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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities | The following table presents the carrying amounts and fair values of our financial liabilities as of March 31, 2025, and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
($ in thousands) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial Liabilities |  |  |  |  |  |  |  |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | $ | 49,932 |  |  | 55,396 |  |  | 49,931 |  |  | 54,657 |
5.90% Senior Notes |  | 399,912 |  |  | 402,291 |  |  | — |  |  | — |
6.70% Senior Notes |  | 99,597 |  |  | 104,846 |  |  | 99,590 |  |  | 103,057 |
5.375% Senior Notes |  | 294,654 |  |  | 273,711 |  |  | 294,627 |  |  | 273,464 |
3.03% borrowings from FHLBI |  | 60,000 |  |  | 59,003 |  |  | 60,000 |  |  | 58,516 |
Subtotal long-term debt |  | 904,095 |  |  | 895,247 |  |  | 504,148 |  |  | 489,694 |
Unamortized debt issuance costs |  | (6,444) |  |  |  |  | (2,492) |  |  |
Finance lease obligations |  | 5,581 |  |  |  |  | 6,282 |  |  |
Total long-term debt |  | $ | 903,232 |  |  |  |  | 507,938 |  |  |
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 March 31, 2025, and December 31, 2024:
March 31, 2025 |  |  |  | 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 |  | $ | 134,475 |  |  | 38,061 |  |  | 96,414 |  |  | — |
Foreign government |  | 10,388 |  |  | — |  |  | 10,388 |  |  | — |
Obligations of states and political subdivisions |  | 432,950 |  |  | — |  |  | 425,344 |  |  | 7,606 |
Corporate securities |  | 3,237,221 |  |  | — |  |  | 2,996,304 |  |  | 240,917 |
CLO and other ABS |  | 2,197,185 |  |  | — |  |  | 1,784,383 |  |  | 412,802 |
RMBS |  | 1,852,079 |  |  | — |  |  | 1,852,079 |  |  | — |
CMBS |  | 740,877 |  |  | — |  |  | 740,532 |  |  | 345 |
Total AFS fixed income securities |  | 8,605,175 |  |  | 38,061 |  |  | 7,905,444 |  |  | 661,670 |
Equity securities: |  |  |  |  |  |  |  |
Common stock 1 |  | 264,650 |  |  | 67,602 |  |  | — |  |  | 841 |
Preferred stock |  | 1,821 |  |  | 1,821 |  |  | — |  |  | — |
Total equity securities |  | 266,471 |  |  | 69,423 |  |  | — |  |  | 841 |
Short-term investments |  | 631,090 |  |  | 630,818 |  |  | 272 |  |  | — |
Total assets measured at fair value |  | $ | 9,502,736 |  |  | 738,302 |  |  | 7,905,716 |  |  | 662,511 |
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 |
1Investments amounting to $196.2 million at March 31, 2025, and $169.5 million at December 31, 2024, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value
Schedule of Summary of the Changes in Fair Value of Securities Using Level 3 Inputs | The following tables provide a summary of Level 3 changes in First Quarter 2025 and First Quarter 2024:
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  |  | Obligations of States and Political Subdivisions |  | Corporate Securities |  | CLO and Other ABS |  |  |  | CMBS |  | Common Stock |  | Total
Fair value, December 31, 2024 |  |  | $ | 7,426 |  |  | 242,679 |  |  | 367,994 |  |  |  |  | 340 |  |  | 808 |  |  | 619,247 |
Total net gains (losses) for the period included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) ("OCI") |  |  | 91 |  |  | 2,109 |  |  | (1,710) |  |  |  |  | 3 |  |  | — |  |  | 493 |
Net realized and unrealized gains (losses) |  |  | 89 |  |  | 101 |  |  | (92) |  |  |  |  | — |  |  | 33 |  |  | 131 |
Net investment income earned |  |  | — |  |  | 12 |  |  | (43) |  |  |  |  | 5 |  |  | — |  |  | (26) |
Purchases |  |  | — |  |  | 1,908 |  |  | 30,454 |  |  |  |  | — |  |  | — |  |  | 32,362 |
Sales |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Issuances |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Settlements |  |  | — |  |  | (5,892) |  |  | (7,080) |  |  |  |  | (3) |  |  | — |  |  | (12,975) |
Transfers into Level 3 |  |  | — |  |  | — |  |  | 23,279 |  |  |  |  | — |  |  | — |  |  | 23,279 |
Transfers out of Level 3 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Fair value, March 31, 2025 |  |  | $ | 7,606 |  |  | 240,917 |  |  | 412,802 |  |  |  |  | 345 |  |  | 841 |  |  | 662,511 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end |  |  | 89 |  |  | 101 |  |  | (92) |  |  |  |  | — |  |  | 33 |  |  | 131 |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end |  |  | 91 |  |  | 2,149 |  |  | (1,710) |  |  |  |  | 3 |  |  | — |  |  | 533 |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) | Obligation of state and Political Subdivisions |  | Corporate Securities |  | CLO and Other ABS |  |  |  | CMBS |  | Common Stock |  | Total
