										1
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance									$	1,964

General Liability

	For the Years Ended December 31,																				As of December 31, 2020
	Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance																				IBNR Reserves		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		IBNR Reserves		Cumulative Number of Reported Claims
2011	$	3,022	$	1,723	$	1,452	$	1,338	$	1,174	$	1,242	$	1,327	$	1,335	$	1,400	$	1,534	$	20		210
2012				4,055		1,305		1,269		1,270		1,214		1,333		1,344		1,377		1,388		25		161
2013						3,461		728		926		817		865		820		945		904		11		197
2014								3,744		501		557		476		406		497		523		6		194
2015										4,421		1,037		1,227		1,044		867		855		—		146
2016												3,119		1,148		736		608		621		1		92
2017														1,490		488		513		738		68		82
2018																1,656		333		198		40		75
2019																		1,916		707		261		82
2020																				2,223		1,749		62
																			$	9,691

	Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	295	$	412	$	582	$	835	$	1,161	$	1,169	$	1,278	$	1,285	$	1,325	$	1,426
2012				371		707		847		1,034		1,113		1,219		1,260		1,269		1,280
2013						104		339		579		811		791		803		805		855
2014								171		299		331		369		373		493		498
2015										98		259		464		664		863		855
2016												116		203		568		608		617
2017														75		136		365		556
2018																65		90		115
2019																		41		209
2020																				208
																			$	6,619
All outstanding liabilities before 2011, net of reinsurance																				343
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance																			$	3,415

Surety

	For the Years Ended December 31,																				As of December 31, 2020
	Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance																				IBNR Reserves		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		IBNR Reserves		Cumulative Number of Reported Claims
2011	$	4,422	$	4,786	$	5,080	$	5,092	$	4,966	$	5,031	$	5,112	$	5,111	$	5,112	$	5,163	$	7		128
2012				4,979		4,767		5,396		5,345		4,869		4,880		4,892		4,925		4,944		2		89
2013						3,060		2,007		2,743		2,947		2,866		2,809		2,765		2,757		—		58
2014								3,214		3,130		2,990		2,760		2,685		2,617		2,818		43		54
2015										1,902		1,630		1,400		1,359		1,406		1,310		6		50
2016												3,314		1,812		1,865		1,876		1,865		—		46
2017														4,677		3,671		3,799		3,629		13		58
2018																3,528		1,938		1,381		6		62
2019																		2,130		657		128		30
2020																				2,263		1,887		20
																			$	26,787

	Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	1,031	$	3,207	$	4,622	$	4,748	$	4,939	$	5,022	$	5,109	$	5,111	$	5,112	$	5,117
2012				2,257		4,581		4,856		5,331		4,869		4,880		4,878		4,916		4,934
2013						323		1,010		1,369		2,763		2,789		2,749		2,765		2,757
2014								1,331		2,327		2,727		2,739		2,664		2,593		2,562
2015										641		856		1,127		1,125		1,128		1,271
2016												1,054		1,732		1,772		1,873		1,862
2017														1,971		3,255		3,523		3,545
2018																1,157		1,454		1,361
2019																		259		395
2020																				97
																			$	23,901
All outstanding liabilities before 2011, net of reinsurance																				54
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance																			$	2,940

For the property and casualty lines of business, the number of claims presented above equals the number of occurrences by type of claim reported to the Company. The number of claims reported during a given year corresponds to the number of claims records opened during the year. Frequency information is maintained on a cumulative basis by accident year by line of business. For automobile claims, a claim count is separately maintained for bodily injury, property damage and physical damage claims. The Company has consistently monitored claim frequency on this basis, and believes this provides more meaningful information than using claimant count which can change over the course of settling a claim.

In general, when a claim is reported, claims representatives establish a “case reserve” for the estimated amount of the ultimate payment based on the known information of the claim at that time. Claims managers review and monitor all property and casualty claims in excess of $25,000. As new information becomes available or payments are made on a claim, the case reserve is adjusted to reflect the revised estimate of the ultimate amount to be paid out. Estimates and assumptions pertaining to individual claims are based on complex and subjective judgments and subject to change at any time as new information becomes available.

In addition to case reserves, IBNR reserves are established to provide for claims which have not been reported to the Company as of the reporting date as well as potential adverse development on known case reserves. IBNR reserve estimates are derived through a number of analytical techniques. Actuarial data is analyzed by line of business, coverage and accident year. Qualitative factors are also considered in determining IBNR reserves and include such factors as judicial decisions, general economic trends such as inflation, changes in policy forms, and underwriting changes. Reserves are reviewed quarterly and any indicated adjustments are made.

Because of the inherent uncertainties in establishing both case and IBNR reserves, ultimate loss experience may prove better or worse than indicated by the combined claim reserves. Adjustments to claim reserves are reflected in the period recognized and could increase or decrease earnings for the period.

The following is supplementary information about average historical claims duration as of December 31, 2020.

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Reserve Line	1^st Year			2^nd Year			3^rd Year			4^th Year			5^th Year			6^th Year			7^th Year			8^th Year			9^th Year			10^th Year
Medicare Supplement		83.0	%		16.9	%		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Automobile Liability		29.1	%		30.9	%		17.3	%		12.7	%		5.8	%		2.1	%		0.4	%		0.5	%		0.0	%		0.0	%
Automobile Physical Damage		85.4	%		14.2	%		-0.6	%		-0.4	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
General Liability		17.8	%		17.8	%		22.5	%		16.9	%		8.4	%		6.3	%		2.8	%		2.2	%		1.7	%		6.6	%
Surety		41.2	%		31.1	%		10.5	%		9.8	%		-1.3	%		1.8	%		0.3	%		0.2	%		0.2	%		0.1	%

The reconciliation of the net incurred and paid claims development tables to the liability for losses, claims and loss adjustment expenses is as follows:

	December 31, 2020
Net outstanding liabilities
Medicare Supplement	$	12,900
Automobile Liability		36,784
Automobile Physical Damage		1,964
General Liability		3,415
Surety		2,940
Other short-duration insurance lines		1,666
Liabilities for unpaid losses, claims and loss adjustment expenses, net of reinsurance		59,669

Reinsurance recoverable on unpaid losses:
Medicare Supplement		8,975
Automobile Liability		6,260
Automobile Physical Damage		3
General Liability		2,362
Total reinsurance recoverable on unpaid losses		17,600

Unallocated claims adjustment expenses		1,878

Total gross liability for unpaid losses, claims and loss adjustment expenses	$	79,147

Reinsurance

12 Months Ended

Dec. 31, 2020

Reinsurance [Abstract]

Reinsurance

Note 6.

Reinsurance

In accordance with general practice in the insurance industry, portions of the life, property and casualty insurance written by the Company are reinsured; however, the Company remains liable with respect to reinsurance ceded should any reinsurer be unable or unwilling to meet its obligations. Approximately 99.6% of the Company’s reinsurance recoverables were due from a single reinsurer as of December 31, 2020. Reinsurance recoverables of $28,980 were due from General Re Corporation, rated “AA+” by Standard & Poor’s and “A++” (Superior) by A.M. Best. Allowances for uncollectible amounts are established against reinsurance recoverables, if appropriate.

The effects of reinsurance on premiums written, premiums earned and insurance benefits and losses incurred were as follows:

	2020			2019
Direct premiums written	$	239,687		$	237,973
Assumed premiums written		23,253			23,275
Ceded premiums written		(77,622	)		(77,750	)
Net premiums written	$	185,318		$	183,498

Direct premiums earned	$	238,209		$	237,361
Assumed premiums earned		23,144			22,345
Ceded premiums earned		(77,814	)		(77,781	)
Net premiums earned	$	183,539		$	181,925

Provision for benefits and losses incurred	$	175,825		$	206,390
Reinsurance loss recoveries		(55,949	)		(67,165	)
Insurance benefits and losses incurred	$	119,876		$	139,225

Components of reinsurance receivables at December 31, 2020 and 2019 were as follows:

	2020		2019
Recoverable on unpaid losses	$	17,600	$	18,339
Recoverable on unpaid benefits		9,832		10,772
Recoverable on paid losses		447		1,538
Ceded unearned premiums		963		1,155
Ceded advanced premiums		244		331
Total reinsurance receivables	$	29,086	$	32,135

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Income Taxes

Note 7.

Income Taxes

Total income taxes were allocated as follows:

	2020		2019
Total tax expense (benefit) on income	$	3,334	$	(21	)

Tax expense on components of shareholders’ equity:
Net unrealized gains on investment securities		3,865		4,783
Total tax expense	$	7,199	$	4,762

A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and the income tax benefit is as follows:

	2020			2019
Federal income tax provision	$	3,256		$	(86	)
Statutory rate		21	%		21	%
Dividends-received deduction		(12	)		(23	)
Meals & entertainment		20			55
Vested stock & club dues		36			37
Parking disallowance		16			17
Adjustment for prior years’ estimates to actual		18			(21	)
Income tax expense (benefit)	$	3,334		$	(21	)
Effective tax rate		21.5	%		5.2	%

The primary differences between the effective tax rate and the federal statutory income tax rate for 2020 resulted from permanent differences related to meals & entertainment and vested stock grants. Also contributing to differences between the effective tax rate and the federal statutory income tax rate were provision-to-filed return adjustments that are generally updated at the completion of the third quarter of each fiscal year and were $18 in the year ended December 31, 2020.

The primary differences between the effective tax rate and the federal statutory income tax rate for 2019 resulted from permanent differences related to meals & entertainment and vested stock grants. Also contributing to differences between the effective tax rate and the federal statutory income tax rate was the dividends-received deduction (“DRD”). The current estimated DRD is adjusted as underlying factors change and can vary from estimates based on, but not limited to, actual distributions from investments as well as the amount of the Company’s taxable income.

Deferred tax assets and liabilities at December 31, 2020 and 2019 were comprised of the following:

	2020			2019
Deferred tax assets:
Deferred acquisition costs	$	4,666		$	2,540
Insurance reserves		2,682			3,323
Impaired assets		822			822
Bad debts and other		326			319
Total deferred tax assets		8,496			7,004
Deferred tax liabilities:
Deferred and uncollected premiums	$	(409	)	$	(328	)
Net unrealized investment gains		(9,235	)		(6,090	)
Other		(153	)		(272	)
Total deferred tax liabilities		(9,797	)		(6,690	)
Net deferred tax (liability) asset	$	(1,301	)	$	314

The components of income tax expense (benefit) were:

	2020			2019
Current – Federal	$	5,584		$	892
Deferred – Federal		(2,250	)		(913	)
Total	$	3,334		$	(21	)

The Company has formal tax-sharing agreements, and files a consolidated income tax return, with its subsidiaries. Tax years 2017, 2018 and 2019 are considered open tax years that remain subject to examination by the Internal Revenue Service.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Junior Subordinated Debentures

12 Months Ended

Dec. 31, 2020

Junior Subordinated Debentures [Abstract]

Junior Subordinated Debentures

Note 8.

Junior Subordinated Debentures

The Company has two unconsolidated Connecticut statutory business trusts, which exist for the exclusive purposes of: (i) issuing trust preferred securities (“Trust Preferred Securities”) representing undivided beneficial interests in the assets of the trusts; (ii) investing the gross proceeds of the Trust Preferred Securities in junior subordinated deferrable interest debentures (“Junior Subordinated Debentures”) of Atlantic American; and (iii) engaging in those activities necessary or incidental thereto. At December 31, 2020, the effective interest rate was 4.28%.

The financial structure of each of Atlantic American Statutory Trust I and II, as of December 31, 2020 and 2019, was as follows:

	Atlantic American Statutory Trust I		Atlantic American Statutory Trust II
JUNIOR SUBORDINATED DEBENTURES⁽¹⁾⁽²⁾
Balance December 31, 2020	$	18,042	$	23,196
Less: Treasury debt⁽³⁾		—		(7,500	)
Net balance December 31, 2020	$	18,042	$	15,696
Net balance December 31, 2019	$	18,042	$	15,696
Coupon rate	LIBOR + 4.00%		LIBOR + 4.10%
Interest payable	Quarterly		Quarterly
Maturity date	December 4, 2032		May 15, 2033
Redeemable by issuer	Yes		Yes
TRUST PREFERRED SECURITIES
Issuance date	December 4, 2002		May 15, 2003
Securities issued		17,500		22,500
Liquidation preference per security	$	1	$	1
Liquidation value	$	17,500	$	22,500
Coupon rate	LIBOR + 4.00%		LIBOR + 4.10%
Distribution payable	Quarterly		Quarterly
Distribution guaranteed by⁽⁴⁾	Atlantic American Corporation		Atlantic American Corporation

(1)

For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures’ respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company’s common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities.

(2)	The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries.

(3)	In 2014, the Company acquired $7,500 of the Junior Subordinated Debentures.

(4)	The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Note 9.

Leases

The Company has two operating lease agreements, each for the use of office space in the ordinary course of business. The first lease renews annually on an automatic basis and based on original assumptions, management is reasonably certain to exercise the renewal option through 2026. The original term of the second lease was ten years and amended in January 2017 to provide for an additional seven years, with a termination date on September 30, 2026. The rate used in determining the present value of lease payments is based upon an estimate of the Company’s incremental secured borrowing rate commensurate with the term of the underlying lease.

These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Lease expense reported for each of the years ended December 31, 2020 and 2019 was $1,014.

Additional information regarding the Company’s real estate operating leases is as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Other information on operating leases:
Cash payments included in the measurement of lease liabilities reported in operating cash flows	$	978			815
Right-of-use assets included in other assets on the consolidated balance sheet		4,832			5,476
Weighted average discount rate		6.8	%		6.8	%
Weighted average remaining lease term in years	5.9 years			6.9 years

The following table presents maturities and present value of the Company’s lease liabilities:

	Lease Liability
2021	$	1,015
2022		1,031
2023		1,048
2024		1,065
2025		1,083
Thereafter		942
Total undiscounted lease payments		6,184
Less: present value adjustment		1,116
Operating lease liability included in accounts payable and accrued expenses on the consolidated balance sheet	$	5,068

As of December 31, 2020, the Company has no operating leases that have not yet commenced.

Benefit Plans

12 Months Ended

Dec. 31, 2020

Benefit Plans [Abstract]

Benefit Plans

Note 10.

Benefit Plans

Equity Incentive Plan

On May 1, 2012, the Company’s shareholders approved the 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan authorizes the grant of up to 2,000,000 stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units and other awards for the purpose of providing the Company’s non-employee directors, consultants, officers and other employees incentives and rewards for superior performance. In 2020, a total of 20,000 restricted shares, with an estimated fair value of $38, were issued under the 2012 Plan and 35,000 restricted shares, with an estimated fair value of $98, were forfeited under such plan. In 2019, a total of 355,000 restricted shares, with an estimated fair value of $948, were issued under the 2012 Plan. The estimated fair value of the restricted shares issued under the 2012 Plan for 2020 and 2019 was based on the common stock price at date of grant. Stock grants are generally issued from treasury shares. Vesting of restricted shares generally occurs after a one to three year period. The Company accounts for forfeitures as they occur. There were no stock options granted or outstanding under the 2012 Plan in 2020 or 2019. Shares available for future grant at December 31, 2020 and 2019 were 935,200 and 920,200, respectively.

