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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2024, and December 31, 2023:
June 30, 2024December 31, 2023
($ in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes
$49,928 51,301 49,926 53,047 
6.70% Senior Notes
99,577 99,393 99,565 104,039 
5.375% Senior Notes
294,574 283,037 294,523 288,787 
3.03% borrowings from FHLBI
60,000 57,638 60,000 57,932 
Subtotal long-term debt504,079 491,369 504,014 503,805 
Unamortized debt issuance costs(2,596)(2,704)
Finance lease obligations7,318 2,636 
Total long-term debt$508,801 503,946 
Schedule of Fair Value of Financial Assets
The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2024, and December 31, 2023:

June 30, 2024 Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
Active Markets for
Identical Assets/
Liabilities (Level 1)		Significant Other
 Observable
Inputs
 (Level 2)		Significant Unobservable
 Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$150,968 33,453 117,515 — 
Foreign government9,234 — 9,234 — 
Obligations of states and political subdivisions525,435 — 517,781 7,654 
Corporate securities2,845,952 — 2,552,239 293,713 
CLO and other ABS1,916,120 — 1,652,400 263,720 
RMBS1,503,952 — 1,499,066 4,886 
CMBS717,372 — 717,023 349 
Total AFS fixed income securities7,669,033 33,453 7,065,258 570,322 
Equity securities:
Common stock1
190,141 34,815 — 1,067 
Preferred stock1,823 1,823 — — 
Total equity securities191,964 36,638 — 1,067 
Short-term investments417,346 400,906 16,440 — 
Total assets measured at fair value$8,278,343 470,997 7,081,698 571,389 

December 31, 2023 Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
 Active Markets for
Identical Assets/Liabilities
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant Unobservable
Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$205,035 34,056 170,979 — 
Foreign government9,803 — 9,803 — 
Obligations of states and political subdivisions585,965 — 578,131 7,834 
Corporate securities2,711,239 — 2,413,907 297,332 
CLO and other ABS1,834,827 — 1,589,514 245,313 
RMBS1,477,483 — 1,477,483 — 
CMBS674,845 — 674,489 356 
Total AFS fixed income securities7,499,197 34,056 6,914,306 550,835 
Equity securities:
Common stock1
185,339 20,582 — 854 
Preferred stock1,816 1,816 — — 
Total equity securities187,155 22,398 — 854 
Short-term investments309,317 308,512 805 — 
Total assets measured at fair value$7,995,669 364,966 6,915,111 551,689 
1Investments amounting to $154.3 million at June 30, 2024, and $163.9 million at December 31, 2023, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value
Schedule of Summary of the Changes in Fair Value of Securities Using Level 3 Inputs
The following tables provide a summary of Level 3 changes in Six Months 2024 and Six Months 2023:

June 30, 2024
($ in thousands)Obligations of States and Political SubdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSCommon StockTotal
Fair value, December 31, 2023
$7,834 297,332 245,313 — 356 854 551,689 
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")(112)1,203 969 — (2)— 2,058 
   Net realized and unrealized gains (losses)— 218 39 — — 213 470 
Net investment income earned— (494)(7)— (1)— (502)
Purchases— 5,261 30,119 4,886 — — 40,266 
Sales— — — — — — — 
Issuances— — — — — — — 
Settlements(68)(7,269)(4,726)— (4)— (12,067)
Transfers into Level 3— 28,896 19,537 — — — 48,433 
Transfers out of Level 3— (31,434)(27,524)— — — (58,958)
Fair value, June 30, 2024
$7,654 293,713 263,720 4,886 349 1,067 571,389 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end— 226 39 — — 213 478 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end(112)850 969 — (2)— 1,705 

June 30, 2023
($ in thousands)Obligation of state and Political SubdivisionsCorporate SecuritiesCLO and Other ABSCMBSCommon StockTotal
Fair value, December 31, 2022
$6,661 187,980 153,342 375 897 349,255 
Total net gains (losses) for the period included in:
OCI(7)1,857 (1,168)64 — 746 
   Net realized and unrealized gains (losses)62 251 17 — (235)95 
Net investment income earned— 112 (20)(263)— (171)
Purchases— 58,586 39,713 — — 98,299 
Sales— — — — — — 
Issuances— — — — — — 
Settlements— (5,535)(3,153)(21)— (8,709)
Transfers into Level 3— 2,238 14,148 2,848 — 19,234 
Transfers out of Level 3— — (953)(2,626)— (3,579)
Fair value, June 30, 2023
$6,716 245,489 201,926 377 662 455,170 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end62 251 17 — (235)95 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end(7)1,846 (1,168)64 — 735 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2024, and December 31, 2023:

June 30, 2024
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRange Weighted Average
Internal valuations:
Corporate securities$154,075 
Discounted Cash Flow
Illiquidity Spread
(4.4)% - 5.3%
1.8%
CLO and other ABS158,660 
Discounted Cash Flow
Illiquidity Spread
0.01% - 19.6%
2.5%
Total internal valuations312,735 
Other1
258,654 
Total Level 3 securities$571,389 
December 31, 2023
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRangeWeighted Average
Internal valuations:
Corporate securities$135,524 Discounted Cash FlowIlliquidity Spread
(4.4)% - 5.3%
1.9%
CLO and other ABS127,210 Discounted Cash FlowIlliquidity Spread
0.01% - 19.6%
2.4%
Total internal valuations262,734 
Other1
288,955 
Total Level 3 securities$551,689 
1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.
Schedule of Quantitative Information of Financial Assets and Liabilities, Disclosed at Fair Value
The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2024, and December 31, 2023:

June 30, 2024 Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
HTM:    
Corporate securities$18,556 — 18,556 — 
Total HTM fixed income securities18,556 — 18,556 — 
CMLs$209,041 — — 209,041 
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$51,301 — 51,301 — 
6.70% Senior Notes
99,393 — 99,393 — 
5.375% Senior Notes
283,037 — 283,037 — 
3.03% borrowings from FHLBI
57,638 — 57,638 — 
Total long-term debt$491,369 — 491,369 — 

December 31, 2023 Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
HTM:    
Corporate securities$21,923 — 21,923 — 
Total HTM fixed income securities21,923 — 21,923 — 
CMLs$178,913 — — 178,913 
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$53,047 — 53,047 — 
6.70% Senior Notes
104,039 — 104,039 — 
5.375% Senior Notes
288,787 — 288,787 — 
3.03% borrowings from FHLBI
57,932 — 57,932 — 
Total long-term debt$503,805 — 503,805 —