Erie Indemnity (ERIE) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating revenue
Operating revenue	$ 687,839	$ 653,481	$ 1,998,046	$ 1,927,237
Operating expenses
Operating expenses	592,736	557,256	1,741,783	1,654,132
Operating income	95,103	96,225	256,263	273,105
Investment income
Net investment income	18,858	10,645	49,605	20,353
Net realized investment gains	1,610	5,915	5,183	1,635
Net impairment recoveries (losses) recognized in earnings	130	(122)	216	(3,192)
Total investment income	20,598	16,438	55,004	18,796
Interest expense, net	1,034	3	3,082	8
Other expense	541	964	1,608	1,588
Income before income taxes	114,126	111,696	306,577	290,305
Income tax expense	23,903	22,480	63,759	59,786
Net income	$ 90,223	$ 89,216	$ 242,818	$ 230,519
Class A common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 1.94	$ 1.92	$ 5.21	$ 4.95
Common stock - diluted (in dollars per share)	$ 1.72	$ 1.71	$ 4.64	$ 4.41
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	46,189,035	46,189,030	46,188,729	46,188,544
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	52,305,245	52,310,429	52,307,859	52,312,588
Dividends declared per share
Common stock (in dollars per share)	$ 1.035	$ 0.965	$ 3.105	$ 2.895
Class B common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	291	287	782	742
Common stock - diluted (in dollars per share)	$ 291	$ 287	$ 782	$ 742
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	$ 465.75	$ 434.25
Management fee revenue - policy issuance and renewal services
Operating revenue
Operating revenue	$ 504,891	$ 484,551	$ 1,462,880	$ 1,412,096
Operating expenses
Operating expenses	430,326	409,546	1,268,650	1,202,903
Management fee revenue - administrative services
Operating revenue
Operating revenue	14,471	14,910	43,985	44,494
Administrative services reimbursement revenue
Operating revenue
Operating revenue	162,410	147,710	473,133	451,229
Operating expenses
Operating expenses	162,410	147,710	473,133	451,229
Service agreement revenue
Operating revenue
Operating revenue	$ 6,067	$ 6,310	$ 18,048	$ 19,418

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 90,223	$ 89,216	$ 242,818	$ 230,519
Other comprehensive (loss) income, net of tax
Change in unrealized holding (losses) gains on available-for-sale securities	(3,732)	6,143	(9,808)	11,358
Amortization of prior service costs and net actuarial loss on pension and other postretirement plans	3,463	2,659	10,389	7,979
Total other comprehensive (loss) income, net of tax	(269)	8,802	581	19,337
Comprehensive income	$ 89,954	$ 98,018	$ 243,399	$ 249,856

STATEMENTS OF FINANCIAL POSITIO

STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 235,996	$ 161,240
Available-for-sale securities	30,627	17,697
Equity securities	10	19
Receivables from Erie Insurance Exchange and affiliates, net	503,413	494,637
Prepaid expenses and other current assets	55,003	52,561
Accrued investment income	6,104	6,146
Total current assets	831,153	732,300
Available-for-sale securities, net	906,877	910,539
Equity securities	86,270	94,071
Fixed assets, net	277,939	265,341
Agent loans, net	59,462	62,449
Deferred income taxes, net	17,153	12,341
Other assets	57,704	40,081
Total assets	2,236,558	2,117,122
Current liabilities:
Commissions payable	280,540	262,338
Agent bonuses	88,556	110,158
Accounts payable and accrued liabilities	148,282	150,706
Dividends payable	48,200	48,200
Contract liability	35,853	36,917
Deferred executive compensation	10,757	17,319
Current portion of long-term borrowings	2,075	2,031
Total current liabilities	614,263	627,669
Defined benefit pension plans	192,808	164,346
Long-term borrowings	92,273	93,833
Contract liability	18,098	18,878
Deferred executive compensation	14,477	14,904
Other long-term liabilities	17,783	9,444
Total liabilities	949,702	929,074
Shareholders’ equity
Additional paid-in-capital	16,496	16,487
Accumulated other comprehensive loss	(77,562)	(78,143)
Retained earnings	2,491,842	2,393,624
Total contributed capital and retained earnings	2,432,946	2,334,138
Treasury stock, at cost; 22,110,132 shares held	(1,167,490)	(1,163,670)
Deferred compensation	21,400	17,580
Total shareholders’ equity	1,286,856	1,188,048
Total liabilities and shareholders’ equity	2,236,558	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)	Sep. 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	[1]	Accounting Standards Update 2016-13 [Member]
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		230,519
Other comprehensive (loss) income		19,337								19,337
Ending balance at Sep. 30, 2020		1,247,217					1,992	178	16,487	(97,531)	2,472,181					(1,162,917)	16,827
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
Increase (decrease) in shareholders' equity
Net income		89,216									89,216
Other comprehensive (loss) income		8,802								8,802
Dividends declared:					(44,572)	(368)								(44,572)	(368)
Net purchase of treasury stock	[2]	0							0							0
Deferred compensation		0														(371)	371
Ending balance at Sep. 30, 2020		1,247,217					1,992	178	16,487	(97,531)	2,472,181					(1,162,917)	16,827
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	[4]	9							9							0
Deferred compensation		0														(846)	846
Rabbi trust distribution	[5]	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		242,818
Other comprehensive (loss) income		581								581
Ending balance at Sep. 30, 2021		1,286,856					1,992	178	16,496	(77,562)	2,491,842					(1,167,490)	21,400
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	[4]	0							0							0
Deferred compensation		0														(3,668)	3,668
Rabbi trust distribution	[5]	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
Increase (decrease) in shareholders' equity
Net income		90,223									90,223
Other comprehensive (loss) income		(269)								(269)
Dividends declared:					$ (47,805)	$ (395)								$ (47,805)	$ (395)
Net purchase of treasury stock	[4]	0							0							0
Deferred compensation		0														(279)	279
Ending balance at Sep. 30, 2021		$ 1,286,856					$ 1,992	$ 178	$ 16,496	$ (77,562)	$ 2,491,842					$ (1,167,490)	$ 21,400
[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 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 in 2020.
[4]	Net purchases of treasury stock in 2021 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock based compensation awards.
[5]	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.

