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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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 September 30, 2024 (Dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 890,588 |  |  | $ | — |  |  | $ | — |  |  | $ | 890,588 |
Obligations of states and political subdivisions |  |  | — |  |  |  | 17,173 |  |  |  | — |  |  |  | 17,173 |
Mortgage-backed securities |  |  | — |  |  |  | 47,477 |  |  |  | — |  |  |  | 47,477 |
Commercial mortgage-backed securities |  |  | — |  |  |  | 74,226 |  |  |  | — |  |  |  | 74,226 |
Asset-backed securities |  |  | — |  |  |  | 157,668 |  |  |  | — |  |  |  | 157,668 |
Corporate bonds |  |  | — |  |  |  | 147,397 |  |  |  | — |  |  |  | 147,397 |
Foreign corporate bonds |  |  | — |  |  |  | 60,700 |  |  |  | — |  |  |  | 60,700 |
Total fixed maturities |  |  | 890,588 |  |  |  | 504,641 |  |  |  | — |  |  |  | 1,395,229 |
Equity securities |  |  | — |  |  |  | 12,347 |  |  |  | — |  |  |  | 12,347 |
Total assets measured at fair value |  | $ | 890,588 |  |  | $ | 516,988 |  |  | $ | — |  |  | $ | 1,407,576 |
|  | 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 and nine months ended September 30, 2024 and 2023:
|  | Quarters Ended September 30, |  |  | Nine Months Ended September 30, |
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Beginning balance |  | $ | — |  |  | $ | 3,787 |  |  | $ | — |  |  | $ | 4,571 |
Total gains / (losses) (realized / unrealized): |  |  |  |  |  |  |  |  |  |  |  |
Included in accumulated other comprehensive income (loss) |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 10 |
Included in earnings attributable to realized gains / losses |  |  | — |  |  |  | 24 |  |  |  | — |  |  |  | (148 | )
Amortization of bond premium and discount, net |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 5 |
Purchases |  |  | — |  |  |  | 182 |  |  |  | — |  |  |  | 295 |
Sales |  |  | — |  |  |  | (428 | ) |  |  | — |  |  |  | (1,164 | )
Ending balance |  | $ | — |  |  | $ | 3,569 |  |  | $ | — |  |  | $ | 3,569 |
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) related to assets still held at end of reporting period |  | $ | — |  |  | $ | 31 |  |  | $ | — |  |  | $ | (131 | )
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 September 30, 2024 and December 31, 2023.
|  | September 30, 2024 |  |  | December 31, 2023 |
(Dollars in thousands) |  | Fair Value |  |  | Future Funding Commitment |  |  | Fair Value |  |  | Future Funding Commitment |
European Non-Performing Loan Fund, LP (1) |  | $ | 3,406 |  |  | $ | 14,214 |  |  | $ | 4,048 |  |  | $ | 14,214 |
Mortgage Debt Fund, LP (2) |  |  | 8,588 |  |  |  | — |  |  |  | 8,172 |  |  |  | — |
Global Debt Fund, LP (3) |  |  | 17,465 |  |  |  | — |  |  |  | 26,016 |  |  |  | — |
Total |  | $ | 29,459 |  |  | $ | 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. As of September 30, 2024, the Company has funded $35.8 million of this commitment leaving $14.2 million as unfunded. Since the investment period has concluded, the Company does not expect any capital calls will be made prospectively. (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 $8.7 m illion were received during the nine months ended September 30, 2024.

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- 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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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