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Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and estimated fair values of our financial liabilities as of December 31, 2021 and 2020:
 December 31, 2021December 31, 2020
($ in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Financial Liabilities    
Long-term debt:
7.25% Senior Notes$49,917 63,719 49,914 66,148 
6.70% Senior Notes99,520 127,574 99,499 127,886 
5.375% Senior Notes294,330 395,652 294,241 383,669 
1.61% Borrowings from FHLBNY— — 25,000 25,182 
1.56% Borrowings from FHLBNY— — 25,000 25,198 
3.03% Borrowings from FHLBI60,000 64,126 60,000 67,513 
   Subtotal long-term debt503,767 651,071 553,654 695,596 
   Unamortized debt issuance costs(3,167)(3,419)
 Finance lease obligations5,450 508 
Total long-term debt$506,050 $550,743 

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" of this Form 10-K.
The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at December 31, 2021 and 2020:
December 31, 2021 Fair Value Measurements Using
($ in thousands)Assets Measured at Fair ValueQuoted Prices in Active Markets for Identical Assets/ Liabilities
(Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$130,458 60,615 69,843 — 
Foreign government15,860 — 15,860 — 
Obligations of states and political subdivisions1,189,308 — 1,181,563 7,745 
Corporate securities2,573,603 — 2,459,476 114,127 
CLO and other ABS1,350,814 — 1,225,905 124,909 
RMBS776,252 — 776,007 245 
CMBS673,681 — 669,425 4,256 
Total AFS fixed income securities6,709,976 60,615 6,398,079 251,282 
Equity securities:
Common stock1
333,449 249,846 — — 
Preferred stock2,088 2,088 — — 
Total equity securities335,537 251,934 — — 
Short-term investments447,863 442,723 5,140 — 
Total assets measured at fair value$7,493,376 755,272 6,403,219 251,282 
 
December 31, 2020 Fair Value Measurements Using
($ in thousands)Assets Measured at Fair ValueQuoted Prices in Active Markets for Identical Assets/ Liabilities
(Level 1)		Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$116,140 40,960 75,180 — 
Foreign government18,366 — 18,366 — 
Obligations of states and political subdivisions1,247,137 — 1,244,243 2,894 
Corporate securities2,328,052 — 2,257,352 70,700 
CLO and other ABS1,026,551 — 970,176 56,375 
RMBS1,051,788 — 1,051,788 — 
CMBS667,894 — 667,894 — 
Total AFS fixed income securities6,455,928 40,960 6,284,999 129,969 
Equity securities:
Common stock1
308,632 261,846 — — 
Preferred stock1,735 1,735 — — 
Total equity securities310,367 263,581 — — 
Short-term investments409,852 405,400 4,452 — 
Total assets measured at fair value$7,176,147 709,941 6,289,451 129,969 
1Investments amounting to $83.6 million and $46.8 million at December 31, 2021 and December 31, 2020, respectively, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.
The following tables provide a summary of the changes in the fair value of securities measured using Level 3 inputs and related quantitative information for the years indicated:
2021
($ in thousands)Obligations of states and political subdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSTotal
Fair value, December 31, 20202,894 70,700 56,375 — — 129,969 
Total net (losses) gains for the period included in:  
OCI(239)1,636 (520)— (196)681 
Net realized and unrealized (losses) gains(11)(50)(214)— 5 (270)
Net investment income earned— 27 16 — 19 62 
Purchases— 64,813 76,731 249 98 141,891 
Sales— — — — — — 
Issuances— — — — — — 
Settlements— (544)(5,161)(4)(52)(5,761)
Transfers into Level 35,101 981 11,344 — 4,382 21,808 
Transfers out of Level 3— (23,436)(13,662)— — (37,098)
Fair value, December 31, 2021$7,745 114,127 $124,909 245 4,256 251,282 
Change in unrealized (losses) gains for the period included in earnings for assets held at period end(11)(50)(214)— 5 (270)
Change in unrealized (losses) gains for the period included in OCI for assets held at period end(239)1,636 (520)— (196)681 

2020
($ in thousands)Obligations of states and political subdivisionsCorporate SecuritiesCLO and Other ABSTotal
Fair value, December 31, 2019$— 17,051 17,034 34,085 
Total net (losses) gains for the period included in:
OCI4 (785)1,883 1,102 
Net realized and unrealized gains (losses)— (1,046)(237)(1,283)
Net investment income earned— 21 6 27 
Purchases— 46,150 25,785 71,935 
Sales— — — — 
Issuances— — — — 
Settlements— (283)(2,638)(2,921)
Transfers into Level 32,890 9,592 31,520 44,002 
Transfers out of Level 3— — (16,978)(16,978)
Fair value, December 31, 2020$2,894 70,700 56,375 129,969 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end— (1,046)(237)(1,283)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end4(785)1,883 1,102 

The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurements of Level 3 assets at December 31, 2021 and 2020:

December 31, 2021
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRange
(Weighted Average)
Internal valuations:
Corporate securities$54,135 Discounted Cash FlowIlliquidity Spread
0.3% - 3.0% (1.2)%
CLO and other ABS34,903 Discounted Cash FlowIlliquidity Spread
0.7%- 8.0% (2.1)%
Total internal valuations89,038 
Other1
162,244 
Total Level 3 securities$251,282 
December 31, 2020
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRange
(Weighted Average)
Internal valuations:
Corporate securities$15,907 Discounted Cash FlowIlliquidity Spread
1.8% - 1.8% (1.8)%
CLO and other ABS27,005 Discounted Cash FlowIlliquidity Spread
1.2% - 3.1% (1.8)%
Total internal valuations42,912 
Other1
87,057 
Total Level 3 securities$129,969 
1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency as to the inputs used to develop the valuations. The quantitative details of these unobservable inputs is neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in our determination of fair value. An increase in this assumption would result in a lower fair value measurement.

The following tables provide quantitative information regarding our financial assets and liabilities that were not measured, but were disclosed at fair value at December 31, 2021 and 2020:
December 31, 2021Fair 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$3,576 — 3,576 — 
Corporate securities25,884 — 25,884 — 
Total HTM fixed income securities$29,460 — 29,460 — 
CMLs$97,598 — — 97,598 
Financial Liabilities
Long-term debt:
7.25% Senior Notes$63,719 — 63,719 — 
6.70% Senior Notes127,574 — 127,574 — 
5.375% Senior Notes395,652 — 395,652 — 
3.03% Borrowings from FHLBI64,126 — 64,126 — 
Total long-term debt$651,071 — 651,071 — 

December 31, 2020Fair 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$4,795 — 4,795 — 
Corporate securities13,206 — 13,206 — 
Total HTM fixed income securities$18,001 — 18,001 — 
CML$47,289 — — 47,289 
Financial Liabilities
Long-term debt:
7.25% Senior Notes$66,148 66,148 
6.70% Senior Notes127,886 127,886 
5.375% Senior Notes383,669 383,669 
1.61% Borrowings from FHLBNY25,182 — 25,182 — 
1.56% Borrowings from FHLBNY25,198 — 25,198 — 
3.03% Borrowings from FHLBI67,513 — 67,513 — 
Total long-term debt$695,596 — 695,596 —