Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair value measurements for items measured at fair value

Assets measured at fair value, by hierarchy level, as of September 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 September 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		$	254,294	$	211,991	$	42,303
Obligations of U.S. states and political subdivisions		1,929,702		—		1,929,702
Corporate debt securities		2,730,145		—		2,730,145
ABS		157,950		—		157,950
RMBS		370,435		—		370,435
CMBS		263,536		—		263,536
CLOs		236,984		—		236,984
Foreign government debt		3,950		—		3,950
Commercial paper		17,069		—		17,069
Total fixed income securities		5,964,065		211,991		5,752,074
Equity securities		15,174		15,174		—
Cash equivalents (1)		297,052		271,608		25,444
Total		$	6,276,291	$	498,773	$	5,777,518


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 September 30, 2024 and December 31, 2023.


Financial assets and liabilities not measured at fair value
Table	8.2
		September 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		644,299		645,983		643,196		634,498