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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Investments [Line Items]

Schedule of Available-for-sale Securities

June 30, 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						$	313,965					—						—						(20,943)						293,022
Foreign government						11,171						(34)						—						(1,318)						9,819
Obligations of states and political subdivisions						694,734						(769)						1,607						(37,544)						658,028
Corporate securities						2,585,819						(16,149)						4,964						(189,664)						2,384,970
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")						1,739,788						(2,915)						3,353						(105,957)						1,634,269
Residential mortgage-backed securities ("RMBS")						1,520,170						(11,550)						1,024						(101,809)						1,407,835
Commercial mortgage-backed securities ("CMBS")						699,295						(8)						162						(55,044)						644,405
Total AFS fixed income securities						$	7,564,942					(31,425)						11,110						(512,279)						7,032,348

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 June 30, 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						$	36					—						—						(2)						—						—						34
Obligations of states and political subdivisions						737						67						—						(35)						—						—						769
Corporate securities						16,756						1,438						—						(1,070)						(939)						(36)						16,149
CLO and other ABS						3,895						622						—						(1,595)						(7)						—						2,915
RMBS						11,740						1						—						(50)						(141)						—						11,550
CMBS						390						—						—						(240)						(142)						—						8
Total AFS fixed income securities						$	33,554					2,128						—						(2,992)						(1,229)						(36)						31,425

Quarter ended June 30, 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						$	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

Six Months ended June 30, 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					—						—						(250)						—						—						34
Obligations of states and political subdivisions						1,024						67						—						(239)						(83)						—						769
Corporate securities						30,330						4,141						—						(14,884)						(3,387)						(51)						16,149
CLO and other ABS						2,375						677						—						(127)						(10)						—						2,915
RMBS						11,597						8						—						174						(229)						—						11,550
CMBS						111						1						—						39						(143)						—						8
Total AFS fixed income securities						$	45,721					4,894						—						(15,287)						(3,852)						(51)						31,425

Six Months ended June 30, 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					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

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

June 30, 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						$	208,153					(2,831)						84,869						(18,112)						293,022						(20,943)
Foreign government						4,380						(247)						5,439						(1,071)						9,819						(1,318)
Obligations of states and political subdivisions						337,606						(5,554)						229,922						(31,990)						567,528						(37,544)
Corporate securities						1,101,756						(40,711)						895,497						(148,953)						1,997,253						(189,664)
CLO and other ABS						523,727						(17,268)						924,490						(88,689)						1,448,217						(105,957)
RMBS						792,885						(26,269)						538,073						(75,540)						1,330,958						(101,809)
CMBS						291,078						(12,882)						344,647						(42,162)						635,725						(55,044)
Total AFS fixed income securities						$	3,259,585					(105,762)						3,022,937						(406,517)						6,282,522						(512,279)

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						$	369,240					443						442
Due after one year through five years						3,056,529						13,942						13,233
Due after five years through 10 years						2,912,169						9,291						8,681
Due after 10 years						694,410						—						—
Total fixed income securities						$	7,032,348					23,676						22,356

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

						June 30, 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						$	298,219					124,213						422,432						280,980						134,676						415,656
Private credit						52,379						138,691						191,070						54,866						89,481						144,347
Real assets						38,575						19,553						58,128						35,470						21,945						57,415
Total alternative investments						$	389,173					282,457						671,630						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 June 30,												Six Months ended June 30,
($ in millions)						2023						2022						2023						2022
Net investment income (loss)						$	(70.6)					270.9						$	(141.3)					406.5
Realized gains						922.0						6,233.5						2,644.3						8,981.5
Net change in unrealized appreciation (depreciation)						3,754.0						(3,962.4)						5,197.8						1,215.9
Net income						$	4,605.4					2,542.0						$	7,700.8					10,603.9
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income						$	11.4					9.3						$	19.2					28.4

Schedule of Securities Pledged As Collateral

($ in millions)						FHLBI Collateral						FHLBNY Collateral												State and Regulatory Deposits						Total
U.S. government and government agencies						$	—					—												19.4						19.4
Obligations of states and political subdivisions						—						—												3.5						3.5
RMBS						62.1						26.9												—						89.0
CMBS						2.9						8.7												—						11.6
Total pledged as collateral						$	65.0					35.6												22.9						123.5

Schedule of Pre-Tax Net Investment Income Earned

						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2023						2022						2023						2022
Fixed income securities						$	83,916					62,144						$	164,003					116,069
Commercial mortgage loans ("CMLs")						2,199						1,192						4,164						2,162
Equity securities						2,236						2,639						3,441						5,057
Short-term investments						2,892						407						7,542						508
Alternative investments						11,396						9,274						19,164						28,402
Other investments						188						(214)						231						(37)
Investment expenses						(5,131)						(5,220)						(9,343)						(9,337)
Net investment income earned						$	97,696					70,222						$	189,202					142,824

Schedule of realized and unrealized gains (losses) on securities

						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2023						2022						2023						2022
Gross gains on sales						$	1,156					14,552						$	4,940					16,749
Gross losses on sales						(11,952)						(19,345)						(24,882)						(32,905)
Net realized gains (losses) on disposals						(10,796)						(4,793)						(19,942)						(16,156)
Net unrealized gains (losses) on equity securities						4,925						(21,860)						8,173						(24,014)
Net credit loss benefit (expense) on fixed income securities, AFS						864						(15,519)						10,393						(37,571)
Net credit loss benefit (expense) on fixed income securities, HTM						—						(6)						—						8
Net credit loss (expense) on CMLs						(78)						—						(61)						—
Losses on securities for which we have the intent to sell						(341)						(702)						(645)						(5,499)
Net realized and unrealized investment gains (losses)						$	(5,426)					(42,880)						$	(2,082)					(83,232)

Unrealized Gain (Loss) on Equity Securities

						Quarter ended June 30,												Six Months ended June 30,
($ in thousands)						2023						2022						2023						2022
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period						$	2,784					(13,031)						$	2,685					(14,843)
On securities sold in period						2,141						(8,829)						5,488						(9,171)
Total unrealized gains (losses) recognized in income on equity securities						$	4,925					(21,860)						$	8,173					(24,014)

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