Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of The Carrying Amounts and Estimated Fair Values of Financial Instruments



	March 31, 2015			December 31, 2014
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Assets
Fixed income securities:
HTM	$	296,557	311,093	318,137	333,961
AFS	4,174,242		4,174,242	4,066,122	4,066,122
Equity securities, AFS	211,571		211,571	191,400	191,400
Short-term investments	124,376		124,376	131,972	131,972
Financial Liabilities
Notes payable:
0.63% borrowings from FHLBI	15,000		14,994	—	—
1.25% borrowings from FHLBI	45,000		45,338	45,000	45,244
7.25% Senior Notes	49,896		60,407	49,896	59,181
6.70% Senior Notes	99,405		117,389	99,401	114,845
5.875% Senior Notes	185,000		189,440	185,000	185,000
Total notes payable	$	394,301	427,568	379,297	404,270

Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value



March 31, 2015			Fair Value Measurements Using
($ in thousands)	Assets Measured at Fair Value at 3/31/2015		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)¹	Significant Other Observable Inputs (Level 2)¹	Significant Unobservable Inputs (Level 3)
Description
Measured on a recurring basis:
AFS:
U.S. government and government agencies	$	119,486	52,977	66,509	—
Foreign government	27,915		—	27,915	—
Obligations of states and political subdivisions	1,294,375		—	1,294,375	—
Corporate securities	1,824,265		—	1,824,265	—
ABS	185,387		—	185,387	—
CMBS	200,511		—	200,511	—
RMBS	522,303		—	522,303	—
Total AFS fixed income securities	4,174,242		52,977	4,121,265	—
Equity securities	211,571		208,671	—	2,900
Total AFS Securities	4,385,813		261,648	4,121,265	2,900
Short-term investments	124,376		124,376	—	—
Total assets measured at fair value	$	4,510,189	386,024	4,121,265	2,900


¹	There were no transfers of securities between Level 1 and Level 2.



December 31, 2014			Fair Value Measurements Using
($ in thousands)	Assets Measured at Fair Value at 12/31/14		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)¹	Significant Other Observable Inputs (Level 2)¹	Significant Unobservable Inputs (Level 3)
Description
Measured on a recurring basis:
AFS:
U.S. government and government agencies	$	124,130	53,199	70,931	—
Foreign government	27,831		—	27,831	—
Obligations of states and political subdivisions	1,246,264		—	1,246,264	—
Corporate securities	1,799,806		—	1,799,806	—
ABS	177,224		—	177,224	—
CMBS	179,593		—	179,593	—
RMBS	511,274		—	511,274	—
Total AFS fixed income securities	4,066,122		53,199	4,012,923	—
Equity securities	191,400		188,500	—	2,900
Total AFS Securities	4,257,522		241,699	4,012,923	2,900
Short-term investments	131,972		131,972	—	—
Total assets measured at fair value	$	4,389,494	373,671	4,012,923	2,900


¹	There were no transfers of securities between Level 1 and Level 2.

Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value



March 31, 2015			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value at 3/31/2015		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Foreign government	$	5,338	—	5,338	—
Obligations of states and political subdivisions	277,030		—	277,030	—
Corporate securities	21,199		—	21,199	—
ABS	2,480		—	2,480	—
CMBS	5,046		—	5,046	—
Total HTM fixed income securities	$	311,093	—	311,093	—
Financial Liabilities
Notes payable:
0.63% borrowings from FHLBI	$	14,994	—	14,994	—
1.25% borrowings from FHLBI	45,338		—	45,338	—
7.25% Senior Notes	60,407		—	60,407	—
6.70% Senior Notes	117,389		—	117,389	—
5.875% Senior Notes	189,440		189,440	—	—
Total notes payable	$	427,568	189,440	238,128	—



December 31, 2014			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value at 12/31/2014		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Foreign government	$	5,394	—	5,394	—
Obligations of states and political subdivisions	299,132		—	299,132	—
Corporate securities	21,422		—	21,422	—
ABS	2,823		—	2,823	—
CMBS	5,190		—	5,190	—
Total HTM fixed income securities	$	333,961	—	333,961	—
Financial Liabilities
Notes payable:
1.25% borrowings from FHLBI	$	45,244	—	45,244	—
7.25% Senior Notes	59,181		—	59,181	—
6.70% Senior Notes	114,845		—	114,845	—
5.875% Senior Notes	185,000		185,000	—	—
Total notes payable	$	404,270	185,000	219,270	—

- 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.

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