Erie Indemnity (ERIE) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,189,068
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,542

STATEMENTS OF OPERATIONS (UNAUD

STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating revenue
Total operating revenue	$ 999,886	$ 858,938	$ 2,871,025	$ 2,451,273
Operating expenses
Total operating expenses	819,761	710,467	2,361,880	2,058,101
Operating income	180,125	148,471	509,145	393,172
Investment income
Net investment income	17,322	14,642	49,235	30,360
Net realized and unrealized investment gains (losses)	2,925	(2,227)	2,983	(9,246)
Net impairment losses recognized in earnings	(698)	(113)	(3,763)	(1,917)
Total investment income	19,549	12,302	48,455	19,197
Other income	1,168	3,001	7,871	9,643
Income before income taxes	200,842	163,774	565,471	422,012
Income tax expense	41,012	32,734	117,186	86,879
Net income	$ 159,830	$ 131,040	$ 448,285	$ 335,133
Class A common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 3.43	$ 2.81	$ 9.63	$ 7.20
Common stock - diluted (in dollars per share)	$ 3.06	$ 2.51	$ 8.57	$ 6.41
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	46,189,059	46,189,037	46,189,038	46,188,962
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	52,306,514	52,299,369	52,301,001	52,298,655
Dividends declared per share
Dividends declared (in dollars per share)	$ 1.275	$ 1.19	$ 3.825	$ 3.57
Class B common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	515	422	1,444	1,079
Common stock - diluted (in dollars per share)	$ 515	$ 422	$ 1,444	$ 1,079
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)	$ 191.25	$ 178.50	$ 573.75	$ 535.50
Management fee revenue - policy issuance and renewal services
Operating revenue
Total operating revenue	$ 769,162	$ 649,049	$ 2,195,734	$ 1,840,478
Operating expenses
Total operating expenses	613,007	523,349	1,757,531	1,513,690
Management fee revenue - administrative services
Operating revenue
Total operating revenue	17,154	16,151	51,139	46,976
Administrative services reimbursement revenue
Operating revenue
Total operating revenue	206,754	187,118	604,349	544,411
Operating expenses
Total operating expenses	206,754	187,118	604,349	544,411
Service agreement revenue
Operating revenue
Total operating revenue	$ 6,816	$ 6,620	$ 19,803	$ 19,408

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 159,830	$ 131,040	$ 448,285	$ 335,133
Other comprehensive income (loss), net of tax
Change in unrealized holding gains (losses) on available-for-sale securities	20,227	(5,902)	21,014	2,846
Pension and other postretirement plans	(1,538)	(2,742)	(6,048)	(8,226)
Total other comprehensive income (loss), net of tax	18,689	(8,644)	14,966	(5,380)
Comprehensive income	$ 178,519	$ 122,396	$ 463,251	$ 329,753

STATEMENTS OF FINANCIAL POSITIO

STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents (includes restricted cash of $23,547 and $12,542, respectively)	$ 221,213	$ 144,055
Available-for-sale securities	48,575	82,017
Receivables from Erie Insurance Exchange and affiliates, net	736,973	625,338
Prepaid expenses and other current assets, net	80,141	69,321
Accrued investment income	10,456	9,458
Total current assets	1,097,358	930,189
Available-for-sale securities, net	1,000,282	879,224
Available-for-sale securities lent	8,135	0
Equity securities	85,346	84,253
Fixed assets, net	480,707	442,610
Agent loans, net	79,829	58,434
Defined benefit pension plan	64,172	34,320
Other assets, net	48,318	42,934
Total assets	2,864,147	2,471,964
Current liabilities:
Commissions payable	426,341	353,709
Agent incentive compensation	60,073	68,077
Accounts payable and accrued liabilities	194,649	175,622
Dividends payable	59,377	59,377
Contract liability	42,754	41,210
Deferred executive compensation	15,836	10,982
Securities lending payable	7,905	0
Total current liabilities	806,935	708,977
Defined benefit pension plan	27,757	26,260
Contract liability	21,220	19,910
Deferred executive compensation	24,010	20,936
Deferred income taxes, net	12,777	11,481
Other long-term liabilities	23,493	21,565
Total liabilities	916,192	809,129
Shareholders’ equity
Additional paid-in-capital	16,466	16,466
Accumulated other comprehensive income (loss)	1,566	(13,400)
Retained earnings	3,073,843	2,803,689
Total contributed capital and retained earnings	3,094,045	2,808,925
Treasury stock, at cost; 22,110,132 shares held	(1,168,719)	(1,169,165)
Deferred compensation	22,629	23,075
Total shareholders’ equity	1,947,955	1,662,835
Total liabilities and shareholders’ equity	2,864,147	2,471,964
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) $ in Thousands	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Restricted cash | $	$ 23,547	$ 12,542
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	Additional paid-in-capital	Accumulated other comprehensive (loss) income	Retained earnings	Treasury stock	Deferred compensation	Class A common stock	Class A common stock Common stock	Class A common stock Retained earnings	Class B common stock	Class B common stock Common stock	Class B common stock Retained earnings
Beginning balance at Dec. 31, 2022		$ 1,448,408	$ 16,481	$ (7,414)	$ 2,583,261	$ (1,168,949)	$ 22,859		$ 1,992			$ 178
Increase (decrease) in shareholders' equity
Net income		86,241			86,241
Other comprehensive income (loss)		7,752		7,752
Dividends declared								$ (54,965)		$ (54,965)	$ (454)		$ (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	16,466	338	2,614,083	(1,169,355)	23,265		1,992			178
Beginning balance at Dec. 31, 2022		1,448,408	16,481	(7,414)	2,583,261	(1,168,949)	22,859		1,992			178
Increase (decrease) in shareholders' equity
Net income		335,133
Other comprehensive income (loss)		(5,380)		(5,380)
Ending balance at Sep. 30, 2023		1,611,889	16,466	(12,794)	2,752,137	(1,168,761)	22,671		1,992			178
Beginning balance at Mar. 31, 2023		1,486,967	16,466	338	2,614,083	(1,169,355)	23,265		1,992			178
Increase (decrease) in shareholders' equity
Net income		117,852			117,852
Other comprehensive income (loss)		(4,488)		(4,488)
Dividends declared								(54,965)		(54,965)	(454)		(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	16,466	(4,150)	2,676,516	(1,168,380)	22,290		1,992			178
Increase (decrease) in shareholders' equity
Net income		131,040			131,040
Other comprehensive income (loss)		(8,644)		(8,644)
Dividends declared								(54,965)		(54,965)	(454)		(454)
Net purchase of treasury stock	[1]	0	0			0
Deferred compensation		0				(381)	381
Ending balance at Sep. 30, 2023		1,611,889	16,466	(12,794)	2,752,137	(1,168,761)	22,671		1,992			178
Beginning balance at Dec. 31, 2023		1,662,835	16,466	(13,400)	2,803,689	(1,169,165)	23,075		1,992			178
Increase (decrease) in shareholders' equity
Net income		124,552			124,552
Other comprehensive income (loss)		(1,830)		(1,830)
Dividends declared								(58,891)		(58,891)	(486)		(486)
Net purchase of treasury stock	[3]	0	0			0
Deferred compensation		0				(861)	861
Rabbi trust distribution	[4]	0				709	(709)
Ending balance at Mar. 31, 2024		1,726,180	16,466	(15,230)	2,868,864	(1,169,317)	23,227		1,992			178
Beginning balance at Dec. 31, 2023		1,662,835	16,466	(13,400)	2,803,689	(1,169,165)	23,075		1,992			178
Increase (decrease) in shareholders' equity
Net income		448,285
Other comprehensive income (loss)		14,966		14,966
Ending balance at Sep. 30, 2024		1,947,955	16,466	1,566	3,073,843	(1,168,719)	22,629		1,992			178
Beginning balance at Mar. 31, 2024		1,726,180	16,466	(15,230)	2,868,864	(1,169,317)	23,227		1,992			178
Increase (decrease) in shareholders' equity
Net income		163,903			163,903
Other comprehensive income (loss)		(1,893)		(1,893)
Dividends declared								(58,891)		(58,891)	(486)		(486)
Net purchase of treasury stock	[3]	0	0			0
Deferred compensation		0				(518)	518
Rabbi trust distribution	[4]	0				1,538	(1,538)
Ending balance at Jun. 30, 2024		1,828,813	16,466	(17,123)	2,973,390	(1,168,297)	22,207		1,992			178
Increase (decrease) in shareholders' equity
Net income		159,830			159,830
Other comprehensive income (loss)		18,689		18,689
Dividends declared								$ (58,891)		$ (58,891)	$ (486)		$ (486)
Net purchase of treasury stock	[3]	0	0			0
Deferred compensation		0				(422)	422
Ending balance at Sep. 30, 2024		$ 1,947,955	$ 16,466	$ 1,566	$ 3,073,843	$ (1,168,719)	$ 22,629		$ 1,992			$ 178
[1]Net purchase of treasury stock in 2023 includes 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.[3]Net purchase of treasury stock in 2024 includes the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock-based compensation awards.[4]Distributions of our Class A shares were made from the rabbi trust to five incentive compensation deferral plan participants in 2024.

STATEMENTS OF SHAREHOLDERS' E_2

STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical)	3 Months Ended						9 Months Ended
	Sep. 30, 2024 participant $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Sep. 30, 2023 participant $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Sep. 30, 2024 participant $ / shares	Sep. 30, 2023 participant $ / shares
Rabbi trust, number of incentive compensation deferral plan participants receiving distributions | participant	5			5			5	5
Class A common stock
Dividends declared (in dollars per share)	$ 1.275	$ 1.275	$ 1.275	$ 1.19	$ 1.19	$ 1.19	$ 3.825	$ 3.57
Class B common stock
Dividends declared (in dollars per share)	$ 191.25	$ 191.25	$ 191.25	$ 178.50	$ 178.50	$ 178.50	$ 573.75	$ 535.50

STATEMENTS OF CASH FLOWS (UNAUD

STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Management fee received	$ 2,162,259	$ 1,799,681
Administrative services reimbursements received	557,361	538,943
Service agreement revenue received	19,804	19,367
Net investment income received	49,047	42,579
Commissions paid to agents	(1,067,993)	(889,510)
Incentive compensation paid to agents	(88,299)	(112,968)
Salaries and wages paid	(189,088)	(178,176)
Pension contribution and employee benefits paid	(90,217)	(150,992)
General operating expenses paid	(229,675)	(226,949)
Administrative services expenses paid	(581,527)	(540,834)
Income taxes paid	(123,881)	(68,372)
Net cash provided by operating activities	417,791	232,769
Purchase of investments:
Available-for-sale securities	(373,381)	(206,616)
Equity securities	(25,665)	(26,195)
Other investments	(7,000)	(7)
Proceeds from investments:
Available-for-sale securities sales	156,357	126,361
Available-for-sale securities maturities/calls	152,174	55,772
Equity securities	29,953	14,919
Other investments	0	853
Purchase of fixed assets	(78,202)	(72,101)
Loans to agents and others	(32,317)	(5,473)
Collections on agent loans	7,675	6,757
Net cash used in investing activities	(170,406)	(105,730)
Cash flows from financing activities
Dividends paid to shareholders	(178,132)	(166,256)
Net changes in cash collateral for securities lent	7,905	0
Net cash used in financing activities	(170,227)	(166,256)
Net increase (decrease) in cash, cash equivalents and restricted cash	77,158	(39,217)
Cash, cash equivalents and restricted cash beginning of period	144,055	142,090
Cash, cash equivalents and restricted cash end of period	221,213	102,873
Supplemental disclosure of noncash transactions
Liability incurred to purchase fixed assets	10,792	0
Operating lease assets obtained in exchange for lease liabilities	$ 7,106	$ 7,674

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2024
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 subscribers at 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 the Exchange's 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 Indemnity as each subscriber's attorney-in-fact to transact certain business on their behalf. In accordance with the subscriber's agreement for acting as attorney-in-fact in these two capacities, we retain 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 on behalf of the subscribers at 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 incentive compensation, which is 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. Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in 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 could 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 net management fee and other reimbursements. See Note 12, "Concentrations of Credit Risk".

