
	December 31, 2023
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. government obligations and agencies	$	23,886	$	—	$	49	$	(677)	$	23,258
Corporate bonds	779,177		(469)		1,097		(64,091)		715,714
Mortgage-backed and asset-backed securities	334,460		—		969		(32,283)		303,146
Municipal bonds	15,916		(4)		—		(1,873)		14,039
Redeemable preferred stock	9,480		(93)		—		(1,214)		8,173
Total	$	1,162,919	$	(566)	$	2,115	$	(100,138)	$	1,064,330


	December 31, 2022
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. government obligations and agencies	$	12,602	$	—	$	—	$	(938)	$	11,664
Corporate bonds	788,737		(729)		130		(93,077)		695,061
Mortgage-backed and asset-backed securities	327,166		—		148		(39,707)		287,607
Municipal bonds	14,924		(2)		—		(2,551)		12,371
Redeemable preferred stock	9,423		(189)		—		(1,311)		7,923

Total	$	1,152,852	$	(920)	$	278	$	(137,584)	$	1,014,626

The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands):


	December 31, 2023				December 31, 2022
			% of Total				% of Total
Average Credit Ratings	Fair Value		Fair Value		Fair Value		Fair Value
AAA	$	333,516	31.3	%	$	297,475	29.3	%
AA	128,249		12.0	%	154,975		15.3	%
A	356,090		33.5	%	327,427		32.3	%
BBB	245,823		23.1	%	232,316		22.9	%

No Rating Available	652		0.1	%	2,433		0.2	%
Total	$	1,064,330	100.0	%	$	1,014,626	100.0	%

The table above includes credit quality ratings by Standard and Poor’s Rating Services, Inc. (“S&P”), Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The Company has presented the highest rating of the three rating agencies for each investment position.

The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):


	December 31, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Mortgage-backed securities:
Agency	$	165,507	$	145,686	$	157,672	$	133,928
Non-agency	63,729		55,102		60,328		50,478
Asset-backed securities:
Auto loan receivables	53,686		52,869		62,128		59,370
Credit card receivables	3,414		3,428		657		612
Other receivables	48,124		46,061		46,381		43,219
Total	$	334,460	$	303,146	$	327,166	$	287,607

The following tables summarize available-for-sale debt securities, aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position, for which no allowance for expected credit losses has been recorded as of the dates presented (in thousands):


	December 31, 2023
	Less Than 12 Months					12 Months or Longer
	Number of Issues	Fair Value		Unrealized Losses		Number of Issues	Fair Value		Unrealized Losses
Debt Securities:
U.S. government obligations and agencies	3	$	9,045	$	(108)	5	$	6,811	$	(569)
Corporate bonds	12	1,387		(9)		287	365,893		(37,088)
Mortgage-backed and asset-backed securities	18	18,150		(316)		173	216,220		(31,967)
Municipal bonds	1	293		(1)		3	7,010		(1,069)
Redeemable preferred stock	1	529		(30)		3	1,052		(158)
Total	35	$	29,404	$	(464)	471	$	596,986	$	(70,851)


	December 31, 2022
	Less Than 12 Months					12 Months or Longer
	Number of Issues	Fair Value		Unrealized Losses		Number of Issues	Fair Value		Unrealized Losses
Debt Securities:
U.S. government obligations and agencies	2	$	2,721	$	(110)	5	$	8,943	$	(828)
Corporate bonds	40	26,563		(2,910)		247	325,992		(46,451)
Mortgage-backed and asset-backed securities	64	52,751		(2,974)		146	219,189		(36,733)
Municipal bonds	—	—		—		3	6,621		(1,458)
Redeemable preferred stock	1	95		(51)		—	—		—
Total	107	$	82,130	$	(6,045)	401	$	560,745	$	(85,470)

Unrealized losses on available-for-sale debt securities in the above table as of December 31, 2023 and 2022 have not been recognized into income as credit losses because the issuers are of high credit quality (investment grade securities), management does not intend to sell and it is likely management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. There were no material factors impacting any one category or specific security requiring an accrual for credit loss. The issuers continue to make principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.

