Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2019

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, 2019
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	23,895	$	—	$	—	$	23,895
Municipal securities	—		2,713,171		—		2,713,171
Mortgage-backed securities	—		22,916		—		22,916
Corporate securities	—		181,943		—		181,943
Collateralized loan obligations	—		172,466		—		172,466
Other asset-backed securities	—		43,007		—		43,007
Total fixed maturity securities	23,895		3,133,503		—		3,157,398
Equity securities:
Common stock	543,735		—		—		543,735
Non-redeemable preferred stock	—		33,778		—		33,778
Private equity fund	—		—		1,206		1,206
Private equity fund measured at net asset value (1)							66,688
Total equity securities	543,735		33,778		1,206		645,407
Short-term investments:
Short-term bonds	32,801		39,627		—		72,428
Money market instruments	289,769		—		—		289,769
Total short-term investments	322,570		39,627		—		362,197
Other assets:
Note receivable	—		5,635		—		5,635
Total assets at fair value	$	890,200	$	3,212,543	$	1,206	$	4,170,637
Liabilities
Other liabilities:
Total return swap	$	—	$	1,722	$	—	$	1,722
Options sold	405		—		—		405
Total liabilities at fair value	$	405	$	1,722	$	—	$	2,127

	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	—		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 swap	$	—	$	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.

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, 2019
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	371,934	$	384,401	$	—	$	384,401	$	—

	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	$	—

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 Fund
	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019			2018
	(Amounts in thousands)
Beginning balance	$	1,213		$	1,450	$	1,445		$	1,481
Realized (losses) gains included in earnings	(7		)	—		104			(31		)
Settlements	—			—		(343		)	—
Ending balance	$	1,206		$	1,450	$	1,206		$	1,450
The amount of total (losses) gains for the period included in earnings attributable to assets still held at June 30	$	(7	)	$	—	$	96		$	(31	)