Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021:

	2022				2021
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturity securities	$	17,587,349	$	17,591,626	$	16,602,673	$	16,614,118
Equity securities	1,185,894		1,185,894		941,243		941,243
Arbitrage trading account	944,230		944,230		1,179,606		1,179,606
Loans receivable	193,002		187,981		115,172		116,534
Cash and cash equivalents	1,449,346		1,449,346		1,568,843		1,568,843
Trading accounts receivable from brokers and clearing organizations	233,863		233,863		—		—
Due from broker	3,609		3,609		20,448		20,448
Liabilities:
Due to broker	—		—		53,636		53,636
Trading account securities sold but not yet purchased	—		—		1,169		1,169
Senior notes and other debt	1,828,823		1,439,188		2,259,416		2,526,630
Subordinated debentures	1,008,371		805,600		1,007,652		1,095,600