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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025, and December 31, 2024:

						June 30, 2025												December 31, 2024
($ in thousands)						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes						$	49,933					56,274						49,931						54,657
5.90% Senior Notes						399,914						408,864						—						—
6.70% Senior Notes						99,603						105,970						99,590						103,057
5.375% Senior Notes						294,682						268,221						294,627						273,464
3.03% borrowings from FHLBI						60,000						59,158						60,000						58,516
Subtotal long-term debt						904,132						898,487						504,148						489,694
Unamortized debt issuance costs						(6,262)												(2,492)
Finance lease obligations						4,879												6,282
Total long-term debt						$	902,749											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 June 30, 2025, and December 31, 2024:

June 30, 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						$	129,441					38,533						90,908						—
Foreign government						10,523						—						10,523						—
Obligations of states and political subdivisions						458,658						—						451,128						7,530
Corporate securities						3,314,092						—						3,046,271						267,821
CLO and other ABS						2,276,180						—						1,795,143						481,037
RMBS						1,943,567						—						1,943,567						—
CMBS						744,206						—						743,867						339
Total AFS fixed income securities						8,876,667						38,533						8,081,407						756,727
Equity securities:
Common stock1						316,224						99,665						—						—
Preferred stock						1,835						1,835						—						—
Total equity securities						318,059						101,500						—						—
Short-term investments						531,441						521,542						9,899						—
Total assets measured at fair value						$	9,726,167					661,575						8,091,306						756,727

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

1Investments amounting to $216.6 million at June 30, 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 Six Months 2025 and Six Months 2024:

June 30, 2025
($ in thousands)									Obligations of States and Political Subdivisions						Corporate Securities						CLO and Other ABS						RMBS						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")									59						3,874						228						—						(2)						—						4,159
Net realized and unrealized gains (losses)									117						141						21						—						—						655						934
Net investment income earned									—						23						28						—						5						—						56
Purchases									—						12,684						62,211						—						—						—						74,895
Sales									—						—						—						—						—						—						—
Issuances									—						—						—						—						—						—						—
Settlements									(72)						(9,156)						(31,732)						—						(4)						(1,463)						(42,427)
Transfers into Level 3									—						17,576						85,788						—						—						—						103,364
Transfers out of Level 3									—						—						(3,501)						—						—						—						(3,501)
Fair value, June 30, 2025									$	7,530					267,821						481,037						—						339						—						756,727
Change in unrealized gains (losses) for the period included in earnings for assets held at period end									117						140						21						—						—						—						278
Change in unrealized gains (losses) for the period included in OCI for assets held at period end									59						3,877						(452)						—						(2)						—						3,482

June 30, 2024
($ in thousands)			Obligation of state and Political Subdivisions						Corporate Securities						CLO and Other ABS						RMBS						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			(112)						1,203						969						—						(2)						—						2,058
Net realized and unrealized gains (losses)			—						218						39						—						—						213						470
Net investment income earned			—						(494)						(7)						—						(1)						—						(502)
Purchases			—						5,261						30,119						4,886						—						—						40,266
Sales			—						—						—						—						—						—						—
Issuances			—						—						—						—						—						—						—
Settlements			(68)						(7,269)						(4,726)						—						(4)						—						(12,067)
Transfers into Level 3			—						28,896						19,537						—						—						—						48,433
Transfers out of Level 3			—						(31,434)						(27,524)						—						—						—						(58,958)
Fair value, June 30, 2024			$	7,654					293,713						263,720						4,886						349						1,067						571,389
Change in unrealized gains (losses) for the period included in earnings for assets held at period end			—						226						39						—						—						213						478
Change in unrealized gains (losses) for the period included in OCI for assets held at period end			(112)						850						969						—						(2)						—						1,705

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 June 30, 2025, and December 31, 2024:

June 30, 2025

($ in thousands)

Assets Measured at Fair Value

Valuation Techniques

Unobservable Inputs

Range

Weighted Average

Internal valuations:

Corporate securities

$

157,700

Discounted Cash Flow

Illiquidity Spread

(4.4)% - 5.3%

1.7%

CLO and other ABS

294,694

Discounted Cash Flow

Illiquidity Spread

(1.8)% - 19.6%

1.9%

Total internal valuations

452,394

Other1

304,333

Total Level 3 securities

$

756,727

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

Other1

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 June 30, 2025, and December 31, 2024:

June 30, 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						$	24,457					—						24,457						—
Total HTM fixed income securities						24,457						—						24,457						—
CMLs						$	266,197					—						—						266,197
Financial Liabilities
Long-term debt:
7.25% Senior Notes						$	56,274					—						56,274						—
5.90% Senior Notes						408,864						—						408,864						—
6.70% Senior Notes						105,970						—						105,970						—
5.375% Senior Notes						268,221						—						268,221						—
3.03% borrowings from FHLBI						59,158						—						59,158						—
Total long-term debt						$	898,487					—						898,487						—

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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