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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
Schedule of The Carrying Amounts and Estimated Fair Values of Financial Instruments |
|  | September 30, 2016 |  | December 31, 2015
($ in thousands) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
HTM |  | $ | 130,472 |  |  | 136,094 |  |  | 201,354 |  |  | 209,544 |
AFS |  | 4,832,532 |  |  | 4,832,532 |  |  | 4,408,203 |  |  | 4,408,203 |
Equity securities, AFS |  | 147,304 |  |  | 147,304 |  |  | 207,051 |  |  | 207,051 |
Short-term investments |  | 169,604 |  |  | 169,604 |  |  | 194,819 |  |  | 194,819 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt: |  |  |  |  |  |  |  |  |  |  |  |
0.63% borrowings from FHLBI |  | $ | — |  |  | — |  |  | 15,000 |  |  | 14,977 |
1.25% borrowings from FHLBI |  | 45,000 |  |  | 45,072 |  |  | 45,000 |  |  | 45,083 |
Total short-term debt |  | $ | 45,000 |  |  | 45,072 |  |  | 60,000 |  |  | 60,060 |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | $ | 49,900 |  |  | 60,682 |  |  | 49,898 |  |  | 56,929 |
6.70% Senior Notes |  | 99,426 |  |  | 118,192 |  |  | 99,415 |  |  | 110,363 |
5.875% Senior Notes |  | 185,000 |  |  | 194,324 |  |  | 185,000 |  |  | 192,474 |
1.61% borrowings from FHLBNY |  | 25,000 |  |  | 25,048 |  |  | — |  |  | — |
1.56% borrowings from FHLBNY |  | 25,000 |  |  | 24,990 |  |  | — |  |  | — |
Subtotal long-term debt |  | 384,326 |  |  | 423,236 |  |  | 334,313 |  |  | 359,766 |
Unamortized debt issuance costs |  | (5,775 | ) |  |  |  | (6,121 | ) |  |
Total long-term debt |  | $ | 378,551 |  |  |  |  | 328,192 |  |  |
Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value |
September 30, 2016 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets Measured at Fair Value at 9/30/2016 |  | 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 |  | $ | 89,891 |  |  | 35,147 |  |  | 54,744 |  |  | — |
Foreign government |  | 9,484 |  |  | — |  |  | 9,484 |  |  | — |
Obligations of states and political subdivisions |  | 1,446,896 |  |  | — |  |  | 1,446,896 |  |  | — |
Corporate securities |  | 2,196,118 |  |  | — |  |  | 2,196,118 |  |  | — |
ABS |  | 284,453 |  |  | — |  |  | 284,453 |  |  | — |
CMBS |  | 266,774 |  |  | — |  |  | 266,774 |  |  | — |
RMBS |  | 538,916 |  |  | — |  |  | 538,916 |  |  | — |
Total AFS fixed income securities |  | 4,832,532 |  |  | 35,147 |  |  | 4,797,385 |  |  | — |
AFS equity securities: |  |  |  |  |  |  |  |
Common stock |  | 135,489 |  |  | 127,813 |  |  | — |  |  | 7,676 |
Preferred stock |  | 11,815 |  |  | 11,815 |  |  | — |  |  | — |
Total AFS equity securities |  | 147,304 |  |  | 139,628 |  |  | — |  |  | 7,676 |
Total AFS securities |  | 4,979,836 |  |  | 174,775 |  |  | 4,797,385 |  |  | 7,676 |
Short-term investments |  | 169,604 |  |  | 169,604 |  |  | — |  |  | — |
Total assets measured at fair value |  | $ | 5,149,440 |  |  | 344,379 |  |  | 4,797,385 |  |  | 7,676 |
December 31, 2015 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets Measured at Fair Value at 12/31/2015 |  | 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 fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 104,115 |  |  | 42,702 |  |  | 61,413 |  |  | — |
Foreign government |  | 15,181 |  |  | — |  |  | 15,181 |  |  | — |
Obligations of states and political subdivisions |  | 1,359,142 |  |  | — |  |  | 1,359,142 |  |  | — |
Corporate securities |  | 1,900,182 |  |  | — |  |  | 1,900,182 |  |  | — |
ABS |  | 244,154 |  |  | — |  |  | 244,154 |  |  | — |
CMBS |  | 243,592 |  |  | — |  |  | 243,592 |  |  | — |
RMBS |  | 541,837 |  |  | — |  |  | 541,837 |  |  | — |
Total AFS fixed income securities |  | 4,408,203 |  |  | 42,702 |  |  | 4,365,501 |  |  | — |
