Fair Value Measurement (Tables)

9 Months Ended

Sep. 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:

	September 30, 2016
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	12,862	$	—	$	—	$	12,862
Municipal securities	—		2,586,211		—		2,586,211
Mortgage-backed securities	—		41,101		—		41,101
Corporate securities	—		211,592		—		211,592
Collateralized loan obligations	—		82,521		—		82,521
Other asset-backed securities	—		38,640		—		38,640
Equity securities:
Common stock	331,842		—		—		331,842
Non-redeemable preferred stock	—		33,080		—		33,080
Private equity funds	—		—		9,536		9,536
Short-term investments:
Short-term bonds	70,405		20,107		—		90,512
Money market instruments	116,339		—		—		116,339
Total assets at fair value	$	531,448	$	3,013,252	$	9,536	$	3,554,236
Liabilities
Notes payable:
Secured notes	$	—	$	140,000	$	—	$	140,000
Unsecured notes	—		150,000		—		150,000
Other liabilities:
Total return swaps	—		3,285		—		3,285
Options sold	122		—		—		122
Total liabilities at fair value	$	122	$	293,285	$	—	$	293,407

	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	—		—		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 September 30,
	2016		2015
	Private Equity Funds		Private Equity Funds
	(Amounts in thousands)
Beginning balance	$	8,972	$	13,745
Realized gains (losses) included in earnings	564		(2,049		)
Settlements	—		—
Ending balance	$	9,536	$	11,696
Amount of total gains (losses) for the period included in earnings attributable to assets still held at September 30	$	564	$	(2,049	)

	Nine Months Ended September 30,
	2016			2015
	Private Equity Funds			Private Equity Funds
	(Amounts in thousands)
Beginning balance	$	10,431		$	11,719
Realized losses included in earnings	(895		)	(2,910		)
Reclassification from other assets	—			2,911
Settlements	—			(24		)
Ending balance	$	9,536		$	11,696
Amount of total losses for the period included in earnings attributable to assets still held at September 30	$	(895	)	$	(2,910	)