Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2022

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:


	June 30, 2022
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	14,026	$	—	$	—	$	14,026
Municipal securities	—		2,710,968		—		2,710,968
Mortgage-backed securities	—		156,074		—		156,074
Corporate securities	—		522,529		—		522,529
Collateralized loan obligations	—		301,046		—		301,046
Other asset-backed securities	—		174,041		—		174,041
Total fixed maturity securities	14,026		3,864,658		—		3,878,684
Equity securities:
Common stock	635,185		—		—		635,185
Non-redeemable preferred stock	—		57,721		—		57,721
Private equity funds measured at net asset value (1)							89,896
Total equity securities	635,185		57,721		—		782,802
Short-term investments:
Short-term bonds	795		11,184		—		11,979
Money market instruments	156,643		3,480		—		160,123
Other	28		—		—		28
Total short-term investments	157,466		14,664		—		172,130
Total assets at fair value	$	806,677	$	3,937,043	$	—	$	4,833,616
Liabilities
Other liabilities:
Options sold	$	122	$	—	$	—	$	122
Total liabilities at fair value	$	122	$	—	$	—	$	122


	December 31, 2021
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	13,085	$	—	$	—	$	13,085
Municipal securities	—		2,843,221		—		2,843,221
Mortgage-backed securities	—		137,002		—		137,002
Corporate securities	—		523,853		—		523,853
Collateralized loan obligations	—		314,153		—		314,153
Other asset-backed securities	—		200,209		—		200,209
Total fixed maturity securities	13,085		4,018,438		—		4,031,523
Equity securities:
Common stock	797,024		—		—		797,024
Non-redeemable preferred stock	—		65,501		—		65,501
Private equity funds measured at net asset value (1)							108,414
Total equity securities	797,024		65,501		—		970,939
Short-term investments:
Short-term bonds	1,453		15,748		—		17,201
Money market instruments	122,917		—		—		122,917
Other	9		—		—		9
Total short-term investments	124,379		15,748		—		140,127
Total assets at fair value	$	934,488	$	4,099,687	$	—	$	5,142,589
Liabilities
Other liabilities:
Options sold	$	301	$	—	$	—	$	301
Total liabilities at fair value	$	301	$	—	$	—	$	301

__________

(1) The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets.

The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized:


	June 30, 2022
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,130	$	366,338	$	—	$	366,338	$	—


	December 31, 2021
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	372,931	$	413,378	$	—	$	413,378	$	—