AFS equity securities: |  |  |  |  |  |  |  |
Common stock |  | 194,789 |  |  | 191,517 |  |  | — |  |  | 3,272 |
Preferred stock |  | 12,262 |  |  | 12,262 |  |  | — |  |  | — |
Total AFS equity securities |  | 207,051 |  |  | 203,779 |  |  | — |  |  | 3,272 |
Total AFS securities |  | 4,615,254 |  |  | 246,481 |  |  | 4,365,501 |  |  | 3,272 |
Short-term investments |  | 194,819 |  |  | 194,819 |  |  | — |  |  | — |
Total assets measured at fair value |  | $ | 4,810,073 |  |  | 441,300 |  |  | 4,365,501 |  |  | 3,272 |
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 |
September 30, 2016 | Common Stock
($ in thousands)
Fair value, December 31, 2015 | $ | 3,272 |
Total net (losses) gains for the period included in: |
OCI | — |
Net income | — |
Purchases | 6,204 |
Sales | (1,800 | )
Issuances | — |
Settlements | — |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Fair value, September 30, 2016 | $ | 7,676 |
Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value |
September 30, 2016 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets/ Liabilities Disclosed at Fair Value at 9/30/2016 |  | 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: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 107,829 |  |  | — |  |  | 107,829 |  |  | — |
Corporate securities |  | 25,851 |  |  | — |  |  | 18,160 |  |  | 7,691 |
ABS |  | 51 |  |  | — |  |  | 51 |  |  | — |
CMBS |  | 2,363 |  |  | — |  |  | 2,363 |  |  | — |
Total HTM fixed income securities |  | $ | 136,094 |  |  | — |  |  | 128,403 |  |  | 7,691 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt: |  |  |  |  |  |  |  |  |  |  |  |
1.25% borrowings from FHLBI |  | $ | 45,072 |  |  | — |  |  | 45,072 |  |  | — |
Total short-term debt |  | $ | 45,072 |  |  | — |  |  | 45,072 |  |  | — |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | $ | 60,682 |  |  | — |  |  | 60,682 |  |  | — |
6.70% Senior Notes |  | 118,192 |  |  | — |  |  | 118,192 |  |  | — |
5.875% Senior Notes |  | 194,324 |  |  | 194,324 |  |  | — |  |  | — |
1.61% borrowings from FHLBNY |  | 25,048 |  |  | — |  |  | 25,048 |  |  | — |
1.56% borrowings from FHLBNY |  | 24,990 |  |  | — |  |  | 24,990 |  |  | — |
Total long-term debt |  | $ | 423,236 |  |  | 194,324 |  |  | 228,912 |  |  | — |
December 31, 2015 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets/ Liabilities Disclosed at Fair Value at 12/31/2015 |  | 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: |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 181,880 |  |  | — |  |  | 181,880 |  |  | — |
Corporate securities |  | 22,015 |  |  | — |  |  | 18,679 |  |  | 3,336 |
ABS |  | 1,028 |  |  | — |  |  | 1,028 |  |  | — |
CMBS |  | 4,621 |  |  | — |  |  | 4,621 |  |  | — |
Total HTM fixed income securities |  | $ | 209,544 |  |  | — |  |  | 206,208 |  |  | 3,336 |
Financial Liabilities |  |  |  |  |  |  |  |  |
Short-term debt: |  |  |  |  |  |  |  |  |
0.63% borrowings from FHLBI |  | $ | 14,977 |  |  | — |  |  | 14,977 |  |  | — |
1.25% borrowings from FHLBI |  | 45,083 |  |  | — |  |  | 45,083 |  |  | — |
Total short-term debt |  | $ | 60,060 |  |  | — |  |  | 60,060 |  |  | — |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | $ | 56,929 |  |  | — |  |  | 56,929 |  |  | — |
6.70% Senior Notes |  | 110,363 |  |  | — |  |  | 110,363 |  |  | — |
5.875% Senior Notes |  | 192,474 |  |  | 192,474 |  |  | — |  |  | — |
Total long-term debt |  | $ | 359,766 |  |  | 192,474 |  |  | 167,292 |  |  | — |

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- 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). + References No definition available. + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 + Details
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