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Investments (Tables)
 12 Months Ended
Dec. 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:
December 31, 2022
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities$588,536 $657 $35,811 $553,382 
Collateralized debt obligations107,730 11 5,204 102,537 
Commercial mortgage-backed securities73,855 157 7,958 66,054 
Residential mortgage-backed securities166,412 72 16,069 150,415 
Other debt securities24,602 0 2,329 22,273 
Total available-for-sale securities, net$961,135 $897 $67,371 $894,661 


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 December 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.
December 31, 2022
AmortizedEstimated
(in thousands)costfair value
Due in one year or less $24,580 $24,089 
Due after one year through five years427,919 403,985 
Due after five years through ten years198,287 186,693 
Due after ten years310,349 279,894 
Total available-for-sale securities, net (1)
$961,135 $894,661 

(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 December 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:
December 31, 2022
Less than 12 months12 months or longerTotal
FairUnrealizedFairUnrealizedFairUnrealizedNo. of
(dollars in thousands)valuelossesvaluelossesvaluelossesholdings
Corporate debt securities$397,511 $21,371 $121,094 $14,440 $518,605 $35,811 916 
Collateralized debt obligations44,823 2,529 55,335 2,675 100,158 5,204 159 
Commercial mortgage-backed securities41,139 5,124 15,864 2,834 57,003 7,958 131 
Residential mortgage-backed securities109,499 9,131 31,465 6,938 140,964 16,069 161 
Other debt securities15,682 1,323 6,591 1,006 22,273 2,329 46 
Total available-for-sale securities$608,654 $39,478 $230,349 $27,893 $839,003 $67,371 1,413 
Quality breakdown of available-for-sale securities:       
Investment grade$525,805 $31,904 $215,742 $25,205 $741,547 $57,109 761 
Non-investment grade82,849 7,574 14,607 2,688 97,456 10,262 652 
Total available-for-sale securities$608,654 $39,478 $230,349 $27,893 $839,003 $67,371 1,413 


December 31, 2021
Less than 12 months12 months or longerTotal
FairUnrealizedFairUnrealizedFairUnrealizedNo. of
(dollars in thousands)valuelossesvaluelossesvaluelossesholdings
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 for the years ended December 31:
(in thousands)202220212020
Available-for-sale securities$31,913 $23,795 $22,631 
Equity securities3,904 4,321 4,147 
Limited partnerships(10,446)31,701 (602)
Cash equivalents and other4,510 3,609 5,038 
Total investment income29,881 63,426 31,214 
Less: investment expenses1,296 1,249 1,461 
Net investment income$28,585 $62,177 $29,753 
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 (losses) gains on investments were as follows for the years ended December 31:
(in thousands)202220212020
Available-for-sale securities:
Gross realized gains$1,169 $6,884 $3,920 
Gross realized losses(15,219)(1,753)(2,585)
Net realized (losses) gains on available-for-sale securities(14,050)5,131 1,335 
Equity securities(13,238)(186)5,056 
Miscellaneous2 1 1 
Net realized and unrealized investment (losses) gains$(27,286)$4,946 $6,392 


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 for the years ended December 31:
(in thousands)202220212020
Equity securities:
Net (losses) gains recognized during the period$(13,238)$(186)$5,056 
Less: net losses recognized on securities sold(1,866)(76)(469)
Net unrealized (losses) gains recognized on securities held at reporting date$(11,372)$(110)$5,525 
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)202220212020
Available-for-sale securities:
Intent to sell$(167)$(10)$(2,274)
Credit (impaired) recovered(500)67 (707)
Total available-for-sale securities(667)57 (2,981)
Agent loans - expected credit recoveries (losses)0152 (297)
Net impairment (losses) recoveries recognized in earnings$(667)$209 $(3,278)