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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair value measurements for items measured at fair value
Assets measured at fair value included those listed, by hierarchy level, in the following tables as of December 31, 2021 and 2020. The fair value of the assets is estimated using the process described above, and more fully in Note 3 - "Significant Accounting Policies" to the consolidated financial statements in this Form 10-K.
Assets carried at fair value by hierarchy level as of December 31, 2021
Table6.1a
(In thousands)
Fair Value
Quoted Prices in Active
Markets for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant Unobservable
Inputs
(Level 3)
U.S. Treasury securities and obligations of U.S. government corporations and agencies$133,407 $102,153 $31,254 $— 
Obligations of U.S. states and political subdivisions2,534,653 — 2,534,653 — 
Corporate debt securities2,765,982 — 2,765,982 — 
ABS150,710 — 150,710 — 
RMBS309,110 — 309,110 — 
CMBS319,130 — 319,130 — 
CLOs360,939 — 360,939 — 
Foreign government debt13,650 — 13,650 — 
Total fixed income securities6,587,581 102,153 6,485,428 — 
Equity securities16,068 16,068 — — 
Cash Equivalents254,230 254,230 — — 
Real estate acquired (1)
1,507 — — 1,507 
Total$6,859,386 $372,451 $6,485,428 $1,507 
Assets carried at fair value by hierarchy level as of December 31, 2020
Table6.1b
(In thousands)
Fair Value
Quoted Prices in Active
Markets for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant Unobservable
Inputs
(Level 3)
U.S. Treasury securities and obligations of U.S. government corporations and agencies$265,693 $149,339 $116,354 $— 
Obligations of U.S. states and political subdivisions2,249,869 — 2,249,869 — 
Corporate debt securities2,844,288 — 2,844,288 — 
ABS206,686 — 206,686 — 
RMBS431,166 — 431,166 — 
CMBS327,502 — 327,502 — 
CLOs310,490 — 310,490 — 
Foreign government debt4,709 — 4,709 — 
Commercial paper21,193 — 21,193 — 
Total fixed income securities6,661,596 149,339 6,512,257 — 
Equity securities 18,215 18,215 — — 
Cash Equivalents288,941 275,668 13,273 — 
Real estate acquired (1)
1,092 — — 1,092 
Total$6,969,844 $443,222 $6,525,530 $1,092 
(1)Real estate acquired through claim settlement, which is held for sale, is reported in "Other assets" on the consolidated balance sheets.
Reconciliation of beginning and ending balance for assets and liabilities measured at fair value with significant unobservable inputs (level 3)
For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the years ended December 31, 2021 and 2020 is shown in table 6.2 below. There were no losses included in earnings for the years ended December 31, 2021 and 2020 attributable to the change in unrealized losses on assets still held at the end of each applicable year.
Fair value roll-forward for financial instruments classified as Level 3 for the year ended December 31,
Table6.2
Real Estate Acquired
(In thousands)20212020
Beginning balance$1,092 $7,252 
Purchases4,836 8,609 
Sales(4,806)(15,429)
Included in earnings and reported as losses incurred, net385 660 
Ending balance$1,507 $1,092 
Schedule of carrying value and fair value of financial liabilities measured on a recurring basis
Table 6.3 compares the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2021 and 2020.
Financial liabilities not carried at fair value
Table
6.3
December 31, 2021December 31, 2020
(In thousands)
Carrying Value
Fair Value
Carrying Value
Fair Value
Financial assets
Other invested assets$3,100 $3,100 $3,100 $3,100 
Financial liabilities
FHLB Advance$155,000 $157,585 $155,000 $160,865 
5.75% Notes241,255 256,213 240,597 261,752 
5.25% Notes640,253 686,875 638,782 696,449 
9% Debentures110,204 151,000 208,814 273,569 
Total financial liabilities$1,146,712 $1,251,673 $1,243,193 $1,392,635