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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Schedule of Reconciliation of Cost to Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our fixed maturity securities as of:
December 31, 2024
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Available-for-sale securities:
Corporate debt securities (1)
$647,861 $4,767 $8,685 $643,943 
Collateralized debt obligations114,142 372 387 114,127 
Commercial mortgage-backed securities126,509 1,458 2,985 124,982 
Residential mortgage-backed securities150,212 62 16,462 133,812 
Other debt securities27,232 147 628 26,751 
Total available-for-sale securities, net1,065,956 6,806 29,147 1,043,615 
Held-to-maturity securities - states & political subdivisions4,833 10104,934 
Total fixed maturity securities, net$1,070,789 $6,907 $29,147 $1,048,549 

(1)     This includes an estimated fair value of $7.3 million of securities lent under a securities lending agreement.

December 31, 2023
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Available-for-sale securities:
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 
Schedule of Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities by Remaining Contractual Term to Maturity
The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities at December 31, 2024 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, 2024
AmortizedEstimated
(in thousands)costfair value
Available-for-sale securities:
Due in one year or less $45,052 $44,430 
Due after one year through five years454,563 451,762 
Due after five years through ten years186,208 185,333 
Due after ten years380,133 362,090 
Total available-for-sale securities, net (1) (2)
1,065,956 1,043,615 
Held-to-maturity securities - due after ten years4,833 4,934 
Total fixed maturity securities, net$1,070,789 $1,048,549 

(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 Consolidated Statement of Financial Position at December 31, 2024.
(2)    This includes an estimated fair value of $7.3 million of securities lent under a securities lending agreement.
Schedule of Available-for-sale Securities in a Gross Unrealized Loss Position by Length of Time
The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting
Policies". The gross unrealized losses are primarily attributable to changes in interest rates and are not deemed to be credit-related. We do not have the intent to sell these securities and it is more likely than not that we would not be required to sell these securities before the anticipated recovery of the amortized cost basis.

The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of:
December 31, 2024
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$197,619 $2,486 $156,059 $6,199 $353,678 $8,685 567 
Collateralized debt obligations33,686 71 11,762 316 45,448 387 77 
Commercial mortgage-backed securities28,333 407 24,966 2,578 53,299 2,985 131 
Residential mortgage-backed securities38,003 1,289 90,209 15,173 128,212 16,462 169 
Other debt securities11,663 150 5,045 478 16,708 628 42 
Total available-for-sale securities$309,304 $4,403 $288,041 $24,744 $597,345 $29,147 986 
Quality breakdown of available-for-sale securities:       
Investment grade$280,332 $3,701 $260,480 $22,664 $540,812 $26,365 616 
Non-investment grade28,972 702 27,561 2,080 56,533 2,782 370 
Total available-for-sale securities$309,304 $4,403 $288,041 $24,744 $597,345 $29,147 986 


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 
Schedule of Allowances for Credit Losses on Fixed Maturity Securities and Financing Receivables
The following tables present a roll-forward of the allowances for credit losses on investments for the years ended December 31:
2024
(in thousands)Available-for-sale securitiesHeld-to-maturity securities
Other loans receivable
Agent loans
Balance, beginning of period$597 $0 $11,081 $957 
Provision and recoveries484 2,167 1,117 355 
Sales/collections and write-offs(568)0 0 0 
Balance, end of period$513 $2,167 $12,198 $1,312 

2023
(in thousands)Available-for-sale securitiesHeld-to-maturity securities
Other loans receivable
Agent loans
Balance, beginning of period$249 $— $3,775 $957 
   Provision and recoveries670 — 7,404 0 
   Sales/collections and write-offs(322)— (98)0 
Balance, end of period$597 $— $11,081 $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)202420232022
Available-for-sale securities$49,605 $42,563 $31,913 
Equity securities4,758 4,493 3,904 
Limited partnerships (1)
1,971 (11,308)(10,446)
Cash equivalents and other15,461 9,179 4,510 
Total investment income71,795 44,927 29,881 
Less: investment expenses1,640 355 1,296 
Net investment income$70,155 $44,572 $28,585 
(1)    Limited partnership income (losses) include both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets, net" in the Consolidated 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)202420232022
Available-for-sale securities:
Gross realized gains$3,415 $804 $1,169 
Gross realized losses(5,035)(7,523)(15,219)
Net realized losses on available-for-sale securities(1,620)(6,719)(14,050)
Equity securities4,848 871 (13,238)
Miscellaneous1 10 2 
Net realized and unrealized investment gains (losses)$3,229 $(5,838)$(27,286)


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)202420232022
Equity securities:
Net gains (losses) recognized during the period$4,848 $871 $(13,238)
Less: net gains (losses) recognized on securities sold1,213 (2,328)(1,866)
Net unrealized gains (losses) recognized on securities held at reporting date$3,635 $3,199 $(11,372)
Schedule of Impairments on Investments
Impairments on investments were as follows for the years ended December 31:
(in thousands)202420232022
Available-for-sale securities:
Intent to sell$(299)$(1,759)$(167)
Credit impaired(484)(670)(500)
Total available-for-sale securities(783)(2,429)(667)
Expected credit losses:
Held-to-maturity securities(2,167)— — 
Agent loans(355)0 0 
Other loans receivable
(819)(7,337)0 
Net impairment losses recognized in earnings$(4,124)$(9,766)$(667)