Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2017 and December 31, 2016 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
June 30, 2017
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	443,951	$	—	$	443,951	$	—
State and municipal	4,442,811		—		4,442,811		—
Mortgage-backed securities	1,191,907		—		1,191,907		—
Asset-backed securities	2,192,030		—		2,191,857		173
Corporate	4,271,402		—		4,271,402		—
Foreign government	892,299		—		892,299		—
Total fixed maturity securities available for sale	13,434,400		—		13,434,227		173
Equity securities available for sale:
Common stocks	447,600		438,560		—		9,040
Preferred stocks	165,207		—		161,545		3,662
Total equity securities available for sale	612,807		438,560		161,545		12,702
Arbitrage trading account	634,016		329,631		304,385		—
Total	$	14,681,223	$	768,191	$	13,900,157	$	12,875
Liabilities:
Trading account securities sold but not yet purchased	$	62,860	$	62,855	$	5	$	—
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 six months ended June 30, 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)
Six Months Ended June 30, 2017:
Assets:
Fixed maturities securities available for sale:
Asset-backed securities	$	183	$	2		$	16	$	—	$	—	$	(28	)	$	—		$	—	$	173
Corporate	—		—			—		—		—		—			—			—		—
Total	183		2			16		—		—		(28		)	—			—		173
Equity securities available for sale:
Common stocks	8,754		—			286		—		—		—			—			—		9,040
Preferred stocks	3,662		—			—		—		—		—			—			—		3,662
Total	12,416		—			286		—		—		—			—			—		12,702
Arbitrage trading account	—		(78		)	78		—		—		—			—			—		—
Total	$	12,599	$	(76	)	$	380	$	—	$	—	$	(28	)	$	—		$	—	$	12,875
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