STATEMENTS OF SHAREHOLDERS' E_2

STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Class A common stock
Dividends declared (in dollars per share)	$ 1.035	$ 1.035	$ 1.035	$ 0.965	$ 0.965	$ 0.965	$ 3.105	$ 2.895
Class B common stock
Dividends declared (in dollars per share)	$ 155.25	$ 155.25	$ 155.25	$ 144.75	$ 144.75	$ 144.75	$ 465.75	$ 434.25

STATEMENTS OF CASH FLOWS (UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Management fee received	$ 1,496,372	$ 1,434,070
Administrative services reimbursements received	471,395	432,133
Service agreement fee received	18,048	19,418
Net investment income received	27,957	26,817
Commissions paid to agents	(726,411)	(696,447)
Agents bonuses paid	(119,778)	(104,301)
Salaries and wages paid	(160,784)	(146,420)
Employee benefits paid	(24,592)	(24,067)
General operating expenses paid	(180,028)	(193,613)
Administrative services expenses paid	(471,523)	(440,531)
Income taxes paid	(63,504)	(72,576)
Interest paid	(3,114)	(5)
Net cash provided by operating activities	264,038	234,478
Purchase of investments:
Available-for-sale securities	(267,067)	(338,093)
Equity securities	(45,654)	(66,847)
Other investments	(605)	(788)
Proceeds from investments:
Available-for-sale securities sales	108,869	89,264
Available-for-sale securities maturities/calls	142,614	92,731
Equity securities	54,303	55,000
Other investments	903	589
Purchase of fixed assets	(38,097)	(52,289)
Loans to agents	(5,648)	(3,773)
Collections on agent loans	7,224	5,635
Net cash used in investing activities	(43,158)	(218,571)
Cash flows from financing activities
Dividends paid to shareholders	(144,600)	(134,821)
Net payments on long-term borrowings	(1,524)	(1,470)
Net cash used in financing activities	(146,124)	(136,291)
Net increase (decrease) in cash and cash equivalents	74,756	(120,384)
Cash and cash equivalents, beginning of period	161,240	336,739
Cash and cash equivalents, end of period	235,996	216,355
Supplemental disclosure of noncash transactions
Transfer of investments from limited partnerships to equity securities	0	13,041
Operating lease assets obtained in exchange for new operating lease liabilities	2,379	4,107
Liability incurred to purchase fixed assets	$ 13,102	$ 496

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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	9 Months Ended
	Sep. 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 nine months ending September 30, 2021, we recognized revenue of $7.8 million and $31.7 million, respectively, that was included in the contract liabilities balance as of December 31, 2020. During the three and nine months ending September 30, 2020, we recognized revenue of $7.6 million and $31.0 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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Management fee revenue - policy issuance and renewal services $ 504,891 $ 484,551 $ 1,462,880 $ 1,412,096 Management fee revenue - administrative services 14,471 14,910 43,985 44,494 Administrative services reimbursement revenue 162,410 147,710 473,133 451,229 Total administrative services $ 176,881 $ 162,620 $ 517,118 $ 495,723

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 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 September 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 $ 89,484 46,189,035 $ 1.94 $ 88,486 46,189,030 $ 1.92 Dilutive effect of stock-based awards 0 15,410 — 0 20,599 — Assumed conversion of Class B shares 739 6,100,800 — 730 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 90,223 52,305,245 $ 1.72 $ 89,216 52,310,429 $ 1.71 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 739 2,542 $ 291 $ 730 2,542 $ 287 Nine months ended September 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 $ 240,830 46,188,729 $ 5.21 $ 228,632 46,188,544 $ 4.95 Dilutive effect of stock-based awards 0 18,330 — 0 23,244 — Assumed conversion of Class B shares 1,988 6,100,800 — 1,887 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 242,818 52,307,859 $ 4.64 $ 230,519 52,312,588 $ 4.41 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 1,988 2,542 $ 782 $ 1,887 2,542 $ 742

Fair Value

Fair Value	9 Months Ended
	Sep. 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 September 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: September 30, 2021 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 567,966 $ 555 $ 561,214 $ 6,197 Collateralized debt obligations 114,004 0 114,004 0 Commercial mortgage-backed securities 96,827 0 87,133 9,694 Residential mortgage-backed securities 127,231 0 122,943 4,288 Other debt securities 25,727 0 25,273 454 U.S. Treasury 5,749 0 5,749 0 Total available-for-sale securities 937,504 555 916,316 20,633 Equity securities - nonredeemable preferred and common stock: Financial services sector 70,432 4,850 63,476 2,106 Utilities sector 7,046 1,210 5,836 0 Energy sector 5,316 10 5,306 0 Consumer sector 2,218 0 2,218 0 Communications sector 1,013 0 1,013 0 Industrial sector 255 255 0 0 Total equity securities 86,280 6,325 77,849 2,106 Total $ 1,023,784 $ 6,880 $ 994,165 $ 22,739 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 June 30, 2021 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at September 30, 2021 Available-for-sale securities: Corporate debt securities $ 6,078 $ 7 $ 3 $ 1,995 $ (1,213) $ 1,129 $ (1,802) $ 6,197 Collateralized debt obligations 750 0 0 0 0 0 (750) 0 Commercial mortgage-backed securities 17,133 (90) (143) 229 (2,912) 0 (4,523) 9,694 Residential mortgage-backed securities 3,041 (5) (26) 0 (366) 4,288 (2,644) 4,288 Other debt securities 2,544 0 1 0 (757) 0 (1,334) 454 Total available-for-sale securities 29,546 (88) (165) 2,224 (5,248) 5,417 (11,053) 20,633 Nonredeemable preferred stock 1,000 13 0 0 0 1,093 0 2,106 Total Level 3 securities $ 30,546 $ (75) $ (165) $ 2,224 $ (5,248) $ 6,510 $ (11,053) $ 22,739 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 September 30, 2021 Available-for-sale securities: Corporate debt securities $ 5,825 $ 27 $ 82 $ 4,253 $ (1,886) $ 3,678 $ (5,782) $ 6,197 Collateralized debt obligations 0 0 0 750 0 0 (750) 0 Commercial mortgage-backed securities 19,462 (287) (590) 3,073 (3,878) 3,854 (11,940) 9,694 Residential mortgage-backed securities 937 (11) (26) 0 (842) 7,318 (3,088) 4,288 Other debt securities 0 0 (1) 2,588 (799) 0 (1,334) 454 Total available-for-sale securities 26,224 (271) (535) 10,664 (7,405) 14,850 (22,894) 20,633 Nonredeemable preferred stock 0 18 0 1,000 0 2,183 (1,095) 2,106 Total Level 3 securities $ 26,224 $ (253) $ (535) $ 11,664 $ (7,405) $ 17,033 $ (23,989) $ 22,739 Level 3 Assets – 2020 Quarterly Change: (in thousands) Beginning balance at June 30, 2020 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at September 30, 2020 Available-for-sale securities: Corporate debt securities $ 4,916 $ 4 $ 157 $ 2,258 $ (198) $ 1,644 $ (1,751) $ 7,030 Collateralized debt obligations 259 0 (9) 0 0 0 (250) 0 Commercial mortgage-backed securities 18,066 (47) 351 2,077 0 29,786 0 50,233 Residential mortgage-backed securities 0 0 0 287 0 10,559 0 10,846 Total available-for-sale securities 23,241 (43) 499 4,622 (198) 41,989 (2,001) 68,109 Nonredeemable preferred stock 795 194 0 2,016 0 0 0 3,005 Total Level 3 securities $ 24,036 $ 151 $ 499 $ 6,638 $ (198) $ 41,989 $ (2,001) $ 71,114 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 September 30, 2020 Available-for-sale securities: Corporate debt securities $ 8,324 $ 9 $ (354) $ 4,759 $ (740) $ 9,681 $ (14,649) $ 7,030 Collateralized debt obligations 0 0 3 247 0 0 (250) 0 Commercial mortgage-backed securities 3,321 (89) 471 9,281 (287) 38,677 (1,141) 50,233 Residential mortgage-backed securities 0 0 0 287 0 10,559 0 10,846 Total available-for-sale securities 11,645 (80) 120 14,574 (1,027) 58,917 (16,040) 68,109 Nonredeemable preferred stock 0 169 0 2,836 0 0 0 3,005 Total Level 3 securities $ 11,645 $ 89 $ 120 $ 17,410 $ (1,027) $ 58,917 $ (16,040) $ 71,114 (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: September 30, 2021 December 31, 2020 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans (1) $ 67,789 $ 69,805 $ 69,212 $ 73,854 Long-term borrowings (2) 94,589 103,283 96,113 113,054 (1) The discount rate used to calculate fair value at September 30, 2021 is reflective of a decrease in the BB+ financial yield curve.

