XML 41 R29.htm IDEA: XBRL DOCUMENT v3.25.3

Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2025, and December 31, 2024:

						September 30, 2025												December 31, 2024
($ in thousands)						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes						$	49,934					56,846						49,931						54,657
5.90% Senior Notes						399,916						415,713						—						—
6.70% Senior Notes						99,610						109,411						99,590						103,057
5.375% Senior Notes						294,710						275,690						294,627						273,464
3.03% borrowings from FHLBI						60,000						59,435						60,000						58,516
Subtotal long-term debt						904,170						917,095						504,148						489,694
Unamortized debt issuance costs						(6,081)												(2,492)
Finance lease obligations						4,228												6,282
Total long-term debt						$	902,317											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 September 30, 2025, and December 31, 2024:

September 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						$	143,398					38,836						104,562						—
Foreign government						9,985						—						9,985						—
Obligations of states and political subdivisions						560,960						—						553,330						7,630
Corporate securities						3,359,262						—						3,041,995						317,267
CLO and other ABS						2,478,741						—						1,982,705						496,036
RMBS						1,998,933						—						1,993,450						5,483
CMBS						724,145						—						723,808						337
Total AFS fixed income securities						9,275,424						38,836						8,409,835						826,753
Equity securities:
Common stock1						378,259						102,721						—						—
Preferred stock						1,846						1,846						—						—
Total equity securities						380,105						104,567						—						—
Short-term investments						587,911						570,513						17,398						—
Total assets measured at fair value						$	10,243,440					713,916						8,427,233						826,753

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 $275.5 million at September 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 Nine Months 2025 and Nine Months 2024:

September 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")									132						7,164						1,894						8						—						—						9,198
Net realized and unrealized gains (losses)									144						286						39						—						—						655						1,124
Net investment income earned									—						35						48						(1)						4						—						86
Purchases									—						61,531						115,903						5,555						—						—						182,989
Sales									—						—						—						—						—						—						—
Issuances									—						—						—						—						—						—						—
Settlements									(72)						(13,704)						(35,827)						(79)						(7)						(1,463)						(51,152)
Transfers into Level 3									—						19,571						85,788						—						—						—						105,359
Transfers out of Level 3									—						(295)						(39,803)						—						—						—						(40,098)
Fair value, September 30, 2025									$	7,630					317,267						496,036						5,483						337						—						826,753
Change in unrealized gains (losses) for the period included in earnings for assets held at period end									144						285						39						—						—						—						468
Change in unrealized gains (losses) for the period included in OCI for assets held at period end									132						7,169						1,214						8						—						—						8,523

September 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			25						13,716						4,058						77						15						—						17,891
Net realized and unrealized gains (losses)			(60)						556						(242)						—						—						21						275
Net investment income earned			—						(443)						191						1						(2)						—						(253)
Purchases			—						22,611						98,789						4,888						—						—						126,288
Sales			—						—						—						—						—						—						—
Issuances			—						—						—						—						—						—						—
Settlements			(68)						(22,005)						(28,560)						(255)						(7)						—						(50,895)
Transfers into Level 3			—						28,896						19,671						—						—						—						48,567
Transfers out of Level 3			—						(91,124)						(31,002)						(4,711)						—						—						(126,837)
Fair value, September 30, 2024			$	7,731					249,539						308,218						—						362						875						566,725
Change in unrealized gains (losses) for the period included in earnings for assets held at period end			(60)						568						(242)						—						—						213						479
Change in unrealized gains (losses) for the period included in OCI for assets held at period end			25						13,305						4,636						77						15						—						18,058

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 September 30, 2025, and December 31, 2024:

September 30, 2025

($ in thousands)

Assets Measured at Fair Value

Valuation Techniques

Unobservable Inputs

Range

Weighted Average

Internal valuations:

Corporate securities

$

181,753

Discounted Cash Flow

Illiquidity Spread

(4.4)% - 5.3%

1.9%

CLO and other ABS

276,567

Discounted Cash Flow

Illiquidity Spread

(1.8)% - 19.6%

2.1%

Total internal valuations

458,320

Other1

368,433

Total Level 3 securities

$

826,753

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 September 30, 2025, and December 31, 2024:

September 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						$	24,254					—						24,254						—
Total HTM fixed income securities						24,254						—						24,254						—
CMLs						$	269,141					—						—						269,141
Financial Liabilities
Long-term debt:
7.25% Senior Notes						$	56,846					—						56,846						—
5.90% Senior Notes						415,713						—						415,713						—
6.70% Senior Notes						109,411						—						109,411						—
5.375% Senior Notes						275,690						—						275,690						—
3.03% borrowings from FHLBI						59,435						—						59,435						—
Total long-term debt						$	917,095					—						917,095						—

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						—

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-13

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information about fair value of asset and liability not measured at fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

+ Details

Name:	us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration