Note 4 - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following is a list of assets that are measured at fair value by hierarchy level as of September 30, 2019:

(In thousands)	Level I		Level II		Total
Assets at fair value
Investments:
Fixed-maturities available for sale:
U.S. government and agency securities	$	128,443	$	34,012	$	162,455
State and municipal obligations	—		110,981		110,981
Corporate bonds and notes	—		2,347,346		2,347,346
RMBS	—		619,935		619,935
CMBS	—		563,338		563,338
Other ABS	—		717,986		717,986
Foreign government and agency securities	—		5,182		5,182
Total fixed-maturities available for sale	128,443		4,398,780		4,527,223
Trading securities:
State and municipal obligations	—		121,190		121,190
Corporate bonds and notes	—		156,648		156,648
RMBS	—		17,116		17,116
CMBS	—		34,981		34,981
Total trading securities	—		329,935		329,935
Equity securities	116,762		4,997		121,759
Short-term investments:
U.S. government and agency securities	120,969		—		120,969
State and municipal obligations	—		25,547		25,547
Money market instruments	196,372		—		196,372
Corporate bonds and notes	—		37,593		37,593
Other investments (1)	—		171,614		171,614
Total short-term investments	317,341		234,754		552,095
Total investments at fair value (2)	562,546		4,968,466		5,531,012
Other assets:
Loaned securities: (3)
U.S. government and agency securities	19,960		—		19,960
Corporate bonds and notes	—		15,227		15,227
Equity securities	30,257		—		30,257
Total assets at fair value (2)	$	612,763	$	4,983,693	$	5,596,456

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(1) Comprising short-term certificates of deposit and commercial paper.

(2) Does not include other invested assets of $2.7 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(3) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.

The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2018:

(In thousands)	Level I		Level II		Total
Assets at fair value
Investments:
Fixed-maturities available for sale:
U.S. government and agency securities	$	55,658	$	28,412	$	84,070
State and municipal obligations	—		138,313		138,313
Corporate bonds and notes	—		2,222,473		2,222,473
RMBS	—		332,142		332,142
CMBS	—		539,915		539,915
Other ABS	—		704,662		704,662
Total fixed-maturities available for sale	55,658		3,965,917		4,021,575
Trading securities:
State and municipal obligations	—		168,359		168,359
Corporate bonds and notes	—		228,152		228,152
RMBS	—		21,082		21,082
CMBS	—		51,478		51,478
Total trading securities	—		469,071		469,071
Equity securities	126,607		3,958		130,565
Short-term investments:
U.S. government and agency securities	133,657		—		133,657
State and municipal obligations	—		18,070		18,070
Money market instruments	95,132		—		95,132
Corporate bonds and notes	—		105,625		105,625
Other ABS	—		806		806
Other investments (1)	—		175,113		175,113
Total short-term investments	228,789		299,614		528,403
Total investments at fair value (2)	411,054		4,738,560		5,149,614
Other assets:
Loaned securities: (3)
U.S. government and agency securities	9,987		—		9,987
Corporate bonds and notes	—		7,818		7,818
Equity securities	10,055		—		10,055
Total assets at fair value (2)	$	431,096	$	4,746,378	$	5,177,474

______________________

(1) Comprising short-term certificates of deposit and commercial paper.

(2) Does not include other invested assets of $3.4 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(3)

Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying value and estimated fair value of other selected liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated:

	September 30, 2019				December 31, 2018
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Liabilities:
Senior notes	$	886,643	$	919,125	$	1,030,348	$	1,007,687
FHLB advances	104,492		105,661		82,532		82,899