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Investments (Tables)
 12 Months Ended
Dec. 31, 2020
Investments [Abstract]  
Schedule of Reconciliation of Cost to Fair Value 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:
December 31, 2020
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities$546,096 $21,843 $1,514 $566,425 
Residential mortgage-backed securities108,840 3,373 34 112,179 
Commercial mortgage-backed securities115,346 5,090 235 120,201 
Collateralized debt obligations110,121 657 331 110,447 
Other debt securities18,387 606 9 18,984 
Total available-for-sale securities, net$898,790 $31,569 $2,123 $928,236 


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 December 31, 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.
December 31, 2020
AmortizedEstimated
(in thousands)costfair value
Due in one year or less $17,393 $17,553 
Due after one year through five years419,019 435,504 
Due after five years through ten years185,849 189,711 
Due after ten years276,529 285,468 
Total available-for-sale securities (1)
$898,790 $928,236 
(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 December 31, 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 tables present available-for-sale securities based on length of time in a gross unrealized loss position as of:
December 31, 2020
Less than 12 months12 months or longerTotal
FairUnrealizedFairUnrealizedFairUnrealizedNo. of
(dollars in thousands)valuelossesvaluelossesvaluelossesholdings
Corporate debt securities$39,693 $644 $7,952 $870 $47,645 $1,514 257 
Residential mortgage-backed securities8,163 34 0 0 8,163 34 13 
Commercial mortgage-backed securities16,582 235 0 0 16,582 235 31 
Collateralized debt obligations50,036 232 10,899 99 60,935 331 65 
Other debt securities1,019 9 0 0 1,019 9 4 
Total available-for-sale securities$115,493 $1,154 $18,851 $969 $134,344 $2,123 370 
Quality breakdown of available-for-sale securities:       
Investment grade$86,807 $561 $10,899 $99 $97,706 $660 119 
Non-investment grade28,686 593 7,952 870 36,638 1,463 251 
Total available-for-sale securities$115,493 $1,154 $18,851 $969 $134,344 $2,123 370 


December 31, 2019
Less than 12 months12 months or longerTotal
FairUnrealizedFairUnrealizedFairUnrealizedNo. of
(dollars in thousands)valuelossesvaluelossesvaluelossesholdings
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 for the years ended December 31:
(in thousands)202020192018
Available-for-sale securities (1)
$22,631 $22,496 $24,978 
Equity securities4,147 1,418 628 
Cash equivalents and other4,436 11,206 4,806 
Total investment income31,214 35,120 30,412 
Less: investment expenses1,461 1,061 1,025 
Investment income, net of expenses$29,753 $34,059 $29,387 

(1)    Includes interest earned on note receivable from EFL of $1.6 million in 2018. The note was repaid in full in 2018.
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 for the years ended December 31:
(in thousands)202020192018
Available-for-sale securities:
Gross realized gains$3,920 $6,258 $1,892 
Gross realized losses(2,585)(1,639)(3,189)
Net realized gains (losses) on available-for-sale securities1,335 4,619 (1,297)
Equity securities5,056 1,484 (819)
Miscellaneous1 0 106 
Net realized investment gains (losses)$6,392 $6,103 $(2,010)


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 for the years ended December 31:
(in thousands)202020192018
Equity securities:
Net gains (losses) recognized during the period$5,056 $1,484 $(819)
Less: net (losses) gains recognized on securities sold(469)360 (86)
Net unrealized gains (losses) recognized on securities held at reporting date$5,525 $1,124 $(733)
Schedule of Impairments on Available-For-Sale Securities and Agent Loans
Impairments on available-for-sale securities and agent loans were as follows for the years ended December 31:

(in thousands)202020192018
Available-for-sale securities:
Intent to sell$2,274 $195 $1,581 
Credit impaired707 — — 
Total available-for-sale securities2,981 195 1,581 
Agent loans - expected credit losses297 — — 
Net impairment losses recognized in earnings$3,278 $195 $1,581 
Schedule of Impairments on Available-For-Sale Securities and Agent Loans
Impairments on available-for-sale securities and agent loans were as follows for the years ended December 31:

(in thousands)202020192018
Available-for-sale securities:
Intent to sell$2,274 $195 $1,581 
Credit impaired707 — — 
Total available-for-sale securities2,981 195 1,581 
Agent loans - expected credit losses297 — — 
Net impairment losses recognized in earnings$3,278 $195 $1,581