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Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
 
Financial instruments carried at fair value
Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date.
 
Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs.  Observable inputs reflect market data obtained from independent sources.  Unobservable inputs reflect our own assumptions regarding fair market value for these securities.  Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques:

•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

•Level 3 – Unobservable inputs for the asset or liability.
 
Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service.  Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.  Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets.
 
Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources.  Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. 

In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes.  In other circumstances, certain securities are internally priced because prices are not provided by the pricing service.
 
When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of March 31, 2025, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.
The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: 
March 31, 2025
(in thousands)TotalLevel 1Level 2Level 3
Available-for-sale securities:
Corporate debt securities (1)
$695,332 $0 $689,302 $6,030 
Collateralized debt obligations107,465 0 106,770 695 
Commercial mortgage-backed securities120,026 0 110,897 9,129 
Residential mortgage-backed securities144,479 0 143,556 923 
Other debt securities36,270 0 36,270 0 
U.S. Treasury9,135 0 9,135 0 
Total available-for-sale securities1,112,707 0 1,095,930 16,777 
Equity securities:
Financial services sector (2)
67,776 1,001 63,263 3,512 
Utilities sector4,229 0 4,229 0 
Energy sector2,995 0 2,995 0 
Consumer sector4,037 29 847 3,161 
Technology sector1,974 0 0 1,974 
Communications sector901 0 901 0 
Total equity securities81,912 1,030 72,235 8,647 
Total$1,194,619 $1,030 $1,168,165 $25,424 

(1)This includes $12.2 million of securities lent under a securities lending agreement.
(2)This includes $0.1 million of securities lent under a securities lending agreement.

December 31, 2024
(in thousands)TotalLevel 1Level 2Level 3
Available-for-sale securities:
Corporate debt securities (1)
$643,943 $0 $637,675 $6,268 
Collateralized debt obligations114,127 0 114,127 0 
Commercial mortgage-backed securities124,982 0 100,893 24,089 
Residential mortgage-backed securities133,812 0 133,812 0 
Other debt securities26,751 0 26,751 0 
Total available-for-sale securities1,043,615 0 1,013,258 30,357 
Equity securities:
Financial services sector69,930 1,052 65,378 3,500 
Utilities sector5,629 0 5,629 0 
Energy sector4,117 0 4,117 0 
Consumer sector3,341 54 1,787 1,500 
Technology sector1,974 0 0 1,974 
Communications sector900 0 900 0 
Total equity securities85,891 1,106 77,811 6,974 
Total$1,129,506 $1,106 $1,091,069 $37,331 

(1)     This includes $7.3 million of securities lent under a securities lending agreement.
We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs.
Level 3 Assets – 2025 Year-to-Date Change:
(in thousands)Beginning balance at December 31, 2024
Included in earnings(1)
Included
in other
comprehensive
income (loss)		PurchasesSales
Transfers into
Level 3(2)
Transfers out of Level 3(2)
Ending balance at March 31, 2025
Available-for-sale securities:
Corporate debt securities$6,268 $18 $(54)$2,117 $(575)$1,099 $(2,843)$6,030 
Collateralized debt obligations0 0 (5)700 0 0 0 695 
Commercial mortgage-backed securities24,089 (382)300 0 (1,289)1,353 (14,942)9,129 
Residential mortgage-backed securities0 0 0 0 0 923 0 923 
Total available-for-sale securities30,357 (364)241 2,817 (1,864)3,375 (17,785)16,777 
Equity securities6,974 655 — 1,000 0 18 0 8,647 
Total Level 3 securities$37,331 $291 $241 $3,817 $(1,864)$3,393 $(17,785)$25,424 

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)		PurchasesSales
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 securities10,994 (254)94 1,595 0 6,005 (3,857)14,577 
Residential mortgage-backed securities1,534 (5)(24)0 (40)0 (1,465)0 
Total available-for-sale securities17,034 (256)111 1,938 (342)7,627 (7,627)18,485 
Equity securities7,334 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 
(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.


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, 2025December 31, 2024
(in thousands)Carrying valueFair valueCarrying valueFair value
Agent loans, net (1)
$98,823 $102,626 $92,731 $90,713 
Other loans receivable, net (2)
15,628 15,628 11,555 11,555 
Held-to-maturity securities, net (3)
4,833 4,902 4,833 4,934 
(1)    The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of
Financial Position.
(2)    The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Consolidated Statements of Financial Position.
(3)    Held-to-maturity securities are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position.