Investments

Investments	9 Months Ended
	Sep. 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: September 30, 2021 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 554,572 $ 14,537 $ 1,143 $ 567,966 Collateralized debt obligations 113,701 538 235 114,004 Commercial mortgage-backed securities 94,972 2,306 451 96,827 Residential mortgage-backed securities 126,276 1,660 705 127,231 Other debt securities 25,399 345 17 25,727 U.S. Treasury 5,479 314 44 5,749 Total available-for-sale securities, net $ 920,399 $ 19,700 $ 2,595 $ 937,504 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 September 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. September 30, 2021 Amortized Estimated (in thousands) cost fair value Due in one year or less $ 30,255 $ 30,627 Due after one year through five years 420,007 430,590 Due after five years through ten years 183,979 186,450 Due after ten years 286,158 289,837 Total available-for-sale securities $ 920,399 $ 937,504 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: September 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 $ 96,735 $ 741 $ 10,396 $ 402 $ 107,131 $ 1,143 345 Collateralized debt obligations 52,441 189 12,194 46 64,635 235 81 Commercial mortgage-backed securities 13,237 326 974 125 14,211 451 31 Residential mortgage-backed securities 63,636 691 299 14 63,935 705 56 Other debt securities 3,163 17 0 0 3,163 17 9 U.S. Treasury 1,339 44 0 0 1,339 44 1 Total available-for-sale securities $ 230,551 $ 2,008 $ 23,863 $ 587 $ 254,414 $ 2,595 523 Quality breakdown of available-for-sale securities: Investment grade $ 196,591 $ 1,727 $ 16,711 $ 257 $ 213,302 $ 1,984 215 Non-investment grade 33,960 281 7,152 330 41,112 611 308 Total available-for-sale securities $ 230,551 $ 2,008 $ 23,863 $ 587 $ 254,414 $ 2,595 523 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 September 30, 2021, the current expected credit loss allowance on agent loans was $1.0 million compared to $1.1 million at December 31, 2020. The current expected credit loss on available-for-sale securities was less than $0.1 million at September 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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities $ 5,786 $ 5,353 $ 17,773 $ 16,811 Equity securities 1,030 1,178 3,348 2,935 Limited partnerships (1) 11,504 3,615 26,701 (2,419) Cash equivalents and other 862 1,009 2,774 4,098 Total investment income 19,182 11,155 50,596 21,425 Less: investment expenses 324 510 991 1,072 Investment income, net of expenses $ 18,858 $ 10,645 $ 49,605 $ 20,353 (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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities: Gross realized gains $ 2,424 $ 604 $ 5,422 $ 3,399 Gross realized losses (235) (467) (1,353) (2,292) Net realized gains on available-for-sale securities 2,189 137 4,069 1,107 Equity securities (579) 5,777 1,113 525 Miscellaneous 0 1 1 3 Net realized investment gains $ 1,610 $ 5,915 $ 5,183 $ 1,635 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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Equity securities: Net (losses) gains recognized during the period $ (579) $ 5,777 $ 1,113 $ 525 Less: net (losses) gains recognized on securities sold (267) 1,796 5 (1,009) Net unrealized (losses) gains recognized on securities held at reporting date $ (312) $ 3,981 $ 1,108 $ 1,534 Net impairment recoveries (losses) recognized in earnings Impairments on available-for-sale securities and agent loans were as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities: Intent to sell $ (10) $ (37) $ (10) $ (2,279) Credit (impaired) recovered (13) (85) 73 (743) Total available-for-sale securities (23) (122) 63 (3,022) Agent loans - expected credit recoveries (losses) 153 — 153 (170) Net impairment recoveries (losses) recognized in earnings $ 130 $ (122) $ 216 $ (3,192)

Borrowing Arrangements

Borrowing Arrangements	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements Bank line of credit As of September 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 September 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 September 30, 2021. Investments with a fair value of $122.6 million were pledged as collateral on the line at September 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 September 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 September 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 now serves 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 $121.9 million were pledged as collateral for the facility and are reported as available-for-sale securities and cash and cash equivalents as of September 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 September 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 $ 507 2022 2,109 2023 2,226 2024 2,302 2025 2,449 Thereafter 84,996

Postretirement Benefits

Postretirement Benefits	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Service cost for benefits earned $ 13,260 $ 10,873 $ 39,780 $ 32,620 Interest cost on benefits obligation 9,206 9,395 27,618 28,184 Expected return on plan assets (12,569) (12,353) (37,706) (37,059) Prior service cost amortization 357 336 1,071 1,007 Net actuarial loss amortization 4,027 3,031 12,080 9,093 Pension plan cost (1) $ 14,281 $ 11,282 $ 42,843 $ 33,845 (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	9 Months Ended
	Sep. 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 September 30, 2021 and 2020, our effective tax rate was 20.9% and 20.1%, respectively, and for the nine months ended September 30, 2021 and 2020, our effective tax rate was 20.8% and 20.6%, respectively.

Capital Stock

Capital Stock	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 30, 2021 and the year ended December 31, 2020. We had approximately $17.8 million of repurchase authority remaining under this program at September 30, 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 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 September 30, 2021 September 30, 2020 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI, beginning of period $ 21,693 $ 4,556 $ 17,137 $ 12,265 $ 2,575 $ 9,690 OCI (loss) before reclassifications (2,557) (537) (2,020) 7,792 1,636 6,156 Realized investment gains (2,189) (459) (1,730) (137) (28) (109) Impairment losses 23 5 18 122 26 96 OCI (loss) (4,723) (991) (3,732) 7,777 1,634 6,143 AOCI, end of period $ 16,970 $ 3,565 $ 13,405 $ 20,042 $ 4,209 $ 15,833 Pension and other postretirement plans: AOCI (loss), beginning of period $ (119,533) $ (25,103) $ (94,430) $ (146,866) $ (30,843) $ (116,023) Amortization of prior service costs 357 75 282 335 70 265 Amortization of net actuarial loss 4,027 846 3,181 3,031 637 2,394 OCI 4,384 921 3,463 3,366 707 2,659 AOCI (loss), end of period $ (115,149) $ (24,182) $ (90,967) $ (143,500) $ (30,136) $ (113,364) Total AOCI (loss), beginning of period $ (97,840) $ (20,547) $ (77,293) $ (134,601) $ (28,268) $ (106,333) Investment securities (4,723) (991) (3,732) 7,777 1,634 6,143 Pension and other postretirement plans 4,384 921 3,463 3,366 707 2,659 OCI (loss) (339) (70) (269) 11,143 2,341 8,802 AOCI (loss), end of period $ (98,179) $ (20,617) $ (77,562) $ (123,458) $ (25,927) $ (97,531) Nine months ended Nine months ended September 30, 2021 September 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 (8,282) (1,739) (6,543) 12,463 2,617 9,846 Realized investment gains (4,069) (854) (3,215) (1,107) (232) (875) Impairment (recoveries) losses (63) (13) (50) 3,022 635 2,387 OCI (loss) (12,414) (2,606) (9,808) 14,378 3,020 11,358 AOCI, end of period $ 16,970 $ 3,565 $ 13,405 $ 20,042 $ 4,209 $ 15,833 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 1,071 225 846 1,007 211 796 Amortization of net actuarial loss 12,080 2,537 9,543 9,093 1,910 7,183 OCI 13,151 2,762 10,389 10,100 2,121 7,979 AOCI (loss), end of period $ (115,149) $ (24,182) $ (90,967) $ (143,500) $ (30,136) $ (113,364) Total AOCI (loss), beginning of period $ (98,916) $ (20,773) $ (78,143) $ (147,936) $ (31,068) $ (116,868) Investment securities (12,414) (2,606) (9,808) 14,378 3,020 11,358 Pension and other postretirement plans 13,151 2,762 10,389 10,100 2,121 7,979 OCI 737 156 581 24,478 5,141 19,337 AOCI (loss), end of period $ (98,179) $ (20,617) $ (77,562) $ (123,458) $ (25,927) $ (97,531)