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 | (86) |  |  | (376) |  |  | 399 |  |  |  |  | 3 |  |  | — |  |  | (60) |
Net realized and unrealized gains (losses) | (1) |  |  | 140 |  |  | 57 |  |  |  |  | — |  |  | 213 |  |  | 409 |
Net investment income earned | — |  |  | 280 |  |  | (1) |  |  |  |  | (1) |  |  | — |  |  | 278 |
Purchases | — |  |  | 1,152 |  |  | 14,658 |  |  |  |  | — |  |  | — |  |  | 15,810 |
Sales | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Issuances | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Settlements | — |  |  | (2,870) |  |  | (1,173) |  |  |  |  | (3) |  |  | — |  |  | (4,046) |
Transfers into Level 3 | — |  |  | 20,065 |  |  | 19,537 |  |  |  |  | — |  |  | — |  |  | 39,602 |
Transfers out of Level 3 | — |  |  | (28,227) |  |  | (18,693) |  |  |  |  | — |  |  | — |  |  | (46,920) |
Fair value, March 31, 2024 | $ | 7,747 |  |  | 287,496 |  |  | 260,097 |  |  |  |  | 355 |  |  | 1,067 |  |  | 556,762 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | (1) |  |  | 140 |  |  | 57 |  |  |  |  | — |  |  | 213 |  |  | 409 |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end | (86) |  |  | (376) |  |  | 399 |  |  |  |  | 3 |  |  | — |  |  | (60) |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at March 31, 2025, and December 31, 2024:
March 31, 2025 |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Assets Measured at Fair Value |  | Valuation Techniques |  | Unobservable Inputs |  | Range |  | Weighted Average
Internal valuations: |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 147,340 |  |  | Discounted Cash Flow |  | Illiquidity Spread |  | (4.4)% - 5.3% |  | 1.8%
CLO and other ABS |  | 231,805 |  |  | Discounted Cash Flow |  | Illiquidity Spread |  | (0.97)% - 19.6% |  | 2.2%
Total internal valuations |  | 379,145 |  |  |  |  |  |  |  |  |
Other 1 |  | 283,366 |  |  |  |  |  |  |  |  |
Total Level 3 securities |  | $ | 662,511 |  |  |  |  |  |  |  |  |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Assets Measured at Fair Value |  | Valuation Techniques |  | Unobservable Inputs |  | Range |  | Weighted Average
Internal valuations: |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 147,294 |  |  | Discounted Cash Flow |  | Illiquidity Spread |  | (4.4)% - 5.3% |  | 1.7%
CLO and other ABS |  | 249,506 |  |  | Discounted Cash Flow |  | Illiquidity Spread |  | (0.97)% - 19.6% |  | 1.9%
Total internal valuations |  | 396,800 |  |  |  |  |  |  |  |  |
Other 1 |  | 222,447 |  |  |  |  |  |  |  |  |
Total Level 3 securities |  | $ | 619,247 |  |  |  |  |  |  |  |  |
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 are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.
Schedule of Quantitative Information of Financial Assets and Liabilities, Disclosed at Fair Value | The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at March 31, 2025, and December 31, 2024:
March 31, 2025 |  |  |  | Fair 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 |  | $ | 24,800 |  |  | — |  |  | 24,800 |  |  | — |
Total HTM fixed income securities |  | 24,800 |  |  | — |  |  | 24,800 |  |  | — |
CMLs |  | $ | 251,498 |  |  | — |  |  | — |  |  | 251,498 |
Financial Liabilities |  |  |  |  |  |  |  |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | $ | 55,396 |  |  | — |  |  | 55,396 |  |  | — |
5.90% Senior Notes |  | 402,291 |  |  | — |  |  | 402,291 |  |  | — |
6.70% Senior Notes |  | 104,846 |  |  | — |  |  | 104,846 |  |  | — |
5.375% Senior Notes |  | 273,711 |  |  | — |  |  | 273,711 |  |  | — |
3.03% borrowings from FHLBI |  | 59,003 |  |  | — |  |  | 59,003 |  |  | — |
Total long-term debt |  | $ | 895,247 |  |  | — |  |  | 895,247 |  |  | — |
December 31, 2024 |  |  |  | Fair 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 securities |  | 24,735 |  |  | — |  |  | 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 |  |  | — |

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