Erie Indemnity (ERIE) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,189,068
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,542

STATEMENTS OF OPERATIONS (UNAUD

STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating revenue
Total operating revenue	$ 839,870	$ 726,143	$ 1,592,335	$ 1,398,253
Operating expenses
Total operating expenses	705,712	622,143	1,347,634	1,209,941
Operating income	134,158	104,000	244,701	188,312
Investment income
Net investment income	13,535	8,268	15,718	18,772
Net realized and unrealized investment losses	(1,737)	(10,324)	(7,019)	(17,603)
Net impairment losses recognized in earnings	(171)	(38)	(1,804)	(254)
Total investment income (loss)	11,627	(2,094)	6,895	915
Interest expense	0	895	0	1,894
Other income	3,305	337	6,642	810
Income before income taxes	149,090	101,348	258,238	188,143
Income tax expense	31,238	21,201	54,145	39,377
Net income	$ 117,852	$ 80,147	$ 204,093	$ 148,766
Class A common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 2.53	$ 1.72	$ 4.38	$ 3.19
Common stock - diluted (in dollars per share)	$ 2.25	$ 1.53	$ 3.90	$ 2.84
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	46,189,026	46,188,845	46,188,923	46,188,803
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	52,299,974	52,296,139	52,298,298	52,298,321
Dividends declared per share
Dividends declared (in dollars per share)	$ 1.19	$ 1.11	$ 2.38	$ 2.22
Class B common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	380	258	657	479
Common stock - diluted (in dollars per share)	$ 380	$ 258	$ 657	$ 479
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
Dividends declared (in dollars per share)	$ 178.50	$ 166.50	$ 357	$ 333
Management fee revenue - policy issuance and renewal services
Operating revenue
Total operating revenue	$ 633,339	$ 544,555	$ 1,191,429	$ 1,032,547
Operating expenses
Total operating expenses	521,246	461,468	990,341	885,939
Management fee revenue - administrative services
Operating revenue
Total operating revenue	15,636	14,476	30,825	28,789
Administrative services reimbursement revenue
Operating revenue
Total operating revenue	184,466	160,675	357,293	324,002
Operating expenses
Total operating expenses	184,466	160,675	357,293	324,002
Service agreement revenue
Operating revenue
Total operating revenue	$ 6,429	$ 6,437	$ 12,788	$ 12,915

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 117,852	$ 80,147	$ 204,093	$ 148,766
Other comprehensive (loss) income, net of tax
Change in unrealized holding (losses) gains on available-for-sale securities	(1,746)	(24,985)	8,748	(51,904)
Amortization of prior service costs and net actuarial (gain) loss on pension and other postretirement plans	(2,742)	1,737	(5,484)	3,467
Total other comprehensive (loss) income, net of tax	(4,488)	(23,248)	3,264	(48,437)
Comprehensive income	$ 113,364	$ 56,899	$ 207,357	$ 100,329

STATEMENTS OF FINANCIAL POSITIO

STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 142,996	$ 142,090
Available-for-sale securities	63,510	24,267
Receivables from Erie Insurance Exchange and affiliates, net	591,008	524,937
Prepaid expenses and other current assets	66,399	79,201
Accrued investment income	8,890	8,301
Total current assets	872,803	778,796
Available-for-sale securities, net	857,442	870,394
Equity securities	77,220	72,560
Fixed assets, net	422,903	413,874
Agent loans, net	60,367	60,537
Other assets	34,776	43,295
Total assets	2,325,511	2,239,456
Current liabilities:
Commissions payable	347,795	300,028
Agent bonuses	37,443	95,166
Accounts payable and accrued liabilities	164,718	165,915
Dividends payable	55,419	55,419
Contract liability	39,046	36,547
Deferred executive compensation	7,672	12,036
Total current liabilities	652,093	665,111
Defined benefit pension plans	55,075	51,224
Contract liability	18,892	17,895
Deferred executive compensation	13,539	13,724
Deferred income taxes, net	15,647	14,075
Other long-term liabilities	25,353	29,019
Total liabilities	780,599	791,048
Shareholders’ equity
Additional paid-in-capital	16,466	16,481
Accumulated other comprehensive loss	(4,150)	(7,414)
Retained earnings	2,676,516	2,583,261
Total contributed capital and retained earnings	2,691,002	2,594,498
Treasury stock, at cost; 22,110,132 shares held	(1,168,380)	(1,168,949)
Deferred compensation	22,290	22,859
Total shareholders’ equity	1,544,912	1,448,408
Total liabilities and shareholders’ equity	2,325,511	2,239,456
Class A common stock
Shareholders’ equity
Common stock	1,992	1,992
Class B common stock
Shareholders’ equity
Common stock	$ 178	$ 178

STATEMENTS OF FINANCIAL POSIT_2

STATEMENTS OF FINANCIAL POSITION (Parenthetical)	Jun. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
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
Common stock, issued (in shares)	2,542	2,542
Common stock, outstanding (in shares)	2,542	2,542
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands		Total	Class A common stock	Class B common stock	Common stock Class A common stock	Common stock Class B common stock	Additional paid-in-capital	Accumulated other comprehensive (loss) income	Retained earnings	Retained earnings Class A common stock	Retained earnings Class B common stock	Treasury stock	Deferred compensation
Beginning balance at Dec. 31, 2021		$ 1,342,478			$ 1,992	$ 178	$ 16,496	$ (25,288)	$ 2,495,190			$ (1,167,828)	$ 21,738
Increase (decrease) in shareholders' equity
Net income		68,619							68,619
Other comprehensive income (loss)		(25,189)						(25,189)
Dividends declared:			$ (51,270)	$ (423)						$ (51,270)	$ (423)
Net purchase of treasury stock	[1]	(15)					(15)					0
Deferred compensation		0										(802)	802
Rabbi trust distribution	[2]	0										298	(298)
Ending balance at Mar. 31, 2022		1,334,200			1,992	178	16,481	(50,477)	2,512,116			(1,168,332)	22,242
Beginning balance at Dec. 31, 2021		1,342,478			1,992	178	16,496	(25,288)	2,495,190			(1,167,828)	21,738
Increase (decrease) in shareholders' equity
Net income		148,766
Other comprehensive income (loss)		(48,437)						(48,437)
Ending balance at Jun. 30, 2022		1,339,406			1,992	178	16,481	(73,725)	2,540,570			(1,169,140)	23,050
Beginning balance at Mar. 31, 2022		1,334,200			1,992	178	16,481	(50,477)	2,512,116			(1,168,332)	22,242
Increase (decrease) in shareholders' equity
Net income		80,147							80,147
Other comprehensive income (loss)		(23,248)						(23,248)
Dividends declared:			(51,270)	(423)						(51,270)	(423)
Net purchase of treasury stock	[1]	0					0					0
Deferred compensation		0										(907)	907
Rabbi trust distribution	[2]	0										99	(99)
Ending balance at Jun. 30, 2022		1,339,406			1,992	178	16,481	(73,725)	2,540,570			(1,169,140)	23,050
Beginning balance at Dec. 31, 2022		1,448,408			1,992	178	16,481	(7,414)	2,583,261			(1,168,949)	22,859
Increase (decrease) in shareholders' equity
Net income		86,241							86,241
Other comprehensive income (loss)		7,752						7,752
Dividends declared:			(54,965)	(454)						(54,965)	(454)
Net purchase of treasury stock	[1]	(15)					(15)					0
Deferred compensation		0										(822)	822
Rabbi trust distribution	[2]	0										416	(416)
Ending balance at Mar. 31, 2023		1,486,967			1,992	178	16,466	338	2,614,083			(1,169,355)	23,265
Beginning balance at Dec. 31, 2022		1,448,408			1,992	178	16,481	(7,414)	2,583,261			(1,168,949)	22,859
Increase (decrease) in shareholders' equity
Net income		204,093
Other comprehensive income (loss)		3,264						3,264
Ending balance at Jun. 30, 2023		1,544,912			1,992	178	16,466	(4,150)	2,676,516			(1,168,380)	22,290
Beginning balance at Mar. 31, 2023		1,486,967			1,992	178	16,466	338	2,614,083			(1,169,355)	23,265
Increase (decrease) in shareholders' equity
Net income		117,852							117,852
Other comprehensive income (loss)		(4,488)						(4,488)
Dividends declared:			$ (54,965)	$ (454)						$ (54,965)	$ (454)
Net purchase of treasury stock	[1]	0					0					0
Deferred compensation		0										(621)	621
Rabbi trust distribution	[2]	0										1,596	(1,596)
Ending balance at Jun. 30, 2023		$ 1,544,912			$ 1,992	$ 178	$ 16,466	$ (4,150)	$ 2,676,516			$ (1,168,380)	$ 22,290
[1]Net purchases of treasury stock in 2023 and 2022 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock-based compensation awards.[2]Distributions of our Class A shares were made from the rabbi trust to five incentive compensation deferral plan participants in 2023 and two in 2022.

