Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

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: 

	March 31, 2024
(in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:
Corporate debt securities	$	595,295	$	0	$	591,387	$	3,908
Collateralized debt obligations	113,088		0		113,088		0
Commercial mortgage-backed securities	110,880		0		96,303		14,577
Residential mortgage-backed securities	132,787		0		132,787		0
Other debt securities	16,556		0		16,556		0
U.S. Treasury	1,039		0		1,039		0
Total available-for-sale securities	969,645		0		951,160		18,485
Equity securities:
Financial services sector	70,834		500		65,390		4,944
Utilities sector	5,876		0		5,876		0
Energy sector	3,698		0		3,698		0
Consumer sector	4,425		0		2,925		1,500
Technology sector	1,500		0		0		1,500
Industrial sector	221		0		197		24
Communications sector	24		24		0		0
Total equity securities	86,578		524		78,086		7,968
Total	$	1,056,223	$	524	$	1,029,246	$	26,453

	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

Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis

Level 3 Assets – 2024 Year-to-Date Change:

(in thousands)	Beginning balance at December 31, 2023		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 March 31, 2024
Available-for-sale securities:
Corporate debt securities	$	4,506	$	3	$	41	$	343	$	(302)	$	1,622	$	(2,305)	$	3,908
Commercial mortgage-backed securities	10,994		(254)		94		1,595		0		6,005		(3,857)		14,577
Residential mortgage- backed securities	1,534		(5)		(24)		0		(40)		0		(1,465)		0
Total available-for-sale securities	17,034		(256)		111		1,938		(342)		7,627		(7,627)		18,485
Equity securities	7,334		86		—		1,000		0		24		(476)		7,968
Total Level 3 securities	$	24,368	$	(170)	$	111	$	2,938	$	(342)	$	7,651	$	(8,103)	$	26,453

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 March 31, 2023
Available-for-sale securities:
Corporate debt securities	$	3,686	$	(28)	$	85	$	753	$	(645)	$	1,498	$	(846)	$	4,503
Commercial mortgage-backed securities	10,910		(191)		217		589		0		137		(5,247)		6,415
Residential mortgage-backed securities	4,184		(5)		96		0		(87)		33		(4,188)		33
Total available-for-sale securities	18,780		(224)		398		1,342		(732)		1,668		(10,281)		10,951
Equity securities	3,779		(38)		—		958		0		0		0		4,699
Total Level 3 securities	$	22,559	$	(262)	$	398	$	2,300	$	(732)	$	1,668	$	(10,281)	$	15,650

(1)These amounts are reported as net investment income and net realized and unrealized investment gains (losses) 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:

	March 31, 2024				December 31, 2023
(in thousands)	Carrying value		Fair value		Carrying value		Fair value
Agent loans, net	$	67,448	$	63,281	$	67,787	$	66,445
Other loans receivable, net (1)	10,713		10,713		10,713		10,713
Held-to-maturity securities, net (2)	4,833		4,833		—		—

(1)    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.

(2)    Held-to-maturity securities are included in the line item "Other assets, net" in the Statement of Financial Position.