XML 47 R31.htm IDEA: XBRL DOCUMENT
v3.21.1

Note 5 - Fair Value of Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables include a list of assets that are measured at fair value by hierarchy level as of March 31, 2021 and December 31, 2020.
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total
Assets at fair value as of March 31, 2021 |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |
Fixed-maturities available for sale: |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 94,491 |  |  | $ | 30,290 |  |  | $ | — |  |  | $ | 124,781 |
State and municipal obligations |  | — |  |  | 161,038 |  |  | — |  |  | 161,038 |
Corporate bonds and notes |  | — |  |  | 2,979,117 |  |  | — |  |  | 2,979,117 |
RMBS |  | — |  |  | 774,110 |  |  | — |  |  | 774,110 |
CMBS |  | — |  |  | 708,347 |  |  | — |  |  | 708,347 |
CLO |  | — |  |  | 562,588 |  |  | — |  |  | 562,588 |
Other ABS |  | — |  |  | 238,337 |  |  | — |  |  | 238,337 |
Foreign government and agency securities |  | — |  |  | 5,393 |  |  | — |  |  | 5,393 |
Total fixed-maturities available for sale |  | 94,491 |  |  | 5,459,220 |  |  | — |  |  | 5,553,711 |
Trading securities: |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 98,544 |  |  | — |  |  | 98,544 |
Corporate bonds and notes |  | — |  |  | 120,527 |  |  | — |  |  | 120,527 |
RMBS |  | — |  |  | 12,015 |  |  | — |  |  | 12,015 |
CMBS |  | — |  |  | 34,228 |  |  | — |  |  | 34,228 |
Total trading securities |  | — |  |  | 265,314 |  |  | — |  |  | 265,314 |
Equity securities |  | 134,439 |  |  | 6,973 |  |  | — |  |  | 141,412 |
Short-term investments: |  |  |  |  |  |  |  |
U.S. government and agency securities |  | 19,499 |  |  | — |  |  | — |  |  | 19,499 |
State and municipal obligations |  | — |  |  | 15,640 |  |  | — |  |  | 15,640 |
Money market instruments |  | 367,606 |  |  | — |  |  | — |  |  | 367,606 |
Corporate bonds and notes |  | — |  |  | 35,910 |  |  | — |  |  | 35,910 |
CMBS |  | — |  |  | 4,705 |  |  | — |  |  | 4,705 |
Other ABS |  | — |  |  | 786 |  |  | — |  |  | 786 |
Other investments (1) |  | — |  |  | 261,514 |  |  | — |  |  | 261,514 |
Total short-term investments |  | 387,105 |  |  | 318,555 |  |  | — |  |  | 705,660 |
Other invested assets (2) |  | — |  |  | — |  |  | 3,000 |  |  | 3,000 |
Total investments at fair value (2) |  | 616,035 |  |  | 6,050,062 |  |  | 3,000 |  |  | 6,669,097 |
Other: |  |  |  |  |  |  |  |
Embedded derivatives (3) |  | — |  |  | — |  |  | 6,116 |  |  | 6,116 |
Loaned securities: (4) |  |  |  |  |  |  |  |
U.S. government and agency securities |  | 39,788 |  |  | — |  |  | — |  |  | 39,788 |
Corporate bonds and notes |  | — |  |  | 56,535 |  |  | — |  |  | 56,535 |
Equity securities |  | 37,981 |  |  | — |  |  | — |  |  | 37,981 |
Total assets at fair value (2) |  | $ | 693,804 |  |  | $ | 6,106,597 |  |  | $ | 9,116 |  |  | $ | 6,809,517 |
(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)Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs. (4)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information.
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total
Assets at fair value as of December 31, 2020 |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |
Fixed-maturities available for sale: |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 140,034 |  |  | $ | 29,189 |  |  | $ | — |  |  | $ | 169,223 |
State and municipal obligations |  | — |  |  | 165,271 |  |  | — |  |  | 165,271 |
Corporate bonds and notes |  | — |  |  | 3,047,189 |  |  | — |  |  | 3,047,189 |
RMBS |  | — |  |  | 833,939 |  |  | — |  |  | 833,939 |
CMBS |  | — |  |  | 681,265 |  |  | — |  |  | 681,265 |
CLO |  | — |  |  | 568,558 |  |  | — |  |  | 568,558 |
Other ABS |  | — |  |  | 252,457 |  |  | — |  |  | 252,457 |
Foreign government and agency securities |  | — |  |  | 5,438 |  |  | — |  |  | 5,438 |
Total fixed-maturities available for sale |  | 140,034 |  |  | 5,583,306 |  |  | — |  |  | 5,723,340 |
Trading securities: |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 120,449 |  |  | — |  |  | 120,449 |
Corporate bonds and notes |  | — |  |  | 123,142 |  |  | — |  |  | 123,142 |
RMBS |  | — |  |  | 13,000 |  |  | — |  |  | 13,000 |
CMBS |  | — |  |  | 34,294 |  |  | — |  |  | 34,294 |
Total trading securities |  | — |  |  | 290,885 |  |  | — |  |  | 290,885 |
Equity securities |  | 142,761 |  |  | 8,479 |  |  | — |  |  | 151,240 |
Short-term investments: |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 21,819 |  |  | — |  |  | 21,819 |
Money market instruments |  | 268,900 |  |  | — |  |  | — |  |  | 268,900 |
Corporate bonds and notes |  | — |  |  | 30,495 |  |  | — |  |  | 30,495 |
Other ABS |  | — |  |  | 219 |  |  | — |  |  | 219 |
Other investments (1) |  | — |  |  | 296,571 |  |  | — |  |  | 296,571 |
Total short-term investments |  | 268,900 |  |  | 349,104 |  |  | — |  |  | 618,004 |
Other invested assets (2) |  | — |  |  | — |  |  | 3,000 |  |  | 3,000 |
Total investments at fair value (2) |  | 551,695 |  |  | 6,231,774 |  |  | 3,000 |  |  | 6,786,469 |
Other: |  |  |  |  |  |  |  |
Embedded derivatives (3) |  | — |  |  | — |  |  | 5,513 |  |  | 5,513 |
Loaned securities: (4) |  |  |  |  |  |  |  |
U.S. government and agency securities |  | 4,876 |  |  | — |  |  | — |  |  | 4,876 |
Corporate bonds and notes |  | — |  |  | 31,324 |  |  | — |  |  | 31,324 |
Equity securities |  | 21,299 |  |  | — |  |  | — |  |  | 21,299 |
Total assets at fair value (2) |  | $ | 577,870 |  |  | $ | 6,263,098 |  |  | $ | 8,513 |  |  | $ | 6,849,481 |
(1)Comprising short-term certificates of deposit and commercial paper. (2)Does not include other invested assets of $2.0 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (3)Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs. (4)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed 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 condensed consolidated balance sheets were as follows as of the dates indicated.
|  | March 31, 2021 |  | December 31, 2020
(In thousands) |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Senior notes |  | $ | 1,406,603 |  |  | $ | 1,528,311 |  |  | $ | 1,405,674 |  |  | $ | 1,563,503 |
FHLB advances |  | 138,833 |  |  | 141,299 |  |  | 176,483 |  |  | 179,578 |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration