10-Q 1 eig-20220331.htm 10-Q eig-20220331
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Quarterly Period Ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ____  to ____

Commission file number: 001-33245

EMPLOYERS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Nevada04-3850065
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification Number)
10375 Professional Circle
Reno,Nevada89521
(Address of principal executive offices and zip code)
(888682-6671
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareEIGNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of April 21, 2022, there were 27,738,429 shares of the registrant's common stock outstanding.



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PART IFINANCIAL INFORMATION
Item 1.  Consolidated Financial Statements
Employers Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(in millions, except share data)
As ofAs of
March 31,
2022
December 31,
2021
Assets(unaudited)
Investments:  
Fixed maturity securities at fair value (amortized cost $2,305.9 at March 31, 2022 and $2,266.1 at December 31, 2021, net of CECL allowance of $2.2 at March 31, 2022 and $0.2 at December 31, 2021)
$2,271.0 $2,342.7 
Equity securities at fair value (cost $206.4 at March 31, 2022 and $212.6 at December 31, 2021)
296.8 338.8 
Equity securities at cost
5.6 5.6 
Other invested assets (cost $35.9 at March 31, 2022 and $34.1 at December 31, 2021)
40.4 38.4 
Short-term investments at fair value (amortized cost $3.2 at March 31, 2022 and $10.5 at December 31, 2021)
3.2 10.5 
Total investments2,617.0 2,736.0 
Cash and cash equivalents130.5 75.1 
Restricted cash and cash equivalents0.2 0.2 
Accrued investment income17.9 14.5 
Premiums receivable (less CECL allowance of $10.0 at March 31, 2022 and $10.3 at December 31, 2021)
258.2 244.7 
Reinsurance recoverable for:
Paid losses 7.5 7.5 
Unpaid losses (less CECL allowance of $0.6 at March 31, 2022 and $0.6 at December 31, 2021)
471.1 476.3 
Deferred policy acquisition costs46.4 43.7 
Deferred income taxes, net22.5  
Property and equipment, net14.0 14.7 
Operating lease right-of-use assets13.5 14.2 
Intangible assets, net13.6 13.6 
Goodwill36.2 36.2 
Contingent commission receivable—LPT Agreement13.9 13.9 
Cloud computing arrangements39.4 43.9 
Other assets51.4 48.7 
Total assets$3,753.3 $3,783.2 
Liabilities and stockholders’ equity  
Claims and policy liabilities:  
Unpaid losses and loss adjustment expenses$1,981.9 $1,981.2 
Unearned premiums325.1 304.7 
Commissions and premium taxes payable41.9 42.1 
Accounts payable and accrued expenses21.7 24.1 
Deferred reinsurance gain—LPT Agreement112.3 114.4 
FHLB advances60.0  
Deferred income tax liability 7.7 
Operating lease liability15.7 16.6 
Non-cancellable obligations19.7 21.7 
Other liabilities65.7 57.6 
Total liabilities$2,644.0 $2,570.1 
Commitments and contingencies
3


Employers Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(in millions, except share data)
As ofAs of
March 31,
2022
December 31,
2021
Stockholders’ equity:(unaudited) 
Common stock, $0.01 par value; 150,000,000 shares authorized; 57,861,455 and 57,690,254 shares issued and 27,738,429 and 27,741,400 shares outstanding at March 31, 2022 and December 31, 2021, respectively
$0.6 $0.6 
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued  
Additional paid-in capital411.1 410.7 
Retained earnings1,329.2 1,338.5 
Accumulated other comprehensive (loss) income, net of tax(27.6)60.6 
Treasury stock, at cost (30,123,026 shares at March 31, 2022 and 29,948,854 shares at December 31, 2021)
(604.0)(597.3)
Total stockholders’ equity1,109.3 1,213.1 
Total liabilities and stockholders’ equity$3,753.3 $3,783.2 
See accompanying unaudited notes to the consolidated financial statements.
4


