Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input

The following tables present our fair value measurements on a recurring basis by asset class and level of input as of:

	December 31, 2023
(in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:
Corporate debt securities	$	588,688	$	0	$	584,182	$	4,506
Collateralized debt obligations	112,468		0		112,468		0
Commercial mortgage-backed securities	102,720		0		91,726		10,994
Residential mortgage-backed securities	140,055		0		138,521		1,534
Other debt securities	17,310		0		17,310		0
Total available-for-sale securities	961,241		0		944,207		17,034
Equity securities:
Financial services sector	69,900		816		63,750		5,334
Utilities sector	5,810		0		5,810		0
Energy sector	3,901		0		3,901		0
Consumer sector	3,915		0		2,415		1,500
Technology sector	500		0		0		500
Industrial sector	180		0		180		0
Communications sector	47		47		0		0
Total equity securities	84,253		863		76,056		7,334
Total	$	1,045,494	$	863	$	1,020,263	$	24,368

	December 31, 2022
(in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:
Corporate debt securities	$	553,382	$	0	$	549,696	$	3,686
Collateralized debt obligations	102,537		0		102,537		0
Commercial mortgage-backed securities	66,054		0		55,144		10,910
Residential mortgage-backed securities	150,415		0		146,231		4,184
Other debt securities	22,273		0		22,273		0
Total available-for-sale securities	894,661		0		875,881		18,780
Equity securities:
Financial services sector	61,084		0		57,305		3,779
Utilities sector	5,708		0		5,708		0
Energy sector	3,576		0		3,576		0
Consumer sector	1,854		0		1,854		0
Communications sector	338		0		338		0
Total equity securities	72,560		0		68,781		3,779
Total	$	967,221	$	0	$	944,662	$	22,559

Schedule of Level 3 Assets

Level 3 Assets – 2023 Year-to-Date Change:

(in thousands)	Beginning balance at December 31, 2022		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at December 31, 2023
Available-for-sale securities:
Corporate debt securities	$	3,686	$	4	$	314	$	4,316	$	(1,536)	$	5,611	$	(7,889)	$	4,506
Commercial mortgage-backed securities	10,910		(778)		311		2,575		(621)		5,373		(6,776)		10,994
Residential mortgage-backed securities	4,184		(5)		96		0		(120)		1,567		(4,188)		1,534
Total available-for-sale securities	18,780		(779)		721		6,891		(2,277)		12,551		(18,853)		17,034
Equity securities	3,779		47		—		3,458		0		1,857		(1,807)		7,334
Total Level 3 securities	$	22,559	$	(732)	$	721	$	10,349	$	(2,277)	$	14,408	$	(20,660)	$	24,368

Level 3 Assets – 2022 Year-to-Date Change:

(in thousands)	Beginning balance at December 31, 2021		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at December 31, 2022
Available-for-sale securities:
Corporate debt securities	$	5,256	$	2	$	(437)	$	6,290	$	(4,810)	$	9,689	$	(12,304)	$	3,686
Commercial mortgage-backed securities	15,728		(1,060)		(1,132)		0		(3,825)		11,494		(10,295)		10,910
Residential mortgage-backed securities	8,814		(693)		(1,951)		4,887		(10,229)		39,452		(36,096)		4,184
Total available-for-sale securities	29,798		(1,751)		(3,520)		11,177		(18,864)		60,635		(58,695)		18,780
Equity securities	2,083		(304)		—		2,000		0		0		0		3,779
Total Level 3 securities	$	31,881	$	(2,055)	$	(3,520)	$	13,177	$	(18,864)	$	60,635	$	(58,695)	$	22,559

(1)    These amounts are reported as net investment income and net realized and unrealized investment (losses) gains for each of the periods presented above.

(2)    Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

Schedule of Financial Instruments Not Carried at Fair Value

The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of:

	December 31, 2023				December 31, 2022
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Agent loans, net (1)	$	67,787	$	66,445	$	69,476	$	62,954
Other loans receivable, net (2)	10,713		10,713		5,199		5,199

(1)    The discount rate used to calculate fair value at December 31, 2023 is reflective of a decrease in the BB+ financial yield curve from December 31, 2022.

(2)    The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets" and "Other assets, net", respectively, in the Statements of Financial Position.