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Investments (Tables)
 6 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Available-For-Sale Investments
The following tables summarize the Company's available-for-sale investments.

 
June 30, 2016
(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
$
674,801

 
$
25,489

 
$
(9
)
 
$
—

 
$
700,281

Obligations of states, municipalities and political subdivisions
4,193,114

 
370,264

 
(2,329
)
 
—

 
4,561,049

Foreign governments
1,349,640

 
233,884

 
(305
)
 
—

 
1,583,219

Commercial mortgage-backed securities
975,606

 
48,531

 
(533
)
 
—

 
1,023,604

Residential mortgage-backed securities
805,631

 
57,100

 
(529
)
 
(2,258
)
 
859,944

Asset-backed securities
28,232

 
127

 
(17
)
 
—

 
28,342

Corporate bonds
1,563,313

 
82,823

 
(1,293
)
 
(1,653
)
 
1,643,190

Total fixed maturities
9,590,337

 
818,218

 
(5,015
)
 
(3,911
)
 
10,399,629

Equity securities:
 
 
 
 
 
 
 
 
 
Insurance, banks and other financial institutions
835,144

 
769,505

 
(12,641
)
 
—

 
1,592,008

Industrial, consumer and all other
1,555,040

 
1,270,474

 
(21,953
)
 
—

 
2,803,561

Total equity securities
2,390,184

 
2,039,979

 
(34,594
)
 
—

 
4,395,569

Short-term investments
1,995,368

 
124

 
(1
)
 
—

 
1,995,491

Investments, available-for-sale
$
13,975,889

 
$
2,858,321

 
$
(39,610
)
 
$
(3,911
)
 
$
16,790,689

 
December 31, 2015
(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
$
695,652

 
$
9,836

 
$
(4,781
)
 
$
—

 
$
700,707

Obligations of states, municipalities and political subdivisions
3,817,136

 
204,302

 
(8,225
)
 
—

 
4,013,213

Foreign governments
1,302,329

 
115,809

 
(1,681
)
 
—

 
1,416,457

Commercial mortgage-backed securities
657,670

 
6,867

 
(4,999
)
 
—

 
659,538

Residential mortgage-backed securities
837,964

 
22,563

 
(4,022
)
 
(2,258
)
 
854,247

Asset-backed securities
36,462

 
15

 
(406
)
 
—

 
36,071

Corporate bonds
1,690,945

 
41,123

 
(16,209
)
 
(1,624
)
 
1,714,235

Total fixed maturities
9,038,158

 
400,515

 
(40,323
)
 
(3,882
)
 
9,394,468

Equity securities:
 
 
 
 
 
 
 
 
 
Insurance, banks and other financial institutions
651,002

 
690,271

 
(6,551
)
 
—

 
1,334,722

Industrial, consumer and all other
1,557,832

 
1,227,052

 
(45,131
)
 
—

 
2,739,753

Total equity securities
2,208,834

 
1,917,323

 
(51,682
)
 
—

 
4,074,475

Short-term investments
1,642,103

 
167

 
(9
)
 
—

 
1,642,261

Investments, available-for-sale
$
12,889,095

 
$
2,318,005

 
$
(92,014
)
 
$
(3,882
)
 
$
15,111,204
Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position
 
December 31, 2015
 
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
$
427,003

 
$
(3,648
)
 
$
92,552

 
$
(1,133
)
 
$
519,555

 
$
(4,781
)
Obligations of states, municipalities and political subdivisions
169,362

 
(4,864
)
 
70,101

 
(3,361
)
 
239,463

 
(8,225
)
Foreign governments
51,328

 
(249
)
 
40,345

 
(1,432
)
 
91,673

 
(1,681
)
Commercial mortgage-backed securities
289,058

 
(3,600
)
 
95,843

 
(1,399
)
 
384,901

 
(4,999
)
Residential mortgage-backed securities
78,814

 
(2,858
)
 
137,100

 
(3,422
)
 
215,914

 
(6,280
)
Asset-backed securities
6,228

 
(54
)
 
24,315

 
(352
)
 
30,543

 
(406
)
Corporate bonds
470,694

 
(9,509
)
 
343,737

 
(8,324
)
 
814,431

 
(17,833
)
Total fixed maturities
1,492,487

 
(24,782
)
 
803,993

 
(19,423
)
 
2,296,480

 
(44,205
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Insurance, banks and other financial institutions
63,873

 
(6,384
)
 
6,247

 
(167
)
 
70,120

 
(6,551
)
Industrial, consumer and all other
344,857

 
(44,879
)
 
2,907

 
(252
)
 
347,764

 
(45,131
)
Total equity securities
408,730

 
(51,263
)
 
9,154

 
(419
)
 
417,884

 
(51,682
)
Short-term investments
129,473

 
(9
)
 
—

 
—

 
129,473

 
(9
)
Total
$
2,030,690

 
$
(76,054
)
 
