Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

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:

	June 30, 2023
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	116,762	$	42,772	$	—	$	159,534
Municipal securities	—		2,715,436		—		2,715,436
Mortgage-backed securities	—		156,650		—		156,650
Corporate securities	—		594,761		—		594,761
Collateralized loan obligations	—		362,220		—		362,220
Other asset-backed securities	—		106,102		—		106,102
Total fixed maturity securities	116,762		3,977,941		—		4,094,703
Equity securities:
Common stock	531,788		—		—		531,788
Non-redeemable preferred stock	—		51,722		—		51,722
Private equity funds measured at net asset value (1)							86,981
Total equity securities	531,788		51,722		—		670,491
Short-term investments:
Short-term bonds	53,120		1,979		—		55,099
Money market instruments	134,852		—		—		134,852
Other	40		—		—		40
Total short-term investments	188,012		1,979		—		189,991
Other assets:
Note receivable	—		9,925		—		9,925
Total assets at fair value	$	836,562	$	4,041,567	$	—	$	4,965,110
Liabilities
Other liabilities:
Options sold	$	817	$	—	$	—	$	817
Total liabilities at fair value	$	817	$	—	$	—	$	817

	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
Non-redeemable 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

__________ 

(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:

	June 30, 2023
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,529	$	354,660	$	—	$	354,660	$	—
Unsecured credit facility	75,000		74,991		—		74,991		—
Total	$	448,529	$	429,651	$	—	$	429,651	$	—

	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	$	—