Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value [Abstract]

Fair Value Measurement Levels For All Assets

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	September 30, 2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	78,595	$	-	$	78,595	$	-
Obligations of U.S. States and political subdivisions		1,366,329		-		1,366,329		-
Corporate securities		1,401,228		-		1,401,228		-
Asset-backed securities		50,923		-		43,331		7,592
Mortgage-backed securities
Commercial		53,007		-		53,007		-
Agency residential		575,168		-		575,168		-
Non-agency residential		2,480		-		2,475		5
Foreign government securities		812,688		-		812,688		-
Foreign corporate securities		985,700		-		980,754		4,946
Total fixed maturities, market value		5,326,118		-		5,313,575		12,543
Fixed maturities, fair value		52,217		-		52,217		-
Equity securities, market value		13		13		-		-
Equity securities, fair value		1,247,445		1,113,526		133,919		-
Other invested assets, fair value		1,039,648		1,039,648		-		-

There wer no transfers between Level 1 and Level 2 for the three and nine months ended September 30, 2012.

The following table presents the fair value measurement levels for all assets, which the Company has recorded at fair value (fair and market value) as of the period indicated:

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
(Dollars in thousands)	December 31, 2011		(Level 1)		(Level 2)		(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	79,539	$	-	$	79,539	$	-
Obligations of U.S. States and political subdivisions		1,660,905		-		1,660,905		-
Corporate securities		1,228,235		-		1,228,235		-
Asset-backed securities		45,103		-		29,057		16,046
Mortgage-backed securities
Commercial		47,874		-		47,874		-
Agency residential		543,393		-		543,393		-
Non-agency residential		24,289		-		24,282		7
Foreign government securities		788,649		-		788,649		-
Foreign corporate securities		689,041		-		686,505		2,536
Total fixed maturities, market value		5,107,028		-		5,088,439		18,589
Fixed maturities, fair value		113,606		-		113,606		-
Equity securities, market value		10		10		-		-
Equity securities, fair value		1,207,053		1,090,959		116,094		-
Other invested assets, fair value		817,352		817,352		-		-

Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type

	Three Months Ended September 30, 2012												Nine Months Ended September 30, 2012
	Asset-backed			Foreign			Non-agency						Asset-backed			Foreign			Non-agency
(Dollars in thousands)	Securities			Corporate			RMBS			Total			Securities			Corporate			RMBS			Total
Beginning balance	$	8,996		$	7,383		$	5		$	16,384		$	16,046		$	2,536		$	7		$	18,589
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)		56			(14	)		1			43			111			(33	)		3			81
Included in other comprehensive income (loss)		390			275			-			665			728			387			(2	)		1,113
Purchases, issuances and settlements		(61	)		(576	)		(1	)		(638	)		4,407			6,640			(3	)		11,044
Transfers in and/or (out) of Level 3		(1,789	)		(2,122	)		-			(3,911	)		(13,700	)		(4,584	)		-			(18,284	)
Ending balance	$	7,592		$	4,946		$	5		$	12,543		$	7,592		$	4,946		$	5		$	12,543
The amount of total gains or losses for the period included
in earnings (or changes in net assets) attributable to the
change in unrealized gains or losses relating to assets
still held at the reporting date	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
(Some amounts may not reconcile due to rounding.)

	Three Months Ended September 30, 2011												Nine Months Ended September 30, 2011
	Asset-backed			Foreign			Non-agency						Asset-backed			Foreign			Non-agency
(Dollars in thousands)	Securities			Corporate			RMBS			Total			Securities			Corporate			RMBS			Total
Beginning balance	$	2,466		$	-		$	381		$	2,847		$	961		$	3,635		$	458		$	5,054
Total gains or (losses) (realized/unrealized)
Included in earnings (or changes in net assets)		16			(3	)		(39	)		(26	)		80			(3	)		10			87
Included in other comprehensive income (loss)		(122	)		(25	)		102			(45	)		(269	)		(25	)		54			(240	)
Purchases, issuances and settlements		(19	)		2,586			(88	)		2,479			37			2,586			(166	)		2,457
Transfers in and/or (out) of Level 3		(27	)		-			(349	)		(376	)		1,505			(3,635	)		(349	)		(2,479	)
Ending balance	$	2,314		$	2,558		$	7		$	4,879		$	2,314		$	2,558		$	7		$	4,879
The amount of total gains or losses for the period included
in earnings (or changes in net assets) attributable to the
change in unrealized gains or losses relating to assets
still held at the reporting date	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
(Some amounts may not reconcile due to rounding.)