Erie Indemnity (ERIE) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 23, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	0-24000
Entry Registrant Name	ERIE INDEMNITY COMPANY
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0466020
Entity Address, Address Line One	100 Erie Insurance Place,
Entity Address, City or Town	Erie,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	16530
City Area Code	814
Local Phone Number	870-2000
Title of 12(b) Security	Class A common stock,
Trading Symbol	ERIE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000922621
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,189,068
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,542

STATEMENTS OF OPERATIONS (UNAUD

STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating revenue
Operating revenue	$ 680,030	$ 657,019	$ 1,310,207	$ 1,273,756
Operating expenses
Operating expenses	594,965	565,830	1,149,047	1,096,876
Operating income	85,065	91,189	161,160	176,880
Investment income
Net investment income	13,650	5,044	30,747	9,708
Net realized investment gains (losses)	2,769	6,526	3,573	(4,280)
Net impairment (losses) recoveries recognized in earnings	(1)	(17)	86	(3,070)
Total investment income	16,418	11,553	34,406	2,358
Interest expense, net	1,039	2	2,048	5
Other expense	548	258	1,067	624
Income before income taxes	99,896	102,482	192,451	178,609
Income tax expense	20,867	20,505	39,856	37,306
Net income	$ 79,029	$ 81,977	$ 152,595	$ 141,303
Earnings per share - Basic and diluted:
Common stock - diluted (in dollars per share)			$ 491
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)			2,542
Class A common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 1.70	$ 1.76	$ 3.28	$ 3.03
Common stock - diluted (in dollars per share)	$ 1.51	$ 1.57	$ 2.92	$ 2.70
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	46,188,289	46,187,808	46,188,573	46,188,299
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	52,302,370	52,302,981	52,309,163	52,313,667
Dividends declared per share
Common stock (in dollars per share)	$ 1.035	$ 0.965	$ 2.070	$ 1.930
Class B common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	255	264	491	455
Common stock - diluted (in dollars per share)	$ 255	$ 264	$ 491	$ 455
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	2,542	2,542	2,542	2,542
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	2,542	2,542	2,542	2,542
Dividends declared per share
Common stock (in dollars per share)	$ 155.25	$ 144.75	$ 310.50	$ 289.50
Management fee revenue - policy issuance and renewal services
Operating revenue
Operating revenue	$ 502,271	$ 483,795	$ 957,989	$ 927,545
Operating expenses
Operating expenses	437,775	413,865	838,324	793,357
Management fee revenue - administrative services
Operating revenue
Operating revenue	14,667	14,813	29,514	29,584
Administrative services reimbursement revenue
Operating revenue
Operating revenue	157,190	151,965	310,723	303,519
Operating expenses
Operating expenses	157,190	151,965	310,723	303,519
Service agreement revenue
Operating revenue
Operating revenue	$ 5,902	$ 6,446	$ 11,981	$ 13,108

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 79,029	$ 81,977	$ 152,595	$ 141,303
Other comprehensive income (loss), net of tax
Change in unrealized holding gains (losses) on available-for-sale securities	2,676	37,451	(6,076)	5,215
Amortization of prior service costs and net actuarial loss on pension and other postretirement plans	3,463	2,660	6,926	5,320
Total other comprehensive income, net of tax	6,139	40,111	850	10,535
Comprehensive income	$ 85,168	$ 122,088	$ 153,445	$ 151,838

STATEMENTS OF FINANCIAL POSITIO

STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 156,038	$ 161,240
Available-for-sale securities	20,856	17,697
Equity securities	207	19
Receivables from Erie Insurance Exchange and affiliates, net	504,013	494,637
Prepaid expenses and other current assets	59,574	52,561
Accrued investment income	6,121	6,146
Total current assets	746,809	732,300
Available-for-sale securities, net	915,942	910,539
Equity securities	93,798	94,071
Fixed assets, net	280,402	265,341
Agent loans, net	60,070	62,449
Deferred income taxes, net	17,971	12,341
Other assets	48,652	40,081
Total assets	2,163,644	2,117,122
Current liabilities:
Commissions payable	284,234	262,338
Agent bonuses	62,694	110,158
Accounts payable and accrued liabilities	150,346	150,706
Dividends payable	48,200	48,200
Contract liability	35,742	36,917
Deferred executive compensation	8,581	17,319
Current portion of long-term borrowings	2,064	2,031
Total current liabilities	591,861	627,669
Defined benefit pension plans	184,111	164,346
Long-term borrowings	92,795	93,833
Contract liability	18,135	18,878
Deferred executive compensation	13,773	14,904
Other long-term liabilities	17,867	9,444
Total liabilities	918,542	929,074
Shareholders’ equity
Additional paid-in-capital	16,496	16,487
Accumulated other comprehensive loss	(77,293)	(78,143)
Retained earnings	2,449,819	2,393,624
Total contributed capital and retained earnings	2,391,192	2,334,138
Treasury stock, at cost; 22,110,132 shares held	(1,167,211)	(1,163,670)
Deferred compensation	21,121	17,580
Total shareholders’ equity	1,245,102	1,188,048
Total liabilities and shareholders’ equity	2,163,644	2,117,122
Class A common stock
Shareholders’ equity
Common stock	1,992	1,992
Class B common stock
Shareholders’ equity
Common stock	$ 178	$ 178

STATEMENTS OF FINANCIAL POSIT_2

STATEMENTS OF FINANCIAL POSITION (Parenthetical)	Jun. 30, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Treasury stock (in shares)	22,110,132	22,110,132
Class A common stock
Common stock, stated value per share (in dollars per share) | $ / shares	$ 0.0292	$ 0.0292
Common stock, authorized (in shares)	74,996,930	74,996,930
Common stock, issued (in shares)	68,299,200	68,299,200
Common stock, outstanding (in shares)	46,189,068	46,189,068
Class B common stock
Common stock, stated value per share (in dollars per share) | $ / shares	$ 70	$ 70
Common stock, authorized (in shares)	3,070	3,070
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400
Shares issued (in shares)	2,542	2,542
Shares outstanding (in shares)	2,542	2,542

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands		Total	Cumulative effect adjustment	[1]	Class A common stock	Class B common stock	Common stockClass A common stock	Common stockClass B common stock	Additional paid-in-capital	Accumulated other comprehensive (loss) income	Retained earnings	Retained earningsCumulative effect adjustment	[1]	Retained earningsClass A common stock	Retained earningsClass B common stock	Treasury stock	Deferred compensation
Beginning balance at Dec. 31, 2019		$ 1,133,253	$ (1,075)				$ 1,992	$ 178	$ 16,483	$ (116,868)	$ 2,377,558	$ (1,075)				$ (1,158,910)	$ 12,820
Increase (decrease) in shareholders' equity
Accounting standards update		us-gaap:AccountingStandardsUpdate201613Member
Net income		$ 59,326									59,326
Other comprehensive (loss) income		(29,576)								(29,576)
Dividends declared:					$ (44,572)	$ (368)								$ (44,572)	$ (368)
Net purchase of treasury stock	[2]	4							4							0
Deferred compensation		0														(772)	772
Ending balance at Mar. 31, 2020		1,116,992					1,992	178	16,487	(146,444)	2,390,869					(1,159,682)	13,592
Beginning balance at Dec. 31, 2019		1,133,253	$ (1,075)				1,992	178	16,483	(116,868)	2,377,558	$ (1,075)				(1,158,910)	12,820
Increase (decrease) in shareholders' equity
Net income		141,303
Other comprehensive (loss) income		10,535								10,535
Ending balance at Jun. 30, 2020		1,194,139					1,992	178	16,487	(106,333)	2,427,905					(1,162,546)	16,456
Beginning balance at Mar. 31, 2020		1,116,992					1,992	178	16,487	(146,444)	2,390,869					(1,159,682)	13,592
Increase (decrease) in shareholders' equity
Net income		81,977									81,977
Other comprehensive (loss) income		40,111								40,111
Dividends declared:					(44,573)	(368)								(44,573)	(368)
Net purchase of treasury stock	[2]	0							0							0
Deferred compensation		0														(3,568)	3,568
Rabbi trust distribution	[3]	0														704	(704)
Ending balance at Jun. 30, 2020		1,194,139					1,992	178	16,487	(106,333)	2,427,905					(1,162,546)	16,456
Beginning balance at Dec. 31, 2020		1,188,048					1,992	178	16,487	(78,143)	2,393,624					(1,163,670)	17,580
Increase (decrease) in shareholders' equity
Net income		73,566									73,566
Other comprehensive (loss) income		(5,289)								(5,289)
Dividends declared:					(47,806)	(395)								(47,806)	(395)
Net purchase of treasury stock	[2]	9							9							0
Deferred compensation		0														(846)	846
Rabbi trust distribution	[3]	0														876	(876)
Ending balance at Mar. 31, 2021		1,208,133					1,992	178	16,496	(83,432)	2,418,989					(1,163,640)	17,550
Beginning balance at Dec. 31, 2020		1,188,048					1,992	178	16,487	(78,143)	2,393,624					(1,163,670)	17,580
Increase (decrease) in shareholders' equity
Net income		152,595
Other comprehensive (loss) income		850								850
Ending balance at Jun. 30, 2021		1,245,102					1,992	178	16,496	(77,293)	2,449,819					(1,167,211)	21,121
Beginning balance at Mar. 31, 2021		1,208,133					1,992	178	16,496	(83,432)	2,418,989					(1,163,640)	17,550
Increase (decrease) in shareholders' equity
Net income		79,029									79,029
Other comprehensive (loss) income		6,139								6,139
Dividends declared:					$ (47,805)	$ (394)								$ (47,805)	$ (394)
Net purchase of treasury stock	[2]	0							0							0
Deferred compensation		0														(3,668)	3,668
Rabbi trust distribution	[3]	0														97	(97)
Ending balance at Jun. 30, 2021		$ 1,245,102					$ 1,992	$ 178	$ 16,496	$ (77,293)	$ 2,449,819					$ (1,167,211)	$ 21,121
[1]	The cumulative effect adjustment is related to the implementation of credit loss allowance accounting guidance effective January 1, 2020.
[2]	Net purchases of treasury stock in 2021 and 2020 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock based compensation awards.
[3]	Distributions of our Class A shares were made from the rabbi trust to a retired director and an incentive compensation deferral plan participant in 2021 and to a retired director in 2020.