STATEMENTS OF SHAREHOLDERS' E_2

STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Class A common stock
Dividends declared (in dollars per share)	$ 1.19	$ 1.19	$ 1.11	$ 1.11	$ 2.38	$ 2.22
Class B common stock
Dividends declared (in dollars per share)	$ 178.50	$ 178.50	$ 166.50	$ 166.50	$ 357	$ 333

STATEMENTS OF CASH FLOWS (UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Management fee received	$ 1,162,575	$ 1,019,016
Administrative services reimbursements received	359,332	317,819
Service agreement revenue received	12,788	12,742
Net investment income received	27,069	18,595
Commissions paid to agents	(564,218)	(493,058)
Agents bonuses paid	(106,003)	(126,902)
Salaries and wages paid	(123,501)	(114,075)
Employee benefits paid	(37,460)	(21,108)
General operating expenses paid	(151,975)	(132,297)
Administrative services expenses paid	(362,228)	(333,532)
Income taxes paid	(36,372)	(38,989)
Interest paid	0	(1,937)
Net cash provided by operating activities	180,007	106,274
Purchase of investments:
Available-for-sale securities	(123,767)	(211,492)
Equity securities	(18,690)	(7,157)
Other investments	(7)	(157)
Proceeds from investments:
Available-for-sale securities sales	78,808	123,758
Available-for-sale securities maturities/calls	28,972	74,628
Equity securities	10,579	10,131
Other investments	271	429
Purchase of fixed assets	(45,003)	(28,021)
Proceeds from disposal of fixed assets	0	156
Loans to agents	(4,150)	(8,769)
Collections on agent loans	4,723	4,298
Net cash used in investing activities	(68,264)	(42,196)
Cash flows from financing activities
Dividends paid to shareholders	(110,837)	(103,386)
Proceeds from short-term borrowings	0	55,000
Payments on short-term borrowings	0	(15,000)
Payments on long-term borrowings	0	(94,070)
Net cash used in financing activities	(110,837)	(157,456)
Net increase (decrease) in cash and cash equivalents	906	(93,378)
Cash and cash equivalents, beginning of period	142,090	183,702
Cash and cash equivalents, end of period	142,996	90,324
Supplemental disclosure of noncash transactions
Liability incurred to purchase fixed assets	0	24,833
Operating lease assets obtained in exchange for lease liabilities	$ 3,757	$ 1,487

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2023
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. 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. 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 subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost. 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".

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023. 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.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
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 services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder) receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized. The Exchange, by virtue of its legal structure as a reciprocal insurer, does not have any employees or officers. Therefore, it enters into contractual relationships by and through an attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the Exchange with respect to its administrative services in accordance with the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber’s agreement and the service agreements. The revenue allocated to this performance obligation is recognized over a four-year period representing the time over which these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Statements of Financial Position. During the three and six months ended June 30, 2023, we recognized revenue of $10.5 million and $23.8 million, respectively, that was included in the contract liability balance as of December 31, 2022. During the three and six months ended June 30, 2022, we recognized revenue of $10.0 million and $22.7 million, respectively, that was included in the contract liability balance as of December 31, 2021. 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 from affiliates by the Exchange. Indemnity collects the management fee from the Exchange when the Exchange collects the premiums from the subscribers (policyholders). As the Exchange issues policies with annual terms only, cash collections generally occur within one year. The following table disaggregates revenue by our two performance obligations: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Management fee revenue - policy issuance and renewal services $ 633,339 $ 544,555 $ 1,191,429 $ 1,032,547 Management fee revenue - administrative services 15,636 14,476 30,825 28,789 Administrative services reimbursement revenue 184,466 160,675 357,293 324,002 Total revenue from administrative services $ 200,102 $ 175,151 $ 388,118 $ 352,791

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
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 is calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method. A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: Three months ended June 30, 2023 2022 (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 $ 116,887 46,189,026 $ 2.53 $ 79,491 46,188,845 $ 1.72 Dilutive effect of stock-based awards 0 10,148 — 0 6,494 — Assumed conversion of Class B shares 965 6,100,800 — 656 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 117,852 52,299,974 $ 2.25 $ 80,147 52,296,139 $ 1.53 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 965 2,542 $ 380 $ 656 2,542 $ 258 Six months ended June 30, 2023 2022 (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 $ 202,422 46,188,923 $ 4.38 $ 147,548 46,188,803 $ 3.19 Dilutive effect of stock-based awards 0 8,575 — 0 8,718 — Assumed conversion of Class B shares 1,671 6,100,800 — 1,218 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 204,093 52,298,298 $ 3.90 $ 148,766 52,298,321 $ 2.84 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 1,671 2,542 $ 657 $ 1,218 2,542 $ 479

