Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2018

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 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:



	March 31, 2018
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	371,435	$	375,161	$	—	$	375,161	$	—



	December 31, 2017
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	371,335	$	385,583	$	—	$	385,583	$	—

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, 2018
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	13,351	$	—	$	—	$	13,351
Municipal securities	—		2,591,695		—		2,591,695
Mortgage-backed securities and agencies	—		26,457		—		26,457
Corporate securities	—		120,958		—		120,958
Collateralized loan obligations	—		127,528		—		127,528
Other asset-backed securities	—		49,143		—		49,143
Total fixed maturity securities	13,351		2,915,781		—		2,929,132
Equity securities:
Common stock	439,401		—		—		439,401
Non-redeemable preferred stock	—		34,320		—		34,320
Private equity funds	—		—		1,450		1,450
Private equity fund measured at net asset value ⁽¹⁾							74,615
Total equity securities	439,401		34,320		1,450		549,786
Short-term investments:
Short-term bonds	29,965		14,626		—		44,591
Money market instruments	200,607		—		—		200,607
Total short-term investments	230,572		14,626		—		245,198
Other assets:
Note receivable	—		5,524		—		5,524
Total assets at fair value	$	683,324	$	2,970,251	$	1,450	$	3,729,640
Liabilities
Other liabilities:
Total return swap	$	—	$	801	$	—	$	801
Options sold	505		—		—		505
Total liabilities at fair value	$	505	$	801	$	—	$	1,306



	December 31, 2017
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	13,236	$	—	$	—	$	13,236
Municipal securities	—		2,556,532		—		2,556,532
Mortgage-backed securities and agencies	—		27,165		—		27,165
Corporate securities	—		137,542		—		137,542
Collateralized loan obligations	—		105,202		—		105,202
Other asset-backed securities	—		53,100		—		53,100
Total fixed maturity securities	13,236		2,879,541		—		2,892,777
Equity securities:
Common stock	429,367		—		—		429,367
Non-redeemable preferred stock	—		34,869		—		34,869
Private equity funds	—		—		1,481		1,481
Private equity fund measured at net asset value ⁽¹⁾							71,523
Total equity securities	429,367		34,869		1,481		537,240
Short-term investments:
Short-term bonds	29,998		2,020		—		32,018
Money market instruments	270,693		—		—		270,693
Total short-term investments	300,691		2,020		—		302,711
Other assets:
Note receivable	—		5,565		—		5,565
Total assets at fair value	$	743,294	$	2,921,995	$	1,481	$	3,738,293
Liabilities
Other liabilities:
Total return swap	$	—	$	1,200	$	—	$	1,200
Options sold	123		—		—		123
Total liabilities at fair value	$	123	$	1,200	$	—	$	1,323

__________

⁽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.

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 March 31,
	2018			2017

	(Amounts in thousands)
Beginning balance	$	1,481		$	9,068
Realized losses included in earnings	(31		)	(50		)
Ending balance	$	1,450		$	9,018
The amount of total losses for the period included in earnings attributable to assets still held at March 31	$	(31	)	$	(50	)