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Investments (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Investments [Line Items]

Schedule of Available-for-sale Securities

March 31, 2023						Cost/ Amortized Cost						Allowance for Credit Losses						Unrealized Gains						Unrealized Losses						Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies						$	360,176					—						1,347						(18,153)						343,370
Foreign government						11,185						(36)						—						(1,262)						9,887
Obligations of states and political subdivisions						713,515						(737)						3,048						(33,743)						682,083
Corporate securities						2,631,373						(16,756)						8,375						(175,042)						2,447,950
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")						1,631,305						(3,895)						4,765						(102,040)						1,530,135
Residential mortgage-backed securities ("RMBS")						1,396,241						(11,740)						2,543						(85,388)						1,301,656
Commercial mortgage-backed securities ("CMBS")						697,253						(390)						383						(47,811)						649,435
Total AFS fixed income securities						$	7,441,048					(33,554)						20,461						(463,439)						6,964,516

December 31, 2022						Cost/ Amortized Cost						Allowance for Credit Losses						Unrealized Gains						Unrealized Losses						Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies						$	209,528					—						37						(20,326)						189,239
Foreign government						11,199						(284)						—						(1,307)						9,608
Obligations of states and political subdivisions						965,231						(1,024)						1,812						(48,001)						918,018
Corporate securities						2,558,655						(30,330)						3,509						(196,809)						2,335,025
CLO and other ABS						1,607,660						(2,375)						2,408						(121,720)						1,485,973
RMBS						1,169,546						(11,597)						1,148						(99,265)						1,059,832
CMBS						663,935						(111)						348						(49,760)						614,412
Total AFS fixed income securities						$	7,185,754					(45,721)						9,262						(537,188)						6,612,107

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

Quarter ended March 31, 2023						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
($ in thousands)
Foreign government						$	284					—						—						(248)						—						—						36
Obligations of states and political subdivisions						1,024						50						—						(254)						(83)						—						737
Corporate securities						30,330						2,854						—						(13,964)						(2,453)						(11)						16,756
CLO and other ABS						2,375						787						—						736						(3)						—						3,895
RMBS						11,597						12						—						219						(88)						—						11,740
CMBS						111						27						—						252						—						—						390
Total AFS fixed income securities						$	45,721					3,730						—						(13,259)						(2,627)						(11)						33,554

Quarter ended March 31, 2022						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
($ in thousands)
Foreign government						$	46					103						—						1						—						—						150
Obligations of states and political subdivisions						137						1,732						—						132						(10)						—						1,991
Corporate securities						6,682						15,393						—						3,337						(1,247)						(1,099)						23,066
CLO and other ABS						939						1,288						—						59						(3)						—						2,283
RMBS						1,909						—						8,318						(63)						(135)						—						10,029
CMBS						11						72						—						(3)						—						—						80
Total AFS fixed income securities						$	9,724					18,588						8,318						3,463						(1,395)						(1,099)						37,599

During First Quarter 2023 and 2022, we had no 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

March 31, 2023						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						$	30,947					(1,069)						82,522						(17,084)						113,469						(18,153)
Foreign government						5,135						(354)						4,752						(908)						9,887						(1,262)
Obligations of states and political subdivisions						256,332						(7,836)						179,924						(25,907)						436,256						(33,743)
Corporate securities						1,251,275						(60,040)						664,923						(115,002)						1,916,198						(175,042)
CLO and other ABS						492,148						(22,463)						780,530						(79,577)						1,272,678						(102,040)
RMBS						598,559						(25,403)						445,561						(59,985)						1,044,120						(85,388)
CMBS						354,433						(16,702)						253,708						(31,109)						608,141						(47,811)
Total AFS fixed income securities						$	2,988,829					(133,867)						2,411,920						(329,572)						5,400,749						(463,439)

