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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Funded Status of Retirement Income Plan And Retirement Life Plan | The following tables provide details on the Pension Plan for 2024 and 2023:
December 31, |  | Pension Plan
($ in thousands) |  | 2024 |  | 2023
Change in Benefit Obligation: |  |  |  |
Benefit obligation, beginning of year |  | $ | 325,476 |  |  | 311,945 |
Interest cost |  | 15,552 |  |  | 15,465 |
Actuarial gains (losses) |  | (22,402) |  |  | 12,890 |
Benefits paid |  | (16,009) |  |  | (14,824) |
Benefit obligation, end of year |  | $ | 302,617 |  |  | 325,476 |
Change in Fair Value of Assets: |  |  |  |
Fair value of assets, beginning of year |  | $ | 345,132 |  |  | 342,974 |
Actual return on plan assets, net of expenses |  | 3,632 |  |  | 16,982 |
Benefits paid |  | (16,009) |  |  | (14,824) |
Fair value of assets, end of year |  | $ | 332,755 |  |  | 345,132 |
Funded status |  | $ | 30,138 |  |  | 19,656 |
Schedule of Amounts Recognized in Consolidated Balance Sheet |
Amounts Recognized in the Consolidated Balance Sheet: |  |  |  |
Net pension assets, end of year |  | $ | 30,138 |  |  | 19,656 |
Schedule of Amounts Recognized in Accumulated Other than Comprehensive Income |
Amounts Recognized in AOCI: |  |  |  |
Net actuarial loss |  | $ | 108,234 |  |  | 116,558 |
Schedule of Other Information |
Other Information as of December 31: |  |  |  |
Accumulated benefit obligation |  | $ | 302,617 |  |  | 325,476 |
Schedule of Weighted- Average Expense and Liability Assumptions |
Weighted-Average Liability Assumptions as of December 31: |  |  |  |
Discount rate |  | 5.69 | % |  | 5.02 |
|  | Pension Plan
|  | 2024 |  | 2023 |  | 2022
Weighted-Average Expense Assumptions for the years ended December 31: |  |  |  |  |  |
Discount rate |  | 5.02 | % |  | 5.21 | % |  | 2.98 | %
Interest rate |  | 4.91 | % |  | 5.09 | % |  | 2.48 | %
Expected return on plan assets |  | 6.40 |  |  | 6.90 |  |  | 5.00 |
Schedule of Components of Net Periodic Benefit Cost |
|  | Pension Plan
($ in thousands) |  | 2024 |  | 2023 |  | 2022
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income: |  |  |  |  |  |
Net Periodic Benefit Cost (Benefit): |  |  |  |  |  |
Interest cost |  | $ | 15,552 |  |  | 15,465 |  |  | 9,944 |
Expected return on plan assets |  | (21,529) |  |  | (23,091) |  |  | (22,147) |
Amortization of unrecognized actuarial loss |  | 3,820 |  |  | 3,001 |  |  | 1,465 |
Total net periodic pension cost (benefit)1 |  | $ | (2,157) |  |  | (4,625) |  |  | (10,738) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | (4,504) |  |  | 18,998 |  |  | 23,722 |
Reversal of amortization of net actuarial loss |  | (3,820) |  |  | (3,001) |  |  | (1,465) |
Total recognized in other comprehensive income |  | $ | (8,324) |  |  | 15,997 |  |  | 22,257 |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | (10,481) |  |  | 11,372 |  |  | 11,519 |
1 The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.
Schedule of Allocation of Plan Assets | The Pension Plan’s target ranges, as well as the actual weighted average asset allocation by strategy, at December 31, 2024 and 2023 were as follows:
