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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities |
|  | September 30, 2020 |  | December 31, 2019
($ in thousands) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial Liabilities |  |  |  |  |  |  |  |
Short-term debt: |  |  |  |  |  |  |  |
0.36% Borrowings from FHLBNY |  | $ | 100,000 |  |  | 100,005 |  |  | — |  |  | — |
0.58% Borrowings from FHLBI |  | 67,000 |  |  | 67,050 |  |  | — |  |  | — |
Total short-term debt |  | 167,000 |  |  | 167,055 |  |  | — |  |  | — |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | 49,913 |  |  | 67,350 |  |  | 49,910 |  |  | 66,365 |
6.70% Senior Notes |  | 99,495 |  |  | 130,651 |  |  | 99,480 |  |  | 123,104 |
5.375% Senior Notes |  | 294,219 |  |  | 365,756 |  |  | 294,157 |  |  | 357,025 |
1.61% borrowings from FHLBNY |  | 25,000 |  |  | 25,255 |  |  | 25,000 |  |  | 24,901 |
1.56% borrowings from FHLBNY |  | 25,000 |  |  | 25,269 |  |  | 25,000 |  |  | 24,875 |
3.03% borrowings from FHLBI |  | 60,000 |  |  | 67,972 |  |  | 60,000 |  |  | 63,002 |
Subtotal long-term debt |  | 553,627 |  |  | 682,253 |  |  | 553,547 |  |  | 659,272 |
Unamortized debt issuance costs |  | (3,485) |  |  |  |  | (3,687) |  |  |
Finance lease obligations |  | 424 |  |  |  |  | 737 |  |  |
Total long-term debt |  | $ | 550,566 |  |  |  |  | 550,597 |  |  |
Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value |
September 30, 2020 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets Measured at Fair Value |  | 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 |  | $ | 117,529 |  |  | 43,287 |  |  | 74,242 |  |  | — |
Foreign government |  | 17,008 |  |  | — |  |  | 17,008 |  |  | — |
Obligations of states and political subdivisions |  | 1,231,456 |  |  | — |  |  | 1,228,602 |  |  | 2,854 |
Corporate securities |  | 2,298,831 |  |  | — |  |  | 2,261,195 |  |  | 37,636 |
CLO and other ABS |  | 945,582 |  |  | — |  |  | 900,862 |  |  | 44,720 |
RMBS |  | 1,182,957 |  |  | — |  |  | 1,182,957 |  |  | — |
CMBS |  | 644,174 |  |  | — |  |  | 644,174 |  |  | — |
Total AFS fixed income securities |  | 6,437,537 |  |  | 43,287 |  |  | 6,309,040 |  |  | 85,210 |
Equity securities: |  |  |  |  |  |  |  |
Common stock 1 |  | 150,153 |  |  | 103,603 |  |  | — |  |  | — |
Preferred stock |  | 1,671 |  |  | 1,671 |  |  | — |  |  | — |
Total equity securities |  | 151,824 |  |  | 105,274 |  |  | — |  |  | — |
Short-term investments |  | 380,890 |  |  | 379,317 |  |  | 1,573 |  |  | — |
Total assets measured at fair value |  | $ | 6,970,251 |  |  | 527,878 |  |  | 6,310,613 |  |  | 85,210 |
December 31, 2019 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets Measured at Fair Value |  | 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 |  | $ | 116,186 |  |  | 41,083 |  |  | 75,103 |  |  | — |
Foreign government |  | 18,542 |  |  | — |  |  | 18,542 |  |  | — |
Obligations of states and political subdivisions |  | 1,230,090 |  |  | — |  |  | 1,230,090 |  |  | — |
Corporate securities |  | 1,947,477 |  |  | — |  |  | 1,930,426 |  |  | 17,051 |
CLO and other ABS |  | 793,012 |  |  | 3,635 |  |  | 772,343 |  |  | 17,034 |
RMBS |  | 1,451,969 |  |  | — |  |  | 1,451,969 |  |  | — |
CMBS |  | 538,344 |  |  | — |  |  | 538,344 |  |  | — |
Total AFS fixed income securities |  | 6,095,620 |  |  | 44,718 |  |  | 6,016,817 |  |  | 34,085 |
Equity securities: |  |  |  |  |  |  |  |
Common stock 1 |  | 69,900 |  |  | 32,145 |  |  | — |  |  | — |
Preferred stock |  | 3,037 |  |  | 3,037 |  |  | — |  |  | — |
Total equity securities |  | 72,937 |  |  | 35,182 |  |  | — |  |  | — |
Short-term investments |  | 282,490 |  |  | 265,306 |  |  | 17,184 |  |  | — |
Total assets measured at fair value |  | $ | 6,451,047 |  |  | 345,206 |  |  | 6,034,001 |  |  | 34,085 |
1Investments amounting to $46.6 million at September 30, 2020, and $37.8 million at December 31, 2019, were measured at fair value using net asset value per share (or its practical expedient) and are not classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value
Schedule of Changes in Fair Value of Securities Using Level 3 Inputs |
September 30, 2020 |  |  |  |  |  |  |  |  |
($ in thousands) |  |  | Obligations of states and political subdivisions |  | Corporate Securities |  | CLO and Other ABS |  | Total
