Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
September 30, 2020
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	697,432	$	—	$	697,432	$	—
State and municipal	3,625,395		—		3,625,395		—
Mortgage-backed securities	1,082,379		—		1,082,379		—
Asset-backed securities	3,306,439		—		3,306,439		—
Corporate	4,239,540		—		4,239,540		—
Foreign government	869,344		—		869,344		—
Total fixed maturity securities available for sale	13,820,529		—		13,820,529		—
Equity securities:
Common stocks	160,858		152,508		—		8,350
Preferred stocks	274,445		—		265,117		9,328
Total equity securities	435,303		152,508		265,117		17,678
Arbitrage trading account	595,727		307,915		287,812		—
Total	$	14,851,559	$	460,423	$	14,373,458	$	17,678
Liabilities:
Trading account securities sold but not yet purchased	$	19,254	$	19,254	$	—	$	—
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 nine months ended September 30, 2020 and for the year ended December 31, 2019:

	Gains (Losses) Included in:
(In thousands)	Beginning Balance		Earnings (Losses)		Other Comprehensive Income		Impairments		Purchases		(Sales)		Paydowns / Maturities		Transfers In / (Out)		Ending Balance
Nine Months Ended September 30, 2020
Assets:
Equity securities:
Common stocks	$	9,053	$	363	$	—	$	—	$	—	$	(1,066)	$	—	$	—	$	8,350
Preferred stocks	6,505		(177)		—		—		3,000		—		—		—		9,328
Total	$	15,558	$	186	$	—	$	—	$	3,000	$	(1,066)	$	—	$	—	$	17,678
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)	$	—	$	—	$	—