|  | 2024 |  | 2023
|  | Target Percentage |  | Actual Percentage |  | Actual Percentage
|  | Minimum | Maximum |  |  |  |
Return seeking assets 1 |  | 28 | % | 58 | % |  | 54 | % |  | 52 | %
Liability hedging assets |  | 42 | % | 72 | % |  | 44 | % |  | 45 | %
Short-term investments |  | - | - |  | 2 | % |  | 3 | %
Total |  |  |  |  | 100 | % |  | 100 | %
1 Includes limited partnerships.
Schedule of Expected Benefit Payments | Benefit Payments
($ in thousands) |  | Pension Plan
Benefits Expected to be Paid in Future |  |
Fiscal Years: |  |
2025 |  | $ | 18,659 |
2026 |  | 18,846 |
2027 |  | 19,778 |
2028 |  | 20,710 |
2029 |  | 21,687 |
2030-2034 |  | 114,673 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] |
Schedule of Fair Value of Financial Assets | The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at December 31, 2024 and 2023:
December 31, 2024 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets Measured 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)
Description |  |  |  |  |  |  |  |
Measured on a recurring basis: |  |  |  |  |  |  |  |
AFS fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 120,155 |  |  | 35,518 |  |  | 84,637 |  |  | — |
Foreign government |  | 9,302 |  |  | — |  |  | 9,302 |  |  | — |
Obligations of states and political subdivisions |  | 451,230 |  |  | — |  |  | 443,804 |  |  | 7,426 |
Corporate securities |  | 3,068,180 |  |  | — |  |  | 2,825,501 |  |  | 242,679 |
CLO and other ABS |  | 2,033,149 |  |  | — |  |  | 1,665,155 |  |  | 367,994 |
RMBS |  | 1,692,358 |  |  | — |  |  | 1,692,358 |  |  | — |
CMBS |  | 752,960 |  |  | — |  |  | 752,620 |  |  | 340 |
Total AFS fixed income securities |  | 8,127,334 |  |  | 35,518 |  |  | 7,473,377 |  |  | 618,439 |
Equity securities: |  |  |  |  |  |  |  |
Common stock 1 |  | 211,767 |  |  | 41,445 |  |  | — |  |  | 808 |
Preferred stock |  | 1,834 |  |  | 1,834 |  |  | — |  |  | — |
Total equity securities |  | 213,601 |  |  | 43,279 |  |  | — |  |  | 808 |
Short-term investments |  | 509,318 |  |  | 474,225 |  |  | 35,093 |  |  | — |
Total assets measured at fair value |  | $ | 8,850,253 |  |  | 553,022 |  |  | 7,508,470 |  |  | 619,247 |
December 31, 2023 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets Measured 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)
Description |  |  |  |  |  |  |  |
Measured on a recurring basis: |  |  |  |  |  |  |  |
AFS fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 205,035 |  |  | 34,056 |  |  | 170,979 |  |  | — |
Foreign government |  | 9,803 |  |  | — |  |  | 9,803 |  |  | — |
Obligations of states and political subdivisions |  | 585,965 |  |  | — |  |  | 578,131 |  |  | 7,834 |
Corporate securities |  | 2,711,239 |  |  | — |  |  | 2,413,907 |  |  | 297,332 |
CLO and other ABS |  | 1,834,827 |  |  | — |  |  | 1,589,514 |  |  | 245,313 |
RMBS |  | 1,477,483 |  |  | — |  |  | 1,477,483 |  |  | — |
CMBS |  | 674,845 |  |  | — |  |  | 674,489 |  |  | 356 |
Total AFS fixed income securities |  | 7,499,197 |  |  | 34,056 |  |  | 6,914,306 |  |  | 550,835 |
Equity securities: |  |  |  |  |  |  |  |
Common stock 1 |  | 185,339 |  |  | 20,582 |  |  | — |  |  | 854 |
Preferred stock |  | 1,816 |  |  | 1,816 |  |  | — |  |  | — |
Total equity securities |  | 187,155 |  |  | 22,398 |  |  | — |  |  | 854 |
Short-term investments |  | 309,317 |  |  | 308,512 |  |  | 805 |  |  | — |
Total assets measured at fair value |  | $ | 7,995,669 |  |  | 364,966 |  |  | 6,915,111 |  |  | 551,689 |
1 Investments amounting to $169.5 million at December 31, 2024 and $163.9 million at December 31, 2023, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.