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission ("SEC") on February 26, 2024. 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. Recently issued accounting standards and disclosure rules In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" , which requires entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported period of profit or loss, and requires entities with a single reporting segment to provide all disclosures required by Topic 280. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The update is required to be applied retrospectively to prior periods presented in the financial statements, based on the significant segment expense categories identified and disclosed in the period of adoption. This will have no impact on our financial statements. We are currently evaluating the impact of adoption on our disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" , which requires entities to disclose specific categories in an effective tax rate reconciliation, additional information for reconciling items that meet a quantitative threshold, and certain information about income taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments can be applied on either a prospective or retrospective basis. This will have no impact on our financial statements. We are currently evaluating the impact of adoption on our disclosures. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors" , requiring registrants to disclose certain climate-related information in registration statements and annual reports. The final rules include disclosure of climate-related risks that are reasonably likely to have a material impact on a registrant’s business, results of operations or financial condition. Disclosures related to significant effects of severe weather events and other natural conditions and amounts related to carbon offsets and renewable energy credits or certificates are required in the financial statements in certain circumstances. Disclosure requirements will phase in for fiscal years beginning in 2025 and be applied prospectively upon adoption. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending ongoing litigation. We are currently evaluating the impact of adoption on our disclosures. Other assets Other assets primarily include limited partnership investments, other loans receivable, held-to-maturity securities, operating lease assets and other long-term prepaid assets. Limited partnership investments are recorded using the equity method of accounting. Other loans receivable include loans issued to fund real estate development projects supporting revitalization efforts in our community. The loans are carried at unpaid principal balance, including any paid-in-kind interest capitalized as additional principal, if applicable, net of a current expected credit loss allowance. Any current portion of other loans receivable is recorded in prepaid expenses and other current assets. Held-to-maturity securities are carried at amortized cost, net of a current expected credit loss allowance. The allowances are calculated using the estimated value of, and priority rights to, collateral in the event of default or external loss rates based on comparable losses, and considers current market conditions and forecasted information. Changes to the allowances are recognized in earnings as adjustments to net impairment recoveries (losses) or other income (expense) depending on the nature of the asset. Interest on other loans receivable and held-to-maturity securities is recorded primarily in investment income as earned. Securities lending Beginning in May 2024 we entered into securities lending transactions, managed by a third-party banking institution, whereby securities are loaned to unaffiliated financial institutions for short periods of time. The securities lending activity is accounted for as a secured borrowing and therefore the securities loaned, primarily available-for-sale securities, are carried as invested assets on our Statement of Financial Position, while the obligation to return the cash collateral is recorded as a current liability. The cash collateral received at the inception of the loan is reinvested and the related income is recognized in net investment income. Noncash collateral is not recorded in the Statements of Financial Position, as we do not have the right to sell, repledge, or otherwise reinvest the noncash collateral. The collateral is required to equal a minimum of 102% of the estimated fair value of the securities loaned, and maintained at a level greater than or equal to 100% for the duration of the loan. We monitor the ratio of the collateral held to the estimated fair value of the securities loaned on a daily basis and obtain additional collateral as necessary. A securities lending transaction may be terminated at any time by the borrower or the lender. If terminated, we would repay our securities lending obligations from the sale of reinvested collateral or the proceeds of sales from our investment portfolio, which includes liquid securities.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
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. In accordance with the subscriber’s agreement, we retain 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 subscribers at the Exchange, as well as the service provider for the Exchange's 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. Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber’s agreement and the service agreements. The revenue allocated to this performance obligation is recognized over a four-year period representing the time over which these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Statements of Financial Position. During the three and nine months ended September 30, 2024, we recognized revenue of $8.7 million and $35.6 million, respectively, that was included in the contract liability balance as of December 31, 2023. During the three and nine months ended September 30, 2023, we recognized revenue of $7.7 million and $31.5 million, respectively, that was included in the contract liability balance as of December 31, 2022. 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 September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Management fee revenue - policy issuance and renewal services $ 769,162 $ 649,049 $ 2,195,734 $ 1,840,478 Management fee revenue - administrative services 17,154 16,151 51,139 46,976 Administrative services reimbursement revenue 206,754 187,118 604,349 544,411 Total revenue from administrative services $ 223,908 $ 203,269 $ 655,488 $ 591,387

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 2023 (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 $ 158,521 46,189,059 $ 3.43 $ 129,967 46,189,037 $ 2.81 Dilutive effect of stock-based awards 0 16,655 — 0 9,532 — Assumed conversion of Class B shares 1,309 6,100,800 — 1,073 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 159,830 52,306,514 $ 3.06 $ 131,040 52,299,369 $ 2.51 Class B – Basic EPS: Income available to Class B stockholders $ 1,309 2,542 $ 515 $ 1,073 2,542 $ 422 Class B – Diluted EPS: Income available to Class B stockholders $ 1,309 2,542 $ 515 $ 1,073 2,542 $ 422 Nine months ended September 30, 2024 2023 (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 $ 444,614 46,189,038 $ 9.63 $ 332,389 46,188,962 $ 7.20 Dilutive effect of stock-based awards 0 11,163 — 0 8,893 — Assumed conversion of Class B shares 3,671 6,100,800 — 2,744 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 448,285 52,301,001 $ 8.57 $ 335,133 52,298,655 $ 6.41 Class B – Basic EPS: Income available to Class B stockholders $ 3,671 2,542 $ 1,444 $ 2,744 2,542 $ 1,079 Class B – Diluted EPS: Income available to Class B stockholders $ 3,670 2,542 $ 1,444 $ 2,744 2,542 $ 1,079

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of September 30, 2024, nearly all of our available-for-sale and equity securities were priced using a third party pricing service. The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: September 30, 2024 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities (1) $ 648,513 $ 0 $ 644,872 $ 3,641 Collateralized debt obligations 110,272 0 110,272 0 Commercial mortgage-backed securities 137,355 0 121,595 15,760 Residential mortgage-backed securities 135,175 0 135,175 0 Other debt securities 25,677 0 25,677 0 Total available-for-sale securities 1,056,992 0 1,037,591 19,401 Equity securities: Financial services sector 71,759 1,025 67,249 3,485 Utilities sector 5,705 0 5,705 0 Energy sector 1,571 0 1,571 0 Consumer sector 4,337 57 2,780 1,500 Technology sector 1,974 0 0 1,974 Total equity securities 85,346 1,082 77,305 6,959 Total $ 1,142,338 $ 1,082 $ 1,114,896 $ 26,360 (1) This includes $8.1 million of securities lent under a securities lending agreement. December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 588,688 $ 0 $ 584,182 $ 4,506 Collateralized debt obligations 112,468 0 112,468 0 Commercial mortgage-backed securities 102,720 0 91,726 10,994 Residential mortgage-backed securities 140,055 0 138,521 1,534 Other debt securities 17,310 0 17,310 0 Total available-for-sale securities 961,241 0 944,207 17,034 Equity securities: Financial services sector 69,900 816 63,750 5,334 Utilities sector 5,810 0 5,810 0 Energy sector 3,901 0 3,901 0 Consumer sector 3,915 0 2,415 1,500 Technology sector 500 0 0 500 Industrial sector 180 0 180 0 Communications sector 47 47 0 0 Total equity securities 84,253 863 76,056 7,334 Total $ 1,045,494 $ 863 $ 1,020,263 $ 24,368 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 – 2024 Quarterly Change: (in thousands) Beginning balance at June 30, 2024 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at September 30, 2024 Available-for-sale securities: Corporate debt securities $ 8,543 $ (166) $ 45 $ 865 $ (392) $ 1,142 $ (6,396) $ 3,641 Commercial mortgage-backed securities 25,220 (408) 670 1,102 (28) 1,312 (12,108) 15,760 Total available-for-sale securities 33,763 (574) 715 1,967 (420) 2,454 (18,504) 19,401 Equity securities 8,498 517 — 0 0 0 (2,056) 6,959 Total Level 3 securities $ 42,261 $ (57) $ 715 $ 1,967 $ (420) $ 2,454 $ (20,560) $ 26,360 Level 3 Assets – 2024 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2023 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at September 30, 2024 Available-for-sale securities: Corporate debt securities $ 4,506 $ (141) $ 66 $ 5,704 $ (1,215) $ 4,966 $ (10,245) $ 3,641 Commercial mortgage-backed securities 10,994 (1,077) 889 2,907 (33) 18,960 (16,880) 15,760 Residential mortgage- backed securities 1,534 (5) (24) 0 (40) 0 (1,465) 0 Total available-for-sale securities 17,034 (1,223) 931 8,611 (1,288) 23,926 (28,590) 19,401 Equity securities 7,334 664 — 2,019 (84) 544 (3,518) 6,959 Total Level 3 securities $ 24,368 $ (559) $ 931 $ 10,630 $ (1,372) $ 24,470 $ (32,108) $ 26,360 Level 3 Assets – 2023 Quarterly Change: (in thousands) Beginning balance at June 30, 2023 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at September 30, 2023 Available-for-sale securities: Corporate debt securities $ 5,123 $ 10 $ 123 $ 1,661 $ (511) $ 730 $ (3,031) $ 4,105 Commercial mortgage-backed securities 6,533 (182) (56) 0 (366) 1,478 0 7,407 Residential mortgage- backed securities 12 0 0 0 (7) 0 0 5 Total available-for-sale securities 11,668 (172) 67 1,661 (884) 2,208 (3,031) 11,517 Equity securities 4,730 33 — 1,000 0 0 (1,807) 3,956 Total Level 3 securities $ 16,398 $ (139) $ 67 $ 2,661 $ (884) $ 2,208 $ (4,838) $ 15,473 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 September 30, 2023 Available-for-sale securities: Corporate debt securities $ 3,686 $ (4) $ 245 $ 3,193 $ (1,256) $ 3,883 $ (5,642) $ 4,105 Commercial mortgage-backed securities 10,910 (542) 44 1,455 (551) 1,944 (5,853) 7,407 Residential mortgage-backed securities 4,184 (5) 96 0 (115) 33 (4,188) 5 Total available-for-sale securities 18,780 (551) 385 4,648 (1,922) 5,860 (15,683) 11,517 Equity securities 3,779 26 — 1,958 0 0 (1,807) 3,956 Total Level 3 securities $ 22,559 $ (525) $ 385 $ 6,606 $ (1,922) $ 5,860 $ (17,490) $ 15,473 (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: September 30, 2024 December 31, 2023 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans, net $ 91,636 $ 87,797 $ 67,787 $ 66,445 Other loans receivable, net (1) 10,938 10,938 10,713 10,713 Held-to-maturity securities, net (2) 4,833 4,833 — — (1) The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Statements of Financial Position. (2) Held-to-maturity securities are included in the line item "Other assets, net" in the Statement of Financial Position.

