Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
March 31, 2022
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	818,848	$	—	$	818,848	$	—
State and municipal	3,055,874		—		3,055,874		—
Mortgage-backed	1,384,736		—		1,384,736		—
Asset-backed	4,257,421		—		4,257,421		—
Corporate	5,588,507		—		5,588,507		—
Foreign government	1,246,568		—		1,246,568		—
Total fixed maturity securities available for sale	16,351,954		—		16,351,954		—
Equity securities:
Common stocks	883,317		877,387		1,230		4,700
Preferred stocks	243,174		—		231,203		11,971
Total equity securities	1,126,491		877,387		232,433		16,671
Arbitrage trading account	1,188,910		1,186,353		2,557		—
Total	$	18,667,355	$	2,063,740	$	16,586,944	$	16,671
Liabilities:
Trading account securities sold but not yet purchased	$	241	$	241	$	—	$	—
December 31, 2021
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	855,343	$	—	$	855,343	$	—
State and municipal	3,304,133		—		3,304,133		—
Mortgage-backed	1,068,075		—		1,068,075		—
Asset-backed	4,490,565		—		4,490,565		—
Corporate	5,595,675		—		5,595,675		—
Foreign government	1,214,901		—		1,214,901		—
Total fixed maturity securities available for sale	16,528,692		—		16,528,692		—
Equity securities:
Common stocks	695,403		684,470		1,639		9,294
Preferred stocks	245,840		—		234,544		11,296
Total equity securities	941,243		684,470		236,183		20,590
Arbitrage trading account	1,179,606		1,153,079		26,527		—
Total	$	18,649,541	$	1,837,549	$	16,791,402	$	20,590
Liabilities:
Trading account securities sold but not yet purchased	$	1,169	$	1,137	$	32	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2022 and for the year ended December 31, 2021:

Gains (Losses) Included In:
(In thousands)	Beginning Balance		Earnings (Losses)		Other Comprehensive Income (Losses)		Impairments		Purchases		Sales		Paydowns / Maturities		Transfers In / (Out)		Ending Balance
Three Months Ended March 31, 2022
Assets:
Equity securities:
Common stocks	$	9,294	$	(4,594)	$	—	$	—	$	—	$	—	$	—	$	—	$	4,700
Preferred stocks	11,296		—		—		—		675		—		—		—		11,971
Total	20,590		(4,594)		—		—		675		—		—		—		16,671
Arbitrage trading account	—		—		—		—		—		—		—		—		—
Total	$	20,590	$	(4,594)	$	—	$	—	$	675	$	—	$	—	$	—	$	16,671
Liabilities:
Trading account securities sold but not yet purchased	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—	$	1	$	—
Year Ended December 31, 2021
Assets:
Fixed maturities securities available for sale:
Corporate	$	1,000	$	—	$	—	$	—	$	—	$	(1,000)	$	—	$	—	$	—
Total	1,000		—		—		—		—		(1,000)		—		—		—
Equity securities:
Common stocks	9,215		640		—		—		—		(561)		—		—		9,294
Preferred stocks	9,331		(35)		—		—		2,000		—		—		—		11,296
Total	18,546		605		—		—		2,000		(561)		—		—		20,590
Arbitrage trading account	—		8		—		—		—		(8)		—		—		—
Total	$	19,546	$	613	$	—	$	—	$	2,000	$	(1,569)	$	—	$	—	$	20,590
Liabilities:
Trading account securities sold but not yet purchased	$	—	$	1	$	—	$	—	$	(1)	$	—	$	—	$	—	$	—