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of June 30, 2023, nearly all of our available-for-sale and equity securities were priced using a third party pricing service. The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: June 30, 2023 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 569,111 $ 0 $ 563,988 $ 5,123 Collateralized debt obligations 106,921 0 106,921 0 Commercial mortgage-backed securities 70,970 0 64,437 6,533 Residential mortgage-backed securities 158,375 0 158,363 12 Other debt securities 15,575 0 15,575 0 Total available-for-sale securities 920,952 0 909,284 11,668 Equity securities: Financial services sector 62,475 826 57,419 4,230 Utilities sector 7,408 0 7,408 0 Energy sector 4,113 0 4,113 0 Consumer sector 2,561 0 2,561 0 Technology sector 500 0 0 500 Industrial sector 163 0 163 0 Total equity securities 77,220 826 71,664 4,730 Total $ 998,172 $ 826 $ 980,948 $ 16,398 December 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 553,382 $ 0 $ 549,696 $ 3,686 Collateralized debt obligations 102,537 0 102,537 0 Commercial mortgage-backed securities 66,054 0 55,144 10,910 Residential mortgage-backed securities 150,415 0 146,231 4,184 Other debt securities 22,273 0 22,273 0 Total available-for-sale securities 894,661 0 875,881 18,780 Equity securities: Financial services sector 61,084 0 57,305 3,779 Utilities sector 5,708 0 5,708 0 Energy sector 3,576 0 3,576 0 Consumer sector 1,854 0 1,854 0 Communications sector 338 0 338 0 Total equity securities 72,560 0 68,781 3,779 Total $ 967,221 $ 0 $ 944,662 $ 22,559 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 – 2023 Quarterly Change: (in thousands) Beginning balance at March 31, 2023 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2023 Available-for-sale securities: Corporate debt securities $ 4,503 $ 14 $ 37 $ 779 $ (100) $ 1,655 $ (1,765) $ 5,123 Commercial mortgage-backed securities 6,415 (169) (117) 866 (185) 329 (606) 6,533 Residential mortgage-backed securities 33 0 0 0 (21) 0 0 12 Total available-for-sale securities 10,951 (155) (80) 1,645 (306) 1,984 (2,371) 11,668 Equity securities 4,699 31 0 0 0 0 0 4,730 Total Level 3 securities $ 15,650 $ (124) $ (80) $ 1,645 $ (306) $ 1,984 $ (2,371) $ 16,398 Level 3 Assets – 2023 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2022 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2023 Available-for-sale securities: Corporate debt securities $ 3,686 $ (14) $ 122 $ 1,532 $ (745) $ 3,153 $ (2,611) $ 5,123 Commercial mortgage-backed securities 10,910 (360) 100 1,455 (185) 466 (5,853) 6,533 Residential mortgage-backed securities 4,184 (5) 96 0 (108) 33 (4,188) 12 Total available-for-sale securities 18,780 (379) 318 2,987 (1,038) 3,652 (12,652) 11,668 Equity securities 3,779 (7) 0 958 0 0 0 4,730 Total Level 3 securities $ 22,559 $ (386) $ 318 $ 3,945 $ (1,038) $ 3,652 $ (12,652) $ 16,398 Level 3 Assets – 2022 Quarterly Change: (in thousands) Beginning balance at March 31, 2022 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2022 Available-for-sale securities: Corporate debt securities $ 10,927 $ (8) $ (334) $ 950 $ (2,611) $ 2,225 $ (5,040) $ 6,109 Commercial mortgage-backed securities 10,597 (588) 181 0 (2,665) 2,875 (1,529) 8,871 Residential mortgage-backed securities 212 (1) 2 4,887 (91) 37,540 0 42,549 Total available-for-sale securities 21,736 (597) (151) 5,837 (5,367) 42,640 (6,569) 57,529 Equity securities 2,017 (151) 0 0 0 0 0 1,866 Total Level 3 securities $ 23,753 $ (748) $ (151) $ 5,837 $ (5,367) $ 42,640 $ (6,569) $ 59,395 Level 3 Assets – 2022 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2021 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2022 Available-for-sale securities: Corporate debt securities $ 5,256 $ 5 $ (389) $ 4,934 $ (3,119) $ 5,774 $ (6,352) $ 6,109 Commercial mortgage-backed securities 15,728 (704) (658) 0 (3,165) 4,335 (6,665) 8,871 Residential mortgage-backed securities 8,814 24 (334) 4,887 (2,846) 37,540 (5,536) 42,549 Total available-for-sale securities 29,798 (675) (1,381) 9,821 (9,130) 47,649 (18,553) 57,529 Equity securities 2,083 (217) 0 0 0 0 0 1,866 Total Level 3 securities $ 31,881 $ (892) $ (1,381) $ 9,821 $ (9,130) $ 47,649 $ (18,553) $ 59,395 (1) These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above. (2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. Financial instruments not carried at fair value The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: June 30, 2023 December 31, 2022 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans (1) $ 68,903 $ 60,249 $ 69,476 $ 62,954 (1) The discount rate used to calculate fair value at June 30, 2023 is reflective of an increase in the BB+ financial yield curve from December 31, 2022.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Investments	Investments Available-for-sale securities See Note 5, "Fair Value" for additional fair value disclosures. The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our available-for-sale securities as of: June 30, 2023 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair Corporate debt securities $ 598,164 $ 1,089 $ 30,142 $ 569,111 Collateralized debt obligations 110,724 25 3,828 106,921 Commercial mortgage-backed securities 77,168 87 6,285 70,970 Residential mortgage-backed securities 173,842 39 15,506 158,375 Other debt securities 16,460 0 885 15,575 Total available-for-sale securities, net $ 976,358 $ 1,240 $ 56,646 $ 920,952 December 31, 2022 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair Corporate debt securities $ 588,536 $ 657 $ 35,811 $ 553,382 Collateralized debt obligations 107,730 11 5,204 102,537 Commercial mortgage-backed securities 73,855 157 7,958 66,054 Residential mortgage-backed securities 166,412 72 16,069 150,415 Other debt securities 24,602 0 2,329 22,273 Total available-for-sale securities, net $ 961,135 $ 897 $ 67,371 $ 894,661 The amortized cost and estimated fair value of available-for-sale securities at June 30, 2023 are shown below by remaining contractual term to maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2023 Amortized Estimated (in thousands) cost fair value Due in one year or less $ 56,875 $ 55,714 Due after one year through five years 435,531 414,012 Due after five years through ten years 174,031 167,272 Due after ten years 309,921 283,954 Total available-for-sale securities, net (1) $ 976,358 $ 920,952 (1) The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Statement of Financial Position at June 30, 2023. The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: June 30, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 183,248 $ 4,632 $ 328,904 $ 25,510 $ 512,152 $ 30,142 817 Collateralized debt obligations 9,239 102 92,447 3,726 101,686 3,828 157 Commercial mortgage-backed securities 26,338 352 32,703 5,933 59,041 6,285 153 Residential mortgage-backed securities 73,239 2,212 78,972 13,294 152,211 15,506 177 Other debt securities 9,785 262 5,790 623 15,575 885 36 Total available-for-sale securities $ 301,849 $ 7,560 $ 538,816 $ 49,086 $ 840,665 $ 56,646 1,340 Quality breakdown of available-for-sale securities: Investment grade $ 275,990 $ 6,914 $ 482,717 $ 42,549 $ 758,707 $ 49,463 790 Non-investment grade 25,859 646 56,099 6,537 81,958 7,183 550 Total available-for-sale securities $ 301,849 $ 7,560 $ 538,816 $ 49,086 $ 840,665 $ 56,646 1,340 December 31, 2022 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 397,511 $ 21,371 $ 121,094 $ 14,440 $ 518,605 $ 35,811 916 Collateralized debt obligations 44,823 2,529 55,335 2,675 100,158 5,204 159 Commercial mortgage-backed securities 41,139 5,124 15,864 2,834 57,003 7,958 131 Residential mortgage-backed securities 109,499 9,131 31,465 6,938 140,964 16,069 161 Other debt securities 15,682 1,323 6,591 1,006 22,273 2,329 46 Total available-for-sale securities $ 608,654 $ 39,478 $ 230,349 $ 27,893 $ 839,003 $ 67,371 1,413 Quality breakdown of available-for-sale securities: Investment grade $ 525,805 $ 31,904 $ 215,742 $ 25,205 $ 741,547 $ 57,109 761 Non-investment grade 82,849 7,574 14,607 2,688 97,456 10,262 652 Total available-for-sale securities $ 608,654 $ 39,478 $ 230,349 $ 27,893 $ 839,003 $ 67,371 1,413 Credit loss allowance on investments The current expected credit loss allowance on agent loans was $1.0 million at both June 30, 2023 and December 31, 2022. The current expected credit loss allowance on available-for-sale securities was $0.4 million at June 30, 2023 and $0.2 million at December 31, 2022. Net investment income Investment income (loss), net of expenses, was generated from the following portfolios: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Available-for-sale securities $ 10,534 $ 7,015 $ 20,367 $ 13,373 Equity securities 1,084 975 2,099 1,963 Limited partnerships (1) 40 (290) (10,712) 2,485 Cash equivalents and other 1,922 865 4,027 1,650 Total investment income 13,580 8,565 15,781 19,471 Less: investment expenses 45 297 63 699 Net investment income $ 13,535 $ 8,268 $ 15,718 $ 18,772 (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 significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received. Net realized and unrealized investment losses Realized and unrealized gains (losses) on investments were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Available-for-sale securities: Gross realized gains $ 100 $ 418 $ 306 $ 909 Gross realized losses (2,196) (2,840) (4,021) (5,411) Net realized losses on available-for-sale securities (2,096) (2,422) (3,715) (4,502) Equity securities 359 (7,902) (3,304) (13,103) Miscellaneous 0 0 0 2 Net realized and unrealized investment losses $ (1,737) $ (10,324) $ (7,019) $ (17,603) The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Equity securities: Net gains (losses) recognized during the period $ 359 $ (7,902) $ (3,304) $ (13,103) Less: net losses recognized on securities sold (78) (51) (2,704) (409) Net unrealized gains (losses) recognized on securities held at reporting date $ 437 $ (7,851) $ (600) $ (12,694) Net impairment losses recognized in earnings Impairments on available-for-sale securities were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Available-for-sale securities: Intent to sell $ (149) $ (31) $ (1,581) $ (101) Credit impaired (22) (7) (223) (153) Net impairment losses recognized in earnings $ (171) $ (38) $ (1,804) $ (254)

Bank Line of Credit

Bank Line of Credit	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Bank Line of Credit	Bank Line of Credit We have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on October 29, 2026. As of June 30, 2023, a total of $99.1 million remains available under the facility due to $0.9 million outstanding letters of credit, which reduce the availability for letters of credit to $24.1 million. We had no borrowings outstanding on our line of credit as of June 30, 2023. Investments with a fair value of $114.9 million were pledged as collateral on the line of credit at June 30, 2023. These investments have no trading restrictions and are reported as available-for-sale securities and cash and cash equivalents on our Statement of Financial Position as of June 30, 2023. The bank requires compliance with certain covenants, which include leverage ratios and debt restrictions. We are in compliance with all covenants at June 30, 2023.

Postretirement Benefits

Postretirement Benefits	6 Months Ended
	Jun. 30, 2023
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 ("SERP") 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, or are reimbursed for, their allocated share of pension cost or income, respectively. These reimbursements represent pension benefits for employees performing administrative services and an allocated share of plan (income) cost for employees in departments that support the administrative functions. As of June 30, 2023, approximately 60% of the annual defined benefit pension income and 36% of the annual SERP cost was reimbursed to and from, respectively, the Exchange and its subsidiaries. Our funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year, or the amount necessary to fund the plan to 100%. Accordingly, we expect to contribute an estimated $95 million during the third quarter of 2023. Actual contributions may vary from the current estimate depending on changes in assumptions, regulatory requirements and funding decisions, or due to future plan changes. Pension plan (income) cost includes the following components: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Service cost for benefits earned $ 7,191 $ 12,561 $ 14,382 $ 25,121 Interest cost on benefit obligation 12,548 9,941 25,096 19,882 Expected return on plan assets (17,217) (13,639) (34,435) (27,278) Prior service cost amortization 361 360 723 721 Net actuarial (gain) loss amortization (3,832) 1,830 (7,665) 3,660 Pension plan (income) cost (1) $ (949) $ 11,053 $ (1,899) $ 22,106 (1) Pension plan (income) cost represents plan (income) cost before reimbursements between Indemnity and the Exchange and its subsidiaries. The components of pension plan (income) cost other than the service cost components are included in the line item " Other income

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
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. Our effective tax rate was 21.0% for the three and six months ended June 30, 2023 and 20.9% for the three and six months ended June 30, 2022.