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Investments	Investments Fixed maturity 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 fixed maturity securities as of: September 30, 2024 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Corporate debt securities (1) $ 643,288 $ 11,730 $ 6,505 $ 648,513 Collateralized debt obligations 110,641 247 616 110,272 Commercial mortgage-backed securities 136,370 3,555 2,570 137,355 Residential mortgage-backed securities 145,864 292 10,981 135,175 Other debt securities 25,542 573 438 25,677 Total available-for-sale securities, net 1,061,705 16,397 21,110 1,056,992 Held-to-maturity securities - states & political subdivisions 4,833 0 0 4,833 Total fixed maturity securities, net $ 1,066,538 $ 16,397 $ 21,110 $ 1,061,825 (1) This includes an estimated fair value of $8.1 million of securities lent under a securities lending agreement. December 31, 2023 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Corporate debt securities $ 600,639 $ 4,594 $ 16,545 $ 588,688 Collateralized debt obligations 114,400 156 2,088 112,468 Commercial mortgage-backed securities 106,019 1,410 4,709 102,720 Residential mortgage-backed securities 153,633 69 13,647 140,055 Other debt securities 17,862 136 688 17,310 Total available-for-sale securities, net $ 992,553 $ 6,365 $ 37,677 $ 961,241 The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities at September 30, 2024 are shown below by remaining contractual term to maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2024 Amortized Estimated (in thousands) cost fair value Available-for-sale securities: Due in one year or less $ 49,077 $ 48,447 Due after one year through five years 453,677 456,863 Due after five years through ten years 186,695 188,732 Due after ten years 372,256 362,950 Total available-for-sale securities, net (1) (2) 1,061,705 1,056,992 Held-to-maturity securities - due after ten years 4,833 4,833 Total fixed maturity securities, net $ 1,066,538 $ 1,061,825 (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 September 30, 2024. (2) This includes an estimated fair value of $8.1 million of securities lent under a securities lending agreement. The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting Policies, of Notes to Financial Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 26, 2024. The gross unrealized losses are primarily attributable to changes in interest rates and are not deemed to be credit-related. We do not have the intent to sell these securities and it is more likely than not that we would not be required to sell these securities before the anticipated recovery of the amortized cost basis. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: September 30, 2024 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 56,346 $ 377 $ 170,974 $ 6,128 $ 227,320 $ 6,505 496 Collateralized debt obligations 39,689 57 19,694 559 59,383 616 102 Commercial mortgage-backed securities 6,367 48 25,992 2,522 32,359 2,570 85 Residential mortgage-backed securities 18,780 82 97,271 10,899 116,051 10,981 152 Other debt securities 1,439 14 5,473 424 6,912 438 29 Total available-for-sale securities $ 122,621 $ 578 $ 319,404 $ 20,532 $ 442,025 $ 21,110 864 Quality breakdown of available-for-sale securities: Investment grade $ 100,964 $ 248 $ 288,847 $ 18,369 $ 389,811 $ 18,617 486 Non-investment grade 21,657 330 30,557 2,163 52,214 2,493 378 Total available-for-sale securities $ 122,621 $ 578 $ 319,404 $ 20,532 $ 442,025 $ 21,110 864 December 31, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 50,853 $ 546 $ 338,322 $ 15,999 $ 389,175 $ 16,545 590 Collateralized debt obligations 3,911 15 87,005 2,073 90,916 2,088 142 Commercial mortgage-backed securities 9,148 157 30,145 4,552 39,293 4,709 108 Residential mortgage-backed securities 30,271 297 101,761 13,350 132,032 13,647 164 Other debt securities 2,084 62 7,475 626 9,559 688 32 Total available-for-sale securities $ 96,267 $ 1,077 $ 564,708 $ 36,600 $ 660,975 $ 37,677 1,036 Quality breakdown of available-for-sale securities: Investment grade $ 87,774 $ 807 $ 517,090 $ 32,511 $ 604,864 $ 33,318 651 Non-investment grade 8,493 270 47,618 4,089 56,111 4,359 385 Total available-for-sale securities $ 96,267 $ 1,077 $ 564,708 $ 36,600 $ 660,975 $ 37,677 1,036 Credit loss allowances The following tables present a roll-forward of the allowances for credit losses on fixed maturity securities and financing receivables: Three months ended September 30, 2024 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 503 $ 2,167 $ 11,438 $ 957 Provision and recoveries 158 0 474 354 Sales/collections and write-offs (231) 0 0 0 Balance, end of period $ 430 $ 2,167 $ 11,912 $ 1,311 Nine months ended September 30, 2024 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 597 $ 0 $ 11,081 $ 957 Provision and recoveries 401 2,167 831 354 Sales/collections and write-offs (568) 0 0 0 Balance, end of period $ 430 $ 2,167 $ 11,912 $ 1,311 Three months ended September 30, 2023 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 370 $ — $ 3,736 $ 957 Provision and recoveries 55 — 2 0 Sales/collections and write-offs (72) — 0 0 Balance, end of period $ 353 $ — $ 3,738 $ 957 Nine months ended September 30, 2023 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 249 $ — $ 3,775 $ 957 Provision and recoveries 278 — 61 0 Sales/collections and write-offs (174) — (98) 0 Balance, end of period $ 353 $ — $ 3,738 $ 957 Net investment income Investment income (loss), net of expenses, was generated from the following portfolios: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Available-for-sale securities $ 12,891 $ 11,037 $ 36,611 $ 31,404 Equity securities 1,119 1,161 3,536 3,260 Limited partnerships (1) (127) (13) 134 (10,725) Cash equivalents and other 4,010 2,687 10,347 6,714 Total investment income 17,893 14,872 50,628 30,653 Less: investment expenses 571 230 1,393 293 Net investment income $ 17,322 $ 14,642 $ 49,235 $ 30,360 (1) Limited partnership (losses) income include 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 gains (losses) Realized and unrealized gains (losses) on investments were as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Available-for-sale securities: Gross realized gains $ 1,457 $ 213 $ 2,144 $ 519 Gross realized losses (1,315) (2,693) (4,639) (6,714) Net realized gains (losses) on available-for-sale securities 142 (2,480) (2,495) (6,195) Equity securities 2,782 244 5,477 (3,060) Miscellaneous 1 9 1 9 Net realized and unrealized investment gains (losses) $ 2,925 $ (2,227) $ 2,983 $ (9,246) 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 September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Equity securities: Net gains (losses) recognized during the period $ 2,782 $ 244 $ 5,477 $ (3,060) Less: net gains (losses) recognized on securities sold 146 91 883 (2,636) Net unrealized gains (losses) recognized on securities held at reporting date $ 2,636 $ 153 $ 4,594 $ (424) Net impairment losses recognized in earnings Impairments on investments were as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Available-for-sale securities: Intent to sell $ (1) $ (58) $ (299) $ (1,639) Credit impaired (158) (55) (401) (278) Total available-for-sale securities (159) (113) (700) (1,917) Expected credit losses: Held-to-maturity securities 0 — (2,167) — Agent loans (354) 0 (354) 0 Other loans receivable (185) 0 (542) 0 Net impairment losses recognized in earnings $ (698) $ (113) $ (3,763) $ (1,917) Securities lending transactions As of September 30, 2024, the fair value of loaned securities, comprised of corporate debt securities, was $8.1 million and the related collateral received was $8.4 million. We received cash collateral of $7.9 million, which was reinvested in cash equivalents and is included with "Cash and cash equivalents" in our Statement of Financial Position. We also received $0.5 million of non-cash collateral that we are not permitted to sell or repledge, and there are no securities lending transactions that extend beyond one year from the reporting date. If we have to return cash collateral on short notice, we may have difficulty selling investments in a timely manner, be forced to sell them for less than we otherwise would have been able to realize, or both. In addition, in the event of such forced sale, for securities in an unrealized loss position, realized losses would be incurred on securities sold and impairments would be incurred, if there is a need to sell securities prior to recovery, which may negatively impact our financial condition.

Bank Line of Credit

Bank Line of Credit	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, a total of $99.2 million remains available under the facility due to $0.8 million outstanding letters of credit, which reduce the availability for letters of credit to $24.2 million. We had no borrowings outstanding on our line of credit as of September 30, 2024. Investments with a fair value of $120.2 million were pledged as collateral on the line of credit at September 30, 2024. 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 September 30, 2024. The bank requires compliance with certain covenants, which include leverage ratios and debt restrictions. We are in compliance with all covenants at September 30, 2024.

Postretirement Benefits

Postretirement Benefits	9 Months Ended
	Sep. 30, 2024
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. The pension plan provides benefits to covered individuals satisfying certain age and service requirements. The defined benefit pension plan and SERP each provide benefits through a final average earnings formula. Although we are the sponsor of these postretirement plans and record the funded status of these plans, there are reimbursements between us and the Exchange and its subsidiaries for their allocated share of pension income or cost. 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. For the nine months ended September 30, 2024, we reimbursed the Exchange and its subsidiaries for approximately 61% of the annual defined benefit pension income, and the Exchange and its subsidiaries reimbursed us for approximately 34% of the annual SERP cost. For our funded pension plan, amounts are settled in cash for the portion of pension (income) cost allocated to the Exchange and its subsidiaries. For our unfunded SERP, we pay the obligations when due and amounts are settled in cash between entities when there is a payout. Our defined benefit pension plan 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 made a $33 million contribution in January 2024. The funded pension plan net benefit asset is presented separately from the unfunded plan as a non-current asset on our Statements of Financial Position. Pension plan cost (income) includes the following components: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Service cost for benefits earned $ 8,628 $ 7,190 $ 25,920 $ 21,572 Interest cost on benefit obligation 13,195 12,548 39,503 37,644 Expected return on plan assets (20,199) (17,217) (60,595) (51,652) Prior service cost amortization 413 362 1,199 1,085 Net actuarial gain amortization (1,695) (3,833) (5,180) (11,498) Settlement gain (1) (59) — (1,338) — Pension plan cost (income) (2) $ 283 $ (950) $ (491) $ (2,849) (1) Settlement accounting was required due to lump sum payments made under the SERP to four former officers in 2024. (2) Pension plan cost (income) represents total plan cost (income) before reimbursements between Indemnity and the Exchange and its subsidiaries. The components of pension plan cost (income) other than the service cost components are included in the line item " Other income

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense is provided on an interim basis based upon our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. For the three months ended September 30, 2024 and 2023, our effective tax rate was 20.4% and 20.0%, respectively. For the nine months ended September 30, 2024 and 2023, our effective tax rate was 20.7% and 20.6%, respectively.

