
(in thousands)	2022		2021		2020
Net realized gains (losses):
Fixed income:
Available-for-sale	$	(2,997)	$	1,859	$	3,872
Equity securities		20,287		62,512		15,796
Investment in unconsolidated investees		570,952		(61)		(187)
Other		273		(88)		(1,596)
Total net realized gains (losses)	$	588,515	$	64,222	$	17,885

Net changes in unrealized gains (losses) on investments:
Equity securities	$	(118,912)	$	58,459	$	32,317
Other invested assets		(2,125)		6,799		(216)
Total unrealized gains (losses) on equity securities recognized in net earnings	$	(121,037)	$	65,258	$	32,101

Fixed income:
Available-for-sale	$	(341,944)	$	(71,538)	$	67,350
Investment in unconsolidated investees		(10,994)		(3,047)		3,444
Other		(102)		44		369
Total unrealized gains (losses) recognized in other comprehensive earnings	$	(353,040)	$	(74,541)	$	71,163
Net realized gains (losses) and changes in unrealized gains (losses) on investments	$	114,438	$	54,939	$	121,149

Assets measured at fair value on a recurring basis as of December 31, 2022 and 2021, are summarized below:


	2022
	Quoted in Active		Significant Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Fixed income securities - available-for-sale
U.S. government	$	—	$	454,021	$	—	$	454,021
U.S. agency		—		73,063		—		73,063
Non-U.S. government & agency		—		5,847		—		5,847
Agency MBS		—		331,806		—		331,806
ABS/CMBS/MBS*		—		240,736		—		240,736
Corporate		—		980,676		53,654		1,034,330
Municipal		—		527,147		—		527,147
Total fixed income securities - available-for-sale	$	—	$	2,613,296	$	53,654	$	2,666,950
Equity securities		496,731		39		1,612		498,382
Total	$	496,731	$	2,613,335	$	55,266	$	3,165,332

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities


	2021
	Quoted in Active		Significant Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Fixed income securities - available-for-sale
U.S. government	$	—	$	134,554	$	—	$	134,554
U.S. agency		—		32,760		—		32,760
Non-U.S. government & agency		—		8,481		—		8,481
Agency MBS		—		367,187		—		367,187
ABS/CMBS/MBS*		—		264,054		—		264,054
Corporate		—		913,577		43,518		957,095
Municipal		—		645,756		—		645,756
Total fixed income securities - available-for-sale	$	—	$	2,366,369	$	43,518	$	2,409,887
Equity securities		613,712		64		—		613,776
Total	$	613,712	$	2,366,433	$	43,518	$	3,023,663

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities


(in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	332,951	$	331,761
Due after one year through five years		916,676		873,530
Due after five years through 10 years		522,104		474,025
Due after 10 years		523,729		415,092
ABS/CMBS/MBS*		649,813		572,542
Total available-for-sale	$	2,945,273	$	2,666,950

*Asset-backed, commercial mortgage-backed and mortgage-backed securities


(in thousands)	2022		2021
Beginning balance	$	441	$	397
Increase to allowance from securities for which credit losses were not previously recorded		337		4
Reduction from securities sold during the period		(671)		(4)
Net increase (decrease) from securities that had an allowance at the beginning of the period		232		44
Ending balance	$	339	$	441