401(k) Plan

The Company initiated an employees’ savings plan (the “Plan”) qualified under Section 401(k) of the Internal Revenue Code in May 1995. The Plan covers substantially all of the Company’s employees. Effective January 1, 2009, the Company modified the Plan such that the Plan would operate on a safe harbor basis. Under the Plan, employees may defer up to 50% of their compensation, not to exceed the annual deferral limit. The Company’s total matching contribution for 2020 and 2019 was $231 and $230, respectively, and consisted of a contribution equal to 35% of up to the first 6% of each participant’s contributions. In addition to the matching contribution, the Company also provided a 3% safe harbor non-elective contribution in 2020 and 2019 of $520 and $524, respectively. All contributions were made in cash. Participants are 100% vested in their own contributions and the vested percentage attributable to certain employer contributions is based on a five-year graded schedule.

Agent Stock Purchase Plan

The Company initiated a nonqualified stock purchase plan (the “Agent Stock Purchase Plan”) in May 2012. The purpose of the Agent Stock Purchase Plan is to promote and advance the interests of the Company and its shareholders by providing independent agents who qualify as participants with an opportunity to purchase the common stock of the Company. Under the Agent Stock Purchase Plan, payment for shares of common stock of the Company is made by either deduction from an agent’s commission payment or a direct cash payment. Stock purchases are made at the end of each calendar quarter at the then current market value.

Preferred Stock

12 Months Ended

Dec. 31, 2020

Preferred Stock [Abstract]

Preferred Stock

Note 11.

Preferred Stock

The Company had 55,000 shares of Series D preferred stock (“Series D Preferred Stock”) outstanding at December 31, 2020 and 2019, respectively. All of the shares of Series D Preferred Stock are held by an affiliate of the Company’s controlling shareholder. The outstanding shares of Series D Preferred Stock have a par value of $1 per share and a redemption value of $100 per share; accrue annual dividends at a rate of $7.25 per share (payable in cash or shares of the Company’s common stock at the option of the board of directors of the Company) and are cumulative. In certain circumstances, the shares of the Series D Preferred Stock may be convertible into an aggregate of approximately 1,378,000 shares of the Company’s common stock, subject to certain adjustments and provided that such adjustments do not result in the Company issuing more than approximately 2,703,000 shares of common stock without obtaining prior shareholder approval; and are redeemable solely at the Company’s option. The Series D Preferred Stock is not currently convertible. The Company had accrued, but unpaid, dividends, on the Series D Preferred Stock of $18 at December 31, 2020 and 2019. During each of 2020 and 2019, the Company paid Series D Preferred Stock dividends of $399.

Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2020

Earnings (Loss) Per Common Share [Abstract]

Earnings (Loss) Per Common Share

Note 12.

Earnings (Loss) Per Common Share

Basic earnings per share was computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share reflected the effect of potentially dilutive securities.

A reconciliation of the numerator and denominator of the income (loss) per common share calculations is as follows:

	For the Year Ended December 31, 2020
	Income			Weighted Average Shares Outstanding (In thousands)		Per Share Amount
Basic Earnings Per Common Share
Net income before preferred stock dividends	$	12,169			20,441		-
Less preferred stock dividends		(399	)		—
Net income applicable to common shareholders		11,770			20,441		0.58
Diluted Earnings Per Common Share:
Effect of Series D preferred stock		399			1,378
Net income applicable to common shareholders	$	12,169			21,819	$	0.56

	For the Year Ended December 31, 2019
	Loss			Weighted Average Shares Outstanding (In thousands)		Per Share Amount
Basic and Diluted Loss Per Common Share
Net loss before preferred stock dividends	$	(386	)		20,258		-
Less preferred stock dividends		(399	)		—
Net loss applicable to common shareholders	$	(785	)		20,258	$	(.04	)

The assumed conversion of the Company’s Series D Preferred Stock was excluded from the earnings per common share calculation for 2019 since its impact would have been antidilutive.

Statutory Reporting

12 Months Ended

Dec. 31, 2020

Statutory Reporting [Abstract]

Statutory Reporting

Note 13.

Statutory Reporting

The assets, liabilities and results of operations have been reported on the basis of GAAP, which varies in some respects from statutory accounting practices (“SAP”) prescribed or permitted by insurance regulatory authorities. The principal differences between SAP and GAAP are that under SAP: (i) certain assets that are non-admitted assets are eliminated from the balance sheet; (ii) acquisition costs for policies are expensed as incurred, while they are deferred and amortized over the estimated life of the policies under GAAP; (iii) the provision that is made for deferred income taxes is different than under GAAP; (iv) the timing of establishing certain reserves is different than under GAAP; and (v) certain valuation allowances attributable to certain investments are different.

The Company meets the minimum capital requirements in the states in which it does business. The amount of reported statutory net income and surplus (shareholders’ equity) for the Parent’s insurance subsidiaries for the years ended December 31 was as follows:

	2020		2019
Bankers Fidelity, net income (loss)	$	7,712	$	(9,509	)
American Southern, net income		8,575		4,778
Statutory net income (loss)	$	16,287	$	(4,731	)

Bankers Fidelity, surplus	$	42,326	$	35,546
American Southern, surplus		50,194		45,827
Statutory surplus	$	92,520	$	81,373

Under the insurance code of the state in which each insurance subsidiary is domiciled, dividend payments to the Parent by its insurance subsidiaries are subject to certain limitations without the prior approval of the applicable state’s Insurance Commissioner. The Parent received dividends of $3,900 and $4,800 in the years ended 2020 and 2019, respectively, from its subsidiaries. In 2020, dividend payments to the Parent by the insurance subsidiaries in excess of $9,589 would require prior approval.

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

Note 14.

Related Party Transactions

In the normal course of business the Company has engaged in transactions with entities affiliated with the controlling shareholder of the Company. These transactions include the leasing of office space as well as certain investing and financing activities. At December 31, 2020, two members of the Company’s board of directors, including the Company’s chairman, president and chief executive officer, were considered to be affiliates of the majority shareholder.

The Company leases approximately 49,586 square feet of office and covered garage space from one such controlled entity. During the years ended December 31, 2020 and 2019, the Company paid $939 and $908, respectively, under this lease.

Certain financing for the Company has also been provided by this entity in the form of an investment in the Series D Preferred Stock (See Note 11). During the years ended December 31, 2020 and 2019, the Company paid this entity $399 in dividends on the Series D Preferred Stock.

Certain members of the Company’s management and board of directors are shareholders and on the board of directors of Gray Television, Inc. (“Gray”). As of December 31, 2020 and 2019, the Company owned 880,272 shares of Gray Class A common stock and 106,000 shares of Gray common stock. The aggregate carrying value of these investments in Gray at December 31, 2020 and 2019 was $16,606 and $19,764, respectively.

During the years ended December 31, 2020 and 2019, Gray paid the Company approximately $1,038 and $1,022, respectively, in insurance premiums related to certain voluntary employee benefit plans.

During the year ended December 31, 2019, the Company transferred its remaining fractional interest in an aircraft arrangement to Gray for $151.

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Information [Abstract]

Segment Information

Note 15.

Segment Information

The Parent’s primary insurance subsidiaries operate with relative autonomy and each company is evaluated based on its individual performance. American Southern operates in the property and casualty insurance market, while Bankers Fidelity operates in the life and health insurance market. Each segment derives revenue from the collection of premiums, as well as from investment income. Substantially all revenue other than that in the corporate and other segment is from external sources.

	For the Year Ended December 31, 2020
	American Southern			Bankers Fidelity			Corporate & Other			Adjustments & Eliminations			Consolidated
Insurance premiums, net	$	62,372		$	121,167		$	—		$	—		$	183,539
Insurance benefits and losses incurred		39,339			80,537			—			—			119,876
Expenses deferred		(9,910	)		(10,233	)		—			—			(20,143	)
Amortization and depreciation expense		9,772			10,007			594			—			20,373
Other expenses		19,542			34,403			14,526			(8,732	)		59,739
Total expenses		58,743			114,714			15,120			(8,732	)		179,845
Underwriting income		3,629			6,453			—			—			10,082
Net investment income		3,586			4,971			1,174			(1,987	)		7,744
Other income		37			11			6,773			(6,745	)		76
Operating income (loss)		7,252			11,435			(7,173	)		—			11,514
Net realized gains		3,389			4,031			—			—			7,420
Unrealized losses on equity securities		(205	)		(3,036	)		(190	)		—			(3,431	)
Income (loss) before income taxes	$	10,436		$	12,430		$	(7,363	)	$	—		$	15,503
Total revenues	$	69,179		$	127,144		$	7,757		$	(8,732	)	$	195,348
Intangibles	$	1,350		$	1,194		$	—		$	—		$	2,544
Total assets	$	158,808		$	236,197		$	183,178		$	(172,996	)	$	405,187

	For the Year Ended December 31, 2019
	American Southern			Bankers Fidelity			Corporate & Other			Adjustments & Eliminations			Consolidated
Insurance premiums, net	$	58,680		$	123,245		$	—		$	—		$	181,925
Insurance benefits and losses incurred		39,541			99,684			—			—			139,225
Expenses deferred		(8,761	)		(10,294	)		—			—			(19,055	)
Amortization and depreciation expense		9,024			8,709			551			—			18,284
Other expenses		16,869			37,158			15,939			(9,834	)		60,132
Total expenses		56,673			135,257			16,490			(9,834	)		198,586
Underwriting income (loss)		2,007			(12,012	)		—			—			(10,005	)
Net investment income		3,689			5,317			2,597			(2,624	)		8,979
Other income		75			18			7,307			(7,210	)		190
Operating income (loss)		5,771			(6,677	)		(6,586	)		—			(7,492	)
Net realized gains (losses)		(386	)		840			1,120			—			1,574
Unrealized gains on equity securities		344			2,191			2,976			—			5,511
Income (loss) before income taxes	$	5,729		$	(3,646	)	$	(2,490	)	$	—		$	(407	)
Total revenues	$	62,402		$	131,611		$	14,000		$	(9,834	)	$	198,179
Intangibles	$	1,350		$	1,194		$	—		$	—		$	2,544
Total assets	$	141,524		$	224,122		$	154,687		$	(142,707	)	$	377,626

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 16.

Commitments and Contingencies

Litigation

From time to time, the Company is, and expects to continue to be, involved in various claims and lawsuits incidental to and in the ordinary course of its business. In the opinion of management, any such known claims are not expected to have a material effect on the financial condition or results of operations of the Company.

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 17.

Subsequent Events

On March 23, 2021, the Company’s board of directors declared an annual cash dividend of $0.02 per share of common stock that is payable to shareholders of record as of the close of business on April 13, 2021.

Since December 31, 2020, the COVID-19 pandemic continues to cause material disruption to financial markets and the economy. As a result of the pandemic, the Company could experience future losses in its investment portfolio as a result of the weakened and volatile markets. Additionally, the Company can experience increased risk of loss any time unforeseen infectious diseases impact large portions of a population. Specifically, the Company’s life and health business could experience significant loss due to increased claims volume arising from COVID-19. The duration and impact of the COVID-19 pandemic is unknown at this time and it is not possible to reliably estimate the impact on the financial condition, operating results or liquidity of the Company and its operating subsidiaries in future periods.

Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2020

Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT [Abstract]

Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Schedule II

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

ATLANTIC AMERICAN CORPORATION

(Parent Company Only)

BALANCE SHEETS

ASSETS

	December 31,
	2020		2019
	(In thousands)
Cash and cash equivalents	$	2,090	$	2,068
Investments		2,598		3,267
Investment in subsidiaries		172,996		142,707
Investments in unconsolidated trusts		1,238		1,238
Income taxes receivable from subsidiaries		1,683		2,304
Other assets		4,311		5,126
Total assets	$	184,916	$	156,710

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deferred tax liability, net	$	1,765	$	346
Other payables		4,353		4,232
Junior subordinated debentures		33,738		33,738

Total liabilities		39,856		38,316

Shareholders’ equity		145,060		118,394
Total liabilities and shareholders’ equity	$	184,916	$	156,710

See accompanying report of independent registered public accounting firm.

Schedule II

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

ATLANTIC AMERICAN CORPORATION

(Parent Company Only)

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2020			2019
	(In thousands)
REVENUE
Fee income from subsidiaries	$	6,745		$	7,210
Distributed earnings from subsidiaries		3,900			4,800
Unrealized gains (losses) on equity securities, net		(191	)		2,976
Other		(784	)		1,190
Total revenue		9,670			16,176

GENERAL AND ADMINISTRATIVE EXPENSES		11,521			11,731

INTEREST EXPENSE		1,610			2,130
		(3,461	)		2,315
INCOME TAX BENEFIT⁽¹⁾		(3,623	)		(2,035	)
		162			4,350
EQUITY IN UNDISTRIBUTED EARNINGS (LOSS) OF SUBSIDIARIES, NET		12,007			(4,736	)
NET INCOME (LOSS)	$	12,169		$	(386	)

(1)

Under the terms of a tax-sharing agreement, income tax provisions for the subsidiary companies are computed on a separate company basis. Accordingly, the Company’s income tax benefit results from the utilization of the Parent’s separate return loss to reduce the consolidated taxable income of the Company.

See accompanying report of independent registered public accounting firm.

Schedule II

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

ATLANTIC AMERICAN CORPORATION

(Parent Company Only)

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2020			2019
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (loss)	$	12,169		$	(386	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Realized investment gains, net		—			(1,120	)
Unrealized losses (gains) on equity securities, net		191			(2,976	)
Depreciation and amortization		594			552
Compensation expense related to share awards		437			353
Distributions received from equity method investees		—			51
Equity in undistributed (earnings) loss of subsidiaries, net		(12,007	)		4,736
Decrease in intercompany taxes		622			551
Deferred income tax benefit		(2,446	)		(913	)
Increase in accounts payable and accrued expenses		121			2,360
Other, net		917			(2,314	)
Net cash provided by operating activities		598			894

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from investments sold, called or matured		—			3,574
Investments purchased		—			(1,060	)
Capital contribution to subsidiaries		—			(3,500	)
Additions to property and equipment		(95	)		(44	)
Net cash used in investing activities		(95	)		(1,030	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends on Series D preferred stock		(399	)		(399	)
Payment of dividends on common stock		—			(403	)
Proceeds from shares issued under stock plans		9			27
Treasury stock acquired — share repurchase authorization		—			(71	)
Treasury stock acquired — net employee share-based compensation		(91	)		(92	)
Net cash used in financing activities		(481	)		(938	)

Net increase (decrease) in cash		22			(1,074	)
Cash and cash equivalents at beginning of year		2,068			3,142
Cash and cash equivalents at end of year	$	2,090		$	2,068

Supplemental disclosure:
Cash paid for interest	$	1,665		$	2,155
Cash paid for income taxes	$	3,883		$	1,662
Intercompany tax settlement from subsidiaries	$	1,798		$	3,335

Schedule III SUPPLEMENTARY INSURANCE INFORMATION

12 Months Ended

Dec. 31, 2020

Schedule III SUPPLEMENTARY INSURANCE INFORMATION [Abstract]

Schedule III SUPPLEMENTARY INSURANCE INFORMATION

Schedule III

ATLANTIC AMERICAN CORPORATION AND SUBSIDIARIES

SUPPLEMENTARY INSURANCE INFORMATION

Segment	Deferred Acquisition Costs		Future Policy Benefits, Losses, Claims and Loss Reserves			Unearned Premiums		Other Policy Claims and Benefits Payable
	(In thousands)
December 31, 2020:
Bankers Fidelity	$	37,312	$	115,136		$	4,199	$	1,526
American Southern		2,299		54,883			22,932		—
	$	39,611	$	170,019	⁽¹⁾	$	27,131	$	1,526

December 31, 2019:
Bankers Fidelity	$	36,882	$	121,657		$	4,606	$	1,933
American Southern		1,979		52,281			21,429		—
	$	38,861	$	173,938	⁽²⁾	$	26,035	$	1,933

(1)	Includes future policy benefits of $90,872 and losses and claims of $79,147.

