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Investments (Tables)
 6 Months Ended
Jun. 30, 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 amortized cost and estimated fair value, net of credit loss allowance, of our available-for-sale securities as of:
June 30, 2023
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair 
value
Corporate debt securities $598,164 $1,089 $30,142 $569,111 
Collateralized debt obligations110,724 25 3,828 106,921 
Commercial mortgage-backed securities77,168 87 6,285 70,970 
Residential mortgage-backed securities173,842 39 15,506 158,375 
Other debt securities16,460 0 885 15,575 
Total available-for-sale securities, net$976,358 $1,240 $56,646 $920,952 


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 June 30, 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.
June 30, 2023
AmortizedEstimated
(in thousands)costfair value
Due in one year or less$56,875 $55,714 
Due after one year through five years435,531 414,012 
Due after five years through ten years174,031 167,272 
Due after ten years309,921 283,954 
Total available-for-sale securities, net (1)
$976,358 $920,952 
(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 June 30, 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:
June 30, 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$183,248 $4,632 $328,904 $25,510 $512,152 $30,142 817 
Collateralized debt obligations9,239 102 92,447 3,726 101,686 3,828 157 
Commercial mortgage-backed securities26,338 352 32,703 5,933 59,041 6,285 153 
Residential mortgage-backed securities73,239 2,212 78,972 13,294 152,211 15,506 177 
Other debt securities9,785 262 5,790 623 15,575 885 36 
Total available-for-sale securities$301,849 $7,560 $538,816 $49,086 $840,665 $56,646 1,340 
Quality breakdown of available-for-sale securities:
Investment grade$275,990 $6,914 $482,717 $42,549 $758,707 $49,463 790 
Non-investment grade25,859 646 56,099 6,537 81,958 7,183 550 
Total available-for-sale securities$301,849 $7,560 $538,816 $49,086 $840,665 $56,646 1,340 


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:
Three months ended June 30,Six months ended June 30,
(in thousands)2023202220232022
Available-for-sale securities$10,534 $7,015 $20,367 $13,373 
Equity securities1,084 975 2,099 1,963 
Limited partnerships (1)
40 (290)(10,712)2,485 
Cash equivalents and other1,922 865 4,027 1,650 
Total investment income13,580 8,565 15,781 19,471 
Less: investment expenses45 297 63 699 
Net investment income$13,535 $8,268 $15,718 $18,772 
(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:
Three months ended June 30,Six months ended June 30,
(in thousands)2023202220232022
Available-for-sale securities:  
Gross realized gains$100 $418 $306 $909 
Gross realized losses(2,196)(2,840)(4,021)(5,411)
Net realized losses on available-for-sale securities(2,096)(2,422)(3,715)(4,502)
Equity securities359 (7,902)(3,304)(13,103)
Miscellaneous0 0 0 2 
Net realized and unrealized investment losses$(1,737)$(10,324)$(7,019)$(17,603)


The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2023202220232022
Equity securities:
Net gains (losses) recognized during the period$359 $(7,902)$(3,304)$(13,103)
Less: net losses recognized on securities sold(78)(51)(2,704)(409)
Net unrealized gains (losses) recognized on securities held at reporting date$437 $(7,851)$(600)$(12,694)
Schedule of Impairments on Available-For-Sale Securities
Impairments on available-for-sale securities were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2023202220232022
Available-for-sale securities:
Intent to sell$(149)$(31)$(1,581)$(101)
Credit impaired(22)(7)(223)(153)
Net impairment losses recognized in earnings$(171)$(38)$(1,804)$(254)