Fair Value Measurement (Tables)

9 Months Ended

Sep. 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 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, 2018
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	371,635	$	361,118	$	—	$	361,118	$	—



	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:



	September 30, 2018
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	14,105	$	—	$	—	$	14,105
Municipal securities	—		2,590,847		—		2,590,847
Mortgage-backed securities	—		31,513		—		31,513
Corporate securities	—		119,292		—		119,292
Collateralized loan obligations	—		155,796		—		155,796
Other asset-backed securities	—		41,318		—		41,318
Total fixed maturity securities	14,105		2,938,766		—		2,952,871
Equity securities:
Common stock	583,851		—		—		583,851
Non-redeemable preferred stock	—		33,626		—		33,626
Private equity fund	—		—		1,446		1,446
Private equity fund measured at net asset value ⁽¹⁾							69,464
Total equity securities	583,851		33,626		1,446		688,387
Short-term investments:
Short-term bonds	31,448		24,048		—		55,496
Money market instruments	207,310		—		—		207,310
Total short-term investments	238,758		24,048		—		262,806
Other assets:
Note receivable	—		5,514		—		5,514
Total assets at fair value	$	836,714	$	3,001,954	$	1,446	$	3,909,578
Liabilities
Other liabilities:
Total return swap	$	—	$	961	$	—	$	961
Options sold	589		—		—		589
Total liabilities at fair value	$	589	$	961	$	—	$	1,550



	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.

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,
	2018			2017			2018			2017

	(Amounts in thousands)
Beginning balance	$	1,450		$	8,764		$	1,481		$	9,068
Realized losses included in earnings	(4		)	(80		)	(35		)	(384		)
Ending balance	$	1,446		$	8,684		$	1,446		$	8,684
The amount of total losses for the period included in earnings attributable to assets still held at September 30	$	(4	)	$	(80	)	$	(35	)	$	(384	)