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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Company's Invested Assets Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s invested assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.

		Fair Value Measurements
As of March 31, 2024 (Dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Fixed maturities:
U.S. treasuries		$	544,543			$	—			$	—			$	544,543
Obligations of states and political subdivisions			—				23,092				—				23,092
Mortgage-backed securities			—				57,542				—				57,542
Commercial mortgage-backed securities			—				77,771				—				77,771
Asset-backed securities			—				199,695				—				199,695
Corporate bonds			—				224,664				—				224,664
Foreign corporate bonds			—				99,002				—				99,002
Total fixed maturities			544,543				681,766				—				1,226,309
Equity securities			—				17,045				—				17,045
Total assets measured at fair value		$	544,543			$	698,811			$	—			$	1,243,354

		Fair Value Measurements
As of December 31, 2023 (Dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Fixed maturities:
U.S. treasuries		$	494,223			$	—			$	—			$	494,223
Obligations of states and political subdivisions			—				26,150				—				26,150
Mortgage-backed securities			—				58,927				—				58,927
Commercial mortgage-backed securities			—				79,080				—				79,080
Asset-backed securities			—				202,952				—				202,952
Corporate bonds			—				291,713				—				291,713
Foreign corporate bonds			—				140,748				—				140,748
Total fixed maturities			494,223				799,570				—				1,293,793
Equity securities			—				16,508				—				16,508
Total assets measured at fair value		$	494,223			$	816,078			$	—			$	1,310,301

Changes in Level 3 Investments Measured at Fair Value on Recurring Basis

The following table presents changes in Level 3 investments measured at fair value on a recurring basis for the quarters ended March 31, 2024 and 2023:

		Quarters Ended March 31,
(Dollars in thousands)		2024				2023
Beginning balance		$	—			$	4,571
Total gains (realized / unrealized):
Included in accumulated other comprehensive income (loss)			—				10
Included in earnings attributable to realized gains / losses			—				(59	)
Transfers into level 3			—				—
Transfers out of level 3							—
Amortization of bond premium and discount, net			—				2
Purchases			—				74
Sales			—				(263	)
Ending balance		$	—			$	4,335
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) related to assets still held at end of reporting period		$	—			$	(59	)

Fair Value and Future Funding Commitments Related to These Investments

The following table provides the fair value and future funding commitments related to these investments at March 31, 2024 and December 31, 2023.

		March 31, 2024								December 31, 2023
(Dollars in thousands)		Fair Value				Future Funding Commitment				Fair Value				Future Funding Commitment
European Non-Performing Loan Fund, LP (1)		$	3,990			$	14,214			$	4,048			$	14,214
Mortgage Debt Fund, LP (2)			8,619				—				8,172				—
Global Debt Fund, LP (3)			21,412				—				26,016				—
Total		$	34,021			$	14,214			$	38,236			$	14,214

(1)This limited partnership invests in distressed securities and assets through senior and subordinated, secured and unsecured debt and equity, in both public and private large-cap and middle-market companies. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets.

(2)This limited partnership invests in REIT qualifying assets such as mortgage loans, investor property loans, and commercial mortgage loans. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets.

(3)This limited partnership invests in performing, stressed or distressed securities and loans across the global fixed income markets. The Company does have the contractual option to withdraw all or a portion of its limited partnership interest by providing notice to the fund. On July 31, 2023, the Company provided the Global Debt Fund, LP with a formal withdrawal request to fully redeem the partnership interest. Partial redemption proceeds of $4.3 million were received during the quarter ended March 31, 2024.

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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