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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
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:
March 31, 2022
 (in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities $591,772 $1,304 $15,352 $577,724 
Collateralized debt obligations102,058 218 979 101,297 
Commercial mortgage-backed securities84,624 104 3,627 81,101 
Residential mortgage-backed securities150,841 24 7,050 143,815 
Other debt securities19,292 45 893 18,444 
U.S. Treasury997 0 58 939 
Total available-for-sale securities, net$949,584 $1,695 $27,959 $923,320 


December 31, 2021
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities$565,997 $9,663 $2,495 $573,165 
Collateralized debt obligations115,344 456 338 115,462 
Commercial mortgage-backed securities88,636 1,465 777 89,324 
Residential mortgage-backed securities140,217 1,007 1,302 139,922 
Other debt securities23,859 197 136 23,920 
U.S. Treasury4,226 73 7 4,292 
Total available-for-sale securities, net$938,279 $12,861 $5,055 $946,085 
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 March 31, 2022 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.
March 31, 2022
AmortizedEstimated
(in thousands)costfair value
Due in one year or less$46,013 $46,104 
Due after one year through five years401,680 392,696 
Due after five years through ten years204,733 200,244 
Due after ten years297,158 284,276 
Total available-for-sale securities (1)
$949,584 $923,320 
(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 March 31, 2022.
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:
March 31, 2022
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$421,303 $13,257 $30,331 $2,095 $451,634 $15,352 892 
Collateralized debt obligations74,277 771 14,477 208 88,754 979 135 
Commercial mortgage-backed securities67,202 3,027 2,894 600 70,096 3,627 125 
Residential mortgage-backed securities129,659 6,348 6,539 702 136,198 7,050 137 
Other debt securities16,382 893 0 0 16,382 893 35 
U.S. Treasury939 58 0 0 939 58 2 
Total available-for-sale securities$709,762 $24,354 $54,241 $3,605 $764,003 $27,959 1,326 
Quality breakdown of available-for-sale securities:
Investment grade$614,243 $21,202 $45,917 $3,275 $660,160 $24,477 634 
Non-investment grade95,519 3,152 8,324 330 103,843 3,482 692 
Total available-for-sale securities$709,762 $24,354 $54,241 $3,605 $764,003 $27,959 1,326 

December 31, 2021
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$179,281 $1,912 $12,494 $583 $191,775 $2,495 441 
Collateralized debt obligations64,270 278 9,370 60 73,640 338 104 
Commercial mortgage-backed securities28,001 595 917 182 28,918 777 61 
Residential mortgage-backed securities89,460 1,278 441 24 89,901 1,302 98 
Other debt securities14,576 136 0 0 14,576 136 24 
U.S. Treasury388 7 0 0 388 7 1 
Total available-for-sale securities$375,976 $4,206 $23,222 $849 $399,198 $5,055 729 
Quality breakdown of available-for-sale securities:
Investment grade$330,697 $3,801 $17,112 $434 $347,809 $4,235 366 
Non-investment grade45,279 405 6,110 415 51,389 820 363 
Total available-for-sale securities$375,976 $4,206 $23,222 $849 $399,198 $5,055 729 
Schedule of Investment Income, Net of Expenses, from Portfolios
Investment income, net of expenses, was generated from the following portfolios for the three months ended March 31:
(in thousands)20222021
Available-for-sale securities$6,358 $6,197 
Equity securities988 1,202 
Limited partnerships (1)
2,775 9,046 
Cash equivalents and other785 977 
Total investment income10,906 17,422 
Less: investment expenses402 325 
Investment income, net of expenses$10,504 $17,097 
(1)Equity in earnings (losses) of limited partnerships includes both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets" in the Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received.
Schedule of Realized and Unrealized 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 and unrealized gains (losses) on investments were as follows for the three months ended March 31:
(in thousands)20222021
Available-for-sale securities:
Gross realized gains$491 $1,923 
Gross realized losses(2,571)(440)
Net realized (losses) gains on available-for-sale securities(2,080)1,483 
Equity securities(5,201)(679)
Miscellaneous2 0 
Net realized and unrealized investment (losses) gains$(7,279)$804 


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 three months ended March 31:
(in thousands)20222021
Equity securities:
Net losses recognized during the period$(5,201)$(679)
Less: net losses recognized on securities sold(280)(289)
Net unrealized losses recognized on securities held at reporting date$(4,921)$(390)
Schedule of Impairments on Available-For-Sale Securities
Impairments on available-for-sale securities were as follows for the three months ended March 31:
(in thousands)20222021
Available-for-sale securities:
Intent to sell$(70)$— 
Credit (impaired) recovered(146)87 
Net impairment (losses) recoveries recognized in earnings$(216)$87