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2023
Class of Stock Disclosures [Abstract]
Capital Stock	Capital Stock Class A and B common stock Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share. There were no shares of Class B common stock converted into Class A common stock during the six months ended June 30, 2023 and the year ended December 31, 2022. There is no provision for conversion of Class A shares into Class B shares, and Class B shares surrendered for conversion cannot be reissued. Stock repurchases In 2011, our Board of Directors approved a continuation of the current stock repurchase program of $150 million, with no time limitation. There were no shares repurchased under this program during the six months ended June 30, 2023 and the year ended December 31, 2022. We had approximately $17.8 million of repurchase authority remaining under this program at June 30, 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows: Three months ended Three months ended June 30, 2023 June 30, 2022 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ (53,287) $ (11,190) $ (42,097) $ (26,353) $ (5,535) $ (20,818) OCI (loss) before reclassifications (4,477) (940) (3,537) (34,087) (7,158) (26,929) Realized investment losses 2,096 440 1,656 2,422 508 1,914 Impairment losses 171 36 135 38 8 30 OCI (loss) (2,210) (464) (1,746) (31,627) (6,642) (24,985) AOCI (loss), end of period $ (55,497) $ (11,654) $ (43,843) $ (57,980) $ (12,177) $ (45,803) Pension and other postretirement plans: AOCI (loss), beginning of period $ 53,715 $ 11,280 $ 42,435 $ (37,543) $ (7,884) $ (29,659) Amortization of prior service costs 361 76 285 360 75 285 Amortization of net actuarial (gain) loss (3,832) (805) (3,027) 1,837 385 1,452 OCI (loss) (3,471) (729) (2,742) 2,197 460 1,737 AOCI (loss), end of period $ 50,244 $ 10,551 $ 39,693 $ (35,346) $ (7,424) $ (27,922) Total AOCI (loss), beginning of period $ 428 $ 90 $ 338 $ (63,896) $ (13,419) $ (50,477) Investment securities (2,210) (464) (1,746) (31,627) (6,642) (24,985) Pension and other postretirement plans (3,471) (729) (2,742) 2,197 460 1,737 OCI (loss) (5,681) (1,193) (4,488) (29,430) (6,182) (23,248) AOCI (loss), end of period $ (5,253) $ (1,103) $ (4,150) $ (93,326) $ (19,601) $ (73,725) Six months ended Six months ended June 30, 2023 June 30, 2022 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ (66,571) $ (13,980) $ (52,591) $ 7,722 $ 1,621 $ 6,101 OCI (loss) before reclassifications 5,555 1,167 4,388 (70,458) (14,796) (55,662) Realized investment losses 3,715 780 2,935 4,502 945 3,557 Impairment losses 1,804 379 1,425 254 53 201 OCI (loss) 11,074 2,326 8,748 (65,702) (13,798) (51,904) AOCI (loss), end of period $ (55,497) $ (11,654) $ (43,843) $ (57,980) $ (12,177) $ (45,803) Pension and other postretirement plans: AOCI (loss), beginning of period $ 57,186 $ 12,009 $ 45,177 $ (39,734) $ (8,345) $ (31,389) Amortization of prior service costs 723 152 571 721 151 570 Amortization of net actuarial (gain) loss (7,665) (1,610) (6,055) 3,667 770 2,897 OCI (loss) (6,942) (1,458) (5,484) 4,388 921 3,467 AOCI (loss), end of period $ 50,244 $ 10,551 $ 39,693 $ (35,346) $ (7,424) $ (27,922) Total AOCI (loss), beginning of period $ (9,385) $ (1,971) $ (7,414) $ (32,012) $ (6,724) $ (25,288) Investment securities 11,074 2,326 8,748 (65,702) (13,798) (51,904) Pension and other postretirement plans (6,942) (1,458) (5,484) 4,388 921 3,467 OCI (loss) 4,132 868 3,264 (61,314) (12,877) (48,437) AOCI (loss), end of period $ (5,253) $ (1,103) $ (4,150) $ (93,326) $ (19,601) $ (73,725)

Concentrations of Credit Risk

Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments could potentially expose us to concentrations of credit risk, including our unsecured receivables from the Exchange. The 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 $591.0 million and $524.9 million at June 30, 2023 and December 31, 2022, respectively, which includes a current expected credit loss allowance of $0.6 million in both periods.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We have an agreement with a bank for an agent loan participation program. The maximum amount of loans to be funded through this program is $100 million. We have committed to fund a minimum of 30% of each loan executed through this program. As of June 30, 2023, loans executed under this agreement totaled $56.9 million, of which our portion of the loans is $19.9 million. Additionally, we have agreed to guarantee a portion of the funding provided by the other participants in the program in the event of default. As of June 30, 2023, our maximum potential amount of future payments on the guaranteed portion is $6.7 million. All loan payments under the participation program are current as of June 30, 2023. 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 our financial condition, results of operations, or cash flows.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events No items were identified in this period subsequent to the financial statement date that required adjustment or additional disclosure.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023.
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.
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 services 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 is calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method.
Financial instruments carried at fair value	Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of June 30, 2023, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.
Fair value of financial instruments, 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 our financial condition, results of operations, or cash flows.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Performance Obligation	The following table disaggregates revenue by our two performance obligations: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Management fee revenue - policy issuance and renewal services $ 633,339 $ 544,555 $ 1,191,429 $ 1,032,547 Management fee revenue - administrative services 15,636 14,476 30,825 28,789 Administrative services reimbursement revenue 184,466 160,675 357,293 324,002 Total revenue from administrative services $ 200,102 $ 175,151 $ 388,118 $ 352,791

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerators and Denominators Used in the Basic and Diluted Per-Share Computations	A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: Three months ended June 30, 2023 2022 (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 $ 116,887 46,189,026 $ 2.53 $ 79,491 46,188,845 $ 1.72 Dilutive effect of stock-based awards 0 10,148 — 0 6,494 — Assumed conversion of Class B shares 965 6,100,800 — 656 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 117,852 52,299,974 $ 2.25 $ 80,147 52,296,139 $ 1.53 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 965 2,542 $ 380 $ 656 2,542 $ 258 Six months ended June 30, 2023 2022 (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 $ 202,422 46,188,923 $ 4.38 $ 147,548 46,188,803 $ 3.19 Dilutive effect of stock-based awards 0 8,575 — 0 8,718 — Assumed conversion of Class B shares 1,671 6,100,800 — 1,218 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 204,093 52,298,298 $ 3.90 $ 148,766 52,298,321 $ 2.84 Class B – Basic and diluted EPS: Income available to Class B stockholders $ 1,671 2,542 $ 657 $ 1,218 2,542 $ 479

