Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

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, 2014 and December 31, 2013 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
June 30, 2014
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	867,127	$	—	$	867,127	$	—
State and municipal	4,220,740		—		4,220,740		—
Mortgage-backed securities	1,306,136		—		1,306,136		—
Corporate	4,624,324		—		4,587,282		37,042
Foreign government	968,376		—		968,376		—
Total fixed maturity securities available for sale	11,986,703		—		11,949,661		37,042
Equity securities available for sale:
Common stocks	103,527		102,762		—		765
Preferred stocks	153,532		—		149,763		3,769
Total equity securities available for sale	257,059		102,762		149,763		4,534
Arbitrage trading account	732,279		255,073		474,524		2,682
Total	$	12,976,041	$	357,835	$	12,573,948	$	44,258
Liabilities:
Securities sold but not yet purchased	$	111,991	$	111,986	$	5	$	—
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	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2014 and for the year ended December 31, 2013:

			Gains (Losses) Included in
(In thousands)	Beginning Balance		Earnings			Other Comprehensive Income		Purchases		(Sales)			Maturities			Transfer in (out)			Ending Balance
Six months ended June 30, 2014:
Assets:
Fixed maturities available for sale:
Corporate	$	42,864	$	43		$	144	$	84	$	(5,247	)	$	(846	)	$	—		$	37,042
Total	42,864		43			144		84		(5,247		)	(846		)	—			37,042
Equity securities available for sale:
Common stocks	1,238		—			—		—		(473		)	—			—			765
Preferred stocks	3,752		39			—		—		(22		)	—			—			3,769
Total	4,990		39			—		—		(495		)	—			—			4,534
Arbitrage trading account	1,780		(1,429		)	—		2,539		(9,230		)	—			9,022			2,682
Total	$	49,634	$	(1,347	)	$	144	$	2,623	$	(14,972	)	$	(846	)	$	9,022		$	44,258
Year ended December 31, 2013:
Assets:
Fixed maturities 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		)	—			(1,307		)	1,780
Total	$	62,022	$	1,836		$	1,039	$	4,424	$	(5,776	)	$	(12,604	)	$	(1,307	)	$	49,634
Liabilities:
Securities sold but not yet purchased	$	20	$	(4	)	$	—	$	4	$	(20	)	$	—		$	—		$	—