Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2014 and 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

	December 31, 2014
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	16,108	$	0	$	0	$	16,108
Municipal securities	0		2,275,455		0		2,275,455
Mortgage-backed securities	0		47,691		0		47,691
Corporate securities	0		256,930		0		256,930
Collateralized loan obligations	0		22,216		0		22,216
Equity securities:
Common stock:
Public utilities	105,485		0		0		105,485
Banks, trusts and insurance companies	9,757		0		0		9,757
Energy and other	257,356		0		0		257,356
Non-redeemable preferred stock	0		28,563		0		28,563
Partnership interest in a private credit fund	0		0		11,719		11,719
Short-term investments:
Short-term bonds	69,999		18,362		0		88,361
Money market instruments	284,181		0		0		284,181
Total assets at fair value	$	742,886	$	2,649,217	$	11,719	$	3,403,822
Liabilities
Other liabilities:
Total return swaps	$	0	$	4,025	$	0	$	4,025
Options sold	194		0		0		194
Total liabilities at fair value	$	194	$	4,025	$	0	$	4,219

	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 investments:
Short-term bonds	39,998		12,890		0		52,888
Money market instruments	262,888		0		0		262,888
Other assets:
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
Other liabilities:
Options sold	$	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 table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities held at fair value at December 31:

	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 gains included in earnings	(755		)	(829		)	740			1,242
Purchase	0			0			0			0
Sales	(3,547		)	0			(30,975		)	0
Settlements	0			0			(8,264		)	0
Ending Balance	$	0		$	11,719		$	4,302		$	12,548
The amount of total (losses) gains for the period included in earnings attributable to assets still held at December 31	$	0		$	(829	)	$	321		$	1,242