Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 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:

	December 31, 2018
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	25,003	$	—	$	—	$	25,003
Municipal securities	—		2,620,132		—		2,620,132
Mortgage-backed securities and agencies	—		30,952		—		30,952
Corporate securities	—		105,524		—		105,524
Collateralized loan obligations	—		165,789		—		165,789
Other asset-backed securities	—		37,761		—		37,761
Total fixed maturity securities	25,003		2,960,158		—		2,985,161
Equity securities:
Common stock	430,973		—		—		430,973
Non-redeemable preferred stock	—		31,433		—		31,433
Private equity fund	—		—		1,445		1,445
Private equity fund measured at net asset value (1)							65,780
Total equity securities	430,973		31,433		1,445		529,631
Short-term investments:
Short-term bonds	31,472		16,784		—		48,256
Money market instruments	205,043		—		—		205,043
Total short-term investments	236,515		16,784		—		253,299
Other assets:
Note receivable	—		5,557		—		5,557
Total assets at fair value	$	692,491	$	3,013,932	$	1,445	$	3,773,648
Liabilities
Other liabilities:
Total return swaps	—		4,851		—		4,851
Options sold	3		—		—		3
Total liabilities at fair value	$	3	$	4,851	$	—	$	4,854

__________ 

⁽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, 2017
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	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 debt 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 swaps	$	—	$	1,200	$	—	$	1,200
Options sold	123		—		—		123
Total liabilities at fair value	$	123	$	1,200	$	—	$	1,323

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:

	Private Equity Funds
	Year Ended December 31,
	2018			2017
	(Amounts in thousands)
Beginning balance	$	1,481		$	9,068
Net realized (losses) gains included in earnings	(36		)	691
Purchases	—			1,481
Sales/settlements	—			(9,759		)
Ending balance	$	1,445		$	1,481
The amount of total (losses) gains for the period included in earnings attributable to assets still held at December 31	$	(36	)	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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:

	December 31, 2018
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	371,734	$	362,674	$	—	$	362,674	$	—

	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	$	—