STATEMENTS OF SHAREHOLDERS' E_2

STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Class A common stock
Dividends declared (in dollars per share)	$ 1.035	$ 1.035	$ 0.965	$ 0.965	$ 2.070	$ 1.930
Class B common stock
Dividends declared (in dollars per share)	$ 155.25	$ 155.25	$ 144.75	$ 144.75	$ 310.50	$ 289.50

STATEMENTS OF CASH FLOWS (UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Management fee received	$ 985,317	$ 937,962
Administrative services reimbursements received	301,509	279,689
Service agreement fee received	11,981	13,108
Net investment income received	18,735	18,749
Commissions paid to agents	(464,550)	(448,622)
Agents bonuses paid	(115,678)	(100,185)
Salaries and wages paid	(113,452)	(100,360)
Employee benefits paid	(16,567)	(15,962)
General operating expenses paid	(126,373)	(133,422)
Administrative services expenses paid	(310,617)	(298,046)
Income taxes paid	(40,503)	(25,625)
Interest paid	(2,082)	(4)
Net cash provided by operating activities	127,720	127,282
Purchase of investments:
Available-for-sale securities	(168,671)	(198,192)
Equity securities	(28,408)	(44,407)
Other investments	(605)	(622)
Proceeds from investments:
Available-for-sale securities sales	59,203	68,977
Available-for-sale securities maturities/calls	99,788	58,722
Equity securities	29,856	35,684
Other investments	869	577
Purchase of fixed assets	(28,197)	(37,426)
Loans to agents	(2,930)	(2,313)
Collections on agent loans	3,584	3,577
Net cash used in investing activities	(35,511)	(115,423)
Cash flows from financing activities
Dividends paid to shareholders	(96,400)	(89,881)
Net payments on long-term borrowings	(1,011)	(979)
Net cash used in financing activities	(97,411)	(90,860)
Net decrease in cash and cash equivalents	(5,202)	(79,001)
Cash and cash equivalents, beginning of period	161,240	336,739
Cash and cash equivalents, end of period	156,038	257,738
Supplemental disclosure of noncash transactions
Transfer of investments from limited partnerships to equity securities	0	4,188
Operating lease assets obtained in exchange for new operating lease liabilities	977	3,440
Liability incurred to purchase fixed assets	$ 13,024	$ 814

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Erie Indemnity Company ("Indemnity", "we", "us", "our") is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange ("Exchange"). The Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance. Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance, and investment management services for its insurance subsidiaries, collectively referred to as "administrative services". Acting as attorney-in-fact in these two capacities is done in accordance with a subscriber's agreement (a limited power of attorney) executed individually by each subscriber (policyholder), which appoints us as their common attorney-in-fact to transact certain business on their behalf. Pursuant to the subscriber's agreement for acting as attorney-in-fact in these two capacities, we earn a management fee calculated as a percentage of the direct and affiliated assumed premiums written by the Exchange. The policy issuance and renewal services we provide to the Exchange are related to the sales, underwriting and issuance of policies. The sales related services we provide include agent compensation and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written as well as additional commissions and bonuses to agents, which are earned by achieving targeted measures. The underwriting services we provide include underwriting and policy processing. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above. Included in these expenses are allocations of costs for departments that support these policy issuance and renewal functions. By virtue of its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through an attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the Exchange with respect to its administrative services. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Included in these expenses are allocations of costs for departments that support these administrative functions. The amounts incurred for these services are reimbursed to Indemnity at cost in accordance with the subscriber's agreement and the service agreements. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. Our results of operations are tied to the growth and financial condition of the Exchange. If any events occurred that impaired the Exchange’s ability to grow or sustain its financial condition, including but not limited to reduced financial strength ratings, disruption in the independent agency relationships, significant catastrophe losses, or products not meeting customer demands, the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange almost certainly would have as a consequence a decline in the total premiums paid and a correspondingly adverse effect on the amount of the management fees we receive. We also have an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for its management fee and cost reimbursements. See Note 12, "Concentrations of Credit Risk". Coronavirus ("COVID-19") pandemic

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission on February 25, 2021. Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. Pursuant to the subscriber’s agreement, we earn a management fee calculated as a percentage, not to exceed 25%, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber’s agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to all administrative services. The transaction price, including management fee revenue and administrative service reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder), receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized. The Exchange, by virtue of its legal structure as a reciprocal insurer, does not have any employees or officers. Therefore, it enters into contractual relationships by and through an attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the Exchange with respect to its administrative services in accordance with the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber’s agreement and the service agreements. The revenue allocated to this performance obligation is recognized over a four-year period representing the time over which these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Statements of Financial Position. During the three and six months ending June 30, 2021, we recognized revenue of $10.6 million and $23.9 million, respectively, that was included in the contract liabilities balance as of December 31, 2020. During the three and six months ending June 30, 2020, we recognized revenue of $10.3 million and $23.4 million, respectively, that was included in the contract liabilities balance as of December 31, 2019. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Statements of Operations. Indemnity records a receivable from the Exchange for management fee revenue when the premium is written or assumed by the Exchange. Indemnity collects the management fee from the Exchange when the Exchange collects the premiums from the subscribers (policyholders). As the Exchange issues policies with annual terms only, cash collections generally occur within one year. The following table disaggregates revenue by our two performance obligations: Three months ended June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Management fee revenue - policy issuance and renewal services $ 502,271 $ 483,795 $ 957,989 $ 927,545 Management fee revenue - administrative services 14,667 14,813 29,514 29,584 Administrative services reimbursement revenue 157,190 151,965 310,723 303,519 Total administrative services $ 171,857 $ 166,778 $ 340,237 $ 333,103

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 10, "Capital Stock". Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method. A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: Three months ended June 30, 2021 2020 (dollars in thousands, except per share data) Allocated net income (numerator) Weighted shares (denominator) Per-share amount Allocated net income (numerator) Weighted shares (denominator) Per-share amount Class A – Basic EPS: Income available to Class A stockholders $ 78,382 46,188,289 $ 1.70 $ 81,306 46,187,808 $ 1.76 Dilutive effect of stock-based awards 0 13,281 — 0 14,373 — Assumed conversion of Class B shares 647 6,100,800 — 671 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 79,029 52,302,370 $ 1.51 $ 81,977 52,302,981 $ 1.57 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 647 2,542 $ 255 $ 671 2,542 $ 264 Six months ended June 30, 2021 2020 (dollars in thousands, except per share data) Allocated net income (numerator) Weighted shares (denominator) Per-share amount Allocated net income (numerator) Weighted shares (denominator) Per-share amount Class A – Basic EPS: Income available to Class A stockholders $ 151,346 46,188,573 $ 3.28 $ 140,146 46,188,299 $ 3.03 Dilutive effect of stock-based awards 0 19,790 — 0 24,568 — Assumed conversion of Class B shares 1,249 6,100,800 — 1,157 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 152,595 52,309,163 $ 2.92 $ 141,303 52,313,667 $ 2.70 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 1,249 2,542 $ 491 $ 1,157 2,542 $ 455

