Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Measurements for Items Measured at Fair Value

Assets measured at fair value, by hierarchy level, as of December 31, 2022 and 2021 are shown in tables 6.1a and 6.1b below. 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, 2022
Table	6.1a
(In thousands)		Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	135,900		$	116,897	$	19,003
Obligations of U.S. states and political subdivisions		2,149,054			—		2,149,054
Corporate debt securities		2,221,141			—		2,221,141
ABS		120,687			—		120,687
RMBS		198,009			—		198,009
CMBS		237,216			—		237,216
CLOs		329,832			—		329,832
Foreign government debt		3,787			—		3,787
Commercial paper		14,072			—		14,072
Total fixed income securities		5,409,698			116,897		5,292,801
Equity securities		14,140			14,140		—
Cash equivalents		328,756		(1)	324,129		4,627
Total		$	5,752,594		$	455,166	$	5,297,428


Assets carried at fair value by hierarchy level as of December 31, 2021
Table	6.1b
(In thousands)		Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
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 subdivisions		2,534,653			—		2,534,653
Corporate debt securities		2,765,982			—		2,765,982
ABS		150,710			—		150,710
RMBS		309,110			—		309,110
CMBS		319,130			—		319,130
CLOs		360,939			—		360,939
Foreign government debt		13,650			—		13,650
Total fixed income securities		6,587,581			102,153		6,485,428
Equity securities		16,068			16,068		—
Cash equivalents		254,230		(1)	254,230		—
Total		$	6,857,879		$	372,451	$	6,485,428
(1) Includes restricted cash equivalents

Schedule of Carrying Value and Fair Value of Financial Liabilities Measured on a Recurring Basis

Table 6.3 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2022 and 2021.


Financial liabilities not carried at fair value
Table	6.3
		December 31, 2022				December 31, 2021
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	850	$	850	$	3,100	$	3,100
Financial liabilities
FHLB Advance		$	—	$	—	$	155,000	$	157,585
5.75% Notes		—		—		241,255		256,213
5.25% Notes		641,724		600,938		640,253		686,875
9% Debentures		21,086		28,085		110,204		151,000
Total financial liabilities		$	662,810	$	629,023	$	1,146,712	$	1,251,673