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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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

		June 30, 2015							December 31, 2014
($ in thousands)		Carrying Amount				Fair Value			Carrying Amount			Fair Value
Financial Assets
Fixed income securities:
HTM		$	247,859			259,702			318,137			333,961
AFS		4,192,818				4,192,818			4,066,122			4,066,122
Equity securities, AFS		228,883				228,883			191,400			191,400
Short-term investments		168,349				168,349			131,972			131,972
Financial Liabilities
Notes payable:
0.63% borrowings from FHLBI		15,000				14,999			—			—
1.25% borrowings from FHLBI		45,000				45,290			45,000			45,244
7.25% Senior Notes		49,897				56,607			49,896			59,181
6.70% Senior Notes		99,408				109,656			99,401			114,845
5.875% Senior Notes		185,000				183,742			185,000			185,000
Total notes payable		$	394,305			410,294			379,297			404,270

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

June 30, 2015						Fair Value Measurements Using
($ in thousands)		Assets  Measured at  Fair Value  at 6/30/2015				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 fixed income securities:
U.S. government and government agencies		$	115,861			52,361			63,500			—
Foreign government		22,719				—			22,719			—
Obligations of states and political subdivisions		1,296,058				—			1,296,058			—
Corporate securities		1,824,575				—			1,824,575			—
ABS		214,497				—			214,497			—
CMBS		214,178				—			214,178			—
RMBS		504,930				—			504,930			—
Total AFS fixed income securities		4,192,818				52,361			4,140,457			—
AFS equity securities:
Common stock		211,119				208,334			—			2,785
Preferred stock		17,764				17,764			—			—
Total AFS equity securities		228,883				226,098			—			2,785
Total AFS securities		4,421,701				278,459			4,140,457			2,785
Short-term investments		168,349				168,349			—			—
Total assets measured at fair value		$	4,590,050			446,808			4,140,457			2,785

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			—
AFS equity securities:
Common stock		191,400				188,500			—			2,900
Total AFS 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 Summary of the Changes in Fair Value of Securities Using Level 3 Inputs

June 30, 2015	Common Stock
($ in thousands)
Fair value, December 31, 2014	$	2,900
Total net (losses) gains for the period included in:
OCI	—
Net income	—
Purchases	—
Sales	(115		)
Issuances	—
Settlements	—
Transfers into Level 3	—
Transfers out of Level 3	—
Fair value, June 30, 2015	$	2,785

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

:

June 30, 2015						Fair Value Measurements Using
($ in thousands)		Assets/ Liabilities Disclosed at Fair Value at 6/30/2015				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		$	5,292			—			5,292			—
Obligations of states and political subdivisions		226,706				—			226,706			—
Corporate securities		20,832				—			20,832			—
ABS		1,981				—			1,981			—
CMBS		4,891				—			4,891			—
Total HTM fixed income securities		$	259,702			—			259,702			—
Financial Liabilities
Notes payable:
0.63% borrowings from FHLBI		$	14,999			—			14,999			—
1.25% borrowings from FHLBI		45,290				—			45,290			—
7.25% Senior Notes		56,607				—			56,607			—
6.70% Senior Notes		109,656				—			109,656			—
5.875% Senior Notes		183,742				183,742			—			—
Total notes payable		$	410,294			183,742			226,552			—

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			—

X

- Definition

Tabular disclosure of assets and liabilities that are disclosed at fair value. 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).

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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 and/or nonrecurring 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).

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