Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]

Assets And Liabilities Measured At Fair value, On A Recurring Basis

The following tables present the assets and liabilities measured at fair value, on a recurring basis, as of September 30, 2011 and December 31, 2010 by level:

(Dollars in thousands)	Total		Level 1		Level 2		Level 3
September 30, 2011
Assets:
Fixed maturity securities available for sale:
U.S. government and agency	$	1,073,737	$	—	$	1,073,737	$	—
State and municipal	5,286,538		—		5,286,538		—
Mortgage-backed securities	1,502,287		—		1,502,287		—
Corporate	2,715,451		—		2,640,447		75,004
Foreign	537,979		—		537,979		—
Total fixed maturity securities available for sale	11,115,992		—		11,040,988		75,004
Equity securities available for sale:
Common stocks	310,938		253,396		55,983		1,559
Preferred stocks	127,527		—		109,437		18,090
Total equity securities available for sale	438,465		253,396		165,420		19,649
Arbitrage trading account	327,883		133,939		192,927		1,017
Total	$	11,882,340	$	387,335	$	11,399,335	$	95,670
Liabilities:
Securities sold but not yet purchased	$	60,973	$	60,941	$	12	$	20
December 31, 2010
Assets:
Fixed maturity securities available for sale:
U.S. government and agency	$	1,347,875	$	—	$	1,347,875	$	—
State and municipal	5,461,446		—		5,461,446		—
Mortgage-backed securities	1,411,846		—		1,411,846		—
Corporate	2,380,262		—		2,292,199		88,063
Foreign	491,730		—		491,730		—
Total fixed maturity securities available for sale	11,093,159		—		11,005,096		88,063
Equity securities available for sale:
Common stocks	316,056		204,749		109,748		1,559
Preferred stocks	244,997		—		155,551		89,446
Total equity securities available for sale	561,053		204,749		265,299		91,005
Arbitrage trading account	359,192		162,292		193,713		3,187
Total	$	12,013,404	$	367,041	$	11,464,108	$	182,255
Liabilities:
Securities sold but not yet purchased	$	53,494	$	51,672	$	1,822	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets for the nine months ended September 30, 2011 and for the year ended December 31, 2010:

			Gains (Losses) Included in
(Dollars in thousands)	Beginning Balance		Earnings			Other Comprehensive Income				Purchases			(Sales)			Maturities			Transfer out			Ending Balance
For the nine months ended September 30, 2011:
Fixed maturity securities available for sale:
Corporate	$	88,063	$	20		$	(386	)		$	8,195		$	(3,952	)	$	(16,936	)	$	—		$	75,004
Total	88,063		20			(386		)		8,195			(3,952		)	(16,936		)	—			75,004
Equity securities available for sale:
Common stocks	1,559		—			—				—			—			—			—			1,559
Preferred stocks	89,446		27,338			(29,641		)		—			(69,053		)	—			—			18,090
Total	91,005		27,338			(29,641		)		—			(69,053		)	—			—			19,649
Arbitrage trading account	3,187		795			—			—	269		—	(3,234		)	—			—			1,017
Total	$	182,255	$	28,153		$	(30,027	)		$	8,464		$	(76,239	)	$	(16,936	)	$	—		$	95,670
For the year ended December 31, 2010
Fixed maturity securities available for sale:
Mortgage-backed securities	$	25,900	$	—		$	—			$	—		$	—		$	—		$	(25,900	)	$	—
Corporate	90,160		(850		)	1,558				19,632			(5,324		)	(17,113		)	—			88,063
Total	116,060		(850		)	1,558				19,632			(5,324		)	(17,113		)	(25,900		)	88,063
Equity securities available for sale:
Common stocks	1,559		—			—				—			—			—			—			1,559
Preferred stocks	54,713		23,535			31,633				19,542			(39,977		)	—			—			89,446
Total	56,272		23,535			31,633				19,542			(39,977		)	—			—			91,005
Arbitrage trading account	353		(353		)	—				3,187			—			—			—			3,187
Total	$	172,685	$	22,332		$	33,191			$	42,361		$	(45,301	)	$	(17,113	)	$	(25,900	)	$	182,255