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Investments (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Investments [Line Items]

Schedule of Available-for-sale Securities

March 31, 2021
($ in thousands)						Cost/ Amortized Cost						Allowance for Credit Losses						Unrealized Gains						Unrealized Losses						Fair Value
AFS fixed income securities:
U.S. government and government agencies						$	134,725					—						3,653						(2,104)						136,274
Foreign government						18,920						(56)						974						(136)						19,702
Obligations of states and political subdivisions						1,140,442						(201)						74,212						(360)						1,214,093
Corporate securities						2,239,066						(6,166)						122,761						(9,870)						2,345,791
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")						1,188,670						(1,470)						18,917						(4,052)						1,202,065
Residential mortgage-backed securities ("RMBS")						906,266						(864)						43,367						(1,229)						947,540
Commercial mortgage-backed securities ("CMBS")						624,988						(24)						33,590						(2,378)						656,176
Total AFS fixed income securities						$	6,253,077					(8,781)						297,474						(20,129)						6,521,641

December 31, 2020
($ in thousands)						Cost/ Amortized Cost						Allowance for Credit Losses						Unrealized Gains						Unrealized Losses						Fair Value
AFS fixed income securities:
U.S. government and government agencies						$	110,038					—						6,239						(137)						116,140
Foreign government						16,801						(1)						1,569						(3)						18,366
Obligations of states and political subdivisions						1,159,588						(4)						87,564						(11)						1,247,137
Corporate securities						2,152,203						(2,782)						180,971						(2,340)						2,328,052
CLO and other ABS						1,014,820						(592)						20,166						(7,843)						1,026,551
RMBS						999,485						(561)						53,065						(201)						1,051,788
CMBS						620,582						(29)						48,348						(1,007)						667,894
Total AFS fixed income securities						$	6,073,517					(3,969)						397,922						(11,542)						6,455,928

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

Quarter ended March 31, 2021
($ in thousands)						Beginning Balance						Current Provision for Securities without Prior Allowance						Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities						Reductions for Securities Sold						Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period						Ending Balance
Foreign government						$	1					56						(1)						—						—						56
Obligations of states and political subdivisions						4						186						11						—						—						201
Corporate securities						2,782						4,058						(527)						(147)						—						6,166
CLO and other ABS						592						1,001						(106)						(17)						—						1,470
RMBS						561						356						(39)						(14)						—						864
CMBS						29						10						(15)						—						—						24
Total AFS fixed income securities						$	3,969					5,667						(677)						(178)						—						8,781

Quarter ended March 31, 2020
($ in thousands)						Beginning Balance						Current Provision for Securities without Prior Allowance						Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities						Reductions for Securities Sold						Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period						Ending Balance
Foreign government						$	—					21						—						—						—						21
Obligations of states and political subdivisions						—						29						—						—						—						29
Corporate securities						—						13,412						—						—						—						13,412
CLO and other ABS						—						1,565						—						—						—						1,565
RMBS						—						722						—						—						—						722
CMBS						—						38						—						—						—						38
Total AFS fixed income securities						$	—					15,787						—						—						—						15,787

Schedule of Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities by Length of Time, AFS

March 31, 2021						Less than 12 months												12 months or longer												Total
($ in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies						$	53,796					(2,104)						—						—						53,796						(2,104)
Foreign government						3,313						(136)						—						—						3,313						(136)
Obligations of states and political subdivisions						18,838						(352)						369						(8)						19,207						(360)
Corporate securities						306,052						(8,560)						14,025						(1,310)						320,077						(9,870)
CLO and other ABS						282,939						(1,737)						105,261						(2,315)						388,200						(4,052)
RMBS						76,684						(1,229)						—						—						76,684						(1,229)
CMBS						70,510						(2,089)						23,474						(289)						93,984						(2,378)
Total AFS fixed income securities						$	812,132					(16,207)						143,129						(3,922)						955,261						(20,129)