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2024
Class of Stock Disclosures [Abstract]
Capital Stock	Capital Stock Class A and B common stock Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share. There were no shares of Class B common stock converted into Class A common stock during the nine months ended September 30, 2024 and the year ended December 31, 2023. 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 nine months ended September 30, 2024 and the year ended December 31, 2023. We had approximately $17.8 million of repurchase authority remaining under this program at September 30, 2024.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows: Three months ended Three months ended September 30, 2024 September 30, 2023 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ (30,405) $ (6,385) $ (24,020) $ (55,497) $ (11,654) $ (43,843) OCI (loss) before reclassifications 25,586 5,373 20,213 (10,064) (2,114) (7,950) Realized investment (gains) losses (142) (30) (112) 2,480 521 1,959 Impairment losses 159 33 126 113 24 89 OCI (loss) 25,603 5,376 20,227 (7,471) (1,569) (5,902) AOCI (loss), end of period $ (4,802) $ (1,009) $ (3,793) $ (62,968) $ (13,223) $ (49,745) Pension and other postretirement plans: AOCI, beginning of period $ 8,730 $ 1,833 $ 6,897 $ 50,244 $ 10,551 $ 39,693 OCI (loss) before reclassifications (606) (127) (479) — — — Amortization of prior service costs 413 87 326 362 76 286 Amortization of net actuarial gain (1,695) (356) (1,339) (3,833) (805) (3,028) Settlement gain (59) (13) (46) — — — OCI (loss) (1,947) (409) (1,538) (3,471) (729) (2,742) AOCI, end of period $ 6,783 $ 1,424 $ 5,359 $ 46,773 $ 9,822 $ 36,951 Total AOCI (loss), beginning of period $ (21,675) $ (4,552) $ (17,123) $ (5,253) $ (1,103) $ (4,150) Investment securities 25,603 5,376 20,227 (7,471) (1,569) (5,902) Pension and other postretirement plans (1,947) (409) (1,538) (3,471) (729) (2,742) OCI (loss) 23,656 4,967 18,689 (10,942) (2,298) (8,644) AOCI (loss), end of period $ 1,981 $ 415 $ 1,566 $ (16,195) $ (3,401) $ (12,794) Nine months ended Nine months ended September 30, 2024 September 30, 2023 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ (31,402) $ (6,595) $ (24,807) $ (66,571) $ (13,980) $ (52,591) OCI (loss) before reclassifications 23,405 4,915 18,490 (4,509) (947) (3,562) Realized investment losses 2,495 524 1,971 6,195 1,301 4,894 Impairment losses 700 147 553 1,917 403 1,514 OCI 26,600 5,586 21,014 3,603 757 2,846 AOCI (loss), end of period $ (4,802) $ (1,009) $ (3,793) $ (62,968) $ (13,223) $ (49,745) Pension and other postretirement plans: AOCI, beginning of period $ 14,439 $ 3,032 $ 11,407 $ 57,186 $ 12,009 $ 45,177 OCI (loss) before reclassifications (2,337) (491) (1,846) — — — Amortization of prior service costs 1,199 252 947 1,085 228 857 Amortization of net actuarial gain (5,180) (1,088) (4,092) (11,498) (2,415) (9,083) Settlement gain (1,338) (281) (1,057) — — — OCI (loss) (7,656) (1,608) (6,048) (10,413) (2,187) (8,226) AOCI, end of period $ 6,783 $ 1,424 $ 5,359 $ 46,773 $ 9,822 $ 36,951 Total AOCI (loss), beginning of period $ (16,963) $ (3,563) $ (13,400) $ (9,385) $ (1,971) $ (7,414) Investment securities 26,600 5,586 21,014 3,603 757 2,846 Pension and other postretirement plans (7,656) (1,608) (6,048) (10,413) (2,187) (8,226) OCI (loss) 18,944 3,978 14,966 (6,810) (1,430) (5,380) AOCI (loss), end of period $ 1,981 $ 415 $ 1,566 $ (16,195) $ (3,401) $ (12,794)

Concentrations of Credit Risk

Concentrations of Credit Risk	9 Months Ended
	Sep. 30, 2024
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 $737.0 million and $625.3 million at September 30, 2024 and December 31, 2023, respectively, which includes a current expected credit loss allowance of $0.6 million in both periods.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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 $150 million. We have committed to fund a minimum of 30% of each loan executed through this program. As of September 30, 2024, outstanding loans executed under this agreement totaled $110.3 million, of which our portion of the loans is $41.5 million. Additionally, we have agreed to guarantee a portion of the funding provided by the other participants in the program in the event of default. As of September 30, 2024, our maximum potential amount of future payments on the guaranteed portion is $13.2 million. All loan payments under the participation program are current as of September 30, 2024. We also have contingent obligations for guarantees related to certain real estate development projects supporting revitalization efforts in our community. As of September 30, 2024, our maximum potential obligation related to guarantees is $10.2 million. 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	9 Months Ended
	Sep. 30, 2024
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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission ("SEC") on February 26, 2024.
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.
Recently issued accounting standards and disclosure rules	Recently issued accounting standards and disclosure rules In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" , which requires entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported period of profit or loss, and requires entities with a single reporting segment to provide all disclosures required by Topic 280. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The update is required to be applied retrospectively to prior periods presented in the financial statements, based on the significant segment expense categories identified and disclosed in the period of adoption. This will have no impact on our financial statements. We are currently evaluating the impact of adoption on our disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" , which requires entities to disclose specific categories in an effective tax rate reconciliation, additional information for reconciling items that meet a quantitative threshold, and certain information about income taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments can be applied on either a prospective or retrospective basis. This will have no impact on our financial statements. We are currently evaluating the impact of adoption on our disclosures. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors" , requiring registrants to disclose certain climate-related information in registration statements and annual reports. The final rules include disclosure of climate-related risks that are reasonably likely to have a material impact on a registrant’s business, results of operations or financial condition. Disclosures related to significant effects of severe weather events and other natural conditions and amounts related to carbon offsets and renewable energy credits or certificates are required in the financial statements in certain circumstances. Disclosure requirements will phase in for fiscal years beginning in 2025 and be applied prospectively upon adoption. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending ongoing litigation. We are currently evaluating the impact of adoption on our disclosures.
Other assets	Other assets Other assets primarily include limited partnership investments, other loans receivable, held-to-maturity securities, operating lease assets and other long-term prepaid assets. Limited partnership investments are recorded using the equity method of accounting. Other loans receivable include loans issued to fund real estate development projects supporting revitalization efforts in our community. The loans are carried at unpaid principal balance, including any paid-in-kind interest capitalized as additional principal, if applicable, net of a current expected credit loss allowance. Any current portion of other loans receivable is recorded in prepaid expenses and other current assets. Held-to-maturity securities are carried at amortized cost, net of a current expected credit loss allowance. The allowances are calculated using the estimated value of, and priority rights to, collateral in the event of default or external loss rates based on comparable losses, and considers current market conditions and forecasted information. Changes to the allowances are recognized in earnings as adjustments to net impairment recoveries (losses) or other income (expense) depending on the nature of the asset. Interest on other loans receivable and held-to-maturity securities is recorded primarily in investment income as earned.
Securities lending	Securities lending Beginning in May 2024 we entered into securities lending transactions, managed by a third-party banking institution, whereby securities are loaned to unaffiliated financial institutions for short periods of time. The securities lending activity is accounted for as a secured borrowing and therefore the securities loaned, primarily available-for-sale securities, are carried as invested assets on our Statement of Financial Position, while the obligation to return the cash collateral is recorded as a current liability. The cash collateral received at the inception of the loan is reinvested and the related income is recognized in net investment income. Noncash collateral is not recorded in the Statements of Financial Position, as we do not have the right to sell, repledge, or otherwise reinvest the noncash collateral. The collateral is required to equal a minimum of 102% of the estimated fair value of the securities loaned, and maintained at a level greater than or equal to 100% for the duration of the loan. We monitor the ratio of the collateral held to the estimated fair value of the securities loaned on a daily basis and obtain additional collateral as necessary. A securities lending transaction may be terminated at any time by the borrower or the lender. If terminated, we would repay our securities lending obligations from the sale of reinvested collateral or the proceeds of sales from our investment portfolio, which includes liquid securities.
Revenue	The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. In accordance with the subscriber’s agreement, we retain 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 subscribers at the Exchange, as well as the service provider for the Exchange's 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. 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.
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 September 30, 2024, 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.
Investments	The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting Policies, of Notes to Financial Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 26, 2024. The gross unrealized losses are primarily attributable to changes in interest rates and are not deemed to be credit-related. We do not have the intent to sell these securities and it is more likely than not that we would not be required to sell these securities before the anticipated recovery of the amortized cost basis.
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)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Performance Obligation	The following table disaggregates revenue by our two performance obligations: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Management fee revenue - policy issuance and renewal services $ 769,162 $ 649,049 $ 2,195,734 $ 1,840,478 Management fee revenue - administrative services 17,154 16,151 51,139 46,976 Administrative services reimbursement revenue 206,754 187,118 604,349 544,411 Total revenue from administrative services $ 223,908 $ 203,269 $ 655,488 $ 591,387

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerators and Denominators Used in the Basic and Diluted Per-Share Computations	A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: Three months ended September 30, 2024 2023 (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 $ 158,521 46,189,059 $ 3.43 $ 129,967 46,189,037 $ 2.81 Dilutive effect of stock-based awards 0 16,655 — 0 9,532 — Assumed conversion of Class B shares 1,309 6,100,800 — 1,073 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 159,830 52,306,514 $ 3.06 $ 131,040 52,299,369 $ 2.51 Class B – Basic EPS: Income available to Class B stockholders $ 1,309 2,542 $ 515 $ 1,073 2,542 $ 422 Class B – Diluted EPS: Income available to Class B stockholders $ 1,309 2,542 $ 515 $ 1,073 2,542 $ 422 Nine months ended September 30, 2024 2023 (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 $ 444,614 46,189,038 $ 9.63 $ 332,389 46,188,962 $ 7.20 Dilutive effect of stock-based awards 0 11,163 — 0 8,893 — Assumed conversion of Class B shares 3,671 6,100,800 — 2,744 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 448,285 52,301,001 $ 8.57 $ 335,133 52,298,655 $ 6.41 Class B – Basic EPS: Income available to Class B stockholders $ 3,671 2,542 $ 1,444 $ 2,744 2,542 $ 1,079 Class B – Diluted EPS: Income available to Class B stockholders $ 3,670 2,542 $ 1,444 $ 2,744 2,542 $ 1,079

