Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014 by level:



(In thousands)	Total		Level 1		Level 2		Level 3
December 31, 2015
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	670,419	$	—	$	670,419	$	—
State and municipal	4,460,179		—		4,460,179		—
Mortgage-backed securities	1,199,859		—		1,199,859		—
Asset-backed securities	1,705,172		—		1,704,973		199
Corporate	3,475,038		—		3,474,884		154
Foreign government	837,460		—		837,460		—
Total fixed maturity securities available for sale	12,348,127		—		12,347,774		353
Equity securities available for sale:
Common stocks	37,273		29,444		—		7,829
Preferred stocks	113,593		—		109,969		3,624
Total equity securities available for sale	150,866		29,444		109,969		11,453
Arbitrage trading account	376,697		256,914		119,607		176
Total	$	12,875,690	$	286,358	$	12,577,350	$	11,982
Liabilities:
Trading account securities sold but not yet purchased	$	37,035	$	35,559	$	1,476	$	—

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		—
Asset-backed securities	2,025,926		—		2,005,315		20,611
Corporate	3,174,211		—		3,174,057		154
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:
Trading account securities sold but not yet purchased	$	106,079	$	106,074	$	5	$	—

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, 2015 and 2014:



	Gains (Losses) Included in:
(In thousands)	Beginning Balance		Earnings (Losses)			Other Comprehensive Income (Losses)			Impairments			Purchases		Sales			Paydowns/Maturities			Transfers In / Out			Ending Balance
Year ended December 31, 2015
Assets:
Fixed maturity securities available for sale:
Asset-backed securities	$	20,611	$	19		$	191		$	—		$	—	$	—		$	(1,820	)	$	(18,802	)	$	199
Corporate	154		—			—			—			—		—			—			—			154
Total	20,765		19			191			—			—		—			(1,820		)	(18,802		)	353
Equity securities available for sale:
Common stocks	10,741		—			(273		)	(2,331		)	—		(308		)	—			—			7,829
Preferred stocks	3,713		(89		)	—			—			—		—			—			—			3,624
Total	14,454		(89		)	(273		)	(2,331		)	—		(308		)	—			—			11,453
Arbitrage trading account	720		(799		)	—			—			72,640		(71,921		)	—			(464		)	176
Total	$	35,939	$	(869	)	$	(82	)	$	(2,331	)	$	72,640	$	(72,229	)	$	(1,820	)	$	(19,266	)	$	11,982
Liabilities:
Trading account securities sold but not yet purchased	$	—	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—

Year ended December 31, 2014
Assets:
Fixed maturity securities available for sale:
Asset-backed securities	$	42,710	$	47		$	(3,711	)	$	—		$	238	$	(15,244	)	$	(3,429	)	$	—		$	20,611
Corporate	$	154	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	154
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:
Trading account securities sold but not yet purchased	$	—	$	(20	)	$	—		$	—		$	31	$	(11	)	$	—		$	—		$	—