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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2016 and December 31, 2015 by level:
 
(In thousands)
Total
 
Level 1
 
Level 2
 
Level 3
June 30, 2016
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Fixed maturity securities available for sale:
 
 
 
 
 
 
 
U.S. government and government agency
$
560,490

 
$
—

 
$
560,490

 
$
—

State and municipal
4,616,409

 
—

 
4,616,409

 
—

Mortgage-backed securities
1,135,847

 
—

 
1,135,847

 
—

Asset-backed securities
1,916,276

 
—

 
1,916,088

 
188

Corporate
3,739,542

 
—

 
3,739,542

 
—

Foreign government
898,339

 
—

 
898,339

 
—

Total fixed maturity securities available for sale
12,866,903

 
—

 
12,866,715

 
188

Equity securities available for sale:
 
 
 
 
 
 
 
Common stocks
138,887

 
130,674

 
—

 
8,213

Preferred stocks
147,765

 
—

 
144,108

 
3,657

Total equity securities available for sale
286,652

 
130,674

 
144,108

 
11,870

Arbitrage trading account
496,522

 
324,664

 
171,843

 
15

Total
$
13,650,077

 
$
455,338

 
$
13,182,666

 
$
12,073

Liabilities:
 
 
 
 
 
 
 
Trading account securities sold but not yet purchased
$
120,663

 
$
120,659

 
$
4

 
$
—

 
 
 
 
 
 
 
 
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 six months ended June 30, 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)
Six Months Ended June 30, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
199

 
$
2

 
$
8

 
$
—

 
$
—

 
$
—

 
$
(21
)
 
$
—

 
$
188

Corporate
154

 
177

 
—

 
—

 
—

 
(331
)
 
—

 
—

 
—

Total
353

 
179

 
8

 
—

 
—

 
(331
)
 
(21
)
 
—

 
188

Equity securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
7,829

 
—

 
(381
)
 
—

 
765

 
—

 
—

 
—

 
8,213

Preferred stocks
3,624

 
33

 
—

 
—

 
—

 
—

 
—

 
—

 
3,657

Total
11,453

 
33

 
(381
)
 
—

 
765

 
—

 
—

 
—

 
11,870

Arbitrage trading account
176

 
(161
)
 
—

 
—

 
—

 
—

 
—

 
—

 
15

Total
$
11,982

 
$
51

 
$
(373
)
 
$
—

 
$
765

 
$
(331
)
 
$
(21
)
 
$
—

 
$
12,073

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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