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of June 30, 2021, nearly all of our available-for-sale and equity securities were priced using a third party pricing service. The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: June 30, 2021 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 564,689 $ 2,461 $ 556,150 $ 6,078 Collateralized debt obligations 115,442 0 114,692 750 Commercial mortgage-backed securities 112,292 0 95,159 17,133 Residential mortgage-backed securities 93,652 0 90,611 3,041 Other debt securities 29,332 0 26,788 2,544 U.S. Treasury 21,391 0 21,391 0 Total available-for-sale securities 936,798 2,461 904,791 29,546 Equity securities - nonredeemable preferred and common stock: Financial services sector 75,212 20,628 53,584 1,000 Utilities sector 10,470 3,594 6,876 0 Energy sector 2,952 957 1,995 0 Consumer sector 2,295 607 1,688 0 Communications sector 2,161 1,123 1,038 0 Industrial sector 915 915 0 0 Total equity securities 94,005 27,824 65,181 1,000 Total $ 1,030,803 $ 30,285 $ 969,972 $ 30,546 December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 566,425 $ 1,281 $ 559,319 $ 5,825 Collateralized debt obligations 110,447 0 110,447 0 Commercial mortgage-backed securities 120,201 0 100,739 19,462 Residential mortgage-backed securities 112,179 0 111,242 937 Other debt securities 18,984 0 18,984 0 Total available-for-sale securities 928,236 1,281 900,731 26,224 Equity securities - nonredeemable preferred and common stock: Financial services sector 76,575 24,981 51,594 0 Utilities sector 8,742 3,957 4,785 0 Energy sector 2,206 676 1,530 0 Consumer sector 3,068 576 2,492 0 Communications sector 2,699 2,699 0 0 Industrial sector 800 800 0 0 Total equity securities 94,090 33,689 60,401 0 Total $ 1,022,326 $ 34,970 $ 961,132 $ 26,224 We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs. Level 3 Assets – 2021 Quarterly Change: (in thousands) Beginning balance at March 31, 2021 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2021 Available-for-sale securities: Corporate debt securities $ 5,460 $ 14 $ 37 $ 1,476 $ (303) $ 1,347 $ (1,953) $ 6,078 Collateralized debt obligations 0 0 0 750 0 0 0 750 Commercial mortgage-backed securities 16,241 (102) (10) 579 (961) 2,624 (1,238) 17,133 Residential mortgage-backed securities 473 (3) 1 0 (224) 3,030 (236) 3,041 Other debt securities 521 0 (4) 2,060 (33) 0 0 2,544 Total available-for-sale securities 22,695 (91) 24 4,865 (1,521) 7,001 (3,427) 29,546 Nonredeemable preferred stock 1,090 5 0 1,000 0 0 (1,095) 1,000 Total Level 3 securities $ 23,785 $ (86) $ 24 $ 5,865 $ (1,521) $ 7,001 $ (4,522) $ 30,546 Level 3 Assets – 2021 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2020 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2021 Available-for-sale securities: Corporate debt securities $ 5,825 $ 20 $ 79 $ 2,258 $ (673) $ 2,549 $ (3,980) $ 6,078 Collateralized debt obligations 0 0 0 750 0 0 0 750 Commercial mortgage-backed securities 19,462 (197) (447) 2,844 (966) 3,854 (7,417) 17,133 Residential mortgage-backed securities 937 (6) 0 0 (476) 3,030 (444) 3,041 Other debt securities 0 0 (2) 2,588 (42) 0 0 2,544 Total available-for-sale securities 26,224 (183) (370) 8,440 (2,157) 9,433 (11,841) 29,546 Nonredeemable preferred stock 0 5 0 1,000 0 1,090 (1,095) 1,000 Total Level 3 securities $ 26,224 $ (178) $ (370) $ 9,440 $ (2,157) $ 10,523 $ (12,936) $ 30,546 Level 3 Assets – 2020 Quarterly Change: (in thousands) Beginning balance at March 31, 2020 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2020 Available-for-sale securities: Corporate debt securities $ 12,056 $ (2) $ 867 $ 783 $ (115) $ 1,142 $ (9,815) $ 4,916 Collateralized debt obligations 0 0 12 247 0 0 0 259 Commercial mortgage-backed securities 7,383 (34) 268 6,891 (201) 4,334 (575) 18,066 Total available-for-sale securities 19,439 (36) 1,147 7,921 (316) 5,476 (10,390) 23,241 Nonredeemable preferred stock 0 (25) 0 820 0 0 0 795 Total Level 3 securities $ 19,439 $ (61) $ 1,147 $ 8,741 $ (316) $ 5,476 $ (10,390) $ 24,036 Level 3 Assets – 2020 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2019 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2020 Available-for-sale securities: Corporate debt securities $ 8,324 $ 5 $ (511) $ 2,501 $ (542) $ 8,037 $ (12,898) $ 4,916 Collateralized debt obligations 0 0 12 247 0 0 0 259 Commercial mortgage-backed securities 3,321 (42) 120 7,203 (287) 8,891 (1,140) 18,066 Total available-for-sale securities 11,645 (37) (379) 9,951 (829) 16,928 (14,038) 23,241 Nonredeemable preferred stock 0 (25) 0 820 0 0 0 795 Total Level 3 securities $ 11,645 $ (62) $ (379) $ 10,771 $ (829) $ 16,928 $ (14,038) $ 24,036 (1) These amounts are reported as net investment income and net realized 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. 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: June 30, 2021 December 31, 2020 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans (1) $ 68,558 $ 72,593 $ 69,212 $ 73,854 Long-term borrowings (2) 95,103 103,036 96,113 113,054 (1) The discount rate used to calculate fair value at June 30, 2021 is reflective of a decrease in the BB+ financial yield curve.

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Investments	Investments Available-for-sale securities See Note 5, "Fair Value" for additional fair value disclosures. The following tables summarize the cost and fair value, net of credit loss allowance, of our available-for-sale securities as of: June 30, 2021 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 548,975 $ 16,666 $ 952 $ 564,689 Collateralized debt obligations 115,087 574 219 115,442 Commercial mortgage-backed securities 109,277 3,378 363 112,292 Residential mortgage-backed securities 92,142 1,811 301 93,652 Other debt securities 28,905 462 35 29,332 U.S. Treasury 20,648 743 0 21,391 Total available-for-sale securities, net $ 915,034 $ 23,634 $ 1,870 $ 936,798 December 31, 2020 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 546,096 $ 21,843 $ 1,514 $ 566,425 Collateralized debt obligations 110,121 657 331 110,447 Commercial mortgage-backed securities 115,346 5,090 235 120,201 Residential mortgage-backed securities 108,840 3,373 34 112,179 Other debt securities 18,387 606 9 18,984 Total available-for-sale securities, net $ 898,790 $ 31,569 $ 2,123 $ 928,236 The amortized cost and estimated fair value of available-for-sale securities at June 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. June 30, 2021 Amortized Estimated (in thousands) cost fair value Due in one year or less $ 20,580 $ 20,856 Due after one year through five years 429,579 442,409 Due after five years through ten years 194,317 197,441 Due after ten years 270,558 276,092 Total available-for-sale securities $ 915,034 $ 936,798 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: June 30, 2021 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 80,035 $ 584 $ 8,703 $ 368 $ 88,738 $ 952 289 Collateralized debt obligations 45,288 148 16,642 71 61,930 219 73 Commercial mortgage-backed securities 9,240 329 476 34 9,716 363 21 Residential mortgage-backed securities 29,064 301 0 0 29,064 301 46 Other debt securities 5,606 35 0 0 5,606 35 7 Total available-for-sale securities $ 169,233 $ 1,397 $ 25,821 $ 473 $ 195,054 $ 1,870 436 Quality breakdown of available-for-sale securities: Investment grade $ 140,765 $ 1,212 $ 17,262 $ 107 $ 158,027 $ 1,319 174 Non-investment grade 28,468 185 8,559 366 37,027 551 262 Total available-for-sale securities $ 169,233 $ 1,397 $ 25,821 $ 473 $ 195,054 $ 1,870 436 December 31, 2020 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 39,693 $ 644 $ 7,952 $ 870 $ 47,645 $ 1,514 257 Collateralized debt obligations 50,036 232 10,899 99 60,935 331 65 Commercial mortgage-backed securities 16,582 235 0 0 16,582 235 31 Residential mortgage-backed securities 8,163 34 0 0 8,163 34 13 Other debt securities 1,019 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 grade 28,686 593 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 Credit loss allowance on investments As of June 30, 2021 and December 31, 2020, the current expected credit loss allowance on agent loans was $1.1 million in both periods. The current expected credit loss on available-for-sale securities was less than $0.1 million at June 30, 2021, and $0.2 million at December 31, 2020. Net investment income Investment income (loss), net of expenses, was generated from the following portfolios: Three months ended June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities $ 5,790 $ 5,670 $ 11,987 $ 11,458 Equity securities 1,116 901 2,318 1,757 Limited partnerships (1) 6,151 (2,329) 15,197 (6,034) Cash equivalents and other 935 1,115 1,912 3,089 Total investment income 13,992 5,357 31,414 10,270 Less: investment expenses 342 313 667 562 Investment income, net of expenses $ 13,650 $ 5,044 $ 30,747 $ 9,708 (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. Realized investment gains (losses) Realized gains (losses) on investments were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities: Gross realized gains $ 1,075 $ 1,721 $ 2,998 $ 2,795 Gross realized losses (678) (1,366) (1,118) (1,825) Net realized gains on available-for-sale securities 397 355 1,880 970 Equity securities (1) 2,371 6,170 1,692 (5,252) Miscellaneous 1 1 1 2 Net realized investment gains (losses) $ 2,769 $ 6,526 $ 3,573 $ (4,280) (1) While our investment portfolio was negatively impacted in the first quarter of 2020 primarily due to the financial market volatility resulting from the COVID-19 pandemic, market conditions partially recovered in the second quarter of 2020, resulting in significant gains in the three months ended June 30, 2020. 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 June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Equity securities: Net gains (losses) recognized during the period (1) $ 2,371 $ 6,170 $ 1,692 $ (5,252) Less: net gains (losses) recognized on securities sold 128 1,357 (293) (2,157) Net unrealized gains (losses) recognized on securities held at reporting date $ 2,243 $ 4,813 $ 1,985 $ (3,095) (1) While our investment portfolio was negatively impacted in the first quarter of 2020 primarily due to the financial market volatility resulting from the COVID-19 pandemic, market conditions partially recovered in the second quarter of 2020, resulting in significant gains in the three months ended June 30, 2020. Net impairment (losses) recoveries recognized in earnings Impairments on available-for-sale securities and agent loans were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities: Intent to sell $ — $ — $ — $ (2,242) Credit (impaired) recovered (1) (17) 86 (658) Total available-for-sale securities (1) (17) 86 (2,900) Agent loans - expected credit losses — — — (170) Net impairment (losses) recoveries recognized in earnings $ (1) $ (17) $ 86 $ (3,070)

Borrowing Arrangements

Borrowing Arrangements	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements Bank line of credit As of June 30, 2021, we have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on October 30, 2023. As of June 30, 2021, a total of $99.1 million remains available under the facility due to $0.9 million outstanding letters of credit, which reduce the availability for letters of credit to $24.1 million. We had no borrowings outstanding on our line of credit as of June 30, 2021. Investments with a fair value of $123.4 million were pledged as collateral on the line at June 30, 2021. The investments pledged as collateral have no trading restrictions and are reported as available-for-sale securities and cash and cash equivalents as of June 30, 2021. The banks require compliance with certain covenants, which include leverage ratios and debt restrictions, for our line of credit. We are in compliance with all covenants at June 30, 2021. Term loan credit facility In 2016, we entered into a credit agreement for a $100 million senior secured draw term loan credit facility ("Credit Facility") for the acquisition of real property and construction of an office building that will serve as part of our principal headquarters. On January 1, 2019, the Credit Facility converted to a fully-amortized term loan with monthly payments of principal and interest at a fixed rate of 4.35% over a period of 28 years. Investments with a fair value of $122.6 million were pledged as collateral for the facility and are reported as available-for-sale securities and cash and cash equivalents as of June 30, 2021. The bank requires compliance with certain covenants, which include leverage ratios, debt restrictions and minimum net worth, for our Credit Facility. We are in compliance with all covenants at June 30, 2021. The remaining unpaid balance from the Credit Facility is reported at carrying value, net of unamortized loan origination and commitment fees, as long-term borrowings on our Statements of Financial Position. See Note 5, "Fair Value" for the estimated fair value of these borrowings. Annual principal payments The following table sets forth future principal payments: (in thousands) Year Principal payments 2021 $ 1,021 2022 2,109 2023 2,226 2024 2,302 2025 2,449 Thereafter 84,996

