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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
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 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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