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Note 5 - Fair Value of Financial Instruments Level 3 (Tables) | 12 Months Ended
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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 |
______________________
(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 |
______________________
(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 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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