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Investments (Tables)
 3 Months Ended
Mar. 31, 2023
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:
March 31, 2023
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair 
value
Corporate debt securities $596,754 $1,149 $29,372 $568,531 
Collateralized debt obligations109,662 19 4,654 105,027 
Commercial mortgage-backed securities72,549 181 6,298 66,432 
Residential mortgage-backed securities170,409 273 13,380 157,302 
Other debt securities19,487 69 1,182 18,374 
Total available-for-sale securities, net$968,861 $1,691 $54,886 $915,666 


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 
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 March 31, 2023 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, 2023
AmortizedEstimated
(in thousands)costfair value
Due in one year or less$46,749 $45,733 
Due after one year through five years428,383 408,641 
Due after five years through ten years189,051 181,638 
Due after ten years304,678 279,654 
Total available-for-sale securities, net (1)
$968,861 $915,666 
(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 March 31, 2023.
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, 2023
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$193,828 $5,680 $299,344 $23,692 $493,172 $29,372 835 
Collateralized debt obligations26,435 1,297 72,742 3,357 99,177 4,654 157 
Commercial mortgage-backed securities14,800 274 36,816 6,024 51,616 6,298 127 
Residential mortgage-backed securities40,561 1,152 82,489 12,228 123,050 13,380 153 
Other debt securities6,427 231 8,210 951 14,637 1,182 37 
Total available-for-sale securities$282,051 $8,634 $499,601 $46,252 $781,652 $54,886 1,309 
Quality breakdown of available-for-sale securities:
Investment grade$244,721 $6,966 $451,973 $40,258 $696,694 $47,224 729 
Non-investment grade37,330 1,668 47,628 5,994 84,958 7,662 580 
Total available-for-sale securities$282,051 $8,634 $499,601 $46,252 $781,652 $54,886 1,309 


December 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$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 
Schedule of Investment Income (Loss), Net of Expenses, from Portfolios
Investment income (loss), net of expenses, was generated from the following portfolios for the three months ended March 31:
(in thousands)20232022
Available-for-sale securities$9,833 $6,358 
Equity securities1,015 988 
Limited partnerships (1)
(10,752)2,775 
Cash equivalents and other2,105 785 
Total investment income2,201 10,906 
Less: investment expenses18 402 
Net investment income$2,183 $10,504 
(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 for the three months ended March 31:
(in thousands)20232022
Available-for-sale securities:
Gross realized gains$206 $491 
Gross realized losses(1,825)(2,571)
Net realized losses on available-for-sale securities(1,619)(2,080)
Equity securities(3,663)(5,201)
Miscellaneous0 2 
Net realized and unrealized investment losses$(5,282)$(7,279)


The portion of net unrealized 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)20232022
Equity securities:
Net losses recognized during the period$(3,663)$(5,201)
Less: net losses recognized on securities sold(2,504)(280)
Net unrealized losses recognized on securities held at reporting date$(1,159)$(4,921)
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)20232022
Available-for-sale securities:
Intent to sell$(1,432)$(70)
Credit impaired(201)(146)
Net impairment losses recognized in earnings$(1,633)$(216)