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input	The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: September 30, 2024 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities (1) $ 648,513 $ 0 $ 644,872 $ 3,641 Collateralized debt obligations 110,272 0 110,272 0 Commercial mortgage-backed securities 137,355 0 121,595 15,760 Residential mortgage-backed securities 135,175 0 135,175 0 Other debt securities 25,677 0 25,677 0 Total available-for-sale securities 1,056,992 0 1,037,591 19,401 Equity securities: Financial services sector 71,759 1,025 67,249 3,485 Utilities sector 5,705 0 5,705 0 Energy sector 1,571 0 1,571 0 Consumer sector 4,337 57 2,780 1,500 Technology sector 1,974 0 0 1,974 Total equity securities 85,346 1,082 77,305 6,959 Total $ 1,142,338 $ 1,082 $ 1,114,896 $ 26,360 (1) This includes $8.1 million of securities lent under a securities lending agreement. December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 588,688 $ 0 $ 584,182 $ 4,506 Collateralized debt obligations 112,468 0 112,468 0 Commercial mortgage-backed securities 102,720 0 91,726 10,994 Residential mortgage-backed securities 140,055 0 138,521 1,534 Other debt securities 17,310 0 17,310 0 Total available-for-sale securities 961,241 0 944,207 17,034 Equity securities: Financial services sector 69,900 816 63,750 5,334 Utilities sector 5,810 0 5,810 0 Energy sector 3,901 0 3,901 0 Consumer sector 3,915 0 2,415 1,500 Technology sector 500 0 0 500 Industrial sector 180 0 180 0 Communications sector 47 47 0 0 Total equity securities 84,253 863 76,056 7,334 Total $ 1,045,494 $ 863 $ 1,020,263 $ 24,368
Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis	Level 3 Assets – 2024 Quarterly Change: (in thousands) Beginning balance at June 30, 2024 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at September 30, 2024 Available-for-sale securities: Corporate debt securities $ 8,543 $ (166) $ 45 $ 865 $ (392) $ 1,142 $ (6,396) $ 3,641 Commercial mortgage-backed securities 25,220 (408) 670 1,102 (28) 1,312 (12,108) 15,760 Total available-for-sale securities 33,763 (574) 715 1,967 (420) 2,454 (18,504) 19,401 Equity securities 8,498 517 — 0 0 0 (2,056) 6,959 Total Level 3 securities $ 42,261 $ (57) $ 715 $ 1,967 $ (420) $ 2,454 $ (20,560) $ 26,360 Level 3 Assets – 2024 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2023 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at September 30, 2024 Available-for-sale securities: Corporate debt securities $ 4,506 $ (141) $ 66 $ 5,704 $ (1,215) $ 4,966 $ (10,245) $ 3,641 Commercial mortgage-backed securities 10,994 (1,077) 889 2,907 (33) 18,960 (16,880) 15,760 Residential mortgage- backed securities 1,534 (5) (24) 0 (40) 0 (1,465) 0 Total available-for-sale securities 17,034 (1,223) 931 8,611 (1,288) 23,926 (28,590) 19,401 Equity securities 7,334 664 — 2,019 (84) 544 (3,518) 6,959 Total Level 3 securities $ 24,368 $ (559) $ 931 $ 10,630 $ (1,372) $ 24,470 $ (32,108) $ 26,360 Level 3 Assets – 2023 Quarterly Change: (in thousands) Beginning balance at June 30, 2023 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at September 30, 2023 Available-for-sale securities: Corporate debt securities $ 5,123 $ 10 $ 123 $ 1,661 $ (511) $ 730 $ (3,031) $ 4,105 Commercial mortgage-backed securities 6,533 (182) (56) 0 (366) 1,478 0 7,407 Residential mortgage- backed securities 12 0 0 0 (7) 0 0 5 Total available-for-sale securities 11,668 (172) 67 1,661 (884) 2,208 (3,031) 11,517 Equity securities 4,730 33 — 1,000 0 0 (1,807) 3,956 Total Level 3 securities $ 16,398 $ (139) $ 67 $ 2,661 $ (884) $ 2,208 $ (4,838) $ 15,473 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 September 30, 2023 Available-for-sale securities: Corporate debt securities $ 3,686 $ (4) $ 245 $ 3,193 $ (1,256) $ 3,883 $ (5,642) $ 4,105 Commercial mortgage-backed securities 10,910 (542) 44 1,455 (551) 1,944 (5,853) 7,407 Residential mortgage-backed securities 4,184 (5) 96 0 (115) 33 (4,188) 5 Total available-for-sale securities 18,780 (551) 385 4,648 (1,922) 5,860 (15,683) 11,517 Equity securities 3,779 26 — 1,958 0 0 (1,807) 3,956 Total Level 3 securities $ 22,559 $ (525) $ 385 $ 6,606 $ (1,922) $ 5,860 $ (17,490) $ 15,473 (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: September 30, 2024 December 31, 2023 (in thousands) Carrying value Fair value Carrying value Fair value Agent loans, net $ 91,636 $ 87,797 $ 67,787 $ 66,445 Other loans receivable, net (1) 10,938 10,938 10,713 10,713 Held-to-maturity securities, net (2) 4,833 4,833 — — (1) The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Statements of Financial Position. (2) Held-to-maturity securities are included in the line item "Other assets, net" in the Statement of Financial Position.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Schedule of Reconciliation of Cost to Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities	The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our fixed maturity securities as of: September 30, 2024 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Corporate debt securities (1) $ 643,288 $ 11,730 $ 6,505 $ 648,513 Collateralized debt obligations 110,641 247 616 110,272 Commercial mortgage-backed securities 136,370 3,555 2,570 137,355 Residential mortgage-backed securities 145,864 292 10,981 135,175 Other debt securities 25,542 573 438 25,677 Total available-for-sale securities, net 1,061,705 16,397 21,110 1,056,992 Held-to-maturity securities - states & political subdivisions 4,833 0 0 4,833 Total fixed maturity securities, net $ 1,066,538 $ 16,397 $ 21,110 $ 1,061,825 (1) This includes an estimated fair value of $8.1 million of securities lent under a securities lending agreement. December 31, 2023 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Corporate debt securities $ 600,639 $ 4,594 $ 16,545 $ 588,688 Collateralized debt obligations 114,400 156 2,088 112,468 Commercial mortgage-backed securities 106,019 1,410 4,709 102,720 Residential mortgage-backed securities 153,633 69 13,647 140,055 Other debt securities 17,862 136 688 17,310 Total available-for-sale securities, net $ 992,553 $ 6,365 $ 37,677 $ 961,241
Schedule of Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities by Remaining Contractual Term to Maturity	The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities at September 30, 2024 are shown below by remaining contractual term to maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2024 Amortized Estimated (in thousands) cost fair value Available-for-sale securities: Due in one year or less $ 49,077 $ 48,447 Due after one year through five years 453,677 456,863 Due after five years through ten years 186,695 188,732 Due after ten years 372,256 362,950 Total available-for-sale securities, net (1) (2) 1,061,705 1,056,992 Held-to-maturity securities - due after ten years 4,833 4,833 Total fixed maturity securities, net $ 1,066,538 $ 1,061,825 (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 September 30, 2024. (2) This includes an estimated fair value of $8.1 million of securities lent under a securities lending agreement.
Schedule of Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time	The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: September 30, 2024 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 56,346 $ 377 $ 170,974 $ 6,128 $ 227,320 $ 6,505 496 Collateralized debt obligations 39,689 57 19,694 559 59,383 616 102 Commercial mortgage-backed securities 6,367 48 25,992 2,522 32,359 2,570 85 Residential mortgage-backed securities 18,780 82 97,271 10,899 116,051 10,981 152 Other debt securities 1,439 14 5,473 424 6,912 438 29 Total available-for-sale securities $ 122,621 $ 578 $ 319,404 $ 20,532 $ 442,025 $ 21,110 864 Quality breakdown of available-for-sale securities: Investment grade $ 100,964 $ 248 $ 288,847 $ 18,369 $ 389,811 $ 18,617 486 Non-investment grade 21,657 330 30,557 2,163 52,214 2,493 378 Total available-for-sale securities $ 122,621 $ 578 $ 319,404 $ 20,532 $ 442,025 $ 21,110 864 December 31, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized No. of Corporate debt securities $ 50,853 $ 546 $ 338,322 $ 15,999 $ 389,175 $ 16,545 590 Collateralized debt obligations 3,911 15 87,005 2,073 90,916 2,088 142 Commercial mortgage-backed securities 9,148 157 30,145 4,552 39,293 4,709 108 Residential mortgage-backed securities 30,271 297 101,761 13,350 132,032 13,647 164 Other debt securities 2,084 62 7,475 626 9,559 688 32 Total available-for-sale securities $ 96,267 $ 1,077 $ 564,708 $ 36,600 $ 660,975 $ 37,677 1,036 Quality breakdown of available-for-sale securities: Investment grade $ 87,774 $ 807 $ 517,090 $ 32,511 $ 604,864 $ 33,318 651 Non-investment grade 8,493 270 47,618 4,089 56,111 4,359 385 Total available-for-sale securities $ 96,267 $ 1,077 $ 564,708 $ 36,600 $ 660,975 $ 37,677 1,036
Schedule of Allowances for Credit Losses on Fixed Maturity Securities and Financing Receivables	The following tables present a roll-forward of the allowances for credit losses on fixed maturity securities and financing receivables: Three months ended September 30, 2024 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 503 $ 2,167 $ 11,438 $ 957 Provision and recoveries 158 0 474 354 Sales/collections and write-offs (231) 0 0 0 Balance, end of period $ 430 $ 2,167 $ 11,912 $ 1,311 Nine months ended September 30, 2024 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 597 $ 0 $ 11,081 $ 957 Provision and recoveries 401 2,167 831 354 Sales/collections and write-offs (568) 0 0 0 Balance, end of period $ 430 $ 2,167 $ 11,912 $ 1,311 Three months ended September 30, 2023 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 370 $ — $ 3,736 $ 957 Provision and recoveries 55 — 2 0 Sales/collections and write-offs (72) — 0 0 Balance, end of period $ 353 $ — $ 3,738 $ 957 Nine months ended September 30, 2023 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 249 $ — $ 3,775 $ 957 Provision and recoveries 278 — 61 0 Sales/collections and write-offs (174) — (98) 0 Balance, end of period $ 353 $ — $ 3,738 $ 957
Schedule of Investment Income (Loss), Net of Expenses	Investment income (loss), net of expenses, was generated from the following portfolios: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Available-for-sale securities $ 12,891 $ 11,037 $ 36,611 $ 31,404 Equity securities 1,119 1,161 3,536 3,260 Limited partnerships (1) (127) (13) 134 (10,725) Cash equivalents and other 4,010 2,687 10,347 6,714 Total investment income 17,893 14,872 50,628 30,653 Less: investment expenses 571 230 1,393 293 Net investment income $ 17,322 $ 14,642 $ 49,235 $ 30,360 (1) Limited partnership (losses) income include 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 Net Realized and Unrealized Investment (Losses) Gains	Realized and unrealized gains (losses) on investments were as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Available-for-sale securities: Gross realized gains $ 1,457 $ 213 $ 2,144 $ 519 Gross realized losses (1,315) (2,693) (4,639) (6,714) Net realized gains (losses) on available-for-sale securities 142 (2,480) (2,495) (6,195) Equity securities 2,782 244 5,477 (3,060) Miscellaneous 1 9 1 9 Net realized and unrealized investment gains (losses) $ 2,925 $ (2,227) $ 2,983 $ (9,246) 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 September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Equity securities: Net gains (losses) recognized during the period $ 2,782 $ 244 $ 5,477 $ (3,060) Less: net gains (losses) recognized on securities sold 146 91 883 (2,636) Net unrealized gains (losses) recognized on securities held at reporting date $ 2,636 $ 153 $ 4,594 $ (424)
Schedule of Impairments on Investments	Impairments on investments were as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Available-for-sale securities: Intent to sell $ (1) $ (58) $ (299) $ (1,639) Credit impaired (158) (55) (401) (278) Total available-for-sale securities (159) (113) (700) (1,917) Expected credit losses: Held-to-maturity securities 0 — (2,167) — Agent loans (354) 0 (354) 0 Other loans receivable (185) 0 (542) 0 Net impairment losses recognized in earnings $ (698) $ (113) $ (3,763) $ (1,917)

