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☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Iowa						45-2302834
(State of incorporation)						(I.R.S. Employer Identification No.)

118 Second Avenue SE
Cedar Rapids			Iowa			52401
(Address of principal executive offices) (Zip Code)

Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock, $0.001 par value			UFCS			The NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐

No ☒

As of November 2, 2020, 25,031,234 shares of common stock were outstanding.

			Page
Forward-Looking Information			1
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets as of September 30, 2020 (unaudited) and December 31, 2019			2
Consolidated Statements of Income and Comprehensive Income (unaudited) for the three- and nine-month periods ended September 30, 2020 and 2019			3
Consolidated Statement of Stockholders’ Equity (unaudited) for the three- and nine-month periods ended September 30, 2020 and 2019			4
Consolidated Statements of Cash Flows (unaudited) for the three- and nine-month periods ended September 30, 2020 and 2019			6
Notes to Unaudited Consolidated Financial Statements			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			37
Item 3. Quantitative and Qualitative Disclosures About Market Risk			54
Item 4. Controls and Procedures			54
Part II. Other Information
Item 1. Legal Proceedings			55
Item 1A. Risk Factors			55
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			55
Item 3. Defaults Upon Senior Securities			55
Item 4. Mine Safety Disclosures			55
Item 5. Other Information			56
Item 6. Exhibits			57
Signatures			58

•The frequency and severity of claims, including those related to catastrophe losses and the impact those claims have on our loss reserve adequacy; the occurrence of catastrophic events, including international events, significant severe weather conditions, climate change, acts of terrorism, acts of war and pandemics, including the ongoing impact of the novel coronavirus (COVID-19) pandemic;

•The adequacy of our reserves for property and casualty insurance losses and loss settlement expenses;

•Geographic concentration risk in our property and casualty insurance business;

•The potential disruption of our operations and reputation due to unauthorized data access, cyber-attacks or cyber-terrorism and other security breaches;

•Developments in general economic conditions, domestic and global financial markets, interest rates and other-than-temporary impairment losses that could affect the performance of our investment portfolio;

•Litigation or regulatory actions that could require us to pay significant damages, fines or penalties or change the way we do business;

•Our ability to effectively underwrite and adequately price insured risks;

•Changes in industry trends, an increase in competition and significant industry developments;

•Lowering of one or more of the financial strength ratings of our operating subsidiaries or our issuer credit ratings and the adverse impact such action may have on our premium writings, policy retention, profitability and liquidity;

•Governmental actions, policies and regulations, including, but not limited to, domestic health care reform, financial services regulatory reform, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and other federal stimulus relief legislation, corporate governance, new laws or regulations or court decisions interpreting existing laws and regulations or policy provisions; changes in laws, regulations and stock exchange requirements relating to corporate governance and the cost of compliance;

•Our relationship with and the financial strength of our reinsurers; and

•Competitive, legal, regulatory or tax changes that affect the distribution cost or demand for our products through our independent agent/agency distribution network.

