Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	59,327	$	10,036	$	—	$	69,363
Municipal securities	—		2,688,727		—		2,688,727
Mortgage-backed securities	—		165,208		—		165,208
Corporate securities	—		510,811		—		510,811
Collateralized loan obligations	—		285,360		—		285,360
Other asset-backed securities	—		178,390		—		178,390
Total fixed maturity securities	59,327		3,838,532		—		3,897,859
Equity securities:
Common stock	537,455		—		—		537,455
Non-redeemable preferred stock	—		54,042		—		54,042
Private equity funds measured at net asset value (1)							92,838
Total equity securities	537,455		54,042		—		684,335
Short-term investments:
Short-term bonds	15,488		—		—		15,488
Money market instruments	85,094		—		—		85,094
Other	39		—		—		39
Total short-term investments	100,621		—		—		100,621
Total assets at fair value	$	697,403	$	3,892,574	$	—	$	4,682,815
Liabilities
Other liabilities:
Options sold	$	169	$	—	$	—	$	169
Total liabilities at fair value	$	169	$	—	$	—	$	169

	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	13,085	$	—	$	—	$	13,085
Municipal securities	—		2,843,221		—		2,843,221
Mortgage-backed securities	—		137,002		—		137,002
Corporate securities	—		523,853		—		523,853
Collateralized loan obligations	—		314,153		—		314,153
Other asset-backed securities	—		200,209		—		200,209
Total fixed maturity securities	13,085		4,018,438		—		4,031,523
Equity securities:
Common stock	797,024		—		—		797,024
Non-redeemable preferred stock	—		65,501		—		65,501
Private equity funds measured at net asset value (1)							108,414
Total equity securities	797,024		65,501		—		970,939
Short-term investments:
Short-term bonds	1,453		15,748		—		17,201
Money market instruments	122,917		—		—		122,917
Other	9		—		—		9
Total short-term investments	124,379		15,748		—		140,127
Total assets at fair value	$	934,488	$	4,099,687	$	—	$	5,142,589
Liabilities
Other liabilities:
Options sold	$	301	$	—	$	—	$	301
Total liabilities at fair value	$	301	$	—	$	—	$	301

__________ 

(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, 2022
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,230	$	349,643	$	—	$	349,643	$	—

	December 31, 2021
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	372,931	$	413,378	$	—	$	413,378	$	—