Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	13,477	$	—	$	—	$	13,477
Municipal securities	—		2,780,244		—		2,780,244
Mortgage-backed securities	—		151,840		—		151,840
Corporate securities	—		511,952		—		511,952
Collateralized loan obligations	—		314,193		—		314,193
Other asset-backed securities	—		187,973		—		187,973
Total fixed maturity securities	13,477		3,946,202		—		3,959,679
Equity securities:
Common stock	779,229		—		—		779,229
Non-redeemable preferred stock	—		62,247		—		62,247
Private equity funds measured at net asset value (1)							104,539
Total equity securities	779,229		62,247		—		946,015
Short-term investments:
Short-term bonds	1,447		18,877		—		20,324
Money market instruments	113,570		—		—		113,570
Other	26		—		—		26
Total short-term investments	115,043		18,877		—		133,920
Total assets at fair value	$	907,749	$	4,027,326	$	—	$	5,039,614
Liabilities
Other liabilities:
Options sold	$	569	$	—	$	—	$	569
Total liabilities at fair value	$	569	$	—	$	—	$	569

	December 31, 2021
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	13,085	$	—	$	—	$	13,085
Municipal securities	—		2,843,221		—		2,843,221
Mortgage-backed securities	—		137,002		—		137,002
Corporate securities	—		523,853		—		523,853
Collateralized loan obligations	—		314,153		—		314,153
Other asset-backed securities	—		200,209		—		200,209
Total fixed maturity securities	13,085		4,018,438		—		4,031,523
Equity securities:
Common stock	797,024		—		—		797,024
Non-redeemable preferred stock	—		65,501		—		65,501
Private equity funds measured at net asset value (1)							108,414
Total equity securities	797,024		65,501		—		970,939
Short-term investments:
Short-term bonds	1,453		15,748		—		17,201
Money market instruments	122,917		—		—		122,917
Other	9		—		—		9
Total short-term investments	124,379		15,748		—		140,127
Total assets at fair value	$	934,488	$	4,099,687	$	—	$	5,142,589
Liabilities
Other liabilities:
Options sold	$	301	$	—	$	—	$	301
Total liabilities at fair value	$	301	$	—	$	—	$	301

__________ 

(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, 2022
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	373,031	$	384,743	$	—	$	384,743	$	—

	December 31, 2021
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	372,931	$	413,378	$	—	$	413,378	$	—