Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	11,735	$	—	$	—	$	11,735
Municipal securities	—		2,603,646		—		2,603,646
Mortgage-backed securities	—		33,551		—		33,551
Corporate securities	—		165,880		—		165,880
Collateralized loan obligations	—		83,465		—		83,465
Other asset-backed securities	—		53,807		—		53,807
Total fixed maturity securities	11,735		2,940,349		—		2,952,084
Equity securities:
Common stock	392,514		—		—		392,514
Non-redeemable preferred stock	—		25,751		—		25,751
Private equity funds	—		—		8,764		8,764
Total equity securities	392,514		25,751		8,764		427,029
Short-term investments:
Short-term bonds	29,997		15,994		—		45,991
Money market instruments	234,054		—		—		234,054
Total short-term investments	264,051		15,994		—		280,045
Total assets at fair value	$	668,300	$	2,982,094	$	8,764	$	3,659,158
Liabilities
Other liabilities:
Total return swaps	$	—	$	1,725	$	—	$	1,725
Options sold	104		—		—		104
Total liabilities at fair value	$	104	$	1,725	$	—	$	1,829

	December 31, 2016
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	12,275	$	—	$	—	$	12,275
Municipal securities	—		2,449,292		—		2,449,292
Mortgage-backed securities	—		39,777		—		39,777
Corporate securities	—		189,688		—		189,688
Collateralized loan obligations	—		86,525		—		86,525
Other asset-backed securities	—		36,996		—		36,996
Total fixed maturity securities	12,275		2,802,278		—		2,814,553
Equity securities:
Common stock	316,450		—		—		316,450
Non-redeemable preferred stock	—		31,809		—		31,809
Private equity fund	—		—		9,068		9,068
Total equity securities	316,450		31,809		9,068		357,327
Short-term investments:
Short-term bonds	70,393		20,233		—		90,626
Money market instruments	285,054		—		—		285,054
Total short-term investments	355,447		20,233		—		375,680
Other assets:
Total return swaps	—		667		—		667
Total assets at fair value	$	684,172	$	2,854,987	$	9,068	$	3,548,227
Liabilities
Other liabilities:
Total return swaps	$	—	$	765	$	—	$	765
Options sold	20		—		—		20
Total liabilities at fair value	$	20	$	765	$	—	$	785

The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized:

	June 30, 2017
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	371,136	$	380,059	$	—	$	380,059	$	—

	December 31, 2016
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Secured notes	$	140,000	$	140,000	$	—	$	140,000	$	—
Unsecured notes	180,000		180,000		—		180,000		—

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:

	Private Equity Fund
	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(Amounts in thousands)
Beginning balance	$	9,018		$	8,991		$	9,068		$	10,431
Realized losses included in earnings	(254		)	(19		)	(304		)	(1,459		)
Ending balance	$	8,764		$	8,972		$	8,764		$	8,972
The amount of total losses for the period included in earnings attributable to assets still held at June 30	$	(254	)	$	(19	)	$	(304	)	$	(1,459	)