Fair value, December 31, 2019 |  |  | — |  |  | 17,051 |  |  | 17,034 |  |  | 34,085 |
Total net (losses) gains for the period included in: |  |  |  |  |  |  |  |  |
OCI |  |  | (36) |  |  | (2,415) |  |  | 732 |  |  | (1,719) |
Net realized and unrealized (losses) gains |  |  | — |  |  | (456) |  |  | (247) |  |  | (703) |
Net investment income earned |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Purchases |  |  | — |  |  | 19,002 |  |  | 11,751 |  |  | 30,753 |
Sales |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements |  |  | — |  |  | (138) |  |  | (1,030) |  |  | (1,168) |
Transfers into Level 3 |  |  | 2,890 |  |  | 4,592 |  |  | 26,401 |  |  | 33,883 |
Transfers out of Level 3 |  |  | — |  |  | — |  |  | (9,924) |  |  | (9,924) |
Fair value, September 30, 2020 |  |  | 2,854 |  |  | 37,636 |  |  | 44,720 |  |  | 85,210 |
Change in unrealized (losses) gains for the period included in earnings for assets held at period end |  |  | — |  |  | (456) |  |  | (247) |  |  | (703) |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end |  |  | (36) |  |  | (2,415) |  |  | 732 |  |  | (1,719) |
September 30, 2019 |  |  |  |  |  |  |
($ in thousands) |  |  | Corporate Securities |  | CLO and Other ABS |  | Total
Fair value, December 31, 2018 |  |  | — |  |  | 7,409 |  |  | 7,409 |
Total net (losses) gains for the period included in: |  |  |  |  |  |  |
OCI |  |  | (69) |  |  | (14) |  |  | (83) |
Net investment income earned |  |  | — |  |  | 244 |  |  | 244 |
Purchases |  |  | — |  |  | 18,404 |  |  | 18,404 |
Sales |  |  | — |  |  | — |  |  | — |
Issuances |  |  | — |  |  | — |  |  | — |
Settlements |  |  | — |  |  | (105) |  |  | (105) |
Transfers into Level 3 |  |  | 16,419 |  |  | 13,603 |  |  | 30,022 |
Transfers out of Level 3 |  |  | — |  |  | (19,662) |  |  | (19,662) |
Fair value, September 30, 2019 |  |  | 16,350 |  |  | 19,879 |  |  | 36,229 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end |  |  | — |  |  | — |  |  | — |
Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value |
September 30, 2020 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets/ Liabilities Disclosed at Fair Value |  | 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 |  | $ | 4,849 |  |  | — |  |  | 4,849 |  |  | — |
Corporate securities |  | 15,364 |  |  | — |  |  | 15,364 |  |  | — |
Total HTM fixed income securities |  | $ | 20,213 |  |  | — |  |  | 20,213 |  |  | — |
CMLs |  | $ | 30,595 |  |  | — |  |  | 2,540 |  |  | 28,055 |
Financial Liabilities |  |  |  |  |  |  |  |
Short-term debt: |  |  |  |  |  |  |  |
0.36% Borrowings from FHLBNY |  | $ | 100,005 |  |  | — |  |  | 100,005 |  |  | — |
0.58% Borrowings from FHLBI |  | 67,050 |  |  | — |  |  | 67,050 |  |  | — |
Total short-term debt |  | $ | 167,055 |  |  | — |  |  | 167,055 |  |  | — |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | $ | 67,350 |  |  | — |  |  | 67,350 |  |  | — |
6.70% Senior Notes |  | 130,651 |  |  | — |  |  | 130,651 |  |  | — |
5.375% Senior Notes |  | 365,756 |  |  | — |  |  | 365,756 |  |  | — |
1.61% borrowings from FHLBNY |  | 25,255 |  |  | — |  |  | 25,255 |  |  | — |
1.56% borrowings from FHLBNY |  | 25,269 |  |  | — |  |  | 25,269 |  |  | — |
3.03% borrowings from FHLBI |  | 67,972 |  |  | — |  |  | 67,972 |  |  | — |
Total long-term debt |  | $ | 682,253 |  |  | — |  |  | 682,253 |  |  | — |
December 31, 2019 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets/ Liabilities Disclosed at Fair Value |  | 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 |  | $ | 4,921 |  |  | — |  |  | 4,921 |  |  | — |
Corporate securities |  | 17,054 |  |  | — |  |  | 17,054 |  |  | — |
Total HTM fixed income securities |  | $ | 21,975 |  |  | — |  |  | 21,975 |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | $ | 66,365 |  |  | — |  |  | 66,365 |  |  | — |
6.70% Senior Notes |  | 123,104 |  |  | — |  |  | 123,104 |  |  | — |
5.375% Senior Notes |  | 357,025 |  |  | — |  |  | 357,025 |  |  | — |
1.61% borrowings from FHLBNY |  | 24,901 |  |  | — |  |  | 24,901 |  |  | — |
1.56% borrowings from FHLBNY |  | 24,875 |  |  | — |  |  | 24,875 |  |  | — |
3.03% borrowings from FHLBI |  | 63,002 |  |  | — |  |  | 63,002 |  |  | — |
Total long-term debt |  | $ | 659,272 |  |  | — |  |  | 659,272 |  |  | — |

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