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Investments (Tables)
 6 Months Ended
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Available-For-Sale Investments
The following tables summarize the Company's available-for-sale investments.

 
June 30, 2014
(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
$
686,266

 
$
10,556

 
$
(6,525
)
 
$
—

 
$
690,297

Obligations of states, municipalities and political subdivisions
3,739,430

 
202,143

 
(8,130
)
 
—

 
3,933,443

Foreign governments
1,530,623

 
65,660

 
(3,246
)
 
—

 
1,593,037

Commercial mortgage-backed securities
384,657

 
1,698

 
(2,490
)
 
—

 
383,865

Residential mortgage-backed securities
995,488

 
21,847

 
(6,956
)
 
(2,258
)
 
1,008,121

Asset-backed securities
150,103

 
271

 
(903
)
 
—

 
149,471

Corporate bonds
2,497,016

 
56,391

 
(16,371
)
 
(2,042
)
 
2,534,994

Total fixed maturities
9,983,583

 
358,566

 
(44,621
)
 
(4,300
)
 
10,293,228

Equity securities:
 
 
 
 
 
 
 
 
 
Insurance, banks and other financial institutions
468,758

 
647,078

 
(123
)
 
—

 
1,115,713

Industrial, consumer and all other
1,293,306

 
1,258,430

 
(1,431
)
 
—

 
2,550,305

Total equity securities
1,762,064

 
1,905,508

 
(1,554
)
 
—

 
3,666,018

Short-term investments
1,749,588

 
17

 
(1
)
 
—

 
1,749,604

Investments, available-for-sale
$
13,495,235

 
$
2,264,091

 
$
(46,176
)
 
$
(4,300
)
 
$
15,708,850

 
December 31, 2013
(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
$
1,215,522

 
$
9,051

 
$
(30,342
)
 
$
—

 
$
1,194,231

Obligations of states, municipalities and political subdivisions
2,986,758

 
116,341

 
(27,384
)
 
—

 
3,075,715

Foreign governments
1,484,818

 
30,647

 
(54,411
)
 
—

 
1,461,054

Commercial mortgage-backed securities
379,555

 
62

 
(11,796
)
 
—

 
367,821

Residential mortgage-backed securities
875,902

 
13,046

 
(16,442
)
 
(2,258
)
 
870,248

Asset-backed securities
189,646

 
257

 
(1,614
)
 
—

 
188,289

Corporate bonds
2,996,940

 
54,777

 
(61,650
)
 
(4,889
)
 
2,985,178

Total fixed maturities
10,129,141

 
224,181

 
(203,639
)
 
(7,147
)
 
10,142,536

Equity securities:
 
 
 
 
 
 
 
 
 
Insurance, banks and other financial institutions
422,975

 
592,112

 
(4
)
 
—

 
1,015,083

Industrial, consumer and all other
1,143,578

 
1,094,251

 
(1,114
)
 
—

 
2,236,715

Total equity securities
1,566,553

 
1,686,363

 
(1,118
)
 
—

 
3,251,798

Short-term investments
1,452,270

 
18

 
—

 
—

 
1,452,288

Investments, available-for-sale
$
13,147,964

 
$
1,910,562

 
$
(204,757
)
 
$
(7,147
)
 
$
14,846,622
Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position
 
December 31, 2013
 
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
$
587,929

 
$
(30,342
)
 
$
—

 
$
—

 
$
587,929

 
$
(30,342
)
Obligations of states, municipalities and political subdivisions
513,608

 
(27,238
)
 
3,512

 
(146
)
 
517,120

 
(27,384
)
Foreign governments
950,040

 
(54,411
)
 
—

 
—

 
950,040

 
(54,411
)
Commercial mortgage-backed securities
357,737

 
(11,796
)
 
—

 
—

 
357,737

 
(11,796
)
Residential mortgage-backed securities
437,675

 
(18,700
)
 
—

 
—

 
437,675

 
(18,700
)
Asset-backed securities
142,011

 
(1,614
)
 
—

 
—

 
142,011

 
(1,614
)
Corporate bonds
1,817,737

 
(66,539
)
 
—

 
—

 
1,817,737

 
(66,539
)
Total fixed maturities
4,806,737

 
(210,640
)
 
3,512

 
(146
)
 
4,810,249

 
(210,786
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Insurance, banks and other financial institutions
144

 
(4
)
 
—

 
—

 
144

 
(4
)
Industrial, consumer and all other
20,943

 
(714
)
 
27,735

 
(400
)
 
48,678

 
(1,114
)
Total equity securities
21,087

 
(718
)
 
27,735

 
(400
)
 
48,822

 
(1,118
)
Total
$
4,827,824

 
$
(211,358
)
 
$
31,247

 
$
(546
)
 
$
4,859,071

 
$
(211,904
)
The following tables summarize gross unrealized investment losses by the length of time that securities have continuously been in an unrealized loss position.

