Note 4 - Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following is a list of assets that are measured at fair value by hierarchy level as of June 30, 2019:

(In thousands)	Level I		Level II		Total
Assets at fair value
Investments:
Fixed-maturities available for sale:
U.S. government and agency securities	$	49,929	$	34,491	$	84,420
State and municipal obligations	—		107,962		107,962
Corporate bonds and notes	—		2,249,315		2,249,315
RMBS	—		433,773		433,773
CMBS	—		571,923		571,923
Other ABS	—		661,089		661,089
Foreign government and agency securities	—		5,168		5,168
Total fixed-maturities available for sale	49,929		4,063,721		4,113,650
Trading securities:
State and municipal obligations	—		128,824		128,824
Corporate bonds and notes	—		155,793		155,793
RMBS	—		17,511		17,511
CMBS	—		34,889		34,889
Total trading securities	—		337,017		337,017
Equity securities	144,882		5,072		149,954
Short-term investments:
U.S. government and agency securities	142,206		—		142,206
State and municipal obligations	—		13,990		13,990
Money market instruments	262,466		—		262,466
Corporate bonds and notes	—		89,910		89,910
Other investments (1)	—		401,308		401,308
Total short-term investments	404,672		505,208		909,880
Total investments at fair value (2)	599,483		4,911,018		5,510,501
Other assets:
Loaned securities: (3)
U.S. government and agency securities	1,502		—		1,502
Corporate bonds and notes	—		23,011		23,011
Equity securities	4,551		—		4,551
Total assets at fair value (2)	$	605,536	$	4,934,029	$	5,539,565

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(1) Comprising short-term certificates of deposit and commercial paper.

(2) Does not include other invested assets of $2.8 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(3) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.

The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2018:

(In thousands)	Level I		Level II		Total
Assets at fair value
Investments:
Fixed-maturities available for sale:
U.S. government and agency securities	$	55,658	$	28,412	$	84,070
State and municipal obligations	—		138,313		138,313
Corporate bonds and notes	—		2,222,473		2,222,473
RMBS	—		332,142		332,142
CMBS	—		539,915		539,915
Other ABS	—		704,662		704,662
Total fixed-maturities available for sale	55,658		3,965,917		4,021,575
Trading securities:
State and municipal obligations	—		168,359		168,359
Corporate bonds and notes	—		228,152		228,152
RMBS	—		21,082		21,082
CMBS	—		51,478		51,478
Total trading securities	—		469,071		469,071
Equity securities	126,607		3,958		130,565
Short-term investments:
U.S. government and agency securities	133,657		—		133,657
State and municipal obligations	—		18,070		18,070
Money market instruments	95,132		—		95,132
Corporate bonds and notes	—		105,625		105,625
Other ABS	—		806		806
Other investments (1)	—		175,113		175,113
Total short-term investments	228,789		299,614		528,403
Total investments at fair value (2)	411,054		4,738,560		5,149,614
Other assets:
Loaned securities: (3)
U.S. government and agency securities	9,987		—		9,987
Corporate bonds and notes	—		7,818		7,818
Equity securities	10,055		—		10,055
Total assets at fair value (2)	$	431,096	$	4,746,378	$	5,177,474

______________________

(1) Comprising short-term certificates of deposit and commercial paper.

(2) Does not include other invested assets of $3.4 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(3)

Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying value and estimated fair value of other selected liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated:

	June 30, 2019				December 31, 2018
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Liabilities:
Senior notes	$	982,890	$	1,016,661	$	1,030,348	$	1,007,687
FHLB advances	106,382		107,366		82,532		82,899