December 31, 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						$	166,975					(13,658)						16,011						(6,668)						182,986						(20,326)
Foreign government						5,573						(608)						2,456						(699)						8,029						(1,307)
Obligations of states and political subdivisions						681,795						(43,767)						16,618						(4,234)						698,413						(48,001)
Corporate securities						1,889,492						(164,197)						133,223						(32,612)						2,022,715						(196,809)
CLO and other ABS						916,423						(69,155)						411,283						(52,565)						1,327,706						(121,720)
RMBS						887,229						(76,432)						108,041						(22,833)						995,270						(99,265)
CMBS						512,953						(37,815)						77,181						(11,945)						590,134						(49,760)
Total AFS fixed income securities						$	5,060,440					(405,632)						764,813						(131,556)						5,825,253						(537,188)

Schedule of Fixed Maturity Securities By Contractual Maturities

						AFS						HTM
($ in thousands)						Fair Value						Carrying Value						Fair Value
Due in one year or less						$	348,132					658						657
Due after one year through five years						3,062,605						14,597						13,944
Due after five years through 10 years						2,814,604						9,395						8,921
Due after 10 years						739,175						—						—
Total fixed income securities						$	6,964,516					24,650						23,522

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

						March 31, 2023																		December 31, 2022
($ in thousands)						Carrying Value						Remaining Commitment						Maximum Exposure to Loss						Carrying Value						Remaining Commitment						Maximum Exposure to Loss
Alternative Investments
Private equity						$	289,598					129,839						419,437						280,980						134,676						415,656
Private credit						53,445						89,002						142,447						54,866						89,481						144,347
Real assets						36,985						20,738						57,723						35,470						21,945						57,415
Total alternative investments						380,028						239,579						619,607						371,316						246,102						617,418

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

Income Statement Information						Quarter ended March 31,
($ in millions)						2023						2022
Net investment income (loss)						$	(70.7)					135.5
Realized gains						1,722.3						2,748.0
Net change in unrealized appreciation						1,443.7						5,178.2
Net income						$	3,095.3					8,061.7
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income						$	7.8					19.1

Schedule of Securities Pledged As Collateral

($ in millions)						FHLBI Collateral						FHLBNY Collateral												State and Regulatory Deposits						Total
U.S. government and government agencies						$	—					—												19.9						19.9
Obligations of states and political subdivisions						—						—												3.5						3.5
RMBS						61.2						28.4												—						89.6
CMBS						4.5						9.6												—						14.1
Total pledged as collateral						$	65.7					38.0												23.4						127.1

Schedule of Pre-Tax Net Investment Income Earned

						Quarter ended March 31,
($ in thousands)						2023						2022
Fixed income securities						$	80,087					53,925
Commercial mortgage loans ("CMLs")						1,965						970
Equity securities						1,205						2,418
Short-term investments						4,650						101
Alternative investments						7,768						19,128
Other investments						43						177
Investment expenses						(4,212)						(4,117)
Net investment income earned						$	91,506					72,602

Schedule of realized and unrealized gains (losses) on securities

						Quarter ended March 31,
($ in thousands)						2023						2022
Gross gains on sales						$	3,784					2,197
Gross losses on sales						(12,930)						(13,560)
Net realized gains (losses) on disposals						(9,146)						(11,363)
Net unrealized gains (losses) on equity securities						3,248						(2,154)
Net credit loss benefit (expense) on fixed income securities, AFS						9,529						(22,052)
Net credit loss benefit (expense) on fixed income securities, HTM						—						14
Net credit loss benefit (expense) on CMLs						17						—
Losses on securities for which we have the intent to sell						(304)						(4,797)
Net realized and unrealized investment gains (losses)						$	3,344					(40,352)

Unrealized Gain (Loss) on Equity Securities

						Quarter ended March 31,
($ in thousands)						2023						2022
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period						$	(142)					(2,220)
On securities sold in period						3,390						66
Total unrealized gains (losses) recognized in income on equity securities						$	3,248					(2,154)

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