Employers Holdings, Inc. and Subsidiaries
Consolidated Statements of Comprehensive (Loss) Income
(in millions, except per share data)
Three Months Ended
 March 31,
 20222021
Revenues(unaudited)
Net premiums earned$150.2 $133.9 
Net investment income19.1 18.4 
Net realized and unrealized (losses) gains on investments(17.3)10.9 
Other income  0.4 
Total revenues152.0 163.6 
Expenses
Losses and loss adjustment expenses94.2 69.6 
Commission expense20.9 16.8 
Underwriting and general and administrative expenses39.3 46.6 
Interest and financing expenses0.1 0.1 
Other expenses 2.9 
Total expenses154.5 136.0 
Net (loss) income before income taxes(2.5)27.6 
Income tax (benefit) expense(0.2)4.5 
Net (loss) income$(2.3)$23.1 
Comprehensive loss
Unrealized AFS investment losses arising during the period, net of tax benefit of $23.4 and $9.4 for the three months ended March 31, 2022 and 2021, respectively)
$(88.4)$(35.5)
Reclassification adjustment for realized AFS investment losses (gains) in net income, net of tax expense of $0.2 for the three months ended March 31, 2021
0.2 (0.6)
Other comprehensive loss, net of tax(88.2)(36.1)
Total comprehensive loss$(90.5)$(13.0)
Net realized and unrealized (losses) gains on investments
Net realized and unrealized (losses) gains on investments before impairments$(17.3)$10.9 
Net realized and unrealized (losses) gains on investments$(17.3)$10.9 
Earnings (loss) per common share (Note 13):
Basic$(0.08)$0.81 
Diluted$(0.08)$0.80 
Cash dividends declared per common share and eligible equity plan holders$0.25 $0.25 
See accompanying unaudited notes to the consolidated financial statements.
5


Employers Holdings, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity
For the Three Months Ended March 31, 2022 and 2021
(Unaudited)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive (Loss) Income, NetTreasury Stock at CostTotal Stockholders’ Equity
Shares IssuedAmount
(in millions, except share data)
Balance, January 1, 202257,690,254 $0.6 $410.7 $1,338.5 $60.6 $(597.3)$1,213.1 
Stock-based obligations  1.6    1.6 
Stock options exercised41,665  1.0    1.0 
Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings129,536  (2.2)   (2.2)
Acquisition of common stock      (6.7)(6.7)
Dividends declared   (7.0)  (7.0)
Net loss for the period—   (2.3)  (2.3)
Change in net unrealized losses on AFS investments, net of taxes of $23.4—    (88.2) (88.2)
Balance, March 31, 202257,861,455 $0.6 $411.1 $1,329.2 $(27.6)$(604.0)$1,109.3 
Balance, January 1, 202157,413,806 $0.6 $404.3 $1,247.9 $115.1 $(555.1)$1,212.8 
Stock-based obligations  5.2    5.2 
Stock options exercised41,851  0.9    0.9 
Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings170,151  (2.5)   (2.5)
Acquisition of common stock    (9.6)(9.6)
Dividends declared   (7.1)  (7.1)
Net income for the period—   23.1   23.1 
Change in net unrealized gains on AFS investments, net of taxes of $9.6—    (36.1) (36.1)
Balance, March 31, 202157,625,808 $0.6 $407.9 $1,263.8 $79.0 $(564.7)$1,186.6 
See accompanying unaudited notes to the consolidated financial statements.
6


Employers Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in millions)
 Three Months Ended
 March 31,
 20222021
Operating activities(unaudited)
Net (loss) income$(2.3)$23.1 
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization1.5 1.9 
Stock-based compensation1.6 5.2 
Amortization of cloud computing arrangements4.0 3.1 
Amortization of premium on investments, net1.0 1.5 
Allowance for expected credit losses(0.3)1.4 
Deferred income tax (benefit) expense(6.8)9.5 
Net realized and unrealized losses (gains) on investments17.3 (10.9)
Change in operating assets and liabilities:  
Premiums receivable(13.2)(13.0)
Reinsurance recoverable on paid and unpaid losses5.2 5.1 
Cloud computing arrangements0.5 (2.6)
Operating lease right-of-use-assets0.7 1.0 
Current federal income taxes6.5 (5.3)
Unpaid losses and loss adjustment expenses0.7 (35.3)
Unearned premiums20.4 14.7 
Accounts payable, accrued expenses and other liabilities(1.0)3.7 
Deferred reinsurance gain—LPT Agreement(2.1)(2.1)
Operating lease liabilities(0.9)(0.8)
Non-cancellable obligations(2.0)0.1 
Other(14.0)(11.1)
Net cash provided by (used in) operating activities16.8 (10.8)
Investing activities  
Purchases of fixed maturity securities(196.8)(243.6)
Purchases of equity securities(46.4)(19.3)
Purchases of short-term investments(9.6) 
Purchases of other invested assets(1.8)(5.6)
Proceeds from sale of fixed maturity securities92.0 74.0 
Proceeds from sale of equity securities71.4 8.0 
Proceeds from maturities and redemptions of fixed maturity securities63.6 116.7 
Proceeds from maturities of short-term investments16.8 25.5 
Net change in unsettled investment purchases and sales5.5 5.6 
Capital expenditures and other(0.8)(1.1)
Net cash used in investing activities(6.1)(39.8)
Financing activities  
Acquisition of common stock(6.7)(10.0)
Cash transactions related to stock-based compensation(1.2)(1.7)
Dividends paid to stockholders(7.4)(7.7)
Proceeds from FHLB advances60.0  
Repayments on FHLB advances (5.0)
Proceeds from line of credit advances10.0 12.0 
Repayments on line of credit advances(10.0)(12.0)
Net cash provided by (used in) financing activities44.7 (24.4)
Net increase (decrease) in cash, cash equivalents and restricted cash55.4 (75.0)
Cash, cash equivalents and restricted cash at the beginning of the period75.3 160.6 
Cash, cash equivalents and restricted cash at the end of the period$130.7 $85.6 
7