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Schedule of Pension Plan Cost (Income)	Pension plan cost (income) includes the following components: Three months ended September 30, Nine months ended September 30, (in thousands) 2024 2023 2024 2023 Service cost for benefits earned $ 8,628 $ 7,190 $ 25,920 $ 21,572 Interest cost on benefit obligation 13,195 12,548 39,503 37,644 Expected return on plan assets (20,199) (17,217) (60,595) (51,652) Prior service cost amortization 413 362 1,199 1,085 Net actuarial gain amortization (1,695) (3,833) (5,180) (11,498) Settlement gain (1) (59) — (1,338) — Pension plan cost (income) (2) $ 283 $ (950) $ (491) $ (2,849) (1) Settlement accounting was required due to lump sum payments made under the SERP to four former officers in 2024. (2) Pension plan cost (income) represents total plan cost (income) before reimbursements between Indemnity and the Exchange and its subsidiaries. The components of pension plan cost (income) other than the service cost components are included in the line item " Other income

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Including Amounts Reclassified to Other Comprehensive Income (Loss) and the Related Line Item in the Statements of Operations Where Net Income is Presented	Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows: Three months ended Three months ended September 30, 2024 September 30, 2023 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ (30,405) $ (6,385) $ (24,020) $ (55,497) $ (11,654) $ (43,843) OCI (loss) before reclassifications 25,586 5,373 20,213 (10,064) (2,114) (7,950) Realized investment (gains) losses (142) (30) (112) 2,480 521 1,959 Impairment losses 159 33 126 113 24 89 OCI (loss) 25,603 5,376 20,227 (7,471) (1,569) (5,902) AOCI (loss), end of period $ (4,802) $ (1,009) $ (3,793) $ (62,968) $ (13,223) $ (49,745) Pension and other postretirement plans: AOCI, beginning of period $ 8,730 $ 1,833 $ 6,897 $ 50,244 $ 10,551 $ 39,693 OCI (loss) before reclassifications (606) (127) (479) — — — Amortization of prior service costs 413 87 326 362 76 286 Amortization of net actuarial gain (1,695) (356) (1,339) (3,833) (805) (3,028) Settlement gain (59) (13) (46) — — — OCI (loss) (1,947) (409) (1,538) (3,471) (729) (2,742) AOCI, end of period $ 6,783 $ 1,424 $ 5,359 $ 46,773 $ 9,822 $ 36,951 Total AOCI (loss), beginning of period $ (21,675) $ (4,552) $ (17,123) $ (5,253) $ (1,103) $ (4,150) Investment securities 25,603 5,376 20,227 (7,471) (1,569) (5,902) Pension and other postretirement plans (1,947) (409) (1,538) (3,471) (729) (2,742) OCI (loss) 23,656 4,967 18,689 (10,942) (2,298) (8,644) AOCI (loss), end of period $ 1,981 $ 415 $ 1,566 $ (16,195) $ (3,401) $ (12,794) Nine months ended Nine months ended September 30, 2024 September 30, 2023 (in thousands) Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of period $ (31,402) $ (6,595) $ (24,807) $ (66,571) $ (13,980) $ (52,591) OCI (loss) before reclassifications 23,405 4,915 18,490 (4,509) (947) (3,562) Realized investment losses 2,495 524 1,971 6,195 1,301 4,894 Impairment losses 700 147 553 1,917 403 1,514 OCI 26,600 5,586 21,014 3,603 757 2,846 AOCI (loss), end of period $ (4,802) $ (1,009) $ (3,793) $ (62,968) $ (13,223) $ (49,745) Pension and other postretirement plans: AOCI, beginning of period $ 14,439 $ 3,032 $ 11,407 $ 57,186 $ 12,009 $ 45,177 OCI (loss) before reclassifications (2,337) (491) (1,846) — — — Amortization of prior service costs 1,199 252 947 1,085 228 857 Amortization of net actuarial gain (5,180) (1,088) (4,092) (11,498) (2,415) (9,083) Settlement gain (1,338) (281) (1,057) — — — OCI (loss) (7,656) (1,608) (6,048) (10,413) (2,187) (8,226) AOCI, end of period $ 6,783 $ 1,424 $ 5,359 $ 46,773 $ 9,822 $ 36,951 Total AOCI (loss), beginning of period $ (16,963) $ (3,563) $ (13,400) $ (9,385) $ (1,971) $ (7,414) Investment securities 26,600 5,586 21,014 3,603 757 2,846 Pension and other postretirement plans (7,656) (1,608) (6,048) (10,413) (2,187) (8,226) OCI (loss) 18,944 3,978 14,966 (6,810) (1,430) (5,380) AOCI (loss), end of period $ 1,981 $ 415 $ 1,566 $ (16,195) $ (3,401) $ (12,794)

Nature of Operations (Details)

Nature of Operations (Details)	9 Months Ended
	Sep. 30, 2024 capacity
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Performance obligations under subscriber's agreement	2

Significant Accounting Polici_3

Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Securities lending agreements, requiring percentage, collateral	102%
Securities lending agreements, requiring collateral percentage, minimum	100%

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) capacity	Sep. 30, 2023 USD ($)
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 | capacity			2
Revenue recognized | $	$ 8.7	$ 7.7	$ 35.6	$ 31.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, satisfaction period	4 years		4 years

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue by Performance Obligation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of revenue by performance obligation
Revenue	$ 999,886	$ 858,938	$ 2,871,025	$ 2,451,273
Management fee revenue - policy issuance and renewal services
Disaggregation of revenue by performance obligation
Revenue	769,162	649,049	2,195,734	1,840,478
Management fee revenue - policy issuance and renewal services | Transferred At Point in Time
Disaggregation of revenue by performance obligation
Revenue	769,162	649,049	2,195,734	1,840,478
Administrative services | Transferred Over Time
Disaggregation of revenue by performance obligation
Revenue	223,908	203,269	655,488	591,387
Management fee revenue - administrative services
Disaggregation of revenue by performance obligation
Revenue	17,154	16,151	51,139	46,976
Management fee revenue - administrative services | Transferred Over Time
Disaggregation of revenue by performance obligation
Revenue	17,154	16,151	51,139	46,976
Administrative services reimbursement revenue
Disaggregation of revenue by performance obligation
Revenue	206,754	187,118	604,349	544,411
Administrative services reimbursement revenue | Transferred Over Time
Disaggregation of revenue by performance obligation
Revenue	$ 206,754	$ 187,118	$ 604,349	$ 544,411

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	Sep. 30, 2024	Dec. 31, 2023
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 - Reconcilia

Earnings Per Share - 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class A common stock
Income available to stockholders (Basic EPS)
Allocated net income (numerator)	$ 158,521	$ 129,967	$ 444,614	$ 332,389
Weighted shares (denominator) (in shares)	46,189,059	46,189,037	46,189,038	46,188,962
Per-share amount (in dollars per share)	$ 3.43	$ 2.81	$ 9.63	$ 7.20
Dilutive effect of stock-based awards
Allocated net income (numerator)	$ 0	$ 0	$ 0	$ 0
Weighted shares (denominator) (in shares)	16,655	9,532	11,163	8,893
Assumed conversion of Class B shares
Allocated net income (numerator)	$ 1,309	$ 1,073	$ 3,671	$ 2,744
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)	$ 159,830	$ 131,040	$ 448,285	$ 335,133
Weighted shares (denominator) (in shares)	52,306,514	52,299,369	52,301,001	52,298,655
Per-share amount (in dollars per share)	$ 3.06	$ 2.51	$ 8.57	$ 6.41
Class B common stock
Income available to stockholders (Basic EPS)
Allocated net income (numerator)	$ 1,309	$ 1,073	$ 3,671	$ 2,744
Weighted shares (denominator) (in shares)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 515	$ 422	$ 1,444	$ 1,079
Income available to stockholders on equivalent shares (Diluted EPS)
Allocated net income (numerator)	$ 1,309	$ 1,073	$ 3,670	$ 2,744
Weighted shares (denominator) (in shares)	2,542	2,542	2,542	2,542
Per-share amount (in dollars per share)	$ 515	$ 422	$ 1,444	$ 1,079

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	$ 1,056,992
Fair value of loaned securities	8,135	$ 0
Total available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	1,056,992	961,241
Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	648,513	588,688
Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	110,272	112,468
Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	137,355	102,720
Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	135,175	140,055
Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	25,677	17,310
Fair Value, Measurements, Recurring Basis
Fair value measurements on a recurring basis by asset class and level of input
Total	1,142,338	1,045,494
Fair Value, Measurements, Recurring Basis | Total available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	1,056,992	961,241
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	648,513	588,688
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	110,272	112,468
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	137,355	102,720
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	135,175	140,055
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	25,677	17,310
Fair Value, Measurements, Recurring Basis | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	85,346	84,253
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	71,759	69,900
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	5,705	5,810
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	1,571	3,901
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	4,337	3,915
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	1,974	500
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		180
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		47
Fair Value, Measurements, Recurring Basis | Level 1
Fair value measurements on a recurring basis by asset class and level of input
Total	1,082	863
Fair Value, Measurements, Recurring Basis | Level 1 | Total 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	1,082	863
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	1,025	816
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	57	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	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 1 | Equity securities | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities		47
Fair Value, Measurements, Recurring Basis | Level 2
Fair value measurements on a recurring basis by asset class and level of input
Total	1,114,896	1,020,263
Fair Value, Measurements, Recurring Basis | Level 2 | Total available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	1,037,591	944,207
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	644,872	584,182
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	110,272	112,468
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	121,595	91,726
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	135,175	138,521
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	25,677	17,310
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	77,305	76,056
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	67,249	63,750
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	5,705	5,810
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	1,571	3,901
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	2,780	2,415
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	0
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		180
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		0
Fair Value, Measurements, Recurring Basis | Level 3
Fair value measurements on a recurring basis by asset class and level of input
Total	26,360	24,368
Fair Value, Measurements, Recurring Basis | Level 3 | Total available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	19,401	17,034
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	3,641	4,506
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	15,760	10,994
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	0	1,534
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	6,959	7,334
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	3,485	5,334
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	1,500	1,500
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	$ 1,974	500
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, 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 - Level 3 Assets (De

