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INVESTMENTS
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Fixed Maturity Securities

Available-for-sale securities are reported at fair value as of June 30, 2022 and December 31, 2021. Held-to-maturity securities are reported at amortized cost as of June 30, 2022 and December 31, 2021. The following is a summary of our investment securities as of June 30, 2022 and December 31, 2021 (in thousands):
June 30, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Carrying
Value
Cash equivalents$391,200 $— $(15)$391,185 
Available for sale:
U.S. government and agency obligations901,208 80 (8,788)892,500 
Corporate obligations518,584 137 (28,928)489,793 
State and municipal obligations16,757 — (287)16,470 
Certificates of deposit16,115 — (2)16,113 
Mortgage-backed securities148,265 617 (9,610)139,272 
Asset-backed securities74,418 10 (2,974)71,454 
Other391 — (13)378 
Total available-for-sale securities1,675,738 844 (50,602)1,625,980 
Held to maturity:
U.S. government and agency obligations4,978 — — 4,978 
Certificates of deposit1,447 — — 1,447 
Total held-to-maturity securities6,425 — — 6,425 
Total investments$2,073,363 $844 $(50,617)$2,023,590 
December 31, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Carrying
Value
Cash equivalents$192,623 $— $— $192,623 
Available for sale:
U.S. government and agency obligations311,936 259 (2,200)309,995 
Corporate obligations313,965 326 (1,104)313,187 
State and municipal obligations16,122 33 (38)16,117 
Certificates of deposit18,752 — — 18,752 
Mortgage-backed securities38,558 63 (67)38,554 
Other42,889 13 (30)42,872 
Total available-for-sale securities742,222 694 (3,439)739,477 
Held to maturity:
U.S. government and agency obligations7,739 — — 7,739 
Certificates of deposit1,447 — — 1,447 
Total held-to-maturity securities9,186 — — 9,186 
Total investments$944,031 $694 $(3,439)$941,286 
The fair value of available-for-sale investments, including those that are cash equivalents, with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2022 and December 31, 2021 were as follows (in thousands):
June 30, 2022
Less Than 12 Months12 Months or GreaterTotal
Description of InvestmentsFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Cash equivalents48,419 (15)— — 48,419 (15)
U.S. government and agency obligations865,788 (8,143)15,470 (645)881,258 (8,788)
Corporate obligations458,430 (28,857)1,422 (71)459,852 (28,928)
State and municipal obligations16,469 (287)— — 16,469 (287)
Certificates of deposit2,856 (2)— — 2,856 (2)
Mortgage-backed securities128,791 (9,610)— — 128,791 (9,610)
Asset-backed securities68,580 (2,974)— — 68,580 (2,974)
Other953 (13)— — 953 (13)
Total bonds$1,590,286 $(49,901)$16,892 $(716)$1,607,178 $(50,617)
December 31, 2021
Less Than 12 Months12 Months or GreaterTotal
Description of InvestmentsFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. government and agency obligations286,823 (2,200)— — 286,823 (2,200)
Corporate obligations234,070 (1,104)— — 234,070 (1,104)
State and municipal obligations10,442 (38)— — 10,442 (38)
Mortgage-backed securities32,715 (67)— — 32,715 (67)
Other29,115 (30)— — 29,115 (30)
Total bonds$593,165 $(3,439)$— $— $593,165 $(3,439)

As of June 30, 2022, we had 2,142 investment positions out of 2,377 that were in an unrealized loss position. As of December 31, 2021, we had 1,343 investment positions out of 1,836 that were in an unrealized loss position. We believe that we will collect the principal and interest due on our debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality or issuer credit ratings associated with these securities. In addition, all issuers of debt securities we own remain current on all contractual payments as of June 30, 2022. At each reporting period, we evaluate debt securities for potential impairment when the fair value of the investment is less than its amortized cost, and we intend to sell the securities or it is more likely than not that we will be required to sell the securities before recovery of their amortized cost basis. As of June 30, 2022, we did not have the intent to sell any of the securities in an unrealized loss position, and it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost basis.

As of June 30, 2022, the maturity of available-for-sale securities, by contractual maturity, reflected at amortized cost and fair value were as follows (in thousands):
Amortized
Cost		Fair
Value
Due in one year or less$785,073 $783,124 
Due after one year through five years540,080 516,463 
Due after five years through 10 years339,726 315,997 
Due after 10 years10,859 10,396 
Total debt securities$1,675,738 $1,625,980 

Investment income in the Condensed Consolidated Statements of Income (Loss) for the six months ended June 30, 2022 and 2021, was $6.3 million, and $2.4 million, respectively, and $5.4 million and $1.2 million for the three months ended June 30, 2022 and 2021, respectively, related to our fixed maturity securities. The gross proceeds from the sale of available-for-sale securities for the six months ended June 30, 2022 and 2021 were $157.1 million and $576.1 million, respectively. Realized (losses) gains from our fixed maturity securities of $(2.5) million and $0.2 million are included within total investment income, and reclassified out of accumulated other comprehensive income, for the six months ended June 30, 2022 and 2021, respectively.

Equity Securities

On April 1, 2021 we completed the purchase of 1.6 million shares of equity securities for aggregate cash consideration of $40.1 million. As of June 30, 2022 and December 31, 2021, the equity securities had a carrying value of $63.2 million and $120.4 million, respectively, which is included in short-term investments in the Condensed Consolidated Balance Sheet. We recognized unrealized (losses) gains of $(16.2) million and $58.5 million in investment income (loss) in the Condensed
Consolidated Statements of Income (Loss) for the three months ended June 30, 2022 and 2021, respectively. We recognized unrealized (losses) gains of $(57.2) million and $62.8 million for the six months ended June 30, 2022 and 2021, respectively.