Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2024

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:


	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	75,874	$	17,963	$	—	$	93,837
Municipal securities	—		2,987,054		—		2,987,054
Mortgage-backed securities	—		259,421		—		259,421
Corporate securities	—		841,715		—		841,715
Collateralized loan obligations	—		626,255		—		626,255
Other asset-backed securities	—		105,096		—		105,096
Total fixed maturity securities	75,874		4,837,504		—		4,913,378
Equity securities:
Common stock	741,369		—		—		741,369
Non-redeemable preferred stock	—		42,603		—		42,603
Private equity funds measured at net asset value (1)							95,203
Total equity securities	741,369		42,603		—		879,175
Short-term investments:
Short-term bonds	—		1,655		—		1,655
Money market instruments	282,141		—		—		282,141
Other	21		—		—		21
Total short-term investments	282,162		1,655		—		283,817
Other assets:
Notes receivable	—		31,231		—		31,231
Total assets at fair value	$	1,099,405	$	4,912,993	$	—	$	6,107,601
Liabilities
Other liabilities:
Options sold	213		—		—		213
Total liabilities at fair value	$	213	$	—	$	—	$	213


	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	123,182	$	51,268	$	—	$	174,450
Municipal securities	—		2,777,258		—		2,777,258
Mortgage-backed securities	—		186,887		—		186,887
Corporate securities	—		599,630		—		599,630
Collateralized debt obligations	—		484,947		—		484,947
Other asset-backed securities	—		96,164		—		96,164
Total fixed maturity securities	123,182		4,196,154		—		4,319,336
Equity securities:
Common stock	597,888		—		—		597,888
Non-redeemable preferred stock	—		51,563		—		51,563
Private equity funds measured at net asset value (1)							81,242
Total equity securities	597,888		51,563		—		730,693
Short-term investments:
Short-term bonds	12,015		1,838		—		13,853
Money market instruments	164,595		—		—		164,595
Other	43		—		—		43
Total short-term investments	176,653		1,838		—		178,491
Other assets:
Note receivable	$	—	$	9,974	$	—	$	9,974
Total assets at fair value	$	897,723	$	4,259,529	$	—	$	5,238,494
Liabilities
Other liabilities:
Options sold	1,955		—		—		1,955
Total liabilities at fair value	$	1,955	$	—	$	—	$	1,955

__________

(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.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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:


	December 31, 2024
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	374,128	$	367,504	$	—	$	367,504	$	—
Unsecured credit facility	200,000		199,308		—		199,308		—
Total	$	574,128	$	566,812	$	—	$	566,812	$	—


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

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,729	$	357,765	$	—	$	357,765	$	—
Unsecured credit facility	200,000		199,945		—		199,945		—
Total	$	573,729	$	557,710	$	—	$	557,710	$	—