Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 and December 31, 2018 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
March 31, 2019
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	738,663	$	—	$	738,663	$	—
State and municipal	3,826,863		—		3,826,863		—
Mortgage-backed securities	1,580,710		—		1,580,710		—
Asset-backed securities	2,630,799		—		2,630,774		25
Corporate	3,973,932		—		3,973,932		—
Foreign government	811,074		—		811,074		—
Total fixed maturity securities available for sale	13,562,041		—		13,562,016		25
Equity securities:
Common stocks	136,099		127,311		—		8,788
Preferred stocks	205,882		—		201,937		3,945
Total equity securities	341,981		127,311		201,937		12,733
Arbitrage trading account	504,633		367,564		133,481		3,588
Total	$	14,408,655	$	494,875	$	13,897,434	$	16,346
Liabilities:
Trading account securities sold but not yet purchased	$	58,148	$	58,148	$	—	$	—
December 31, 2018
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	702,240	$	—	$	702,240	$	—
State and municipal	3,872,598		—		3,872,598		—
Mortgage-backed securities	1,594,546		—		1,594,546		—
Asset-backed securities	2,438,747		—		2,438,648		99
Corporate	4,111,311		—		4,111,311		—
Foreign government	808,735		—		808,735		—
Total fixed maturity securities available for sale	13,528,177		—		13,528,078		99
Equity securities:
Common stocks	98,192		89,596		—		8,596
Preferred stocks	180,814		—		176,869		3,945
Total equity securities	279,006		89,596		176,869		12,541
Arbitrage trading account	452,548		353,335		81,905		17,308
Total	$	14,259,731	$	442,931	$	13,786,852	$	29,948
Liabilities:
Trading account securities sold but not yet purchased	$	38,120	$	37,327	$	—	$	793

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2019 and for the year ended December 31, 2018:

	Gains (Losses) Included in:
(In thousands)	Beginning Balance		Earnings (Losses)			Other Comprehensive Income (Loss)		Impairments		Purchases		(Sales)			Paydowns / Maturities		Transfers In / (Out)		Ending Balance
Three Months Ended March 31, 2019
Assets:
Fixed maturities securities available for sale:
Asset-backed securities	$	99	$	2		$	46	$	—	$	—	$	(122	)	$	—	$	—	$	25
Total	99		2			46		—		—		(122		)	—		—		25
Equity securities:
Common stocks	8,596		191			—		—		—		—			—		1		8,788
Preferred stocks	3,945		—			—		—		—		—			—		—		3,945
Total	12,541		191			—		—		—		—			—		1		12,733
Arbitrage trading account	17,308		158			—		—		—		(17,386		)	—		3,508		3,588
Total	$	29,948	$	351		$	46	$	—	$	—	$	(17,508	)	$	—	$	3,509	$	16,346
Liabilities:
Trading account securities sold but not yet purchased	$	793	$	60		$	—	$	—	$	2,087	$	(2,940	)	$	—	$	—	$	—
Year Ended December 31, 2018
Assets:
Fixed maturities securities available for sale:
Asset-backed securities	$	172	$	(2	)	$	46	$	—	$	—	$	(117	)	$	—	$	—	$	99
Total	172		(2		)	46		—		—		(117		)	—		—		99
Equity securities:
Common stocks	9,370		(548		)	—		—		—		(227		)	—		1		8,596
Preferred stocks	10,843		100			—		—				(6,998		)	—		—		3,945
Total	20,213		(448		)	—		—		—		(7,225		)	—		1		12,541
Arbitrage trading account	—		(6		)	—		—		11,523		(11		)	—		5,802		17,308
Total	$	20,385	$	(456	)	$	46	$	—	$	11,523	$	(7,353	)	$	—	$	5,803	$	29,948
Liabilities: