Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2015 and December 31, 2014:

	As of June 30, 2015
amounts in thousands	Level 1		Level 2		Level 3		Total
Fixed maturities:
U.S. Treasury bonds, agency bonds and foreign government bonds	$	80,425	$	215,262	$	—	$	295,687
States, municipalities and political subdivisions		—		565,188		—		565,188
Mortgage-backed and asset-backed securities:
Agency mortgage-backed securities		—		343,916		—		343,916
Residential mortgage obligations		—		32,396		—		32,396
Asset-backed securities		—		195,512		—		195,512
Commercial mortgage-backed securities		—		216,185		—		216,185
Subtotal	$	—	$	788,009	$	—	$	788,009
Corporate bonds		—		665,053		—		665,053
Total fixed maturities	$	80,425	$	2,233,512	$	—	$	2,313,937
Equity securities		122,650		72,428		—		195,078
Short-term investments		201,748		—		—		201,748
Total assets measured at fair value	$	404,823	$	2,305,940	$	—	$	2,710,763
Senior notes	$	—	$	282,502	$	—	$	282,502
Total liabilities measured at fair value	$	—	$	282,502	$	—	$	282,502

	As of 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