Fair Value Measurement (Tables)

9 Months Ended

Sep. 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 September 30, 2015 and December 31, 2014:

	As of September 30, 2015
amounts in thousands	Level 1		Level 2		Level 3		Total
Fixed maturities:
U.S. Treasury bonds, agency bonds and foreign government bonds	$	89,238	$	212,677	$	—	$	301,915
States, municipalities and political subdivisions		—		571,104		—		571,104
Mortgage-backed and asset-backed securities:
Agency mortgage-backed securities		—		360,198		—		360,198
Residential mortgage obligations		—		31,568		—		31,568
Asset-backed securities		—		197,934		—		197,934
Commercial mortgage-backed securities		—		204,876		—		204,876
Subtotal	$	—	$	794,576	$	—	$	794,576
Corporate bonds		—		729,392		—		729,392
Total fixed maturities	$	89,238	$	2,307,749	$	—	$	2,396,987
Equity securities		116,625		158,303		—		274,928
Short-term investments		233,142		—		—		233,142
Total assets measured at fair value	$	439,005	$	2,466,052	$	—	$	2,905,057
Senior notes		—		286,930		—		286,930
Total liabilities measured at fair value	$	—	$	286,930	$	—	$	286,930

	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