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Investments (Tables)
 9 Months Ended
Sep. 30, 2012
Investments [Abstract]  
Available-For-Sale Investments
The following tables summarize the Company’s available-for-sale investments.

 
September 30, 2012
(dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Holding
Gains
 
Gross
Unrealized
Holding
Losses
 
Unrealized
Other-Than-
Temporary
Impairment
Losses
 
Estimated
Fair
Value
Fixed maturities:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government agencies
$
300,491

 
$
21,462

 
$
—

 
$
—

 
$
321,953

Obligations of states, municipalities and political subdivisions
2,653,298

 
257,461

 
(341
)
 
—

 
2,910,418

Foreign governments
544,544

 
57,673

 
(1
)
 
—

 
602,216

Residential mortgage-backed securities
261,089

 
19,515

 
(3
)
 
(2,258
)
 
278,343

Asset-backed securities
14,332

 
676

 
—

 
—

 
15,008

Public utilities
56,432

 
5,221

 
—

 
—

 
61,653

All other corporate bonds
1,003,063

 
94,765

 
(79
)
 
(6,791
)
 
1,090,958

Total fixed maturities
4,833,249

 
456,773

 
(424
)
 
(9,049
)
 
5,280,549

Equity securities:
 
 
 
 
 
 
 
 
 
Insurance companies, banks and trusts
442,119

 
383,397

 
(1,798
)
 
—

 
823,718

Industrial, consumer and all other
933,287

 
590,506

 
(6,258
)
 
—

 
1,517,535

Total equity securities
1,375,406

 
973,903

 
(8,056
)
 
—

 
2,341,253

Short-term investments
729,029

 
15

 
(2
)
 
—

 
729,042

Investments, available-for-sale
$
6,937,684

 
$
1,430,691

 
$
(8,482
)
 
$
(9,049
)
 
$
8,350,844

 
December 31, 2011
(dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Holding
Gains
 
Gross
Unrealized
Holding
Losses
 
Unrealized
Other-Than-
Temporary
Impairment
Losses
 
Estimated
Fair
Value
Fixed maturities:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government agencies
$
299,413

 
$
22,789

 
$
(9
)
 
$
—

 
$
322,193

Obligations of states, municipalities and political subdivisions
2,729,838

 
201,477

 
(794
)
 
—

 
2,930,521

Foreign governments
572,253

 
45,629

 
(1,068
)
 
—

 
616,814

Residential mortgage-backed securities
366,859

 
24,601

 
(18
)
 
(2,258
)
 
389,184

Asset-backed securities
16,096

 
731

 
(9
)
 
—

 
16,818

Public utilities
63,965

 
5,462

 
—

 
—

 
69,427

All other corporate bonds
1,124,528

 
78,053

 
(2,750
)
 
(6,614
)
 
1,193,217

Total fixed maturities
5,172,952

 
378,742

 
(4,648
)
 
(8,872
)
 
5,538,174

Equity securities:
 
 
 
 
 
 
 
 
 
Insurance companies, banks and trusts
389,421

 
296,648

 
(1,366
)
 
—

 
684,703

Industrial, consumer and all other
766,873

 
425,131

 
(2,780
)
 
—

 
1,189,224

Total equity securities
1,156,294

 
721,779

 
(4,146
)
 
—

 
1,873,927

Short-term investments
541,014

 
4

 
(4
)
 
—

 
541,014

Investments, available-for-sale
$
6,870,260

 
$
1,100,525

 
$
(8,798
)
 
$
(8,872
)
 
$
7,953,115
Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position
The following tables summarize gross unrealized investment losses by the length of time that securities have continuously been in an unrealized loss position.

 
September 30, 2012
 
Less than 12 months
 
12 months or longer
 
Total
(dollars in thousands)
Estimated
Fair
Value
 
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
 
Estimated
Fair
Value
 
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
 
Estimated
Fair
Value
 
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states, municipalities and political subdivisions
$
2,114

 
$
(50
)
 
$
3,873

 
$
(291
)
 
$
5,987

 
$
(341
)
Foreign governments
14,530

 
(1
)
 
—

 
—

 
14,530

 
(1
)
Residential mortgage-backed securities
560

 
(2,259
)
 
249

 
(2
)
 
809

 
(2,261
)
All other corporate bonds
—

 
(6,791
)
 
3,900

 
(79
)
 
3,900

 
(6,870
)
Total fixed maturities
17,204

 
(9,101
)
 
8,022

 
(372
)
 
25,226

 
(9,473
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Insurance companies, banks and trusts
18,449

 
(1,798
)
 
—

 
—

 
18,449

 
(1,798
)
Industrial, consumer and all other
64,568

 
(6,123
)
 
1,971

 
(135
)
 
66,539

 
(6,258
)
Total equity securities
83,017

 
(7,921
)
 
1,971

 
(135
)
 
84,988

 
(8,056
)
Short-term investments
160,991

 
(2
)
 
—

 
—

 
160,991

 
(2
)
Total
$
261,212

 
$
(17,024
)
 
$
9,993

 
$
(507
)
 
$
271,205

 
$
(17,531
)
 
December 31, 2011
 
Less than 12 months
 
12 months or longer
 
Total
(dollars in thousands)
Estimated
Fair
Value
 
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
 
Estimated
Fair
Value
 
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
 
Estimated
Fair
Value
 
Gross
Unrealized
Holding and
Other-Than-
Temporary
Impairment
Losses
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. government agencies
$
32,384

 
$
(9
)
 
$
—

 
$
—

 
$
32,384

 
$
(9
)
Obligations of states, municipalities and political subdivisions
1,016

 
(2
)
 
