Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2021

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:

	September 30, 2021
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	14,580	$	—	$	—	$	14,580
Municipal securities	—		2,884,651		—		2,884,651
Mortgage-backed securities	—		112,614		—		112,614
Corporate securities	—		407,069		—		407,069
Collateralized loan obligations	—		309,034		—		309,034
Other asset-backed securities	—		262,565		—		262,565
Total fixed maturity securities	14,580		3,975,933		—		3,990,513
Equity securities:
Common stock	723,214		—		—		723,214
Non-redeemable preferred stock	—		61,194		—		61,194
Private equity funds measured at net asset value (1)							106,212
Total equity securities	723,214		61,194		—		890,620
Short-term investments:
Short-term bonds	—		19,841		—		19,841
Money market instruments	173,771		—		—		173,771
Other	9		—		—		9
Total short-term investments	173,780		19,841		—		193,621
Other assets:
Note receivable	—		5,741		—		5,741
Total assets at fair value	$	911,574	$	4,062,709	$	—	$	5,080,495
Liabilities
Other liabilities:
Options sold	$	473	$	—	$	—	$	473
Total liabilities at fair value	$	473	$	—	$	—	$	473

	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	13,816	$	—	$	—	$	13,816
Municipal securities	—		2,791,212		—		2,791,212
Mortgage-backed securities	—		93,264		—		93,264
Corporate securities	—		241,366		—		241,366
Collateralized loan obligations	—		256,891		—		256,891
Other asset-backed securities	—		153,261		—		153,261
Total fixed maturity securities	13,816		3,535,994		—		3,549,810
Equity securities:
Common stock	691,782		—		—		691,782
Non-redeemable preferred stock	—		32,660		—		32,660
Private equity funds measured at net asset value (1)							79,409
Total equity securities	691,782		32,660		—		803,851
Short-term investments:
Short-term bonds	21,999		4,929		—		26,928
Money market instruments	348,676		—		—		348,676
Other	5		—		—		5
Total short-term investments	370,680		4,929		—		375,609
Other assets:
Note receivable	—		5,725		—		5,725
Total assets at fair value	$	1,076,278	$	3,579,308	$	—	$	4,734,995

__________ 

(1) The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets.

The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized:

	September 30, 2021
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	372,831	$	420,450	$	—	$	420,450	$	—

	December 31, 2020
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	372,532	$	415,253	$	—	$	415,253	$	—

Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value

The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities:

	Private Equity Fund
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Amounts in thousands)
Beginning balance	$	—	$	—	$	—	$	1,203
Realized losses included in earnings	—		—		—		(1)
Settlements	—		—		—		—
Transfer out (1)	—		—		—		(1,202)
Ending balance	$	—	$	—	$	—	$	—
The amount of total gains or losses for the period included in earnings attributable to assets still held at September 30	$	—	$	—	$	—	$	—

__________ 

(1) The private equity fund was reclassified from Level 3 to private equity funds measured at net asset value at March 31, 2020, due to the use of the NAV practical expedient in measuring the fair value of the fund.