Fair Value - Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	$ 42,261	$ 16,398	$ 24,368	$ 22,559
Included in earnings	(57)	(139)	(559)	(525)
Included in other comprehensive income (loss)	715	67	931	385
Purchases	1,967	2,661	10,630	6,606
Sales	(420)	(884)	(1,372)	(1,922)
Transfers into Level 3	2,454	2,208	24,470	5,860
Transfers out of Level 3	(20,560)	(4,838)	(32,108)	(17,490)
Ending balance	26,360	15,473	26,360	15,473
Available-for-sale securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	33,763	11,668	17,034	18,780
Included in earnings	(574)	(172)	(1,223)	(551)
Included in other comprehensive income (loss)	715	67	931	385
Purchases	1,967	1,661	8,611	4,648
Sales	(420)	(884)	(1,288)	(1,922)
Transfers into Level 3	2,454	2,208	23,926	5,860
Transfers out of Level 3	(18,504)	(3,031)	(28,590)	(15,683)
Ending balance	19,401	11,517	19,401	11,517
Available-for-sale securities | Corporate debt securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	8,543	5,123	4,506	3,686
Included in earnings	(166)	10	(141)	(4)
Included in other comprehensive income (loss)	45	123	66	245
Purchases	865	1,661	5,704	3,193
Sales	(392)	(511)	(1,215)	(1,256)
Transfers into Level 3	1,142	730	4,966	3,883
Transfers out of Level 3	(6,396)	(3,031)	(10,245)	(5,642)
Ending balance	3,641	4,105	3,641	4,105
Available-for-sale securities | Commercial mortgage-backed securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	25,220	6,533	10,994	10,910
Included in earnings	(408)	(182)	(1,077)	(542)
Included in other comprehensive income (loss)	670	(56)	889	44
Purchases	1,102	0	2,907	1,455
Sales	(28)	(366)	(33)	(551)
Transfers into Level 3	1,312	1,478	18,960	1,944
Transfers out of Level 3	(12,108)	0	(16,880)	(5,853)
Ending balance	15,760	7,407	15,760	7,407
Available-for-sale securities | Residential mortgage- backed securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance		12	1,534	4,184
Included in earnings		0	(5)	(5)
Included in other comprehensive income (loss)		0	(24)	96
Purchases		0	0	0
Sales		(7)	(40)	(115)
Transfers into Level 3		0	0	33
Transfers out of Level 3		0	(1,465)	(4,188)
Ending balance	0	5	0	5
Equity securities | Equity securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	8,498	4,730	7,334	3,779
Included in earnings	517	33	664	26
Included in other comprehensive income (loss)	0	0	0	0
Purchases	0	1,000	2,019	1,958
Sales	0	0	(84)	0
Transfers into Level 3	0	0	544	0
Transfers out of Level 3	(2,056)	(1,807)	(3,518)	(1,807)
Ending balance	$ 6,959	$ 3,956	$ 6,959	$ 3,956

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Held-to-maturity securities, net
Carrying value and fair value measurements of financial instruments not carried at fair value
Carrying value	$ 4,833
Fair value	4,833
Carrying value | Agent loans, net
Carrying value and fair value measurements of financial instruments not carried at fair value
Carrying value	91,636	$ 67,787
Carrying value | Other loans receivable, net
Carrying value and fair value measurements of financial instruments not carried at fair value
Carrying value	10,938	10,713
Carrying value | Held-to-maturity securities, net
Carrying value and fair value measurements of financial instruments not carried at fair value
Carrying value	4,833	0
Fair value | Agent loans, net | Level 3 Fair Value
Carrying value and fair value measurements of financial instruments not carried at fair value
Fair value	87,797	66,445
Fair value | Other loans receivable, net | Level 3 Fair Value
Carrying value and fair value measurements of financial instruments not carried at fair value
Fair value	10,938	10,713
Fair value | Held-to-maturity securities, net | Level 3 Fair Value
Carrying value and fair value measurements of financial instruments not carried at fair value
Fair value	$ 4,833	$ 0

Investments - Cost and Fair Val

Investments - Cost and Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available-for-sale securities:
Amortized cost	$ 1,061,705
Estimated fair value	1,056,992
Held-to-maturity securities:
Amortized cost	1,066,538
Gross unrealized gains	16,397
Gross unrealized losses	21,110
Estimated fair value	1,061,825
Fair value of loaned securities	8,135	$ 0
Corporate debt securities
Available-for-sale securities:
Amortized cost	643,288	600,639
Gross unrealized gains	11,730	4,594
Gross unrealized losses	6,505	16,545
Estimated fair value	648,513	588,688
Collateralized debt obligations
Available-for-sale securities:
Amortized cost	110,641	114,400
Gross unrealized gains	247	156
Gross unrealized losses	616	2,088
Estimated fair value	110,272	112,468
Commercial mortgage-backed securities
Available-for-sale securities:
Amortized cost	136,370	106,019
Gross unrealized gains	3,555	1,410
Gross unrealized losses	2,570	4,709
Estimated fair value	137,355	102,720
Residential mortgage- backed securities
Available-for-sale securities:
Amortized cost	145,864	153,633
Gross unrealized gains	292	69
Gross unrealized losses	10,981	13,647
Estimated fair value	135,175	140,055
Other debt securities
Available-for-sale securities:
Amortized cost	25,542	17,862
Gross unrealized gains	573	136
Gross unrealized losses	438	688
Estimated fair value	25,677	17,310
Total available-for-sale securities
Available-for-sale securities:
Amortized cost	1,061,705	992,553
Gross unrealized gains	16,397	6,365
Gross unrealized losses	21,110	37,677
Estimated fair value	1,056,992	$ 961,241
Held-to-maturity securities
Held-to-maturity securities:
Amortized cost	4,833
Gross unrealized gains	0
Gross unrealized losses	0
Estimated fair value	$ 4,833

Investments - Amortized Cost an

Investments - Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available-for-sale securities, Amortized cost
Due in one year or less	$ 49,077
Due after one year through five years	453,677
Due after five years through ten years	186,695
Due after ten years	372,256
Amortized cost	1,061,705
Held-to-maturity securities, Amortized cost
Held-to-maturity securities - due after ten years	4,833
Available-for-sale securities, Estimated fair value
Due in one year or less	48,447
Due after one year through five years	456,863
Due after five years through ten years	188,732
Due after ten years	362,950
Estimated fair value	1,056,992
Held-to-maturity securities, Estimated fair value
Held-to-maturity securities - due after ten years	4,833
Amortized cost	1,066,538
Estimated fair value	1,061,825
Fair value of loaned securities	$ 8,135	$ 0

Investments - Available-For-Sal

Investments - Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time (Details) $ in Thousands	Sep. 30, 2024 USD ($) holding	Dec. 31, 2023 USD ($) holding
Investment grade
Fair value
Less than 12 months	$ 100,964	$ 87,774
12 months or longer	288,847	517,090
Total	389,811	604,864
Unrealized losses
Less than 12 months	248	807
12 months or longer	18,369	32,511
Total	$ 18,617	$ 33,318
No. of holdings | holding	486	651
Non-investment grade
Fair value
Less than 12 months	$ 21,657	$ 8,493
12 months or longer	30,557	47,618
Total	52,214	56,111
Unrealized losses
Less than 12 months	330	270
12 months or longer	2,163	4,089
Total	$ 2,493	$ 4,359
No. of holdings | holding	378	385
Corporate debt securities
Fair value
Less than 12 months	$ 56,346	$ 50,853
12 months or longer	170,974	338,322
Total	227,320	389,175
Unrealized losses
Less than 12 months	377	546
12 months or longer	6,128	15,999
Total	$ 6,505	$ 16,545
No. of holdings | holding	496	590
Collateralized debt obligations
Fair value
Less than 12 months	$ 39,689	$ 3,911
12 months or longer	19,694	87,005
Total	59,383	90,916
Unrealized losses
Less than 12 months	57	15
12 months or longer	559	2,073
Total	$ 616	$ 2,088
No. of holdings | holding	102	142
Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 6,367	$ 9,148
12 months or longer	25,992	30,145
Total	32,359	39,293
Unrealized losses
Less than 12 months	48	157
12 months or longer	2,522	4,552
Total	$ 2,570	$ 4,709
No. of holdings | holding	85	108
Residential mortgage- backed securities
Fair value
Less than 12 months	$ 18,780	$ 30,271
12 months or longer	97,271	101,761
Total	116,051	132,032
Unrealized losses
Less than 12 months	82	297
12 months or longer	10,899	13,350
Total	$ 10,981	$ 13,647
No. of holdings | holding	152	164
Other debt securities
Fair value
Less than 12 months	$ 1,439	$ 2,084
12 months or longer	5,473	7,475
Total	6,912	9,559
Unrealized losses
Less than 12 months	14	62
12 months or longer	424	626
Total	$ 438	$ 688
No. of holdings | holding	29	32
Available-for-sale securities
Fair value
Less than 12 months	$ 122,621	$ 96,267
12 months or longer	319,404	564,708
Total	442,025	660,975
Unrealized losses
Less than 12 months	578	1,077
12 months or longer	20,532	36,600
Total	$ 21,110	$ 37,677
No. of holdings | holding	864	1,036

Investments - Allowance for Cre

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ 503	$ 370	$ 597	$ 249
Provision and recoveries	158	55	401	278
Sales/collections and write-offs	(231)	(72)	(568)	(174)
Allowance for credit losses, end of period	430	353	430	353
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	2,167	0	0	0
Provision and recoveries	0	0	2,167	0
Sales/collections and write-offs	0	0	0	0
Allowance for credit losses, end of period	2,167	0	2,167	0
Other loans receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	11,438	3,736	11,081	3,775
Provision and recoveries	474	2	831	61
Sales/collections and write-offs	0	0	0	(98)
Allowance for credit losses, end of period	11,912	3,738	11,912	3,738
Agent loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	957	957	957	957
Provision and recoveries	354	0	354	0
Sales/collections and write-offs	0	0	0	0
Allowance for credit losses, end of period	$ 1,311	$ 957	$ 1,311	$ 957

