Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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, 2015 and December 31, 2014 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
June 30, 2015
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	715,367	$	—	$	715,367	$	—
State and municipal	4,298,851		—		4,298,851		—
Mortgage-backed securities	1,169,283		—		1,169,283		—
Corporate	5,143,853		—		5,143,699		154
Foreign government	967,150		—		967,150		—
Total fixed maturity securities available for sale	12,294,504		—		12,294,350		154
Equity securities available for sale:
Common stocks	59,191		50,172		—		9,019
Preferred stocks	94,322		—		90,647		3,675
Total equity securities available for sale	153,513		50,172		90,647		12,694
Arbitrage trading account	830,212		387,575		441,580		1,057
Total	$	13,278,229	$	437,747	$	12,826,577	$	13,905
Liabilities:
Securities sold but not yet purchased	$	155,484	$	155,428	$	56	$	—
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 six months ended June 30, 2015 and for the year ended December 31, 2014:

	Gains (Losses) Included in:
(In thousands)	Beginning Balance		Earnings			Other Comprehensive Income			Purchases		(Sales)			Paydowns/ Maturities			Transfers					Ending Balance
																	In		Out
Six months ended June 30, 2015
Assets:
Fixed maturities available for sale:
Corporate	$	20,765	$	15		$	180		$	—	$	—		$	(1,673	)	$	—	$	(19,133	)	$	154
Total	20,765		15			180			—		—			(1,673		)	—		(19,133		)	154
Equity securities available for sale:
Common stocks	10,741		—			(1,722		)	—		—			—			—		—			9,019
Preferred stocks	3,713		(38		)	—			—		—			—			—		—			3,675
Total	14,454		(38		)	(1,722		)	—		—			—			—		—			12,694
Arbitrage trading account	720		(437		)	—			72,640		(71,866		)	—			—		—			1,057
Total	$	35,939	$	(460	)	$	(1,542	)	$	72,640	$	(71,866	)	$	(1,673	)	$	—	$	(19,133	)	$	13,905
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		)	—			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	)	$	—		$	—	$	—		$	—