Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

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:

	March 31, 2024
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	141,161	$	59,183	$	—	$	200,344
Municipal securities	—		2,795,677		—		2,795,677
Mortgage-backed securities	—		193,040		—		193,040
Corporate securities	—		706,210		—		706,210
Collateralized loan obligations	—		495,523		—		495,523
Other asset-backed securities	—		98,758		—		98,758
Total fixed maturity securities	141,161		4,348,391		—		4,489,552
Equity securities:
Common stock	672,106		—		—		672,106
Non-redeemable preferred stock	—		45,241		—		45,241
Private equity funds measured at net asset value (1)							83,761
Total equity securities	672,106		45,241		—		801,108
Short-term investments:
Short-term bonds	12,140		1,830		—		13,970
Money market instruments	148,449		—		—		148,449
Other	47		—		—		47
Total short-term investments	160,636		1,830		—		162,466
Other assets:
Note receivable	—		9,818		—		9,818
Total assets at fair value	$	973,903	$	4,405,280	$	—	$	5,462,944
Liabilities
Other liabilities:
Options sold	$	1,928	$	—	$	—	$	1,928
Total liabilities at fair value	$	1,928	$	—	$	—	$	1,928

	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	123,182	$	51,268	$	—	$	174,450
Municipal securities	—		2,777,258		—		2,777,258
Mortgage-backed securities	—		186,887		—		186,887
Corporate securities	—		599,630		—		599,630
Collateralized loan obligations	—		484,947		—		484,947
Other asset-backed securities	—		96,164		—		96,164
Total fixed maturity securities	123,182		4,196,154		—		4,319,336
Equity securities:
Common stock	597,888		—		—		597,888
Non-redeemable preferred stock	—		51,563		—		51,563
Private equity funds measured at net asset value (1)							81,242
Total equity securities	597,888		51,563		—		730,693
Short-term investments:
Short-term bonds	12,015		1,838		—		13,853
Money market instruments	164,595		—		—		164,595
Other	43		—		—		43
Total short-term investments	176,653		1,838		—		178,491
Other assets:
Note receivable	—		9,974		—		9,974
Total assets at fair value	$	897,723	$	4,259,529	$	—	$	5,238,494
Liabilities
Other liabilities:
Options sold	$	1,955	$	—	$	—	$	1,955
Total liabilities at fair value	$	1,955	$	—	$	—	$	1,955

__________ 

(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:

	March 31, 2024
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,829	$	360,611	$	—	$	360,611	$	—
Unsecured credit facility	200,000		200,007		—		200,007		—
Total	$	573,829	$	560,618	$	—	$	560,618	$	—

	December 31, 2023
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,729	$	357,765	$	—	$	357,765	$	—
Unsecured credit facility	200,000		199,945		—		199,945		—
Total	$	573,729	$	557,710	$	—	$	557,710	$	—