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Investments (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2021

Schedule of Investments [Line Items]

Schedule of Available-for-sale Securities

September 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						$	128,415					—						3,600						(957)						131,058
Foreign government						14,567						(47)						695						(75)						15,140
Obligations of states and political subdivisions						1,094,619						(99)						71,507						(103)						1,165,924
Corporate securities						2,420,904						(4,719)						131,442						(3,101)						2,544,526
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")						1,326,348						(926)						18,896						(4,517)						1,339,801
Residential mortgage-backed securities ("RMBS")						785,840						(1,363)						33,361						(1,056)						816,782
Commercial mortgage-backed securities ("CMBS")						630,474						(15)						34,465						(1,085)						663,839
Total AFS fixed income securities						$	6,401,167					(7,169)						293,966						(10,894)						6,677,070

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 September 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						$	49					—						(2)						—						—						47
Obligations of states and political subdivisions						38						61						—						—						—						99
Corporate securities						3,477						1,307						64						(49)						(80)						4,719
CLO and other ABS						1,399						46						(517)						(2)						—						926
RMBS						1,034						248						125						(44)						—						1,363
CMBS						14						4						(3)						—						—						15
Total AFS fixed income securities						$	6,011					1,666						(333)						(95)						(80)						7,169

Quarter ended September 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					—						(2)						(19)						—						7
Obligations of states and political subdivisions						17						9						(11)						—						—						15
Corporate securities						8,077						1,016						(3,455)						(265)						(15)						5,358
CLO and other ABS						1,389						—						(210)						(51)						(7)						1,121
RMBS						831						—						(157)						(27)						—						647
CMBS						53						—						(21)						—						—						32
Total AFS fixed income securities						$	10,395					1,025						(3,856)						(362)						(22)						7,180

Nine Months ended September 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					47						(1)						—						—						47
Obligations of states and political subdivisions						4						84						11						—						—						99
Corporate securities						2,782						3,413						(765)						(570)						(141)						4,719
CLO and other ABS						592						573						(219)						(20)						—						926
RMBS						561						1,018						(95)						(121)						—						1,363
CMBS						29						4						(18)						—						—						15
Total AFS fixed income securities						$	3,969					5,139						(1,087)						(711)						(141)						7,169

Nine Months ended September 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						$	—					26						—						(19)						—						7
Obligations of states and political subdivisions						—						15						—						—						—						15
Corporate securities						—						6,100						—						(659)						(83)						5,358
CLO and other ABS						—						1,237						—						(109)						(7)						1,121
RMBS						—						690						—						(43)						—						647
CMBS						—						32						—						—						—						32
Total AFS fixed income securities						$	—					8,100						—						(830)						(90)						7,180

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

September 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						$	34,717					(940)						156						(17)						34,873						(957)
Foreign government						3,114						(75)						—						—						3,114						(75)
Obligations of states and political subdivisions						7,936						(103)						—						—						7,936						(103)
Corporate securities						236,164						(3,067)						2,412						(34)						238,576						(3,101)
CLO and other ABS						515,458						(3,723)						57,153						(794)						572,611						(4,517)
RMBS						111,648						(1,055)						20						(1)						111,668						(1,056)
CMBS						75,714						(941)						8,286						(144)						84,000						(1,085)
Total AFS fixed income securities						$	984,751					(9,904)						68,027						(990)						1,052,778						(10,894)

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						$	511,751					32						33
Due after one year through five years						3,389,351						14,548						15,340
Due after five years through 10 years						2,101,275						10,672						10,664
Due after 10 years						674,693						—						—
Total fixed income securities						$	6,677,070					25,252						26,037

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

Other Investments						September 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						$	257,160					103,792						360,952						157,276						100,905						258,181
Private credit						62,462						91,991						154,453						54,017						98,330						152,347
Real assets						22,870						23,466						46,336						19,659						16,493						36,152
Total alternative investments						342,492						219,249						561,741						230,952						215,728						446,680
Other securities						50,296						—						50,296						35,370						—						35,370
Total other investments						$	392,788					219,249						612,037						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 September 30,												Nine Months ended September 30,
($ in millions)						2021						2020						2021						2020
Net investment income						$	60.4					83.4						$	550.3					92.9
Realized gains						1,857.6						731.3						4,026.2						1,075.0
Net change in unrealized appreciation						11,188.2						2,230.4						20,767.9						571.6
Net income						$	13,106.2					3,045.1						$	25,344.4					1,739.5
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income						$	42.8					18.7						$	92.9					8.9

Schedule of Securities Pledged As Collateral

($ in millions)						FHLBI Collateral						FHLBNY Collateral												State and Regulatory Deposits						Total
U.S. government and government agencies						$	—					—												22.1						22.1
Obligations of states and political subdivisions						—						—												4.0						4.0
RMBS						67.8						44.8												—						112.6
CMBS						6.6						14.6												—						21.2
Total pledged as collateral						$	74.4					59.4												26.1						159.9

Schedule of Pre-Tax Net Investment Income Earned

						Quarter ended September 30,												Nine Months ended September 30,
($ in thousands)						2021						2020						2021						2020
Fixed income securities						$	51,683					51,285						$	157,114					152,617
Commercial mortgage loans ("CMLs")						683						245						1,892						463
Equity securities						2,955						1,948						8,425						5,523
Short-term investments						64						244						204						1,830
Other investments						42,865						18,671						93,158						9,167
Investment expenses						(5,218)						(4,208)						(14,314)						(11,004)
Net investment income earned						$	93,032					68,185						$	246,479					158,596

Schedule of realized and unrealized gains (losses) on securities

						Quarter ended September 30,												Nine Months ended September 30,
($ in thousands)						2021						2020						2021						2020
Gross gains on sales						$	7,151					2,975						$	12,906					15,129
Gross losses on sales						(2,505)						(2,402)						(8,787)						(7,841)
Net realized gains on disposals						4,646						573						4,119						7,288
Net unrealized (losses) gains on equity securities						(3,111)						4,338						15,830						(7,098)
Net credit loss (expense) benefit on fixed income securities, AFS						(1,334)						2,853						(4,059)						(8,011)
Net credit loss benefit (expense) on fixed income securities, HTM						6						3						(54)						4
Net credit loss benefit (expense) on CMLs						—						(2)						—						(220)
Losses on securities for which we have the intent to sell						(30)						(44)						(483)						(16,259)
Net realized and unrealized gains (losses)						$	177					7,721						$	15,353					(24,296)

Unrealized Gain (Loss) on Equity Securities

						Quarter ended September 30,												Nine Months ended September 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						$	269					4,338						$	14,767					(7,101)
On securities sold during period						(3,380)						—						1,063						3
Total unrealized (losses) gains recognized in income on equity securities						$	(3,111)					4,338						$	15,830					(7,098)

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