 
June 30, 2014
 
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
$
30,804

 
$
(27
)
 
$
223,178

 
$
(6,498
)
 
$
253,982

 
$
(6,525
)
Obligations of states, municipalities and political subdivisions
19,254

 
(172
)
 
191,416

 
(7,958
)
 
210,670

 
(8,130
)
Foreign governments
38,376

 
(252
)
 
213,586

 
(2,994
)
 
251,962

 
(3,246
)
Commercial mortgage-backed securities
10,164

 
(22
)
 
168,395

 
(2,468
)
 
178,559

 
(2,490
)
Residential mortgage-backed securities
40,190

 
(2,417
)
 
272,115

 
(6,797
)
 
312,305

 
(9,214
)
Asset-backed securities
6,779

 
(70
)
 
56,014

 
(833
)
 
62,793

 
(903
)
Corporate bonds
30,233

 
(2,410
)
 
795,116

 
(16,003
)
 
825,349

 
(18,413
)
Total fixed maturities
175,800

 
(5,370
)
 
1,919,820

 
(43,551
)
 
2,095,620

 
(48,921
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Insurance, banks and other financial institutions
6,302

 
(123
)
 
—

 
—

 
6,302

 
(123
)
Industrial, consumer and all other
34,293

 
(1,431
)
 
—

 
—

 
34,293

 
(1,431
)
Total equity securities
40,595

 
(1,554
)
 
—

 
—

 
40,595

 
(1,554
)
Short-term investments
314,995

 
(1
)
 
—

 
—

 
314,995

 
(1
)
Total
$
531,390

 
$
(6,925
)
 
$
1,919,820

 
$
(43,551
)
 
$
2,451,210

 
$
(50,476
)
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 June 30, 2014 are shown below by contractual maturity.

(dollars in thousands)
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
685,920

 
$
692,956

Due after one year through five years
2,273,952

 
2,331,498

Due after five years through ten years
2,128,510

 
2,226,376

Due after ten years
3,364,953

 
3,500,941

 
8,453,335

 
8,751,771

Commercial mortgage-backed securities
384,657

 
383,865

Residential mortgage-backed securities
995,488

 
1,008,121

Asset-backed securities
150,103

 
149,471

Total fixed maturities
$
9,983,583

 
$
10,293,228
Components Of Net Investment Income
The following table presents the components of net investment income.

 
Quarter Ended June 30,
 
Six Months Ended June 30,
(dollars in thousands)
2014
 
2013
 
2014
 
2013
Interest:
 
 
 
 
 
 
 
Municipal bonds (tax-exempt)
$
25,187

 
$
21,062

 
$
48,291

 
$
42,510

Municipal bonds (taxable)
12,614

 
6,958

 
21,610

 
12,661

Other taxable bonds
40,109

 
32,825

 
75,853

 
54,158

Short-term investments, including overnight deposits
1,608

 
604

 
3,082

 
1,274

Dividends on equity securities
14,508

 
10,761

 
31,364

 
23,541

Change in fair value of credit default swap
450

 
3,910

 
1,610

 
7,200

Income from equity method investments
1,458

 
4,893

 
5,041

 
6,883

Other
73

 
88

 
92

 
149

 
96,007

 
81,101

 
186,943

 
148,376

Investment expenses
(3,838
)
 
(3,122
)
 
(8,059
)
 
(5,780
)
Net investment income
$
92,169

 
$
77,979

 
$
178,884

 
$
142,596
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 June 30,
 
Six Months Ended June 30,
(dollars in thousands)
2014
 
2013
 
2014
 
2013
Cumulative credit loss, beginning balance
$
12,735

 
$
21,370

 
$
12,748

 
$
21,370

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

 
—

 
—

 
—

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

 
—

 
—

 
—

Total additions
—

 
—

 
—

 
—

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

 
—

 
(13
)
 
—

Cumulative credit loss, ending balance
$
12,735

 
$
21,370

 
$
12,735

 
$
21,370
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 June 30,
 
Six Months Ended June 30,
(dollars in thousands)
2014
 
2013
 
2014
 
2013
Realized gains:
 
 
 
 
 
 
 
Sales of fixed maturities
$
1,642

 
$
902

 
$
5,643

 
$
1,152

Sales of equity securities
14,051

 
15,994

 
26,094

 
33,915

Other
4,405

 
53

 
14,315

 
53

Total realized gains
20,098

 
16,949

 
46,052

 
35,120

Realized losses:
 
 
 
 
 
 
 
Sales of fixed maturities
(8,246
)
 
(797
)
 
(16,148
)
 
(898
)
Sales of equity securities
(99
)
 
(17
)
 
(143
)
 
(170
)
Other-than-temporary impairments
(1,007
)
 
(4,589
)
 
(1,007
)
 
(4,589
)
Other
(3,626
)
 
—

 
(4,240
)
 
—

Total realized losses
(12,978
)
 
(5,403
)
 
(21,538
)
 
(5,657
)
Net realized investment gains
$
7,120

 
$
11,546

 
$
24,514

 
$
29,463

Change in net unrealized gains on investments:
 
 
 
 
 
 
 
Fixed maturities
$
147,439

 
$
(306,449
)
 
$
296,250

 
$
(337,797
)
Equity securities
152,256

 
58,711

 
218,709

 
339,606

Short-term investments
(3
)
 
(7
)
 
(2
)
 
(2
)
Net increase (decrease)
$
299,692

 
$
(247,745
)
 
$
514,957

 
$
1,807
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 gains by investment type.
 
Quarter Ended June 30,
 
Six Months Ended June 30,
(dollars in thousands)
2014
 
2013
 
2014
 
2013
Fixed maturities:
 
 
 
 
 
 
 
Obligations of states, municipalities and political subdivisions
$
—

 
$
(1,242
)
 
$
—

 
$
(1,242
)
Residential mortgage-backed securities
—

 
(523
)
 
—

 
(523
)
Asset-backed securities
(197
)
 
—

 
(197
)
 
—

Total fixed maturities
(197
)
 
(1,765
)
 
(197
)
 
(1,765
)
Equity securities:
 
 
 
 
 
 
 
Industrial, consumer and all other
(810
)
 
(2,824
)
 
(810
)
 
(2,824
)
Total equity securities
(810
)
 
(2,824
)
 
(810
)
 
(2,824
)
Total
$
(1,007
)
 
$
(4,589
)
 
$
(1,007
)
 
$
(4,589
)