17,261

 
(792
)
 
18,277

 
(794
)
Foreign governments
40,340

 
(1,068
)
 
—

 
—

 
40,340

 
(1,068
)
Residential mortgage-backed securities
489

 
(2,263
)
 
2,045

 
(13
)
 
2,534

 
(2,276
)
Asset-backed securities
—

 
—

 
32

 
(9
)
 
32

 
(9
)
All other corporate bonds
74,812

 
(7,829
)
 
7,923

 
(1,535
)
 
82,735

 
(9,364
)
Total fixed maturities
149,041

 
(11,171
)
 
27,261

 
(2,349
)
 
176,302

 
(13,520
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Insurance companies, banks and trusts
26,514

 
(1,366
)
 
—

 
—

 
26,514

 
(1,366
)
Industrial, consumer and all other
70,555

 
(2,774
)
 
18,525

 
(6
)
 
89,080

 
(2,780
)
Total equity securities
97,069

 
(4,140
)
 
18,525

 
(6
)
 
115,594

 
(4,146
)
Short-term investments
295,991

 
(4
)
 
—

 
—

 
295,991

 
(4
)
Total
$
542,101

 
$
(15,315
)
 
$
45,786

 
$
(2,355
)
 
$
587,887

 
$
(17,670
)
Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturities at September 30, 2012 are shown below by contractual maturity.

(dollars in thousands)
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
311,759

 
$
316,794

Due after one year through five years
1,282,826

 
1,398,701

Due after five years through ten years
1,617,285

 
1,773,272

Due after ten years
1,345,958

 
1,498,431

 
4,557,828

 
4,987,198

Residential mortgage-backed securities
261,089

 
278,343

Asset-backed securities
14,332

 
15,008

Total fixed maturities
$
4,833,249

 
$
5,280,549
Summary Of Activity For Credit Losses
The following table summarizes the activity for credit losses recognized in net income on fixed maturities where other-than-temporary impairment was identified and a portion of the other-than-temporary impairment was included in other comprehensive income (loss).

 
Quarter Ended September 30,
 
Nine Months Ended September 30,
(dollars in thousands)
2012
 
2011
 
2012
 
2011
Cumulative credit loss, beginning balance
$
21,370

 
$
15,167

 
$
21,370

 
$
10,307

Additions:
 
 
 
 
 
 
 
Other-than-temporary impairment losses not previously recognized
—

 
875

 
—

 
875

Increases related to other-than-temporary impairment losses previously recognized
—

 
598

 
—

 
5,473

Total additions
—

 
1,473

 
—

 
6,348

Reductions:
 
 
 
 
 
 
 
Sales of fixed maturities on which credit losses were recognized
—

 
—

 
—

 
(15
)
Cumulative credit loss, ending balance
$
21,370

 
$
16,640

 
$
21,370

 
$
16,640
Summary Of Net Realized Investment Gains And The Change In Net Unrealized Gains On Investments
The following table presents net realized investment gains and the change in net unrealized gains on investments. 

 
Quarter Ended September 30,
 
Nine Months Ended September 30,
(dollars in thousands)
2012
 
2011
 
2012
 
2011
Realized gains:
 
 
 
 
 
 
 
Sales of fixed maturities
$
2,576

 
$
1,858

 
$
7,863

 
$
12,560

Sales of equity securities
10,403

 
20,078

 
25,865

 
25,896

Other
—

 
940

 
655

 
2,459

Total realized gains
12,979

 
22,876

 
34,383

 
40,915

Realized losses:
 
 
 
 
 
 
 
Sales of fixed maturities
(118
)
 
(53
)
 
(457
)
 
(633
)
Sales of equity securities
(383
)
 
—

 
(331
)
 
—

Other-than-temporary impairments
(3,159
)
 
(9,984
)
 
(4,151
)
 
(14,859
)
Other
(4,088
)
 
—

 
(4,088
)
 
—

Total realized losses
(7,748
)
 
(10,037
)
 
(9,027
)
 
(15,492
)
Net realized investment gains
$
5,231

 
$
12,839

 
$
25,356

 
$
25,423

Change in net unrealized gains on investments:
 
 
 
 
 
 
 
Fixed maturities
$
37,488

 
$
113,936

 
$
82,078

 
$
178,359

Equity securities
98,964

 
(262,264
)
 
248,214

 
(209,346
)
Short-term investments
18

 
1

 
13

 
22

Net increase (decrease)
$
136,470

 
$
(148,327
)
 
$
330,305

 
$
(30,965
)
Summary Of Other-Than-Temporary Impairment Losses Recognized In Net Income And In Net Realized Investment Gains By Investment Type
The following table presents other-than-temporary impairment losses recognized in net income and included in net realized investment gains by investment type.

 
Quarter Ended September 30,
 
Nine Months Ended September 30,
(dollars in thousands)
2012
 
2011
 
2012
 
2011
Fixed maturities:
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
—

 
$
(1,473
)
 
$
—

 
$
(6,348
)
Total fixed maturities
—

 
(1,473
)
 
—

 
(6,348
)
Equity securities:
 
 
 
 
 
 
 
Insurance companies, banks and trusts
(1,615
)
 
(4,048
)
 
(2,441
)
 
(4,048
)
Industrial, consumer and all other
(1,544
)
 
(4,463
)
 
(1,710
)
 
(4,463
)
Total equity securities
(3,159
)
 
(8,511
)
 
(4,151
)
 
(8,511
)
Total
$
(3,159
)
 
$
(9,984
)
 
$
(4,151
)
 
$
(14,859
)