Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2013 and December 31, 2012 by Level:

(In thousands)	Total		Level 1		Level 2		Level 3
September 30, 2013
Assets:
Fixed maturity securities available for sale:
U.S. government and agency	$	825,059	$	—	$	825,059	$	—
State and municipal	4,118,137		—		4,118,137		—
Mortgage-backed securities	1,493,465		—		1,493,465		—
Corporate	3,900,472		—		3,854,455		46,017
Foreign	1,173,364		—		1,173,364		—
Total fixed maturity securities available for sale	11,510,497		—		11,464,480		46,017
Equity securities:
Common stocks	238,542		237,303		—		1,239
Preferred stocks	100,365		—		96,593		3,772
Total equity securities	338,907		237,303		96,593		5,011
Arbitrage trading account	619,881		252,832		366,862		187
Total	$	12,469,285	$	490,135	$	11,927,935	$	51,215
Liabilities:
Securities sold but not yet purchased	$	88,489	$	88,482	$	7	$	—
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 nine months ended September 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
Nine months ended September 30, 2013:
Assets:
Fixed maturities available for sale:
Corporate	$	59,065	$	608		$	(137	)	$	127	$	(3,767	)	$	(9,879	)	$	—	$	46,017
Total	59,065		608			(137		)	127		(3,767		)	(9,879		)	—		46,017
Equity securities available for sale:
Common stocks	1,408		—			—			—		(169		)	—			—		1,239
Preferred stocks	621		(279		)	—			3,430		—			—			—		3,772
Total	2,029		(279		)	—			3,430		(169		)	—			—		5,011
Arbitrage trading account	928		(712		)	—			824		(853		)	—			—		187
Total	$	62,022	$	(383	)	$	(137	)	$	4,381	$	(4,789	)	$	(9,879	)	$	—	$	51,215
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