Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair value measurements for items measured at fair value

Assets measured at fair value, by hierarchy level, as of March 31, 2023 and December 31, 2022 are shown in tables 8.1a and 8.1b 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 our 2022 Annual Report on Form 10-K.


Assets carried at fair value by hierarchy level as of March 31, 2023
Table	8.1a
(In thousands)		Total 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		$	215,746		$	173,261	$	42,485
Obligations of U.S. states and political subdivisions		2,212,340			—		2,212,340
Corporate debt securities		2,177,942			—		2,177,942
ABS		119,371			—		119,371
RMBS		195,505			—		195,505
CMBS		231,905			—		231,905
CLOs		330,574			—		330,574
Foreign government debt		3,827			—		3,827
Commercial paper		76,843			—		76,843
Total fixed income securities		5,564,053			173,261		5,390,792
Equity securities		14,523			14,523		—
Cash equivalents		362,788		(1)	328,906		33,882
Total		$	5,941,364		$	516,690	$	5,424,674


Assets carried at fair value by hierarchy level as of December 31, 2022
Table	8.1b
(In thousands)		Total 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
(1) Includes restricted cash equivalents

Carrying value and fair value of financial assets and liabilities

Table 8.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at March 31, 2023 and December 31, 2022.


Financial assets and liabilities not measured at fair value
Table	8.2
		March 31, 2023				December 31, 2022
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	850	$	850	$	850	$	850

Financial liabilities
5.25% Senior Notes		642,092		617,994		641,724		600,938
9% Convertible Junior Subordinated Debentures		21,086		28,196		21,086		28,085
Total financial liabilities		$	663,178	$	646,190	$	662,810	$	629,023