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Fair Value Measurement (Tables) | 6 Months Ended
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Jun. 30, 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:
| June 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Amounts in thousands)
Assets |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
U.S. government bonds and agencies | $ | 116,762 |  |  | $ | 42,772 |  |  | $ | — |  |  | $ | 159,534 |
Municipal securities | — |  |  | 2,715,436 |  |  | — |  |  | 2,715,436 |
Mortgage-backed securities | — |  |  | 156,650 |  |  | — |  |  | 156,650 |
Corporate securities | — |  |  | 594,761 |  |  | — |  |  | 594,761 |
Collateralized loan obligations | — |  |  | 362,220 |  |  | — |  |  | 362,220 |
Other asset-backed securities | — |  |  | 106,102 |  |  | — |  |  | 106,102 |
Total fixed maturity securities | 116,762 |  |  | 3,977,941 |  |  | — |  |  | 4,094,703 |
Equity securities: |  |  |  |  |  |  |
Common stock | 531,788 |  |  | — |  |  | — |  |  | 531,788 |
Non-redeemable preferred stock | — |  |  | 51,722 |  |  | — |  |  | 51,722 |
Private equity funds measured at net asset value (1) |  |  |  |  |  |  | 86,981 |
Total equity securities | 531,788 |  |  | 51,722 |  |  | — |  |  | 670,491 |
Short-term investments: |  |  |  |  |  |  |
Short-term bonds | 53,120 |  |  | 1,979 |  |  | — |  |  | 55,099 |
Money market instruments | 134,852 |  |  | — |  |  | — |  |  | 134,852 |
Other | 40 |  |  | — |  |  | — |  |  | 40 |
Total short-term investments | 188,012 |  |  | 1,979 |  |  | — |  |  | 189,991 |
Other assets: |  |  |  |  |  |  |
Note receivable | — |  |  | 9,925 |  |  | — |  |  | 9,925 |
Total assets at fair value | $ | 836,562 |  |  | $ | 4,041,567 |  |  | $ | — |  |  | $ | 4,965,110 |
Liabilities |  |  |  |  |  |  |
Other liabilities: |  |  |  |  |  |  |
Options sold | $ | 817 |  |  | $ | — |  |  | $ | — |  |  | $ | 817 |
Total liabilities at fair value | $ | 817 |  |  | $ | — |  |  | $ | — |  |  | $ | 817 |
| 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:
| June 30, 2023
| Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
| (Amounts in thousands)
Liabilities |  |  |  |  |  |  |  |  |
Notes payable: |  |  |  |  |  |  |  |  |
Unsecured notes | $ | 373,529 |  |  | $ | 354,660 |  |  | $ | — |  |  | $ | 354,660 |  |  | $ | — |
Unsecured credit facility | 75,000 |  |  | 74,991 |  |  | — |  |  | 74,991 |  |  | — |
Total | $ | 448,529 |  |  | $ | 429,651 |  |  | $ | — |  |  | $ | 429,651 |  |  | $ | — |
| 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 |  |  | $ | — |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- References No definition available. + Details
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