Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

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, 2017 and December 31, 2016 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
March 31, 2017
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	486,676	$	—	$	486,676	$	—
State and municipal	4,461,086		—		4,461,086		—
Mortgage-backed securities	1,211,634		—		1,211,634		—
Asset-backed securities	2,028,169		—		2,027,990		179
Corporate	4,244,796		—		4,244,796		—
Foreign government	901,671		—		901,671		—
Total fixed maturity securities available for sale	13,334,032		—		13,333,853		179
Equity securities available for sale:
Common stocks	421,329		403,855		8,671		8,803
Preferred stocks	190,049		—		186,387		3,662
Total equity securities available for sale	611,378		403,855		195,058		12,465
Arbitrage trading account	753,278		256,752		496,465		61
Total	$	14,698,688	$	660,607	$	14,025,376	$	12,705
Liabilities:
Trading account securities sold but not yet purchased	$	51,348	$	51,348	$	—	$	—
December 31, 2016
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	513,802	$	—	$	513,802	$	—
State and municipal	4,519,503		—		4,519,503		—
Mortgage-backed securities	1,189,645		—		1,189,645		—
Asset-backed securities	1,907,860		—		1,907,677		183
Corporate	4,068,527		—		4,068,527		—
Foreign government	902,805		—		902,805		—
Total fixed maturity securities available for sale	13,102,142		—		13,101,959		183
Equity securities available for sale:
Common stocks	445,858		429,647		7,457		8,754
Preferred stocks	223,342		—		219,680		3,662
Total equity securities available for sale	669,200		429,647		227,137		12,416
Arbitrage trading account	299,999		224,623		75,376		—
Total	$	14,071,341	$	654,270	$	13,404,472	$	12,599
Liabilities:
Trading account securities sold but not yet purchased	$	51,179	$	51,089	$	90	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2017 and for the year ended December 31, 2016:

	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, 2017:
Assets:
Fixed maturities securities available for sale:
Asset-backed securities	$	183	$	1		$	10	$	—	$	—	$	(15	)	$	—		$	—	$	179
Corporate	—		—			—		—		—		—			—			—		—
Total	183		1			10		—		—		(15		)	—			—		179
Equity securities available for sale:
Common stocks	8,754		—			49		—		—		—			—			—		8,803
Preferred stocks	3,662		—			—		—		—		—			—					3,662
Total	12,416		—			49		—		—		—			—			—		12,465
Arbitrage trading account	—		—			61		—		—		—			—			—		61
Total	$	12,599	$	1		$	120	$	—	$	—	$	(15	)	$	—		$	—	$	12,705
Year ended December 31, 2016:
Assets:
Fixed maturities securities available for sale:
Asset-backed securities	$	199	$	3		$	16	$	—	$	—	$	—		$	(35	)	$	—	$	183
Corporate	154		177			—		—		—		(331		)	—			—		—
Total	353		180			16		—		—		(331		)	(35		)	—		183
Equity securities available for sale:
Common stocks	7,829		—			160		—		765		—			—			—		8,754
Preferred stocks	3,624		38			—		—		—		—			—			—		3,662
Total	11,453		38			160		—		765		—			—			—		12,416
Arbitrage trading account	176		(176		)	—		—		—		—			—					—
Total	$	11,982	$	42		$	176	$	—	$	765	$	(331	)	$	(35	)	$	—	$	12,599