Note 5 - Fair Value of Financial Instruments Level 3 (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Assets & Liabilities Measured at Fair Value by Hierarchy Level

The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2019:

(In thousands)	Level I		Level II		Total
Assets at fair value
Investments:
Fixed-maturities available for sale:
U.S. government and agency securities	$	143,884	$	35,700	$	179,584
State and municipal obligations	—		119,994		119,994
Corporate bonds and notes	—		2,237,611		2,237,611
RMBS	—		779,354		779,354
CMBS	—		608,015		608,015
Other ABS	—		759,129		759,129
Foreign government and agency securities	—		5,224		5,224
Total fixed-maturities available for sale	143,884		4,545,027		4,688,911
Trading securities:
State and municipal obligations	—		118,949		118,949
Corporate bonds and notes	—		147,232		147,232
RMBS	—		16,180		16,180
CMBS	—		34,789		34,789
Total trading securities	—		317,150		317,150
Equity securities	124,009		6,212		130,221
Short-term investments:
U.S. government and agency securities	127,152		—		127,152
State and municipal obligations	—		21,475		21,475
Money market instruments	202,461		—		202,461
Corporate bonds and notes	—		20,298		20,298
Other investments (1)	—		147,007		147,007
Total short-term investments	329,613		188,780		518,393
Total investments at fair value (2)	597,506		5,057,169		5,654,675
Other assets:
Loaned securities: (3)
U.S. government and agency securities	35,309		—		35,309
Corporate bonds and notes	—		3,669		3,669
Equity securities	27,464		—		27,464
Total assets at fair value (2)	$	660,279	$	5,060,838	$	5,721,117

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

(2) Does not include other invested assets of $2.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient and $1.5 million invested in a private convertible promissory note.

(3) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our consolidated balance sheets. See Note 6 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

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(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 partnerships 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 consolidated balance sheets. See Note 6 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 consolidated balance sheets were as follows as of the dates indicated:

	December 31, 2019				December 31, 2018
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Liabilities:
Senior notes	$	887,110	$	949,500	$	1,030,348	$	1,007,687
FHLB advances	134,875		135,997		82,532		82,899