Concentrations of Credit Risk

Concentrations of Credit Risk	9 Months Ended
	Sep. 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 $503.4 million and $494.6 million at September 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	9 Months Ended
	Sep. 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 September 30, 2021, the total loans executed under this agreement totaled $25.8 million, of which our portion of the loans is $9.6 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 September 30, 2021, our maximum potential amount of future payments on the guaranteed portion is $3.0 million. All loan payments under the participation program are current as of September 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	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 nine months ended September 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 September 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Management fee revenue - policy issuance and renewal services $ 504,891 $ 484,551 $ 1,462,880 $ 1,412,096 Management fee revenue - administrative services 14,471 14,910 43,985 44,494 Administrative services reimbursement revenue 162,410 147,710 473,133 451,229 Total administrative services $ 176,881 $ 162,620 $ 517,118 $ 495,723

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 September 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 $ 89,484 46,189,035 $ 1.94 $ 88,486 46,189,030 $ 1.92 Dilutive effect of stock-based awards 0 15,410 — 0 20,599 — Assumed conversion of Class B shares 739 6,100,800 — 730 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 90,223 52,305,245 $ 1.72 $ 89,216 52,310,429 $ 1.71 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 739 2,542 $ 291 $ 730 2,542 $ 287 Nine months ended September 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 $ 240,830 46,188,729 $ 5.21 $ 228,632 46,188,544 $ 4.95 Dilutive effect of stock-based awards 0 18,330 — 0 23,244 — Assumed conversion of Class B shares 1,988 6,100,800 — 1,887 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 242,818 52,307,859 $ 4.64 $ 230,519 52,312,588 $ 4.41 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 1,988 2,542 $ 782 $ 1,887 2,542 $ 742