Postretirement Benefits

Postretirement Benefits	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Postretirement Benefits	Postretirement Benefits Pension plans Our pension plans consist of a noncontributory defined benefit pension plan covering substantially all employees and an unfunded supplemental employee retirement plan for certain members of executive and senior management. Although we are the sponsor of these postretirement plans and record the funded status of these plans, the Exchange and its subsidiaries reimburse us for approximately 58% of the annual benefit expense of these plans, which represents pension benefits for employees performing administrative services and their allocated share of costs for employees in departments that support the administrative functions. The cost of our pension plans are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Service cost for benefits earned $ 13,260 $ 10,874 $ 26,520 $ 21,747 Interest cost on benefits obligation 9,206 9,394 18,412 18,789 Expected return on plan assets (12,568) (12,353) (25,137) (24,706) Prior service cost amortization 357 335 714 671 Net actuarial loss amortization 4,026 3,031 8,053 6,062 Pension plan cost (1) $ 14,281 $ 11,281 $ 28,562 $ 22,563 (1) The components of pension plan costs other than the service cost component are included in the line item "Other expense" in the Statements of Operations after reimbursements from the Exchange and its subsidiaries.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense is provided on an interim basis based upon our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. For the three months ended June 30, 2021 and 2020, our effective tax rate was 20.9% and 20.0%, respectively, and for the six months ended June 30, 2021 and 2020, our effective tax rate was 20.7% and 20.9%, respectively. Impacting our effective tax rate in the second quarter of 2020 was the reversal of a valuation allowance generated in the first quarter of 2020 by the financial market volatility resulting from the COVID-19 pandemic, which decreased our effective tax rate by 0.9%.

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2021
Class of Stock Disclosures [Abstract]
Capital Stock	Capital Stock Class A and B common stock Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share. There were no shares of Class B common stock converted into Class A common stock during the six months ended June 30, 2021 and the year ended December 31, 2020. There is no provision for conversion of Class A shares to Class B shares, and Class B shares surrendered for conversion cannot be reissued. Stock repurchases In 2011, our Board of Directors approved a continuation of the current stock repurchase program of $150 million, with no time limitation. There were no shares repurchased under this program during the six months ended June 30, 2021 and the year ended December 31, 2020. We had approximately $17.8 million of repurchase authority remaining under this program at June 30, 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows: Three months ended Three months ended June 30, 2021 June 30, 2020 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period (1) $ 18,306 $ 3,845 $ 14,461 $ (27,761) $ 0 $ (27,761) OCI before reclassifications (1) 3,783 795 2,988 40,364 2,646 37,718 Realized investment gains (397) (84) (313) (355) (75) (280) Impairment losses 1 0 1 17 4 13 OCI 3,387 711 2,676 40,026 2,575 37,451 AOCI, end of period (1) $ 21,693 $ 4,556 $ 17,137 $ 12,265 $ 2,575 $ 9,690 Pension and other postretirement plans: AOCI (loss), beginning of period $ (123,917) $ (26,024) $ (97,893) $ (150,233) $ (31,550) $ (118,683) Amortization of prior service costs 357 75 282 336 70 266 Amortization of net actuarial loss 4,027 846 3,181 3,031 637 2,394 OCI 4,384 921 3,463 3,367 707 2,660 AOCI (loss), end of period $ (119,533) $ (25,103) $ (94,430) $ (146,866) $ (30,843) $ (116,023) Total AOCI (loss), beginning of period $ (105,611) $ (22,179) $ (83,432) $ (177,994) $ (31,550) $ (146,444) Investment securities 3,387 711 2,676 40,026 2,575 37,451 Pension and other postretirement plans 4,384 921 3,463 3,367 707 2,660 OCI 7,771 1,632 6,139 43,393 3,282 40,111 AOCI (loss), end of period $ (97,840) $ (20,547) $ (77,293) $ (134,601) $ (28,268) $ (106,333) Six months ended Six months ended June 30, 2021 June 30, 2020 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI, beginning of period $ 29,384 $ 6,171 $ 23,213 $ 5,664 $ 1,189 $ 4,475 OCI (loss) before reclassifications (5,725) (1,202) (4,523) 4,671 981 3,690 Realized investment gains (1,880) (395) (1,485) (970) (204) (766) Impairment (recoveries) losses (86) (18) (68) 2,900 609 2,291 OCI (loss) (7,691) (1,615) (6,076) 6,601 1,386 5,215 AOCI, end of period $ 21,693 $ 4,556 $ 17,137 $ 12,265 $ 2,575 $ 9,690 Pension and other postretirement plans: AOCI (loss), beginning of period $ (128,300) $ (26,944) $ (101,356) $ (153,600) $ (32,257) $ (121,343) Amortization of prior service costs 714 150 564 672 141 531 Amortization of net actuarial loss 8,053 1,691 6,362 6,062 1,273 4,789 OCI 8,767 1,841 6,926 6,734 1,414 5,320 AOCI (loss), end of period $ (119,533) $ (25,103) $ (94,430) $ (146,866) $ (30,843) $ (116,023) Total AOCI (loss), beginning of period $ (98,916) $ (20,773) $ (78,143) $ (147,936) $ (31,068) $ (116,868) Investment securities (7,691) (1,615) (6,076) 6,601 1,386 5,215 Pension and other postretirement plans 8,767 1,841 6,926 6,734 1,414 5,320 OCI 1,076 226 850 13,335 2,800 10,535 AOCI (loss), end of period $ (97,840) $ (20,547) $ (77,293) $ (134,601) $ (28,268) $ (106,333)

Concentrations of Credit Risk

Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2021
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit RiskFinancial instruments could potentially expose us to concentrations of credit risk, including unsecured receivables from the Exchange. A large majority of our revenue and receivables are from the Exchange and its affiliates. See also Note 1, "Nature of Operations". Net management fee amounts and other reimbursements due from the Exchange and its affiliates were $504.0 million and $494.6 million at June 30, 2021 and December 31, 2020, respectively, which includes a current expected credit loss allowance of $0.6 million in both periods.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In 2020, we entered into an agreement with a bank for the establishment of a loan participation program for agent loans. The maximum amount of loans to be funded through this program is $100 million. We have committed to fund a minimum of 30% of each loan executed through this program. As of June 30, 2021, the total loans executed under this agreement totaled $22.5 million, of which our portion of the loans is $8.7 million. Additionally, we have agreed to guarantee a portion of the funding provided by the other participants in the program in the event of default. As of June 30, 2021, our maximum potential amount of future payments on the guaranteed portion is $2.6 million. All loan payments under the participation program are current as of June 30, 2021. We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our financial condition, results of operations, or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on the financial condition, results of operations, or cash flows.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsNo items were identified in this period subsequent to the financial statement date that required adjustment or additional disclosure.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission on February 25, 2021.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	ReclassificationsCertain amounts previously reported have been reclassified for comparative purposes to conform to the current period’s presentation. "Federal income taxes recoverable" is now included in "Prepaid expenses and other current assets" in the Statements of Financial Position. “Equity in earnings (losses) of limited partnerships” is now included in “Net investment income” in the Statements of Operations. The reclassifications had no effect on previously reported net income.
Revenue	The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. Pursuant to the subscriber’s agreement, we earn a management fee calculated as a percentage, not to exceed 25%, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber’s agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to all administrative services. The transaction price, including management fee revenue and administrative service reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder), receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized.
Earnings per share	Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights.  Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 10, "Capital Stock".Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method.
Financial instruments carried at fair value	Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of June 30, 2021, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.
Fair value of financial statements, transfers between levels	We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs.
Commitments and contingencies	We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our financial condition, results of operations, or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on the financial condition, results of operations, or cash flows.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Performance Obligation	The following table disaggregates revenue by our two performance obligations: Three months ended June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Management fee revenue - policy issuance and renewal services $ 502,271 $ 483,795 $ 957,989 $ 927,545 Management fee revenue - administrative services 14,667 14,813 29,514 29,584 Administrative services reimbursement revenue 157,190 151,965 310,723 303,519 Total administrative services $ 171,857 $ 166,778 $ 340,237 $ 333,103

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerators and Denominators Used in the Basic and Diluted Per-Share Computations	A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: Three months ended June 30, 2021 2020 (dollars in thousands, except per share data) Allocated net income (numerator) Weighted shares (denominator) Per-share amount Allocated net income (numerator) Weighted shares (denominator) Per-share amount Class A – Basic EPS: Income available to Class A stockholders $ 78,382 46,188,289 $ 1.70 $ 81,306 46,187,808 $ 1.76 Dilutive effect of stock-based awards 0 13,281 — 0 14,373 — Assumed conversion of Class B shares 647 6,100,800 — 671 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 79,029 52,302,370 $ 1.51 $ 81,977 52,302,981 $ 1.57 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 647 2,542 $ 255 $ 671 2,542 $ 264 Six months ended June 30, 2021 2020 (dollars in thousands, except per share data) Allocated net income (numerator) Weighted shares (denominator) Per-share amount Allocated net income (numerator) Weighted shares (denominator) Per-share amount Class A – Basic EPS: Income available to Class A stockholders $ 151,346 46,188,573 $ 3.28 $ 140,146 46,188,299 $ 3.03 Dilutive effect of stock-based awards 0 19,790 — 0 24,568 — Assumed conversion of Class B shares 1,249 6,100,800 — 1,157 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 152,595 52,309,163 $ 2.92 $ 141,303 52,313,667 $ 2.70 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 1,249 2,542 $ 491 $ 1,157 2,542 $ 455

