Note 4 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020:

(In thousands)	Level I		Level II		Total
Assets at fair value
Investments:
Fixed-maturities available for sale:
U.S. government and agency securities	$	155,498	$	3,742	$	159,240
State and municipal obligations	—		116,975		116,975
Corporate bonds and notes	—		2,265,066		2,265,066
RMBS	—		779,590		779,590
CMBS	—		610,877		610,877
Other ABS	—		666,918		666,918
Foreign government and agency securities	—		4,947		4,947
Total fixed-maturities available for sale	155,498		4,448,115		4,603,613
Trading securities:
State and municipal obligations	—		114,511		114,511
Corporate bonds and notes	—		123,461		123,461
RMBS	—		15,573		15,573
CMBS	—		33,725		33,725
Total trading securities	—		287,270		287,270
Equity securities	67,086		7,767		74,853
Short-term investments:
U.S. government and agency securities	140,667		—		140,667
State and municipal obligations	—		10,148		10,148
Money market instruments	295,757		—		295,757
Corporate bonds and notes	—		117,836		117,836
Other investments (1)	—		74,352		74,352
Total short-term investments	436,424		202,336		638,760
Total investments at fair value (2)	659,008		4,945,488		5,604,496
Other assets:
Loaned securities: (3)
U.S. government and agency securities	—		3,784		3,784
Equity securities	43,736		—		43,736
Total assets at fair value (2)	$	702,744	$	4,949,272	$	5,652,016

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

(2) Does not include other invested assets of $2.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient and $1.5 million invested in a private convertible promissory note.

(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, 2019:

(In thousands)	Level I		Level II		Total
Assets at fair value
Investments:
Fixed-maturities available for sale:
U.S. government and agency securities	$	143,884	$	35,700	$	179,584
State and municipal obligations	—		119,994		119,994
Corporate bonds and notes	—		2,237,611		2,237,611
RMBS	—		779,354		779,354
CMBS	—		608,015		608,015
Other ABS	—		759,129		759,129
Foreign government and agency securities	—		5,224		5,224
Total fixed-maturities available for sale	143,884		4,545,027		4,688,911
Trading securities:
State and municipal obligations	—		118,949		118,949
Corporate bonds and notes	—		147,232		147,232
RMBS	—		16,180		16,180
CMBS	—		34,789		34,789
Total trading securities	—		317,150		317,150
Equity securities	124,009		6,212		130,221
Short-term investments:
U.S. government and agency securities	127,152		—		127,152
State and municipal obligations	—		21,475		21,475
Money market instruments	202,461		—		202,461
Corporate bonds and notes	—		20,298		20,298
Other investments (1)	—		147,007		147,007
Total short-term investments	329,613		188,780		518,393
Total investments at fair value (2)	597,506		5,057,169		5,654,675
Other assets:
Loaned securities: (3)
U.S. government and agency securities	35,309		—		35,309
Corporate bonds and notes	—		3,669		3,669
Equity securities	27,464		—		27,464
Total assets at fair value (2)	$	660,279	$	5,060,838	$	5,721,117

______________________

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

(2) Does not include other invested assets of $2.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient and $1.5 million invested in a private convertible promissory note.

(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:

	March 31, 2020				December 31, 2019
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Liabilities:
Senior notes	$	887,584	$	886,500	$	887,110	$	949,500
FHLB advances	173,760		176,952		134,875		135,997