Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2015 and December 31, 2014 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
September 30, 2015
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	672,968	$	—	$	672,968	$	—
State and municipal	4,423,757		—		4,423,757		—
Mortgage-backed securities	1,127,624		—		1,127,624		—
Corporate	5,158,211		—		5,158,057		154
Foreign government	884,669		—		884,669		—
Total fixed maturity securities available for sale	12,267,229		—		12,267,075		154
Equity securities available for sale:
Common stocks	42,128		33,709		—		8,419
Preferred stocks	135,749		—		132,125		3,624
Total equity securities available for sale	177,877		33,709		132,125		12,043
Arbitrage trading account	351,179		226,115		124,464		600
Total	$	12,796,285	$	259,824	$	12,523,664	$	12,797
Liabilities:
Securities sold but not yet purchased	$	33,360	$	33,336	$	24	$	—
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 nine months ended September 30, 2015 and for the year ended December 31, 2014:

	Gains (Losses) Included in:
(In thousands)	Beginning Balance		Earnings			Other Comprehensive Income			Impairments			Purchases		(Sales)			Paydowns / Maturities			Transfers			Ending Balance
																				In / (Out)
Nine months ended September 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		—			9			(2,331		)	—		—			—			—			8,419
Preferred stocks	3,713		(89		)	—			—			—		—			—			—			3,624
Total	14,454		(89		)	9			(2,331		)	—		—			—			—			12,043
Arbitrage trading account	720		(375		)	—			—			72,640		(71,921		)	—			(464		)	600
Total	$	35,939	$	(449	)	$	189		$	(2,331	)	$	72,640	$	(71,921	)	$	(1,673	)	$	(19,597	)	$	12,797
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	)	$	—		$	—		$	—