The following table presents our cash, cash equivalents and restricted cash by category within the Consolidated Balance Sheets:
As ofAs of
March 31,
2022
December 31,
2021
(in millions)
Cash and cash equivalents$130.5 $75.1 
Restricted cash and cash equivalents supporting reinsurance obligations0.2 0.2 
Total cash, cash equivalents and restricted cash$130.7 $75.3 
 
See accompanying unaudited notes to the consolidated financial statements.
8


Employers Holdings, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
 (Unaudited)
1. Basis of Presentation and Summary of Operations
Employers Holdings, Inc. (EHI) is a Nevada holding company. Through its wholly owned insurance subsidiaries, Employers Insurance Company of Nevada (EICN), Employers Compensation Insurance Company (ECIC), Employers Preferred Insurance Company (EPIC), Employers Assurance Company (EAC), and Cerity Insurance Company (CIC), EHI is engaged in the commercial property and casualty insurance industry, specializing in workers’ compensation products and services. Unless otherwise indicated, all references to the “Company” refer to EHI, together with its subsidiaries.
In 1999, the Nevada State Industrial Insurance System (the Fund) entered into a retroactive 100% quota share reinsurance agreement (the LPT Agreement) through a loss portfolio transfer transaction with third party reinsurers. The LPT Agreement commenced on June 30, 1999 and will remain in effect until: (i) all claims under the covered policies have closed; (ii) the LPT Agreement is commuted or terminated, upon the mutual agreement of the parties; or (iii) the reinsurers’ aggregate maximum limit of liability is exhausted, whichever occurs first. The LPT Agreement does not provide for any additional termination terms. On January 1, 2000, EICN assumed all of the assets, liabilities and operations of the Fund, including the Fund’s rights and obligations associated with the LPT Agreement (See Note 9).
The Company accounts for the LPT Agreement as retroactive reinsurance. Upon entry into the LPT Agreement, an initial deferred reinsurance gain (the Deferred Gain) was recorded as a liability on the Company’s Consolidated Balance Sheets. The Company is entitled to receive a contingent profit commission under the LPT Agreement. The contingent profit commission is estimated based on both actual paid results to date and projections of expected paid losses under the LPT Agreement and is recorded as an asset on the Company’s Consolidated Balance Sheets.
The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of the Company’s consolidated financial position and results of operations for the periods presented have been included. The results of operations for an interim period are not necessarily indicative of the results for an entire year. These financial statements have been prepared consistent with the accounting policies described in the Company’s Form 10-K for the year ended December 31, 2021 (Annual Report).
The Company operates through two reportable segments: Employers and Cerity. Each of the segments represents a separate and distinct underwriting platform through which the Company conducts insurance business. This presentation allows the reader, as well as the Company's chief operating decision makers, to objectively analyze the business originated through each of the Company's underwriting platforms. Detailed financial information about the Company's operating segments is presented in Note 14.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from these estimates. The most significant areas that require management judgment are the estimate of unpaid losses and loss adjustment expenses (LAE), evaluation of reinsurance recoverables, recognition of premium revenue, recoverability of deferred income taxes, and valuation of investments.
Reclassifications
Certain prior period information has been reclassified to conform to the current period presentation.
2. New Accounting Standards
Recently Issued Accounting Standards
In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848). This update provides optional transition guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate (LIBOR), with optional expedients and exceptions related to the application of US GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. Companies can apply this ASU at any time, but early adoption is only available through December 31, 2022 when this ASU becomes effective. The Company has and will continue to evaluate the impact of LIBOR on its existing contracts and
9


