Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2015

Fixed Maturities and Equity Securities by Asset Class that are Measured at Fair Value

The following tables present, for each of the fair value hierarchy levels as defined by the accounting guidance for fair value measurements and described below, our Company’s fixed maturities and equity securities by asset class that are measured at fair value on a recurring basis, as well as the fair value of the 5.75% Senior notes due October 15, 2023 (the “Senior notes”) carried at amortized cost as of March 31, 2015 and December 31, 2014:

	March 31, 2015
amounts in thousands	Level 1		Level 2		Level 3		Total
Fixed maturities:
U.S. Treasury bonds, agency bonds and foreign government bonds	$	80,823	$	229,566	$	—	$	310,389
States, municipalities and political subdivisions		—		547,664		—		547,664
Mortgage-backed and asset-backed securities:
Agency mortgage-backed securities		—		364,468		—		364,468
Residential mortgage obligations		—		33,116		—		33,116
Asset-backed securities		—		216,475		—		216,475
Commercial mortgage-backed securities		—		231,703		—		231,703
Subtotal	$	—	$	845,762	$	—	$	845,762
Corporate bonds		—		641,410		—		641,410
Total fixed maturities	$	80,823	$	2,264,402	$	—	$	2,345,225
Equity securities		87,701		71,343		—		159,044
Short-term investments		242,553		—		—		242,553
Total assets measured at fair value	$	411,077	$	2,335,745	$	—	$	2,746,822
Senior notes	$	—	$	290,524	$	—	$	290,524
Total liabilities measured at fair value	$	—	$	290,524	$	—	$	290,524

	December 31, 2014
amounts in thousands	Level 1		Level 2		Level 3		Total
Fixed maturities:
U.S. Treasury bonds, agency bonds and foreign government bonds	$	146,904	$	251,019	$	—	$	397,923
States, municipalities and political subdivisions		—		541,007		—		541,007
Mortgage-backed and asset-backed securities:
Agency mortgage-backed securities		—		364,622		—		364,622
Residential mortgage obligations		—		34,087		—		34,087
Asset-backed securities		—		206,413		—		206,413
Commercial mortgage-backed securities		—		206,318		—		206,318
Subtotal	$	—	$	811,440	$	—	$	811,440
Corporate bonds		—		615,564		—		615,564
Total fixed maturities	$	146,904	$	2,219,030	$	—	$	2,365,934
Equity securities		127,183		57,112		—		184,295
Short-term investments		179,506		—		—		179,506
Total assets measured at fair value	$	453,593	$	2,276,142	$	—	$	2,729,735
Senior notes	$	—	$	285,710	$	—	$	285,710
Total liabilities measured at fair value	$	—	$	285,710	$	—	$	285,710