The following table presents a reconciliation of the beginning and ending balances for expected credit losses on available-for-sale debt securities (in thousands):


	Corporate Bonds		Municipal Bonds		Redeemable Preferred Stock		Total
Balance, December 31, 2021	$	371	$	1	$	117	$	489
Provision for (or reversal of) credit loss expense	358		1		72		431
Balance, December 31, 2022	729		2		189		920
Provision for (or reversal of) credit loss expense	(260)		2		(96)		(354)
Balance, December 31, 2023	$	469	$	4	$	93	$	566

See “—Note 2 (Summary of Significant Accounting Policies — Allowance for Credit Losses-Available-For-Sale Securities)” for more information about the methodology and significant inputs used to measure the amount related to expected credit losses on available-for-sale debt securities.


	December 31, 2023
	Amortized Cost		Fair Value
Due in one year or less	$	92,428	$	91,247
Due after one year through five years	616,178		578,304
Due after five years through ten years	426,700		371,982
Due after ten years	24,111		19,784
Perpetual maturity securities	3,502		3,013
Total	$	1,162,919	$	1,064,330

All securities, except those with perpetual maturities, were categorized in the table above utilizing years to effective maturity. Effective maturity takes into consideration all forms of potential prepayment, such as call features or prepayment schedules, that shorten the lifespan of contractual maturity dates.

The following table provides certain information related to available-for-sale debt securities, equity securities and investment real estate during the periods presented (in thousands):


	Years Ended December 31,
	2023		2022		2021
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities	$	128,304	$	98,409	$	186,507
Equity securities	$	45,095	$	34,178	$	85,103
Gross realized gains on sale of securities:
Available-for-sale debt securities	$	36	$	242	$	2,649
Equity securities	$	1,744	$	2,240	$	3,005
Gross realized losses on sale of securities:
Available-for-sale debt securities	$	(1,527)	$	(2,060)	$	(2,434)
Equity securities	$	(1,482)	$	(74)	$	(208)
Realized gains on sales of investment real estate (1)	$	—	$	—	$	401



(1)						During the year ended December 31, 2021 the Company completed the sale of a non-income producing investment real estate property. The Company received net cash proceeds of approximately $2.6 million and recognized a pre-tax gain of approximately $0.4 million that is included in net realized gains (losses) on investments in the Consolidated Statements of Income for the year ended December 31, 2021 This investment real estate property was not previously reported under assets held for sale since it was actively marketed and sold within the first quarter of 2021.

The following table presents the components of net investment income, comprised primarily of interest and dividends for the periods presented (in thousands):


	Years Ended December 31,
	2023		2022		2021
Available-for-sale debt securities	$	24,793	$	18,699	$	11,926
Equity securities	4,019		3,288		2,651

Cash and cash equivalents (1)	21,448		5,945		51
Other (2)	523		492		928
Total investment income	50,783		28,424		15,556
Less: Investment expenses (3)	(2,334)		(2,639)		(3,021)
Net investment income	$	48,449	$	25,785	$	12,535


(1)			Includes interest earned on restricted cash and cash equivalents.
(2)			Includes investment income earned on real estate investments.
(3)			Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments.

The following table provides the unrealized gains (losses) recognized for the periods presented on equity securities still held at the end of the reported period (in thousands):


	Years Ended December 31,
	2023		2022		2021


Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period	$	3,723	$	(13,197)	$	(3,459)


	As of December 31,
	2023		2022
Income Producing:
Investment real estate	$	7,097	$	7,097
Less: Accumulated depreciation	(1,572)		(1,386)



Investment real estate, net	$	5,525	$	5,711

The Company has an ownership interest in a limited partnership that is not registered or readily tradable on a securities exchange. This partnership is private equity fund managed by general partners who make decisions with regard to financial policies and operations. As such, the Company is not the primary beneficiary and does not consolidate these partnerships.

The following table provides the unrealized gains (losses) recognized for the periods presented on investment in private equity limited partnership still held at the end of the reported period (in thousands):


	As of December 31,
	2023		2022


Unrealized gains (losses) recognized during the reported period on investment in private equity limited partnership still held at the end of the reported period	$	5,640	$	—

For the year ended December 31, 2023, the Company recognized net change in unrealized gain of $5.6 million on this investment which is recognized in net change in unrealized gains (losses) on investments in the Consolidated Statement of Income. At December 31, 2023 and 2022 the Company’s net cumulative contributed capital to the partnership totaled $4.8 million and $0, respectively.