Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2015

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, 2015 and December 31, 2014, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

	September 30, 2015
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	25,150	$	0	$	—	$	25,150
Municipal securities	—		2,495,881		—		2,495,881
Mortgage-backed securities	—		63,045		—		63,045
Corporate securities	—		248,246		—		248,246
Collateralized loan obligations	—		49,665		—		49,665
Other asset-backed securities	—		4,877		—		4,877
Equity securities:
Common stock:
Public utilities	64,324		—		—		64,324
Banks, trusts and insurance companies	11,700		—		—		11,700
Industrial and other	186,172		—		—		186,172
Non-redeemable preferred stock	—		24,795		—		24,795
Private equity funds	—		0		11,696		11,696
Short-term investments:
Short-term bonds	59,996		2,005		—		62,001
Money market instruments	100,834		0		—		100,834
Total assets at fair value	$	448,176	$	2,888,514	$	11,696	$	3,348,386
Liabilities
Notes payable:
Secured Notes	$	—	$	140,000	$	—	$	140,000
Unsecured Notes	—		150,000		—		150,000
Other liabilities:
Total return swaps	—		6,059		—		6,059
Options sold	266		0		—		266
Total liabilities at fair value	$	266	$	296,059	$	—	$	296,325

	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	—		—		$	16,108
Municipal securities	—		2,275,455		—		2,275,455
Mortgage-backed securities	—		47,691		—		47,691
Corporate securities	—		256,930		—		256,930
Collateralized loan obligations	—		22,216		—		22,216
Equity securities:
Common stock:
Public utilities	105,485		—		—		105,485
Banks, trusts and insurance companies	9,757		—		—		9,757
Energy and other	257,356		—		—		257,356
Non-redeemable preferred stock	—		28,563		—		28,563
Private equity fund	—		—		11,719		11,719
Short-term investments:
Short-term bonds	69,999		18,362		—		88,361
Money market instruments	284,181		—		—		284,181
Total assets at fair value	$	742,886	$	2,649,217	$	11,719	$	3,403,822
Liabilities
Notes payable:
Secured Notes	$	—	$	140,000	$	—	$	140,000
Unsecured Notes	—		150,000		—		150,000
Other liabilities:
Total return swaps	—		4,025		—		4,025
Options sold	194		—		—		194
Total liabilities at fair value	$	194	$	294,025	$	—	$	294,219

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,
	2015			2014
	Private Equity Fund			Private Equity Fund
	(Amounts in thousands)
Beginning Balance	$	13,745		$	12,966
Realized losses included in earnings	(2,049		)	(296		)
Settlement	—			—
Ending Balance	$	11,696		$	12,670
The amount of total losses for the period included in earnings attributable to assets still held at September 30	$	(2,049	)	$	(296	)

	Nine Months Ended September 30,
	2015			2014
	Private Equity Fund			Collateralized Debt Obligations			Private Equity Fund
	(Amounts in thousands)
Beginning Balance	$	11,719		$	4,302		$	12,548
Realized (losses) gains included in earnings	(2,910		)	(755		)	122
Reclassification from other assets	2,911			—			—
Sales	—			(3,547		)	—
Settlement	(24		)	—			—
Ending Balance	$	11,696		$	0		$	12,670
The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30	$	(2,910	)	$	—		$	122