Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018 and December 31, 2017 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
September 30, 2018
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	487,042	$	—	$	487,042	$	—
State and municipal	4,017,894		—		4,017,894		—
Mortgage-backed securities	1,548,222		—		1,548,222		—
Asset-backed securities	2,549,874		—		2,549,773		101
Corporate	4,065,169		—		4,065,169		—
Foreign government	825,412		—		825,412		—
Total fixed maturity securities available for sale	13,493,613		—		13,493,512		101
Equity securities:
Common stocks	166,938		157,855		—		9,083
Preferred stocks	158,316		—		154,521		3,795
Total equity securities	325,254		157,855		154,521		12,878
Arbitrage trading account	678,321		475,684		202,637		—
Total	$	14,497,188	$	633,539	$	13,850,670	$	12,979
Liabilities:
Trading account securities sold but not yet purchased	$	112,355	$	112,355	$	—	$	—
December 31, 2017
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	377,740	$	—	$	377,740	$	—
State and municipal	4,445,094		—		4,445,094		—
Mortgage-backed securities	1,299,931		—		1,299,931		—
Asset-backed securities	2,111,544		—		2,111,372		172
Corporate	4,389,112		—		4,389,112		—
Foreign government	848,497		—		848,497		—
Total fixed maturity securities available for sale	13,471,918		—		13,471,746		172
Equity securities:
Common stocks	352,204		342,834		—		9,370
Preferred stocks	224,443		—		213,600		10,843
Total equity securities	576,647		342,834		213,600		20,213
Arbitrage trading account	617,649		471,420		146,229		—
Total	$	14,666,214	$	814,254	$	13,831,575	$	20,385
Liabilities:
Trading account securities sold but not yet purchased	$	64,358	$	64,358	$	—	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the nine months ended September 30, 2018 and for the year ended December 31, 2017:

	Gains (Losses) Included in:
(In thousands)	Beginning Balance		Earnings (Losses)			Other Comprehensive Income (Loss)		Impairments		Purchases		(Sales)			Paydowns / Maturities		Transfers In / (Out)			Ending Balance
Nine Months Ended September 30, 2018
Assets:
Fixed maturities securities available for sale:
Asset-backed securities	$	172	$	(2	)	$	46	$	—	$	10	$	(125	)	$	—	$	—		$	101
Total	172		(2		)	46		—		10		(125		)	—		—			101
Equity securities:
Common stocks	9,370		(288		)	—		—		—		—			—		1			9,083
Preferred stocks	10,843		(50		)	—		—		—		(6,998		)	—		—			3,795
Total	20,213		(338		)	—		—		—		(6,998		)	—		1			12,878
Arbitrage trading account	—		(29		)	—		—		3,882		(11		)	—		(3,842		)	—
Total	$	20,385	$	(369	)	$	46	$	—	$	3,892	$	(7,134	)	$	—	$	(3,841	)	$	12,979
Year Ended December 31, 2017
Assets:
Fixed maturities securities available for sale:
Asset-backed securities	$	183	$	3		$	34	$	—	$	—	$	(48	)	$	—	$	—		$	172
Total	183		3			34		—		—		(48		)	—		—			172
Equity securities:
Common stocks	8,754		—			616		—		—		—			—		—			9,370
Preferred stocks	3,662		8			—		—		7,173		—			—		—			10,843
Total	12,416		8			616		—		7,173		—			—		—			20,213
Arbitrage trading account	—		8			—		—		—		(8		)	—		—			—
Total	$	12,599	$	19		$	650	$	—	$	7,173	$	(56	)	$	—	$	—		$	20,385