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
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: June 30, 2021 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 564,689 $ 2,461 $ 556,150 $ 6,078 Collateralized debt obligations 115,442 0 114,692 750 Commercial mortgage-backed securities 112,292 0 95,159 17,133 Residential mortgage-backed securities 93,652 0 90,611 3,041 Other debt securities 29,332 0 26,788 2,544 U.S. Treasury 21,391 0 21,391 0 Total available-for-sale securities 936,798 2,461 904,791 29,546 Equity securities - nonredeemable preferred and common stock: Financial services sector 75,212 20,628 53,584 1,000 Utilities sector 10,470 3,594 6,876 0 Energy sector 2,952 957 1,995 0 Consumer sector 2,295 607 1,688 0 Communications sector 2,161 1,123 1,038 0 Industrial sector 915 915 0 0 Total equity securities 94,005 27,824 65,181 1,000 Total $ 1,030,803 $ 30,285 $ 969,972 $ 30,546 December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 566,425 $ 1,281 $ 559,319 $ 5,825 Collateralized debt obligations 110,447 0 110,447 0 Commercial mortgage-backed securities 120,201 0 100,739 19,462 Residential mortgage-backed securities 112,179 0 111,242 937 Other debt securities 18,984 0 18,984 0 Total available-for-sale securities 928,236 1,281 900,731 26,224 Equity securities - nonredeemable preferred and common stock: Financial services sector 76,575 24,981 51,594 0 Utilities sector 8,742 3,957 4,785 0 Energy sector 2,206 676 1,530 0 Consumer sector 3,068 576 2,492 0 Communications sector 2,699 2,699 0 0 Industrial sector 800 800 0 0 Total equity securities 94,090 33,689 60,401 0 Total $ 1,022,326 $ 34,970 $ 961,132 $ 26,224
Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis	Level 3 Assets – 2021 Quarterly Change: (in thousands) Beginning balance at March 31, 2021 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2021 Available-for-sale securities: Corporate debt securities $ 5,460 $ 14 $ 37 $ 1,476 $ (303) $ 1,347 $ (1,953) $ 6,078 Collateralized debt obligations 0 0 0 750 0 0 0 750 Commercial mortgage-backed securities 16,241 (102) (10) 579 (961) 2,624 (1,238) 17,133 Residential mortgage-backed securities 473 (3) 1 0 (224) 3,030 (236) 3,041 Other debt securities 521 0 (4) 2,060 (33) 0 0 2,544 Total available-for-sale securities 22,695 (91) 24 4,865 (1,521) 7,001 (3,427) 29,546 Nonredeemable preferred stock 1,090 5 0 1,000 0 0 (1,095) 1,000 Total Level 3 securities $ 23,785 $ (86) $ 24 $ 5,865 $ (1,521) $ 7,001 $ (4,522) $ 30,546 Level 3 Assets – 2021 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2020 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2021 Available-for-sale securities: Corporate debt securities $ 5,825 $ 20 $ 79 $ 2,258 $ (673) $ 2,549 $ (3,980) $ 6,078 Collateralized debt obligations 0 0 0 750 0 0 0 750 Commercial mortgage-backed securities 19,462 (197) (447) 2,844 (966) 3,854 (7,417) 17,133 Residential mortgage-backed securities 937 (6) 0 0 (476) 3,030 (444) 3,041 Other debt securities 0 0 (2) 2,588 (42) 0 0 2,544 Total available-for-sale securities 26,224 (183) (370) 8,440 (2,157) 9,433 (11,841) 29,546 Nonredeemable preferred stock 0 5 0 1,000 0 1,090 (1,095) 1,000 Total Level 3 securities $ 26,224 $ (178) $ (370) $ 9,440 $ (2,157) $ 10,523 $ (12,936) $ 30,546 Level 3 Assets – 2020 Quarterly Change: (in thousands) Beginning balance at March 31, 2020 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2020 Available-for-sale securities: Corporate debt securities $ 12,056 $ (2) $ 867 $ 783 $ (115) $ 1,142 $ (9,815) $ 4,916 Collateralized debt obligations 0 0 12 247 0 0 0 259 Commercial mortgage-backed securities 7,383 (34) 268 6,891 (201) 4,334 (575) 18,066 Total available-for-sale securities 19,439 (36) 1,147 7,921 (316) 5,476 (10,390) 23,241 Nonredeemable preferred stock 0 (25) 0 820 0 0 0 795 Total Level 3 securities $ 19,439 $ (61) $ 1,147 $ 8,741 $ (316) $ 5,476 $ (10,390) $ 24,036 Level 3 Assets – 2020 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2019 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2020 Available-for-sale securities: Corporate debt securities $ 8,324 $ 5 $ (511) $ 2,501 $ (542) $ 8,037 $ (12,898) $ 4,916 Collateralized debt obligations 0 0 12 247 0 0 0 259 Commercial mortgage-backed securities 3,321 (42) 120 7,203 (287) 8,891 (1,140) 18,066 Total available-for-sale securities 11,645 (37) (379) 9,951 (829) 16,928 (14,038) 23,241 Nonredeemable preferred stock 0 (25) 0 820 0 0 0 795 Total Level 3 securities $ 11,645 $ (62) $ (379) $ 10,771 $ (829) $ 16,928 $ (14,038) $ 24,036 (1) These amounts are reported as net investment income and net realized 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 Fair Value Disclosure of Asset and Liability Not Measured 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: June 30, 2021 December 31, 2020 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans (1) $ 68,558 $ 72,593 $ 69,212 $ 73,854 Long-term borrowings (2) 95,103 103,036 96,113 113,054 (1) The discount rate used to calculate fair value at June 30, 2021 is reflective of a decrease in the BB+ financial yield curve.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 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: June 30, 2021 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 548,975 $ 16,666 $ 952 $ 564,689 Collateralized debt obligations 115,087 574 219 115,442 Commercial mortgage-backed securities 109,277 3,378 363 112,292 Residential mortgage-backed securities 92,142 1,811 301 93,652 Other debt securities 28,905 462 35 29,332 U.S. Treasury 20,648 743 0 21,391 Total available-for-sale securities, net $ 915,034 $ 23,634 $ 1,870 $ 936,798 December 31, 2020 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 546,096 $ 21,843 $ 1,514 $ 566,425 Collateralized debt obligations 110,121 657 331 110,447 Commercial mortgage-backed securities 115,346 5,090 235 120,201 Residential mortgage-backed securities 108,840 3,373 34 112,179 Other debt securities 18,387 606 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 June 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. June 30, 2021 Amortized Estimated (in thousands) cost fair value Due in one year or less $ 20,580 $ 20,856 Due after one year through five years 429,579 442,409 Due after five years through ten years 194,317 197,441 Due after ten years 270,558 276,092 Total available-for-sale securities $ 915,034 $ 936,798
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: June 30, 2021 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 80,035 $ 584 $ 8,703 $ 368 $ 88,738 $ 952 289 Collateralized debt obligations 45,288 148 16,642 71 61,930 219 73 Commercial mortgage-backed securities 9,240 329 476 34 9,716 363 21 Residential mortgage-backed securities 29,064 301 0 0 29,064 301 46 Other debt securities 5,606 35 0 0 5,606 35 7 Total available-for-sale securities $ 169,233 $ 1,397 $ 25,821 $ 473 $ 195,054 $ 1,870 436 Quality breakdown of available-for-sale securities: Investment grade $ 140,765 $ 1,212 $ 17,262 $ 107 $ 158,027 $ 1,319 174 Non-investment grade 28,468 185 8,559 366 37,027 551 262 Total available-for-sale securities $ 169,233 $ 1,397 $ 25,821 $ 473 $ 195,054 $ 1,870 436 December 31, 2020 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 39,693 $ 644 $ 7,952 $ 870 $ 47,645 $ 1,514 257 Collateralized debt obligations 50,036 232 10,899 99 60,935 331 65 Commercial mortgage-backed securities 16,582 235 0 0 16,582 235 31 Residential mortgage-backed securities 8,163 34 0 0 8,163 34 13 Other debt securities 1,019 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 grade 28,686 593 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 June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities $ 5,790 $ 5,670 $ 11,987 $ 11,458 Equity securities 1,116 901 2,318 1,757 Limited partnerships (1) 6,151 (2,329) 15,197 (6,034) Cash equivalents and other 935 1,115 1,912 3,089 Total investment income 13,992 5,357 31,414 10,270 Less: investment expenses 342 313 667 562 Investment income, net of expenses $ 13,650 $ 5,044 $ 30,747 $ 9,708 (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 June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities: Gross realized gains $ 1,075 $ 1,721 $ 2,998 $ 2,795 Gross realized losses (678) (1,366) (1,118) (1,825) Net realized gains on available-for-sale securities 397 355 1,880 970 Equity securities (1) 2,371 6,170 1,692 (5,252) Miscellaneous 1 1 1 2 Net realized investment gains (losses) $ 2,769 $ 6,526 $ 3,573 $ (4,280) (1) While our investment portfolio was negatively impacted in the first quarter of 2020 primarily due to the financial market volatility resulting from the COVID-19 pandemic, market conditions partially recovered in the second quarter of 2020, resulting in significant gains in the three months ended June 30, 2020. 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 June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Equity securities: Net gains (losses) recognized during the period (1) $ 2,371 $ 6,170 $ 1,692 $ (5,252) Less: net gains (losses) recognized on securities sold 128 1,357 (293) (2,157) Net unrealized gains (losses) recognized on securities held at reporting date $ 2,243 $ 4,813 $ 1,985 $ (3,095) (1) While our investment portfolio was negatively impacted in the first quarter of 2020 primarily due to the financial market volatility resulting from the COVID-19 pandemic, market conditions partially recovered in the second quarter of 2020, resulting in significant gains in the three months ended June 30, 2020.
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 June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities: Intent to sell $ — $ — $ — $ (2,242) Credit (impaired) recovered (1) (17) 86 (658) Total available-for-sale securities (1) (17) 86 (2,900) Agent loans - expected credit losses — — — (170) Net impairment (losses) recoveries recognized in earnings $ (1) $ (17) $ 86 $ (3,070)
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 June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities: Intent to sell $ — $ — $ — $ (2,242) Credit (impaired) recovered (1) (17) 86 (658) Total available-for-sale securities (1) (17) 86 (2,900) Agent loans - expected credit losses — — — (170) Net impairment (losses) recoveries recognized in earnings $ (1) $ (17) $ 86 $ (3,070)