United Fire Group, Inc. Consolidated Balance Sheets

(In Thousands, Except Share Data)			September 30, 2020						December 31, 2019
			(unaudited)
ASSETS
Investments
Fixed maturities
Available-for-sale, at fair value (amortized cost $1,612,626 in 2020 and $1,659,760 in 2019; allowance for credit losses $8 in 2020 and $— in 2019)			$	1,717,039					$	1,719,607
Trading securities, at fair value (amortized cost $12,258 in 2020 and $11,941 in 2019)			14,811						15,256
Equity securities at fair value (cost $61,467 in 2020 and $67,529 in 2019)			198,791						299,203
Mortgage loans			47,809						42,520
Less: allowance for mortgage loan losses			76						72
Mortgage loans, net			47,733						42,448
Other long-term investments			62,903						78,410
Short-term investments			175						175
			2,041,452						2,155,099
Cash and cash equivalents			99,604						120,722
Accrued investment income			15,028						15,182
Premiums receivable (net of allowance for doubtful accounts of $812 in 2020 and $1,239 in 2019)			352,150						357,632
Deferred policy acquisition costs			94,223						94,292
Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $54,145 in 2020 and $50,183 in 2019)			127,990						116,989
Reinsurance receivables and recoverables (net of allowance for credit losses of $241 in 2020 and $— in 2019)			199,920						72,369
Prepaid reinsurance premiums			12,284						9,550
Goodwill and intangible assets			6,920						22,542
Income taxes receivable			57,388						19,190
Other assets			41,521						29,905
TOTAL ASSETS			$	3,048,480					$	3,013,472
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future policy benefits and losses, claims and loss settlement expenses
Losses and loss settlement expenses			$	1,555,083					$	1,421,754
Unearned premiums			499,730						505,162
Accrued expenses and other liabilities			156,874						155,498
Deferred tax liability			16,511						20,586
TOTAL LIABILITIES			$	2,228,198					$	2,103,000
Stockholders’ Equity
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,031,234 and 25,015,963 shares issued and outstanding in 2020 and 2019, respectively			$	25					$	25
Additional paid-in capital			200,849						200,179
Retained earnings			568,501						697,116
Accumulated other comprehensive income, net of tax			50,907						13,152
TOTAL STOCKHOLDERS’ EQUITY			$	820,282					$	910,472
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			$	3,048,480					$	3,013,472

			Three Months Ended September 30,												Nine Months Ended September 30,
(In Thousands, Except Share Data)			2020						2019						2020						2019
Revenues
Net premiums earned			$	259,061					$	274,942					$	791,519					$	813,742
Investment income, net of investment expenses			7,244						13,291						22,303						43,923
Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $54 and $13 in 2020 and $130 and $257 in 2019; previously included in accumulated other comprehensive income)			15,212						9,822						(62,416)						50,126
Other income			604						—						6,323						—
Total revenues			$	282,121					$	298,055					$	757,729					$	907,791
Benefits, Losses and Expenses
Losses and loss settlement expenses			$	234,693					$	211,752					$	626,169					$	596,001
Amortization of deferred policy acquisition costs			52,095						54,828						158,440						161,842
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,072 and $3,217 in 2020 and $1,124 and $3,372 in 2019; previously included in accumulated other comprehensive income)			35,470						36,003						114,020						104,370
Goodwill impairment			15,091						—						15,091						—
Total benefits, losses and expenses			$	337,349					$	302,583					$	913,720					$	862,213
Income (loss) before income taxes			$	(55,228)					$	(4,528)					$	(155,991)					$	45,578
Federal income tax expense (benefit) (includes reclassifications of $213 and $672 in 2020 and $209 and $654 in 2019; previously included in accumulated other comprehensive income)			(17,987)						(2,186)						(52,176)						7,595
Net Income (loss)			$	(37,241)					$	(2,342)					$	(103,815)					$	37,983
Other comprehensive income (loss)
Change in net unrealized appreciation on investments			$	4,116					$	15,410					$	44,586					$	77,360
Change in liability for underfunded employee benefit plans			—						—						—						—
Other comprehensive income, before tax and reclassification adjustments			$	4,116					$	15,410					$	44,586					$	77,360
Income tax effect			(864)						(3,237)						(9,363)						(16,246)
Other comprehensive income, after tax, before reclassification adjustments			$	3,252					$	12,173					$	35,223					$	61,114
Reclassification adjustment for net realized investment (gains) losses included in income			$	(54)					$	(130)					$	(13)					$	(257)
Reclassification adjustment for employee benefit costs included in expense			1,072						1,124						3,217						3,372
Total reclassification adjustments, before tax			$	1,018					$	994					$	3,204					$	3,115
Income tax effect			(213)						(209)						(672)						(654)
Total reclassification adjustments, after tax			$	805					$	785					$	2,532					$	2,461
Comprehensive income (loss)			$	(33,184)					$	10,616					$	(66,060)					$	101,558
Diluted weighted average common shares outstanding			25,031,234						25,176,334						25,023,401						25,643,744
Earnings (loss) per common share:
Basic			$	(1.49)					$	(0.09)					$	(4.15)					$	1.51
Diluted			(1.49)						(0.09)						(4.15)						1.48

