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Retirement Plans (Tables)

12 Months Ended

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

1The 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 assets1						28		%	58		%				54		%				52		%
Liability hedging assets						42		%	72		%				44		%				45		%
Short-term investments						-			-						2		%				3		%
Total															100		%				100		%

1Includes 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 stock1						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 stock1						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

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.

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 diversifiers1						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 diversifiers1						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.

2These 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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