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Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Investments [Abstract]  
Schedule of Reconciliation of Cost to Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities The following tables summarize the cost and fair value, net of credit loss allowance, of our available-for-sale securities as of:
September 30, 2020
 (in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities $534,902 $16,904 $3,929 $547,877 
Residential mortgage-backed securities120,268 3,470 12 123,726 
Commercial mortgage-backed securities109,187 4,420 393 113,214 
Collateralized debt obligations107,787 373 1,239 106,921 
Other debt securities15,792 542 18 16,316 
Total available-for-sale securities, net$887,936 $25,709 $5,591 $908,054 


December 31, 2019
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities$450,295 $6,289 $1,704 $454,880 
Residential mortgage-backed securities124,337 1,056 50 125,343 
Commercial mortgage-backed securities67,210 479 148 67,541 
Collateralized debt obligations78,059 44 247 77,856 
Other debt securities5,049 71 39 5,081 
Total available-for-sale securities, net$724,950 $7,939 $2,188 $730,701 
Schedule of Amortized Cost and Estimated Fair Value of Available-For-Sale Securities by Remaining Contractual Term to Maturity
The amortized cost and estimated fair value of available-for-sale securities at September 30, 2020 are shown below by remaining contractual term to maturity.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2020
AmortizedEstimated
(in thousands)costfair value
Due in one year or less$13,157 $13,229 
Due after one year through five years419,336 431,758 
Due after five years through ten years160,245 161,148 
Due after ten years295,198 301,919 
Total available-for-sale securities (1)
$887,936 $908,054 
(1)The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Statements of Financial Position at September 30, 2020.
Schedule of Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time
The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest.  The following table presents available-for-sale securities based on length of time in a gross unrealized loss position as of:
September 30, 2020
Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		No. of
holdings
Corporate debt securities$116,649 $2,493 $8,236 $1,436 $124,885 $3,929 437 
Residential mortgage-backed securities17,274 12 0 0 17,274 12 11 
Commercial mortgage-backed securities19,076 393 0 0 19,076 393 29 
Collateralized debt obligations78,166 998 11,992 241 90,158 1,239 97 
Other debt securities1,057 18 0 0 1,057 18 4 
Total available-for-sale securities$232,222 $3,914 $20,228 $1,677 $252,450 $5,591 578 
Quality breakdown of available-for-sale securities:
Investment grade$184,738 $1,916 $11,992 $241 $196,730 $2,157 178 
Non-investment grade47,484 1,998 8,236 1,436 55,720 3,434 400 
Total available-for-sale securities$232,222 $3,914 $20,228 $1,677 $252,450 $5,591 578 

December 31, 2019
Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		No. of
holdings
Corporate debt securities$25,804 $342 $15,699 $1,362 $41,503 $1,704 158 
Residential mortgage-backed securities16,712 50 0 0 16,712 50 7 
Commercial mortgage-backed securities21,981 147 372 1 22,353 148 30 
Collateralized debt obligations20,889 33 41,010 214 61,899 247 49 
Other debt securities2,350 39 0 0 2,350 39 2 
Total available-for-sale securities$87,736 $611 $57,081 $1,577 $144,817 $2,188 246 
Quality breakdown of available-for-sale securities:
Investment grade$76,315 $287 $46,390 $218 $122,705 $505 100 
Non-investment grade11,421 324 10,691 1,359 22,112 1,683 146 
Total available-for-sale securities$87,736 $611 $57,081 $1,577 $144,817 $2,188 246 
Schedule of Investment Income, Net of Expenses, from Portfolios
Investment income, net of expenses, was generated from the following portfolios:
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Available-for sale securities$5,353 $5,449 $16,811 $17,098 
Equity securities1,178 452 2,935 734 
Cash equivalents and other1,009 2,900 4,098 8,025 
Total investment income7,540 8,801 23,844 25,857 
Less: investment expenses510 149 1,072 658 
Investment income, net of expenses$7,030 $8,652 $22,772 $25,199 
Schedule of Realized Gains and Losses on Investments and Net Unrealized Gains and Losses Recognized during the Reporting Period Related to Equity Securities Held at the Reporting Date
Realized gains (losses) on investments were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Available-for-sale securities:  
Gross realized gains$604 $1,320 $3,399 $5,640 
Gross realized losses(467)(248)(2,292)(1,411)
Net realized gains on available-for-sale securities137 1,072 1,107 4,229 
Equity securities5,777 624 525 1,272 
Miscellaneous1 0 3 0 
Net realized investment gains$5,915 $1,696 $1,635 $5,501 


The portion of net unrealized gains and losses recognized during the reporting period related to equity securities held at the reporting date is calculated as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Equity securities:
Net gains recognized during the period$5,777 $624 $525 $1,272 
Less: net gains (losses) recognized on securities sold1,796 47 (1,009)47 
Net unrealized gains recognized on securities held at reporting date$3,981 $577 $1,534 $1,225 
Schedule of Impairments on Available-For-Sale Securities and Agent Loans
Impairments on available-for-sale securities and agent loans were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Available-for-sale securities:
Intent to sell$37 $31 $2,279 $193 
Credit impaired85 — 743 — 
Total available-for-sale securities122 31 3,022 193 
Agent loans - expected credit losses0 — 170 — 
Net impairment losses recognized in earnings$122 $31 $3,192 $193 
Schedule of Impairments on Available-For-Sale Securities and Agent Loans
Impairments on available-for-sale securities and agent loans were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Available-for-sale securities:
Intent to sell$37 $31 $2,279 $193 
Credit impaired85 — 743 — 
Total available-for-sale securities122 31 3,022 193 
Agent loans - expected credit losses0 — 170 — 
Net impairment losses recognized in earnings$122 $31 $3,192 $193