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Fair Value Measurement (Tables)
3 Months Ended
Mar. 31, 2020
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:

 
March 31, 2020
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
(Amounts in thousands)
Assets
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
U.S. government bonds
$
23,974

 
$

 
$

 
$
23,974

Municipal securities

 
2,720,194

 

 
2,720,194

Mortgage-backed securities

 
83,523

 

 
83,523

Corporate securities

 
269,517

 

 
269,517

Collateralized loan obligations

 
184,926

 

 
184,926

Other asset-backed securities

 
17,739

 

 
17,739

Total fixed maturity securities
23,974

 
3,275,899

 

 
3,299,873

Equity securities:
 
 
 
 
 
 
 
Common stock
537,331

 

 

 
537,331

Non-redeemable preferred stock

 
32,309

 

 
32,309

Private equity funds measured at net asset value (1)
 
 
 
 
 
 
50,044

Total equity securities
537,331

 
32,309

 

 
619,684

Short-term investments:
 
 
 
 
 
 
 
Short-term bonds
526

 
48,420

 

 
48,946

Money market instruments
188,574

 

 

 
188,574

Total short-term investments
189,100

 
48,420

 

 
237,520

Other assets:
 
 
 
 
 
 
 
Note receivable

 
5,698

 

 
5,698

Total assets at fair value
$
750,405

 
$
3,362,326

 
$

 
$
4,162,775

Liabilities
 
 
 
 
 
 
 
Other liabilities:
 
 
 
 
 
 
 
Options sold
$
3,154

 
$

 
$

 
$
3,154

Total liabilities at fair value
$
3,154


$


$


$
3,154

 
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
(Amounts in thousands)
Assets
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
U.S. government bonds
$
22,637

 
$

 
$

 
$
22,637

Municipal securities

 
2,554,208

 

 
2,554,208

Mortgage-backed securities

 
63,003

 

 
63,003

Corporate securities

 
235,565

 

 
235,565

Collateralized loan obligations

 
199,217

 

 
199,217

Other asset-backed securities

 
18,645

 

 
18,645

Total fixed maturity securities
22,637

 
3,070,638

 

 
3,093,275

Equity securities:
 
 
 
 
 
 
 
Common stock
586,367

 

 

 
586,367

Non-redeemable preferred stock

 
49,708

 

 
49,708

Private equity fund

 

 
1,203

 
1,203

Private equity funds measured at net asset value (1)
 
 
 
 
 
 
87,473

Total equity securities
586,367

 
49,708

 
1,203

 
724,751

Short-term investments:
 
 
 
 
 
 
 
Short-term bonds
2,822

 
30,080

 

 
32,902

Money market instruments
461,233

 

 

 
461,233

Total short-term investments
464,055

 
30,080

 

 
494,135

Other assets:
 
 
 
 
 
 


Note receivable

 
5,665

 

 
5,665

Total assets at fair value
$
1,073,059


$
3,156,091


$
1,203


$
4,317,826

Liabilities
 
 
 
 
 
 
 
Other liabilities:
 
 
 
 
 
 
 
Options sold
$
77

 
$

 
$

 
$
77

Total liabilities at fair value
$
77

 
$

 
$

 
$
77


__________ 
(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:
 
March 31, 2020
 
Carrying Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
(Amounts in thousands)
Liabilities
 
 
 
 
 
 
 
 
 
Notes payable:
 
 
 
 
 
 
 
 
 
Unsecured notes
$
372,233

 
$
406,350

 
$

 
$
406,350

 
$

 
December 31, 2019
 
Carrying Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
(Amounts in thousands)
Liabilities
 
 
 
 
 
 
 
 
 
Notes payable:
 
 
 
 
 
 
 
 
 
Unsecured notes
$
372,133

 
$
394,279

 
$

 
$
394,279

 
$


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 March 31,
 
 
2020
 
2019
 
 
 
 
 
 
 
(Amounts in thousands)
Beginning balance
 
$
1,203

 
$
1,445

     Realized (losses) gains included in earnings
 
(1
)
 
111

Settlements
 

 
(343
)
Transfer out (1)
 
(1,202
)
 

Ending balance
 
$

 
$
1,213

The amount of total gains for the period included in earnings attributable to assets still held at March 31
 
$

 
$
103


__________ 
(1) The private equity fund was reclassified from Level 3 to private equity funds measured at net asset value due to the use of the NAV practical expedient in measuring the fair value of the fund at March 31, 2020.