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v3.25.1

Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input | The following tables present our fair value measurements on a recurring basis by asset class and level of input as of:
|  | March 31, 2025
(in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Available-for-sale securities: |  |  |  |  |  |  |  |
Corporate debt securities (1) |  | $ | 695,332 |  |  | $ | 0 |  |  | $ | 689,302 |  |  | $ | 6,030 |
Collateralized debt obligations |  | 107,465 |  |  | 0 |  |  | 106,770 |  |  | 695 |
Commercial mortgage-backed securities |  | 120,026 |  |  | 0 |  |  | 110,897 |  |  | 9,129 |
Residential mortgage-backed securities |  | 144,479 |  |  | 0 |  |  | 143,556 |  |  | 923 |
Other debt securities |  | 36,270 |  |  | 0 |  |  | 36,270 |  |  | 0 |
U.S. Treasury |  | 9,135 |  |  | 0 |  |  | 9,135 |  |  | 0 |
Total available-for-sale securities |  | 1,112,707 |  |  | 0 |  |  | 1,095,930 |  |  | 16,777 |
Equity securities: |  |  |  |  |  |  |  |
Financial services sector (2) |  | 67,776 |  |  | 1,001 |  |  | 63,263 |  |  | 3,512 |
Utilities sector |  | 4,229 |  |  | 0 |  |  | 4,229 |  |  | 0 |
Energy sector |  | 2,995 |  |  | 0 |  |  | 2,995 |  |  | 0 |
Consumer sector |  | 4,037 |  |  | 29 |  |  | 847 |  |  | 3,161 |
Technology sector |  | 1,974 |  |  | 0 |  |  | 0 |  |  | 1,974 |
Communications sector |  | 901 |  |  | 0 |  |  | 901 |  |  | 0 |
Total equity securities |  | 81,912 |  |  | 1,030 |  |  | 72,235 |  |  | 8,647 |
Total |  | $ | 1,194,619 |  |  | $ | 1,030 |  |  | $ | 1,168,165 |  |  | $ | 25,424 |
(1)This includes $12.2 million of securities lent under a securities lending agreement. (2)This includes $0.1 million of securities lent under a securities lending agreement.
|  | December 31, 2024
(in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Available-for-sale securities: |  |  |  |  |  |  |  |
Corporate debt securities (1) |  | $ | 643,943 |  |  | $ | 0 |  |  | $ | 637,675 |  |  | $ | 6,268 |
Collateralized debt obligations |  | 114,127 |  |  | 0 |  |  | 114,127 |  |  | 0 |
Commercial mortgage-backed securities |  | 124,982 |  |  | 0 |  |  | 100,893 |  |  | 24,089 |
Residential mortgage-backed securities |  | 133,812 |  |  | 0 |  |  | 133,812 |  |  | 0 |
Other debt securities |  | 26,751 |  |  | 0 |  |  | 26,751 |  |  | 0 |
Total available-for-sale securities |  | 1,043,615 |  |  | 0 |  |  | 1,013,258 |  |  | 30,357 |
Equity securities: |  |  |  |  |  |  |  |
Financial services sector |  | 69,930 |  |  | 1,052 |  |  | 65,378 |  |  | 3,500 |
Utilities sector |  | 5,629 |  |  | 0 |  |  | 5,629 |  |  | 0 |
Energy sector |  | 4,117 |  |  | 0 |  |  | 4,117 |  |  | 0 |
Consumer sector |  | 3,341 |  |  | 54 |  |  | 1,787 |  |  | 1,500 |
Technology sector |  | 1,974 |  |  | 0 |  |  | 0 |  |  | 1,974 |
Communications sector |  | 900 |  |  | 0 |  |  | 900 |  |  | 0 |
Total equity securities |  | 85,891 |  |  | 1,106 |  |  | 77,811 |  |  | 6,974 |
Total |  | $ | 1,129,506 |  |  | $ | 1,106 |  |  | $ | 1,091,069 |  |  | $ | 37,331 |
(1) This includes $7.3 million of securities lent under a securities lending agreement.
Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis | Level 3 Assets – 2025 Year-to-Date Change:
(in thousands) |  | Beginning balance at December 31, 2024 |  | Included in earnings(1) |  | Included in other comprehensive income (loss) |  | Purchases |  | Sales |  | Transfers into Level 3(2) |  | Transfers out of Level 3(2) |  | Ending balance at March 31, 2025
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 6,268 |  |  | $ | 18 |  |  | $ | (54) |  |  | $ | 2,117 |  |  | $ | (575) |  |  | $ | 1,099 |  |  | $ | (2,843) |  |  | $ | 6,030 |
Collateralized debt obligations |  | 0 |  |  | 0 |  |  | (5) |  |  | 700 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 695 |
Commercial mortgage-backed securities |  | 24,089 |  |  | (382) |  |  | 300 |  |  | 0 |  |  | (1,289) |  |  | 1,353 |  |  | (14,942) |  |  | 9,129 |
Residential mortgage-backed securities |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 923 |  |  | 0 |  |  | 923 |
Total available-for-sale securities |  | 30,357 |  |  | (364) |  |  | 241 |  |  | 2,817 |  |  | (1,864) |  |  | 3,375 |  |  | (17,785) |  |  | 16,777 |
Equity securities |  | 6,974 |  |  | 655 |  |  | — |  |  | 1,000 |  |  | 0 |  |  | 18 |  |  | 0 |  |  | 8,647 |
Total Level 3 securities |  | $ | 37,331 |  |  | $ | 291 |  |  | $ | 241 |  |  | $ | 3,817 |  |  | $ | (1,864) |  |  | $ | 3,393 |  |  | $ | (17,785) |  |  | $ | 25,424 |
Level 3 Assets – 2024 Year-to-Date Change:
(in thousands) |  | Beginning balance at December 31, 2023 |  | Included in earnings(1) |  | Included in other comprehensive income (loss) |  | Purchases |  | Sales |  | Transfers into Level 3(2) |  | Transfers out of Level 3(2) |  | Ending balance at March 31, 2024
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 4,506 |  |  | $ | 3 |  |  | $ | 41 |  |  | $ | 343 |  |  | $ | (302) |  |  | $ | 1,622 |  |  | $ | (2,305) |  |  | $ | 3,908 |
Commercial mortgage-backed securities |  | 10,994 |  |  | (254) |  |  | 94 |  |  | 1,595 |  |  | 0 |  |  | 6,005 |  |  | (3,857) |  |  | 14,577 |
Residential mortgage-backed securities |  | 1,534 |  |  | (5) |  |  | (24) |  |  | 0 |  |  | (40) |  |  | 0 |  |  | (1,465) |  |  | 0 |
Total available-for-sale securities |  | 17,034 |  |  | (256) |  |  | 111 |  |  | 1,938 |  |  | (342) |  |  | 7,627 |  |  | (7,627) |  |  | 18,485 |
Equity securities |  | 7,334 |  |  | 86 |  |  | — |  |  | 1,000 |  |  | 0 |  |  | 24 |  |  | (476) |  |  | 7,968 |
Total Level 3 securities |  | $ | 24,368 |  |  | $ | (170) |  |  | $ | 111 |  |  | $ | 2,938 |  |  | $ | (342) |  |  | $ | 7,651 |  |  | $ | (8,103) |  |  | $ | 26,453 |
(1)These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above. (2)Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Schedule of Financial Instruments Not Carried at Fair Value | The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of:
|  | March 31, 2025 |  | December 31, 2024
(in thousands) |  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Agent loans, net (1) |  | $ | 98,823 |  |  | $ | 102,626 |  |  | $ | 92,731 |  |  | $ | 90,713 |
Other loans receivable, net (2) |  | 15,628 |  |  | 15,628 |  |  | 11,555 |  |  | 11,555 |
Held-to-maturity securities, net (3) |  | 4,833 |  |  | 4,902 |  |  | 4,833 |  |  | 4,934 |
(1) The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position. (2) The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Consolidated Statements of Financial Position. (3) Held-to-maturity securities are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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