Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Carrying Amounts and Estimated Fair Values of Financial Insruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2021 and 2020:

	2021				2020
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturity securities	$	16,602,673	$	16,614,118	$	14,159,369	$	14,173,629
Equity securities	941,243		941,243		625,667		625,667
Arbitrage trading account	1,179,606		1,179,606		341,473		341,473
Loans receivable	115,172		116,534		84,913		86,596
Cash and cash equivalents	1,568,843		1,568,843		2,372,366		2,372,366
Trading accounts receivable from brokers and clearing organizations	—		—		524,727		524,727
Due from broker	20,448		20,448		2,585		2,585
Liabilities:
Due to broker	53,636		53,636		—		—
Trading account securities sold but not yet purchased	1,169		1,169		10,048		10,048
Senior notes and other debt	2,259,416		2,526,630		1,623,025		1,892,444
Subordinated debentures	1,007,652		1,095,600		1,102,309		1,202,842