Note 5 - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 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	$	157,407	$	29,494	$	186,901
State and municipal obligations	—		159,975		159,975
Corporate bonds and notes	—		2,898,357		2,898,357
RMBS	—		850,113		850,113
CMBS	—		718,962		718,962
Other ABS	—		809,388		809,388
Foreign government and agency securities	—		5,296		5,296
Total fixed-maturities available for sale	157,407		5,471,585		5,628,992
Trading securities:
State and municipal obligations	—		120,547		120,547
Corporate bonds and notes	—		122,858		122,858
RMBS	—		13,930		13,930
CMBS	—		34,315		34,315
Total trading securities	—		291,650		291,650
Equity securities	84,255		7,062		91,317
Short-term investments:
U.S. government and agency securities	29,716		—		29,716
State and municipal obligations	—		26,973		26,973
Money market instruments	232,105		—		232,105
Corporate bonds and notes	—		106,013		106,013
Other investments (1)	—		172,339		172,339
Total short-term investments	261,821		305,325		567,146
Total investments at fair value (2)	503,483		6,075,622		6,579,105
Other:
Loaned securities: (3)
Corporate bonds and notes	—		13,932		13,932
Equity securities	43,990		—		43,990
Total assets at fair value (2)	$	547,473	$	6,089,554	$	6,637,027

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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 $3.0 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 6 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:
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 6 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, 2020				December 31, 2019
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Liabilities:
Senior notes	$	1,404,759	$	1,450,590	$	887,110	$	949,500
FHLB advances	141,058		144,280		134,875		135,997