December 31, 2020						Less than 12 months												12 months or longer												Total
($ in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies						$	11,519					(137)						—						—						11,519						(137)
Foreign government						1,122						(3)						—						—						1,122						(3)
Obligations of states and political subdivisions						2,223						(11)						—						—						2,223						(11)
Corporate securities						65,187						(2,152)						2,400						(188)						67,587						(2,340)
CLO and other ABS						261,746						(2,995)						165,661						(4,848)						427,407						(7,843)
RMBS						18,227						(194)						1,181						(7)						19,408						(201)
CMBS						55,482						(616)						16,093						(391)						71,575						(1,007)
Total AFS fixed income securities						$	415,506					(6,108)						185,335						(5,434)						600,841						(11,542)

Schedule of Fixed Maturity Securities By Contractual Maturities

						AFS						HTM
($ in thousands)						Fair Value						Carrying Value						Fair Value
Due in one year or less						$	453,772					1,057						1,065
Due after one year through five years						3,400,223						14,433						15,325
Due after five years through 10 years						2,043,563						8,854						8,814
Due after 10 years						624,083						—						—
Total fixed income securities						$	6,521,641					24,344						25,204

Schedule of Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy

Other Investments						March 31, 2021																		December 31, 2020
($ in thousands)						Carrying Value						Remaining Commitment						Maximum Exposure to Loss1						Carrying Value						Remaining Commitment						Maximum Exposure to Loss1
Alternative Investments
Private equity						$	182,032					104,070						286,102						157,276						100,905						258,181
Private credit						56,819						98,072						154,891						54,017						98,330						152,347
Real assets						19,689						15,891						35,580						19,659						16,493						36,152
Total alternative investments						258,540						218,033						476,573						230,952						215,728						446,680
Other securities						31,613						—						31,613						35,370						—						35,370
Total other investments						$	290,153					218,033						508,186						266,322						215,728						482,050

1The maximum exposure to loss includes both the carry value of these investments and the related remaining commitments. In addition, tax credits that have been previously recognized in Other securities are subject to the risk of recapture, which we do not consider significant.

Schedule of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio

Income Statement Information						Quarter ended March 31,
($ in millions)						2021						2020
Net investment income						$	481.6					12.7
Realized gains						776.0						164.8
Net change in unrealized appreciation						4,630.8						1,204.0
Net income						$	5,888.4					1,381.5
Insurance Subsidiaries’ alternative investments income						$	20.2					6.3

Schedule of Securities Pledged As Collateral

($ in millions)						FHLBI Collateral						FHLBNY Collateral												State and Regulatory Deposits						Total
U.S. government and government agencies						$	—					—												21.0						21.0
Obligations of states and political subdivisions						—						—												5.0						5.0
RMBS						93.7						155.5												—						249.2
CMBS						6.9						35.1												—						42.0
Total pledged as collateral						$	100.6					190.6												26.0						317.2

Schedule of Pre-Tax Net Investment Income Earned

						Quarter ended March 31,
($ in thousands)						2021						2020
Fixed income securities						$	52,823					50,253
Commercial mortgage loans ("CMLs")						514						62
Equity securities						2,488						1,552
Short-term investments						85						1,166
Other investments						17,433						6,342
Investment expenses						(3,627)						(3,408)
Net investment income earned						$	69,716					55,967

Schedule of realized and unrealized gains (losses) on securities

						Quarter ended March 31,
($ in thousands)						2021						2020
Gross gains on sales						$	3,676					5,676
Gross losses on sales						(4,471)						(1,576)
Net realized gains (losses) on disposals						(795)						4,100
Net unrealized gains (losses) on equity securities						11,280						(17,137)
Net credit loss expense on fixed income securities, AFS						(4,997)						(15,787)
Net credit loss expense on fixed income securities, HTM						(7)						—
Net credit loss expense on CMLs						—						(240)
Losses on securities for which we have the intent to sell						(362)						(15,602)
Net realized and unrealized gains (losses)						$	5,119					(44,666)

Unrealized Gain (Loss) on Equity Securities

						Quarter ended March 31,
($ in thousands)						2021						2020
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at March 31, 2021						$	10,097					(17,140)
On securities sold during period						1,183						3
Total unrealized gains (losses) recognized in income on equity securities						$	11,280					(17,137)

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