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input	The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: June 30, 2023 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 569,111 $ 0 $ 563,988 $ 5,123 Collateralized debt obligations 106,921 0 106,921 0 Commercial mortgage-backed securities 70,970 0 64,437 6,533 Residential mortgage-backed securities 158,375 0 158,363 12 Other debt securities 15,575 0 15,575 0 Total available-for-sale securities 920,952 0 909,284 11,668 Equity securities: Financial services sector 62,475 826 57,419 4,230 Utilities sector 7,408 0 7,408 0 Energy sector 4,113 0 4,113 0 Consumer sector 2,561 0 2,561 0 Technology sector 500 0 0 500 Industrial sector 163 0 163 0 Total equity securities 77,220 826 71,664 4,730 Total $ 998,172 $ 826 $ 980,948 $ 16,398 December 31, 2022 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 553,382 $ 0 $ 549,696 $ 3,686 Collateralized debt obligations 102,537 0 102,537 0 Commercial mortgage-backed securities 66,054 0 55,144 10,910 Residential mortgage-backed securities 150,415 0 146,231 4,184 Other debt securities 22,273 0 22,273 0 Total available-for-sale securities 894,661 0 875,881 18,780 Equity securities: Financial services sector 61,084 0 57,305 3,779 Utilities sector 5,708 0 5,708 0 Energy sector 3,576 0 3,576 0 Consumer sector 1,854 0 1,854 0 Communications sector 338 0 338 0 Total equity securities 72,560 0 68,781 3,779 Total $ 967,221 $ 0 $ 944,662 $ 22,559
Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis	Level 3 Assets – 2023 Quarterly Change: (in thousands) Beginning balance at March 31, 2023 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2023 Available-for-sale securities: Corporate debt securities $ 4,503 $ 14 $ 37 $ 779 $ (100) $ 1,655 $ (1,765) $ 5,123 Commercial mortgage-backed securities 6,415 (169) (117) 866 (185) 329 (606) 6,533 Residential mortgage-backed securities 33 0 0 0 (21) 0 0 12 Total available-for-sale securities 10,951 (155) (80) 1,645 (306) 1,984 (2,371) 11,668 Equity securities 4,699 31 0 0 0 0 0 4,730 Total Level 3 securities $ 15,650 $ (124) $ (80) $ 1,645 $ (306) $ 1,984 $ (2,371) $ 16,398 Level 3 Assets – 2023 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2022 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2023 Available-for-sale securities: Corporate debt securities $ 3,686 $ (14) $ 122 $ 1,532 $ (745) $ 3,153 $ (2,611) $ 5,123 Commercial mortgage-backed securities 10,910 (360) 100 1,455 (185) 466 (5,853) 6,533 Residential mortgage-backed securities 4,184 (5) 96 0 (108) 33 (4,188) 12 Total available-for-sale securities 18,780 (379) 318 2,987 (1,038) 3,652 (12,652) 11,668 Equity securities 3,779 (7) 0 958 0 0 0 4,730 Total Level 3 securities $ 22,559 $ (386) $ 318 $ 3,945 $ (1,038) $ 3,652 $ (12,652) $ 16,398 Level 3 Assets – 2022 Quarterly Change: (in thousands) Beginning balance at March 31, 2022 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2022 Available-for-sale securities: Corporate debt securities $ 10,927 $ (8) $ (334) $ 950 $ (2,611) $ 2,225 $ (5,040) $ 6,109 Commercial mortgage-backed securities 10,597 (588) 181 0 (2,665) 2,875 (1,529) 8,871 Residential mortgage-backed securities 212 (1) 2 4,887 (91) 37,540 0 42,549 Total available-for-sale securities 21,736 (597) (151) 5,837 (5,367) 42,640 (6,569) 57,529 Equity securities 2,017 (151) 0 0 0 0 0 1,866 Total Level 3 securities $ 23,753 $ (748) $ (151) $ 5,837 $ (5,367) $ 42,640 $ (6,569) $ 59,395 Level 3 Assets – 2022 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2021 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at June 30, 2022 Available-for-sale securities: Corporate debt securities $ 5,256 $ 5 $ (389) $ 4,934 $ (3,119) $ 5,774 $ (6,352) $ 6,109 Commercial mortgage-backed securities 15,728 (704) (658) 0 (3,165) 4,335 (6,665) 8,871 Residential mortgage-backed securities 8,814 24 (334) 4,887 (2,846) 37,540 (5,536) 42,549 Total available-for-sale securities 29,798 (675) (1,381) 9,821 (9,130) 47,649 (18,553) 57,529 Equity securities 2,083 (217) 0 0 0 0 0 1,866 Total Level 3 securities $ 31,881 $ (892) $ (1,381) $ 9,821 $ (9,130) $ 47,649 $ (18,553) $ 59,395 (1) These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above. (2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Schedule of Financial Instruments Not Carried at Fair Value	The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: June 30, 2023 December 31, 2022 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans (1) $ 68,903 $ 60,249 $ 69,476 $ 62,954 (1) The discount rate used to calculate fair value at June 30, 2023 is reflective of an increase in the BB+ financial yield curve from December 31, 2022.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
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 amortized cost and estimated fair value, net of credit loss allowance, of our available-for-sale securities as of: June 30, 2023 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair Corporate debt securities $ 598,164 $ 1,089 $ 30,142 $ 569,111 Collateralized debt obligations 110,724 25 3,828 106,921 Commercial mortgage-backed securities 77,168 87 6,285 70,970 Residential mortgage-backed securities 173,842 39 15,506 158,375 Other debt securities 16,460 0 885 15,575 Total available-for-sale securities, net $ 976,358 $ 1,240 $ 56,646 $ 920,952 December 31, 2022 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair Corporate debt securities $ 588,536 $ 657 $ 35,811 $ 553,382 Collateralized debt obligations 107,730 11 5,204 102,537 Commercial mortgage-backed securities 73,855 157 7,958 66,054 Residential mortgage-backed securities 166,412 72 16,069 150,415 Other debt securities 24,602 0 2,329 22,273 Total available-for-sale securities, net $ 961,135 $ 897 $ 67,371 $ 894,661
Schedule of Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities by Remaining Contractual Term to Maturity	The amortized cost and estimated fair value of available-for-sale securities at June 30, 2023 are shown below by remaining contractual term to maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2023 Amortized Estimated (in thousands) cost fair value Due in one year or less $ 56,875 $ 55,714 Due after one year through five years 435,531 414,012 Due after five years through ten years 174,031 167,272 Due after ten years 309,921 283,954 Total available-for-sale securities, net (1) $ 976,358 $ 920,952 (1) The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Statement of Financial Position at June 30, 2023.
Schedule of Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time	The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: June 30, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 183,248 $ 4,632 $ 328,904 $ 25,510 $ 512,152 $ 30,142 817 Collateralized debt obligations 9,239 102 92,447 3,726 101,686 3,828 157 Commercial mortgage-backed securities 26,338 352 32,703 5,933 59,041 6,285 153 Residential mortgage-backed securities 73,239 2,212 78,972 13,294 152,211 15,506 177 Other debt securities 9,785 262 5,790 623 15,575 885 36 Total available-for-sale securities $ 301,849 $ 7,560 $ 538,816 $ 49,086 $ 840,665 $ 56,646 1,340 Quality breakdown of available-for-sale securities: Investment grade $ 275,990 $ 6,914 $ 482,717 $ 42,549 $ 758,707 $ 49,463 790 Non-investment grade 25,859 646 56,099 6,537 81,958 7,183 550 Total available-for-sale securities $ 301,849 $ 7,560 $ 538,816 $ 49,086 $ 840,665 $ 56,646 1,340 December 31, 2022 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 397,511 $ 21,371 $ 121,094 $ 14,440 $ 518,605 $ 35,811 916 Collateralized debt obligations 44,823 2,529 55,335 2,675 100,158 5,204 159 Commercial mortgage-backed securities 41,139 5,124 15,864 2,834 57,003 7,958 131 Residential mortgage-backed securities 109,499 9,131 31,465 6,938 140,964 16,069 161 Other debt securities 15,682 1,323 6,591 1,006 22,273 2,329 46 Total available-for-sale securities $ 608,654 $ 39,478 $ 230,349 $ 27,893 $ 839,003 $ 67,371 1,413 Quality breakdown of available-for-sale securities: Investment grade $ 525,805 $ 31,904 $ 215,742 $ 25,205 $ 741,547 $ 57,109 761 Non-investment grade 82,849 7,574 14,607 2,688 97,456 10,262 652 Total available-for-sale securities $ 608,654 $ 39,478 $ 230,349 $ 27,893 $ 839,003 $ 67,371 1,413
Schedule of Investment Income (Loss), Net of Expenses, from Portfolios	Investment income (loss), net of expenses, was generated from the following portfolios: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Available-for-sale securities $ 10,534 $ 7,015 $ 20,367 $ 13,373 Equity securities 1,084 975 2,099 1,963 Limited partnerships (1) 40 (290) (10,712) 2,485 Cash equivalents and other 1,922 865 4,027 1,650 Total investment income 13,580 8,565 15,781 19,471 Less: investment expenses 45 297 63 699 Net investment income $ 13,535 $ 8,268 $ 15,718 $ 18,772 (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 significant 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 and Unrealized 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 and unrealized gains (losses) on investments were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Available-for-sale securities: Gross realized gains $ 100 $ 418 $ 306 $ 909 Gross realized losses (2,196) (2,840) (4,021) (5,411) Net realized losses on available-for-sale securities (2,096) (2,422) (3,715) (4,502) Equity securities 359 (7,902) (3,304) (13,103) Miscellaneous 0 0 0 2 Net realized and unrealized investment losses $ (1,737) $ (10,324) $ (7,019) $ (17,603) The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Equity securities: Net gains (losses) recognized during the period $ 359 $ (7,902) $ (3,304) $ (13,103) Less: net losses recognized on securities sold (78) (51) (2,704) (409) Net unrealized gains (losses) recognized on securities held at reporting date $ 437 $ (7,851) $ (600) $ (12,694)
Schedule of Impairments on Available-For-Sale Securities	Impairments on available-for-sale securities were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Available-for-sale securities: Intent to sell $ (149) $ (31) $ (1,581) $ (101) Credit impaired (22) (7) (223) (153) Net impairment losses recognized in earnings $ (171) $ (38) $ (1,804) $ (254)

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Pension Plan (Income) Cost	Pension plan (income) cost includes the following components: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Service cost for benefits earned $ 7,191 $ 12,561 $ 14,382 $ 25,121 Interest cost on benefit obligation 12,548 9,941 25,096 19,882 Expected return on plan assets (17,217) (13,639) (34,435) (27,278) Prior service cost amortization 361 360 723 721 Net actuarial (gain) loss amortization (3,832) 1,830 (7,665) 3,660 Pension plan (income) cost (1) $ (949) $ 11,053 $ (1,899) $ 22,106 (1) Pension plan (income) cost represents plan (income) cost before reimbursements between Indemnity and the Exchange and its subsidiaries. The components of pension plan (income) cost other than the service cost components are included in the line item " Other income

