Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

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:


	March 31, 2023
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	118,015	$	48,103	$	—	$	166,118
Municipal securities	—		2,746,066		—		2,746,066
Mortgage-backed securities	—		163,591		—		163,591
Corporate securities	—		602,895		—		602,895
Collateralized loan obligations	—		355,905		—		355,905
Other asset-backed securities	—		107,512		—		107,512
Total fixed maturity securities	118,015		4,024,072		—		4,142,087
Equity securities:
Common stock	542,377		—		—		542,377
Non-redeemable preferred stock	—		49,834		—		49,834
Private equity funds measured at net asset value (1)							93,894
Total equity securities	542,377		49,834		—		686,105
Short-term investments:
Short-term bonds	34,423		6,976		—		41,399
Money market instruments	105,401		—		—		105,401
Other	40		—		—		40
Total short-term investments	139,864		6,976		—		146,840
Other assets:
Note receivable	—		9,800		—		9,800
Total assets at fair value	$	800,256	$	4,090,682	$	—	$	4,984,832
Liabilities
Other liabilities:
Options sold	$	581	$	—	$	—	$	581
Total liabilities at fair value	$	581	$	—	$	—	$	581


	December 31, 2022
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	103,519	$	55,088	$	—	$	158,607
Municipal securities	—		2,737,183		—		2,737,183
Mortgage-backed securities	—		166,260		—		166,260
Corporate securities	—		569,553		—		569,553
Collateralized loan obligations	—		320,252		—		320,252
Other asset-backed securities	—		136,456		—		136,456
Total fixed maturity securities	103,519		3,984,792		—		4,088,311
Equity securities:
Common stock	558,169		—		—		558,169
Non-redeemable preferred stock	—		51,236		—		51,236
Private equity funds measured at net asset value (1)							90,147
Total equity securities	558,169		51,236		—		699,552
Short-term investments:
Short-term bonds	51,638		8,238		—		59,876
Money market instruments	63,021		—		—		63,021
Other	40		—		—		40
Total short-term investments	114,699		8,238		—		122,937
Total assets at fair value	$	776,387	$	4,044,266	$	—	$	4,910,800
Liabilities
Other liabilities:
Options sold	$	162	$	—	$	—	$	162
Total liabilities at fair value	$	162	$	—	$	—	$	162

__________

(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:


	March 31, 2023
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,430	$	362,441	$	—	$	362,441	$	—
Unsecured credit facility	75,000		75,004		—		75,004		—
Total	$	448,430	$	437,445	$	—	$	437,445	$	—


	December 31, 2022
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,330	$	350,644	$	—	$	350,644	$	—
Unsecured credit facility	25,000		24,987		—		24,987		—
Total	$	398,330	$	375,631	$	—	$	375,631	$	—