Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of The Carrying Amounts and Estimated Fair Values of Financial Instruments

	September 30, 2015			December 31, 2014
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Assets
Fixed income securities:
HTM	$	229,869	240,388	318,137	333,961
AFS	4,351,046		4,351,046	4,066,122	4,066,122
Equity securities, AFS	221,951		221,951	191,400	191,400
Short-term investments	125,855		125,855	131,972	131,972
Financial Liabilities
Notes payable:
0.63% borrowings from FHLBI	15,000		14,995	—	—
1.25% borrowings from FHLBI	45,000		45,277	45,000	45,244
7.25% Senior Notes	49,898		57,929	49,896	59,181
6.70% Senior Notes	99,411		112,387	99,401	114,845
5.875% Senior Notes	185,000		187,960	185,000	185,000
Total notes payable	$	394,309	418,548	379,297	404,270

Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value

September 30, 2015			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value  at 9/30/2015		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)1	Significant Other  Observable Inputs  (Level 2)1	Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	115,130	51,963	63,167	—
Foreign government	19,687		—	19,687	—
Obligations of states and political subdivisions	1,338,195		—	1,338,195	—
Corporate securities	1,886,174		—	1,886,174	—
ABS	256,923		—	256,923	—
CMBS	222,002		—	222,002	—
RMBS	512,935		—	512,935	—
Total AFS fixed income securities	4,351,046		51,963	4,299,083	—
AFS equity securities:
Common stock	210,197		207,412	—	2,785
Preferred stock	11,754		11,754	—	—
Total AFS equity securities	221,951		219,166	—	2,785
Total AFS securities	4,572,997		271,129	4,299,083	2,785
Short-term investments	125,855		125,855	—	—
Total assets measured at fair value	$	4,698,852	396,984	4,299,083	2,785

¹ There were no transfers of securities between Level 1 and Level 2.

December 31, 2014			Fair Value Measurements Using
($ in thousands)	Assets  Measured at Fair Value at 12/31/14		Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)1	Significant Other Observable Inputs  (Level 2)1	Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	124,130	53,199	70,931	—
Foreign government	27,831		—	27,831	—
Obligations of states and political subdivisions	1,246,264		—	1,246,264	—
Corporate securities	1,799,806		—	1,799,806	—
ABS	177,224		—	177,224	—
CMBS	179,593		—	179,593	—
RMBS	511,274		—	511,274	—
Total AFS fixed income securities	4,066,122		53,199	4,012,923	—
AFS equity securities:
Common stock	191,400		188,500	—	2,900
Total AFS equity securities	191,400		188,500	—	2,900
Total AFS securities	4,257,522		241,699	4,012,923	2,900
Short-term investments	131,972		131,972	—	—
Total assets measured at fair value	$	4,389,494	373,671	4,012,923	2,900

¹  There were no transfers of securities between Level 1 and Level 2.

Schedule of Summary of the Changes in Fair Value of Securities Using Level 3 Inputs

September 30, 2015	Common Stock
($ in thousands)
Fair value, December 31, 2014	$	2,900
Total net (losses) gains for the period included in:
OCI	—
Net income	—
Purchases	—
Sales	(115		)
Issuances	—
Settlements	—
Transfers into Level 3	—
Transfers out of Level 3	—
Fair value, September 30, 2015	$	2,785

Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value

September 30, 2015			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value at 9/30/2015		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Obligations of states and political subdivisions	$	213,974	—	213,974	—
Corporate securities	20,373		—	20,373	—
ABS	1,210		—	1,210	—
CMBS	4,831		—	4,831	—
Total HTM fixed income securities	$	240,388	—	240,388	—
Financial Liabilities
Notes payable:
0.63% borrowings from FHLBI	$	14,995	—	14,995	—
1.25% borrowings from FHLBI	45,277		—	45,277	—
7.25% Senior Notes	57,929		—	57,929	—
6.70% Senior Notes	112,387		—	112,387	—
5.875% Senior Notes	187,960		187,960	—	—
Total notes payable	$	418,548	187,960	230,588	—

December 31, 2014			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value at 12/31/2014		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Foreign government	$	5,394	—	5,394	—
Obligations of states and political subdivisions	299,132		—	299,132	—
Corporate securities	21,422		—	21,422	—
ABS	2,823		—	2,823	—
CMBS	5,190		—	5,190	—
Total HTM fixed income securities	$	333,961	—	333,961	—
Financial Liabilities
Notes payable:
1.25% borrowings from FHLBI	$	45,244	—	45,244	—
7.25% Senior Notes	59,181		—	59,181	—
6.70% Senior Notes	114,845		—	114,845	—
5.875% Senior Notes	185,000		185,000	—	—
Total notes payable	$	404,270	185,000	219,270	—