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Investments (Tables)
 9 Months Ended
Sep. 30, 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 estimated fair value, net of credit loss allowance, of our available-for-sale securities as of:
September 30, 2022
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities $591,682 $186 $44,675 $547,193 
Collateralized debt obligations105,938 6 5,273 100,671 
Commercial mortgage-backed securities71,032 0 7,815 63,217 
Residential mortgage-backed securities147,276 1 18,731 128,546 
Other debt securities25,103 0 2,248 22,855 
U.S. Treasury13,266 0 1,061 12,205 
Total available-for-sale securities, net$954,297 $193 $79,803 $874,687 


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, Net of Credit Loss Allowance, 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, 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.
September 30, 2022
AmortizedEstimated
(in thousands)costfair value
Due in one year or less$25,891 $25,558 
Due after one year through five years424,086 396,166 
Due after five years through ten years217,387 200,110 
Due after ten years286,933 252,853 
Total available-for-sale securities, net (1)
$954,297 $874,687 
(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 Statement of Financial Position at September 30, 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:
September 30, 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$488,178 $37,243 $52,867 $7,432 $541,045 $44,675 1,030 
Collateralized debt obligations67,482 3,368 31,984 1,905 99,466 5,273 159 
Commercial mortgage-backed securities56,265 6,480 6,174 1,335 62,439 7,815 123 
Residential mortgage-backed securities104,610 13,096 23,145 5,635 127,755 18,731 157 
Other debt securities21,428 2,034 1,122 214 22,550 2,248 45 
U.S. Treasury12,205 1,061 0 0 12,205 1,061 3 
Total available-for-sale securities$750,168 $63,282 $115,292 $16,521 $865,460 $79,803 1,517 
Quality breakdown of available-for-sale securities:
Investment grade$649,184 $51,725 $106,235 $14,782 $755,419 $66,507 770 
Non-investment grade100,984 11,557 9,057 1,739 110,041 13,296 747 
Total available-for-sale securities$750,168 $63,282 $115,292 $16,521 $865,460 $79,803 1,517 

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 (Loss), Net of Expenses, from Portfolios
Investment income (loss), net of expenses, was generated from the following portfolios:
Three months ended September 30,Nine months ended September 30,
(in thousands)2022202120222021
Available-for-sale securities$8,546 $5,786 $21,919 $17,773 
Equity securities979 1,030 2,942 3,348 
Limited partnerships (1)
(4,643)11,504 (2,158)26,701 
Cash equivalents and other1,251 862 2,901 2,774 
Total investment income6,133 19,182 25,604 50,596 
Less: investment expenses299 324 998 991 
Net investment income$5,834 $18,858 $24,606 $49,605 
(1)Equity in (losses) earnings 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:
Three months ended September 30,Nine months ended September 30,
(in thousands)2022202120222021
Available-for-sale securities:  
Gross realized gains$146 $2,424 $1,055 $5,422 
Gross realized losses(4,752)(235)(10,163)(1,353)
Net realized (losses) gains on available-for-sale securities(4,606)2,189 (9,108)4,069 
Equity securities(1,624)(579)(14,727)1,113 
Miscellaneous0 0 2 1 
Net realized and unrealized investment (losses) gains$(6,230)$1,610 $(23,833)$5,183 


The portion of net unrealized (losses) gains 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)2022202120222021
Equity securities:
Net (losses) gains recognized during the period$(1,624)$(579)$(14,727)$1,113 
Less: net gains (losses) recognized on securities sold243 (267)(1,327)5 
Net unrealized (losses) gains recognized on securities held at reporting date$(1,867)$(312)$(13,400)$1,108 
Schedule of Impairments on Available-For-Sale Securities and Agent Loans
Impairments on available-for-sale securities and agent loans were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2022202120222021
Available-for-sale securities:
Intent to sell$(45)$(10)$(146)$(10)
Credit (impaired) recovered(130)(13)(283)73 
Total available-for-sale securities(175)(23)(429)63 
Agent loans - expected credit recoveries0 153 0 153 
Net impairment (losses) recoveries recognized in earnings$(175)$130 $(429)$216