Fair Value Measurement (Tables)

9 Months Ended

Sep. 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:

	September 30, 2023
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	118,528	$	42,657	$	—	$	161,185
Municipal securities	—		2,645,979		—		2,645,979
Mortgage-backed securities	—		175,965		—		175,965
Corporate securities	—		590,545		—		590,545
Collateralized loan obligations	—		436,217		—		436,217
Other asset-backed securities	—		104,766		—		104,766
Total fixed maturity securities	118,528		3,996,129		—		4,114,657
Equity securities:
Common stock	530,267		—		—		530,267
Non-redeemable preferred stock	—		49,865		—		49,865
Private equity funds measured at net asset value (1)							90,861
Total equity securities	530,267		49,865		—		670,993
Short-term investments:
Short-term bonds	29,848		4,488		—		34,336
Money market instruments	177,397		—		—		177,397
Other	45		—		—		45
Total short-term investments	207,290		4,488		—		211,778
Other assets:
Note receivable	—		9,888		—		9,888
Total assets at fair value	$	856,085	$	4,060,370	$	—	$	5,007,316
Liabilities
Other liabilities:
Options sold	$	512	$	—	$	—	$	512
Total liabilities at fair value	$	512	$	—	$	—	$	512

	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:

	September 30, 2023
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,629	$	349,556	$	—	$	349,556	$	—
Unsecured credit facility	200,000		199,983		—		199,983		—
Total	$	573,629	$	549,539	$	—	$	549,539	$	—

	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	$	—