Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	63,469	$	10,000	$	—	$	73,469
Municipal securities	—		2,809,758		—		2,809,758
Mortgage-backed securities	—		268,687		—		268,687
Corporate securities	—		728,308		—		728,308
Collateralized loan obligations	—		610,877		—		610,877
Other asset-backed securities	—		108,959		—		108,959
Total fixed maturity securities	63,469		4,536,589		—		4,600,058
Equity securities:
Common stock	449,560		—		—		449,560
Non-redeemable preferred stock	—		41,826		—		41,826
Private equity funds measured at net asset value (1)							96,955
Total equity securities	449,560		41,826		—		588,341
Short-term investments:
Short-term bonds	—		1,664		—		1,664
Money market instruments	206,458		—		—		206,458
Other	21		—		—		21
Total short-term investments	206,479		1,664		—		208,143
Other assets:
Notes receivable	—		31,714		—		31,714
Total assets at fair value	$	719,508	$	4,611,793	$	—	$	5,428,256
Liabilities
Other liabilities:
Options sold	$	387	$	—	$	—	$	387
Total liabilities at fair value	$	387	$	—	$	—	$	387


	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

__________

(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, 2025
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	374,227	$	368,951	$	—	$	368,951	$	—
Unsecured credit facility	200,000		200,011		—		200,011		—
Total	$	574,227	$	568,962	$	—	$	568,962	$	—


	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	$	—