Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017



June 30, 2017			Fair Value Measurements Using
($ in thousands)	Assets Measured at Fair Value at 6/30/2017		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	$	68,003	24,828	43,175	—
Foreign government	18,714		—	18,714	—
Obligations of states and political subdivisions	1,404,766		—	1,404,766	—
Corporate securities	1,821,510		—	1,821,510	—
CLO and other ABS	702,524		—	702,524	—
CMBS	279,205		—	279,205	—
RMBS	724,000		—	724,000	—
Total AFS fixed income securities	5,018,722		24,828	4,993,894	—
AFS equity securities:
Common stock	144,436		135,966	—	8,470
Preferred stock	17,258		17,258	—	—
Total AFS equity securities	161,694		153,224	—	8,470
Total AFS securities	5,180,416		178,052	4,993,894	8,470
Short-term investments	133,706		133,706	—	—
Total assets measured at fair value	$	5,314,122	311,758	4,993,894	8,470



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.



June 30, 2017			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value at 6/30/2017		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	$	55,622	—	55,622	—
Corporate securities	19,918		—	13,960	5,958
Total HTM fixed income securities	$	75,540	—	69,582	5,958

Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	58,690	—	58,690	—
6.70% Senior Notes	112,573		—	112,573	—
5.875% Senior Notes	188,767		188,767	—	—
1.61% borrowings from FHLBNY	24,521		—	24,521	—
1.56% borrowings from FHLBNY	24,462		—	24,462	—
3.03% borrowings from FHLBI	60,837		—	60,837	—
Total long-term debt	$	469,850	188,767	281,083	—



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	—