			Common Stock
(In Thousands, Except Share Data)			Shares outstanding			Common stock			Additional paid-in capital			Retaining Earnings			Accumulated other comprehensive income			Total
Balance, January 1, 2020			25,015,963			$	25		$	200,179		$	697,116		$	13,152		$	910,472
Net income (loss)			—			—			—			(72,534)			—			(72,534)
Shares repurchased			(70,467)			—			(2,741)			—			—			(2,741)
Stock based compensation			70,597			—			879			—			—			879
Dividends on common stock ($0.33 per share)			—			—			—			(8,249)			—			(8,249)
Change in net unrealized investment appreciation(1)			—			—			—			—			4,500			4,500
Change in liability for underfunded employee benefit plans(2)			—			—			—			—			847			847
Cumulative effect of change in accounting principle			—			—			—			(30)			—			(30)
Balance, March 31, 2020			25,016,093			$	25		$	198,317		$	616,303		$	18,499		$	833,144
Net income			—			$	—		$	—		$	5,960		$	—		$	5,960
Stock based compensation			15,141			—			1,479			—			—			1,479
Dividends on common stock ($0.33 per share)			—			—			—			(8,267)			—			(8,267)
Change in net unrealized investment appreciation(1)			—			—			—			—			27,504			27,504
Change in liability for underfunded employee benefit plans(2)			—			—			—			—			847			847
Balance, June 30, 2020			25,031,234			$	25		$	199,796		$	613,996		$	46,850		$	860,667
Net income (loss)			—			$	—		$	—		$	(37,241)		$	—		$	(37,241)
Stock based compensation			—			—			1,053			—			—			1,053
Dividends on common stock ($0.33 per share)			—			—			—			(8,254)			—			(8,254)
Change in net unrealized investment appreciation(1)			—			—			—			—			3,209			3,209
Change in liability for underfunded employee benefit plans(2)			—			—			—			—			848			848
Balance, September 30, 2020			25,031,234			$	25		$	200,849		$	568,501		$	50,907		$	820,282

			Common Stock
(In Thousands, Except Share Data)			Shares outstanding			Common stock			Additional paid-in capital			Retaining Earnings			Accumulated other comprehensive income			Total
Balance, January 1, 2019			25,097,408			$	25		$	203,350		$	715,472		$	(30,472)		$	888,375
Net income			—			—			—			44,521			—			44,521
Stock based compensation			70,414			—			3,438			—			—			3,438
Dividends on common stock $0.31 per share)			—			—			—			(7,797)			—			(7,797)
Change in net unrealized investment appreciation(1)			—			—			—			—			26,279			26,279
Change in liability for underfunded employee benefit plans(2)			—			—			—			—			888			888
Cumulative effect of change in accounting principle			—			—			—			(513)			—			(513)
Balance, March 31, 2019			25,167,822			$	25		$	206,788		$	751,683		$	(3,305)		$	955,191
Net income (loss)			$	—		$	—		$	—		$	(4,196)		$	—		$	(4,196)
Shares repurchased			(1,507)			—			(69)			—			—			(69)
Stock based compensation			78,885			—			2,252			—			—			2,252
Dividends on common stock $0.33 per share)			—			—			—			(8,325)			—			(8,325)
Change in net unrealized investment appreciation(1)			—			—			—			—			22,562			22,562
Change in liability for underfunded employee benefit plans(2)			—			—			—			—			888			888
Balance, June 30, 2019			25,245,200			$	25		$	208,971		$	739,162		$	20,145		$	968,303
Net income (loss)			$	—		$	—		$	—		$	(2,342)		$	—		$	(2,342)
Shares repurchased			(177,249)			—			(8,058)			—			—			(8,058)
Stock based compensation			13,775			—			1,591			—			—			1,591
Dividends on common stock $0.33 per share)			—			—			—			(8,284)			—			(8,284)
Change in net unrealized investment appreciation(1)			—			—			—			—			12,070			12,070
Change in liability for underfunded employee benefit plans(2)			—			—			—			—			888			888
Balance, September 30, 2019			25,081,726			$	25		$	202,504		$	728,536		$	33,103		$	964,168

