Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 and December 31, 2019 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
March 31, 2020
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	739,662	$	—	$	739,662	$	—
State and municipal	3,748,155		—		3,748,155		—
Mortgage-backed securities	1,455,440		—		1,455,440		—
Asset-backed securities	2,938,052		—		2,938,052		—
Corporate	3,978,517		—		3,978,517		—
Foreign government	727,489		—		727,489		—
Total fixed maturity securities available for sale	13,587,315		—		13,587,315		—
Equity securities:
Common stocks	146,658		137,791		—		8,867
Preferred stocks	209,444		—		202,939		6,505
Total equity securities	356,102		137,791		202,939		15,372
Arbitrage trading account	666,829		480,495		186,334		—
Total	$	14,610,246	$	618,286	$	13,976,588	$	15,372
Liabilities:
Trading account securities sold but not yet purchased	$	14,003	$	14,003	$	—	$	—
December 31, 2019
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	786,931	$	—	$	786,931	$	—
State and municipal	3,895,632		—		3,895,632		—
Mortgage-backed securities	1,625,594		—		1,625,594		—
Asset-backed securities	2,790,630		—		2,790,630		—
Corporate	4,156,415		—		4,156,415		—
Foreign government	847,076		—		847,076		—
Total fixed maturity securities available for sale	14,102,278		—		14,102,278		—
Equity securities:
Common stocks	166,805		157,752		—		9,053
Preferred stocks	313,815		—		307,310		6,505
Total equity securities	480,620		157,752		307,310		15,558
Arbitrage trading account	400,809		381,061		19,748		—
Total	$	14,983,707	$	538,813	$	14,429,336	$	15,558
Liabilities:
Trading account securities sold but not yet purchased	$	36,143	$	36,143	$	—	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2020 and for the year ended December 31, 2019:

	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, 2020
Assets:
Equity securities:
Common stocks	$	9,053	$	880		$	—	$	—	$	—	$	(1,066	)	$	—	$	—	$	8,867
Preferred stocks	6,505		—			—		—		—		—			—		—		6,505
Total	$	15,558	$	880		$	—	$	—	$	—	$	(1,066	)	$	—	$	—	$	15,372
Year Ended December 31, 2019
Assets:
Fixed maturities securities available for sale:
Asset-backed securities	$	99	$	(26	)	$	61	$	—	$	—	$	(134	)	$	—	$	—	$	—
Total	99		(26		)	61		—		—		(134		)	—		—		—
Equity securities:
Common stocks	8,596		2,005					—		—		(1,548		)	—		—		9,053
Preferred stocks	3,945		(42		)	—		—		2,602		—			—		—		6,505
Total	12,541		1,963			—		—		2,602		(1,548		)	—		—		15,558
Arbitrage trading account	17,308		(8,731		)	—		—		14,767		(38,233		)	—		14,889		—
Total	$	29,948	$	(6,794	)	$	61	$	—	$	17,369	$	(39,915	)	$	—	$	14,889	$	15,558
Liabilities:
Trading account securities sold but not yet purchased	$	793	$	133		$	—	$	—	$	7,609	$	(8,535	)	$	—	$	—	$	—