$
813,147

 
$
(19,842
)
 
$
2,843,837

 
$
(95,896
)
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, 2016
 
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
$
7,537

 
$
(7
)
 
$
8,529

 
$
(2
)
 
$
16,066

 
$
(9
)
Obligations of states, municipalities and political subdivisions
2,789

 
(2
)
 
47,301

 
(2,327
)
 
50,090

 
(2,329
)
Foreign governments
42,255

 
(304
)
 
5,026

 
(1
)
 
47,281

 
(305
)
Commercial mortgage-backed securities
23,518

 
(142
)
 
63,738

 
(391
)
 
87,256

 
(533
)
Residential mortgage-backed securities
6,584

 
(2,304
)
 
104,340

 
(483
)
 
110,924

 
(2,787
)
Asset-backed securities
—

 
—

 
6,316

 
(17
)
 
6,316

 
(17
)
Corporate bonds
37,222

 
(1,664
)
 
104,194

 
(1,282
)
 
141,416

 
(2,946
)
Total fixed maturities
119,905

 
(4,423
)
 
339,444

 
(4,503
)
 
459,349

 
(8,926
)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Insurance, banks and other financial institutions
77,737

 
(12,641
)
 
—

 
—

 
77,737

 
(12,641
)
Industrial, consumer and all other
191,170

 
(19,887
)
 
27,819

 
(2,066
)
 
218,989

 
(21,953
)
Total equity securities
268,907

 
(32,528
)
 
27,819

 
(2,066
)
 
296,726

 
(34,594
)
Short-term investments
99,977

 
(1
)
 
—

 
—

 
99,977

 
(1
)
Total
$
488,789

 
$
(36,952
)
 
$
367,263

 
$
(6,569
)
 
$
856,052

 
$
(43,521
)
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, 2016 are shown below by contractual maturity.

(dollars in thousands)
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
720,305

 
$
726,444

Due after one year through five years
1,386,900

 
1,441,314

Due after five years through ten years
1,654,425

 
1,802,966

Due after ten years
4,019,238

 
4,517,015

 
7,780,868

 
8,487,739

Commercial mortgage-backed securities
975,606

 
1,023,604

Residential mortgage-backed securities
805,631

 
859,944

Asset-backed securities
28,232

 
28,342

Total fixed maturities
$
9,590,337

 
$
10,399,629
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)
2016
 
2015
 
2016
 
2015
Interest:
 
 
 
 
 
 
 
Municipal bonds (tax-exempt)
$
22,563

 
$
24,293

 
$
44,485

 
$
50,145

Municipal bonds (taxable)
16,222

 
14,150

 
32,110

 
28,250

Other taxable bonds
36,959

 
34,013

 
72,278

 
69,151

Short-term investments, including overnight deposits
2,654

 
1,116

 
4,945

 
2,367

Dividends on equity securities
16,758

 
18,633

 
34,410

 
37,657

Income from equity method investments
3,921

 
1,712

 
3,668

 
3,056

Other
190

 
479

 
2,674

 
540

 
99,267

 
94,396

 
194,570

 
191,166

Investment expenses
(4,271
)
 
(3,810
)
 
(8,280
)
 
(7,705
)
Net investment income
$
94,996

 
$
90,586

 
$
186,290

 
$
183,461
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)
2016
 
2015
 
2016
 
2015
Realized gains:
 
 
 
 
 
 
 
Sales of fixed maturities
$
699

 
$
770

 
$
967

 
$
2,338

Sales of equity securities
17,798

 
7,000

 
45,526

 
22,956

Other
353

 
1,739

 
773

 
2,413

Total realized gains
18,850

 
9,509

 
47,266

 
27,707

Realized losses:
 
 
 
 
 
 
 
Sales of fixed maturities
(142
)
 
(97
)
 
(555
)
 
(221
)
Sales of equity securities
(1,780
)
 
(113
)
 
(2,498
)
 
(272
)
Other-than-temporary impairments
(3,675
)
 
—

 
(12,080
)
 
(5,092
)
Other
(718
)
 
(16
)
 
(2,996
)
 
(227
)
Total realized losses
(6,315
)
 
(226
)
 
(18,129
)
 
(5,812
)
Gains (losses) on securities measured at fair value through net income
4,706

 
(3,178
)
 
9,283

 
(10,219
)
Net realized investment gains
$
17,241

 
$
6,105

 
$
38,420

 
$
11,676

Change in net unrealized gains on investments included in other comprehensive income (loss):
 
 
 
 
 
 
 
Fixed maturities
$
213,026

 
$
(286,551
)
 
$
452,982

 
$
(180,213
)
Equity securities
42,786

 
(64,792
)
 
139,744

 
(6,447
)
Short-term investments
32

 
11

 
(35
)
 
(9
)
Net increase (decrease)
$
255,844

 
$
(351,332
)
 
$
592,691

 
$
(186,669
)