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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2014 and 2013 by level:
(In thousands)
Total
 
Level 1
 
Level 2
 
Level 3
December 31, 2014
 

 
 

 
 

 
 

Assets:
 

 
 

 
 

 
 

Fixed maturity securities available for sale:
 

 
 
 
 

 
 

U.S. government and government agency
$
803,388

 
$
—

 
$
803,388

 
$
—

State and municipal
4,362,996

 
—

 
4,362,996

 
—

Mortgage-backed securities
1,295,636

 
—

 
1,295,636

 
—

Corporate
5,200,137

 
—

 
5,179,372

 
20,765

Foreign government
941,826

 
—

 
941,826

 
—

Total fixed maturity securities available for sale
12,603,983

 
—

 
12,583,218

 
20,765

Equity securities available for sale:
 

 
 

 
 

 
 

Common stocks
76,346

 
65,605

 
—

 
10,741

Preferred stocks
94,645

 
—

 
90,932

 
3,713

Total equity securities available for sale
170,991

 
65,605

 
90,932

 
14,454

Arbitrage trading account
450,648

 
295,047

 
154,881

 
720

Total
$
13,225,622

 
$
360,652

 
$
12,829,031

 
$
35,939

Liabilities:
 

 
 

 
 

 
 

Securities sold but not yet purchased
$
106,079

 
$
106,074

 
$
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 and Liabilities
The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2014 and 2013:
 
Gains (Losses) Included in:
(In thousands)
Beginning Balance
 
Earnings
 
Other Comprehensive Income
 
Purchases
 
Sales
 
Paydowns/Maturities
 
In
 
Out
 
Ending Balance
Year ended December 31, 2014
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities available for sale:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Corporate
$
42,864

 
$
47

 
$
(3,711
)
 
$
238

 
$
(15,244
)
 
$
(3,429
)
 
$
—

 
$
—

 
$
20,765

Total
42,864

 
47

 
(3,711
)
 
238

 
(15,244
)
 
(3,429
)
 
—

 
—

 
20,765

Equity securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
1,238

 
—

 
(911
)
 
11,343

 
(929
)
 
—

 
—

 
—

 
10,741

Preferred stocks
3,752

 
(17
)
 
—

 
3,430

 
(3,452
)
 
—

 
—

 
—

 
3,713

Total
4,990

 
(17
)
 
(911
)
 
14,773

 
(4,381
)
 
—

 
—

 
—

 
14,454

Arbitrage trading account
1,780

 
2,274

 
—

 
4,942

 
(14,073
)
 
—

 
9,064

 
(3,267
)
 
720

Total
$
49,634

 
$
2,304

 
$
(4,622
)
 
$
19,953

 
$
(33,698
)
 
$
(3,429
)
 
$
9,064

 
$
(3,267
)
 
$
35,939

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities sold but not yet purchased
$
—

 
$
(20
)
 
$
—

 
$
31

 
$
(11
)
 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
)
 
$
—

 
$
—

 
$
—

 
$
—