Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
March 31, 2023
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	1,049,267	$	—	$	1,049,267	$	—
State and municipal	2,789,359		—		2,789,359		—
Mortgage-backed	1,897,729		—		1,897,729		—
Asset-backed	3,845,453		—		3,845,453		—
Corporate	7,125,649		—		7,125,649		—
Foreign government	1,331,890		—		1,331,890		—
Total fixed maturity securities available for sale	18,039,347		—		18,039,347		—
Equity securities:
Common stocks	1,057,599		1,054,268		1,162		2,169
Preferred stocks	222,356		—		211,057		11,299
Total equity securities	1,279,955		1,054,268		212,219		13,468
Arbitrage trading account	609,001		574,096		31,251		3,654
Total	$	19,928,303	$	1,628,364	$	18,282,817	$	17,122
December 31, 2022
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	892,258	$	—	$	892,258	$	—
State and municipal	2,890,098		—		2,890,098		—
Mortgage-backed	1,665,410		—		1,665,410		—
Asset-backed	3,982,773		—		3,982,773		—
Corporate	6,703,992		—		6,703,992		—
Foreign government	1,401,522		—		1,401,522		—
Total fixed maturity securities available for sale	17,536,053		—		17,536,053		—
Equity securities:
Common stocks	982,751		978,991		1,161		2,599
Preferred stocks	203,143		—		191,844		11,299
Total equity securities	1,185,894		978,991		193,005		13,898
Arbitrage trading account	944,230		822,192		118,448		3,590
Total	$	19,666,177	$	1,801,183	$	17,847,506	$	17,488

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2023 and for the year ended December 31, 2022:

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, 2023
Assets:
Equity securities:
Common stocks	$	2,599	$	(430)	$	—	$	—	$	—	$	—	$	—	$	—	$	2,169
Preferred stocks	11,299		—		—		—		—		—		—		—		11,299
Total	13,898		(430)		—		—		—		—		—		—		13,468
Arbitrage trading account	3,590		64		—		—		—		—		—		—		3,654
Total	$	17,488	$	(366)	$	—	$	—	$	—	$	—	$	—	$	—	$	17,122
Year Ended December 31, 2022
Assets:
Equity securities:
Common stocks	$	9,294	$	(6,695)	$	—	$	—	$	—	$	—	$	—	$	—	$	2,599
Preferred stocks	11,296		3		—		—		925		(925)		—		—		11,299
Total	20,590		(6,692)		—		—		925		(925)		—		—		13,898
Arbitrage trading account	—		(179)		—		—		4,685		(917)		—		1		3,590
Total	$	20,590	$	(6,871)	$	—	$	—	$	5,610	$	(1,842)	$	—	$	1	$	17,488