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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: September 30, 2021 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 567,966 $ 555 $ 561,214 $ 6,197 Collateralized debt obligations 114,004 0 114,004 0 Commercial mortgage-backed securities 96,827 0 87,133 9,694 Residential mortgage-backed securities 127,231 0 122,943 4,288 Other debt securities 25,727 0 25,273 454 U.S. Treasury 5,749 0 5,749 0 Total available-for-sale securities 937,504 555 916,316 20,633 Equity securities - nonredeemable preferred and common stock: Financial services sector 70,432 4,850 63,476 2,106 Utilities sector 7,046 1,210 5,836 0 Energy sector 5,316 10 5,306 0 Consumer sector 2,218 0 2,218 0 Communications sector 1,013 0 1,013 0 Industrial sector 255 255 0 0 Total equity securities 86,280 6,325 77,849 2,106 Total $ 1,023,784 $ 6,880 $ 994,165 $ 22,739 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 June 30, 2021 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at September 30, 2021 Available-for-sale securities: Corporate debt securities $ 6,078 $ 7 $ 3 $ 1,995 $ (1,213) $ 1,129 $ (1,802) $ 6,197 Collateralized debt obligations 750 0 0 0 0 0 (750) 0 Commercial mortgage-backed securities 17,133 (90) (143) 229 (2,912) 0 (4,523) 9,694 Residential mortgage-backed securities 3,041 (5) (26) 0 (366) 4,288 (2,644) 4,288 Other debt securities 2,544 0 1 0 (757) 0 (1,334) 454 Total available-for-sale securities 29,546 (88) (165) 2,224 (5,248) 5,417 (11,053) 20,633 Nonredeemable preferred stock 1,000 13 0 0 0 1,093 0 2,106 Total Level 3 securities $ 30,546 $ (75) $ (165) $ 2,224 $ (5,248) $ 6,510 $ (11,053) $ 22,739 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 September 30, 2021 Available-for-sale securities: Corporate debt securities $ 5,825 $ 27 $ 82 $ 4,253 $ (1,886) $ 3,678 $ (5,782) $ 6,197 Collateralized debt obligations 0 0 0 750 0 0 (750) 0 Commercial mortgage-backed securities 19,462 (287) (590) 3,073 (3,878) 3,854 (11,940) 9,694 Residential mortgage-backed securities 937 (11) (26) 0 (842) 7,318 (3,088) 4,288 Other debt securities 0 0 (1) 2,588 (799) 0 (1,334) 454 Total available-for-sale securities 26,224 (271) (535) 10,664 (7,405) 14,850 (22,894) 20,633 Nonredeemable preferred stock 0 18 0 1,000 0 2,183 (1,095) 2,106 Total Level 3 securities $ 26,224 $ (253) $ (535) $ 11,664 $ (7,405) $ 17,033 $ (23,989) $ 22,739 Level 3 Assets – 2020 Quarterly Change: (in thousands) Beginning balance at June 30, 2020 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at September 30, 2020 Available-for-sale securities: Corporate debt securities $ 4,916 $ 4 $ 157 $ 2,258 $ (198) $ 1,644 $ (1,751) $ 7,030 Collateralized debt obligations 259 0 (9) 0 0 0 (250) 0 Commercial mortgage-backed securities 18,066 (47) 351 2,077 0 29,786 0 50,233 Residential mortgage-backed securities 0 0 0 287 0 10,559 0 10,846 Total available-for-sale securities 23,241 (43) 499 4,622 (198) 41,989 (2,001) 68,109 Nonredeemable preferred stock 795 194 0 2,016 0 0 0 3,005 Total Level 3 securities $ 24,036 $ 151 $ 499 $ 6,638 $ (198) $ 41,989 $ (2,001) $ 71,114 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 September 30, 2020 Available-for-sale securities: Corporate debt securities $ 8,324 $ 9 $ (354) $ 4,759 $ (740) $ 9,681 $ (14,649) $ 7,030 Collateralized debt obligations 0 0 3 247 0 0 (250) 0 Commercial mortgage-backed securities 3,321 (89) 471 9,281 (287) 38,677 (1,141) 50,233 Residential mortgage-backed securities 0 0 0 287 0 10,559 0 10,846 Total available-for-sale securities 11,645 (80) 120 14,574 (1,027) 58,917 (16,040) 68,109 Nonredeemable preferred stock 0 169 0 2,836 0 0 0 3,005 Total Level 3 securities $ 11,645 $ 89 $ 120 $ 17,410 $ (1,027) $ 58,917 $ (16,040) $ 71,114 (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: September 30, 2021 December 31, 2020 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans (1) $ 67,789 $ 69,805 $ 69,212 $ 73,854 Long-term borrowings (2) 94,589 103,283 96,113 113,054 (1) The discount rate used to calculate fair value at September 30, 2021 is reflective of a decrease in the BB+ financial yield curve.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 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: September 30, 2021 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities $ 554,572 $ 14,537 $ 1,143 $ 567,966 Collateralized debt obligations 113,701 538 235 114,004 Commercial mortgage-backed securities 94,972 2,306 451 96,827 Residential mortgage-backed securities 126,276 1,660 705 127,231 Other debt securities 25,399 345 17 25,727 U.S. Treasury 5,479 314 44 5,749 Total available-for-sale securities, net $ 920,399 $ 19,700 $ 2,595 $ 937,504 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 September 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. September 30, 2021 Amortized Estimated (in thousands) cost fair value Due in one year or less $ 30,255 $ 30,627 Due after one year through five years 420,007 430,590 Due after five years through ten years 183,979 186,450 Due after ten years 286,158 289,837 Total available-for-sale securities $ 920,399 $ 937,504
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: September 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 $ 96,735 $ 741 $ 10,396 $ 402 $ 107,131 $ 1,143 345 Collateralized debt obligations 52,441 189 12,194 46 64,635 235 81 Commercial mortgage-backed securities 13,237 326 974 125 14,211 451 31 Residential mortgage-backed securities 63,636 691 299 14 63,935 705 56 Other debt securities 3,163 17 0 0 3,163 17 9 U.S. Treasury 1,339 44 0 0 1,339 44 1 Total available-for-sale securities $ 230,551 $ 2,008 $ 23,863 $ 587 $ 254,414 $ 2,595 523 Quality breakdown of available-for-sale securities: Investment grade $ 196,591 $ 1,727 $ 16,711 $ 257 $ 213,302 $ 1,984 215 Non-investment grade 33,960 281 7,152 330 41,112 611 308 Total available-for-sale securities $ 230,551 $ 2,008 $ 23,863 $ 587 $ 254,414 $ 2,595 523 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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities $ 5,786 $ 5,353 $ 17,773 $ 16,811 Equity securities 1,030 1,178 3,348 2,935 Limited partnerships (1) 11,504 3,615 26,701 (2,419) Cash equivalents and other 862 1,009 2,774 4,098 Total investment income 19,182 11,155 50,596 21,425 Less: investment expenses 324 510 991 1,072 Investment income, net of expenses $ 18,858 $ 10,645 $ 49,605 $ 20,353 (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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities: Gross realized gains $ 2,424 $ 604 $ 5,422 $ 3,399 Gross realized losses (235) (467) (1,353) (2,292) Net realized gains on available-for-sale securities 2,189 137 4,069 1,107 Equity securities (579) 5,777 1,113 525 Miscellaneous 0 1 1 3 Net realized investment gains $ 1,610 $ 5,915 $ 5,183 $ 1,635 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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Equity securities: Net (losses) gains recognized during the period $ (579) $ 5,777 $ 1,113 $ 525 Less: net (losses) gains recognized on securities sold (267) 1,796 5 (1,009) Net unrealized (losses) gains recognized on securities held at reporting date $ (312) $ 3,981 $ 1,108 $ 1,534
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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities: Intent to sell $ (10) $ (37) $ (10) $ (2,279) Credit (impaired) recovered (13) (85) 73 (743) Total available-for-sale securities (23) (122) 63 (3,022) Agent loans - expected credit recoveries (losses) 153 — 153 (170) Net impairment recoveries (losses) recognized in earnings $ 130 $ (122) $ 216 $ (3,192)
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 September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Available-for-sale securities: Intent to sell $ (10) $ (37) $ (10) $ (2,279) Credit (impaired) recovered (13) (85) 73 (743) Total available-for-sale securities (23) (122) 63 (3,022) Agent loans - expected credit recoveries (losses) 153 — 153 (170) Net impairment recoveries (losses) recognized in earnings $ 130 $ (122) $ 216 $ (3,192)

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Future Principal Payments	The following table sets forth future principal payments: (in thousands) Year Principal payments 2021 $ 507 2022 2,109 2023 2,226 2024 2,302 2025 2,449 Thereafter 84,996

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Schedule of Cost of Pension Plans	The cost of our pension plans are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Service cost for benefits earned $ 13,260 $ 10,873 $ 39,780 $ 32,620 Interest cost on benefits obligation 9,206 9,395 27,618 28,184 Expected return on plan assets (12,569) (12,353) (37,706) (37,059) Prior service cost amortization 357 336 1,071 1,007 Net actuarial loss amortization 4,027 3,031 12,080 9,093 Pension plan cost (1) $ 14,281 $ 11,282 $ 42,843 $ 33,845 (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)	9 Months Ended
	Sep. 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 September 30, 2021 September 30, 2020 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI, beginning of period $ 21,693 $ 4,556 $ 17,137 $ 12,265 $ 2,575 $ 9,690 OCI (loss) before reclassifications (2,557) (537) (2,020) 7,792 1,636 6,156 Realized investment gains (2,189) (459) (1,730) (137) (28) (109) Impairment losses 23 5 18 122 26 96 OCI (loss) (4,723) (991) (3,732) 7,777 1,634 6,143 AOCI, end of period $ 16,970 $ 3,565 $ 13,405 $ 20,042 $ 4,209 $ 15,833 Pension and other postretirement plans: AOCI (loss), beginning of period $ (119,533) $ (25,103) $ (94,430) $ (146,866) $ (30,843) $ (116,023) Amortization of prior service costs 357 75 282 335 70 265 Amortization of net actuarial loss 4,027 846 3,181 3,031 637 2,394 OCI 4,384 921 3,463 3,366 707 2,659 AOCI (loss), end of period $ (115,149) $ (24,182) $ (90,967) $ (143,500) $ (30,136) $ (113,364) Total AOCI (loss), beginning of period $ (97,840) $ (20,547) $ (77,293) $ (134,601) $ (28,268) $ (106,333) Investment securities (4,723) (991) (3,732) 7,777 1,634 6,143 Pension and other postretirement plans 4,384 921 3,463 3,366 707 2,659 OCI (loss) (339) (70) (269) 11,143 2,341 8,802 AOCI (loss), end of period $ (98,179) $ (20,617) $ (77,562) $ (123,458) $ (25,927) $ (97,531) Nine months ended Nine months ended September 30, 2021 September 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 (8,282) (1,739) (6,543) 12,463 2,617 9,846 Realized investment gains (4,069) (854) (3,215) (1,107) (232) (875) Impairment (recoveries) losses (63) (13) (50) 3,022 635 2,387 OCI (loss) (12,414) (2,606) (9,808) 14,378 3,020 11,358 AOCI, end of period $ 16,970 $ 3,565 $ 13,405 $ 20,042 $ 4,209 $ 15,833 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 1,071 225 846 1,007 211 796 Amortization of net actuarial loss 12,080 2,537 9,543 9,093 1,910 7,183 OCI 13,151 2,762 10,389 10,100 2,121 7,979 AOCI (loss), end of period $ (115,149) $ (24,182) $ (90,967) $ (143,500) $ (30,136) $ (113,364) Total AOCI (loss), beginning of period $ (98,916) $ (20,773) $ (78,143) $ (147,936) $ (31,068) $ (116,868) Investment securities (12,414) (2,606) (9,808) 14,378 3,020 11,358 Pension and other postretirement plans 13,151 2,762 10,389 10,100 2,121 7,979 OCI 737 156 581 24,478 5,141 19,337 AOCI (loss), end of period $ (98,179) $ (20,617) $ (77,562) $ (123,458) $ (25,927) $ (97,531)