investments, but does not expect that this update will have a material impact on its consolidated financial condition or results of operations.
Recently Adopted Accounting Standards
None
3. Valuation of Financial Instruments
Financial Instruments Carried at Fair Value
The carrying value and the estimated fair value of the Company’s financial instruments at fair value were as follows:
March 31, 2022December 31, 2021
 Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
 (in millions)
Financial assets  
Total investments at fair value$2,571.0 $2,571.0 $2,692.0 $2,692.0 
Cash and cash equivalents130.5 130.5 75.1 75.1 
Restricted cash and cash equivalents0.2 0.2 0.2 0.2 
Assets and liabilities recorded at fair value on the Company’s Consolidated Balance Sheets are categorized based upon the levels of judgment associated with the inputs used to measure their fair value. Level inputs are defined as follows:
Level 1 - Inputs are unadjusted quoted market prices for identical assets or liabilities in active markets at the measurement date.
Level 2 - Inputs other than Level 1 prices that are observable for similar assets or liabilities through corroboration with market data at the measurement date.
Level 3 - Inputs that are unobservable that reflect management’s best estimate of what willing market participants would use in pricing the assets or liabilities at the measurement date.
The Company uses third party pricing services to assist with its investment accounting function. The ultimate pricing source varies depending on the investment security and pricing service used, but investment securities valued on the basis of observable inputs (Levels 1 and 2) are generally assigned values on the basis of actual transactions. Securities valued on the basis of pricing models with significant unobservable inputs or non-binding broker quotes are classified as Level 3. The Company performs quarterly analyses on the prices it receives from third parties to determine whether the prices are reasonable estimates of fair value, including confirming the fair values of these securities through observable market prices using an alternative pricing source, as it is ultimately management’s responsibility to ensure that the fair values reflected in the Company’s consolidated financial statements are appropriate. If differences are noted in these analyses, the Company may obtain additional information from other pricing services to validate the quoted price.
The Company bases all of its estimates of fair value for assets on the bid prices, when available, as they represent what a third-party market participant would be willing to pay in an arm’s length transaction.
For securities not actively traded, third party pricing services may use quoted market prices of similar instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, broker quotes, benchmark yields, credit spreads, default rates, and prepayment speed assumptions. There were no material adjustments to the valuation methodology utilized by third party pricing services as of March 31, 2022 and December 31, 2021.
These methods of valuation only produce an estimate of fair value if there is objectively verifiable information to produce a valuation. If objectively verifiable information is not available, the Company would be required to produce an estimate of fair value using some of the same methodologies, making assumptions for market-based inputs that are unavailable.
10


The following table presents the Company’s investments at fair value and the corresponding fair value measurements.
March 31, 2022December 31, 2021
Level 1Level 2Level 3Level 1Level 2Level 3
(in millions)
Fixed maturity securities:
U.S. Treasuries$ $63.2 $ $ $65.7 $ 
U.S. Agencies 2.3   2.4  
States and municipalities 372.9   436.1  
Corporate securities 1,045.1   1,080.3  
Residential mortgage-backed securities
 289.4   321.8  
Commercial mortgage-backed securities
 66.5   92.3  
Asset-backed securities 67.5   68.5  
Collateralized loan obligations 183.3   85.4  
Foreign government securities 11.6   12.5  
Other securities
 169.2   177.7  
Total fixed maturity securities$ $2,271.0 $ $ $2,342.7 $ 
Equity securities at fair value:
Industrial and miscellaneous$248.3 $ $ $283.1 $ $ 
Other48.5   55.7   
Total equity securities at fair value$296.8 $ $ $338.8 $ $ 
Short-term investments$1.0 $2.2 $ $ $10.5 $ 
Total investments at fair value$297.8 $2,273.2 $ $338.8 $2,353.2 $ 
Financial Instruments Carried at Cost
EICN, ECIC, EPIC, and EAC are members of the Federal Home Loan Bank of San Francisco (FHLB). Members are required to purchase stock in the FHLB in addition to maintaining collateral deposits that back any funds advanced. The Company’s investment in FHLB stock is recorded at cost, which approximates fair value, as purchases and sales of these securities are at par value with the issuer. FHLB stock is considered a restricted security and is periodically evaluated by the Company for impairment based on the ultimate recovery of par value.
Financial Instruments Carried at Net Asset Value
The Company has investments in private equity limited partnership interests that are included in Other invested assets on the Company’s Consolidated Balance Sheets. These investments do not have readily determinable fair values and are carried at net asset value (NAV) and therefore are excluded from the fair value hierarchy. The Company initially estimates the value of these investments using the transaction price. In subsequent periods, the Company measures these investments using NAV per share provided quarterly by the general partner, based on financial statements that are audited annually. These investments are generally not redeemable by the investees and cannot be sold without approval of the general partner. These investments have a fund term of 10 to 12 years, subject to two or three one-year extensions at the general partner’s discretion. The Company will receive distributions of proceeds from dividends and interest from fund investments, as well as from the disposition of a fund investment, or portion thereof. The Company expects these distributions from time-to-time during the full course of the fund term. As of March 31, 2022, the Company had unfunded commitments to these private equity limited partnerships totaling $44.7 million. In April 2022, the Company entered into an additional investment in a private equity limited partnership with an unfunded commitment amount totaling $15.0 million.
Additionally, certain cash equivalents, principally money market securities, are measured using NAV, which approximates fair value.
The following table presents cash and investments carried at NAV on the Company’s Consolidated Balance Sheets.
March 31, 2022December 31, 2021
(in millions)
Cash equivalents carried at NAV$41.0 $29.5 
Other invested assets carried at NAV40.4 38.4 
11


