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Investments (Tables)
 6 Months Ended
Jun. 30, 2021
Investments [Abstract]  
Schedule of Reconciliation of Cost to Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities The following tables summarize the cost and fair value, net of credit loss allowance, of our available-for-sale securities as of:
June 30, 2021
 (in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities $548,975 $16,666 $952 $564,689 
Collateralized debt obligations115,087 574 219 115,442 
Commercial mortgage-backed securities109,277 3,378 363 112,292 
Residential mortgage-backed securities92,142 1,811 301 93,652 
Other debt securities28,905 462 35 29,332 
U.S. Treasury20,648 743 0 21,391 
Total available-for-sale securities, net$915,034 $23,634 $1,870 $936,798 


December 31, 2020
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities$546,096 $21,843 $1,514 $566,425 
Collateralized debt obligations110,121 657 331 110,447 
Commercial mortgage-backed securities115,346 5,090 235 120,201 
Residential mortgage-backed securities108,840 3,373 34 112,179 
Other debt securities18,387 606 9 18,984 
Total available-for-sale securities, net$898,790 $31,569 $2,123 $928,236 
Schedule of Amortized Cost and Estimated Fair Value of Available-For-Sale Securities by Remaining Contractual Term to Maturity
The amortized cost and estimated fair value of available-for-sale securities at June 30, 2021 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.
June 30, 2021
AmortizedEstimated
(in thousands)costfair value
Due in one year or less$20,580 $20,856 
Due after one year through five years429,579 442,409 
Due after five years through ten years194,317 197,441 
Due after ten years270,558 276,092 
Total available-for-sale securities$915,034 $936,798 
Schedule of Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time
The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest.  The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of:
June 30, 2021
Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		No. of
holdings
Corporate debt securities$80,035 $584 $8,703 $368 $88,738 $952 289 
Collateralized debt obligations45,288 148 16,642 71 61,930 219 73 
Commercial mortgage-backed securities9,240 329 476 34 9,716 363 21 
Residential mortgage-backed securities29,064 301 0 0 29,064 301 46 
Other debt securities5,606 35 0 0 5,606 35 7 
Total available-for-sale securities$169,233 $1,397 $25,821 $473 $195,054 $1,870 436 
Quality breakdown of available-for-sale securities:
Investment grade$140,765 $1,212 $17,262 $107 $158,027 $1,319 174 
Non-investment grade28,468 185 8,559 366 37,027 551 262 
Total available-for-sale securities$169,233 $1,397 $25,821 $473 $195,054 $1,870 436 


December 31, 2020
Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		No. of
holdings
Corporate debt securities$39,693 $644 $7,952 $870 $47,645 $1,514 257 
Collateralized debt obligations50,036 232 10,899 99 60,935 331 65 
Commercial mortgage-backed securities16,582 235 0 0 16,582 235 31 
Residential mortgage-backed securities8,163 34 0 0 8,163 34 13 
Other debt securities1,019 9 0 0 1,019 9 4 
Total available-for-sale securities$115,493 $1,154 $18,851 $969 $134,344 $2,123 370 
Quality breakdown of available-for-sale securities:
Investment grade$86,807 $561 $10,899 $99 $97,706 $660 119 
Non-investment grade28,686 593 7,952 870 36,638 1,463 251 
Total available-for-sale securities$115,493 $1,154 $18,851 $969 $134,344 $2,123 370 
Schedule of Investment Income, Net of Expenses, from Portfolios
Investment income (loss), net of expenses, was generated from the following portfolios:
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Available-for-sale securities$5,790 $5,670 $11,987 $11,458 
Equity securities1,116 901 2,318 1,757 
Limited partnerships (1)
6,151 (2,329)15,197 (6,034)
Cash equivalents and other935 1,115 1,912 3,089 
Total investment income13,992 5,357 31,414 10,270 
Less: investment expenses342 313 667 562 
Investment income, net of expenses$13,650 $5,044 $30,747 $9,708 
(1)Equity in earnings (losses) of limited partnerships includes both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets" in the Statements of Financial Position. We have made no new 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 Realized Gains and Losses on Investments and Net Unrealized Gains and Losses Recognized during the Reporting Period Related to Equity Securities Held at the Reporting Date
Realized gains (losses) on investments were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Available-for-sale securities:  
Gross realized gains$1,075 $1,721 $2,998 $2,795 
Gross realized losses(678)(1,366)(1,118)(1,825)
Net realized gains on available-for-sale securities397 355 1,880 970 
Equity securities (1)
2,371 6,170 1,692 (5,252)
Miscellaneous1 1 1 2 
Net realized investment gains (losses)$2,769 $6,526 $3,573 $(4,280)
(1)While our investment portfolio was negatively impacted in the first quarter of 2020 primarily due to the financial market volatility resulting from the COVID-19 pandemic, market conditions partially recovered in the second quarter of 2020, resulting in significant gains in the three months ended June 30, 2020.


The portion of net unrealized gains and losses recognized during the reporting period related to equity securities held at the reporting date is calculated as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Equity securities:
Net gains (losses) recognized during the period (1)
$2,371 $6,170 $1,692 $(5,252)
Less: net gains (losses) recognized on securities sold128 1,357 (293)(2,157)
Net unrealized gains (losses) recognized on securities held at reporting date$2,243 $4,813 $1,985 $(3,095)
(1)While our investment portfolio was negatively impacted in the first quarter of 2020 primarily due to the financial market volatility resulting from the COVID-19 pandemic, market conditions partially recovered in the second quarter of 2020, resulting in significant gains in the three months ended June 30, 2020.
Schedule of Impairments on Available-For-Sale Securities and Agent Loans
Impairments on available-for-sale securities and agent loans were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Available-for-sale securities:
Intent to sell$— $— $— $(2,242)
Credit (impaired) recovered(1)(17)86 (658)
Total available-for-sale securities(1)(17)86 (2,900)
Agent loans - expected credit losses— — — (170)
Net impairment (losses) recoveries recognized in earnings$(1)$(17)$86 $(3,070)
Schedule of Impairments on Available-For-Sale Securities and Agent Loans
Impairments on available-for-sale securities and agent loans were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Available-for-sale securities:
Intent to sell$— $— $— $(2,242)
Credit (impaired) recovered(1)(17)86 (658)
Total available-for-sale securities(1)(17)86 (2,900)
Agent loans - expected credit losses— — — (170)
Net impairment (losses) recoveries recognized in earnings$(1)$(17)$86 $(3,070)