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Investments (Tables)
 9 Months Ended
Sep. 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:
September 30, 2021
 (in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Corporate debt securities $554,572 $14,537 $1,143 $567,966 
Collateralized debt obligations113,701 538 235 114,004 
Commercial mortgage-backed securities94,972 2,306 451 96,827 
Residential mortgage-backed securities126,276 1,660 705 127,231 
Other debt securities25,399 345 17 25,727 
U.S. Treasury5,479 314 44 5,749 
Total available-for-sale securities, net$920,399 $19,700 $2,595 $937,504 


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 September 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.
September 30, 2021
AmortizedEstimated
(in thousands)costfair value
Due in one year or less$30,255 $30,627 
Due after one year through five years420,007 430,590 
Due after five years through ten years183,979 186,450 
Due after ten years286,158 289,837 
Total available-for-sale securities$920,399 $937,504 
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:
September 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$96,735 $741 $10,396 $402 $107,131 $1,143 345 
Collateralized debt obligations52,441 189 12,194 46 64,635 235 81 
Commercial mortgage-backed securities13,237 326 974 125 14,211 451 31 
Residential mortgage-backed securities63,636 691 299 14 63,935 705 56 
Other debt securities3,163 17 0 0 3,163 17 9 
U.S. Treasury1,339 44 0 0 1,339 44 1 
Total available-for-sale securities$230,551 $2,008 $23,863 $587 $254,414 $2,595 523 
Quality breakdown of available-for-sale securities:
Investment grade$196,591 $1,727 $16,711 $257 $213,302 $1,984 215 
Non-investment grade33,960 281 7,152 330 41,112 611 308 
Total available-for-sale securities$230,551 $2,008 $23,863 $587 $254,414 $2,595 523 

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 September 30,Nine months ended September 30,
(in thousands)2021202020212020
Available-for-sale securities$5,786 $5,353 $17,773 $16,811 
Equity securities1,030 1,178 3,348 2,935 
Limited partnerships (1)
11,504 3,615 26,701 (2,419)
Cash equivalents and other862 1,009 2,774 4,098 
Total investment income19,182 11,155 50,596 21,425 
Less: investment expenses324 510 991 1,072 
Investment income, net of expenses$18,858 $10,645 $49,605 $20,353 
(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 September 30,Nine months ended September 30,
(in thousands)2021202020212020
Available-for-sale securities:  
Gross realized gains$2,424 $604 $5,422 $3,399 
Gross realized losses(235)(467)(1,353)(2,292)
Net realized gains on available-for-sale securities2,189 137 4,069 1,107 
Equity securities(579)5,777 1,113 525 
Miscellaneous0 1 1 3 
Net realized investment gains$1,610 $5,915 $5,183 $1,635 


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 September 30,Nine months ended September 30,
(in thousands)2021202020212020
Equity securities:
Net (losses) gains recognized during the period$(579)$5,777 $1,113 $525 
Less: net (losses) gains recognized on securities sold(267)1,796 5 (1,009)
Net unrealized (losses) gains recognized on securities held at reporting date$(312)$3,981 $1,108 $1,534 
Schedule of Impairments on Available-For-Sale Securities and Agent Loans
Impairments on available-for-sale securities and agent loans were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2021202020212020
Available-for-sale securities:
Intent to sell$(10)$(37)$(10)$(2,279)
Credit (impaired) recovered(13)(85)73 (743)
Total available-for-sale securities(23)(122)63 (3,022)
Agent loans - expected credit recoveries (losses)153 — 153 (170)
Net impairment recoveries (losses) recognized in earnings$130 $(122)$216 $(3,192)
Schedule of Impairments on Available-For-Sale Securities and Agent Loans
Impairments on available-for-sale securities and agent loans were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2021202020212020
Available-for-sale securities:
Intent to sell$(10)$(37)$(10)$(2,279)
Credit (impaired) recovered(13)(85)73 (743)
Total available-for-sale securities(23)(122)63 (3,022)
Agent loans - expected credit recoveries (losses)153 — 153 (170)
Net impairment recoveries (losses) recognized in earnings$130 $(122)$216 $(3,192)