4. Investments
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company’s available-for-sale (AFS) investments were as follows:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(in millions)
At March 31, 2022
Fixed maturity securities
U.S. Treasuries$64.4 $0.4 $(1.6)$63.2 
U.S. Agencies2.2 0.1  2.3 
States and municipalities368.6 6.2 (1.9)372.9 
Corporate securities1,061.1 11.1 (27.1)1,045.1 
Residential mortgage-backed securities303.9 1.0 (15.5)289.4 
Commercial mortgage-backed securities67.8 0.3 (1.6)66.5 
Asset-backed securities71.0 0.1 (3.6)67.5 
Collateralized loan obligations184.4  (1.1)183.3 
Foreign government securities12.7  (1.1)11.6 
Other securities(1)
169.8 0.7 (1.3)169.2 
Total fixed maturity securities$2,305.9 $19.9 $(54.8)$2,271.0 
Short-term investments3.2   3.2 
Total AFS investments$2,309.1 $19.9 $(54.8)$2,274.2 
At December 31, 2021
Fixed maturity securities
U.S. Treasuries$64.3 $1.6 $(0.2)$65.7 
U.S. Agencies2.2 0.2  2.4 
States and municipalities413.8 22.4 (0.1)436.1 
Corporate securities1,035.1 47.0 (1.8)1,080.3 
Residential mortgage-backed securities319.0 7.0 (4.2)321.8 
Commercial mortgage-backed securities87.9 4.5 (0.1)92.3 
Asset-backed securities68.6 0.4 (0.5)68.5 
Collateralized loan obligations85.5  (0.1)85.4 
Foreign government securities12.7  (0.2)12.5 
Other securities(1)
177.0 1.2 (0.5)177.7 
Total fixed maturity securities$2,266.1 $84.3 $(7.7)$2,342.7 
Short-term investments10.5   10.5 
Total AFS investments$2,276.6 $84.3 $(7.7)$2,353.2 
(1)Other securities within fixed maturity securities consist of bank loans, which are classified as AFS and reported at fair value.
The cost and estimated fair value of the Company’s equity securities recorded at fair value at March 31, 2022 and December 31, 2021 were as follows:
CostEstimated Fair Value
(in millions)
At March 31, 2022
Equity securities at fair value
Industrial and miscellaneous$167.7 $248.3 
Other38.7 48.5 
Total equity securities at fair value$206.4 $296.8 
12


At December 31, 2021
Equity securities at fair value
Industrial and miscellaneous$170.5 $283.1 
Other42.1 55.7 
Total equity securities at fair value$212.6 $338.8 
The Company had Other invested assets totaling $40.4 million and $38.4 million (initial cost of $35.9 million and $34.1 million) at March 31, 2022 and December 31, 2021, respectively, consisting of private equity limited partnerships, which are carried at NAV based on information provided by the general partner. These investments are non-redeemable until conversion and are periodically evaluated by the Company for impairment based on the ultimate recovery of the investment. Changes in the value of these investments are recorded through Net realized and unrealized gains and losses on the Company’s Consolidated Statements of Comprehensive (Loss) Income.
The amortized cost and estimated fair value of the Company’s fixed maturity securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized CostEstimated Fair Value
(in millions)
Due in one year or less$87.9 $88.6 
Due after one year through five years745.7 749.6 
Due after five years through ten years733.2 718.8 
Due after ten years112.0 107.3 
Mortgage and asset-backed securities627.1 606.7 
Total$2,305.9 $2,271.0 
13


The following is a summary of AFS investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or greater as of March 31, 2022 and December 31, 2021.
March 31, 2022December 31, 2021
Estimated Fair ValueGross
Unrealized
Losses
Number of IssuesEstimated Fair ValueGross
Unrealized
Losses
Number of Issues
(dollars in millions)
Less than 12 months:
Fixed maturity securities
U.S. Treasuries$36.8 $(1.5)11 $12.8 $(