Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
June 30, 2022
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	720,914	$	—	$	720,914	$	—
State and municipal	3,017,263		—		3,017,263		—
Mortgage-backed	1,477,099		—		1,477,099		—
Asset-backed	4,292,488		—		4,292,488		—
Corporate	5,689,125		—		5,689,125		—
Foreign government	1,604,111		—		1,604,111		—
Total fixed maturity securities available for sale	16,801,000		—		16,801,000		—
Equity securities:
Common stocks	932,672		926,865		1,256		4,551
Preferred stocks	222,654		—		211,358		11,296
Total equity securities	1,155,326		926,865		212,614		15,847
Arbitrage trading account	1,142,003		1,121,579		20,424		—
Total	$	19,098,329	$	2,048,444	$	17,034,038	$	15,847
Liabilities:
Trading account securities sold but not yet purchased	$	68	$	68	$	—	$	—
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 six months ended June 30, 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
Six Months Ended June 30, 2022
Assets:
Equity securities:
Common stocks	$	9,294	$	(4,743)	$	—	$	—	$	—	$	—	$	—	$	—	$	4,551
Preferred stocks	11,296		—		—		—		925		(925)		—		—		11,296
Total	$	20,590	$	(4,743)	$	—	$	—	$	925	$	(925)	$	—	$	—	$	15,847
Liabilities:
Trading account securities sold but not yet purchased	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
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)	$	—	$	—	$	—	$	—