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Future Principal Payments	The following table sets forth future principal payments: (in thousands) Year Principal payments 2021 $ 1,021 2022 2,109 2023 2,226 2024 2,302 2025 2,449 Thereafter 84,996

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Schedule of Cost of Pension Plans	The cost of our pension plans are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Service cost for benefits earned $ 13,260 $ 10,874 $ 26,520 $ 21,747 Interest cost on benefits obligation 9,206 9,394 18,412 18,789 Expected return on plan assets (12,568) (12,353) (25,137) (24,706) Prior service cost amortization 357 335 714 671 Net actuarial loss amortization 4,026 3,031 8,053 6,062 Pension plan cost (1) $ 14,281 $ 11,281 $ 28,562 $ 22,563 (1) The components of pension plan costs other than the service cost component are included in the line item "Other expense" in the Statements of Operations after reimbursements from the Exchange and its subsidiaries.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Including Amounts Reclassified to Other Comprehensive Income (Loss) and the Related Line Item in the Statements of Operations Where Net Income is Presented	Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows: Three months ended Three months ended June 30, 2021 June 30, 2020 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period (1) $ 18,306 $ 3,845 $ 14,461 $ (27,761) $ 0 $ (27,761) OCI before reclassifications (1) 3,783 795 2,988 40,364 2,646 37,718 Realized investment gains (397) (84) (313) (355) (75) (280) Impairment losses 1 0 1 17 4 13 OCI 3,387 711 2,676 40,026 2,575 37,451 AOCI, end of period (1) $ 21,693 $ 4,556 $ 17,137 $ 12,265 $ 2,575 $ 9,690 Pension and other postretirement plans: AOCI (loss), beginning of period $ (123,917) $ (26,024) $ (97,893) $ (150,233) $ (31,550) $ (118,683) Amortization of prior service costs 357 75 282 336 70 266 Amortization of net actuarial loss 4,027 846 3,181 3,031 637 2,394 OCI 4,384 921 3,463 3,367 707 2,660 AOCI (loss), end of period $ (119,533) $ (25,103) $ (94,430) $ (146,866) $ (30,843) $ (116,023) Total AOCI (loss), beginning of period $ (105,611) $ (22,179) $ (83,432) $ (177,994) $ (31,550) $ (146,444) Investment securities 3,387 711 2,676 40,026 2,575 37,451 Pension and other postretirement plans 4,384 921 3,463 3,367 707 2,660 OCI 7,771 1,632 6,139 43,393 3,282 40,111 AOCI (loss), end of period $ (97,840) $ (20,547) $ (77,293) $ (134,601) $ (28,268) $ (106,333) Six months ended Six months ended June 30, 2021 June 30, 2020 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI, beginning of period $ 29,384 $ 6,171 $ 23,213 $ 5,664 $ 1,189 $ 4,475 OCI (loss) before reclassifications (5,725) (1,202) (4,523) 4,671 981 3,690 Realized investment gains (1,880) (395) (1,485) (970) (204) (766) Impairment (recoveries) losses (86) (18) (68) 2,900 609 2,291 OCI (loss) (7,691) (1,615) (6,076) 6,601 1,386 5,215 AOCI, end of period $ 21,693 $ 4,556 $ 17,137 $ 12,265 $ 2,575 $ 9,690 Pension and other postretirement plans: AOCI (loss), beginning of period $ (128,300) $ (26,944) $ (101,356) $ (153,600) $ (32,257) $ (121,343) Amortization of prior service costs 714 150 564 672 141 531 Amortization of net actuarial loss 8,053 1,691 6,362 6,062 1,273 4,789 OCI 8,767 1,841 6,926 6,734 1,414 5,320 AOCI (loss), end of period $ (119,533) $ (25,103) $ (94,430) $ (146,866) $ (30,843) $ (116,023) Total AOCI (loss), beginning of period $ (98,916) $ (20,773) $ (78,143) $ (147,936) $ (31,068) $ (116,868) Investment securities (7,691) (1,615) (6,076) 6,601 1,386 5,215 Pension and other postretirement plans 8,767 1,841 6,926 6,734 1,414 5,320 OCI 1,076 226 850 13,335 2,800 10,535 AOCI (loss), end of period $ (97,840) $ (20,547) $ (77,293) $ (134,601) $ (28,268) $ (106,333)

Nature of Operations (Details)

Nature of Operations (Details)	6 Months Ended
	Jun. 30, 2021obligation
Revenue, Performance Obligation [Abstract]
Performance obligations under subscriber's agreement	2

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)obligation	Jun. 30, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Indemnity's management fee rate as a percent of direct and affiliated assumed written premiums of the Exchange (percentage)			25.00%
Performance obligations under subscriber's agreement | obligation			2
Revenue recognized | $	$ 10.6	$ 10.3	$ 23.9	$ 23.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, satisfaction period	4 years		4 years

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenues By Performance Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of revenue by performance obligation
Revenue	$ 680,030	$ 657,019	$ 1,310,207	$ 1,273,756
Management fee revenue - policy issuance and renewal services
Disaggregation of revenue by performance obligation
Revenue	502,271	483,795	957,989	927,545
Management fee revenue - policy issuance and renewal services | Transferred at point in time
Disaggregation of revenue by performance obligation
Revenue	502,271	483,795	957,989	927,545
Administrative services | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	171,857	166,778	340,237	333,103
Management fee revenue - administrative services
Disaggregation of revenue by performance obligation
Revenue	14,667	14,813	29,514	29,584
Management fee revenue - administrative services | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	14,667	14,813	29,514	29,584
Administrative services reimbursement revenue
Disaggregation of revenue by performance obligation
Revenue	157,190	151,965	310,723	303,519
Administrative services reimbursement revenue | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	$ 157,190	$ 151,965	$ 310,723	$ 303,519

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	Jun. 30, 2021	Dec. 31, 2020
Class B common stock
Reconciliation of the numerators and denominators used in the basic and diluted per-share computations
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator)			$ 1,249
Weighted shares (denominator)			2,542
Per-share amount (in dollars per share)			$ 491
Class A common stock
Income available to stockholders (Basic EPS:)
Allocated net income (numerator)	$ 78,382	$ 81,306	$ 151,346	$ 140,146
Weighted shares (denominator)	46,188,289	46,187,808	46,188,573	46,188,299
Per-share amount (in dollars per share)	$ 1.70	$ 1.76	$ 3.28	$ 3.03
Dilutive effect of stock-based awards
Allocated net income (numerator)	$ 0	$ 0	$ 0	$ 0
Weighted shares (denominator)	13,281	14,373	19,790	24,568
Assumed conversion of Class B shares
Allocated net income (numerator)	$ 647	$ 671	$ 1,249	$ 1,157
Weighted shares (denominator)	6,100,800	6,100,800	6,100,800	6,100,800
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator)	$ 79,029	$ 81,977	$ 152,595	$ 141,303
Weighted shares (denominator)	52,302,370	52,302,981	52,309,163	52,313,667
Per-share amount (in dollars per share)	$ 1.51	$ 1.57	$ 2.92	$ 2.70
Class B common stock
Income available to stockholders (Basic EPS:)
Allocated net income (numerator)	$ 647	$ 671	$ 1,249	$ 1,157
Weighted shares (denominator)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 255	$ 264	$ 491	$ 455
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator)	$ 647	$ 671		$ 1,157
Weighted shares (denominator)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 255	$ 264	$ 491	$ 455

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	$ 936,798	$ 928,236
Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	564,689	566,425
Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	115,442	110,447
Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	112,292	120,201
Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	93,652	112,179
Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	29,332	18,984
U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	21,391
Fair Value, Measurements, Recurring Basis
Fair value measurements on a recurring basis by asset class and level of input
Total	1,030,803	1,022,326
Fair Value, Measurements, Recurring Basis | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	936,798	928,236
Fair Value, Measurements, Recurring Basis | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	564,689	566,425
Fair Value, Measurements, Recurring Basis | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	115,442	110,447
Fair Value, Measurements, Recurring Basis | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	112,292	120,201
Fair Value, Measurements, Recurring Basis | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	93,652	112,179
Fair Value, Measurements, Recurring Basis | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	29,332	18,984
Fair Value, Measurements, Recurring Basis | U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	21,391
Fair Value, Measurements, Recurring Basis | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	94,005	94,090
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	75,212	76,575
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	10,470	8,742
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	2,295	3,068
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	2,161	2,699
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred stock | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	915	800
Fair Value, Measurements, Recurring Basis | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	2,952	2,206
Fair Value, Measurements, Recurring Basis | Level 1
Fair value measurements on a recurring basis by asset class and level of input
Total	30,285	34,970
Fair Value, Measurements, Recurring Basis | Level 1 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	2,461	1,281
Fair Value, Measurements, Recurring Basis | Level 1 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	2,461	1,281
Fair Value, Measurements, Recurring Basis | Level 1 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	27,824	33,689
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	20,628	24,981
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	3,594	3,957
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	607	576
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	1,123	2,699
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred stock | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	915	800
Fair Value, Measurements, Recurring Basis | Level 1 | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	957	676
Fair Value, Measurements, Recurring Basis | Level 2
Fair value measurements on a recurring basis by asset class and level of input
Total	969,972	961,132
Fair Value, Measurements, Recurring Basis | Level 2 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	904,791	900,731
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	556,150	559,319
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	114,692	110,447
Fair Value, Measurements, Recurring Basis | Level 2 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	95,159	100,739
Fair Value, Measurements, Recurring Basis | Level 2 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	90,611	111,242
Fair Value, Measurements, Recurring Basis | Level 2 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	26,788	18,984
Fair Value, Measurements, Recurring Basis | Level 2 | U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	21,391
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	65,181	60,401
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	53,584	51,594
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	6,876	4,785
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	1,688	2,492
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	1,038	0
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred stock | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 2 | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	1,995	1,530
Fair Value, Measurements, Recurring Basis | Level 3
Fair value measurements on a recurring basis by asset class and level of input
Total	30,546	26,224
Fair Value, Measurements, Recurring Basis | Level 3 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	29,546	26,224
Fair Value, Measurements, Recurring Basis | Level 3 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	6,078	5,825
Fair Value, Measurements, Recurring Basis | Level 3 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	750	0
Fair Value, Measurements, Recurring Basis | Level 3 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	17,133	19,462
Fair Value, Measurements, Recurring Basis | Level 3 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	3,041	937
Fair Value, Measurements, Recurring Basis | Level 3 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	2,544	0
Fair Value, Measurements, Recurring Basis | Level 3 | U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	0
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	1,000	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	1,000	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred stock | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Nonredeemable preferred and common stock | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	$ 0	$ 0