(2)	Includes future policy benefits of $92,490 and losses and claims of $81,448.

See accompanying report of independent registered public accounting firm.

Schedule III

ATLANTIC AMERICAN CORPORATION AND SUBSIDIARIES

SUPPLEMENTARY INSURANCE INFORMATION

Segment	Premium Revenue		Net Investment Income			Benefits, Claims, Losses and Settlement Expenses		Amortization of Deferred Acquisition Costs		Other Operating Expenses		Casualty Premiums Written
	(In thousands)
December 31, 2020:
Bankers Fidelity	$	121,167	$	4,971		$	80,537	$	9,803	$	24,374	$	—
American Southern		62,372		3,586			39,339		9,590		9,814		64,366
Corporate & other		—		(813	)		—		—		6,388		—
	$	183,539	$	7,744		$	119,876	$	19,393	$	40,576	$	64,366

December 31, 2019:
Bankers Fidelity	$	123,245	$	5,317		$	99,684	$	8,459	$	27,114	$	—
American Southern		58,680		3,689			39,541		8,829		8,303		60,328
Corporate & other		—		(27	)		—		—		6,656		—
	$	181,925	$	8,979		$	139,225	$	17,288	$	42,073	$	60,328

Schedule IV REINSURANCE

12 Months Ended

Dec. 31, 2020

Schedule IV REINSURANCE [Abstract]

Schedule IV REINSURANCE

Schedule IV

ATLANTIC AMERICAN CORPORATION AND SUBSIDIARIES

REINSURANCE INFORMATION

	Direct Amount		Ceded to Other Companies			Assumed From Other Companies		Net Amounts		Percentage of Amount Assumed to Net
	(Dollars in thousands)
Year ended December 31, 2020:
Life insurance in force	$	294,392	$	(11,032	)	$	—	$	283,360

Premiums —
Bankers Fidelity	$	193,082	$	(71,924	)	$	9	$	121,167		0.0	%
American Southern		45,127		(5,890	)		23,135		62,372		37.1	%
Total premiums	$	238,209	$	(77,814	)	$	23,144	$	183,539		12.6	%

Year ended December 31, 2019:
Life insurance in force	$	257,731	$	(11,449	)	$	—	$	246,282

Premiums —
Bankers Fidelity	$	195,481	$	(72,261	)	$	25	$	123,245		0.0	%
American Southern		41,880		(5,520	)		22,320		58,680		39.6	%
Total premiums	$	237,361	$	(77,781	)	$	22,345	$	181,925		12.8	%

Schedule VI SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS

12 Months Ended

Dec. 31, 2020

Schedule VI SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS [Abstract]

Schedule VI SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS

Schedule VI

ATLANTIC AMERICAN CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION CONCERNING

PROPERTY-CASUALTY INSURANCE OPERATIONS

											Claims and Claim Adjustment Expenses Incurred Related To
Year Ended	Deferred Policy Acquisition Costs		Reserves		Unearned Premiums		Earned Premiums		Net Investment Income		Current Year		Prior Years			Amortization of Deferred Acquisition Costs		Paid Claims and Claim Adjustment Expenses		Premiums Written
	(In thousands)
December 31, 2020	$	2,299	$	54,883	$	22,932	$	62,372	$	3,586	$	39,859	$	(520	)	$	9,590	$	37,645	$	64,366

December 31, 2019	$	1,979	$	52,281	$	21,429	$	58,680	$	3,689	$	40,361	$	(820	)	$	8,829	$	37,905	$	60,328

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which, for insurance companies, differ in some respects from the statutory accounting practices prescribed or permitted by regulatory authorities. These financial statements include the accounts of Atlantic American Corporation (“Atlantic American” or the “Parent”) and its subsidiaries (collectively with the Parent, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. Operating results achieved in any historical period are not necessarily indicative of results to be expected in any future period. At December 31, 2020, the Parent owned four insurance subsidiaries, Bankers Fidelity Life Insurance Company and its wholly-owned subsidiary, Bankers Fidelity Assurance Company (together known as “Bankers Fidelity”), and American Southern Insurance Company and its wholly-owned subsidiary, American Safety Insurance Company (together known as “American Southern”), in addition to one non-insurance subsidiary, xCalibre Risk Services, Inc. The Parent has issued a guarantee of all liabilities of Bankers Fidelity.
Premium Revenue and Cost Recognition	Premium Revenue and Cost Recognition Life insurance premiums are recognized as revenue when due; accident and health insurance premiums are recognized as revenue over the premium paying period and property and casualty insurance premiums are recognized as revenue over the period of the contract in proportion to the amount of insurance protection provided. Losses, benefits and expenses are accrued as incurred and are associated with premiums as they are earned so as to result in recognition of profits over the lives of the contracts. For traditional life insurance and long-duration health insurance, this association is accomplished by the provision of a future policy benefits reserve and the deferral and subsequent amortization of the costs of acquiring business, which are referred to as “deferred policy acquisition costs” (principally commissions, premium taxes, and other incremental direct costs of issuing policies). Deferred policy acquisition costs (“DAC”) are amortized over the estimated premium-paying period of the related policies using assumptions consistent with those used in computing the future policy benefits reserve. The Company provides for insurance benefits and losses on accident, health, and property-casualty claims based upon estimates of projected ultimate losses. DAC for property and casualty insurance and short-duration health insurance is amortized over the effective period of the related insurance policies. Contingent commissions, if contractually applicable, are ultimately payable to agents based on the underlying profitability of a particular insurance contract or a group of insurance contracts, and are periodically evaluated and accrued as earned. In periods in which revisions are made to the estimated loss reserves related to the particular insurance contract or group of insurance contracts subject to such commissions, corresponding adjustments are also made to the related accruals. DAC is expensed when such costs are deemed not to be recoverable from future premiums (for traditional life and long-duration health insurance) and from the related unearned premiums and investment income (for property and casualty and short-duration health insurance).
Intangibles	Intangibles Intangibles consist of goodwill and other indefinite-lived intangible assets. Goodwill represents the excess of cost over the fair value of net assets acquired and is not amortized. Other indefinite-lived intangibles represent the value of licenses and are not amortized. The Company periodically reviews its goodwill and other indefinite-lived intangibles to determine if any adverse conditions exist that could indicate impairment. Conditions that could trigger impairment include, but are not limited to, a significant change in business climate that could affect the value of the related asset, an adverse action, or an assessment by a regulator. No impairment of the Company’s recorded intangibles was identified during any of the periods presented.
Investments	Investments The Company’s investments in fixed maturities, which include bonds and redeemable preferred stocks, are classified as “available-for-sale” and, accordingly, are carried at fair value with the after-tax difference from amortized cost, as adjusted if applicable, reflected in shareholders’ equity as a component of accumulated other comprehensive income or loss. The Company’s equity securities, which include common and non-redeemable preferred stocks, are carried at fair value with changes in fair value reported in net income. The fair values of fixed maturities and equity securities are largely determined from publicly quoted market prices, when available, or independent broker quotations. As of December 31, 2020, the Company owned a certain equity security in the amount of $143, with a valuation that was derived from techniques in which one or more of the significant inputs are unobservable. As of December 31, 2020, all fixed maturities were valued using publicly quoted market prices or techniques with observable inputs. Values that are not determined using quoted market prices inherently involve a greater degree of judgment and uncertainty and therefore ultimately greater price volatility than the value of securities with publicly quoted market prices. Policy loans are carried at unpaid principal balance and real estate is carried at historical cost. Other invested assets are comprised of investments in limited partnerships, limited liability companies, and real estate joint ventures, and are accounted for using the equity method. If the value of a fixed maturity security or other invested asset declines below its cost or amortized cost, as applicable, and the decline is considered to be other than temporary, a realized loss is recorded to reduce the carrying value of the investment to its estimated fair value, which becomes the new cost basis. Premiums and discounts related to investments are amortized or accreted over the life of the related investment as an adjustment to yield using the effective interest method. Dividends and interest income are recognized when earned or declared. The cost of securities sold is based on specific identification. Unrealized gains (losses) in the value of fixed maturities are accounted for as a direct increase (decrease) in accumulated other comprehensive income in shareholders’ equity, net of deferred tax and, accordingly, have no effect on net income.
Income Taxes	Income Taxes Deferred income taxes represent the expected future tax consequences when the reported amounts of assets and liabilities are recovered or paid. They arise from differences between the financial reporting and tax basis of assets and liabilities and are adjusted for changes in tax laws and tax rates as those changes are enacted. The provision for income taxes represents the total amount of income taxes due related to the current year, plus the change in deferred income taxes during the year. A valuation allowance is recognized if, based on management’s assessment of the relevant facts, it is more likely than not that some portion of a deferred tax asset will not be realized.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share are based on the weighted average number of common and participating shares outstanding during the relevant period. Diluted earnings per common share are based on the weighted average number of common and participating shares outstanding during the relevant period, plus options outstanding, if applicable, using the treasury stock method and the assumed conversion of the Series D preferred stock, if dilutive. Unless otherwise indicated, earnings per common share amounts are presented on a diluted basis.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and investments in short-term, highly liquid securities with original maturities of three months or less from date of purchase.
Reinsurance	Reinsurance The Company enters into reinsurance agreements with other companies in the normal course of business. For each reinsurance agreement, the Company determines if the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Reinsurance premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits and DAC are reported net of insurance ceded. Reinsurance premiums from assumed business are estimated based on information received from ceding companies and reinsureds. Any subsequent differences that arise regarding such estimates are recorded in the period in which they are determined.
Share-Based Transactions	Share-Based Transactions For employee and director share-based compensation awards, the Company determines a grant date fair value based on the price of our publicly-traded common stock and recognize the related compensation expense, adjusted for actual forfeitures, in the consolidated statement of operations on a straight-line basis over the requisite service period for the entire award. For non-employee share-based compensation awards, the Company recognizes the impact during the period of performance, and the fair value of the award is measured as of the date performance is complete, which is the vesting date.
Treasury Stock	Treasury Stock Treasury stock is reflected as a reduction of shareholders’ equity at cost. The Company uses the first-in-first-out (“FIFO”) purchase cost to determine the cost of treasury stock that is reissued. The Company includes any gains and losses in additional paid-in capital when treasury stock is reissued.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Adoption of New Accounting Standards Fair Value Measurement – Changes to the Disclosure Requirements for Fair Value Measurement. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This guidance removes the following disclosure requirements from Topic 820: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy for timing of transfers between levels, and (3) the valuation processes for Level 3 fair value measurements. This disclosure also includes the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The Company adopted ASU 2018-13 as of January 1, 2020. The adoption of this ASU did not have an impact on the Company’s consolidated financial statements. Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 is intended to simplify the evaluation of goodwill. The updated guidance requires recognition and measurement of goodwill impairment based on the excess of the carrying value of the reporting unit compared to its estimated fair value, with the amount of the impairment not to exceed the carrying value of the reporting unit’s goodwill. Under the prior accounting guidance, if the reporting unit’s carrying value exceeds its estimated fair value, the Company allocates the fair value of the reporting unit to all of the assets and liabilities of the reporting unit to determine an implied goodwill value. An impairment loss is then recognized for the excess, if any, of the carrying value of the reporting unit’s goodwill compared to the implied goodwill value. The Company adopted ASU 2017-04 as of January 1, 2020. The adoption of this ASU did not have an impact on the Company’s consolidated financial statements. Future Adoption of New Accounting Standards Reference Rate Reform. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This guidance provides optional expedients and exceptions for applying GAAP to investments, derivatives, or other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Along with the optional expedients, the amendments include a general principle that permits an entity to consider contract modifications due to reference reform to be an event that does not require contract re-measurement at the modification date or reassessment of a previous accounting determination. Additionally, a company may make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that were classified as held to maturity before January 1, 2020. This standard may be elected over time through December 31, 2022 as reference rate reform activities occur. The Company is currently assessing the effect of adopting this guidance on its financial condition and results of operations. Investments – Equity Securities. In January 2020, the FASB issued ASU No. 2020-01 (“ASU 2020-01”) Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This update, among others, clarifies the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 when there is a change in level of ownership or degree of influence. ASU 2020-01 is effective for the Company beginning with the first quarter of 2021 and will be applied prospectively. Early adoption is permitted. This guidance is not expected to have a material impact on the Company’s consolidated financial statements. Income Taxes – Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2020, although earlier adoption is permitted. The Company expects to adopt the updated guidance January 1, 2021, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. Accounting for Long-Duration Contracts. In August 2018, the FASB issued ASU No. 2018-12, Financial Services —Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). This guidance (1) improves the timeliness of recognizing changes in the liability for future policy benefits and modifies the rate used to discount future cash flows, (2) simplifies and improves the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, (3) simplifies the amortization of deferred acquisition costs, and (4) improves the effectiveness of the required disclosures. ASU 2018-12 is effective for interim and annual reporting periods beginning after December 15, 2024, although earlier adoption is permitted. The Company has not yet determined the method or timing for adoption or estimated the impact on the Company’s consolidated financial statements. Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to measure all expected credit losses for financial instruments (including reinsurance recoverable and policy loans) held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Under current GAAP, entities generally recognize credit losses when it is probable that the loss has been incurred. ASU 2016-13 will remove all recognition thresholds and will require entities to recognize an allowance for credit losses equal to the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the entity expects to collect over the instrument’s contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale (“AFS”) debt securities and beneficial interests in securitized financial assets. Credit losses on AFS debt securities carried at fair value will continue to be measured as an other than temporary impairment (“OTTI”) when incurred; however, the losses will be recognized through an allowance and no longer as an adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment yield. The allowance on AFS debt securities cannot cause the net carrying value to be below fair value and, therefore, it is possible that increases in fair value due to decreases in market interest rates could cause the reversal of a valuation allowance and increase net income. The new guidance will also require purchased financial assets with a more-than-insignificant amount of credit deterioration since original issuance to be recorded based on contractual amounts due and an initial allowance recorded at the date of purchase. For the Company, the amendments in ASU 2016-13 will be effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company has not yet determined the timing of adoption. Implementation matters yet to be addressed include determining the impact of valuation allowances on the effective interest method for recognizing interest income from AFS debt securities as well as updating our investment accounting system functionality to adjust valuation allowances based on changes in fair value. The estimated effect on the Company’s consolidated financial statements can only be estimated based on the current investment portfolio at any given point in time, and accordingly, has not currently been determined.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Significant estimates and assumptions are used in developing and evaluating deferred income taxes, deferred acquisition costs, insurance reserves, investments, and receivables, among others, and actual results could differ materially from management’s estimates.

Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	2020
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	30,762	$	1,381	$	26	$	29,407
Obligations of states and political subdivisions		11,802		898		—		10,904
Corporate securities:
Utilities and telecom		30,359		4,423		—		25,936
Financial services		78,258		9,811		6		68,453
Other business – diversified		41,145		5,689		15		35,471
Other consumer – diversified		61,530		9,479		47		52,098
Total corporate securities		211,292		29,402		68		181,958
Redeemable preferred stocks:
Other consumer – diversified		250		58		—		192
Total redeemable preferred stocks		250		58		—		192
Total fixed maturities	$	254,106	$	31,739	$	94	$	222,461

	2019
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	20,259	$	467	$	53	$	19,845
Obligations of states and political subdivisions		11,940		371		53		11,622
Corporate securities:
Utilities and telecom		26,648		2,404		32		24,276
Financial services		73,917		4,249		57		69,725
Other business – diversified		41,706		2,335		98		39,469
Other consumer – diversified		57,752		3,702		54		54,104
Total corporate securities		200,023		12,690		241		187,574
Redeemable preferred stocks:
Other consumer – diversified		250		58		—		192
Total redeemable preferred stocks		250		58		—		192
Total fixed maturities	$	232,472	$	13,586	$	347	$	219,233

	2020
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		2,111		351		—		1,760
Other business – diversified		16,605		11,972		—		4,633
Total equity securities	$	18,716	$	12,323	$	—	$	6,393

	2019
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services		3,159		624		—		2,535
Other business – diversified		19,763		15,130		—		4,633
Total equity securities	$	22,922	$	15,754	$	—	$	7,168

Amortized Cost and Carrying Value of Fixed Maturities by Contractual Maturity

	2020				2019
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	2,041	$	2,015	$	—	$	—
Due after one year through five years		18,373		17,039		14,664		14,280
Due after five years through ten years		89,892		79,993		77,934		73,521
Due after ten years		124,609		104,527		130,680		122,321
Asset backed securities		19,191		18,887		9,194		9,111
Totals	$	254,106	$	222,461	$	232,472	$	219,233

Investment Securities with Continuous Unrealized Loss Position

	2020
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	7,045	$	26	$	—	$	—	$	7,045	$	26
Corporate securities		4,602		68		—		—		4,602		68
Total temporarily impaired securities	$	11,647	$	94	$	—	$	—	$	11,647	$	94

	2019
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	3,432	$	22	$	3,533	$	31	$	6,965	$	53
Obligations of states and political subdivisions		3,106		53		—		—		3,106		53
Corporate securities		23,245		145		2,504		96		25,749		241
Total temporarily impaired securities	$	29,783	$	220	$	6,037	$	127	$	35,820	$	347

Investment Income Earned

Investment income was earned from the following sources:

	2020			2019
Fixed maturities	$	8,646		$	8,485
Equity securities		141			282
Other		(788	)		319
		7,999			9,086
Investment expenses		255			107
Net investment income	$	7,744		$	8,979

Summary of Realized Investment Gains (Losses)

A summary of realized investment gains (losses) follows:

	2020
	Fixed Maturities			Equity Securities			Other Invested Assets		Total
Gains	$	835		$	88		$	6,948	$	7,871
Losses		(450	)		(1	)		—		(451	)
Realized investment gains, net	$	385		$	87		$	6,948	$	7,420

	2019
	Fixed Maturities			Equity Securities		Other Invested Assets		Total
Gains	$	2,003		$	1,221	$	—	$	3,224
Losses		(1,650	)		—		—		(1,650	)
Realized investment gains, net	$	353		$	1,221	$	—	$	1,574

Proceeds from Sales of Investments

Proceeds from the sales of available-for-sale fixed maturities were as follows:

	2020			2019
Sales proceeds	$	18,504		$	117,530
Gross gains		835			2,003
Gross losses		(450	)		(1,650	)

Proceeds from the sales of available-for-sale equity securities were as follows:

	2020			2019
Sales proceeds	$	5		$	2,568
Gross gains		—			1,113
Gross losses		(1	)		—

Unrealized Gains (Losses) on Equity Securities

The following table presents the portion of unrealized gains (losses) related to equity securities still held for the years ended December 31, 2020 and 2019.

	2020			2019
Net realized and unrealized gains (losses) recognized during the period on equity securities	$	(3,344	)	$	6,732
Less: Net realized gains (losses) recognized during the period on equity securities sold during the period		87			1,221
Unrealized gains (losses) on equity securities, net	$	(3,431	)	$	5,511

Disclosures About Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Disclosures About Fair Value of Financial Instruments [Abstract]

Financial Instruments Carried at Fair Value Measured on a Recurring Basis

As of December 31, 2020, financial instruments carried at fair value were measured on a recurring basis as summarized below:

Assets:	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed maturities	$	—	$	254,106	$	—	$	254,106
Equity securities		18,573		—		143		18,716
Cash equivalents		12,010		—		—		12,010
Total	$	30,583	$	254,106	$	143	$	284,832

As of December 31, 2019, financial instruments carried at fair value were measured on a recurring basis as summarized below:

Assets:	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed maturities	$	—	$	232,472	$	—	$	232,472
Equity securities		22,922		—		—		22,922
Cash equivalents		7,173		—		—		7,173
Total	$	30,095	$	232,472	$	—	$	262,567

Carrying Amount, Estimated Fair Value and Level within the Fair Value Hierarchy of Financial Instruments

The following table sets forth the carrying amount, estimated fair value and level within the fair value hierarchy of the Company’s financial instruments as of December 31, 2020 and 2019.

	Level in		2020				2019
	Fair Value Hierarchy⁽¹⁾		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	Level 1		$	19,319	$	19,319	$	12,893	$	12,893
Fixed maturities		⁽¹⁾		254,106		254,106		232,472		232,472
Equity securities		⁽¹⁾		18,716		18,716		22,922		22,922
Other invested assets	Level 3			3,238		3,238		9,960		9,960
Policy loans	Level 2			1,975		1,975		2,007		2,007
Investments in unconsolidated trusts	Level 2			1,238		1,238		1,238		1,238

Liabilities:
Junior Subordinated Debentures, net	Level 2			33,738		32,297		33,738		35,977

(1)	See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets.

Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Policy Acquisition Costs [Abstract]

Deferred Policy Acquisition Costs by Segment

The following table presents a rollforward of deferred policy acquisition costs by segment for the years ended December 31.

	2020						2019
	American Southern			Bankers Fidelity			American Southern			Bankers Fidelity
Deferred policy acquisition costs:
Balance, beginning of year	$	1,979		$	36,882		$	2,047		$	35,047
Capitalization		9,910			10,233			8,761			10,294
Amortization		(9,590	)		(9,803	)		(8,829	)		(8,459	)
Balance, end of year	$	2,299		$	37,312		$	1,979		$	36,882

Insurance Reserves and Policyholder Funds (Tables)

12 Months Ended

Dec. 31, 2020

Insurance Reserves and Policyholder Funds [Abstract]

Reserves for Life, Accident, Health and Property and Casualty Losses, Including Loss Adjustment Expenses

The following table presents the Company’s reserves for life, accident and health, and property and casualty losses, claims and loss adjustment expenses at December 31, 2020 and 2019.

					Amount of Insurance In Force, Net
	2020		2019		2020			2019
Future policy benefits
Life insurance policies:
Ordinary life and annuities	$	54,442	$	55,403	$	199,827		$	212,774
Group life		91		93		83,533	⁽¹⁾		33,508
		54,533		55,496	$	283,360		$	246,282
Accident and health insurance policies		36,339		36,994
		90,872		92,490
Unearned premiums		27,131		26,035
Losses, claims and loss adjustment expenses		79,147		81,448
Other policy liabilities		1,526		1,933
Total insurance reserves and policyholder funds	$	198,676	$	201,906

(1)	The group life in force amounts increased significantly during 2020. However, the impact on future policy benefits is not significant due to the deferred premium offset to the gross benefit reserve.

Summary of Activity in Liabilities for Unpaid Loss and Claim Reserved

Activity in the liability for unpaid loss and claim reserves is summarized as follows:

	2020			2019
Balance at January 1	$	81,448		$	72,612
Less: Reinsurance recoverable on unpaid losses		(18,339	)		(14,354	)
Net balance at January 1		63,109			58,258

Incurred related to:
Current year		122,626			137,305
Prior years		(3,480	)⁽¹⁾		(80	)⁽²⁾
Total incurred		119,146			137,225

Paid related to:
Current year		84,518			95,489
Prior years		36,190			36,885
Total paid		120,708			132,374
Net balance at December 31		61,547			63,109
Plus: Reinsurance recoverable on unpaid losses		17,600			18,339
Balance at December 31	$	79,147		$	81,448

(1)

(2)

Reconciliation of Total Incurred Losses to Total Insurance Benefits and Losses

Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred:

	2020			2019
Total incurred losses	$	119,146		$	137,225
Cash surrender value and matured endowments		1,198			1,362
Benefit reserve changes		(468	)		638
Total insurance benefits and losses incurred	$	119,876		$	139,225

Supplementary Information about Average Historical Claims Duration

The following is supplementary information about average historical claims duration as of December 31, 2020.

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Reserve Line	1^st Year			2^nd Year			3^rd Year			4^th Year			5^th Year			6^th Year			7^th Year			8^th Year			9^th Year			10^th Year
Medicare Supplement		83.0	%		16.9	%		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Automobile Liability		29.1	%		30.9	%		17.3	%		12.7	%		5.8	%		2.1	%		0.4	%		0.5	%		0.0	%		0.0	%
Automobile Physical Damage		85.4	%		14.2	%		-0.6	%		-0.4	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
General Liability		17.8	%		17.8	%		22.5	%		16.9	%		8.4	%		6.3	%		2.8	%		2.2	%		1.7	%		6.6	%
Surety		41.2	%		31.1	%		10.5	%		9.8	%		-1.3	%		1.8	%		0.3	%		0.2	%		0.2	%		0.1	%

Reconciliation of Net Incurred and Paid Claims Development

The reconciliation of the net incurred and paid claims development tables to the liability for losses, claims and loss adjustment expenses is as follows:

	December 31, 2020
Net outstanding liabilities
Medicare Supplement	$	12,900
Automobile Liability		36,784
Automobile Physical Damage		1,964
General Liability		3,415
Surety		2,940
Other short-duration insurance lines		1,666
Liabilities for unpaid losses, claims and loss adjustment expenses, net of reinsurance		59,669

Reinsurance recoverable on unpaid losses:
Medicare Supplement		8,975
Automobile Liability		6,260
Automobile Physical Damage		3
General Liability		2,362
Total reinsurance recoverable on unpaid losses		17,600

Unallocated claims adjustment expenses		1,878

Total gross liability for unpaid losses, claims and loss adjustment expenses	$	79,147

Medicare Supplement [Member]

Insurance Reserves and Policyholder Funds [Abstract]

Information About Incurred and Paid Claims Development

Medicare Supplement

	For the Years Ended December 31,																				As of December 31, 2020
	Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance																				IBNR Reserves		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		IBNR Reserves		Cumulative Number of Reported Claims
2011	$	38,188	$	38,296	$	38,360	$	38,327	$	38,316	$	38,302	$	38,299	$	38,297	$	38,297	$	38,297	$	—		664,056
2012				50,021		50,996		51,021		50,998		50,989		50,987		50,985		50,984		50,984		—		867,050
2013						56,974		56,970		57,034		57,023		57,021		57,016		57,015		57,014		—		957,363
2014								57,179		56,938		56,981		56,981		56,976		56,977		56,976		—		939,478
2015										55,482		54,939		54,993		54,990		54,984		54,985		—		898,374
2016												58,849		59,851		63,226		63,225		63,221		—		1,036,769
2017														67,960		69,655		69,643		69,635		—		1,510,654
2018																79,140		80,404		80,361		—		1,782,982
2019																		88,765		87,028		172		2,242,156
2020																				75,857		12,728		1,620,697
																			$	634,358

	Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	31,720	$	38,296	$	38,360	$	38,327	$	38,316	$	38,302	$	38,299	$	38,297	$	38,297	$	38,297
2012				42,267		50,996		51,021		50,998		50,989		50,987		50,985		50,984		50,984
2013						47,770		56,970		57,034		57,023		57,021		57,016		57,015		57,014
2014								48,024		56,938		56,981		56,981		56,976		56,977		56,976
2015										45,430		54,876		54,993		54,990		54,984		54,985
2016												49,165		59,747		63,226		63,225		63,221
2017														57,696		69,517		69,643		69,635
2018																66,565		80,222		80,361
2019																		72,333		86,856
2020																				63,129
																			$	621,458
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance																			$	12,900

Automobile Liability [Member]

Insurance Reserves and Policyholder Funds [Abstract]

Information About Incurred and Paid Claims Development

Automobile Liability

	For the Years Ended December 31,																				As of December 31, 2020
	Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance																				IBNR Reserves		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		IBNR Reserves		Cumulative Number of Reported Claims
2011	$	12,263	$	13,802	$	13,235	$	13,289	$	13,281	$	13,495	$	13,385	$	13,330	$	13,329	$	13,328	$	—		2,134
2012				12,980		15,007		14,108		13,707		13,313		13,343		13,357		13,373		13,373		—		2,343
2013						18,664		20,702		21,096		21,823		21,352		21,020		20,972		20,972		—		3,267
2014								20,812		21,881		22,041		22,353		21,682		22,080		22,100		48		3,544
2015										18,521		19,857		20,017		20,007		20,086		20,680		75		3,525
2016												20,549		21,275		21,846		22,388		22,245		140		3,842
2017														22,179		24,212		23,766		25,180		801		3,772
2018																24,284		25,682		27,338		2,072		3,578
2019																		25,241		24,045		3,117		3,479
2020																				22,416		12,187		2,183
																			$	211,677

	Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	4,205	$	7,934	$	9,858	$	12,071	$	13,039	$	13,106	$	13,199	$	13,330	$	13,329	$	13,328
2012				4,627		8,791		11,507		12,932		13,197		13,211		13,288		13,373		13,373
2013						5,144		12,193		16,782		19,407		20,382		20,982		20,972		20,972
2014								6,822		13,807		17,554		20,177		20,878		21,735		21,813
2015										6,226		11,878		14,938		17,612		19,557		20,234
2016												6,796		13,141		16,397		19,613		21,408
2017														7,401		16,317		20,221		22,778
2018																6,989		15,647		21,121
2019																		7,305		14,694
2020																				5,172
																			$	174,893
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance																			$	36,784

Automobile Physical Damage [Member]

Insurance Reserves and Policyholder Funds [Abstract]

