Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
March 31, 2015
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	752,467	$	—	$	752,467	$	—
State and municipal	4,448,704		—		4,448,704		—
Mortgage-backed securities	1,198,466		—		1,198,466		—
Corporate	5,212,640		—		5,210,710		1,930
Foreign government	938,719		—		938,719		—
Total fixed maturity securities available for sale	12,550,996		—		12,549,066		1,930
Equity securities available for sale:
Common stocks	61,100		52,205		—		8,895
Preferred stocks	113,609		—		109,944		3,665
Total equity securities available for sale	174,709		52,205		109,944		12,560
Arbitrage trading account	972,629		269,697		630,316		72,616
Total	$	13,698,334	$	321,902	$	13,289,326	$	87,106
Liabilities:
Securities sold but not yet purchased	$	99,299	$	99,299	$	—	$	—
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	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2015 and for the year ended December 31, 2014:

			Gains (Losses) Included in
(In thousands)	Beginning Balance		Earnings			Other Comprehensive Income			Purchases		(Sales)			Maturities			Transfer in (out)			Ending Balance
Three months ended March 31, 2015:
Assets:
Fixed maturities available for sale:
Corporate	$	20,765	$	15		$	180		$	—	$	—		$	(1,673	)	$	(17,357	)	$	1,930
Total	20,765		15			180			—		—			(1,673		)	(17,357		)	1,930
Equity securities available for sale:
Common stocks	10,741		—			(1,846		)	—		—			—			—			8,895
Preferred stocks	3,713		(48		)	—			—		—			—			—			3,665
Total	14,454		(48		)	(1,846		)	—		—			—			—			12,560
Arbitrage trading account	720		(277		)	—			72,173		—			—			—			72,616
Total	$	35,939	$	(310	)	$	(1,666	)	$	72,173	$	—		$	(1,673	)	$	(17,357	)	$	87,106
Liabilities:
Securities sold but not yet purchased	—		—			—			$	—	—			—			$	—		$	—
Year ended December 31, 2014:
Assets:
Fixed maturities 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		)	—			5,797			720
Total	$	49,634	$	2,304		$	(4,622	)	$	19,953	$	(33,698	)	$	(3,429	)	$	5,797		$	35,939
Liabilities:
Securities sold but not yet purchased	$	—	$	(20	)	$	—		$	31	$	(11	)	$	—		$	—		$	—