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Investments (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Investments [Line Items]

Schedule of Available-for-sale Securities

June 30, 2022
($ 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						$	125,665					—						76						(11,396)						114,345
Foreign government						16,900						(265)						1						(1,338)						15,298
Obligations of states and political subdivisions						1,093,211						(1,206)						5,791						(31,558)						1,066,238
Corporate securities						2,461,952						(35,072)						3,651						(154,204)						2,276,327
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")						1,518,994						(3,623)						2,906						(80,499)						1,437,778
Residential mortgage-backed securities ("RMBS")						971,347						(10,616)						1,254						(50,185)						911,800
Commercial mortgage-backed securities ("CMBS")						645,361						(18)						666						(28,517)						617,492
Total AFS fixed income securities						$	6,833,430					(50,800)						14,345						(357,697)						6,439,278

December 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						$	127,974					—						3,629						(1,145)						130,458
Foreign government						15,420						(46)						609						(123)						15,860
Obligations of states and political subdivisions						1,121,422						(137)						68,258						(235)						1,189,308
Corporate securities						2,478,348						(6,682)						106,890						(4,953)						2,573,603
CLO and other ABS						1,343,687						(939)						14,350						(6,284)						1,350,814
RMBS						756,280						(1,909)						24,813						(2,932)						776,252
CMBS						647,622						(11)						27,752						(1,682)						673,681
Total AFS fixed income securities						$	6,490,753					(9,724)						246,301						(17,354)						6,709,976

Debt Securities, Available-for-sale, Allowance for Credit Loss

Quarter ended June 30, 2022
($ in thousands)						Beginning Balance						Current Provision for Securities without Prior Allowance						Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration						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						$	150					117						—						12						(14)						—						265
Obligations of states and political subdivisions						1,991						534						—						(1,166)						(153)						—						1,206
Corporate securities						23,066						8,323						—						5,732						(1,944)						(105)						35,072
CLO and other ABS						2,283						530						—						819						(9)						—						3,623
RMBS						10,029						173						—						507						(93)						—						10,616
CMBS						80						—						—						(62)						—						—						18
Total AFS fixed income securities						$	37,599					9,677						—						5,842						(2,213)						(105)						50,800

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

Six Months ended June 30, 2022
($ in thousands)						Beginning Balance						Current Provision for Securities without Prior Allowance						Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration						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						$	46					236						—						(3)						(14)						—						265
Obligations of states and political subdivisions						137						1,237						—						(4)						(164)						—						1,206
Corporate securities						6,682						28,243						—						4,542						(3,191)						(1,204)						35,072
CLO and other ABS						939						2,058						—						637						(11)						—						3,623
RMBS						1,909						174						8,318						443						(228)						—						10,616
CMBS						11						17						—						(10)						—						—						18
Total AFS fixed income securities						$	9,724					31,965						8,318						5,605						(3,608)						(1,204)						50,800

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

During Second Quarter and Six Months 2022 and 2021, we did not have any write-offs or recoveries of our AFS fixed income securities.

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

June 30, 2022						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						$	89,797					(9,864)						4,522						(1,532)						94,319						(11,396)
Foreign government						11,027						(962)						1,799						(376)						12,826						(1,338)
Obligations of states and political subdivisions						466,743						(31,280)						2,875						(278)						469,618						(31,558)
Corporate securities						1,649,434						(152,902)						6,839						(1,302)						1,656,273						(154,204)
CLO and other ABS						1,114,978						(68,918)						158,322						(11,581)						1,273,300						(80,499)
RMBS						813,811						(47,346)						17,605						(2,839)						831,416						(50,185)
CMBS						511,458						(24,251)						33,690						(4,266)						545,148						(28,517)
Total AFS fixed income securities						$	4,657,248					(335,523)						225,652						(22,174)						4,882,900						(357,697)

December 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						$	34,857					(746)						7,827						(399)						42,684						(1,145)
Foreign government						2,000						(84)						1,061						(39)						3,061						(123)
Obligations of states and political subdivisions						25,837						(235)						—						—						25,837						(235)
Corporate securities						300,549						(4,903)						2,520						(50)						303,069						(4,953)
CLO and other ABS						663,976						(4,934)						53,368						(1,350)						717,344						(6,284)
RMBS						236,010						(2,931)						20						(1)						236,030						(2,932)
CMBS						112,899						(1,016)						20,326						(666)						133,225						(1,682)
Total AFS fixed income securities						$	1,376,128					(14,849)						85,122						(2,505)						1,461,250						(17,354)