Information About Incurred and Paid Claims Development

Automobile Physical Damage

	For the Years Ended December 31,										As of December 31, 2020
	Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance										IBNR Reserves		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		IBNR Reserves		Cumulative Number of Reported Claims
2016	$	6,877	$	6,386	$	6,352	$	6,289	$	6,289	$	—		1,269
2017				6,257		5,933		5,857		5,860		—		1,324
2018						7,805		7,530		7,447		—		1,452
2019								8,526		8,026		2		1,485
2020										10,288		177		1,526
									$	37,910

	Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	2016		2017		2018		2019		2020
2016	$	5,804	$	6,353	$	6,349	$	6,289	$	6,289
2017				5,215		5,914		5,856		5,860
2018						6,344		7,510		7,446
2019								6,360		8,005
2020										8,347
									$	35,947
All outstanding liabilities before 2016, net of reinsurance										1
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance									$	1,964

General Liability [Member]

Insurance Reserves and Policyholder Funds [Abstract]

Information About Incurred and Paid Claims Development

General Liability

	For the Years Ended December 31,																				As of December 31, 2020
	Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance																				IBNR Reserves		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		IBNR Reserves		Cumulative Number of Reported Claims
2011	$	3,022	$	1,723	$	1,452	$	1,338	$	1,174	$	1,242	$	1,327	$	1,335	$	1,400	$	1,534	$	20		210
2012				4,055		1,305		1,269		1,270		1,214		1,333		1,344		1,377		1,388		25		161
2013						3,461		728		926		817		865		820		945		904		11		197
2014								3,744		501		557		476		406		497		523		6		194
2015										4,421		1,037		1,227		1,044		867		855		—		146
2016												3,119		1,148		736		608		621		1		92
2017														1,490		488		513		738		68		82
2018																1,656		333		198		40		75
2019																		1,916		707		261		82
2020																				2,223		1,749		62
																			$	9,691

	Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	295	$	412	$	582	$	835	$	1,161	$	1,169	$	1,278	$	1,285	$	1,325	$	1,426
2012				371		707		847		1,034		1,113		1,219		1,260		1,269		1,280
2013						104		339		579		811		791		803		805		855
2014								171		299		331		369		373		493		498
2015										98		259		464		664		863		855
2016												116		203		568		608		617
2017														75		136		365		556
2018																65		90		115
2019																		41		209
2020																				208
																			$	6,619
All outstanding liabilities before 2011, net of reinsurance																				343
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance																			$	3,415

Surety [Member]

Insurance Reserves and Policyholder Funds [Abstract]

Information About Incurred and Paid Claims Development

Surety

	For the Years Ended December 31,																				As of December 31, 2020
	Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance																				IBNR Reserves		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		IBNR Reserves		Cumulative Number of Reported Claims
2011	$	4,422	$	4,786	$	5,080	$	5,092	$	4,966	$	5,031	$	5,112	$	5,111	$	5,112	$	5,163	$	7		128
2012				4,979		4,767		5,396		5,345		4,869		4,880		4,892		4,925		4,944		2		89
2013						3,060		2,007		2,743		2,947		2,866		2,809		2,765		2,757		—		58
2014								3,214		3,130		2,990		2,760		2,685		2,617		2,818		43		54
2015										1,902		1,630		1,400		1,359		1,406		1,310		6		50
2016												3,314		1,812		1,865		1,876		1,865		—		46
2017														4,677		3,671		3,799		3,629		13		58
2018																3,528		1,938		1,381		6		62
2019																		2,130		657		128		30
2020																				2,263		1,887		20
																			$	26,787

	Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	1,031	$	3,207	$	4,622	$	4,748	$	4,939	$	5,022	$	5,109	$	5,111	$	5,112	$	5,117
2012				2,257		4,581		4,856		5,331		4,869		4,880		4,878		4,916		4,934
2013						323		1,010		1,369		2,763		2,789		2,749		2,765		2,757
2014								1,331		2,327		2,727		2,739		2,664		2,593		2,562
2015										641		856		1,127		1,125		1,128		1,271
2016												1,054		1,732		1,772		1,873		1,862
2017														1,971		3,255		3,523		3,545
2018																1,157		1,454		1,361
2019																		259		395
2020																				97
																			$	23,901
All outstanding liabilities before 2011, net of reinsurance																				54
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance																			$	2,940

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2020

Reinsurance [Abstract]

Effects of Reinsurance on Premiums Written, Premiums Earned and Insurance Benefits and Losses Incurred

The effects of reinsurance on premiums written, premiums earned and insurance benefits and losses incurred were as follows:

	2020			2019
Direct premiums written	$	239,687		$	237,973
Assumed premiums written		23,253			23,275
Ceded premiums written		(77,622	)		(77,750	)
Net premiums written	$	185,318		$	183,498

Direct premiums earned	$	238,209		$	237,361
Assumed premiums earned		23,144			22,345
Ceded premiums earned		(77,814	)		(77,781	)
Net premiums earned	$	183,539		$	181,925

Provision for benefits and losses incurred	$	175,825		$	206,390
Reinsurance loss recoveries		(55,949	)		(67,165	)
Insurance benefits and losses incurred	$	119,876		$	139,225

Components of Reinsurance Recoverables

Components of reinsurance receivables at December 31, 2020 and 2019 were as follows:

	2020		2019
Recoverable on unpaid losses	$	17,600	$	18,339
Recoverable on unpaid benefits		9,832		10,772
Recoverable on paid losses		447		1,538
Ceded unearned premiums		963		1,155
Ceded advanced premiums		244		331
Total reinsurance receivables	$	29,086	$	32,135

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Allocation of Total Income Taxes

Total income taxes were allocated as follows:

	2020		2019
Total tax expense (benefit) on income	$	3,334	$	(21	)

Tax expense on components of shareholders’ equity:
Net unrealized gains on investment securities		3,865		4,783
Total tax expense	$	7,199	$	4,762

Reconciliation of Income Tax Expense (Benefit)

A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and the income tax benefit is as follows:

	2020			2019
Federal income tax provision	$	3,256		$	(86	)
Statutory rate		21	%		21	%
Dividends-received deduction		(12	)		(23	)
Meals & entertainment		20			55
Vested stock & club dues		36			37
Parking disallowance		16			17
Adjustment for prior years’ estimates to actual		18			(21	)
Income tax expense (benefit)	$	3,334		$	(21	)
Effective tax rate		21.5	%		5.2	%

Deferred Tax Liabilities and Assets

Deferred tax assets and liabilities at December 31, 2020 and 2019 were comprised of the following:

	2020			2019
Deferred tax assets:
Deferred acquisition costs	$	4,666		$	2,540
Insurance reserves		2,682			3,323
Impaired assets		822			822
Bad debts and other		326			319
Total deferred tax assets		8,496			7,004
Deferred tax liabilities:
Deferred and uncollected premiums	$	(409	)	$	(328	)
Net unrealized investment gains		(9,235	)		(6,090	)
Other		(153	)		(272	)
Total deferred tax liabilities		(9,797	)		(6,690	)
Net deferred tax (liability) asset	$	(1,301	)	$	314

Components of Income Tax Expense

The components of income tax expense (benefit) were:

	2020			2019
Current – Federal	$	5,584		$	892
Deferred – Federal		(2,250	)		(913	)
Total	$	3,334		$	(21	)

Junior Subordinated Debentures (Tables)

12 Months Ended

Dec. 31, 2020

Junior Subordinated Debentures [Abstract]

Financial Structure of Statutory Business Trusts

The financial structure of each of Atlantic American Statutory Trust I and II, as of December 31, 2020 and 2019, was as follows:

	Atlantic American Statutory Trust I		Atlantic American Statutory Trust II
JUNIOR SUBORDINATED DEBENTURES⁽¹⁾⁽²⁾
Balance December 31, 2020	$	18,042	$	23,196
Less: Treasury debt⁽³⁾		—		(7,500	)
Net balance December 31, 2020	$	18,042	$	15,696
Net balance December 31, 2019	$	18,042	$	15,696
Coupon rate	LIBOR + 4.00%		LIBOR + 4.10%
Interest payable	Quarterly		Quarterly
Maturity date	December 4, 2032		May 15, 2033
Redeemable by issuer	Yes		Yes
TRUST PREFERRED SECURITIES
Issuance date	December 4, 2002		May 15, 2003
Securities issued		17,500		22,500
Liquidation preference per security	$	1	$	1
Liquidation value	$	17,500	$	22,500
Coupon rate	LIBOR + 4.00%		LIBOR + 4.10%
Distribution payable	Quarterly		Quarterly
Distribution guaranteed by⁽⁴⁾	Atlantic American Corporation		Atlantic American Corporation

(1)

(2)	The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries.

(3)	In 2014, the Company acquired $7,500 of the Junior Subordinated Debentures.

(4)	The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation.

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Additional Information of Operating Leases

Additional information regarding the Company’s real estate operating leases is as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Other information on operating leases:
Cash payments included in the measurement of lease liabilities reported in operating cash flows	$	978			815
Right-of-use assets included in other assets on the consolidated balance sheet		4,832			5,476
Weighted average discount rate		6.8	%		6.8	%
Weighted average remaining lease term in years	5.9 years			6.9 years

Maturities and Present Value of Lease Liabilities

The following table presents maturities and present value of the Company’s lease liabilities:

	Lease Liability
2021	$	1,015
2022		1,031
2023		1,048
2024		1,065
2025		1,083
Thereafter		942
Total undiscounted lease payments		6,184
Less: present value adjustment		1,116
Operating lease liability included in accounts payable and accrued expenses on the consolidated balance sheet	$	5,068

Earnings (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings (Loss) Per Common Share [Abstract]

Reconciliation of Numerator and Denominator used in Earnings (Loss) per Common Share Calculations

A reconciliation of the numerator and denominator of the income (loss) per common share calculations is as follows:

	For the Year Ended December 31, 2020
	Income			Weighted Average Shares Outstanding (In thousands)		Per Share Amount
Basic Earnings Per Common Share
Net income before preferred stock dividends	$	12,169			20,441		-
Less preferred stock dividends		(399	)		—
Net income applicable to common shareholders		11,770			20,441		0.58
Diluted Earnings Per Common Share:
Effect of Series D preferred stock		399			1,378
Net income applicable to common shareholders	$	12,169			21,819	$	0.56

	For the Year Ended December 31, 2019
	Loss			Weighted Average Shares Outstanding (In thousands)		Per Share Amount
Basic and Diluted Loss Per Common Share
Net loss before preferred stock dividends	$	(386	)		20,258		-
Less preferred stock dividends		(399	)		—
Net loss applicable to common shareholders	$	(785	)		20,258	$	(.04	)

Statutory Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Statutory Reporting [Abstract]

Reported statutory net income and surplus for the Parent's insurance subsidiaries

	2020		2019
Bankers Fidelity, net income (loss)	$	7,712	$	(9,509	)
American Southern, net income		8,575		4,778
Statutory net income (loss)	$	16,287	$	(4,731	)

Bankers Fidelity, surplus	$	42,326	$	35,546
American Southern, surplus		50,194		45,827
Statutory surplus	$	92,520	$	81,373

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Information [Abstract]

Assets, Revenue and Income (Loss) Before Income Taxes for Each Business Unit

	For the Year Ended December 31, 2020
	American Southern			Bankers Fidelity			Corporate & Other			Adjustments & Eliminations			Consolidated
Insurance premiums, net	$	62,372		$	121,167		$	—		$	—		$	183,539
Insurance benefits and losses incurred		39,339			80,537			—			—			119,876
Expenses deferred		(9,910	)		(10,233	)		—			—			(20,143	)
Amortization and depreciation expense		9,772			10,007			594			—			20,373
Other expenses		19,542			34,403			14,526			(8,732	)		59,739
Total expenses		58,743			114,714			15,120			(8,732	)		179,845
Underwriting income		3,629			6,453			—			—			10,082
Net investment income		3,586			4,971			1,174			(1,987	)		7,744
Other income		37			11			6,773			(6,745	)		76
Operating income (loss)		7,252			11,435			(7,173	)		—			11,514
Net realized gains		3,389			4,031			—			—			7,420
Unrealized losses on equity securities		(205	)		(3,036	)		(190	)		—			(3,431	)
Income (loss) before income taxes	$	10,436		$	12,430		$	(7,363	)	$	—		$	15,503
Total revenues	$	69,179		$	127,144		$	7,757		$	(8,732	)	$	195,348
Intangibles	$	1,350		$	1,194		$	—		$	—		$	2,544
Total assets	$	158,808		$	236,197		$	183,178		$	(172,996	)	$	405,187

	For the Year Ended December 31, 2019
	American Southern			Bankers Fidelity			Corporate & Other			Adjustments & Eliminations			Consolidated
Insurance premiums, net	$	58,680		$	123,245		$	—		$	—		$	181,925
Insurance benefits and losses incurred		39,541			99,684			—			—			139,225
Expenses deferred		(8,761	)		(10,294	)		—			—			(19,055	)
Amortization and depreciation expense		9,024			8,709			551			—			18,284
Other expenses		16,869			37,158			15,939			(9,834	)		60,132
Total expenses		56,673			135,257			16,490			(9,834	)		198,586
Underwriting income (loss)		2,007			(12,012	)		—			—			(10,005	)
Net investment income		3,689			5,317			2,597			(2,624	)		8,979
Other income		75			18			7,307			(7,210	)		190
Operating income (loss)		5,771			(6,677	)		(6,586	)		—			(7,492	)
Net realized gains (losses)		(386	)		840			1,120			—			1,574
Unrealized gains on equity securities		344			2,191			2,976			—			5,511
Income (loss) before income taxes	$	5,729		$	(3,646	)	$	(2,490	)	$	—		$	(407	)
Total revenues	$	62,402		$	131,611		$	14,000		$	(9,834	)	$	198,179
Intangibles	$	1,350		$	1,194		$	—		$	—		$	2,544
Total assets	$	141,524		$	224,122		$	154,687		$	(142,707	)	$	377,626

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) Subsidiary
Principles of Consolidation [Abstract]
Number of insurance subsidiaries owned by the parent \| Subsidiary	4
Number of non-insurance subsidiaries owned by the parent \| Subsidiary	1
Intangibles [Abstract]
Impairment of intangible assets \| $	$ 0
Investments:
Estimated fair value \| $	$ 143

