Investments in debt and equity securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments in debt and equity securities

The total fair values of the Company's investments in debt and equity securities as of December 31 are detailed below:

	2022	2021
	(in $ thousands)
Investments in:
Debt securities	611,934	589,772
Equity securities	98,149	89,442
	710,083	679,214

Net investment gains and losses recognized for the years ended December 31 related to investments in equity securities are follows:

	2022	2021	2020
	(in $ thousands)
Total net investment (losses) gains recognized on equity securities during the period	(2,151)	19,351	(3,137)
Less: Net realized gains (losses) on equity securities sold during the period	395	1,631	(826)
Net unrealized investment (losses) gains recognized on equity securities still held at December 31	(2,546)	17,720	(2,311)

Amortized costs and fair values

The amortized costs and fair values of investments in debt securities as of December 31, are as follows:

	2022		2021
	Amortized costs	Fair values	Amortized costs	Fair values
	(in $ thousands)
Municipal	30,104	29,835	34,739	36,323
Corporate	272,362	254,316	249,757	258,102
Foreign	315,184	299,137	287,240	288,883
U.S. Treasury Bonds	29,078	28,646	6,429	6,464
	646,728	611,934	578,165	589,772

Proceeds from sales of investments in securities for the years ended December 31 are as follows:

	2022	2021	2020
	(in $ thousands)
Proceeds from sales of debt securities	65,827	68,450	36,449
Proceeds from sales of equity securities	868	843	791
Total proceeds from sales of investments in securities	66,695	69,293	37,240

Gross unrealized gains and losses

Gross unrealized gains and losses on investments in debt securities at December 31, were:

	2022		2021
	Gains	Losses	Gains	Losses
	(in $ thousands)
Municipal	3	272	1,585	1
Corporate	489	18,535	9,389	1,044
Foreign	165	16,212	3,285	1,642
U.S. Treasury Bonds	21	453	60	25
	678	35,472	14,319	2,712

Debt securities according to contractual terms

Debt securities at December 31, 2022 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	(in $ thousands)
In one year or less	79,070	78,241
After one year through five years	359,153	340,698
After five years through ten years	183,456	171,360
After ten years	25,049	21,635
	646,728	611,934

Gross unrealized losses on investments and fair values of related securities

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	(in $ thousands)
Municipal	262	27,491	10	67	272	27,558
Corporate	12,935	193,239	5,600	44,342	18,535	237,581
Foreign	7,608	186,221	8,604	101,294	16,212	287,515
U.S. Treasury Bonds	413	25,102	40	445	453	25,547
	21,218	432,053	14,254	146,148	35,472	578,201

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	(in $ thousands)
Municipal	1	130	—	—	1	130
Corporate	588	42,231	456	12,014	1,044	54,245
Foreign	1,502	118,943	140	3,394	1,642	122,337
U.S. Treasury Bonds	8	477	17	508	25	985
	2,099	161,781	613	15,916	2,712	177,697