Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2014

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

	September 30, 2014
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	16,116	$	0	$	0	$	16,116
Municipal securities	0		2,280,217		0		2,280,217
Mortgage-backed securities	0		38,156		0		38,156
Corporate securities	0		285,378		0		285,378
Equity securities:
Common stock:
Public utilities	129,325		0		0		129,325
Banks, trusts and insurance companies	8,566		0		0		8,566
Energy and other	316,472		0		0		316,472
Non-redeemable preferred stock	0		29,478		0		29,478
Partnership interest in a private credit fund	0		0		12,670		12,670
Short-term bonds	69,994		18,679		0		88,673
Money market instruments	202,652		0		0		202,652
Total assets at fair value	$	743,125	$	2,651,908	$	12,670	$	3,407,703
Liabilities
Equity contracts	$	348	$	0	$	0	$	348
Total return swaps	0		1,287		0		1,287
Total liabilities at fair value	$	348	$	1,287	$	0	$	1,635

	December 31, 2013
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	16,096	$	0	$	0	$	16,096
Municipal securities	0		2,235,323		0		2,235,323
Mortgage-backed securities	0		40,247		0		40,247
Corporate securities	0		264,685		0		264,685
Collateralized debt obligations	0		0		4,302		4,302
Equity securities:
Common stock:
Public utilities	85,287		0		0		85,287
Banks, trusts and insurance companies	2,927		0		0		2,927
Energy and other	151,554		0		0		151,554
Non-redeemable preferred stock	0		29,567		0		29,567
Partnership interest in a private credit fund	0		0		12,548		12,548
Short-term bonds	39,998		12,890		0		52,888
Money market instruments	262,888		0		0		262,888
Total return swap	0		1,650		0		1,650
Total assets at fair value	$	558,750	$	2,584,362	$	16,850	$	3,159,962
Liabilities
Equity contracts	$	140	$	0	$	0	$	140
Total liabilities at fair value	$	140	$	0	$	0	$	140

Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value

The following tables present a summary of changes in fair value of Level 3 financial assets and financial liabilities held at fair value.

	Three Months Ended September 30,
	2014					2013
	Collateralized Debt Obligations		Partnership Interest in a Private Credit Fund			Collateralized Debt Obligations			Partnership Interest in a Private Credit Fund
	(Amounts in thousands)
Beginning Balance	$	0	$	12,966		$	38,992		$	11,990
Realized (losses) gains included in earnings	0		(296		)	5,616			134
Settlements	0		0			(8,264		)	0
Ending Balance	$	0	$	12,670		$	36,344		$	12,124
The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30	$	0	$	(296	)	$	5,616		$	134

	Nine Months Ended September 30,
	2014					2013
	Collateralized Debt Obligations			Partnership Interest in a Private Credit Fund		Collateralized Debt Obligations			Partnership Interest in a Private Credit Fund
	(Amounts in thousands)
Beginning Balance	$	4,302		$	12,548	$	42,801		$	11,306
Realized (losses) gains included in earnings	(755		)	122		5,993			818
Sales	(3,547		)	0		(4,186		)	0
Settlements	0			0		(8,264		)	0
Ending Balance	$	0		$	12,670	$	36,344		$	12,124
The amount of total gains for the period included in earnings attributable to assets still held at September 30	$	0		$	122	$	6,510		$	818