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Including Amounts Reclassified to Other Comprehensive Income (Loss) and the Related Line Item in the Statements of Operations Where Net Income is Presented	Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows: Three months ended Three months ended June 30, 2023 June 30, 2022 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ (53,287) $ (11,190) $ (42,097) $ (26,353) $ (5,535) $ (20,818) OCI (loss) before reclassifications (4,477) (940) (3,537) (34,087) (7,158) (26,929) Realized investment losses 2,096 440 1,656 2,422 508 1,914 Impairment losses 171 36 135 38 8 30 OCI (loss) (2,210) (464) (1,746) (31,627) (6,642) (24,985) AOCI (loss), end of period $ (55,497) $ (11,654) $ (43,843) $ (57,980) $ (12,177) $ (45,803) Pension and other postretirement plans: AOCI (loss), beginning of period $ 53,715 $ 11,280 $ 42,435 $ (37,543) $ (7,884) $ (29,659) Amortization of prior service costs 361 76 285 360 75 285 Amortization of net actuarial (gain) loss (3,832) (805) (3,027) 1,837 385 1,452 OCI (loss) (3,471) (729) (2,742) 2,197 460 1,737 AOCI (loss), end of period $ 50,244 $ 10,551 $ 39,693 $ (35,346) $ (7,424) $ (27,922) Total AOCI (loss), beginning of period $ 428 $ 90 $ 338 $ (63,896) $ (13,419) $ (50,477) Investment securities (2,210) (464) (1,746) (31,627) (6,642) (24,985) Pension and other postretirement plans (3,471) (729) (2,742) 2,197 460 1,737 OCI (loss) (5,681) (1,193) (4,488) (29,430) (6,182) (23,248) AOCI (loss), end of period $ (5,253) $ (1,103) $ (4,150) $ (93,326) $ (19,601) $ (73,725) Six months ended Six months ended June 30, 2023 June 30, 2022 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ (66,571) $ (13,980) $ (52,591) $ 7,722 $ 1,621 $ 6,101 OCI (loss) before reclassifications 5,555 1,167 4,388 (70,458) (14,796) (55,662) Realized investment losses 3,715 780 2,935 4,502 945 3,557 Impairment losses 1,804 379 1,425 254 53 201 OCI (loss) 11,074 2,326 8,748 (65,702) (13,798) (51,904) AOCI (loss), end of period $ (55,497) $ (11,654) $ (43,843) $ (57,980) $ (12,177) $ (45,803) Pension and other postretirement plans: AOCI (loss), beginning of period $ 57,186 $ 12,009 $ 45,177 $ (39,734) $ (8,345) $ (31,389) Amortization of prior service costs 723 152 571 721 151 570 Amortization of net actuarial (gain) loss (7,665) (1,610) (6,055) 3,667 770 2,897 OCI (loss) (6,942) (1,458) (5,484) 4,388 921 3,467 AOCI (loss), end of period $ 50,244 $ 10,551 $ 39,693 $ (35,346) $ (7,424) $ (27,922) Total AOCI (loss), beginning of period $ (9,385) $ (1,971) $ (7,414) $ (32,012) $ (6,724) $ (25,288) Investment securities 11,074 2,326 8,748 (65,702) (13,798) (51,904) Pension and other postretirement plans (6,942) (1,458) (5,484) 4,388 921 3,467 OCI (loss) 4,132 868 3,264 (61,314) (12,877) (48,437) AOCI (loss), end of period $ (5,253) $ (1,103) $ (4,150) $ (93,326) $ (19,601) $ (73,725)

Nature of Operations (Details)

Nature of Operations (Details)	6 Months Ended
	Jun. 30, 2023 obligation
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Performance obligations under subscriber's agreement	2

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) obligation	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange			25%
Performance obligations under subscriber's agreement | obligation			2
Revenue recognized that was included in the contract liability at prior year-end | $	$ 10.5	$ 10	$ 23.8	$ 22.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, satisfaction period	4 years		4 years

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenues By Performance Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of revenue by performance obligation
Revenue	$ 839,870	$ 726,143	$ 1,592,335	$ 1,398,253
Management fee revenue - policy issuance and renewal services
Disaggregation of revenue by performance obligation
Revenue	633,339	544,555	1,191,429	1,032,547
Management fee revenue - policy issuance and renewal services | Transferred At Point in Time
Disaggregation of revenue by performance obligation
Revenue	633,339	544,555	1,191,429	1,032,547
Administrative services | Transferred Over Time
Disaggregation of revenue by performance obligation
Revenue	200,102	175,151	388,118	352,791
Management fee revenue - administrative services
Disaggregation of revenue by performance obligation
Revenue	15,636	14,476	30,825	28,789
Management fee revenue - administrative services | Transferred Over Time
Disaggregation of revenue by performance obligation
Revenue	15,636	14,476	30,825	28,789
Administrative services reimbursement revenue
Disaggregation of revenue by performance obligation
Revenue	184,466	160,675	357,293	324,002
Administrative services reimbursement revenue | Transferred Over Time
Disaggregation of revenue by performance obligation
Revenue	$ 184,466	$ 160,675	$ 357,293	$ 324,002

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	Jun. 30, 2023	Dec. 31, 2022
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 - Schedule o

Earnings Per Share - Schedule of Reconciliation of the Numerators and Denominators Used in the Basic and Diluted Per-Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class A common stock
Income available to stockholders (Basic EPS:)
Allocated net income (numerator)	$ 116,887	$ 79,491	$ 202,422	$ 147,548
Weighted shares (denominator) (in shares)	46,189,026	46,188,845	46,188,923	46,188,803
Per-share amount (in dollars per share)	$ 2.53	$ 1.72	$ 4.38	$ 3.19
Dilutive effect of stock-based awards
Allocated net income (numerator)	$ 0	$ 0	$ 0	$ 0
Weighted shares (denominator) (in shares)	10,148	6,494	8,575	8,718
Assumed conversion of Class B shares
Allocated net income (numerator)	$ 965	$ 656	$ 1,671	$ 1,218
Weighted shares (denominator) (in shares)	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)	$ 117,852	$ 80,147	$ 204,093	$ 148,766
Weighted shares (denominator) (in shares)	52,299,974	52,296,139	52,298,298	52,298,321
Per-share amount (in dollars per share)	$ 2.25	$ 1.53	$ 3.90	$ 2.84
Class B common stock
Income available to stockholders (Basic EPS:)
Allocated net income (numerator)	$ 965	$ 656	$ 1,671	$ 1,218
Weighted shares (denominator) (in shares)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 380	$ 258	$ 657	$ 479
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator)	$ 965	$ 656	$ 1,671	$ 1,218
Weighted shares (denominator) (in shares)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 380	$ 258	$ 657	$ 479

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	$ 920,952
Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	920,952	$ 894,661
Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	569,111	553,382
Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	106,921	102,537
Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	70,970	66,054
Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	158,375	150,415
Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	15,575	22,273
Fair Value, Measurements, Recurring Basis
Fair value measurements on a recurring basis by asset class and level of input
Total	998,172	967,221
Fair Value, Measurements, Recurring Basis | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	920,952	894,661
Fair Value, Measurements, Recurring Basis | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	569,111	553,382
Fair Value, Measurements, Recurring Basis | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	106,921	102,537
Fair Value, Measurements, Recurring Basis | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	70,970	66,054
Fair Value, Measurements, Recurring Basis | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	158,375	150,415
Fair Value, Measurements, Recurring Basis | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	15,575	22,273
Fair Value, Measurements, Recurring Basis | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	77,220	72,560
Fair Value, Measurements, Recurring Basis | Equity securities | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	62,475	61,084
Fair Value, Measurements, Recurring Basis | Equity securities | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	7,408	5,708
Fair Value, Measurements, Recurring Basis | Equity securities | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	4,113	3,576
Fair Value, Measurements, Recurring Basis | Equity securities | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	2,561	1,854
Fair Value, Measurements, Recurring Basis | Equity securities | Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	500
Fair Value, Measurements, Recurring Basis | Equity securities | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities		338
Fair Value, Measurements, Recurring Basis | Equity securities | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	163
Fair Value, Measurements, Recurring Basis | Level 1
Fair value measurements on a recurring basis by asset class and level of input
Total	826	0
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
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total 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
Total 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
Total 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
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	826	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	826	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities		0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0
Fair Value, Measurements, Recurring Basis | Level 2
Fair value measurements on a recurring basis by asset class and level of input
Total	980,948	944,662
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
Total available-for-sale securities	909,284	875,881
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	563,988	549,696
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	106,921	102,537
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
Total available-for-sale securities	64,437	55,144
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
Total available-for-sale securities	158,363	146,231
Fair Value, Measurements, Recurring Basis | Level 2 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	15,575	22,273
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	71,664	68,781
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	57,419	57,305
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	7,408	5,708
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	4,113	3,576
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	2,561	1,854
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities		338
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	163
Fair Value, Measurements, Recurring Basis | Level 3
Fair value measurements on a recurring basis by asset class and level of input
Total	16,398	22,559
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
Total available-for-sale securities	11,668	18,780
Fair Value, Measurements, Recurring Basis | Level 3 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	5,123	3,686
Fair Value, Measurements, Recurring Basis | Level 3 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total 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
Total available-for-sale securities	6,533	10,910
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
Total available-for-sale securities	12	4,184
Fair Value, Measurements, Recurring Basis | Level 3 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	4,730	3,779
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	4,230	3,779
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	500
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities		$ 0
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	$ 0