Nature of Operations (Details)

Nature of Operations (Details)	9 Months Ended
	Sep. 30, 2021obligation
Revenue, Performance Obligation [Abstract]
Performance obligations under subscriber's agreement	2

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)obligation	Sep. 30, 2020USD ($)
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 | $	$ 7.8	$ 7.6	$ 31.7	$ 31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of revenue by performance obligation
Revenue	$ 687,839	$ 653,481	$ 1,998,046	$ 1,927,237
Management fee revenue - policy issuance and renewal services
Disaggregation of revenue by performance obligation
Revenue	504,891	484,551	1,462,880	1,412,096
Management fee revenue - policy issuance and renewal services | Transferred at point in time
Disaggregation of revenue by performance obligation
Revenue	504,891	484,551	1,462,880	1,412,096
Administrative services | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	176,881	162,620	517,118	495,723
Management fee revenue - administrative services
Disaggregation of revenue by performance obligation
Revenue	14,471	14,910	43,985	44,494
Management fee revenue - administrative services | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	14,471	14,910	43,985	44,494
Administrative services reimbursement revenue
Disaggregation of revenue by performance obligation
Revenue	162,410	147,710	473,133	451,229
Administrative services reimbursement revenue | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	$ 162,410	$ 147,710	$ 473,133	$ 451,229

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class A common stock
Income available to stockholders (Basic EPS:)
Allocated net income (numerator)	$ 89,484	$ 88,486	$ 240,830	$ 228,632
Weighted shares (denominator)	46,189,035	46,189,030	46,188,729	46,188,544
Per-share amount (in dollars per share)	$ 1.94	$ 1.92	$ 5.21	$ 4.95
Dilutive effect of stock-based awards
Allocated net income (numerator)	$ 0	$ 0	$ 0	$ 0
Weighted shares (denominator)	15,410	20,599	18,330	23,244
Assumed conversion of Class B shares
Allocated net income (numerator)	$ 739	$ 730	$ 1,988	$ 1,887
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)	$ 90,223	$ 89,216	$ 242,818	$ 230,519
Weighted shares (denominator)	52,305,245	52,310,429	52,307,859	52,312,588
Per-share amount (in dollars per share)	$ 1.72	$ 1.71	$ 4.64	$ 4.41
Class B common stock
Income available to stockholders (Basic EPS:)
Allocated net income (numerator)	$ 739	$ 730	$ 1,988	$ 1,887
Weighted shares (denominator)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 291	$ 287	$ 782	$ 742
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator)	$ 739	$ 730	$ 1,988	$ 1,887
Weighted shares (denominator)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 291	$ 287	$ 782	$ 742

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	Sep. 30, 2021	Dec. 31, 2020
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	$ 937,504	$ 928,236
Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	567,966	566,425
Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	114,004	110,447
Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	96,827	120,201
Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	127,231	112,179
Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	25,727	18,984
U.S. Treasury
Fair value measurements on a recurring basis by asset class and level of input
Available-for-sale securities	5,749
Fair Value, Measurements, Recurring Basis
Fair value measurements on a recurring basis by asset class and level of input
Total	1,023,784	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	937,504	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	567,966	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	114,004	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	96,827	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	127,231	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	25,727	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	5,749
Fair Value, Measurements, Recurring Basis | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Equity securities	86,280	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	70,432	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	7,046	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	2,218	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	1,013	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	255	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	5,316	2,206
Fair Value, Measurements, Recurring Basis | Level 1
Fair value measurements on a recurring basis by asset class and level of input
Total	6,880	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	555	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	555	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	6,325	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	4,850	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	1,210	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	0	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	0	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	255	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	10	676
Fair Value, Measurements, Recurring Basis | Level 2
Fair value measurements on a recurring basis by asset class and level of input
Total	994,165	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	916,316	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	561,214	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	114,004	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	87,133	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	122,943	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	25,273	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	5,749
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	77,849	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	63,476	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	5,836	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	2,218	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	1,013	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	5,306	1,530
Fair Value, Measurements, Recurring Basis | Level 3
Fair value measurements on a recurring basis by asset class and level of input
Total	22,739	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	20,633	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	6,197	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	0	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	9,694	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	4,288	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	454	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	2,106	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	2,106	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	$ 30,546	$ 24,036	$ 26,224	$ 11,645
Included in earnings	(75)	151	(253)	89
Included in other comprehensive income	(165)	499	(535)	120
Purchases	2,224	6,638	11,664	17,410
Sales	(5,248)	(198)	(7,405)	(1,027)
Transfers into Level 3	6,510	41,989	17,033	58,917
Transfers out of Level 3	(11,053)	(2,001)	(23,989)	(16,040)
Ending balance	22,739	71,114	22,739	71,114
Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	29,546	23,241	26,224	11,645
Included in earnings	(88)	(43)	(271)	(80)
Included in other comprehensive income	(165)	499	(535)	120
Purchases	2,224	4,622	10,664	14,574
Sales	(5,248)	(198)	(7,405)	(1,027)
Transfers into Level 3	5,417	41,989	14,850	58,917
Transfers out of Level 3	(11,053)	(2,001)	(22,894)	(16,040)
Ending balance	20,633	68,109	20,633	68,109
Corporate debt securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	6,078	4,916	5,825	8,324
Included in earnings	7	4	27	9
Included in other comprehensive income	3	157	82	(354)
Purchases	1,995	2,258	4,253	4,759
Sales	(1,213)	(198)	(1,886)	(740)
Transfers into Level 3	1,129	1,644	3,678	9,681
Transfers out of Level 3	(1,802)	(1,751)	(5,782)	(14,649)
Ending balance	6,197	7,030	6,197	7,030
Collateralized debt obligations | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	750	259	0	0
Included in earnings	0	0	0	0
Included in other comprehensive income	0	(9)	0	3
Purchases	0	0	750	247
Sales	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	(750)	(250)	(750)	(250)
Ending balance	0	0	0	0
Commercial mortgage-backed securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	17,133	18,066	19,462	3,321
Included in earnings	(90)	(47)	(287)	(89)
Included in other comprehensive income	(143)	351	(590)	471
Purchases	229	2,077	3,073	9,281
Sales	(2,912)	0	(3,878)	(287)
Transfers into Level 3	0	29,786	3,854	38,677
Transfers out of Level 3	(4,523)	0	(11,940)	(1,141)
Ending balance	9,694	50,233	9,694	50,233
Residential mortgage-backed securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	3,041	0	937	0
Included in earnings	(5)	0	(11)	0
Included in other comprehensive income	(26)	0	(26)	0
Purchases	0	287	0	287
Sales	(366)	0	(842)	0
Transfers into Level 3	4,288	10,559	7,318	10,559
Transfers out of Level 3	(2,644)	0	(3,088)	0
Ending balance	4,288	10,846	4,288	10,846
Other debt securities | Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	2,544		0
Included in earnings	0		0
Included in other comprehensive income	1		(1)
Purchases	0		2,588
Sales	(757)		(799)
Transfers into Level 3	0		0
Transfers out of Level 3	(1,334)		(1,334)
Ending balance	454		454
Nonredeemable preferred stock | Nonredeemable preferred stock
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	1,000	795	0	0
Included in earnings	13	194	18	169
Included in other comprehensive income	0	0	0	0
Purchases	0	2,016	1,000	2,836
Sales	0	0	0	0
Transfers into Level 3	1,093	0	2,183	0
Transfers out of Level 3	0	0	(1,095)	0
Ending balance	$ 2,106	$ 3,005	$ 2,106	$ 3,005

