Fair Value Measurement (Tables)

9 Months Ended

Sep. 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:

	September 30, 2017
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	13,892	$	—	$	—	$	13,892
Municipal securities	—		2,483,750		—		2,483,750
Mortgage-backed securities	—		32,726		—		32,726
Corporate securities	—		161,883		—		161,883
Collateralized loan obligations	—		94,325		—		94,325
Other asset-backed securities	—		55,160		—		55,160
Total fixed maturity securities	13,892		2,827,844		—		2,841,736
Equity securities:
Common stock	410,834		—		—		410,834
Non-redeemable preferred stock	—		30,665		—		30,665
Private equity funds	—		—		8,684		8,684
Private equity fund measured at net asset value (1)							69,011
Total equity securities	410,834		30,665		8,684		519,194
Short-term investments:
Short-term bonds	29,996		18,893		—		48,889
Money market instruments	317,513		—		—		317,513
Total short-term investments	347,509		18,893		—		366,402
Other assets:
Note receivable	—		5,585		—		5,585
Total assets at fair value	$	772,235	$	2,882,987	$	8,684	$	3,732,917
Liabilities
Other liabilities:
Total return swaps	$	—	$	1,589	$	—	$	1,589
Options sold	146		—		—		146
Total liabilities at fair value	$	146	$	1,589	$	—	$	1,735

__________ 

⁽¹⁾ The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets.

	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 funds	—		—		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:

	September 30, 2017
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	371,236	$	385,733	$	—	$	385,733	$	—

	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 Funds
	Three Months Ended September 30,					Nine Months Ended September 30,
	2017			2016		2017			2016
	(Amounts in thousands)
Beginning balance	$	8,764		$	8,972	$	9,068		$	10,431
Realized (losses) gains included in earnings	(80		)	564		(384		)	(895		)
Ending balance	$	8,684		$	9,536	$	8,684		$	9,536
The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30	$	(80	)	$	564	$	(384	)	$	(895	)