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investment income (loss) from portfolios
Total investment income	$ 17,893	$ 14,872	$ 50,628	$ 30,653
Less: investment expenses	571	230	1,393	293
Net investment income	17,322	14,642	49,235	30,360
Available-for-sale securities
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	12,891	11,037	36,611	31,404
Equity securities
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	1,119	1,161	3,536	3,260
Limited partnerships
Investment income (loss) from portfolios
Limited partnerships	(127)	(13)	134	(10,725)
Cash equivalents and other
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	$ 4,010	$ 2,687	$ 10,347	$ 6,714

Investments - Net Realized and

Investments - Net Realized and Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity securities:
Equity securities	$ 2,782	$ 244	$ 5,477	$ (3,060)
Net realized and unrealized investment gains (losses)	2,925	(2,227)	2,983	(9,246)
Available-for-sale securities
Available-for-sale securities:
Gross realized gains	1,457	213	2,144	519
Gross realized losses	(1,315)	(2,693)	(4,639)	(6,714)
Net realized gains (losses) on available-for-sale securities	142	(2,480)	(2,495)	(6,195)
Equity securities
Equity securities:
Equity securities	2,782	244	5,477	(3,060)
Miscellaneous
Equity securities:
Miscellaneous	$ 1	$ 9	$ 1	$ 9

Investments - Portion of Net Un

Investments - Portion of Net Unrealized Gains (Losses) Recognized During the Reporting Period (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity securities:
Net gains (losses) recognized during the period	$ 2,782	$ 244	$ 5,477	$ (3,060)
Less: net gains (losses) recognized on securities sold	146	91	883	(2,636)
Net unrealized gains (losses) recognized on securities held at reporting date	$ 2,636	$ 153	$ 4,594	$ (424)

Investments - Impairments on In

Investments - Impairments on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Impairments [Line Items]
Credit impaired	$ 158	$ 55	$ 401	$ 278
Expected credit losses:
Held-to-maturity securities	0	0	(2,167)	0
Net impairment losses recognized in earnings	(698)	(113)	(3,763)	(1,917)
Total available-for-sale securities
Schedule of Impairments [Line Items]
Intent to sell	(1)	(58)	(299)	(1,639)
Credit impaired	(158)	(55)	(401)	(278)
Total available-for-sale securities	(159)	(113)	(700)	(1,917)
Held-to-maturity securities
Expected credit losses:
Held-to-maturity securities	0	0	(2,167)	0
Agent loans
Expected credit losses:
Net impairment losses recognized in earnings	(354)	0	(354)	0
Other loans receivable
Expected credit losses:
Net impairment losses recognized in earnings	$ (185)	$ 0	$ (542)	$ 0

Investments - Securities Lendin

Investments - Securities Lending Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Fair value of loaned securities	$ 8,135	$ 0
Collateral received on loaned securities	8,400
Fair value of cash collateral	7,900
Non-cash collateral that is not permitted to be sold or repledged	$ 500

Bank Line of Credit (Details)

Bank Line of Credit (Details) - Revolving line of credit	Sep. 30, 2024 USD ($)
Bank line of credit
Maximum borrowing capacity under the bank revolving line of credit	$ 100,000,000
Maximum letter of credit sublimit under the bank revolving line of credit	25,000,000
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit	99,200,000
Outstanding amount of letters of credit sublimit under the bank revolving line of credit	800,000
Available amount of letters of credit sublimit under the bank revolving line of credit	24,200,000
Borrowings outstanding under the bank revolving line of credit	0
Security owned and pledged as collateral, associated liabilities, fair value	$ 120,200,000

Postretirement Benefits - Narra

Postretirement Benefits - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Employee pension plan
Postretirement Benefits
Funding target (as a percentage of the funding target liability)	100%
Defined benefit plan, plan assets, contributions by employer	$ 33
Erie Insurance Exchange | Employee pension plan
Postretirement Benefits
Postretirement annual benefit income and expense reimbursed to and from, respectively, the Exchange and its subsidiaries (as a percent)	61%
Erie Insurance Exchange | Supplemental employee retirement plan (SERP)
Postretirement Benefits
Postretirement annual benefit income and expense reimbursed to and from, respectively, the Exchange and its subsidiaries (as a percent)	34%

Postretirement Benefits - Pensi

Postretirement Benefits - Pension Plan Cost (Income) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) participant	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) participant	Sep. 30, 2023 USD ($)
Retirement Benefits [Abstract]
Service cost for benefits earned	$ 8,628	$ 7,190	$ 25,920	$ 21,572
Interest cost on benefit obligation	13,195	12,548	39,503	37,644
Expected return on plan assets	(20,199)	(17,217)	(60,595)	(51,652)
Prior service cost amortization	413	362	1,199	1,085
Net actuarial gain amortization	(1,695)	(3,833)	(5,180)	(11,498)
Settlement gain	(59)	0	(1,338)	0
Pension plan cost (income)	$ 283	$ (950)	$ (491)	$ (2,849)
Settlement accounting, number of participants receiving lump sum payments | participant	4		4
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income			Other income

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	20.40%	20%	20.70%	20.60%

Capital Stock - Class A and B C

Capital Stock - Class A and B Common Stock (Details) - Class B common stock	9 Months Ended	12 Months Ended
	Sep. 30, 2024 shares	Dec. 31, 2023 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) - Stock repurchase program - Class A common stock - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period			$ (13,400)				$ (13,400)
Investment securities, OCI (loss)	$ 20,227			$ (5,902)			21,014	$ 2,846
Pension and other postretirement plans, OCI (loss)	(1,538)			(2,742)			(6,048)	(8,226)
OCI (loss)	18,689	$ (1,893)	(1,830)	(8,644)	$ (4,488)	$ 7,752	14,966	(5,380)
AOCI (loss), end of period	1,566						1,566
Total
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	(21,675)		(16,963)	(5,253)		(9,385)	(16,963)	(9,385)
Investment securities, OCI (loss)	25,603			(7,471)			26,600	3,603
Pension and other postretirement plans, OCI (loss)	(1,947)			(3,471)			(7,656)	(10,413)
OCI (loss)	23,656			(10,942)			18,944	(6,810)
AOCI (loss), end of period	1,981	(21,675)		(16,195)	(5,253)		1,981	(16,195)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	(4,552)		(3,563)	(1,103)		(1,971)	(3,563)	(1,971)
Investment securities, OCI (loss)	5,376			(1,569)			5,586	757
Pension and other postretirement plans, OCI (loss)	(409)			(729)			(1,608)	(2,187)
OCI (loss)	4,967			(2,298)			3,978	(1,430)
AOCI (loss), end of period	415	(4,552)		(3,401)	(1,103)		415	(3,401)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	(17,123)		(13,400)	(4,150)		(7,414)	(13,400)	(7,414)
Investment securities, OCI (loss)	20,227			(5,902)			21,014	2,846
Pension and other postretirement plans, OCI (loss)	(1,538)			(2,742)			(6,048)	(8,226)
OCI (loss)	18,689	(1,893)	(1,830)	(8,644)	(4,488)	7,752	14,966	(5,380)
AOCI (loss), end of period	1,566	(17,123)		(12,794)	(4,150)		1,566	(12,794)
Investment securities:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	(30,405)		(31,402)	(55,497)		(66,571)	(31,402)	(66,571)
OCI (loss) before reclassifications	25,586			(10,064)			23,405	(4,509)
Realized investment (gains) losses	(142)			2,480			2,495	6,195
Impairment losses	159			113			700	1,917
Investment securities, OCI (loss)	25,603			(7,471)			26,600	3,603
AOCI (loss), end of period	(4,802)	(30,405)		(62,968)	(55,497)		(4,802)	(62,968)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	(6,385)		(6,595)	(11,654)		(13,980)	(6,595)	(13,980)
OCI (loss) before reclassifications	5,373			(2,114)			4,915	(947)
Realized investment (gains) losses	(30)			521			524	1,301
Impairment losses	33			24			147	403
Investment securities, OCI (loss)	5,376			(1,569)			5,586	757
AOCI (loss), end of period	(1,009)	(6,385)		(13,223)	(11,654)		(1,009)	(13,223)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	(24,020)		(24,807)	(43,843)		(52,591)	(24,807)	(52,591)
OCI (loss) before reclassifications	20,213			(7,950)			18,490	(3,562)
Realized investment (gains) losses	(112)			1,959			1,971	4,894
Impairment losses	126			89			553	1,514
Investment securities, OCI (loss)	20,227			(5,902)			21,014	2,846
AOCI (loss), end of period	(3,793)	(24,020)		(49,745)	(43,843)		(3,793)	(49,745)
Pension and other postretirement plans:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of period	8,730		14,439	50,244		57,186	14,439	57,186
OCI (loss) before reclassifications	(606)			0			(2,337)	0
Amortization of prior service costs	413			362			1,199	1,085
Amortization of net actuarial gain	(1,695)			(3,833)			(5,180)	(11,498)
Settlement gain	(59)			0			(1,338)	0
Pension and other postretirement plans, OCI (loss)	(1,947)			(3,471)			(7,656)	(10,413)
AOCI (loss), end of period	6,783	8,730		46,773	50,244		6,783	46,773
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of period	1,833		3,032	10,551		12,009	3,032	12,009
OCI (loss) before reclassifications	(127)			0			(491)	0
Amortization of prior service costs	87			76			252	228
Amortization of net actuarial gain	(356)			(805)			(1,088)	(2,415)
Settlement gain	(13)			0			(281)	0
Pension and other postretirement plans, OCI (loss)	(409)			(729)			(1,608)	(2,187)
AOCI (loss), end of period	1,424	1,833		9,822	10,551		1,424	9,822
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of period	6,897		$ 11,407	39,693		$ 45,177	11,407	45,177
OCI (loss) before reclassifications	(479)			0			(1,846)	0
Amortization of prior service costs	326			286			947	857
Amortization of net actuarial gain	(1,339)			(3,028)			(4,092)	(9,083)
Settlement gain	(46)			0			(1,057)	0
Pension and other postretirement plans, OCI (loss)	(1,538)			(2,742)			(6,048)	(8,226)
AOCI (loss), end of period	$ 5,359	$ 6,897		$ 36,951	$ 39,693		$ 5,359	$ 36,951

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange and affiliates, net	$ 736,973	$ 625,338
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	$ 737,000	$ 625,300

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Agent loans
Other Commitments [Line Items]
Minimum funding percentage of each loan	30%
Participation amount in loan program	$ 41,500,000
Agent loans | Payment Guarantee
Other Commitments [Line Items]
Loan program, guaranteed amount	13,200,000
Agent loans | Third-Party Bank
Other Commitments [Line Items]
Amount of loan participation program	110,300,000
Other loans receivable | Payment Guarantee
Other Commitments [Line Items]
Loan program, guaranteed amount	10,200,000
Maximum | Agent loans | Third-Party Bank
Other Commitments [Line Items]
Amount of loan participation program	$ 150,000,000