Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair value measurements for items measured at fair value

Assets measured at fair value, by hierarchy level, as of June 30, 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 June 30, 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		$	263,913	$	212,375	$	51,538
Obligations of U.S. states and political subdivisions		1,873,380		—		1,873,380
Corporate debt securities		2,531,941		—		2,531,941
ABS		173,872		—		173,872
RMBS		358,317		—		358,317
CMBS		262,826		—		262,826
CLOs		291,728		—		291,728
Foreign government debt		3,770		—		3,770
Commercial paper		30,221		—		30,221
Total fixed income securities		5,789,968		212,375		5,577,593
Equity securities		14,636		14,636		—
Cash equivalents (1)		283,185		203,570		79,615
Total		$	6,087,789	$	430,581	$	5,657,208


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 June 30, 2024 and December 31, 2023.


Financial assets and liabilities not measured at fair value
Table	8.2
		June 30, 2024				December 31, 2023
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	1,109	$	1,109	$	850	$	850

Financial liabilities
5.25% Senior Notes		643,931		633,939		643,196		634,498