Defined Benefit Pension Plan |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] |
Schedule of Fair Value of Financial Assets | The following tables provide quantitative disclosures of the Pension Plan’s invested assets that are measured at fair value on a recurring basis:
December 31, 2024 |  |  |  | Fair Value Measurements at 12/31/24 Using
($ in thousands) |  | Assets Measured at Fair Value At 12/31/2024 |  | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Description |  |  |  |  |  |  |  |
Return seeking assets: |  |  |  |  |  |  |  |
Equities: |  |  |  |  |  |  |  |
Global equity |  | $ | 40,643 |  |  | 40,643 |  |  | — |  |  | — |
Diversified credit |  | 47,158 |  |  | 47,158 |  |  | — |  |  | — |
Real assets |  | 58,427 |  |  | 58,427 |  |  | — |  |  | — |
Liquid diversifiers 1 |  | 33,075 |  |  | 33,075 |  |  | — |  |  | — |
Total equities |  | 179,303 |  |  | 179,303 |  |  | — |  |  | — |
Limited partnerships (at net asset value)2: |  |  |  |  |  |  |  |
Real assets |  | 28 |  |  | — |  |  | — |  |  | — |
Private equity |  | 282 |  |  | — |  |  | — |  |  | — |
Total limited partnerships |  | 310 |  |  | — |  |  | — |  |  | — |
Total return seeking assets |  | 179,613 |  |  | 179,303 |  |  | — |  |  | — |
Liability hedging assets: |  |  |  |  |  |  |  |
Fixed income |  | 98,068 |  |  | 98,068 |  |  | — |  |  | — |
U.S. Treasury overlay |  | 47,302 |  |  | 47,302 |  |  | — |  |  | — |
Total liability hedging assets |  | 145,370 |  |  | 145,370 |  |  | — |  |  | — |
Cash and short-term investments: |  |  |  |  |  |  |  |
Short-term investments |  | 5,091 |  |  | 5,091 |  |  | — |  |  | — |
Deposit administration contracts |  | 2,473 |  |  | — |  |  | 2,473 |  |  | — |
Total cash and short-term investments |  | 7,564 |  |  | 5,091 |  |  | 2,473 |  |  | — |
Total invested assets |  | $ | 332,547 |  |  | 329,764 |  |  | 2,473 |  |  | — |
December 31, 2023 |  |  |  | Fair Value Measurements at 12/31/23 Using
($ in thousands) |  | Assets Measured at Fair Value At 12/31/2023 |  | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Description |  |  |  |  |  |  |  |
Return seeking assets: |  |  |  |  |  |  |  |
Equities: |  |  |  |  |  |  |  |
Global equity |  | $ | 39,038 |  |  | 39,038 |  |  | — |  |  | — |
Diversified credit |  | 42,630 |  |  | 42,630 |  |  | — |  |  | — |
Real assets |  | 59,603 |  |  | 59,603 |  |  | — |  |  | — |
Liquid diversifiers 1 |  | 40,095 |  |  | 40,095 |  |  | — |  |  | — |
Total equities |  | 181,366 |  |  | 181,366 |  |  | — |  |  | — |
Limited partnerships (at net asset value)2: |  |  |  |  |  |  |  |
Real assets |  | 27 |  |  | — |  |  | — |  |  | — |
Private equity |  | 311 |  |  | — |  |  | — |  |  | — |
Total limited partnerships |  | 338 |  |  | — |  |  | — |  |  | — |
Total return seeking assets |  | 181,704 |  |  | 181,366 |  |  | — |  |  | — |
Liability hedging assets: |  |  |  |  |  |  |  |
Fixed income |  | 79,632 |  |  | 79,632 |  |  | — |  |  | — |
U.S. Treasury overlay |  | 75,198 |  |  | 75,198 |  |  | — |  |  | — |
Total liability hedging assets |  | 154,830 |  |  | 154,830 |  |  | — |  |  | — |
Cash and short-term investments: |  |  |  |  |  |  |  |
Short-term investments |  | 9,015 |  |  | 9,015 |  |  | — |  |  | — |
Deposit administration contracts |  | 2,391 |  |  | — |  |  | 2,391 |  |  | — |
Total cash and short-term investments |  | 11,406 |  |  | 9,015 |  |  | 2,391 |  |  | — |
Total invested assets |  | $ | 347,940 |  |  | 345,211 |  |  | 2,391 |  |  | — |
1 Liquid diversifiers are investments that unbundle return drivers from hedge funds, providing investors access to liquid, diversifying returns. 2 These investments 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. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total Pension Plan invested assets.

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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