Fair Value - Level 3 Assets (De

Fair Value - Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	$ 23,785	$ 19,439	$ 26,224	$ 11,645
Included in earnings	(86)	(61)	(178)	(62)
Included in other comprehensive income	24	1,147	(370)	(379)
Purchases	5,865	8,741	9,440	10,771
Sales	(1,521)	(316)	(2,157)	(829)
Transfers into Level 3	7,001	5,476	10,523	16,928
Transfers out of Level 3	(4,522)	(10,390)	(12,936)	(14,038)
Ending balance	30,546	24,036	30,546	24,036
Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	22,695	19,439	26,224	11,645
Included in earnings	(91)	(36)	(183)	(37)
Included in other comprehensive income	24	1,147	(370)	(379)
Purchases	4,865	7,921	8,440	9,951
Sales	(1,521)	(316)	(2,157)	(829)
Transfers into Level 3	7,001	5,476	9,433	16,928
Transfers out of Level 3	(3,427)	(10,390)	(11,841)	(14,038)
Ending balance	29,546	23,241	29,546	23,241
Corporate debt securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	5,460	12,056	5,825	8,324
Included in earnings	14	(2)	20	5
Included in other comprehensive income	37	867	79	(511)
Purchases	1,476	783	2,258	2,501
Sales	(303)	(115)	(673)	(542)
Transfers into Level 3	1,347	1,142	2,549	8,037
Transfers out of Level 3	(1,953)	(9,815)	(3,980)	(12,898)
Ending balance	6,078	4,916	6,078	4,916
Collateralized debt obligations | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	0	0	0	0
Included in earnings	0	0	0	0
Included in other comprehensive income	0	12	0	12
Purchases	750	247	750	247
Sales	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Ending balance	750	259	750	259
Commercial mortgage-backed securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	16,241	7,383	19,462	3,321
Included in earnings	(102)	(34)	(197)	(42)
Included in other comprehensive income	(10)	268	(447)	120
Purchases	579	6,891	2,844	7,203
Sales	(961)	(201)	(966)	(287)
Transfers into Level 3	2,624	4,334	3,854	8,891
Transfers out of Level 3	(1,238)	(575)	(7,417)	(1,140)
Ending balance	17,133	18,066	17,133	18,066
Residential mortgage-backed securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	473		937
Included in earnings	(3)		(6)
Included in other comprehensive income	1		0
Purchases	0		0
Sales	(224)		(476)
Transfers into Level 3	3,030		3,030
Transfers out of Level 3	(236)		(444)
Ending balance	3,041		3,041
Other debt securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	521		0
Included in earnings	0		0
Included in other comprehensive income	(4)		(2)
Purchases	2,060		2,588
Sales	(33)		(42)
Transfers into Level 3	0		0
Transfers out of Level 3	0		0
Ending balance	2,544		2,544
Nonredeemable preferred stock | Nonredeemable preferred stock
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	1,090	0	0	0
Included in earnings	5	(25)	5	(25)
Included in other comprehensive income	0	0	0	0
Purchases	1,000	820	1,000	820
Sales	0	0	0	0
Transfers into Level 3	0	0	1,090	0
Transfers out of Level 3	(1,095)	0	(1,095)	0
Ending balance	$ 1,000	$ 795	$ 1,000	$ 795

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Agent loans	$ 68,558	$ 69,212
Long-term borrowings	95,103	96,113
Level 3 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Agent loans	72,593	73,854
Long-term borrowings	$ 103,036	$ 113,054

Investments - Cost and Fair Val

Investments - Cost and Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Available-for-sale securities
Amortized cost	$ 915,034	$ 898,790
Gross unrealized gains	23,634	31,569
Gross unrealized losses	1,870	2,123
Estimated fair value	936,798	928,236
Corporate debt securities
Available-for-sale securities
Amortized cost	548,975	546,096
Gross unrealized gains	16,666	21,843
Gross unrealized losses	952	1,514
Estimated fair value	564,689	566,425
Collateralized debt obligations
Available-for-sale securities
Amortized cost	115,087	110,121
Gross unrealized gains	574	657
Gross unrealized losses	219	331
Estimated fair value	115,442	110,447
Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost	109,277	115,346
Gross unrealized gains	3,378	5,090
Gross unrealized losses	363	235
Estimated fair value	112,292	120,201
Residential mortgage-backed securities
Available-for-sale securities
Amortized cost	92,142	108,840
Gross unrealized gains	1,811	3,373
Gross unrealized losses	301	34
Estimated fair value	93,652	112,179
Other debt securities
Available-for-sale securities
Amortized cost	28,905	18,387
Gross unrealized gains	462	606
Gross unrealized losses	35	9
Estimated fair value	29,332	$ 18,984
U.S. Treasury
Available-for-sale securities
Amortized cost	20,648
Gross unrealized gains	743
Gross unrealized losses	0
Estimated fair value	$ 21,391

Investments - Amortized Cost an

Investments - Amortized Cost and Estimated Fair Value of Available-For-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Amortized cost
Due in one year or less	$ 20,580
Due after one year through five years	429,579
Due after five years through ten years	194,317
Due after ten years	270,558
Amortized cost	915,034	$ 898,790
Estimated fair value
Due in one year or less	20,856
Due after one year through five years	442,409
Due after five years through ten years	197,441
Due after ten years	276,092
Estimated fair value	$ 936,798	$ 928,236

Investments - Available-For-Sal

Investments - Available-For-Sale Securities in a Gross Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2021USD ($)holding	Dec. 31, 2020USD ($)holding
Investment grade
Fair value
Less than 12 months	$ 140,765	$ 86,807
12 months or longer	17,262	10,899
Total	158,027	97,706
Unrealized losses
Less than 12 months	1,212	561
12 months or longer	107	99
Total	$ 1,319	$ 660
No. of holdings | holding	174	119
Non-investment grade
Fair value
Less than 12 months	$ 28,468	$ 28,686
12 months or longer	8,559	7,952
Total	37,027	36,638
Unrealized losses
Less than 12 months	185	593
12 months or longer	366	870
Total	$ 551	$ 1,463
No. of holdings | holding	262	251
Available-for-sale securities
Fair value
Less than 12 months	$ 169,233	$ 115,493
12 months or longer	25,821	18,851
Total	195,054	134,344
Unrealized losses
Less than 12 months	1,397	1,154
12 months or longer	473	969
Total	$ 1,870	$ 2,123
No. of holdings | holding	436	370
Corporate debt securities
Fair value
Less than 12 months	$ 80,035	$ 39,693
12 months or longer	8,703	7,952
Total	88,738	47,645
Unrealized losses
Less than 12 months	584	644
12 months or longer	368	870
Total	$ 952	$ 1,514
No. of holdings | holding	289	257
Collateralized debt obligations
Fair value
Less than 12 months	$ 45,288	$ 50,036
12 months or longer	16,642	10,899
Total	61,930	60,935
Unrealized losses
Less than 12 months	148	232
12 months or longer	71	99
Total	$ 219	$ 331
No. of holdings | holding	73	65
Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 9,240	$ 16,582
12 months or longer	476	0
Total	9,716	16,582
Unrealized losses
Less than 12 months	329	235
12 months or longer	34	0
Total	$ 363	$ 235
No. of holdings | holding	21	31
Residential mortgage-backed securities
Fair value
Less than 12 months	$ 29,064	$ 8,163
12 months or longer	0	0
Total	29,064	8,163
Unrealized losses
Less than 12 months	301	34
12 months or longer	0	0
Total	$ 301	$ 34
No. of holdings | holding	46	13
Other debt securities
Fair value
Less than 12 months	$ 5,606	$ 1,019
12 months or longer	0	0
Total	5,606	1,019
Unrealized losses
Less than 12 months	35	9
12 months or longer	0	0
Total	$ 35	$ 9
No. of holdings | holding	7	4

Investments - Credit Loss Allow

Investments - Credit Loss Allowance on Investments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments [Abstract]
Agent loans, allowance for credit loss	$ 1.1	$ 1.1
Available-for-sale securities, allowance for credit loss	$ 0.1	$ 0.2