			Nine Months Ended September 30,
(In Thousands)			2020						2019
Cash Flows From Operating Activities
Net income (loss)			$	(103,815)					$	37,983
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Net accretion of bond premium			7,719						7,074
Depreciation and amortization			5,009						4,235
Goodwill impairment			15,091						—
Stock-based compensation expense			3,979						5,248
Net realized investment (gains) losses			62,416						(50,126)
Net cash flows from equity and trading investments			37,552						911
Deferred income tax benefit			(21,824)						8,829
Changes in:
Accrued investment income			154						170
Premiums receivable			5,482						(40,792)
Deferred policy acquisition costs			69						(5,704)
Reinsurance receivables			(127,551)						3,664
Prepaid reinsurance premiums			(2,734)						(887)
Income taxes receivable			(38,198)						3,029
Other assets			(11,616)						(17,645)
Losses and loss settlement expenses			133,329						48,056
Unearned premiums			(5,432)						35,296
Accrued expenses and other liabilities			4,593						16,821
Deferred income taxes			7,713						(434)
Other, net			15,196						437
Cash from operating activities			90,947						18,182
Net cash provided by (used in) operating activities			$	(12,868)					$	56,165
Cash Flows From Investing Activities
Proceeds from sale of available-for-sale investments			$	16,907					$	36,490
Proceeds from call and maturity of available-for-sale investments			239,438						206,478
Proceeds from sale of other investments			5,391						3,607
Purchase of investments in mortgage loans			(5,564)						(10,723)
Purchase of investments available-for-sale			(216,001)						(151,528)
Purchase of other investments			(4,829)						(16,939)
Purchase of property and equipment			$	(15,506)					(27,796)
Net cash provided by investing activities			19,836						39,589
Cash Flows From Financing Activities
Issuance of common stock			$	(568)					$	2,033
Repurchase of common stock			(2,741)						(8,127)
Payment of cash dividends			(24,777)						(24,406)
Net cash used in financing activities			$	(28,086)					(30,500)
Net Change in Cash and Cash Equivalents			$	(21,118)					$	65,254
Cash and Cash Equivalents at Beginning of Period			120,722						64,454
Cash and Cash Equivalents at End of Period			$	99,604					$	129,708

For the nine-month periods ended September 30, 2020 and 2019, we made payments for income taxes totaling $125 and $1,556, respectively. We did not receive a tax refund during the nine-month period ended September 30, 2020 and we received a tax refund of $5,401 during the nine-month period ended September 30, 2019.

			Total
Recorded asset at beginning of period			$	94,292
Underwriting costs deferred			158,371
Amortization of deferred policy acquisition costs			(158,440)
Recorded asset at September 30, 2020			$	94,223

We reported consolidated federal income tax benefit of $52,176 for the nine-month period ended September 30, 2020 compared to income tax expense of $7,595 during the same period of 2019. Our effective tax rate is different than the federal statutory rate of 21 percent, due principally to the impact of the provisions of the CARES Act.

The Company and certain related parties are equity investors in one investment in which the Company determined is a variable interest entity ("VIE") as a result of participation in the risks and rewards of the VIE based on the objectives and strategies of the VIE. The VIE is a limited liability company that primarily invests in commercial real estate. The Company and certain related parties are not the primary beneficiary largely due to their inability to influence management or direct the activities that most significantly impact the VIE's economic performance. Based on these facts and circumstances, the Company has a variable interest in the VIE, but has not consolidated the VIE's financial results as it is not the primary beneficiary. The Company's investment is reported in other long-term investments in the Consolidated Balance Sheets and accounted for under the equity method of accounting. The fair value of the VIE at September 30, 2020 was $3,638 and there are no future funding commitments.

