Fair Value Measurements (Tables)

12 Months Ended

Dec. 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:

	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	13,816	$	—	$	—	$	13,816
Municipal securities	—		2,791,212		—		2,791,212
Mortgage-backed securities	—		93,264		—		93,264
Corporate securities	—		241,366		—		241,366
Collateralized loan obligations	—		256,891		—		256,891
Other asset-backed securities	—		153,261		—		153,261
Total fixed maturity securities	13,816		3,535,994		—		3,549,810
Equity securities:
Common stock	691,782		—		—		691,782
Non-redeemable preferred stock	—		32,660		—		32,660
Private equity funds measured at net asset value (1)							79,409
Total equity securities	691,782		32,660		—		803,851
Short-term investments:
Short-term bonds	21,999		4,929		—		26,928
Money market instruments	348,676		—		—		348,676
Other	5		—		—		5
Total short-term investments	370,680		4,929		—		375,609
Other assets:
Note receivable	—		5,725		—		5,725
Total assets at fair value	$	1,076,278	$	3,579,308	$	—	$	4,734,995

	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 debt 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 fund 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

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(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:

	Private Equity Fund
	Year Ended December 31,
	2020		2019
	(Amounts in thousands)
Beginning balance	$	1,203	$	1,445
Net realized (losses) gains included in earnings	(1)		101
Settlements	—		(343)
Transfer out (1)	(1,202)		—
Ending balance	$	—	$	1,203
The amount of total gains for the period included in earnings attributable to assets still held at December 31	$	—	$	93

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(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.

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, 2020
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	372,532	$	415,253	$	—	$	415,253	$	—

	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	$	—