Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2017 and December 31, 2016 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
September 30, 2017
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	411,605	$	—	$	411,605	$	—
State and municipal	4,413,169		—		4,413,169		—
Mortgage-backed securities	1,320,119		—		1,320,119		—
Asset-backed securities	2,388,618		—		2,388,444		174
Corporate	4,320,374		—		4,320,374		—
Foreign government	940,409		—		940,409		—
Total fixed maturity securities available for sale	13,794,294		—		13,794,120		174
Equity securities available for sale:
Common stocks	419,520		410,133		—		9,387
Preferred stocks	194,505		—		190,649		3,856
Total equity securities available for sale	614,025		410,133		190,649		13,243
Arbitrage trading account	488,238		275,818		212,420		—
Total	$	14,896,557	$	685,951	$	14,197,189	$	13,417
Liabilities:
Trading account securities sold but not yet purchased	$	44,937	$	44,851	$	86	$	—
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 nine months ended September 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)
Nine months ended September 30, 2017:
Assets:
Fixed maturities securities available for sale:
Asset-backed securities	$	183	$	2		$	32	$	—	$	—	$	(43	)	$	—		$	—	$	174
Corporate	—		—			—		—		—		—			—			—		—
Total	183		2			32		—		—		(43		)	—			—		174
Equity securities available for sale:
Common stocks	8,754		—			633		—		—		—			—			—		9,387
Preferred stocks	3,662		19			—		—		175		—			—			—		3,856
Total	12,416		19			633		—		175		—			—			—		13,243
Arbitrage trading account	—		8			—		—		—		(8		)	—			—		—
Total	$	12,599	$	29		$	665	$	—	$	175	$	(51	)	$	—		$	—	$	13,417
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