Fair Value Measurement (Tables)

12 Months Ended

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

	December 31, 2015
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	22,507	$	—	$	—	$	22,507
Municipal securities	—		2,505,040		—		2,505,040
Mortgage-backed securities	—		49,838		—		49,838
Corporate securities	—		243,372		—		243,372
Collateralized loan obligations	—		50,548		—		50,548
Other asset-backed securities	—		8,698		—		8,698
Equity securities:
Common stock	280,263		—		—		280,263
Non-redeemable preferred stock	—		24,668		—		24,668
Private equity funds	—		0		10,431		10,431
Short-term investments:
Short-term bonds	69,991		9,850		—		79,841
Money market instruments	105,436		0		—		105,436
Total assets at fair value	$	478,197	$	2,892,014	$	10,431	$	3,380,642
Liabilities
Notes payable:
Secured Notes	$	—	$	140,000	$	—	$	140,000
Unsecured Notes	—		150,000		—		150,000
Other liabilities:
Total return swaps	—		11,525		—		11,525
Options sold	260		—		—		260
Total liabilities at fair value	$	260	$	301,525	$	—	$	301,785

	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 debt obligations	—		22,216		—		22,216
Equity securities:
Common stock:	372,598		—		—		372,598
Non-redeemable preferred stock	—		28,563		—		28,563
Private equity funds	—		—		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 table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities:

	Year Ended December 31,
	2015					2014
	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	$	—	$	11,719		$	4,302		$	12,548
Realized losses included in earnings	—		(4,175		)	(755		)	(829		)
Reclassification from other assets	—		2,911			—			—
Sales	—		—			(3,547		)	—
Settlements	—		(24		)	—			—
Ending Balance	$	—	$	10,431		$	—		$	11,719
The amount of total losses for the period included in earnings attributable to assets still held at December 31	$	—	$	(5,385	)	$	—		$	(829	)