Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements for Items Measured at Fair Value

Assets measured at fair value, by hierarchy level, as of December 31, 2024 and 2023 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, 2024
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		$	260,493	$	220,369	$	40,124
Obligations of U.S. states and political subdivisions		1,875,495		—		1,875,495
Corporate debt securities		2,757,381		—		2,757,381
ABS		156,517		—		156,517
RMBS		350,060		—		350,060
CMBS		235,871		—		235,871
CLOs		200,059		—		200,059
Foreign government debt		3,798		—		3,798
Commercial paper		12,015		—		12,015
Total fixed income securities		5,851,689		220,369		5,631,320
Equity securities		14,762		14,762		—
Cash equivalents(1)		230,156		219,943		10,213
Total		$	6,096,607	$	455,074	$	5,641,533


Assets carried at fair value by hierarchy level as of December 31, 2023
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		$	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

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

Table 6.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2024 and 2023.


Financial assets and liabilities not carried at fair value
Table	6.2
		December 31, 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% Notes		$	644,667	$	636,883	$	643,196	$	634,498