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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023:

 December 31, 2024December 31, 2023
($ in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$49,931 54,657 49,926 53,047 
6.70% Senior Notes
99,590 103,057 99,565 104,039 
5.375% Senior Notes
294,627 273,464 294,523 288,787 
3.03% Borrowings from FHLBI
60,000 58,516 60,000 57,932 
   Subtotal long-term debt504,148 489,694 504,014 503,805 
   Unamortized debt issuance costs(2,492)(2,704)
Finance lease obligations6,282 2,636 
Total long-term debt$507,938 $503,946 

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, 2024 and 2023:

December 31, 2024 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$120,155 35,518 84,637 — 
Foreign government9,302 — 9,302 — 
Obligations of states and political subdivisions451,230 — 443,804 7,426 
Corporate securities3,068,180 — 2,825,501 242,679 
CLO and other ABS2,033,149 — 1,665,155 367,994 
RMBS1,692,358 — 1,692,358 — 
CMBS752,960 — 752,620 340 
Total AFS fixed income securities8,127,334 35,518 7,473,377 618,439 
Equity securities:
Common stock1
211,767 41,445 — 808 
Preferred stock1,834 1,834 — — 
Total equity securities213,601 43,279 — 808 
Short-term investments509,318 474,225 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 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$205,035 34,056 170,979 — 
Foreign government9,803 — 9,803 — 
Obligations of states and political subdivisions585,965 — 578,131 7,834 
Corporate securities2,711,239 — 2,413,907 297,332 
CLO and other ABS1,834,827 — 1,589,514 245,313 
RMBS1,477,483 — 1,477,483 — 
CMBS674,845 — 674,489 356 
Total AFS fixed income securities7,499,197 34,056 6,914,306 550,835 
Equity securities:
Common stock1
185,339 20,582 — 854 
Preferred stock1,816 1,816 — — 
Total equity securities187,155 22,398 — 854 
Short-term investments309,317 308,512 805 — 
Total assets measured at fair value$7,995,669 364,966 6,915,111 551,689 
1Investments amounting to $169.5 million at December 31, 2024 and $163.9 million at December 31, 2023, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.
The following tables provide a summary of Level 3 changes for the years indicated:
2024
($ in thousands)Obligations of states and political subdivisionsCorporate SecuritiesCLO and Other ABS
RMBS
CMBSCommon StockTotal
Fair value, December 31, 2023$7,834 297,332 245,313 — 356 854 551,689 
Total net gains (losses) for the period included in:
  
OCI(143)10,790 3,920 77 (6)— 14,638 
Net realized and unrealized investment gains (losses)
(127)881 (223)— — (46)485 
Net investment income earned— (429)653 1 (3)— 222 
Purchases— 28,226 181,920 4,888 — — 215,034 
Sales— — — — — — — 
Issuances— — — — — — — 
Settlements(138)(29,624)(51,188)(255)(7)— (81,212)
Transfers into Level 3— 30,380 20,088 — — — 50,468 
Transfers out of Level 3— (94,877)(32,489)(4,711)— — (132,077)
Fair value, December 31, 2024$7,426 242,679 367,994 — 340 808 619,247 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end
(127)891 (223)— — 146 687 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end
(143)10,193 4,525 77 (6)— 14,646 

2023
($ in thousands)Obligations of states and political subdivisionsCorporate SecuritiesCLO and Other ABSCMBS
Common Stock
Total
Fair value, December 31, 2022$6,661 187,980 153,342 375 897 349,255 
Total net gains (losses) for the period included in:
OCI1,111 10,645 2,974 49 — 14,779 
Net realized and unrealized investment gains (losses)
62 419 (5)— (235)241 
Net investment income earned— 621 (30)(265)— 326 
Purchases— 97,547 104,134 — — 201,681 
Sales— — — — — — 
Issuances— — — — — — 
Settlements— (10,254)(16,737)(25)— (27,016)
Transfers into Level 3— 21,297 14,148 2,848 192 38,485 
Transfers out of Level 3— (10,923)(12,513)(2,626)— (26,062)
Fair value, December 31, 2023$7,834 297,332 245,313 356 854 551,689 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end
62 419 (5)— (235)476 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end
1,111 10,634 2,858 49 — 14,652 

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at December 31, 2024, and 2023:

December 31, 2024
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRangeWeighted Average
Internal valuations:
Corporate securities$147,294 
DCF
Illiquidity Spread
(4.4)% - 5.3%
1.7%
CLO and other ABS249,506 
DCF
Illiquidity Spread
(0.97)% - 19.6%
1.9%
Total internal valuations396,800 
Other1
222,447 
Total Level 3 securities$619,247 
December 31, 2023
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRangeWeighted Average
Internal valuations:
Corporate securities$135,524 
DCF
Illiquidity Spread
(4.4)% - 5.3%
1.9%
CLO and other ABS127,210 
DCF
Illiquidity Spread
0.01% - 19.6%
2.4%
Total internal valuations262,734 
Other1
288,955 
Total Level 3 securities$551,689 
1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into 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 DCF 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 at fair value, but were disclosed as such at December 31, 2024, and 2023:
December 31, 2024Fair 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:
Corporate securities$24,735 — 24,735 — 
Total HTM fixed income securities24,735 — 24,735 — 
CMLs$224,842 — — 224,842 
Financial Liabilities
Long-term debt:
7.25% Senior Notes
$54,657 — 54,657 — 
6.70% Senior Notes
103,057 — 103,057 — 
5.375% Senior Notes
273,464 — 273,464 — 
3.03% Borrowings from FHLBI
58,516 — 58,516 — 
Total long-term debt$489,694 — 489,694 — 

December 31, 2023Fair 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$— — — — 
Corporate securities21,923 — 21,923 — 
Total HTM fixed income securities$21,923 — 21,923 — 
CMLs$178,913 — — 178,913 
Financial Liabilities
Long-term debt:
7.25% Senior Notes
$53,047 — 53,047 — 
6.70% Senior Notes
104,039 — 104,039 — 
5.375% Senior Notes
288,787 — 288,787 — 
3.03% Borrowings from FHLBI
57,932 — 57,932 — 
Total long-term debt$503,805 — 503,805 —