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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input
The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: 
June 30, 2020
(in thousands)TotalLevel 1Level 2Level 3
Available-for-sale securities:
Corporate debt securities$469,655  $2,104  $462,635  $4,916  
Residential mortgage-backed securities119,599  0  119,599  0  
Commercial mortgage-backed securities106,542  0  88,476  18,066  
Collateralized debt obligations96,288  0  96,029  259  
Other debt securities12,741  0  12,741  0  
Total available-for-sale securities804,825  2,104  779,480  23,241  
Equity securities - nonredeemable preferred and common stock:
Financial services sector60,149  20,943  39,206  0  
Utilities sector7,712  4,259  3,453  0  
Communications sector3,894  3,894  0  0  
Consumer sector2,599  892  912  795  
Energy sector1,035  0  1,035  0  
Total equity securities75,389  29,988  44,606  795  
Total$880,214  $32,092  $824,086  $24,036  

December 31, 2019
(in thousands)TotalLevel 1Level 2Level 3
Available-for-sale securities:
Corporate debt securities$454,880  $2,683  $443,873  $8,324  
Residential mortgage-backed securities125,343  0  125,343  0  
Commercial mortgage-backed securities67,541  0  64,220  3,321  
Collateralized debt obligations77,856  0  77,856  0  
Other debt securities5,081  0  5,081  0  
Total available-for-sale securities730,701  2,683  716,373  11,645  
Equity securities - nonredeemable preferred and common stock:
Financial services sector53,513  14,927  38,586  0  
Utilities sector6,818  3,190  3,628  0  
Communications sector3,433  3,433  0  0  
Energy sector1,881  0  1,881  0  
Industrial sector980  0  980  0  
Consumer sector508  0  508  0  
Total equity securities67,133  21,550  45,583  0  
Total$797,834  $24,233  $761,956  $11,645  
Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis
Level 3 Assets – 2020 Quarterly Change:

(in thousands) 		Beginning balance at March 31, 2020
Included in earnings(1)
Included
in other
comprehensive
income		PurchasesSales
Transfers into
Level 3(2)
Transfers out of Level 3(2)
Ending balance at June 30, 2020
Available-for-sale securities:        
Corporate debt securities$12,056  $(2) $867  $783  $(115) $1,142  $(9,815) $4,916  
Commercial mortgage-backed securities 7,383  (34) 268  6,891  (201) 4,334  (575) 18,066  
Collateralized debt obligations 0  0  12  247  0  0  0  259  
Total available-for-sale securities19,439  (36) 1,147  7,921  (316) 5,476  (10,390) 23,241  
Nonredeemable preferred stock0  (25) 0  820  0  0  0  795  
Total Level 3 securities$19,439  $(61) $1,147  $8,741  $(316) $5,476  $(10,390) $24,036  


Level 3 Assets – 2020 Year-to-Date Change:

(in thousands) 		Beginning balance at December 31, 2019
Included in earnings(1)
Included
in other
comprehensive
income		PurchasesSales
Transfers into
Level 3(2)
Transfers out of Level 3(2)
Ending balance at June 30, 2020
Available-for-sale securities:        
Corporate debt securities$8,324  $5  $(511) $2,501  $(542) $8,037  $(12,898) $4,916  
Commercial mortgage-backed securities 3,321  (42) 120  7,203  (287) 8,891  (1,140) 18,066  
Collateralized debt obligations 0  0  12  247  0  0  0  259  
Total available-for-sale securities11,645  (37) (379) 9,951  (829) 16,928  (14,038) 23,241  
Nonredeemable preferred stock0  (25) 0  820  0  0  0  795  
Total Level 3 securities$11,645  $(62) $(379) $10,771  $(829) $16,928  $(14,038) $24,036  


Level 3 Assets – 2019 Quarterly Change:
(in thousands)Beginning balance at March 31, 2019
Included in earnings(1)
Included
in other
comprehensive
income		PurchasesSales
Transfers into
Level 3(2)
Transfers out of Level 3(2)
Ending balance at June 30, 2019
Available-for-sale securities:
Corporate debt securities$11,523  $(20) $23  $0  $(5,841) $2,581  $(1,893) $6,373  
Residential mortgage-backed securities915  4  15  0  (26) 0  (908) 0  
Commercial mortgage-backed securities1,182  15  (8) 0  (1,065) 2,551  (124) 2,551  
Total Level 3 available-for-sale securities$13,620  $(1) $30  $0  $(6,932) $5,132  $(2,925) $8,924  
Level 3 Assets – 2019 Year-to-Date Change:
(in thousands)Beginning balance at December 31, 2018
Included in earnings(1)
Included
in other
comprehensive
income		PurchasesSales
Transfers into
Level 3(2)
Transfers out of Level 3(2)
Ending balance at June 30, 2019
Available-for-sale securities:
Corporate debt securities$12,577  $(9) $291  $734  $(6,272) $7,394  $(8,342) $6,373  
Residential mortgage-backed securities0  4  15  921  (32) 0  (908) 0  
Commercial mortgage-backed securities0  13  (8) 478  (1,065) 3,257  (124) 2,551  
Total Level 3 available-for-sale securities$12,577  $8  $298  $2,133  $(7,369) $10,651  $(9,374) $8,924  
(1)These amounts are reported as net investment income and net realized investment gains (losses) for each of the periods presented above.
(2)Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Schedule of Financial Instruments Not Carried at Fair Value
The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value
hierarchy that are recorded at carrying value as of:
June 30, 2020December 31, 2019
(in thousands)Carrying valueFair valueCarrying valueFair value
Agent loans (1)
$65,450  $63,030  $67,696  $71,602  
Long-term borrowings (2)
97,101  117,604  98,080  101,888  
(1)The discount rate used to calculate fair value at June 30, 2020 is reflective of an increase in the BB+ financial yield curve due to the market volatility resulting from the COVID-19 pandemic.
(2)The discount rate used to calculate fair value at June 30, 2020 is reflective of a decline in U.S. Treasury bond yields due to the market volatility resulting from the COVID-19 pandemic.