Fair Value - Level 3 Assets (De

Fair Value - Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	$ 15,650	$ 23,753	$ 22,559	$ 31,881
Included in earnings	(124)	(748)	(386)	(892)
Included in other comprehensive income	(80)	(151)	318	(1,381)
Purchases	1,645	5,837	3,945	9,821
Sales	(306)	(5,367)	(1,038)	(9,130)
Transfers into Level 3	1,984	42,640	3,652	47,649
Transfers out of Level 3	(2,371)	(6,569)	(12,652)	(18,553)
Ending balance	16,398	59,395	16,398	59,395
Available-for-sale Securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	10,951	21,736	18,780	29,798
Included in earnings	(155)	(597)	(379)	(675)
Included in other comprehensive income	(80)	(151)	318	(1,381)
Purchases	1,645	5,837	2,987	9,821
Sales	(306)	(5,367)	(1,038)	(9,130)
Transfers into Level 3	1,984	42,640	3,652	47,649
Transfers out of Level 3	(2,371)	(6,569)	(12,652)	(18,553)
Ending balance	11,668	57,529	11,668	57,529
Corporate debt securities | Available-for-sale Securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	4,503	10,927	3,686	5,256
Included in earnings	14	(8)	(14)	5
Included in other comprehensive income	37	(334)	122	(389)
Purchases	779	950	1,532	4,934
Sales	(100)	(2,611)	(745)	(3,119)
Transfers into Level 3	1,655	2,225	3,153	5,774
Transfers out of Level 3	(1,765)	(5,040)	(2,611)	(6,352)
Ending balance	5,123	6,109	5,123	6,109
Commercial mortgage-backed securities | Available-for-sale Securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	6,415	10,597	10,910	15,728
Included in earnings	(169)	(588)	(360)	(704)
Included in other comprehensive income	(117)	181	100	(658)
Purchases	866	0	1,455	0
Sales	(185)	(2,665)	(185)	(3,165)
Transfers into Level 3	329	2,875	466	4,335
Transfers out of Level 3	(606)	(1,529)	(5,853)	(6,665)
Ending balance	6,533	8,871	6,533	8,871
Residential mortgage-backed securities | Available-for-sale Securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	33	212	4,184	8,814
Included in earnings	0	(1)	(5)	24
Included in other comprehensive income	0	2	96	(334)
Purchases	0	4,887	0	4,887
Sales	(21)	(91)	(108)	(2,846)
Transfers into Level 3	0	37,540	33	37,540
Transfers out of Level 3	0	0	(4,188)	(5,536)
Ending balance	12	42,549	12	42,549
Equity securities | Equity securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	4,699	2,017	3,779	2,083
Included in earnings	31	(151)	(7)	(217)
Included in other comprehensive income	0	0	0	0
Purchases	0	0	958	0
Sales	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Ending balance	$ 4,730	$ 1,866	$ 4,730	$ 1,866

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying value
Carrying value and fair value measurements of financial instruments not carried at fair value
Agent loans	$ 68,903	$ 69,476
Fair value | Level 3 Fair Value
Carrying value and fair value measurements of financial instruments not carried at fair value
Agent loans	$ 60,249	$ 62,954

Investments - Cost and Fair Val

Investments - Cost and Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale securities
Amortized cost	$ 976,358
Estimated fair  value	920,952
Corporate debt securities
Available-for-sale securities
Amortized cost	598,164	$ 588,536
Gross unrealized gains	1,089	657
Gross unrealized losses	30,142	35,811
Estimated fair  value	569,111	553,382
Collateralized debt obligations
Available-for-sale securities
Amortized cost	110,724	107,730
Gross unrealized gains	25	11
Gross unrealized losses	3,828	5,204
Estimated fair  value	106,921	102,537
Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost	77,168	73,855
Gross unrealized gains	87	157
Gross unrealized losses	6,285	7,958
Estimated fair  value	70,970	66,054
Residential mortgage-backed securities
Available-for-sale securities
Amortized cost	173,842	166,412
Gross unrealized gains	39	72
Gross unrealized losses	15,506	16,069
Estimated fair  value	158,375	150,415
Other debt securities
Available-for-sale securities
Amortized cost	16,460	24,602
Gross unrealized gains	0	0
Gross unrealized losses	885	2,329
Estimated fair  value	15,575	22,273
Available-for-sale securities
Available-for-sale securities
Amortized cost	976,358	961,135
Gross unrealized gains	1,240	897
Gross unrealized losses	56,646	67,371
Estimated fair  value	$ 920,952	$ 894,661

Investments - Amortized Cost an

Investments - Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities by Contractual Maturity (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Amortized cost
Due in one year or less	$ 56,875
Due after one year through five years	435,531
Due after five years through ten years	174,031
Due after ten years	309,921
Amortized cost	976,358
Estimated fair value
Due in one year or less	55,714
Due after one year through five years	414,012
Due after five years through ten years	167,272
Due after ten years	283,954
Estimated fair value	$ 920,952

Investments - Available-For-Sal

Investments - Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time (Details) $ in Thousands	Jun. 30, 2023 USD ($) holding	Dec. 31, 2022 USD ($) holding
Investment grade
Fair value
Less than 12 months	$ 275,990	$ 525,805
12 months or longer	482,717	215,742
Total	758,707	741,547
Unrealized losses
Less than 12 months	6,914	31,904
12 months or longer	42,549	25,205
Total	$ 49,463	$ 57,109
No. of holdings | holding	790	761
Non-investment grade
Fair value
Less than 12 months	$ 25,859	$ 82,849
12 months or longer	56,099	14,607
Total	81,958	97,456
Unrealized losses
Less than 12 months	646	7,574
12 months or longer	6,537	2,688
Total	$ 7,183	$ 10,262
No. of holdings | holding	550	652
Corporate debt securities
Fair value
Less than 12 months	$ 183,248	$ 397,511
12 months or longer	328,904	121,094
Total	512,152	518,605
Unrealized losses
Less than 12 months	4,632	21,371
12 months or longer	25,510	14,440
Total	$ 30,142	$ 35,811
No. of holdings | holding	817	916
Collateralized debt obligations
Fair value
Less than 12 months	$ 9,239	$ 44,823
12 months or longer	92,447	55,335
Total	101,686	100,158
Unrealized losses
Less than 12 months	102	2,529
12 months or longer	3,726	2,675
Total	$ 3,828	$ 5,204
No. of holdings | holding	157	159
Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 26,338	$ 41,139
12 months or longer	32,703	15,864
Total	59,041	57,003
Unrealized losses
Less than 12 months	352	5,124
12 months or longer	5,933	2,834
Total	$ 6,285	$ 7,958
No. of holdings | holding	153	131
Residential mortgage-backed securities
Fair value
Less than 12 months	$ 73,239	$ 109,499
12 months or longer	78,972	31,465
Total	152,211	140,964
Unrealized losses
Less than 12 months	2,212	9,131
12 months or longer	13,294	6,938
Total	$ 15,506	$ 16,069
No. of holdings | holding	177	161
Other debt securities
Fair value
Less than 12 months	$ 9,785	$ 15,682
12 months or longer	5,790	6,591
Total	15,575	22,273
Unrealized losses
Less than 12 months	262	1,323
12 months or longer	623	1,006
Total	$ 885	$ 2,329
No. of holdings | holding	36	46
Available-for-sale securities
Fair value
Less than 12 months	$ 301,849	$ 608,654
12 months or longer	538,816	230,349
Total	840,665	839,003
Unrealized losses
Less than 12 months	7,560	39,478
12 months or longer	49,086	27,893
Total	$ 56,646	$ 67,371
No. of holdings | holding	1,340	1,413

Investments - Credit Loss Allow

Investments - Credit Loss Allowance (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Agent loans, allowance for credit loss	$ 1	$ 1
Available-for-sale securities, allowance for credit loss	$ 0.4	$ 0.2

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment income (loss) from portfolios
Total investment income	$ 13,580	$ 8,565	$ 15,781	$ 19,471
Less: investment expenses	45	297	63	699
Net investment income	13,535	8,268	15,718	18,772
Available-for-sale securities
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	10,534	7,015	20,367	13,373
Equity securities
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	1,084	975	2,099	1,963
Limited partnerships
Investment income (loss) from portfolios
Limited partnerships	40	(290)	(10,712)	2,485
Cash equivalents and other
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	$ 1,922	$ 865	$ 4,027	$ 1,650

Investments - Net Realized and

Investments - Net Realized and Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity securities:
Equity securities	$ 359	$ (7,902)	$ (3,304)	$ (13,103)
Net realized and unrealized investment gains (losses)
Net realized and unrealized investment losses	(1,737)	(10,324)	(7,019)	(17,603)
Available-for-sale securities
Available-for-sale securities:
Gross realized gains	100	418	306	909
Gross realized losses	(2,196)	(2,840)	(4,021)	(5,411)
Net realized losses on available-for-sale securities	(2,096)	(2,422)	(3,715)	(4,502)
Equity securities
Equity securities:
Equity securities	359	(7,902)	(3,304)	(13,103)
Miscellaneous
Net realized and unrealized investment gains (losses)
Miscellaneous	$ 0	$ 0	$ 0	$ 2