For reinsurance receivables, the Company's model estimates expected credit loss by multiplying the exposure at default by both the probability of default and loss given default ("LGD"). The LGD is estimated by the rating of the Company, historical relationship with UFG, existence of letters of credit and known regulation the Company may be held accountable for. The ultimate LGD percentage is estimated after considering Moody’s experience with unsecured year 1 bond recovery rates from 1983-2017. The allowance calculated as of September 30, 2020 is recorded through the line "Reinsurance receivables and recoverables" in the Consolidated Balance Sheets and through the line "Other underwriting expenses" in the Consolidated Statements of Income and Other Comprehensive Income. As of September 30, 2020, the Company had a credit loss allowance for reinsurance receivables of $241.

Rollforward of credit loss allowance for reinsurance receivable:
						As of
						September 30, 2020
Beginning balance, January 1, 2020						$	38
Current-period provision for expected credit losses						203
Write-off charged against the allowance, if any						—
Recoveries of amounts previously written off, if any						—
Ending balance of the allowance for reinsurance receivable, September 30, 2020						$	241

September 30, 2020
Type of Investment			Cost or Amortized Cost						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value						Allowance for Credit Losses						Carrying Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury			$	53,877					$	730					$	8					$	54,599					$	—					$	54,599
U.S. government agency			60,503						4,457						—						64,960						—						64,960
States, municipalities and political subdivisions
General obligations:
Midwest			79,872						4,106						—						83,978						—						83,978
Northeast			29,124						1,426						—						30,550						—						30,550
South			105,290						5,295						—						110,585						—						110,585
West			102,772						7,175						—						109,947						—						109,947
Special revenue:
Midwest			126,251						8,590						—						134,841						—						134,841
Northeast			58,287						4,557						—						62,844						—						62,844
South			220,904						17,446						—						238,350						—						238,350
West			133,934						9,168						—						143,102						—						143,102
Foreign bonds			26,413						1,835						230						28,018						—						28,018
Public utilities			77,147						7,155						—						84,302						—						84,302
Corporate bonds
Energy			24,912						2,589						—						27,501						—						27,501
Industrials			39,558						3,499						—						43,057						—						43,057
Consumer goods and services			45,250						3,790						12						49,028						—						49,028
Health care			6,674						895						—						7,569						—						7,569
Technology, media and telecommunications			37,241						4,330						—						41,571						—						41,571
Financial services			95,696						7,030						267						102,459						8						102,451
Mortgage-backed securities			14,333						305						109						14,529						—						14,529
Collateralized mortgage obligations
Government national mortgage association			71,992						5,206						1						77,197						—						77,197
Federal home loan mortgage corporation			119,006						3,019						349						121,676						—						121,676
Federal national mortgage association			83,276						2,579						406						85,449						—						85,449
Asset-backed securities			314						621						—						935						—						935
Total Available-for-Sale Fixed Maturities			$	1,612,626					$	105,803					$	1,382					$	1,717,047					$	8					$	1,717,039

December 31, 2019
Type of Investment			Cost or Amortized Cost						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury			$	69,300					$	203					$	12					$	69,491
U.S. government agency			97,962						2,344						104						100,202
States, municipalities and political subdivisions
General obligations:
Midwest			85,607						2,987						—						88,594
Northeast			30,120						1,150						—						31,270
South			111,688						3,515						—						115,203
West			105,569						4,748						—						110,317
Special revenue:
Midwest			133,717						6,175						—						139,892
Northeast			58,665						2,878						—						61,543
South			224,214						10,452						—						234,666
West			138,557						6,287						—						144,844
Foreign bonds			4,936						181						—						5,117
Public utilities			60,950						2,701						—						63,651
Corporate bonds
Energy			28,695						1,429						—						30,124
Industrials			52,249						1,766						—						54,015
Consumer goods and services			47,131						2,335						—						49,466
Health care			8,998						482						—						9,480
Technology, media and telecommunications			25,931						1,739						—						27,670
Financial services			96,613						3,870						230						100,253
Mortgage-backed securities			6,250						127						21						6,356
Collateralized mortgage obligations
Government national mortgage association			78,400						2,053						97						80,356
Federal home loan mortgage corporation			123,572						1,150						220						124,502
Federal national mortgage association			70,322						1,631						108						71,845
Asset-backed securities			314						436						—						750
Total Available-for-Sale Fixed Maturities			$	1,659,760					$	60,639					$	792					$	1,719,607

