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Note 5 - Fair Value of Financial Instruments (Note)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
For discussion of our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 of Notes to Consolidated Financial Statements in our 2020 Form 10-K.
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 ILevel IILevel IIITotal
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 sale94,491 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 securities134,439 6,973 — 141,412 
Short-term investments:
U.S. government and agency securities19,499 — — 19,499 
State and municipal obligations— 15,640 — 15,640 
Money market instruments367,606 — — 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 investments387,105 318,555 — 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 securities39,788 — — 39,788 
Corporate bonds and notes— 56,535 — 56,535 
Equity securities37,981 — — 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 ILevel IILevel IIITotal
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 sale140,034 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 securities142,761 8,479 — 151,240 
Short-term investments:
State and municipal obligations— 21,819 — 21,819 
Money market instruments268,900 — — 268,900 
Corporate bonds and notes— 30,495 — 30,495 
Other ABS— 219 — 219 
Other investments (1)
— 296,571 — 296,571 
Total short-term investments268,900 349,104 — 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 securities4,876 — — 4,876 
Corporate bonds and notes— 31,324 — 31,324 
Equity securities21,299 — — 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.
There were no transfers to or from Level III for the three months ended March 31, 2021 or the year ended December 31, 2020. Activity related to Level III assets and liabilities (including realized and unrealized gains and losses, purchases, sales, issuances, settlements and transfers) was immaterial for the three months ended March 31, 2021 and the year ended December 31, 2020.
Other Fair Value Disclosure
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, 2021December 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 advances138,833 141,299 176,483 179,578 
The fair value of our senior notes is estimated based on quoted market prices. The fair value of our FHLB advances is estimated based on expected cash flows for similar borrowings. These liabilities are categorized in Level II of the fair value hierarchy. See Note 12 for further information about these borrowings.