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Agent loans	$ 67,789	$ 69,212
Long-term borrowings	94,589	96,113
Level 3 | Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Agent loans	69,805	73,854
Long-term borrowings	$ 103,283	$ 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	Sep. 30, 2021	Dec. 31, 2020
Available-for-sale securities
Amortized cost	$ 920,399	$ 898,790
Gross unrealized gains	19,700	31,569
Gross unrealized losses	2,595	2,123
Estimated fair value	937,504	928,236
Corporate debt securities
Available-for-sale securities
Amortized cost	554,572	546,096
Gross unrealized gains	14,537	21,843
Gross unrealized losses	1,143	1,514
Estimated fair value	567,966	566,425
Collateralized debt obligations
Available-for-sale securities
Amortized cost	113,701	110,121
Gross unrealized gains	538	657
Gross unrealized losses	235	331
Estimated fair value	114,004	110,447
Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost	94,972	115,346
Gross unrealized gains	2,306	5,090
Gross unrealized losses	451	235
Estimated fair value	96,827	120,201
Residential mortgage-backed securities
Available-for-sale securities
Amortized cost	126,276	108,840
Gross unrealized gains	1,660	3,373
Gross unrealized losses	705	34
Estimated fair value	127,231	112,179
Other debt securities
Available-for-sale securities
Amortized cost	25,399	18,387
Gross unrealized gains	345	606
Gross unrealized losses	17	9
Estimated fair value	25,727	$ 18,984
U.S. Treasury
Available-for-sale securities
Amortized cost	5,479
Gross unrealized gains	314
Gross unrealized losses	44
Estimated fair value	$ 5,749

Investments - Amortized Cost an

Investments - Amortized Cost and Estimated Fair Value of Available-For-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Amortized cost
Due in one year or less	$ 30,255
Due after one year through five years	420,007
Due after five years through ten years	183,979
Due after ten years	286,158
Amortized cost	920,399	$ 898,790
Estimated fair value
Due in one year or less	30,627
Due after one year through five years	430,590
Due after five years through ten years	186,450
Due after ten years	289,837
Estimated fair value	$ 937,504	$ 928,236

Investments - Available-For-Sal

Investments - Available-For-Sale Securities in a Gross Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2021USD ($)holding	Dec. 31, 2020USD ($)holding
Investment grade
Fair value
Less than 12 months	$ 196,591	$ 86,807
12 months or longer	16,711	10,899
Total	213,302	97,706
Unrealized losses
Less than 12 months	1,727	561
12 months or longer	257	99
Total	$ 1,984	$ 660
No. of holdings | holding	215	119
Non-investment grade
Fair value
Less than 12 months	$ 33,960	$ 28,686
12 months or longer	7,152	7,952
Total	41,112	36,638
Unrealized losses
Less than 12 months	281	593
12 months or longer	330	870
Total	$ 611	$ 1,463
No. of holdings | holding	308	251
Available-for-sale securities
Fair value
Less than 12 months	$ 230,551	$ 115,493
12 months or longer	23,863	18,851
Total	254,414	134,344
Unrealized losses
Less than 12 months	2,008	1,154
12 months or longer	587	969
Total	$ 2,595	$ 2,123
No. of holdings | holding	523	370
Corporate debt securities
Fair value
Less than 12 months	$ 96,735	$ 39,693
12 months or longer	10,396	7,952
Total	107,131	47,645
Unrealized losses
Less than 12 months	741	644
12 months or longer	402	870
Total	$ 1,143	$ 1,514
No. of holdings | holding	345	257
Collateralized debt obligations
Fair value
Less than 12 months	$ 52,441	$ 50,036
12 months or longer	12,194	10,899
Total	64,635	60,935
Unrealized losses
Less than 12 months	189	232
12 months or longer	46	99
Total	$ 235	$ 331
No. of holdings | holding	81	65
Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 13,237	$ 16,582
12 months or longer	974	0
Total	14,211	16,582
Unrealized losses
Less than 12 months	326	235
12 months or longer	125	0
Total	$ 451	$ 235
No. of holdings | holding	31	31
Residential mortgage-backed securities
Fair value
Less than 12 months	$ 63,636	$ 8,163
12 months or longer	299	0
Total	63,935	8,163
Unrealized losses
Less than 12 months	691	34
12 months or longer	14	0
Total	$ 705	$ 34
No. of holdings | holding	56	13
Other debt securities
Fair value
Less than 12 months	$ 3,163	$ 1,019
12 months or longer	0	0
Total	3,163	1,019
Unrealized losses
Less than 12 months	17	9
12 months or longer	0	0
Total	$ 17	$ 9
No. of holdings | holding	9	4
U.S. Treasury
Fair value
Less than 12 months	$ 1,339
12 months or longer	0
Total	1,339
Unrealized losses
Less than 12 months	44
12 months or longer	0
Total	$ 44
No. of holdings | holding	1

Investments - Credit Loss Allow

Investments - Credit Loss Allowance on Investments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Investments [Abstract]
Agent loans, allowance for credit loss	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investment income from portfolios
Equity in earnings (losses) of limited partnerships	$ 11,504	$ 3,615	$ 26,701	$ (2,419)
Total investment income	19,182	11,155	50,596	21,425
Less: investment expenses	324	510	991	1,072
Net investment income	18,858	10,645	49,605	20,353
Available-for-sale securities
Investment income from portfolios
Available-for-sale, equity securities, cash equivalents, and other	5,786	5,353	17,773	16,811
Equity securities
Investment income from portfolios
Available-for-sale, equity securities, cash equivalents, and other	1,030	1,178	3,348	2,935
Cash equivalents and other
Investment income from portfolios
Available-for-sale, equity securities, cash equivalents, and other	$ 862	$ 1,009	$ 2,774	$ 4,098

Investments - Realized Investme

Investments - Realized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Available-for-sale securities:
Gross realized gains	$ 2,424	$ 604	$ 5,422	$ 3,399
Gross realized losses	(235)	(467)	(1,353)	(2,292)
Net realized gains on available-for-sale securities	2,189	137	4,069	1,107
Equity securities:
Equity securities	(579)	5,777	1,113	525
Miscellaneous:
Miscellaneous	0	1	1	3
Net realized investment gains	$ 1,610	$ 5,915	$ 5,183	$ 1,635

