Note 5 - Fair Value of Financial Instruments - Level 3 (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Assets & Liabilities Measured at Fair Value by Hierarchy Level

The following tables include a list of assets that are measured at fair value by hierarchy level as of December 31, 2020 and 2019.

(In thousands)	Level I		Level II		Level III		Total
Assets at fair value as of December 31, 2020
Investments:
Fixed-maturities available for sale:
U.S. government and agency securities	$	140,034	$	29,189	$	—	$	169,223
State and municipal obligations	—		165,271		—		165,271
Corporate bonds and notes	—		3,047,189		—		3,047,189
RMBS	—		833,939		—		833,939
CMBS	—		681,265		—		681,265
CLO	—		568,558		—		568,558
Other ABS	—		252,457		—		252,457
Foreign government and agency securities	—		5,438		—		5,438
Total fixed-maturities available for sale	140,034		5,583,306		—		5,723,340
Trading securities:
State and municipal obligations	—		120,449		—		120,449
Corporate bonds and notes	—		123,142		—		123,142
RMBS	—		13,000		—		13,000
CMBS	—		34,294		—		34,294
Total trading securities	—		290,885		—		290,885
Equity securities	142,761		8,479		—		151,240
Short-term investments:
State and municipal obligations	—		21,819		—		21,819
Money market instruments	268,900		—		—		268,900
Corporate bonds and notes	—		30,495		—		30,495
Other ABS	—		219		—		219
Other investments (1)	—		296,571		—		296,571
Total short-term investments	268,900		349,104		—		618,004
Other invested assets (2)	—		—		3,000		3,000
Total investments at fair value (2)	551,695		6,231,774		3,000		6,786,469
Other:
Embedded derivatives (3)	—		—		5,513		5,513
Loaned securities: (4)
U.S. government and agency securities	4,876		—		—		4,876
Corporate bonds and notes	—		31,324		—		31,324
Equity securities	21,299		—		—		21,299
Total assets at fair value (2)	$	577,870	$	6,263,098	$	8,513	$	6,849,481

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

(2)Does not include other invested assets of $2.0 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(3)Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs.

(4)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our consolidated balance sheets. See Note 6 for more information.

(In thousands)	Level I		Level II		Level III		Total
Assets at fair value as of December 31, 2019
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	—		588,420		—		588,420
CLO	—		462,561		—		462,561
Other ABS	—		316,163		—		316,163
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
Other invested assets (2)	—		—		1,500		1,500
Total investments at fair value (2)	597,506		5,057,169		1,500		5,656,175
Other:
Embedded derivatives (3)	—		—		383		383
Loaned securities: (4)
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	$	1,883	$	5,723,000

(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.

(3)Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs.

(4)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our 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 consolidated balance sheets were as follows as of the dates indicated.

	December 31, 2020				December 31, 2019
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Liabilities:
Senior notes	$	1,405,674	$	1,563,503	$	887,110	$	949,500
FHLB advances	176,483		179,578		134,875		135,997