Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 2016
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	12,926	$	—	$	—	$	12,926
Municipal securities	—		2,526,666		—		2,526,666
Mortgage-backed securities	—		47,694		—		47,694
Corporate securities	—		238,327		—		238,327
Collateralized loan obligations	—		84,593		—		84,593
Other asset-backed securities	—		29,288		—		29,288
Equity securities:
Common stock	328,365		—		—		328,365
Non-redeemable preferred stock	—		29,702		—		29,702
Private equity funds	—		—		8,972		8,972
Short-term investments:
Short-term bonds	70,410		20,225		—		90,635
Money market instruments	90,669		—		—		90,669
Total assets at fair value	$	502,370	$	2,976,495	$	8,972	$	3,487,837
Liabilities
Notes payable:
Secured notes	$	—	$	140,000	$	—	$	140,000
Unsecured notes	—		150,000		—		150,000
Other liabilities:
Total return swaps	—		7,600		—		7,600
Options sold	309		—		—		309
Total liabilities at fair value	$	309	$	297,600	$	—	$	297,909

	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 June 30,
	2016			2015
	Private Equity Fund			Private Equity Fund
	(Amounts in thousands)
Beginning Balance	$	8,991		$	15,432
Realized losses included in earnings	(19		)	(1,663		)
Settlement	—			(24		)
Ending Balance	$	8,972		$	13,745
Amount of total losses for the period included in earnings attributable to assets still held at June 30	$	(19	)	$	(1,663	)

	Six Months Ended June 30,
	2016			2015
	Private Equity Fund			Private Equity Fund
	(Amounts in thousands)
Beginning Balance	$	10,431		$	11,719
Realized losses included in earnings	(1,459		)	(861		)
Reclassification from other assets	—			2,911
Settlement	—			(24		)
Ending Balance	$	8,972		$	13,745
Amount of total losses for the period included in earnings attributable to assets still held at June 30	$	(1,459	)	$	(861	)