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity securities:
Net (losses) gains recognized during the period	$ (579)	$ 5,777	$ 1,113	$ 525
Less: net (losses) gains recognized on securities sold	(267)	1,796	5	(1,009)
Net unrealized (losses) gains recognized on securities held at reporting date	$ (312)	$ 3,981	$ 1,108	$ 1,534

Investments - Impairments on Av

Investments - Impairments on Available-For-Sale Securities and Agent Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Available-for-sale securities:
Intent to sell	$ (10)	$ (37)	$ (10)	$ (2,279)
Credit (impaired) recovered	(13)	(85)	73	(743)
Total available-for-sale securities	(23)	(122)	63	(3,022)
Agent loans - expected credit recoveries (losses)	153	0	153	(170)
Net impairment recoveries (losses) recognized in earnings	$ 130	$ (122)	$ 216	$ (3,192)

Borrowing Arrangements - Bank L

Borrowing Arrangements - Bank Line of Credit (Details) - Revolving line of credit	Sep. 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	$ 122,600,000

Borrowing Arrangements - Term L

Borrowing Arrangements - Term Loan Credit Facility (Details) - Secured debt - USD ($)	Jan. 01, 2019	Sep. 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		$ 121,900,000

Borrowing Arrangements - Annual

Borrowing Arrangements - Annual Principal Payments (Details) - Secured debt $ in Thousands	Sep. 30, 2021USD ($)
Future principal payments:
2021	$ 507
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cost of pension plans:
Service cost for benefits earned	$ 13,260	$ 10,873	$ 39,780	$ 32,620
Interest cost on benefits obligation	9,206	9,395	27,618	28,184
Expected return on plan assets	(12,569)	(12,353)	(37,706)	(37,059)
Prior service cost amortization	357	336	1,071	1,007
Net actuarial loss amortization	4,027	3,031	12,080	9,093
Pension plan cost	$ 14,281	$ 11,282	$ 42,843	$ 33,845
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	20.90%	20.10%	20.80%	20.60%

Capital Stock - Class A and B C

Capital Stock - Class A and B Common Stock (Details) - Class B common stock	9 Months Ended	12 Months Ended
	Sep. 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 ($)	9 Months Ended	12 Months Ended
	Sep. 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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period			$ (78,143)				$ (78,143)
Change in unrealized holding (losses) gains on available-for-sale securities	$ (3,732)			$ 6,143			(9,808)	$ 11,358
Pension and other postretirement plans, OCI	3,463			2,659			10,389	7,979
Total other comprehensive (loss) income, net of tax	(269)	$ 6,139	(5,289)	8,802	$ 40,111	$ (29,576)	581	19,337
AOCI (loss), end of period	(77,562)						(77,562)
Investment securities:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	21,693		29,384	12,265		5,664	29,384	5,664
OCI (loss) before reclassifications	(2,557)			7,792			(8,282)	12,463
Realized investment gains	(2,189)			(137)			(4,069)	(1,107)
Impairment losses	23			122			(63)	3,022
Investment securities, OCI (loss)	(4,723)			7,777			(12,414)	14,378
AOCI (loss), end of period	16,970	21,693		20,042	12,265		16,970	20,042
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	4,556		6,171	2,575		1,189	6,171	1,189
OCI (loss) before reclassifications	(537)			1,636			(1,739)	2,617
Realized investment gains	(459)			(28)			(854)	(232)
Impairment losses	5			26			(13)	635
Investment securities, OCI (loss)	(991)			1,634			(2,606)	3,020
AOCI (loss), end of period	3,565	4,556		4,209	2,575		3,565	4,209
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	17,137		23,213	9,690		4,475	23,213	4,475
OCI (loss) before reclassifications	(2,020)			6,156			(6,543)	9,846
Realized investment gains	(1,730)			(109)			(3,215)	(875)
Impairment losses	18			96			(50)	2,387
Change in unrealized holding (losses) gains on available-for-sale securities	(3,732)			6,143			(9,808)	11,358
AOCI (loss), end of period	13,405	17,137		15,833	9,690		13,405	15,833
Pension and other postretirement plans:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	(119,533)		(128,300)	(146,866)		(153,600)	(128,300)	(153,600)
Amortization of prior service costs	357			335			1,071	1,007
Amortization of net actuarial loss	4,027			3,031			12,080	9,093
Pension and other postretirement plans, OCI	4,384			3,366			13,151	10,100
AOCI (loss), end of period	(115,149)	(119,533)		(143,500)	(146,866)		(115,149)	(143,500)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	(25,103)		(26,944)	(30,843)		(32,257)	(26,944)	(32,257)
Amortization of prior service costs	75			70			225	211
Amortization of net actuarial loss	846			637			2,537	1,910
Pension and other postretirement plans, OCI	921			707			2,762	2,121
AOCI (loss), end of period	(24,182)	(25,103)		(30,136)	(30,843)		(24,182)	(30,136)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	(94,430)		(101,356)	(116,023)		(121,343)	(101,356)	(121,343)
Amortization of prior service costs	282			265			846	796
Amortization of net actuarial loss	3,181			2,394			9,543	7,183
Pension and other postretirement plans, OCI	3,463			2,659			10,389	7,979
AOCI (loss), end of period	(90,967)	(94,430)		(113,364)	(116,023)		(90,967)	(113,364)
Total
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	(97,840)		(98,916)	(134,601)		(147,936)	(98,916)	(147,936)
Investment securities, OCI (loss)	(4,723)			7,777			(12,414)	14,378
Pension and other postretirement plans, OCI	4,384			3,366			13,151	10,100
OCI (loss)	(339)			11,143			737	24,478
AOCI (loss), end of period	(98,179)	(97,840)		(123,458)	(134,601)		(98,179)	(123,458)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	(20,547)		(20,773)	(28,268)		(31,068)	(20,773)	(31,068)
Investment securities, OCI (loss)	(991)			1,634			(2,606)	3,020
Pension and other postretirement plans, OCI	921			707			2,762	2,121
OCI (loss)	(70)			2,341			156	5,141
AOCI (loss), end of period	(20,617)	(20,547)		(25,927)	(28,268)		(20,617)	(25,927)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	(77,293)		(78,143)	(106,333)		(116,868)	(78,143)	(116,868)
Change in unrealized holding (losses) gains on available-for-sale securities	(3,732)			6,143			(9,808)	11,358
Pension and other postretirement plans, OCI	3,463			2,659			10,389	7,979
Total other comprehensive (loss) income, net of tax	(269)	6,139	$ (5,289)	8,802	40,111	$ (29,576)	581	19,337
AOCI (loss), end of period	$ (77,562)	$ (77,293)		$ (97,531)	$ (106,333)		$ (77,562)	$ (97,531)

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange and affiliates, net	$ 503,413	$ 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 ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Minimum funding percentage of each loan	30.00%
Participation amount in loan program	$ 9,600,000
Loan program, guaranteed amount	3,000,000
Third-Party Bank
Other Commitments [Line Items]
Amount of loan participation program	$ 25,800,000
Third-Party Bank | Maximum
Other Commitments [Line Items]
Amount of loan participation program		$ 100,000,000