Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017



March 31, 2017			Fair Value Measurements Using
($ in thousands)	Assets Measured at Fair Value at 3/31/2017		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	$	88,338	46,150	42,188	—
Foreign government	32,593		—	32,593	—
Obligations of states and political subdivisions	1,287,166		—	1,287,166	—
Corporate securities	1,828,126		—	1,828,126	—
CLO and other ABS	678,435		—	678,435	—
CMBS	263,756		—	263,756	—
RMBS	688,591		—	688,591	—
Total AFS fixed income securities	4,867,005		46,150	4,820,855	—
AFS equity securities:
Common stock	138,331		130,655	—	7,676
Preferred stock	16,587		16,587	—	—
Total AFS equity securities	154,918		147,242	—	7,676
Total AFS securities	5,021,923		193,392	4,820,855	7,676
Short-term investments	247,207		247,207	—	—
Total assets measured at fair value	$	5,269,130	440,599	4,820,855	7,676



December 31, 2016			Fair Value Measurements Using
($ in thousands)	Assets Measured at Fair Value at 12/31/2016		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	$	77,333	27,520	49,813	—
Foreign government	26,865		—	26,865	—
Obligations of states and political subdivisions	1,379,593		—	1,379,593	—
Corporate securities	1,997,753		—	1,997,753	—
CLO and other ABS	528,960		—	528,960	—
CMBS	256,842		—	256,842	—
RMBS	525,194		—	525,194	—
Total AFS fixed income securities	4,792,540		27,520	4,765,020	—
AFS equity securities:
Common stock	130,608		122,932	—	7,676
Preferred stock	16,145		16,145	—	—
Total AFS equity securities	146,753		139,077	—	7,676
Total AFS securities	4,939,293		166,597	4,765,020	7,676
Short-term investments	221,701		221,701	—	—
Total assets measured at fair value	$	5,160,994	388,298	4,765,020	7,676


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



March 31, 2017			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value at 3/31/2017		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	$	64,760	—	64,760	—
Corporate securities	23,579		—	15,998	7,581
Total HTM fixed income securities	$	88,339	—	80,758	7,581

Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	56,225	—	56,225	—
6.70% Senior Notes	108,553		—	108,553	—
5.875% Senior Notes	185,666		185,666	—	—
1.61% borrowings from FHLBNY	24,393		—	24,393	—
1.56% borrowings from FHLBNY	24,329		—	24,329	—
3.03% borrowings from FHLBI	59,620		—	59,620	—
Total long-term debt	$	458,786	185,666	273,120	—



December 31, 2016			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value at 12/31/2016		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	$	79,916	—	79,916	—
Corporate securities	24,075		—	16,565	7,510
CMBS	1,220		—	1,220	—
Total HTM fixed income securities	$	105,211	—	97,701	7,510

Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	56,148	—	56,148	—
6.70% Senior Notes	108,333		—	108,333	—
5.875% Senior Notes	176,860		176,860	—	—
1.61% borrowings from FHLBNY	24,286		—	24,286	—
1.56% borrowings from FHLBNY	24,219		—	24,219	—
3.03% borrowings from FHLBI	59,313		—	59,313	—
Total long-term debt	$	449,159	176,860	272,299	—