Fair Value Measurement (Tables)

9 Months Ended

Sep. 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:



	September 30, 2019
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	23,273	$	—	$	—	$	23,273
Municipal securities	—		2,650,547		—		2,650,547
Mortgage-backed securities	—		42,815		—		42,815
Corporate securities	—		221,594		—		221,594
Collateralized loan obligations	—		173,006		—		173,006
Other asset-backed securities	—		28,204		—		28,204
Total fixed maturity securities	23,273		3,116,166		—		3,139,439
Equity securities:
Common stock	561,190		—		—		561,190
Non-redeemable preferred stock	—		34,422		—		34,422
Private equity fund	—		—		1,204		1,204
Private equity fund measured at net asset value ⁽¹⁾							60,319
Total equity securities	561,190		34,422		1,204		657,135
Short-term investments:
Short-term bonds	2,326		37,480		—		39,806
Money market instruments	381,768		—		—		381,768
Total short-term investments	384,094		37,480		—		421,574
Other assets:
Note receivable	—		5,653		—		5,653
Total assets at fair value	$	968,557	$	3,193,721	$	1,204	$	4,223,801
Liabilities
Other liabilities:
Total return swap	$	—	$	1,167	$	—	$	1,167
Options sold	237		—		—		237
Total liabilities at fair value	$	237	$	1,167	$	—	$	1,404



	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:



	September 30, 2019
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	372,034	$	394,129	$	—	$	394,129	$	—



	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 September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018

	(Amounts in thousands)
Beginning balance	$	1,206		$	1,450		$	1,445		$	1,481
Realized (losses) gains included in earnings	(2		)	(4		)	102			(35		)
Settlements	—			—			(343		)	—
Ending balance	$	1,204		$	1,446		$	1,204		$	1,446
The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30	$	(2	)	$	(4	)	$	94		$	(35	)