Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
September 30, 2014
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	813,034	$	—	$	813,034	$	—
State and municipal	4,180,068		—		4,180,068		—
Mortgage-backed securities	1,298,845		—		1,298,845		—
Corporate	5,041,702		—		5,017,702		24,000
Foreign government	962,911		—		962,911		—
Total fixed maturity securities available for sale	12,296,560		—		12,272,560		24,000
Equity securities available for sale:
Common stocks	79,973		68,852		—		11,121
Preferred stocks	142,051		—		138,313		3,738
Total equity securities available for sale	222,024		68,852		138,313		14,859
Arbitrage trading account	918,223		237,310		676,896		4,017
Total	$	13,436,807	$	306,162	$	13,087,769	$	42,876
Liabilities:
Securities sold but not yet purchased	$	159,537	$	159,501	$	5	$	31
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 nine months ended September 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
Nine months ended September 30, 2014:
Assets:
Fixed maturities available for sale:
Corporate	$	42,864	$	49		$	(1,146	)	$	84	$	(15,244	)	$	(2,607	)	$	—		$	24,000
Total	42,864		49			(1,146		)	84		(15,244		)	(2,607		)	—			24,000
Equity securities available for sale:
Common stocks	1,238		—			(531		)	11,343		(929		)	—			—			11,121
Preferred stocks	3,752		8			—			3,430		(3,452		)	—			—			3,738
Total	4,990		8			(531		)	14,773		(4,381		)	—			—			14,859
Arbitrage trading account	1,780		2,294			—			4,942		(14,063		)	—			9,064			4,017
Total	$	49,634	$	2,351		$	(1,677	)	$	19,799	$	(33,688	)	$	(2,607	)	$	9,064		$	42,876
Liabilities:
Securities sold but not yet purchased	$	—	$	—		$	—		$	31	$	—		$	—		$	—		$	31
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	)	$	—		$	—		$	—