
(in thousands)	2023		2022		2021
Net realized gains (losses):
Fixed income:
Available-for-sale	$	(3,641)	$	(2,997)	$	1,859
Equity securities		22,232		20,287		62,512
Investment in unconsolidated investees		14,084		570,952		(61)
Other		(157)		273		(88)
Total net realized gains (losses)	$	32,518	$	588,515	$	64,222

Net changes in unrealized gains (losses) on investments:
Equity securities	$	65,655	$	(118,912)	$	58,459
Other invested assets		(868)		(2,125)		6,799
Total unrealized gains (losses) on equity securities recognized in net earnings	$	64,787	$	(121,037)	$	65,258

Fixed income:
Available-for-sale	$	79,782	$	(341,944)	$	(71,538)
Investment in unconsolidated investees		(290)		(10,994)		(3,047)
Other		(33)		(102)		44
Total unrealized gains (losses) recognized in other comprehensive earnings	$	79,459	$	(353,040)	$	(74,541)
Net realized gains (losses) and changes in unrealized gains (losses) on investments	$	176,764	$	114,438	$	54,939

Assets measured at fair value on a recurring basis as of December 31, 2023 and 2022, are summarized below:


	2023
	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	$	—	$	308,031	$	—	$	308,031
U.S. agency		—		59,826		—		59,826
Non-U.S. government & agency		—		3,882		—		3,882
Agency MBS		—		425,285		—		425,285
ABS/CMBS/MBS*		—		281,182		—		281,182
Corporate		—		1,164,548		60,471		1,225,019
Municipal		—		552,624		—		552,624
Total fixed income securities - available-for-sale	$	—	$	2,795,378	$	60,471	$	2,855,849
Equity securities		588,416		—		1,625		590,041
Total	$	588,416	$	2,795,378	$	62,096	$	3,445,890

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


	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


(in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	157,831	$	156,463
Due after one year through five years		904,769		874,375
Due after five years through 10 years		674,761		654,068
Due after 10 years		548,021		464,476
ABS/CMBS/MBS*		769,009		706,467
Total available-for-sale	$	3,054,391	$	2,855,849

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


(in thousands)	2023		2022
Beginning balance	$	339	$	441
Increase to allowance from securities for which credit losses were not previously recorded		71		337
Reduction from securities sold during the period		(154)		(671)
Net increase (decrease) from securities that had an allowance at the beginning of the period		50		232
Ending balance	$	306	$	339