Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 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 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, 2018
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	13,333	$	—	$	—	$	13,333
Municipal securities	—		2,616,770		—		2,616,770
Mortgage-backed securities	—		32,214		—		32,214
Corporate securities	—		116,401		—		116,401
Collateralized loan obligations	—		135,453		—		135,453
Other asset-backed securities	—		35,065		—		35,065
Total fixed maturity securities	13,333		2,935,903		—		2,949,236
Equity securities:
Common stock	507,504		—		—		507,504
Non-redeemable preferred stock	—		34,343		—		34,343
Private equity fund	—		—		1,450		1,450
Private equity fund measured at net asset value (1)							71,039
Total equity securities	507,504		34,343		1,450		614,336
Short-term investments:
Short-term bonds	29,952		22,714		—		52,666
Money market instruments	217,918		—		—		217,918
Total short-term investments	247,870		22,714		—		270,584
Other assets:
Note receivable	—		5,516		—		5,516
Total assets at fair value	$	768,707	$	2,998,476	$	1,450	$	3,839,672
Liabilities
Other liabilities:
Total return swap	$	—	$	1,393	$	—	$	1,393
Options sold	780		—		—		780
Total liabilities at fair value	$	780	$	1,393	$	—	$	2,173

	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	—		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 fund	—		—		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.

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, 2018
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	371,535	$	364,736	$	—	$	364,736	$	—

	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	$	—

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 June 30,					Six Months Ended June 30,
	2018		2017			2018			2017
	(Amounts in thousands)
Beginning balance	$	1,450	$	9,018		$	1,481		$	9,068
Realized losses included in earnings	—		(254		)	(31		)	(304		)
Ending balance	$	1,450	$	8,764		$	1,450		$	8,764
The amount of total losses for the period included in earnings attributable to assets still held at June 30	$	—	$	(254	)	$	(31	)	$	(304	)