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Indebtedness
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
The table below provides a summary of our outstanding debt at September 30, 2025, and December 31, 2024:

Outstanding Debt Issuance DateMaturity DateInterest RateOriginal Amount2025Carry Value
($ in thousands)Unamortized Issuance CostsDebt DiscountSeptember 30, 2025December 31, 2024
Long-term
      FHLBI12/16/201612/16/20263.03 %60,000 $— — $60,000 60,000 
      Senior Notes11/16/200411/15/20347.25 %50,000 89 66 49,845 49,831 
Senior Notes2/20/20254/15/20355.90 %400,000 3,740 84 396,176 — 
      Senior Notes11/3/200511/1/20356.70 %100,000 180 390 99,430 99,391 
Senior Notes3/1/20193/1/20495.375 %300,000 2,072 5,290 292,638 292,434 
Finance lease obligations4,228 6,282 
Total long-term debt$6,081 5,830 $902,317 507,938 

Short-Term Debt Activity
On June 30, 2025, the Parent entered into a Credit Agreement (the "Line of Credit") with the lenders named therein (the "Lenders") and Wells Fargo Bank, National Association, as administrative agent. Under the Line of Credit, the Lenders have agreed to provide the Parent with a $100 million revolving credit facility that can be increased to $200 million with the Lenders' consent. The Line of Credit will mature on June 30, 2028, and has a variable interest rate based on the Parent’s debt ratings. The Parent, as borrower, was a party to a credit agreement dated November 7, 2022, for a $50 million revolving credit facility, which could be increased to $125 million with the consent of the lenders (the "Prior Credit Agreement"). The Prior Credit Agreement was scheduled to mature on November 7, 2025. The Parent terminated the Prior Credit Agreement in conjunction with entering into the Line of Credit. The termination of the Prior Credit Agreement did not result in any penalties to the Parent. There were no borrowings under the Line of Credit or the Prior Credit Agreement during Nine Months 2025.
Our Line of Credit contains representations, warranties, and covenants that are customary for credit facilities of this type, including, without limitation, financial covenants under which we are obligated to maintain a minimum consolidated net worth, a maximum ratio of consolidated debt to total capitalization, and covenants limiting our ability to: (i) merge or liquidate; (ii) incur debt or liens; (iii) dispose of assets; (iv) make investments and acquisitions; and (v) engage in transactions with affiliates.

The table below outlines information regarding certain covenants in the Line of Credit:

Required as ofActual as of
September 30, 2025September 30, 2025
Consolidated net worth1
Not less than$2.4 billion$3.7 billion
Debt to total capitalization ratio1
Not to exceed35%19.8%
1Calculated in accordance with the Line of Credit.

In addition to the above requirements, the Line of Credit contains a cross-default provision that provides that the Line of Credit will be in default if we fail to comply with any condition, covenant, or agreement (including payment of principal and interest when due on any debt with an aggregate principal amount of at least $30 million) that causes or permits the acceleration of principal. The Line of Credit also limits borrowings from the FHLBI and the FHLBNY to 10% of the respective member company's admitted assets for the previous year.

Long-Term Debt Activity
In the first quarter of 2025, we issued $400 million of 5.90% Senior Notes due 2035 at a discount of $0.1 million, resulting in $395.9 million of net proceeds after debt issuance costs of approximately $4.1 million. The 5.90% Senior Notes will pay interest on April 15 and October 15 of each year, beginning on October 15, 2025. The proceeds from this debt issuance are being used for general corporate purposes, including supporting organic growth.

For additional information on our indebtedness and debt covenants, see Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.