Maturities
			Available-For-Sale												Trading
September 30, 2020			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less			$	53,911					$	54,386					$	1,957					$	3,935
Due after one year through five years			365,831						388,192						9,221						9,265
Due after five years through 10 years			401,105						433,321						—						—
Due after 10 years			502,858						541,362						1,080						1,611
Asset-backed securities			314						935						—						—
Mortgage-backed securities			14,333						14,529						—						—
Collateralized mortgage obligations			274,274						284,322						—						—
Allowance for credit losses			—						(8)						—						—
			$	1,612,626					$	1,717,039					$	12,258					$	14,811

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Net realized investment gains (losses):
Fixed maturities:
Available-for-sale			$	52					$	129					$	52					$	271
Allowance for credit losses			2						—						(8)						—
Trading securities
Change in fair value			248						43						(760)						2,290
Sales			134						8						(20)						100
Equity securities
Change in fair value			21,962						9,692						(38,876)						46,825
Sales			(7,186)						(50)						(22,772)						655
Mortgage loans allowance for credit losses			—						—						(4)						(15)
Real estate			—						—						(28)						—
Total net realized investment gains (losses)			$	15,212					$	9,822					$	(62,416)					$	50,126

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Proceeds from sales			$	—					$	—					$	16,907					$	36,490
Gross realized gains			—						—						198						30
Gross realized losses			—						—						495						13

Pursuant to an agreement with one of our limited liability partnership investments, we are contractually committed through July 10, 2030 to make capital contributions upon request of the partnership. Our remaining potential contractual obligation was $10,284 at September 30, 2020.

In addition, the Company invested $25,000 in December 2019 in a limited liability partnership investment fund which is subject to a 3-year lockup with a 60 day minimum notice, with 4 possible repurchase dates per year, after the 3-year lockup period is met. The fair value of the investment at September 30, 2020 was $24,035 and there are no remaining capital contributions with this investment.

			Nine Months Ended September 30,
			2020						2019
Change in net unrealized investment appreciation
Available-for-sale fixed maturities			$	44,574					$	77,103
Income tax effect			(9,361)						(16,192)
Total change in net unrealized investment appreciation, net of tax			$	35,213					$	60,911

Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
						As of
						September 30, 2020
Beginning balance, January 1, 2020						$	—
Additions to the allowance for credit losses for which credit losses were not previously recorded						8
Reductions for securities sold during the period (realized)						—
Writeoffs charged against the allowance						—
Recoveries of amounts previously written off						—
Ending balance, September 30, 2020						$	8

September 30, 2020			Less than 12 months																		12 months or longer																		Total
Type of Investment			Number of Issues						Fair Value						Gross Unrealized Depreciation						Number of Issues						Fair Value						Gross Unrealized Depreciation						Fair Value						Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury			2						$	11,804					$	8					—						$	—					$	—					$	11,804					$	8
Foreign bonds			1						$	2,776					$	230					—						$	—					$	—					$	2,776					$	230
Corporate bonds
Consumer goods and services			1						2,196						12						—						—						—						2,196						12
Financial services			1						2,998						2						1						3,000						9						5,998						11
Mortgage-backed securities			2						9,118						107						6						157						2						9,275						109
Collateralized mortgage obligations
Federal home loan mortgage corporation			14						48,062						348						1						57						1						48,119						349
Federal national mortgage association			10						43,684						406						—						—						—						43,684						406
Government national mortgage association			—						—						—						1						76						1						76						1
Total Available-for-Sale Fixed Maturities			31						$	120,638					$	1,113					9						$	3,290					$	13					$	123,928					$	1,126