Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
June 30, 2023
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	1,238,117	$	—	$	1,238,117	$	—
State and municipal	2,703,044		—		2,703,044		—
Mortgage-backed	1,903,672		—		1,903,672		—
Asset-backed	3,743,803		—		3,743,803		—
Corporate	7,007,068		—		7,007,068		—
Foreign government	1,407,608		—		1,407,608		—
Total fixed maturity securities available for sale	18,003,312		—		18,003,312		—
Equity securities:
Common stocks	1,014,820		1,011,449		1,153		2,218
Preferred stocks	224,892		—		213,593		11,299
Total equity securities	1,239,712		1,011,449		214,746		13,517
Arbitrage trading account	723,967		610,553		109,749		3,665
Total	$	19,966,991	$	1,622,002	$	18,327,807	$	17,182
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 six months ended June 30, 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
Six Months Ended June 30, 2023
Assets:
Equity securities:
Common stocks	$	2,599	$	(381)	$	—	$	—	$	—	$	—	$	—	$	—	$	2,218
Preferred stocks	11,299		—		—		—		—		—		—		—		11,299
Total	13,898		(381)		—		—		—		—		—		—		13,517
Arbitrage trading account	3,590		75		—		—		—		—		—		—		3,665
Total	$	17,488	$	(306)	$	—	$	—	$	—	$	—	$	—	$	—	$	17,182
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)		—		—		4,686		(917)		—		—		3,590
Total	$	20,590	$	(6,871)	$	—	$	—	$	5,611	$	(1,842)	$	—	$	—	$	17,488