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Equity Method Investments
3 Months Ended
Mar. 31, 2024
Equity Method Investments [Abstract]  
Equity Method Investments Disclosure [Text Block] Equity Method Investments
The Company's equity method investments, which are included in other assets on the consolidated balance sheets, totaled $633.6 million and $605.9 million as of March 31, 2024 and December 31, 2023, respectively. The Company's proportionate share of earnings in its equity method investments was income of $25.9 million and a loss of $1.5 million for three months ended March 31, 2024 and 2023, respectively.

The Company's most significant equity method investment is an investment in Hagerty, Inc. (Hagerty), which is accounted for on a quarter lag. Hagerty is an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the global automobile enthusiast market. The Company's ownership interest in Hagerty was 23% as of March 31, 2024 and December 31, 2023. The Company's investment is comprised of Class A common shares, which are listed for trading on the New York Stock Exchange, as well as Class V common shares, associated with the Company's original investment, that have special voting rights and can be converted on a one-for-one basis into Class A common shares. The Company accounts for its investment under the equity method as it is deemed to have the ability to exercise significant influence over Hagerty's operating and financial policies through a combination of its voting interest, its right to designate a board member and business it conducts with Hagerty. As of March 31, 2024 and December 31, 2023, the carrying value of the Company's investment in Hagerty was $238.4 million and $237.4 million, respectively.

As of March 31, 2024 and December 31, 2023, the estimated value of the Company's investment, based on the closing stock price of Hagerty's Class A common shares, was $713.7 million and $608.4 million, respectively. See note 11 for further details regarding related party transactions with Hagerty.