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investment income from portfolios
Equity in earnings (losses) of limited partnerships	$ 6,151	$ (2,329)	$ 15,197	$ (6,034)
Total investment income	13,992	5,357	31,414	10,270
Less: investment expenses	342	313	667	562
Net investment income	13,650	5,044	30,747	9,708
Available-for-sale securities
Investment income from portfolios
Available-for-sale, equity securities, cash equivalents, and other	5,790	5,670	11,987	11,458
Equity securities
Investment income from portfolios
Available-for-sale, equity securities, cash equivalents, and other	1,116	901	2,318	1,757
Cash equivalents and other
Investment income from portfolios
Available-for-sale, equity securities, cash equivalents, and other	$ 935	$ 1,115	$ 1,912	$ 3,089

Investments - Realized Investme

Investments - Realized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Available-for-sale securities:
Gross realized gains	$ 1,075	$ 1,721	$ 2,998	$ 2,795
Gross realized losses	(678)	(1,366)	(1,118)	(1,825)
Net realized gains on available-for-sale securities	397	355	1,880	970
Equity securities:
Equity securities	2,371	6,170	1,692	(5,252)
Miscellaneous:
Miscellaneous	1	1	1	2
Net realized investment gains (losses)	$ 2,769	$ 6,526	$ 3,573	$ (4,280)

Investments - Portion of Net Un

Investments - Portion of Net Unrealized Gains and Losses Recognized During the Reporting Period Related To Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity securities:
Net gains (losses) recognized during the period	$ 2,371	$ 6,170	$ 1,692	$ (5,252)
Less: net gains (losses) recognized on securities sold	128	1,357	(293)	(2,157)
Net unrealized gains (losses) recognized on securities held at reporting date	$ 2,243	$ 4,813	$ 1,985	$ (3,095)

Investments - Impairments on Av

Investments - Impairments on Available-For-Sale Securities and Agent Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Available-for-sale securities:
Intent to sell	$ 0	$ 0	$ 0	$ (2,242)
Credit (impaired) recovered	(1)	(17)	86	(658)
Total available-for-sale securities	(1)	(17)	86	(2,900)
Agent loans - expected credit losses	0	0	0	(170)
Net impairment (losses) recoveries recognized in earnings	$ (1)	$ (17)	$ 86	$ (3,070)

Borrowing Arrangements - Bank L

Borrowing Arrangements - Bank Line of Credit (Details) - Revolving line of credit	Jun. 30, 2021USD ($)
Bank line of credit
Maximum borrowing capacity under the bank revolving line of credit	$ 100,000,000
Maximum letter of credit sublimit under the bank revolving line of credit	25,000,000
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit	99,100,000
Outstanding amount of letters of credit under the bank revolving line of credit	900,000
Available amount of letters of credit under the bank revolving line of credit	24,100,000
Borrowings outstanding under the bank revolving line of credit	0
Fair value of investments pledged as collateral on the bank revolving line of credit	$ 123,400,000

Borrowing Arrangements - Term L

Borrowing Arrangements - Term Loan Credit Facility (Details) - Secured debt - USD ($)	Jan. 01, 2019	Jun. 30, 2021	Dec. 31, 2016
Term loan credit facility
Amount of senior secured draw term loan credit facility			$ 100,000,000
Fixed interest rate of credit facility (as a percent)	4.35%
Repayment period of credit facility	28 years
Fair value of investments pledged as collateral on the credit facility		$ 122,600,000

Borrowing Arrangements - Annual

Borrowing Arrangements - Annual Principal Payments (Details) - Secured debt $ in Thousands	Jun. 30, 2021USD ($)
Future principal payments:
2021	$ 1,021
2022	2,109
2023	2,226
2024	2,302
2025	2,449
Thereafter	$ 84,996

Postretirement Benefits (Detail

Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cost of pension plans:
Service cost for benefits earned	$ 13,260	$ 10,874	$ 26,520	$ 21,747
Interest cost on benefits obligation	9,206	9,394	18,412	18,789
Expected return on plan assets	(12,568)	(12,353)	(25,137)	(24,706)
Prior service cost amortization	357	335	714	671
Net actuarial loss amortization	4,026	3,031	8,053	6,062
Pension plan cost	$ 14,281	$ 11,281	$ 28,562	$ 22,563
Erie Insurance Exchange
Postretirement Benefits
Postretirement annual benefit expense reimbursed to Indemnity from the Exchange and its subsidiaries (as a percent)			58.00%

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	20.90%	20.00%	20.70%	20.90%
Effective tax rate (percent)		0.90%

Capital Stock - Class A and B C

Capital Stock - Class A and B Common Stock (Details) - Class B common stock	6 Months Ended	12 Months Ended
	Jun. 30, 2021shares	Dec. 31, 2020shares
Common Stock
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400
Class B common stock shares converted into Class A common stock shares (in shares)	0	0

Capital Stock - Stock Repurchas

Capital Stock - Stock Repurchases (Details) - Class A common stock - Stock repurchase program - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2011
Stock repurchases
Amount of authorized stock repurchases approved for continuation under the current program			$ 150,000,000
Shares repurchased under stock repurchase program (in shares)	0	0
Approximate amount of repurchase authority remaining under the current stock repurchase program	$ 17,800,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period		$ (78,143)			$ (78,143)
Change in unrealized holding gains (losses) on available-for-sale securities	$ 2,676		$ 37,451		(6,076)	$ 5,215
Pension and other postretirement plans, OCI	3,463		2,660		6,926	5,320
Total other comprehensive income, net of tax	6,139	(5,289)	40,111	$ (29,576)	850	10,535
AOCI (loss), end of period	(77,293)				(77,293)
Investment securities:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	18,306	29,384	(27,761)	5,664	29,384	5,664
OCI (loss) before reclassifications	3,783		40,364		(5,725)	4,671
Realized investment gains	(397)		(355)		(1,880)	(970)
Impairment losses	1		17		(86)	2,900
Investment securities, OCI (loss)	3,387		40,026		(7,691)	6,601
AOCI (loss), end of period	21,693	18,306	12,265	(27,761)	21,693	12,265
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	3,845	6,171	0	1,189	6,171	1,189
OCI (loss) before reclassifications	795		2,646		(1,202)	981
Realized investment gains	(84)		(75)		(395)	(204)
Impairment losses	0		4		(18)	609
Investment securities, OCI (loss)	711		2,575		(1,615)	1,386
AOCI (loss), end of period	4,556	3,845	2,575	0	4,556	2,575
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	14,461	23,213	(27,761)	4,475	23,213	4,475
OCI (loss) before reclassifications	2,988		37,718		(4,523)	3,690
Realized investment gains	(313)		(280)		(1,485)	(766)
Impairment losses	1		13		(68)	2,291
Change in unrealized holding gains (losses) on available-for-sale securities	2,676		37,451		(6,076)	5,215
AOCI (loss), end of period	17,137	14,461	9,690	(27,761)	17,137	9,690
Pension and other postretirement plans:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	(123,917)	(128,300)	(150,233)	(153,600)	(128,300)	(153,600)
Amortization of prior service costs	357		336		714	672
Amortization of net actuarial loss	4,027		3,031		8,053	6,062
Pension and other postretirement plans, OCI	4,384		3,367		8,767	6,734
AOCI (loss), end of period	(119,533)	(123,917)	(146,866)	(150,233)	(119,533)	(146,866)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	(26,024)	(26,944)	(31,550)	(32,257)	(26,944)	(32,257)
Amortization of prior service costs	75		70		150	141
Amortization of net actuarial loss	846		637		1,691	1,273
Pension and other postretirement plans, OCI	921		707		1,841	1,414
AOCI (loss), end of period	(25,103)	(26,024)	(30,843)	(31,550)	(25,103)	(30,843)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	(97,893)	(101,356)	(118,683)	(121,343)	(101,356)	(121,343)
Amortization of prior service costs	282		266		564	531
Amortization of net actuarial loss	3,181		2,394		6,362	4,789
Pension and other postretirement plans, OCI	3,463		2,660		6,926	5,320
AOCI (loss), end of period	(94,430)	(97,893)	(116,023)	(118,683)	(94,430)	(116,023)
Total
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	(105,611)	(98,916)	(177,994)	(147,936)	(98,916)	(147,936)
Investment securities, OCI (loss)	3,387		40,026		(7,691)	6,601
Pension and other postretirement plans, OCI	4,384		3,367		8,767	6,734
OCI	7,771		43,393		1,076	13,335
AOCI (loss), end of period	(97,840)	(105,611)	(134,601)	(177,994)	(97,840)	(134,601)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	(22,179)	(20,773)	(31,550)	(31,068)	(20,773)	(31,068)
Investment securities, OCI (loss)	711		2,575		(1,615)	1,386
Pension and other postretirement plans, OCI	921		707		1,841	1,414
OCI	1,632		3,282		226	2,800
AOCI (loss), end of period	(20,547)	(22,179)	(28,268)	(31,550)	(20,547)	(28,268)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	(83,432)	(78,143)	(146,444)	(116,868)	(78,143)	(116,868)
Change in unrealized holding gains (losses) on available-for-sale securities	2,676		37,451		(6,076)	5,215
Pension and other postretirement plans, OCI	3,463		2,660		6,926	5,320
Total other comprehensive income, net of tax	6,139	(5,289)	40,111	(29,576)	850	10,535
AOCI (loss), end of period	$ (77,293)	$ (83,432)	$ (106,333)	$ (146,444)	$ (77,293)	$ (106,333)

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange and affiliates, net	$ 504,013	$ 494,637
Erie Insurance Exchange
Concentration Risk [Line Items]
Current expected credit loss allowance	$ 600	$ 600

Commitments and Contingencies (

Commitments and Contingencies (Details) - Loan Purchase Commitments - USD ($)	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Other Commitments [Line Items]
Minimum funding percentage of each loan	30.00%
Participation amount in loan program		$ 8,700,000
Loan program, guaranteed amount		2,600,000
Third-Party Bank
Other Commitments [Line Items]
Amount of loan participation program		$ 22,500,000
Third-Party Bank | Maximum
Other Commitments [Line Items]
Amount of loan participation program	$ 100,000,000