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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2021
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:

December 31, 2021
(in thousands)TotalLevel 1Level 2Level 3
Available-for-sale securities:
Corporate debt securities$573,165 $0 $567,909 $5,256 
Collateralized debt obligations115,462 0 115,462 0 
Commercial mortgage-backed securities89,324 0 73,596 15,728 
Residential mortgage-backed securities139,922 0 131,108 8,814 
Other debt securities23,920 0 23,920 0 
U.S. Treasury4,292 0 4,292 0 
Total available-for-sale securities946,085 0 916,287 29,798 
Equity securities:
Financial services sector71,722 1,624 68,015 2,083 
Utilities sector6,259 0 6,259 0 
Energy sector6,448 10 6,438 0 
Consumer sector3,314 0 3,314 0 
Total equity securities87,743 1,634 84,026 2,083 
Total$1,033,828 $1,634 $1,000,313 $31,881 


December 31, 2020
(in thousands)TotalLevel 1Level 2Level 3
Available-for-sale securities:
Corporate debt securities$566,425 $1,281 $559,319 $5,825 
Collateralized debt obligations110,447 0 110,447 0 
Commercial mortgage-backed securities120,201 0 100,739 19,462 
Residential mortgage-backed securities112,179 0 111,242 937 
Other debt securities18,984 0 18,984 0 
Total available-for-sale securities928,236 1,281 900,731 26,224 
Equity securities:
Financial services sector76,575 24,981 51,594 0 
Utilities sector8,742 3,957 4,785 0 
Energy sector2,206 676 1,530 0 
Consumer sector3,068 576 2,492 0 
Communications sector2,699 2,699 0 0 
Industrial sector800 800 0 0 
Total equity securities94,090 33,689 60,401 0 
Total$1,022,326 $34,970 $961,132 $26,224 
Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis
Level 3 Assets – Year-to-Date Change:
(in thousands)Beginning balance at December 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 December 31, 2021
Available-for-sale securities:
Corporate debt securities$5,825 $34 $68 $5,502 $(2,681)$4,290 $(7,782)$5,256 
Collateralized debt obligations0 0 0 750 0 0 (750)0 
Commercial mortgage-backed securities19,462 (375)(782)3,073 (5,378)11,933 (12,205)15,728 
Residential mortgage-backed securities937 (5)(69)576 (2,229)12,692 (3,088)8,814 
Other debt securities0 0 0 2,588 (832)0 (1,756)0 
Total available-for-sale securities26,224 (346)(783)12,489 (11,120)28,915 (25,581)29,798 
Equity securities0 (5)0 1,000 0 2,183 (1,095)2,083 
Total Level 3 securities$26,224 $(351)$(783)$13,489 $(11,120)$31,098 $(26,676)$31,881 


Level 3 Assets – 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 December 31, 2020
Available-for-sale securities:
Corporate debt securities$8,324 $(2)$(156)$7,180 $(1,405)$10,526 $(18,642)$5,825 
Collateralized debt obligations0 0 3 247 0 0 (250)0 
Commercial mortgage-backed securities3,321 (183)913 12,281 (2,334)39,591 (34,127)19,462 
Residential mortgage-backed securities0 (19)(48)287 (1,539)11,496 (9,240)937 
Total available-for-sale securities11,645 (204)712 19,995 (5,278)61,613 (62,259)26,224 
Equity securities0 151 0 2,836 0 0 (2,987)0 
Total Level 3 securities$11,645 $(53)$712 $22,831 $(5,278)$61,613 $(65,246)$26,224 

(1)    These amounts are reported as net investment income and net realized and unrealized 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:
December 31, 2021December 31, 2020
(in thousands)Carrying ValueFair ValueCarrying ValueFair Value
Agent loans (1)
$66,368 $68,957 $69,212 $73,854 
Long-term borrowings (2)
94,070 103,981 96,113 113,054 
(1)The discount rate used to calculate fair value at December 31, 2021 is reflective of a decrease in the BB+ financial yield curve.
(2)The discount rate used to calculate fair value at December 31, 2021 is reflective of an increase in U.S. Treasury bond yields.