Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2016

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:

	March 31, 2016
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	21,939	$	—	$	—	$	21,939
Municipal securities	—		2,531,777		—		2,531,777
Mortgage-backed securities	—		56,532		—		56,532
Corporate securities	—		260,917		—		260,917
Collateralized loan obligations	—		51,520		—		51,520
Other asset-backed securities	—		19,829		—		19,829
Equity securities:
Common stock	301,768		—		—		301,768
Non-redeemable preferred stock	—		24,857		—		24,857
Private equity funds	—		—		8,991		8,991
Short-term investments:
Short-term bonds	70,380		6,056		—		76,436
Money market instruments	78,749		—		—		78,749
Total assets at fair value	$	472,836	$	2,951,488	$	8,991	$	3,433,315
Liabilities
Notes payable:
Secured notes	$	—	$	140,000	$	—	$	140,000
Unsecured notes	—		150,000		—		150,000
Other liabilities:
Total return swaps	—		9,797		—		9,797
Options sold	262		—		—		262
Total liabilities at fair value	$	262	$	299,797	$	—	$	300,059

	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 fund	—		—		10,431		10,431
Short-term investments:
Short-term bonds	69,991		9,850		—		79,841
Money market instruments	105,436		—		—		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

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:

	Three Months Ended March 31,
	2016			2015
	Private Equity Fund			Private Equity Fund
	(Amounts in thousands)
Beginning Balance	$	10,431		$	11,719
Realized (losses) gains included in earnings	(1,440		)	802
Reclassification from Other assets	—			2,911
Ending Balance	$	8,991		$	15,432
The amount of total losses for the period included in earnings attributable to assets still held at March 31	$	(1,440	)	$	(802	)