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Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
(in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:




Corporate debt securities (1)	$	695,332	$	0	$	689,302	$	6,030
Collateralized debt obligations	107,465		0		106,770		695
Commercial mortgage-backed securities	120,026		0		110,897		9,129
Residential mortgage-backed securities	144,479		0		143,556		923
Other debt securities	36,270		0		36,270		0
U.S. Treasury	9,135		0		9,135		0
Total available-for-sale securities	1,112,707		0		1,095,930		16,777
Equity securities:
Financial services sector (2)	67,776		1,001		63,263		3,512
Utilities sector	4,229		0		4,229		0
Energy sector	2,995		0		2,995		0
Consumer sector	4,037		29		847		3,161
Technology sector	1,974		0		0		1,974

Communications sector	901		0		901		0
Total equity securities	81,912		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)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:




Corporate debt securities (1)	$	643,943	$	0	$	637,675	$	6,268
Collateralized debt obligations	114,127		0		114,127		0
Commercial mortgage-backed securities	124,982		0		100,893		24,089
Residential mortgage-backed securities	133,812		0		133,812		0
Other debt securities	26,751		0		26,751		0

Total available-for-sale securities	1,043,615		0		1,013,258		30,357
Equity securities:
Financial services sector	69,930		1,052		65,378		3,500
Utilities sector	5,629		0		5,629		0
Energy sector	4,117		0		4,117		0
Consumer sector	3,341		54		1,787		1,500
Technology sector	1,974		0		0		1,974

Communications sector	900		0		900		0
Total equity securities	85,891		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.

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

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)		Purchases		Sales		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 obligations	0		0		(5)		700		0		0		0		695
Commercial mortgage-backed securities	24,089		(382)		300		0		(1,289)		1,353		(14,942)		9,129
Residential mortgage-backed securities	0		0		0		0		0		923		0		923

Total available-for-sale securities	30,357		(364)		241		2,817		(1,864)		3,375		(17,785)		16,777
Equity securities	6,974		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)		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

(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, 2025				December 31, 2024
(in thousands)	Carrying value		Fair value		Carrying value		Fair 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.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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