Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [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 June 30, 2013 and December 31, 2012 by Level:

(In thousands)	Total		Level 1		Level 2		Level 3
June 30, 2013
Assets:
Fixed maturity securities available for sale:
U.S. government and agency	$	844,102	$	—	$	844,102	$	—
State and municipal	4,147,252		—		4,147,252		—
Mortgage-backed securities	1,559,753		—		1,559,753		—
Corporate	3,860,862		—		3,809,941		50,921
Foreign	1,121,459		—		1,121,459		—
Total fixed maturity securities available for sale	11,533,428		—		11,482,507		50,921
Equity securities:
Common stocks	330,636		329,398		—		1,238
Preferred stocks	104,205		—		100,428		3,777
Total equity securities	434,841		329,398		100,428		5,015
Arbitrage trading account	680,713		179,841		500,789		83
Total	$	12,648,982	$	509,239	$	12,083,724	$	56,019
Liabilities:
Securities sold but not yet purchased	$	171,990	$	117,636	$	54,354	$	—
December 31, 2012
Assets:
Fixed maturity securities available for sale:
U.S. government and 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:
Common stocks	282,066		280,658		—		1,408
Preferred stocks	93,956		—		93,335		621
Total equity securities	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

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2013 and for the year ended December 31, 2012:

			Gains (Losses) Included in
(In thousands)	Beginning Balance		Earnings			Other Comprehensive Income			Purchases		(Sales)			Maturities			Transfer in		Ending Balance
Six months ended June 30, 2013:
Assets:
Fixed maturities available for sale:
Corporate	$	59,065	$	(64	)	$	(867	)	$	84	$	(2,577	)	$	(4,720	)	$	—	$	50,921
Total	59,065		(64		)	(867		)	84		(2,577		)	(4,720		)	—		50,921
Equity securities available for sale:
Common stocks	1,408		—			—			—		(170		)	—			—		1,238
Preferred stocks	621		(274		)	—			3,430		—			—			—		3,777
Total	2,029		(274		)	—			3,430		(170		)	—			—		5,015
Arbitrage trading account	928		(815		)	—			824		(854		)	—			—		83
Total	$	62,022	$	(1,153	)	$	(867	)	$	4,338	$	(3,601	)	$	(4,720	)	$	—	$	56,019
Liabilities:
Securities sold but not yet purchased	$	20	$	(4	)	$	—		$	4	$	(20	)	$	—		$	—	$	—
Year ended December 31, 2012:
Assets:
Fixed maturities 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