Investments, Aggregated by Type and Industry (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments aggregated by type and industry [Abstract]
Estimated fair value	$ 254,106	$ 232,472
Gross unrealized gains	31,739	13,586
Gross unrealized losses	94	347
Amortized cost total	222,461	219,233
Estimated fair value	18,716	22,922
Gross unrealized gains	12,323	15,754
Gross unrealized losses	0	0
Cost	6,393	7,168
Amortized cost of bonds on deposit with insurance regulatory authorities	10,670	10,669
Amortized cost pledged as collateral to FHLB	1,997	0
Fixed Maturities [Member] \| U.S. Treasury Securities and Obligations of U.S. Government Agencies and Authorities [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	30,762	20,259
Gross unrealized gains	1,381	467
Gross unrealized losses	26	53
Amortized cost total	29,407	19,845
Fixed Maturities [Member] \| Obligations of States and Political Subdivisions [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	11,802	11,940
Gross unrealized gains	898	371
Gross unrealized losses	0	53
Amortized cost total	10,904	11,622
Fixed Maturities [Member] \| Corporate Securities [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	211,292	200,023
Gross unrealized gains	29,402	12,690
Gross unrealized losses	68	241
Amortized cost total	181,958	187,574
Fixed Maturities [Member] \| Corporate Securities [Member] \| Utilities and Telecom [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	30,359	26,648
Gross unrealized gains	4,423	2,404
Gross unrealized losses	0	32
Amortized cost total	25,936	24,276
Fixed Maturities [Member] \| Corporate Securities [Member] \| Financial Services [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	78,258	73,917
Gross unrealized gains	9,811	4,249
Gross unrealized losses	6	57
Amortized cost total	68,453	69,725
Fixed Maturities [Member] \| Corporate Securities [Member] \| Other Business - Diversified [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	41,145	41,706
Gross unrealized gains	5,689	2,335
Gross unrealized losses	15	98
Amortized cost total	35,471	39,469
Fixed Maturities [Member] \| Corporate Securities [Member] \| Other Consumer - Diversified [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	61,530	57,752
Gross unrealized gains	9,479	3,702
Gross unrealized losses	47	54
Amortized cost total	52,098	54,104
Fixed Maturities [Member] \| Redeemable Preferred Stocks [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	250	250
Gross unrealized gains	58	58
Gross unrealized losses	0	0
Amortized cost total	192	192
Fixed Maturities [Member] \| Redeemable Preferred Stocks [Member] \| Other Consumer - Diversified [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	250	250
Gross unrealized gains	58	58
Gross unrealized losses	0	0
Amortized cost total	192	192
Equity Securities [Member] \| Common and Non-redeemable Preferred Stocks [Member] \| Financial Services [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	2,111	3,159
Gross unrealized gains	351	624
Gross unrealized losses	0	0
Cost	1,760	2,535
Equity Securities [Member] \| Common and Non-redeemable Preferred Stocks [Member] \| Other Business - Diversified [Member]
Investments aggregated by type and industry [Abstract]
Estimated fair value	16,605	19,763
Gross unrealized gains	11,972	15,130
Gross unrealized losses	0	0
Cost	$ 4,633	$ 4,633

Investments, Fixed Maturities by Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Value [Abstract]
Due in one year or less	$ 2,041	$ 0
Due after one year through five years	18,373	14,664
Due after five years through ten years	89,892	77,934
Due after ten years	124,609	130,680
Asset backed securities	19,191	9,194
Carrying value total	254,106	232,472
Amortized Cost [Abstract]
Due in one year or less	2,015	0
Due after one year through five years	17,039	14,280
Due after five years through ten years	79,993	73,521
Due after ten years	104,527	122,321
Asset backed securities	18,887	9,111
Amortized cost total	$ 222,461	$ 219,233

Investments, Securities with Continuous Unrealized Loss Position (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) Securities	Dec. 31, 2019 USD ($) Securities
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract]
Less than 12 months	$ 11,647	$ 29,783
12 months or longer	0	6,037
Total	11,647	35,820
Available-for-sale securities, continuous unrealized loss position, Unrealized Losses [Abstract]
Less than 12 months	94	220
12 months or longer	0	127
Total	94	347
Gross OTTI losses charged to realized gains	$ 0	$ 0
Number of securities in unrealized loss position \| Securities	20	30
U.S. Treasury Securities and Obligations of U.S. Government Agencies and Authorities [Member]
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract]
Less than 12 months	$ 7,045	$ 3,432
12 months or longer	0	3,533
Total	7,045	6,965
Available-for-sale securities, continuous unrealized loss position, Unrealized Losses [Abstract]
Less than 12 months	26	22
12 months or longer	0	31
Total	26	53
Obligations of States and Political Subdivisions [Member]
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract]
Less than 12 months		3,106
12 months or longer		0
Total		3,106
Available-for-sale securities, continuous unrealized loss position, Unrealized Losses [Abstract]
Less than 12 months		53
12 months or longer		0
Total		53
Corporate Securities [Member]
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract]
Less than 12 months	4,602	23,245
12 months or longer	0	2,504
Total	4,602	25,749
Available-for-sale securities, continuous unrealized loss position, Unrealized Losses [Abstract]
Less than 12 months	68	145
12 months or longer	0	96
Total	$ 68	$ 241

Investments, Income Earned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investment income earned [Abstract]
Gross investment income	$ 7,999	$ 9,086
Investment expenses	255	107
Net investment income	7,744	8,979
Fixed Maturities [Member]
Investment income earned [Abstract]
Gross investment income	8,646	8,485
Equity Securities [Member]
Investment income earned [Abstract]
Gross investment income	141	282
Other [Member]
Investment income earned [Abstract]
Gross investment income		$ 319
Gross investment loss	$ (788)

Investments, Summary of Realized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Summary of realized investment gains (losses) [Abstract]
Gains	$ 7,871	$ 3,224
Losses	(451)	(1,650)
Realized investment gains, net	7,420	1,574
Fixed Maturities [Member]
Summary of realized investment gains (losses) [Abstract]
Gains	835	2,003
Losses	(450)	(1,650)
Realized investment gains, net	385	353
Proceeds from sales of available-for-sale fixed maturities [Abstract]
Sales proceeds	18,504	117,530
Gross gains	835	2,003
Gross losses	(450)	(1,650)
Equity Securities [Member]
Summary of realized investment gains (losses) [Abstract]
Gains	88	1,221
Losses	(1)	0
Realized investment gains, net	87	1,221
Proceeds from sales of available-for-sale equity securities [Abstract]
Sales proceeds	5	2,568
Gross gains	0	1,113
Gross losses	(1)	0
Other Invested Assets [Member]
Summary of realized investment gains (losses) [Abstract]
Gains	6,948	0
Losses	0	0
Realized investment gains, net	6,948	$ 0
Proceeds from Sales of other invested assets [Abstract]
Sales proceeds	12,700
Gross gains	$ 6,900

Investments, Unrealized Gains (Losses) Related to Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investments [Abstract]
Net realized and unrealized gains (losses) recognized during the period on equity securities	$ (3,344)	$ 6,732
Less: Net realized gains (losses) recognized during the period on equity securities sold during the period	87	1,221
Unrealized gains (losses) on equity securities, net	$ (3,431)	$ 5,511
Percentage of investment grade securities in bond portfolio	97.00%

Investments, Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entities [Abstract]
Carrying amount of interest	$ 3,238	$ 9,960
Investment in unconsolidated trusts	1,238	1,238
VIE, Not Primary Beneficiary [Member] \| Other Invested Assets [Member]
Variable Interest Entities [Abstract]
Carrying amount of interest	3,238	9,960
Investment in unconsolidated trusts	1,238	1,238
Maximum loss exposure	4,476	11,198
Outstanding commitments	$ 1,997	$ 1,997

Disclosures About Fair Value of Financial Instruments, Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial instruments carried at fair value measured on a recurring basis [Abstract]
Fixed maturities	$ 254,106	$ 232,472
Equity securities	18,716	22,922
Recurring [Member]
Financial instruments carried at fair value measured on a recurring basis [Abstract]
Fixed maturities	254,106	232,472
Equity securities	18,716	22,922
Cash equivalents	12,010	7,173
Assets at fair value	284,832	262,567
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial instruments carried at fair value measured on a recurring basis [Abstract]
Fixed maturities	0	0
Equity securities	18,573	22,922
Cash equivalents	12,010	7,173
Assets at fair value	30,583	30,095
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Financial instruments carried at fair value measured on a recurring basis [Abstract]
Fixed maturities	254,106	232,472
Equity securities	0	0
Cash equivalents	0	0
Assets at fair value	254,106	232,472
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Financial instruments carried at fair value measured on a recurring basis [Abstract]
Fixed maturities	0	0
Equity securities	143	0
Cash equivalents	0	0
Assets at fair value	$ 143	$ 0

Disclosures About Fair Value of Financial Instruments, Carrying Amount, Estimated Fair Value and Level (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Assets [Abstract]

Fixed maturities

$ 254,106

$ 232,472

Equity securities

18,716

22,922

Carrying Amount [Member]

Assets [Abstract]

Fixed maturities

^[1]

254,106

232,472

Equity securities

^[1]

18,716

22,922

Carrying Amount [Member] | Level 1 [Member]

Assets [Abstract]

Cash and cash equivalents

19,319

12,893

Carrying Amount [Member] | Level 2 [Member]

Assets [Abstract]

Policy loans

1,975

2,007

Investment in unconsolidated trusts

1,238

Liabilities [Abstract]

Junior Subordinated Debentures, net

33,738

Carrying Amount [Member] | Level 3 [Member]

Assets [Abstract]

Other invested assets

3,238

9,960

Estimated Fair Value [Member]

Assets [Abstract]

Fixed maturities

^[1]

254,106

232,472

Equity securities

^[1]

18,716

22,922

Estimated Fair Value [Member] | Level 1 [Member]

Assets [Abstract]

Cash and cash equivalents

19,319

12,893

Estimated Fair Value [Member] | Level 2 [Member]

Assets [Abstract]

Policy loans

1,975

2,007

Investment in unconsolidated trusts

1,238

Liabilities [Abstract]

Junior Subordinated Debentures, net

32,297

35,977

Estimated Fair Value [Member] | Level 3 [Member]

Assets [Abstract]

Other invested assets

$ 3,238

$ 9,960

[1]	See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets.

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred policy acquisition costs [Roll Forward]
Balance, beginning of year	$ 38,861
Amortization	(19,393)	$ (17,288)
Balance, end of year	39,611	38,861
American Southern [Member]
Deferred policy acquisition costs [Roll Forward]
Balance, beginning of year	1,979	2,047
Capitalization	9,910	8,761
Amortization	(9,590)	(8,829)
Balance, end of year	2,299	1,979
Bankers Fidelity [Member]
Deferred policy acquisition costs [Roll Forward]
Balance, beginning of year	36,882	35,047
Capitalization	10,233	10,294
Amortization	(9,803)	(8,459)
Balance, end of year	$ 37,312	$ 36,882

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Insurance Reserves and Policyholder Funds (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Reserves for life, accident and health [Abstract]

Future policy benefits

$ 90,872

$ 92,490

Amount of insurance in force, net

283,360

246,282

Unearned premiums

27,131

26,035

Losses, claims and loss adjustment expenses

$ 81,448

$ 72,612

79,147

81,448

Other policy liabilities

1,526

1,933

Total insurance reserves and policyholder funds

198,676

201,906

Annualized premiums for accident and health insurance policies

109,430

112,734

Summary of activity in liability for unpaid loss and claim reserves [Roll Forward]

Balance at January 1

81,448

72,612

Less: Reinsurance recoverable on unpaid losses

(18,339)

(14,354)

Net balance at January 1

63,109

58,258

Incurred related to [Abstract]

Current year

122,626

137,305

Prior years

(3,480)

^[1]

(80)

^[2]

Total incurred

119,146

137,225

Paid related to [Abstract]

Current year

84,518

95,489

Prior years

36,190

36,885

Total paid

120,708

132,374

Net balance at December 31

61,547

63,109

Plus: Reinsurance recoverable on unpaid losses

17,600

18,339

Balance at December 31

79,147

81,448

Reconciliation of total incurred claims to total insurance benefits and losses incurred [Abstract]

Total incurred losses

119,146

137,225

Cash surrender value and matured endowments

1,198

1,362

Benefit reserve changes

(468)

638

Total insurance benefits and losses incurred

$ 119,876

$ 139,225

Ordinary Life and Annuities [Member]

Reserves for life, accident and health [Abstract]

Future policy benefits

54,442

55,403

Amount of insurance in force, net

199,827

212,774

Group Life [Member]

Reserves for life, accident and health [Abstract]

Future policy benefits

Amount of insurance in force, net

83,533

^[3]

33,508

Life Insurance Segment [Member]

Reserves for life, accident and health [Abstract]

Future policy benefits

54,533

55,496

Amount of insurance in force, net

283,360

246,282

Accident and Health Insurance [Member]

Reserves for life, accident and health [Abstract]

Future policy benefits

$ 36,339

$ 36,994

Life, Accident and Health Insurance [Member] | Prior to 1977 [Member]

Future policy benefits [Abstract]

Policy issue range for future benefits assumptions

prior to 1977

Life, Accident and Health Insurance [Member] | Prior to 1977 [Member] | Minimum [Member]

Future policy benefits [Abstract]

Interest rates assumed for future policy benefits

2.50%

Life, Accident and Health Insurance [Member] | Prior to 1977 [Member] | Maximum [Member]

Future policy benefits [Abstract]

Interest rates assumed for future policy benefits

5.50%

Life, Accident and Health Insurance [Member] | 1977 through 1979 [Member]

Future policy benefits [Abstract]

Policy issue range for future benefits assumptions

1977 through 1979

Life, Accident and Health Insurance [Member] | 1977 through 1979 [Member] | Minimum [Member]

Future policy benefits [Abstract]

Interest rates assumed for future policy benefits

5.50%

Life, Accident and Health Insurance [Member] | 1977 through 1979 [Member] | Maximum [Member]

Future policy benefits [Abstract]

Interest rates assumed for future policy benefits

7.00%

Life, Accident and Health Insurance [Member] | 1980 through 1987 [Member]

Future policy benefits [Abstract]

Interest rates assumed for future policy benefits

9.00%

Policy issue range for future benefits assumptions

1980 through 1987

Life, Accident and Health Insurance [Member] | 1988 through 2009 [Member]

Future policy benefits [Abstract]

Policy issue range for future benefits assumptions

1988 through 2009

Life, Accident and Health Insurance [Member] | 1988 through 2009 [Member] | Minimum [Member]

Future policy benefits [Abstract]

Interest rates assumed for future policy benefits

5.00%

Life, Accident and Health Insurance [Member] | 1988 through 2009 [Member] | Maximum [Member]

Future policy benefits [Abstract]

Interest rates assumed for future policy benefits

7.00%

Life, Accident and Health Insurance [Member] | 2010 through 2012 [Member]

Future policy benefits [Abstract]

Interest rates assumed for future policy benefits

4.00%

Policy issue range for future benefits assumptions

2010 through 2012

Life, Accident and Health Insurance [Member] | 2013 through 2020 [Member]

Future policy benefits [Abstract]

Policy issue range for future benefits assumptions

2013 through 2020

Life, Accident and Health Insurance [Member] | 2013 through 2020 [Member] | Minimum [Member]

Future policy benefits [Abstract]

Interest rates assumed for future policy benefits

3.50%

Life, Accident and Health Insurance [Member] | 2013 through 2020 [Member] | Maximum [Member]

Future policy benefits [Abstract]

Interest rates assumed for future policy benefits

4.00%

[1]	Prior years' development was primarily the result of favorable development in the loss and claim reserves for the Medicare supplement line of business in Bankers Fidelity. Rate increases on existing business and the resultant improvement in rate adequacy was more favorable than expected. Additionally, the Company experienced favorable development in the surety line of business in American Southern due to a reduction in exposure coupled with recoveries on certain prior year losses.
[2]	Prior years' development was primarily the result of better than expected development on prior years loss and claim reserves for certain lines of business in American Southern, somewhat offset by unfavorable development on prior years loss and claim reserves for the Medicare Supplement line of business in Bankers Fidelity.
[3]	The group life in force amounts increased significantly during 2020. However, the impact on future policy benefits is not significant due to the deferred premium offset to the gross benefit reserve.

