Note 4 - Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2020:

(In thousands)	Level I		Level II		Total
Assets at fair value
Investments:
Fixed-maturities available for sale:
U.S. government and agency securities	$	124,600	$	8,443	$	133,043
State and municipal obligations	—		123,117		123,117
Corporate bonds and notes	—		2,648,456		2,648,456
RMBS	—		835,769		835,769
CMBS	—		637,491		637,491
Other ABS	—		686,875		686,875
Foreign government and agency securities	—		5,340		5,340
Total fixed-maturities available for sale	124,600		4,945,491		5,070,091
Trading securities:
State and municipal obligations	—		122,234		122,234
Corporate bonds and notes	—		126,000		126,000
RMBS	—		15,205		15,205
CMBS	—		34,170		34,170
Total trading securities	—		297,609		297,609
Equity securities	96,089		8,424		104,513
Short-term investments:
U.S. government and agency securities	42,528		—		42,528
State and municipal obligations	—		5,397		5,397
Money market instruments	375,096		—		375,096
Corporate bonds and notes	—		149,490		149,490
Other investments (1)	—		382,579		382,579
Total short-term investments	417,624		537,466		955,090
Total investments at fair value (2)	638,313		5,788,990		6,427,303
Other assets:
Loaned securities: (3)
Corporate bonds and notes	—		2,119		2,119
Equity securities	14,213		—		14,213
Total assets at fair value (2)	$	652,526	$	5,791,109	$	6,443,635

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

(2)Does not include other invested assets of $2.5 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:

	June 30, 2020				December 31, 2019
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Liabilities:
Senior notes	$	1,403,857	$	1,395,375	$	887,110	$	949,500
FHLB advances	175,122		178,584		134,875		135,997