Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurements for Items Measured at Fair Value

Assets measured at fair value, by hierarchy level, as of December 31, 2023 and 2022 are shown in tables 6.1a and 6.1b below. The fair value of the assets is estimated using the process described above, and more fully in Note 3 - "Significant Accounting Policies" to the consolidated financial statements in this Form 10-K.


Assets carried at fair value by hierarchy level as of December 31, 2023
Table	6.1a
(In thousands)		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	161,682	$	95,828	$	65,854
Obligations of U.S. states and political subdivisions		1,908,078		—		1,908,078
Corporate debt securities		2,515,581		—		2,515,581
ABS		171,273		—		171,273
RMBS		330,773		—		330,773
CMBS		277,457		—		277,457
CLOs		326,096		—		326,096
Foreign government debt		3,843		—		3,843
Commercial paper		28,330		—		28,330
Total fixed income securities		5,723,113		95,828		5,627,285
Equity securities		14,771		14,771		—
Cash equivalents(1)		367,517		367,301		216
Total		$	6,105,401	$	477,900	$	5,627,501


Assets carried at fair value by hierarchy level as of December 31, 2022
Table	6.1b
(In thousands)		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	135,900	$	116,897	$	19,003
Obligations of U.S. states and political subdivisions		2,149,054		—		2,149,054
Corporate debt securities		2,221,141		—		2,221,141
ABS		120,687		—		120,687
RMBS		198,009		—		198,009
CMBS		237,216		—		237,216
CLOs		329,832		—		329,832
Foreign government debt		3,787		—		3,787
Commercial Paper		14,072		—		14,072
Total fixed income securities		5,409,698		116,897		5,292,801
Equity securities		14,140		14,140		—
Cash equivalents(1)		328,756		324,129		4,627
Total		$	5,752,594	$	455,166	$	5,297,428
(1) Includes restricted cash equivalents

Schedule of Carrying Value and Fair Value of Financial Liabilities Measured on a Recurring Basis

Table 6.3 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2023 and 2022.


Financial liabilities not carried at fair value
Table	6.3
		December 31, 2023				December 31, 2022
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	850	$	850	$	850	$	850
Financial liabilities
5.25% Notes		$	643,196	$	634,498	$	641,724	$	600,938
9% Debentures		—		—		21,086		28,085
Total financial liabilities		$	643,196	$	634,498	$	662,810	$	629,023