Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

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 December 31, 2012 and 2011 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
December 31, 2012
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	898,463	$	—	$	898,463	$	—
State and municipal	4,768,519		—		4,768,519		—
Mortgage-backed securities	1,715,697		—		1,715,697		—
Corporate	3,346,719		—		3,287,654		59,065
Foreign	1,111,607		—		1,111,607		—
Total fixed maturity securities available for sale	11,841,005		—		11,781,940		59,065
Equity securities available for sale:
Common stocks	282,066		280,658		—		1,408
Preferred stocks	93,956		—		93,335		621
Total equity securities available for sale	376,022		280,658		93,335		2,029
Arbitrage trading account	329,077		233,603		94,546		928
Total	$	12,546,104	$	514,261	$	11,969,821	$	62,022
Liabilities:
Securities sold but not yet purchased	$	121,487	$	114,909	$	6,558	$	20
December 31, 2011
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	976,493	$	—	$	976,493	$	—
State and municipal	5,323,070		—		5,323,070		—
Mortgage-backed securities	1,584,587		—		1,584,587		—
Corporate	2,424,424		—		2,356,596		67,828
Foreign	888,354		—		888,354		—
Total fixed maturity securities available for sale	11,196,928		—		11,129,100		67,828
Equity securities available for sale:
Common stocks	319,982		318,423		—		1,559
Preferred stocks	123,457		—		111,154		12,303
Total equity securities available for sale	443,439		318,423		111,154		13,862
Arbitrage trading account	397,312		208,516		187,945		851
Total	$	12,037,679	$	526,939	$	11,428,199	$	82,541
Liabilities:
Securities sold but not yet purchased	$	62,514	$	62,493	$	—	$	21

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2012 and 2011:

	Gains (Losses) Included in:
(In thousands)	Beginning Balance		Earnings			Other Comprehensive Income			Purchases		Sales			Paydowns/Maturities			In		Out		Ending Balance
Year ended December 31, 2012
Assets:
Fixed maturity securities available for sale:
Corporate	$	67,828	$	(1,497	)	$	9,622		$	283	$	—		$	(17,171	)	$	—	$	—	$	59,065
Total	67,828		(1,497		)	9,622			283		—			(17,171		)	—		—		59,065
Equity securities available for sale:
Common stocks	1,559		—			—			—		(151		)	—			—		—		1,408
Preferred stocks	12,303		1,126			(1,737		)	—		(11,071		)	—			—		—		621
Total	13,862		1,126			(1,737		)	—		(11,222		)	—			—		—		2,029
Arbitrage trading account	851		(3,534		)	3,570			—		(52		)	—			93		—		928
Total	$	82,541	$	(3,905	)	$	11,455		$	283	$	(11,274	)	$	(17,171	)	$	93	$	—	$	62,022
Liabilities:
Securities sold but not yet purchased	21		$	(1	)	—			$	—	$	—		—			—		—		$	20
Year ended December 31, 2011
Fixed maturity securities available for sale:
Corporate	$	88,063	$	(454	)	$	(870	)	$	15,271	$	(11,864	)	$	(22,318	)	$	—	$	—	$	67,828
Total	88,063		(454		)	(870		)	15,271		(11,864		)	(22,318		)	—		—		67,828
Equity securities available for sale:
Common stocks	1,559		—			—			—		—			—			—		—		1,559
Preferred stocks	89,446		28,947			(30,865		)	—		(75,225		)	—			—		—		12,303
Total	91,005		28,947			(30,865		)	—		(75,225		)	—			—		—		13,862
Arbitrage trading account	3,187		572			—			269		(3,266		)	—			89		—		851
Total	$	182,255	$	29,065		$	(31,735	)	$	15,540	$	(90,355	)	$	(22,318	)	$	89	$	—	$	82,541
Liabilities:
Securities sold but not yet purchased	$	—	$	40		$	—		$	67	$	(86	)	$	—		$	—	$	—	$	21