Insurance Reserves and Policyholder Funds, Average Historical Claims Duration (Details)	Dec. 31, 2020
Medicare Supplement [Member]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) [Abstract]
1st Year	83.00%
2nd Year	16.90%
3rd Year	0.10%
4th Year	0.00%
5th Year	0.00%
6th Year	0.00%
7th Year	0.00%
8th Year	0.00%
9th Year	0.00%
10th Year	0.00%
Automobile Liability [Member]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) [Abstract]
1st Year	29.10%
2nd Year	30.90%
3rd Year	17.30%
4th Year	12.70%
5th Year	5.80%
6th Year	2.10%
7th Year	0.40%
8th Year	0.50%
9th Year	0.00%
10th Year	0.00%
Automobile Physical Damage [Member]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) [Abstract]
1st Year	85.40%
2nd Year	14.20%
3rd Year	(0.60%)
4th Year	(0.40%)
5th Year	0.00%
6th Year	0.00%
7th Year	0.00%
8th Year	0.00%
9th Year	0.00%
10th Year	0.00%
General Liability [Member]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) [Abstract]
1st Year	17.80%
2nd Year	17.80%
3rd Year	22.50%
4th Year	16.90%
5th Year	8.40%
6th Year	6.30%
7th Year	2.80%
8th Year	2.20%
9th Year	1.70%
10th Year	6.60%
Surety [Member]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) [Abstract]
1st Year	41.20%
2nd Year	31.10%
3rd Year	10.50%
4th Year	9.80%
5th Year	(1.30%)
6th Year	1.80%
7th Year	0.30%
8th Year	0.20%
9th Year	0.20%
10th Year	0.10%

Insurance Reserves and Policyholder Funds, Incurred Paid Claims Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net outstanding liabilities [Abstract]
Liabilities for unpaid losses, claims and loss adjustment expenses, net of reinsurance	$ 59,669
Reinsurance recoverable on unpaid losses [Abstract]
Total reinsurance recoverable on unpaid losses	17,600	$ 18,339
Unallocated claims adjustment expenses	1,878
Total gross liability for unpaid losses, claims and loss adjustment expenses	79,147	$ 81,448	$ 72,612
Medicare Supplement [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid losses, claims and loss adjustment expenses, net of reinsurance	12,900
Reinsurance recoverable on unpaid losses [Abstract]
Total reinsurance recoverable on unpaid losses	8,975
Automobile Liability [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid losses, claims and loss adjustment expenses, net of reinsurance	36,784
Reinsurance recoverable on unpaid losses [Abstract]
Total reinsurance recoverable on unpaid losses	6,260
Automobile Physical Damage [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid losses, claims and loss adjustment expenses, net of reinsurance	1,964
Reinsurance recoverable on unpaid losses [Abstract]
Total reinsurance recoverable on unpaid losses	3
General Liability [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid losses, claims and loss adjustment expenses, net of reinsurance	3,415
Reinsurance recoverable on unpaid losses [Abstract]
Total reinsurance recoverable on unpaid losses	2,362
Surety [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid losses, claims and loss adjustment expenses, net of reinsurance	2,940
Other Short-Duration Insurance Lines [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid losses, claims and loss adjustment expenses, net of reinsurance	$ 1,666

Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
Reinsurance (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of premiums written, premiums earned and insurance benefits and losses [Abstract]
Direct premiums written	$ 239,687	$ 237,973
Assumed premiums written	23,253	23,275
Ceded premiums written	(77,622)	(77,750)
Net premiums written	185,318	183,498
Direct premiums earned	238,209	237,361
Assumed premiums earned	23,144	22,345
Ceded premiums earned	(77,814)	(77,781)
Net premiums earned	183,539	181,925
Provision for benefits and losses incurred	175,825	206,390
Reinsurance loss recoveries	(55,949)	(67,165)
Total insurance benefits and losses incurred	119,876	139,225
Components of reinsurance recoverables [Abstract]
Recoverable on unpaid losses	17,600	18,339
Recoverable on unpaid benefits	9,832	10,772
Recoverable on paid losses	447	1,538
Ceded unearned premiums	963	1,155
Ceded advanced premiums	244	331
Total reinsurance receivables	$ 29,086	$ 32,135
Reinsurance Recoverable [Member] \| Reinsurer Concentration Risk [Member]
Reinsurance Recoverables [Abstract]
Percentage of reinsurance recoverables due from reinsurers	99.60%
General Re Life Corporation [Member] \| Reinsurance Recoverable [Member] \| Reinsurer Concentration Risk [Member]
Reinsurance Recoverables [Abstract]
Reinsurance recoverables due	$ 28,980

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Allocation of total income taxes [Abstract]
Total tax expense (benefit) on income	$ 3,334	$ (21)
Tax expense on components of shareholders' equity [Abstract]
Net unrealized gains on investment securities	3,865	4,783
Total tax expense	7,199	4,762
Reconciliation of income tax expense (benefit) [Abstract]
Federal income tax provision	$ 3,256	$ (86)
Statutory rate	21.00%	21.00%
Dividends-received deduction	$ (12)	$ (23)
Meals & entertainment	20	55
Vested stock & club dues	36	37
Parking disallowance	16	17
Adjustment for prior years' estimates to actual	18	(21)
Income tax expense (benefit)	$ 3,334	$ (21)
Effective tax rate	21.50%	5.20%
Deferred tax assets [Abstract]
Deferred acquisition costs	$ 4,666	$ 2,540
Insurance reserves	2,682	3,323
Impaired assets	822	822
Bad debts and other	326	319
Total deferred tax assets	8,496	7,004
Deferred tax liabilities [Abstract]
Deferred and uncollected premiums	(409)	(328)
Net unrealized investment gains	(9,235)	(6,090)
Other	(153)	(272)
Total deferred tax liabilities	(9,797)	(6,690)
Net deferred tax asset		314
Net deferred tax (liability)	(1,301)
Components of income tax expense [Abstract]
Current - Federal	5,584	892
Deferred - Federal	(2,250)	(913)
Income tax expense (benefit)	$ 3,334	$ (21)
Open tax years	2017 2018 2019

Junior Subordinated Debentures (Details)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2020

USD ($)

Trust

Quarter

$ / shares

Debt Instruments [Abstract]

Number of Connecticut statutory business trusts | Trust

Financial structure of statutory business trusts [Abstract]

Net balance December 31, 2020

$ 33,738

Net balance December 31, 2019

$ 33,738

Junior Subordinated Debentures [Member]

Debt Instruments [Abstract]

Debt instrument, effective interest rate percentage

4.28%

Financial structure of statutory business trusts [Abstract]

Number of consecutive quarters for which interest payments can be deferred | Quarter

Atlantic American Statutory Trust I [Member] | Junior Subordinated Debentures [Member]

Financial structure of statutory business trusts [Abstract]

Balance December 31, 2020

$ 18,042

^[1],[2]

Less: Treasury debt

^[1],[2],[3]

Net balance December 31, 2020

18,042

^[1],[2]

Net balance December 31, 2019

$ 18,042

^[1],[2]

Coupon rate

LIBOR + 4.00%

^[1],[2]

Interest payable

Quarterly

^[1],[2]

Maturity date

Dec. 04, 2032

^[1],[2]

Redeemable by issuer

Yes

^[1],[2]

Atlantic American Statutory Trust I [Member] | Junior Subordinated Debentures [Member] | LIBOR [Member]

Financial structure of statutory business trusts [Abstract]

Basis spread on variable rate

4.00%

Atlantic American Statutory Trust I [Member] | Trust Preferred Securities [Member]

Financial structure of statutory business trusts [Abstract]

Coupon rate

LIBOR + 4.00%

Issuance date

Dec. 04, 2002

Securities issued (in shares) | shares

17,500

Liquidation preference per security (in dollars per share) | $ / shares

$ 1

Liquidation value

$ 17,500

Distribution payable

Quarterly

Distribution guaranteed by

Atlantic American Corporation

^[4]

Atlantic American Statutory Trust I [Member] | Trust Preferred Securities [Member] | LIBOR [Member]

Financial structure of statutory business trusts [Abstract]

Basis spread on variable rate

4.00%

Atlantic American Statutory Trust II [Member] | Junior Subordinated Debentures [Member]

Financial structure of statutory business trusts [Abstract]

Balance December 31, 2020

$ 23,196

^[1],[2]

Less: Treasury debt

(7,500)

^[1],[2],[3]

Net balance December 31, 2020

15,696

^[1],[2]

Net balance December 31, 2019

$ 15,696

^[1],[2]

Coupon rate

LIBOR + 4.10%

^[1],[2]

Interest payable

Quarterly

^[1],[2]

Maturity date

May 15, 2033

^[1],[2]

Redeemable by issuer

Yes

^[1],[2]

Atlantic American Statutory Trust II [Member] | Junior Subordinated Debentures [Member] | LIBOR [Member]

Financial structure of statutory business trusts [Abstract]

Basis spread on variable rate

4.10%

Atlantic American Statutory Trust II [Member] | Trust Preferred Securities [Member]

Financial structure of statutory business trusts [Abstract]

Coupon rate

LIBOR + 4.10%

Issuance date

May 15, 2003

Securities issued (in shares) | shares

22,500

Liquidation preference per security (in dollars per share) | $ / shares

$ 1

Liquidation value

$ 22,500

Distribution payable

Quarterly

Distribution guaranteed by

Atlantic American Corporation

^[4]

Atlantic American Statutory Trust II [Member] | Trust Preferred Securities [Member] | LIBOR [Member]

Financial structure of statutory business trusts [Abstract]

Basis spread on variable rate

4.10%

[1]	For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures' respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company's common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities.
[2]	The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries.
[3]	In 2014, the Company acquired $7,500 of the Junior Subordinated Debentures.
[4]	The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation.

Leases (Details) $ in Thousands	12 Months Ended
Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($) Lease	Dec. 31, 2019 USD ($)
Lease description [Abstract]
Number of operating lease agreements \| Lease	2
Lease expense	$ 1,014	$ 1,014
Other information on operating leases [Abstract]
Cash payments included in the measurement of lease liabilities reported in operating cash flows	978	815
Right-of-use assets included in other assets on the consolidated balance sheet	$ 4,832	$ 5,476
Weighted average discount rate	6.80%	6.80%
Weighted average remaining lease term in years	5 years 10 months 24 days	6 years 10 months 24 days
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Maturities and present value of lease liabilities [Abstract]
2021	$ 1,015
2022	1,031
2023	1,048
2024	1,065
2025	1,083
Thereafter	942
Total undiscounted lease payments	6,184
Less: present value adjustment	1,116
Operating lease liability included in accounts payable and accrued expenses on the condensed consolidated balance sheet	$ 5,068
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Second Lease [Member]
Lease description [Abstract]
Lease term	10 years
Renewal option period	7 years

Benefit Plans (Details) - 2012 Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Abstract]
Number of shares authorized for issuance (in shares)	2,000,000
Shares available for future grant (in shares)	935,200	920,200
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Abstract]
Options granted (in shares)	0	0
Options outstanding (in shares)	0	0
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Abstract]
Restricted shares issued (in shares)	20,000	355,000
Estimated fair value of shares issued	$ 38	$ 948
Restricted shares forfeited (in shares)	35,000
Estimated fair value of shares forfeited	$ 98
Restricted Stock [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Abstract]
Vesting period	1 year
Restricted Stock [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Abstract]
Vesting period	3 years

Benefit Plans, 401(k) Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
401(k) Plan [Abstract]
Maximum percentage of compensation employees may defer	50.00%
Total matching contribution	$ 231	$ 230
Employer maximum contribution to plan	35.00%	35.00%
Percentage of participants contribution	6.00%	6.00%
Safe harbor non-elective contribution	3.00%	3.00%
Safe harbor non-elective contribution	$ 520	$ 524
Employer contribution graded vesting period	5 years

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Preferred Stock [Abstract]
Preferred Stock, outstanding (in shares)	55,000	55,000
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Series D Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred Stock, outstanding (in shares)	55,000	55,000
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, redemption value (in dollars per share)	100	100
Accrued annual dividends rate (in dollars per share)	$ 7.25	$ 7.25
Number of preferred stock shares convertible to common shares (in shares)	1,378,000	1,378,000
Maximum number of common stock issuable from conversion of preference shares, without obtaining prior shareholder approval (in shares)	2,703,000	2,703,000
Dividends accrued but unpaid	$ 18	$ 18
Dividends paid on preferred stock	$ 399	$ 399

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Basic Earnings Per Common Share [Abstract]
Net income (loss) before preferred stock dividends	$ 12,169	$ (386)
Less preferred stock dividends	(399)	(399)
Net income (loss) applicable to common shareholders	11,770	$ (785)
Diluted Earnings Per Common Share [Abstract]
Net income (loss) applicable to common shareholders, Diluted	$ 12,169
Weighted Average Shares [Abstract]
Weighted average shares outstanding, Basic and Diluted (in shares)		20,258
Weighted average shares outstanding, Basic (in shares)	20,441
Weighted average shares outstanding, Diluted (in shares)	21,819
Per Share Amount [Abstract]
Net income (loss) applicable to common shareholders, Basic and Diluted (in dollars per share)		$ (0.04)
Net income (loss) applicable to common shareholders, Basic (in dollars per share)	$ 0.58	(0.04)
Net income (loss) applicable to common shareholders, Diluted (in dollars per share)	$ 0.56	$ (0.04)
Series D Preferred Stock [Member]
Diluted Earnings Per Common Share [Abstract]
Effect of Series D preferred stock	$ 399
Weighted Average Shares [Abstract]
Effect of Series D preferred stock (in shares)	1,378

Statutory Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
Statutory Reporting (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statutory Net Income and Surplus [Abstract]
Dividends received from its subsidiaries	$ 3,900	$ 4,800
Maximum dividend payments by insurance subsidiaries without requiring prior approval	9,589
Statutory Accounting Practices [Member]
Statutory Net Income and Surplus [Abstract]
Statutory net income (loss)	16,287	(4,731)
Statutory surplus	92,520	81,373
Statutory Accounting Practices [Member] \| Bankers Fidelity [Member]
Statutory Net Income and Surplus [Abstract]
Statutory net income (loss)	7,712	(9,509)
Statutory surplus	42,326	35,546
Statutory Accounting Practices [Member] \| American Southern [Member]
Statutory Net Income and Surplus [Abstract]
Statutory net income (loss)	8,575	4,778
Statutory surplus	$ 50,194	$ 45,827

