Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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:

	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	103,519	$	55,088	$	—	$	158,607
Municipal securities	—		2,737,183		—		2,737,183
Mortgage-backed securities	—		166,260		—		166,260
Corporate securities	—		569,553		—		569,553
Collateralized loan obligations	—		320,252		—		320,252
Other asset-backed securities	—		136,456		—		136,456
Total fixed maturity securities	103,519		3,984,792		—		4,088,311
Equity securities:
Common stock	558,169		—		—		558,169
Preferred stock	—		51,236		—		51,236
Private equity funds measured at net asset value (1)							90,147
Total equity securities	558,169		51,236		—		699,552
Short-term investments:
Short-term bonds	51,638		8,238		—		59,876
Money market instruments	63,021		—		—		63,021
Other	40		—		—		40
Total short-term investments	114,699		8,238		—		122,937
Total assets at fair value	$	776,387	$	4,044,266	$	—	$	4,910,800
Liabilities
Other liabilities:
Options sold	162		—		—		162
Total liabilities at fair value	$	162	$	—	$	—	$	162

	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 debt 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
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.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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:

	December 31, 2022
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,330	$	350,644	$	—	$	350,644	$	—
Unsecured credit facility	25,000		24,987		—		24,987		—
Total	$	398,330	$	375,631	$	—	$	375,631	$	—

	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	$	—
Total	$	372,931	$	413,378	$	—	$	413,378	$	—