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Investments (Tables)
 12 Months Ended
Dec. 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 amortized cost and estimated fair value, net of credit loss allowance, of our available-for-sale securities as of:
December 31, 2023
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities$600,639 $4,594 $16,545 $588,688 
Collateralized debt obligations114,400 156 2,088 112,468 
Commercial mortgage-backed securities106,019 1,410 4,709 102,720 
Residential mortgage-backed securities153,633 69 13,647 140,055 
Other debt securities17,862 136 688 17,310 
Total available-for-sale securities, net$992,553 $6,365 $37,677 $961,241 


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 December 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.
December 31, 2023
AmortizedEstimated
(in thousands)costfair value
Due in one year or less $81,196 $80,030 
Due after one year through five years426,547 417,509 
Due after five years through ten years175,670 173,800 
Due after ten years309,140 289,902 
Total available-for-sale securities, net (1)
$992,553 $961,241 

(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, 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:
December 31, 2023
Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
value		Unrealized lossesFair
value		Unrealized lossesFair
value		Unrealized lossesNo. of holdings
Corporate debt securities$50,853 $546 $338,322 $15,999 $389,175 $16,545 590 
Collateralized debt obligations3,911 15 87,005 2,073 90,916 2,088 142 
Commercial mortgage-backed securities9,148 157 30,145 4,552 39,293 4,709 108 
Residential mortgage-backed securities30,271 297 101,761 13,350 132,032 13,647 164 
Other debt securities2,084 62 7,475 626 9,559 688 32 
Total available-for-sale securities$96,267 $1,077 $564,708 $36,600 $660,975 $37,677 1,036 
Quality breakdown of available-for-sale securities:       
Investment grade$87,774 $807 $517,090 $32,511 $604,864 $33,318 651 
Non-investment grade8,493 270 47,618 4,089 56,111 4,359 385 
Total available-for-sale securities$96,267 $1,077 $564,708 $36,600 $660,975 $37,677 1,036 


December 31, 2022
Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
value		Unrealized lossesFair
value		Unrealized lossesFair
value		Unrealized lossesNo. 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 Allowances for Credit Losses on Available-for-sale Securities and Financing Receivables
The following table presents a roll-forward of the allowances for credit losses on available-for-sale securities and financing receivables for the years ended December 31:
(in thousands)20232022
Available-for-sale securities:
Allowance for credit losses, beginning of year$249 $21 
Provision and recoveries670 500 
Sales/collections and write-offs(322)(272)
Allowance for credit losses, end of year$597 $249 
Other loans receivable:
Allowance for credit losses, beginning of year$3,775 $3,564 
Provision and recoveries7,404 211 
Sales/collections and write-offs(98)0
Allowance for credit losses, end of year$11,081 $3,775 
Agent loans:
Allowance for credit losses, beginning of year$957 $957 
Provision and recoveries00
Sales/collections and write-offs00
Allowance for credit losses, end of year$957 $957 
Schedule of Investment Income (Loss), Net of Expenses
Investment income (loss), net of expenses, was generated from the following portfolios for the years ended December 31:
(in thousands)202320222021
Available-for-sale securities$42,563 $31,913 $23,795 
Equity securities4,493 3,904 4,321 
Limited partnerships (1)
(11,308)(10,446)31,701 
Cash equivalents and other9,179 4,510 3,609 
Total investment income44,927 29,881 63,426 
Less: investment expenses355 1,296 1,249 
Net investment income$44,572 $28,585 $62,177 
(1)    Limited partnership losses include 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 Net Realized and Unrealized Investment (Losses) Gains
Realized and unrealized gains (losses) on investments were as follows for the years ended December 31:
(in thousands)202320222021
Available-for-sale securities:
Gross realized gains$804 $1,169 $6,884 
Gross realized losses(7,523)(15,219)(1,753)
Net realized (losses) gains on available-for-sale securities(6,719)(14,050)5,131 
Equity securities871 (13,238)(186)
Miscellaneous10 2 1 
Net realized and unrealized investment (losses) gains$(5,838)$(27,286)$4,946 


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 for the years ended December 31:
(in thousands)202320222021
Equity securities:
Net gains (losses) recognized during the period$871 $(13,238)$(186)
Less: net losses recognized on securities sold(2,328)(1,866)(76)
Net unrealized gains (losses) recognized on securities held at reporting date$3,199 $(11,372)$(110)
Schedule of Impairment (Losses) Recoveries on Investments
Impairment (losses) recoveries on investments were as follows for the years ended December 31:

(in thousands)202320222021
Available-for-sale securities:
Intent to sell$(1,759)$(167)$(10)
Credit (impaired) recovered(670)(500)67 
Total available-for-sale securities(2,429)(667)57 
Agent loans - expected credit recoveries 00152 
Other loans receivable - expected credit losses(7,337)00
Net impairment (losses) recoveries recognized in earnings$(9,766)$(667)$209