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Investments (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2021

Schedule of Investments [Line Items]

Schedule of Available-for-sale Securities

June 30, 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						$	132,506					—						4,319						(631)						136,194
Foreign government						14,578						(49)						819						(73)						15,275
Obligations of states and political subdivisions						1,119,039						(38)						81,003						(103)						1,199,901
Corporate securities						2,325,858						(3,477)						146,061						(1,555)						2,466,887
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")						1,266,236						(1,399)						20,110						(2,724)						1,282,223
Residential mortgage-backed securities ("RMBS")						820,650						(1,034)						35,655						(774)						854,497
Commercial mortgage-backed securities ("CMBS")						632,882						(14)						39,420						(865)						671,423
Total AFS fixed income securities						$	6,311,749					(6,011)						327,387						(6,725)						6,626,400

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 June 30, 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						$	56					—						(7)						—						—						49
Obligations of states and political subdivisions						201						—						(163)						—						—						38
Corporate securities						6,166						148						(2,403)						(373)						(61)						3,477
CLO and other ABS						1,470						—						(70)						(1)						—						1,399
RMBS						864						3						230						(63)						—						1,034
CMBS						24						4						(14)						—						—						14
Total AFS fixed income securities						$	8,781					155						(2,427)						(437)						(61)						6,011

Quarter ended June 30, 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					—						7						—						—						28
Obligations of states and political subdivisions						29						15						(27)						—						—						17
Corporate securities						13,412						813						(5,686)						(395)						(67)						8,077
CLO and other ABS						1,565						27						(145)						(58)						—						1,389
RMBS						722						—						124						(15)						—						831
CMBS						38						8						7						—						—						53
Total AFS fixed income securities						$	15,787					863						(5,720)						(468)						(67)						10,395

Six Months ended June 30, 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					49						(1)						—						—						49
Obligations of states and political subdivisions						4						25						9						—						—						38
Corporate securities						2,782						2,185						(909)						(520)						(61)						3,477
CLO and other ABS						592						941						(116)						(18)						—						1,399
RMBS						561						618						(68)						(77)						—						1,034
CMBS						29						2						(17)						—						—						14
Total AFS fixed income securities						$	3,969					3,820						(1,102)						(615)						(61)						6,011

Six Months ended June 30, 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						$	—					28						—						—						—						28
Obligations of states and political subdivisions						—						17						—						—						—						17
Corporate securities						—						8,539						—						(395)						(67)						8,077
CLO and other ABS						—						1,447						—						(58)						—						1,389
RMBS						—						846						—						(15)						—						831
CMBS						—						53						—						—						—						53
Total AFS fixed income securities						$	—					10,930						—						(468)						(67)						10,395

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

June 30, 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						$	17,582					(631)						—						—						17,582						(631)
Foreign government						3,122						(73)						—						—						3,122						(73)
Obligations of states and political subdivisions						7,222						(103)						—						—						7,222						(103)
Corporate securities						84,676						(880)						6,163						(675)						90,839						(1,555)
CLO and other ABS						415,284						(1,699)						71,126						(1,025)						486,410						(2,724)
RMBS						84,141						(774)						—						—						84,141						(774)
CMBS						54,258						(704)						14,511						(161)						68,769						(865)
Total AFS fixed income securities						$	666,285					(4,864)						91,800						(1,861)						758,085						(6,725)

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						$	537,130					1,032						1,033
Due after one year through five years						3,365,039						14,971						15,808
Due after five years through 10 years						2,109,060						10,953						11,041
Due after 10 years						615,171						—						—
Total fixed income securities						$	6,626,400					26,956						27,882

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

Other Investments						June 30, 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						$	218,385					110,998						329,383						157,276						100,905						258,181
Private credit						58,674						96,132						154,806						54,017						98,330						152,347
Real assets						19,970						15,773						35,743						19,659						16,493						36,152
Total alternative investments						297,029						222,903						519,932						230,952						215,728						446,680
Other securities						33,450						—						33,450						35,370						—						35,370
Total other investments						$	330,479					222,903						553,382						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 June 30,												Six Months ended June 30,
($ in millions)						2021						2020						2021						2020
Net investment income						$	8.4					(3.1)						$	490.0					9.6
Realized gains						1,392.5						179.0						2,168.6						343.8
Net change in unrealized appreciation						4,948.9						(2,862.9)						9,579.7						(1,658.9)
Net income						$	6,349.8					(2,687.0)						$	12,238.3					(1,305.5)
Insurance Subsidiaries’ alternative investments income						$	29.9					(16.0)						$	50.1					(9.7)

Schedule of Securities Pledged As Collateral

($ in millions)						FHLBI Collateral						FHLBNY Collateral												State and Regulatory Deposits						Total
U.S. government and government agencies						$	—					—												21.6						21.6
Obligations of states and political subdivisions						—						—												5.0						5.0
RMBS						78.5						48.9												—						127.4
CMBS						6.7						15.6												—						22.3
Total pledged as collateral						$	85.2					64.5												26.6						176.3

Schedule of Pre-Tax Net Investment Income Earned

						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2021						2020						2021						2020
Fixed income securities						$	52,608					51,079						$	105,431					101,332
Commercial mortgage loans ("CMLs")						695						156						1,209						218
Equity securities						2,982						2,023						5,470						3,575
Short-term investments						55						420						140						1,586
Other investments						32,860						(15,846)						50,293						(9,504)
Investment expenses						(5,469)						(3,388)						(9,096)						(6,796)
Net investment income earned						$	83,731					34,444						$	153,447					90,411

Schedule of realized and unrealized gains (losses) on securities

						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2021						2020						2021						2020
Gross gains on sales						$	2,079					6,478						$	5,755					12,151
Gross losses on sales						(1,811)						(3,863)						(6,282)						(5,436)
Net realized gains (losses) on disposals						268						2,615						(527)						6,715
Net unrealized gains (losses) on equity securities						7,661						5,701						18,941						(11,436)
Net credit loss benefit (expense) on fixed income securities, AFS						2,272						4,923						(2,725)						(10,864)
Net credit loss (expense) benefit on fixed income securities, HTM						(53)						1						(60)						1
Net credit loss benefit (expense) on CMLs						—						22						—						(218)
Losses on securities for which we have the intent to sell						(91)						(613)						(453)						(16,215)
Net realized and unrealized gains (losses)						$	10,057					12,649						$	15,176					(32,017)

Unrealized Gain (Loss) on Equity Securities

						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2021						2020						2021						2020
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at period end						$	7,458					5,701						$	16,942					(11,439)
On securities sold during period						203						—						1,999						3
Total unrealized gains (losses) recognized in income on equity securities						$	7,661					5,701						$	18,941					(11,436)

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