Related Party Transactions (Details) $ in Thousands	12 Months Ended
Related Party Transactions (Details) $ in Thousands	Dec. 31, 2020 USD ($) ft² Director shares	Dec. 31, 2019 USD ($) shares
Related Party Transaction [Abstract]
Number of board of directors \| Director	2
Payment of dividends on Series D Preferred Stock	$ 399	$ 399
Series D Preferred Stock [Member]
Related Party Transaction [Abstract]
Payment of dividends on Series D Preferred Stock	$ 399	399
Gray Television, Inc [Member]
Related Party Transaction [Abstract]
Office and covered garage space leased \| ft²	49,586
Rental expense for operating leases	$ 939	908
Remaining fractional interest in aircraft arrangement transferred to related party		151
Members of Management [Member]
Related Party Transaction [Abstract]
Aggregate carrying value of investments in Gray	16,606	19,764
Premiums paid by Gray for employee benefit plans	$ 1,038	$ 1,022
Members of Management [Member] \| Class A common stock [Member]
Related Party Transaction [Abstract]
Shares of Gray common stock owned (in shares) \| shares	880,272	880,272
Members of Management [Member] \| Common Stock [Member]
Related Party Transaction [Abstract]
Shares of Gray common stock owned (in shares) \| shares	106,000	106,000

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenue and income (loss) before income taxes for each business unit [Abstract]
Insurance premiums, net	$ 183,539	$ 181,925
Insurance benefits and losses incurred	119,876	139,225
Expenses deferred	(20,143)	(19,055)
Amortization and depreciation expense	20,373	18,284
Other expenses	59,739	60,132
Total benefits and expenses	179,845	198,586
Underwriting income (loss)	10,082	(10,005)
Net investment income	7,744	8,979
Other income	76	190
Operating income (loss)	11,514	(7,492)
Net realized gains (losses)	7,420	1,574
Unrealized gains (losses) on equity securities	(3,431)	5,511
Income (loss) before income taxes	15,503	(407)
Total revenues	195,348	198,179
Intangibles	2,544	2,544
Total assets	405,187	377,626
Operating Segments [Member] \| American Southern [Member]
Revenue and income (loss) before income taxes for each business unit [Abstract]
Insurance premiums, net	62,372	58,680
Insurance benefits and losses incurred	39,339	39,541
Expenses deferred	(9,910)	(8,761)
Amortization and depreciation expense	9,772	9,024
Other expenses	19,542	16,869
Total benefits and expenses	58,743	56,673
Underwriting income (loss)	3,629	2,007
Net investment income	3,586	3,689
Other income	37	75
Operating income (loss)	7,252	5,771
Net realized gains (losses)	3,389	(386)
Unrealized gains (losses) on equity securities	(205)	344
Income (loss) before income taxes	10,436	5,729
Total revenues	69,179	62,402
Intangibles	1,350	1,350
Total assets	158,808	141,524
Operating Segments [Member] \| Bankers Fidelity [Member]
Revenue and income (loss) before income taxes for each business unit [Abstract]
Insurance premiums, net	121,167	123,245
Insurance benefits and losses incurred	80,537	99,684
Expenses deferred	(10,233)	(10,294)
Amortization and depreciation expense	10,007	8,709
Other expenses	34,403	37,158
Total benefits and expenses	114,714	135,257
Underwriting income (loss)	6,453	(12,012)
Net investment income	4,971	5,317
Other income	11	18
Operating income (loss)	11,435	(6,677)
Net realized gains (losses)	4,031	840
Unrealized gains (losses) on equity securities	(3,036)	2,191
Income (loss) before income taxes	12,430	(3,646)
Total revenues	127,144	131,611
Intangibles	1,194	1,194
Total assets	236,197	224,122
Corporate and Other [Member]
Revenue and income (loss) before income taxes for each business unit [Abstract]
Insurance premiums, net	0	0
Insurance benefits and losses incurred	0	0
Expenses deferred	0	0
Amortization and depreciation expense	594	551
Other expenses	14,526	15,939
Total benefits and expenses	15,120	16,490
Net investment income	1,174	2,597
Other income	6,773	7,307
Operating income (loss)	(7,173)	(6,586)
Net realized gains (losses)	0	1,120
Unrealized gains (losses) on equity securities	(190)	2,976
Income (loss) before income taxes	(7,363)	(2,490)
Total revenues	7,757	14,000
Intangibles	0	0
Total assets	183,178	154,687
Adjustments & Eliminations [Member]
Revenue and income (loss) before income taxes for each business unit [Abstract]
Insurance premiums, net	0	0
Insurance benefits and losses incurred	0	0
Expenses deferred	0	0
Amortization and depreciation expense	0	0
Other expenses	(8,732)	(9,834)
Total benefits and expenses	(8,732)	(9,834)
Net investment income	(1,987)	(2,624)
Other income	(6,745)	(7,210)
Operating income (loss)	0	0
Net realized gains (losses)	0	0
Unrealized gains (losses) on equity securities	0	0
Income (loss) before income taxes	0	0
Total revenues	(8,732)	(9,834)
Intangibles	0	0
Total assets	$ (172,996)	$ (142,707)

Subsequent Events (Details) - $ / shares		12 Months Ended
Subsequent Events (Details) - $ / shares	Mar. 23, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Dividends declared on common stock per share (in dollars per share)		$ 0	$ 0.02
Subsequent Events [Member]
Subsequent Event [Line Items]
Dividends declared, date declared	Mar. 23, 2021
Dividends declared on common stock per share (in dollars per share)	$ 0.02
Dividends declared, date payable	Apr. 13, 2021

Schedule II CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

ASSETS [Abstract]

Cash and cash equivalents

$ 19,319

$ 12,893

Investments

279,311

268,637

Investments in unconsolidated trusts

1,238

Other assets

7,804

9,108

Total assets

405,187

377,626

LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]

Deferred income taxes, net

1,301

Other payables

26,412

23,588

Junior subordinated debentures

33,738

Total liabilities

260,127

259,232

Shareholders' equity

145,060

118,394

Total liabilities and shareholders' equity

405,187

377,626

REVENUE [Abstract]

Unrealized gains (losses) on equity securities, net

(3,431)

5,511

Other

190

Total revenue

195,348

198,179

INTEREST EXPENSE

1,610

2,130

INCOME TAX BENEFIT

(3,334)

Net income (loss)

12,169

(386)

CASH FLOWS FROM OPERATING ACTIVITIES [Abstract]

Net Income (loss)

12,169

(386)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Realized investment gains, net

(7,420)

(1,574)

Unrealized (gains) losses on equity securities, net

3,431

(5,511)

Depreciation and amortization

980

996

Compensation expense related to share awards

437

353

Distributions received from equity method investees

379

Deferred income tax benefit

(2,250)

(913)

Increase in accounts payable and accrued expenses

2,324

3,472

Other, net

1,931

(5,005)

Net cash provided by (used in) operating activities

8,971

(1,807)

CASH FLOWS FROM INVESTING ACTIVITIES [Abstract]

Investments purchased

(27,489)

(124,029)

Additions to property and equipment

(233)

(69)

Net cash (used in) provided by investing activities

(2,064)

3,009

CASH FLOWS FROM FINANCING ACTIVITIES [Abstract]

Payment of dividends on Series D preferred stock

(399)

Payment of dividends on common stock

(403)

Proceeds from shares issued under stock plans

Treasury stock acquired - share repurchase authorization

(71)

Treasury stock acquired - net employee share-based compensation

(91)

(92)

Net cash used in financing activities

(481)

(939)

Net increase in cash

6,426

263

Cash and cash equivalents at beginning of year

12,893

12,630

Cash and cash equivalents at end of year

19,319

12,893

Supplemental disclosure [Abstract]

Cash paid for interest

1,665

2,155

Cash paid for income taxes

3,883

1,662

Parent Company [Member]

ASSETS [Abstract]

Cash and cash equivalents

2,090

2,068

Investments

2,598

3,267

Investment in subsidiaries

172,996

142,707

Investments in unconsolidated trusts

1,238

Income taxes receivable from subsidiaries

1,683

2,304

Other assets

4,311

5,126

Total assets

184,916

156,710

LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract]

Deferred income taxes, net

1,765

346

Other payables

4,353

4,232

Junior subordinated debentures

33,738

Total liabilities

39,856

38,316

Shareholders' equity

145,060

118,394

Total liabilities and shareholders' equity

184,916

156,710

REVENUE [Abstract]

Fee income from subsidiaries

6,745

7,210

Distributed earnings from subsidiaries

3,900

4,800

Unrealized gains (losses) on equity securities, net

(191)

2,976

Other

(784)

1,190

Total revenue

9,670

16,176

GENERAL AND ADMINISTRATIVE EXPENSES

11,521

11,731

INTEREST EXPENSE

1,610

2,130

Earnings before tax and equity in undistributed earnings (losses) of subsidiaries

(3,461)

2,315

INCOME TAX BENEFIT

^[1]

(3,623)

(2,035)

Earnings after tax but before equity in undistributed earnings (losses) of subsidiaries

162

4,350

EQUITY IN UNDISTRIBUTED EARNINGS (LOSS) OF SUBSIDIARIES, NET

12,007

(4,736)

Net income (loss)

12,169

(386)

CASH FLOWS FROM OPERATING ACTIVITIES [Abstract]

Net Income (loss)

12,169

(386)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Realized investment gains, net

(1,120)

Unrealized (gains) losses on equity securities, net

191

(2,976)

Depreciation and amortization

594

552

Compensation expense related to share awards

437

353

Distributions received from equity method investees

Equity in undistributed (earnings) loss of subsidiaries, net

(12,007)

4,736

Decrease in intercompany taxes

622

551

Deferred income tax benefit

(2,446)

(913)

Increase in accounts payable and accrued expenses

121

2,360

Other, net

917

(2,314)

Net cash provided by (used in) operating activities

598

894

CASH FLOWS FROM INVESTING ACTIVITIES [Abstract]

Proceeds from investments sold, called or matured

3,574

Investments purchased

(1,060)

Capital contribution to subsidiaries

(3,500)

Additions to property and equipment

(95)

(44)

Net cash (used in) provided by investing activities

(95)

(1,030)

CASH FLOWS FROM FINANCING ACTIVITIES [Abstract]

Payment of dividends on Series D preferred stock

(399)

Payment of dividends on common stock

(403)

Proceeds from shares issued under stock plans

Treasury stock acquired - share repurchase authorization

(71)

Treasury stock acquired - net employee share-based compensation

(91)

(92)

Net cash used in financing activities

(481)

(938)

Net increase in cash

(1,074)

Cash and cash equivalents at beginning of year

2,068

3,142

Cash and cash equivalents at end of year

2,090

2,068

Supplemental disclosure [Abstract]

Cash paid for interest

1,665

2,155

Cash paid for income taxes

3,883

1,662

Intercompany tax settlement from subsidiaries

$ 1,798

$ 3,335

[1]

Under the terms of a tax-sharing agreement, income tax provisions for the subsidiary companies are computed on a separate company basis. Accordingly, the Company's income tax benefit results from the utilization of the Parent's separate return loss to reduce the consolidated taxable income of the Company.

Schedule III SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Supplementary Insurance Information by Segment [Abstract]

Deferred Acquisition Costs

$ 39,611

$ 38,861

Future Policy Benefits, Losses, Claims and Loss Reserves

170,019

^[1]

173,938

^[2]

Unearned Premiums

27,131

26,035

Other Policy Claims and Benefits Payable

1,526

1,933

Liability for future policy benefits

90,872

92,490

Losses and claims

79,147

81,448

$ 72,612

Premium Revenue

183,539

181,925

Net Investment Income

7,744

8,979

Benefits, Claims, Losses and Settlement Expenses

119,876

139,225

Amortization of Deferred Acquisition Costs

19,393

17,288

Other Operating Expenses

40,576

42,073

Casualty Premiums Written

64,366

60,328

Bankers Fidelity [Member]

Supplementary Insurance Information by Segment [Abstract]

Deferred Acquisition Costs

37,312

36,882

Future Policy Benefits, Losses, Claims and Loss Reserves

115,136

121,657

Unearned Premiums

4,199

4,606

Other Policy Claims and Benefits Payable

1,526

1,933

Premium Revenue

121,167

123,245

Net Investment Income

4,971

5,317

Benefits, Claims, Losses and Settlement Expenses

80,537

99,684

Amortization of Deferred Acquisition Costs

9,803

8,459

Other Operating Expenses

24,374

27,114

Casualty Premiums Written

American Southern [Member]

Supplementary Insurance Information by Segment [Abstract]

Deferred Acquisition Costs

2,299

1,979

Future Policy Benefits, Losses, Claims and Loss Reserves

54,883

52,281

Unearned Premiums

22,932

21,429

Other Policy Claims and Benefits Payable

Premium Revenue

62,372

58,680

Net Investment Income

3,586

3,689

Benefits, Claims, Losses and Settlement Expenses

39,339

39,541

Amortization of Deferred Acquisition Costs

9,590

8,829

Other Operating Expenses

9,814

8,303

Casualty Premiums Written

64,366

60,328

Corporate and Other [Member]

Supplementary Insurance Information by Segment [Abstract]

Premium Revenue

Net Investment Income

(813)

(27)

Benefits, Claims, Losses and Settlement Expenses

Amortization of Deferred Acquisition Costs

Other Operating Expenses

6,388

6,656

Casualty Premiums Written

$ 0

[1]	Includes future policy benefits of $90,872 and losses and claims of $79,147.
[2]	Includes future policy benefits of $92,490 and losses and claims of $81,448.

Schedule IV REINSURANCE (Details) - USD ($) $ in Thousands	12 Months Ended
Schedule IV REINSURANCE (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Life Insurance in Force [Abstract]
Direct Amount	$ 294,392	$ 257,731
Ceded To Other Companies	(11,032)	(11,449)
Assumed From Other Companies	0	0
Net Amounts	283,360	246,282
Premiums [Abstract]
Direct Amount	238,209	237,361
Ceded To Other Companies	(77,814)	(77,781)
Assumed From Other Companies	23,144	22,345
Net premiums earned	$ 183,539	$ 181,925
Percentage of Amount Assumed to Net	12.60%	12.80%
Bankers Fidelity [Member]
Premiums [Abstract]
Direct Amount	$ 193,082	$ 195,481
Ceded To Other Companies	(71,924)	(72,261)
Assumed From Other Companies	9	25
Net premiums earned	$ 121,167	$ 123,245
Percentage of Amount Assumed to Net	0.00%	0.00%
American Southern [Member]
Premiums [Abstract]
Direct Amount	$ 45,127	$ 41,880
Ceded To Other Companies	(5,890)	(5,520)
Assumed From Other Companies	23,135	22,320
Net premiums earned	$ 62,372	$ 58,680
Percentage of Amount Assumed to Net	37.10%	39.60%

Schedule VI SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule VI SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS [Abstract]
Deferred Policy Acquisition Costs	$ 2,299	$ 1,979
Reserves	54,883	52,281
Unearned Premiums	22,932	21,429
Earned Premiums	62,372	58,680
Net Investment Income	3,586	3,689
Claims and Claim Adjustment Expenses Incurred Related To Current Year	39,859	40,361
Claims and Claim Adjustment Expenses Incurred Related To Prior Years	(520)	(820)
Amortization of Deferred Acquisition Costs	9,590	8,829
Paid Claims and Claim Adjustment Expenses	37,645	37,905
Premiums Written	$ 64,366	$ 60,328