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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2013 and 2012 by level:
(In thousands)
Total
 
Level 1
 
Level 2
 
Level 3
December 31, 2013
 

 
 

 
 

 
 

Assets:
 

 
 

 
 

 
 

Fixed maturity securities available for sale:
 

 
 
 
 

 
 

U.S. government and government agency
$
884,859

 
$
—

 
$
884,859

 
$
—

State and municipal
4,218,284

 
—

 
4,218,284

 
—

Mortgage-backed securities
1,329,783

 
—

 
1,329,783

 
—

Corporate
4,202,741

 
—

 
4,159,877

 
42,864

Foreign government
879,857

 
—

 
879,857

 
—

Total fixed maturity securities available for sale
11,515,524

 
—

 
11,472,660

 
42,864

Equity securities available for sale:
 

 
 

 
 

 
 

Common stocks
160,775

 
159,537

 
—

 
1,238

Preferred stocks
122,563

 
—

 
118,811

 
3,752

Total equity securities available for sale
283,338

 
159,537

 
118,811

 
4,990

Arbitrage trading account
522,128

 
192,281

 
328,067

 
1,780

Total
$
12,320,990

 
$
351,818

 
$
11,919,538

 
$
49,634

Liabilities:
 

 
 

 
 

 
 

Securities sold but not yet purchased
$
162,278

 
$
162,126

 
$
152

 
$
—

 
 
 
 
 
 
 
 
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
3,601,648

 
—

 
3,542,583

 
59,065

Foreign government
856,678

 
—

 
856,678

 
—

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
Summarize Changes In Level 3 Assets and Liabilities
The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2013 and 2012:
 
Gains (Losses) Included in:
(In thousands)
Beginning Balance
 
Earnings
 
Other Comprehensive Income
 
Purchases
 
Sales
 
Paydowns/Maturities
 
In
 
Out
 
Ending Balance
Year ended December 31, 2013
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities available for sale:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Corporate
$
59,065

 
$
677

 
$
309

 
$
170

 
$
(4,753
)
 
$
(12,604
)
 
$
—

 
$
—

 
$
42,864

Total
59,065

 
677

 
309

 
170

 
(4,753
)
 
(12,604
)
 
—

 
—

 
42,864

Equity securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
1,408

 
—

 
—

 
—

 
(170
)
 
—

 
—

 
—

 
1,238

Preferred stocks
621

 
(299
)
 
—

 
3,430

 
—

 
—

 
—

 
—

 
3,752

Total
2,029

 
(299
)
 
—

 
3,430

 
(170
)
 
—

 
—

 
—

 
4,990

Arbitrage trading account
928

 
1,458

 
730

 
824

 
(853
)
 
—

 
22

 
(1,329
)
 
1,780

Total
$
62,022

 
$
1,836

 
$
1,039

 
$
4,424

 
$
(5,776
)
 
$
(12,604
)
 
$
22

 
$
(1,329
)
 
$
49,634

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities sold but not yet purchased
20

 
$
(4
)
 
—

 
$
4

 
$
(20
)
 
—

 
—

 
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2012
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

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