Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 and December 31, 2015 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
March 31, 2016
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	597,951	$	—	$	597,951	$	—
State and municipal	4,584,768		—		4,584,768		—
Mortgage-backed securities	1,155,149		—		1,155,149		—
Asset-backed securities	1,844,404		—		1,844,207		197
Corporate	3,568,576		—		3,568,576		—
Foreign government	897,919		—		897,919		—
Total fixed maturity securities available for sale	12,648,767		—		12,648,570		197
Equity securities available for sale:
Common stocks	37,571		30,097		—		7,474
Preferred stocks	104,128		—		100,488		3,640
Total equity securities available for sale	141,699		30,097		100,488		11,114
Arbitrage trading account	384,519		244,647		139,742		130
Total	$	13,174,985	$	274,744	$	12,888,800	$	11,441
Liabilities:
Trading account securities sold but not yet purchased	$	35,956	$	35,956	$	—	$	—
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	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2016 and for the year ended December 31, 2015:

	Gains (Losses) Included in:
(In thousands)	Beginning Balance		Earnings (Losses)			Other Comprehensive Income (Loss)			Impairments			Purchases		(Sales)			Paydowns / Maturities			Transfers			Ending Balance
																				In / (Out)
Three months ended March 31, 2016
Assets:
Fixed maturities securities available for sale:
Asset-backed securities	$	199	$	1		$	1		$	—		$	—	$	—		$	(4	)	$	—		$	197
Corporate	154		177			—			—			—		(331		)	—			—			—
Total	353		178			1			—			—		(331		)	(4		)	—			197
Equity securities available for sale:
Common stocks	7,829		—			(355		)	—			—		—			—			—			7,474
Preferred stocks	3,624		16			—			—			—		—			—			—			3,640
Total	11,453		16			(355		)	—			—		—			—			—			11,114
Arbitrage trading account	176		(46		)	—			—			—		—			—			—			130
Total	$	11,982	$	148		$	(354	)	$	—		$	—	$	(331	)	$	(4	)	$	—		$	11,441
Year ended December 31, 2015:
Assets:
Fixed maturities 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