Investments - Portion of Net Un

Investments - Portion of Net Unrealized Gains (Losses) Recognized During the Reporting Period (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity securities:
Net gains (losses) recognized during the period	$ 359	$ (7,902)	$ (3,304)	$ (13,103)
Less: net losses recognized on securities sold	(78)	(51)	(2,704)	(409)
Net unrealized gains (losses) recognized on securities held at reporting date	$ 437	$ (7,851)	$ (600)	$ (12,694)

Investments - Impairments on Av

Investments - Impairments on Available-For-Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Available-for-sale securities:
Intent to sell	$ (149)	$ (31)	$ (1,581)	$ (101)
Credit impaired	(22)	(7)	(223)	(153)
Net impairment losses recognized in earnings	$ (171)	$ (38)	$ (1,804)	$ (254)

Bank Line of Credit - Narrative

Bank Line of Credit - Narrative (Details) - Revolving line of credit $ in Millions	Jun. 30, 2023 USD ($)
Bank line of credit
Maximum borrowing capacity under the bank revolving line of credit	$ 100
Maximum letter of credit sublimit under the bank revolving line of credit	25
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit	99.1
Outstanding amount of letters of credit sublimit under the bank revolving line of credit	0.9
Available amount of letters of credit sublimit under the bank revolving line of credit	24.1
Borrowings outstanding under the bank revolving line of credit	0
Security owned and pledged as collateral, associated liabilities, fair value	$ 114.9

Postretirement Benefits (Detail

Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cost of pension plans:
Service cost for benefits earned	$ 7,191	$ 12,561	$ 14,382	$ 25,121
Interest cost on benefit obligation	12,548	9,941	25,096	19,882
Expected return on plan assets	(17,217)	(13,639)	(34,435)	(27,278)
Prior service cost amortization	361	360	723	721
Net actuarial (gain) loss amortization	(3,832)	1,830	(7,665)	3,660
Pension plan (income) cost	$ (949)	$ 11,053	$ (1,899)	$ 22,106
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income			Other income
Employee pension plan | Funded Plan | Qualified Plan
Postretirement Benefits
Funding target (as a percentage of the funding target liability)	100%		100%
Expected future employer contributions	$ 95,000		$ 95,000
Erie Insurance Exchange | Employee pension plan | Funded Plan | Qualified Plan
Postretirement Benefits
Postretirement annual benefit income and expense reimbursed to and from, respectively, the Exchange and its subsidiaries (as a percent)			60%
Erie Insurance Exchange | Supplemental employee retirement plan (SERP) | Unfunded Plan | Nonqualified Plan
Postretirement Benefits
Postretirement annual benefit income and expense reimbursed to and from, respectively, the Exchange and its subsidiaries (as a percent)			36%

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	21%	20.90%	21%	20.90%

Capital Stock - Class A and B C

Capital Stock - Class A and B Common Stock (Details) - Class B common stock	6 Months Ended	12 Months Ended
	Jun. 30, 2023 shares	Dec. 31, 2022 shares
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 ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2011
Stock repurchases
Amount of authorized stock repurchases approved for continuation under the current program			$ 150
Shares repurchased under stock repurchase program (in shares)	0	0
Approximate amount of repurchase authority remaining under the current stock repurchase program	$ 17.8

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period		$ (7,414)			$ (7,414)
Change in unrealized holding (losses) gains on available-for-sale securities	$ (1,746)		$ (24,985)		8,748	$ (51,904)
Amortization of prior service costs and net actuarial (gain) loss on pension and other postretirement plans	(2,742)		1,737		(5,484)	3,467
OCI (loss)	(4,488)	7,752	(23,248)	$ (25,189)	3,264	(48,437)
AOCI (loss), end of period	(4,150)				(4,150)
Investment securities:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	(53,287)	(66,571)	(26,353)	7,722	(66,571)	7,722
OCI (loss) before reclassifications	(4,477)		(34,087)		5,555	(70,458)
Realized investment losses	2,096		2,422		3,715	4,502
Impairment losses	171		38		1,804	254
Investment securities, OCI (loss)	(2,210)		(31,627)		11,074	(65,702)
AOCI (loss), end of period	(55,497)	(53,287)	(57,980)	(26,353)	(55,497)	(57,980)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	(11,190)	(13,980)	(5,535)	1,621	(13,980)	1,621
OCI (loss) before reclassifications	(940)		(7,158)		1,167	(14,796)
Realized investment losses	440		508		780	945
Impairment losses	36		8		379	53
Investment securities, OCI (loss)	(464)		(6,642)		2,326	(13,798)
AOCI (loss), end of period	(11,654)	(11,190)	(12,177)	(5,535)	(11,654)	(12,177)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	(42,097)	(52,591)	(20,818)	6,101	(52,591)	6,101
OCI (loss) before reclassifications	(3,537)		(26,929)		4,388	(55,662)
Realized investment losses	1,656		1,914		2,935	3,557
Impairment losses	135		30		1,425	201
Change in unrealized holding (losses) gains on available-for-sale securities	(1,746)		(24,985)		8,748	(51,904)
AOCI (loss), end of period	(43,843)	(42,097)	(45,803)	(20,818)	(43,843)	(45,803)
Pension and other postretirement plans:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	53,715	57,186	(37,543)	(39,734)	57,186	(39,734)
Amortization of prior service costs	361		360		723	721
Amortization of net actuarial (gain) loss	(3,832)		1,837		(7,665)	3,667
Pension and other postretirement plans, OCI (loss)	(3,471)		2,197		(6,942)	4,388
AOCI (loss), end of period	50,244	53,715	(35,346)	(37,543)	50,244	(35,346)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	11,280	12,009	(7,884)	(8,345)	12,009	(8,345)
Amortization of prior service costs	76		75		152	151
Amortization of net actuarial (gain) loss	(805)		385		(1,610)	770
Pension and other postretirement plans, OCI (loss)	(729)		460		(1,458)	921
AOCI (loss), end of period	10,551	11,280	(7,424)	(7,884)	10,551	(7,424)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	42,435	45,177	(29,659)	(31,389)	45,177	(31,389)
Amortization of prior service costs	285		285		571	570
Amortization of net actuarial (gain) loss	(3,027)		1,452		(6,055)	2,897
Amortization of prior service costs and net actuarial (gain) loss on pension and other postretirement plans	(2,742)		1,737		(5,484)	3,467
AOCI (loss), end of period	39,693	42,435	(27,922)	(29,659)	39,693	(27,922)
Total
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	428	(9,385)	(63,896)	(32,012)	(9,385)	(32,012)
Investment securities, OCI (loss)	(2,210)		(31,627)		11,074	(65,702)
Pension and other postretirement plans, OCI (loss)	(3,471)		2,197		(6,942)	4,388
OCI (loss)	(5,681)		(29,430)		4,132	(61,314)
AOCI (loss), end of period	(5,253)	428	(93,326)	(63,896)	(5,253)	(93,326)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	90	(1,971)	(13,419)	(6,724)	(1,971)	(6,724)
Investment securities, OCI (loss)	(464)		(6,642)		2,326	(13,798)
Pension and other postretirement plans, OCI (loss)	(729)		460		(1,458)	921
OCI (loss)	(1,193)		(6,182)		868	(12,877)
AOCI (loss), end of period	(1,103)	90	(19,601)	(13,419)	(1,103)	(19,601)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	338	(7,414)	(50,477)	(25,288)	(7,414)	(25,288)
Change in unrealized holding (losses) gains on available-for-sale securities	(1,746)		(24,985)		8,748	(51,904)
Amortization of prior service costs and net actuarial (gain) loss on pension and other postretirement plans	(2,742)		1,737		(5,484)	3,467
OCI (loss)	(4,488)	7,752	(23,248)	(25,189)	3,264	(48,437)
AOCI (loss), end of period	$ (4,150)	$ 338	$ (73,725)	$ (50,477)	$ (4,150)	$ (73,725)

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange and affiliates, net	$ 591,008	$ 524,937
Receivables from Erie Insurance Exchange, allowance for credit loss	600	600
Affiliated Entity
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange and affiliates, net	$ 591,000	$ 524,900

Commitments and Contingencies (

Commitments and Contingencies (Details) - Loan Purchase Commitments $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Other Commitments [Line Items]
Minimum funding percentage of each loan	30%
Participation amount in loan program	$ 19.9
Loan program, guaranteed amount	6.7
Third-Party Bank
Other Commitments [Line Items]
Amount of loan participation program	56.9
Third-Party Bank | Maximum
Other Commitments [Line Items]
Amount of loan participation program	$ 100