Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 by level:

(In thousands)	Total		Level 1		Level 2		Level 3
September 30, 2023
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	1,467,199	$	—	$	1,467,199	$	—
State and municipal	2,670,998		—		2,670,998		—
Mortgage-backed	2,076,296		—		2,076,296		—
Asset-backed	4,087,458		—		4,087,458		—
Corporate	7,248,814		—		7,248,814		—
Foreign government	1,431,712		—		1,431,712		—
Total fixed maturity securities available for sale	18,982,477		—		18,982,477		—
Equity securities:
Common stocks	961,433		958,202		1,060		2,171
Preferred stocks	220,628		—		216,930		3,698
Total equity securities	1,182,061		958,202		217,990		5,869
Arbitrage trading account	825,049		614,995		206,536		3,518
Total	$	20,989,587	$	1,573,197	$	19,407,003	$	9,387
Liabilities:
Trading account securities sold but not yet purchased	$	7,538	$	7,538	$	—	$	—
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
Liabilities:
Trading account securities sold but not yet purchased	$	—	$	—	$	—	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the nine months ended September 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
Nine Months Ended September 30, 2023
Assets:
Equity securities:
Common stocks	$	2,599	$	(428)	$	—	$	—	$	—	$	—	$	—	$	—	$	2,171
Preferred stocks	11,299		—		—		(7,601)		—		—		—		—		3,698
Total	13,898		(428)		—		(7,601)		—		—		—		—		5,869
Arbitrage trading account	3,590		(72)		—		—		—		—		—		—		3,518
Total	$	17,488	$	(500)	$	—	$	(7,601)	$	—	$	—	$	—	$	—	$	9,387
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