Schedule of Fixed Maturity Securities By Contractual Maturities

						AFS						HTM
($ in thousands)						Fair Value						Carrying Value						Fair Value
Due in one year or less						$	330,440					6,721						6,817
Due after one year through five years						2,794,530						5,252						5,218
Due after five years through 10 years						2,450,184						20,121						19,270
Due after 10 years						864,124						—						—
Total fixed income securities						$	6,439,278					32,094						31,305

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

Other Investments						June 30, 2022																		December 31, 2021
($ in thousands)						Carrying Value						Remaining Commitment						Maximum Exposure to Loss1						Carrying Value						Remaining Commitment						Maximum Exposure to Loss1
Alternative Investments
Private equity						$	289,965					124,342						414,307						273,070						99,734						372,804
Private credit						56,805						92,436						149,241						63,138						92,674						155,812
Real assets						26,546						29,916						56,462						23,524						22,579						46,103
Total alternative investments						373,316						246,694						620,010						359,732						214,987						574,719
Other securities						56,230						—						56,230						49,300						—						49,300
Total other investments						$	429,546					246,694						676,240						409,032						214,987						624,019

1In addition to the amounts in this table, previously recognized tax credits are subject to the risk of recapture. We do not consider the risk of recapture to be significant and therefore do not reflect this risk in the Maximum Exposure to Loss column in this table.

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)						2022						2021						2022						2021
Net investment income						$	270.9					8.4						$	406.5					490.0
Realized gains						6,233.5						1,392.5						8,981.5						2,168.6
Net change in unrealized appreciation						(3,962.4)						4,948.9						1,215.9						9,579.7
Net income						$	2,542.0					6,349.8						$	10,603.9					12,238.3
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income						$	9.3					29.9						$	28.4					50.1

Schedule of Securities Pledged As Collateral

($ in millions)						FHLBI Collateral						FHLBNY Collateral												State and Regulatory Deposits						Total
U.S. government and government agencies						$	—					—												20.1						20.1
Obligations of states and political subdivisions						—						—												3.6						3.6
RMBS						60.5						32.8												—						93.3
CMBS						5.2						12.2												—						17.4
Total pledged as collateral						$	65.7					45.0												23.7						134.4

Schedule of Pre-Tax Net Investment Income Earned

						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2022						2021						2022						2021
Fixed income securities						$	62,144					52,608						$	116,069					105,431
Commercial mortgage loans ("CMLs")						1,192						695						2,162						1,209
Equity securities						2,639						2,982						5,057						5,470
Short-term investments						407						55						508						140
Other investments						9,060						32,860						28,365						50,293
Investment expenses						(5,220)						(5,469)						(9,337)						(9,096)
Net investment income earned						$	70,222					83,731						$	142,824					153,447

Schedule of realized and unrealized gains (losses) on securities

						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2022						2021						2022						2021
Gross gains on sales						$	14,552					2,079						$	16,749					5,755
Gross losses on sales						(19,345)						(1,811)						(32,905)						(6,282)
Net realized (losses) gains on disposals						(4,793)						268						(16,156)						(527)
Net unrealized (losses) gains on equity securities						(21,860)						7,661						(24,014)						18,941
Net credit loss (expense) benefit on fixed income securities, AFS						(15,519)						2,272						(37,571)						(2,725)
Net credit loss benefit (expense) on fixed income securities, HTM						(6)						(53)						8						(60)
Losses on securities for which we have the intent to sell						(702)						(91)						(5,499)						(453)
Net realized and unrealized (losses) gains						$	(42,880)					10,057						$	(83,232)					15,176

Unrealized Gain (Loss) on Equity Securities

						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2022						2021						2022						2021
Unrealized (losses) gains recognized in income on equity securities:
On securities remaining in our portfolio at end of period						$	(13,031)					7,458						$	(14,843)					16,942
On securities sold in period						(8,829)						203						(9,171)						1,999
Total unrealized (losses) gains recognized in income on equity securities						$	(21,860)					7,661						$	(24,014)					18,941

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