Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair value measurements for items measured at fair value

Assets measured at fair value, by hierarchy level, as of March 31, 2024 and December 31, 2023 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 2023 Annual Report on Form 10-K.


Assets carried at fair value by hierarchy level as of March 31, 2024
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		$	140,912	$	98,412	$	42,500
Obligations of U.S. states and political subdivisions		1,891,612		—		1,891,612
Corporate debt securities		2,526,361		—		2,526,361
ABS		172,516		—		172,516
RMBS		323,826		—		323,826
CMBS		272,378		—		272,378
CLOs		318,616		—		318,616
Foreign government debt		3,746		—		3,746
Commercial paper		22,747		—		22,747
Total fixed income securities		5,672,714		98,412		5,574,302
Equity securities		14,697		14,697		—
Cash equivalents (1)		434,990		424,383		10,607
Total		$	6,122,401	$	537,492	$	5,584,909


Assets carried at fair value by hierarchy level as of December 31, 2023
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		$	161,682	$	95,828	$	65,854
Obligations of U.S. states and political subdivisions		1,908,078		—		1,908,078
Corporate debt securities		2,515,581		—		2,515,581
ABS		171,273		—		171,273
RMBS		330,773		—		330,773
CMBS		277,457		—		277,457
CLOs		326,096		—		326,096
Foreign government debt		3,843		—		3,843
Commercial paper		28,330		—		28,330
Total fixed income securities		5,723,113		95,828		5,627,285
Equity securities		14,771		14,771		—
Cash equivalents (1)		367,517		367,301		216
Total		$	6,105,401	$	477,900	$	5,627,501
(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, 2024 and December 31, 2023.


Financial assets and liabilities not measured at fair value
Table	8.2
		March 31, 2024				December 31, 2023
(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		643,563		633,373		643,196		634,498