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Investments (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Available-For-Sale Investments
The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies.

 
December 31, 2018
(dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Holding
Gains
 
Gross
Unrealized
Holding
Losses
 
Estimated
Fair
Value
Fixed maturities:
 
 
 
 
 
 
 
U.S. Treasury securities
$
248,286

 
$
308

 
$
(1,952
)
 
$
246,642

U.S. government-sponsored enterprises
357,765

 
5,671

 
(4,114
)
 
359,322

Obligations of states, municipalities and political subdivisions
4,285,068

 
96,730

 
(28,868
)
 
4,352,930

Foreign governments
1,482,826

 
98,356

 
(21,578
)
 
1,559,604

Commercial mortgage-backed securities
1,691,572

 
3,154

 
(44,527
)
 
1,650,199

Residential mortgage-backed securities
886,501

 
6,170

 
(12,499
)
 
880,172

Asset-backed securities
19,614

 
7

 
(213
)
 
19,408

Corporate bonds
979,141

 
13,234

 
(17,464
)
 
974,911

Total fixed maturities
9,950,773

 
223,630

 
(131,215
)
 
10,043,188

Short-term investments
1,080,027

 
443

 
(2,774
)
 
1,077,696

Investments, available-for-sale
$
11,030,800

 
$
224,073

 
$
(133,989
)
 
$
11,120,884

 
 
 
 
 
 
 
 
 
December 31, 2017
(dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Holding
Gains
 
Gross
Unrealized
Holding
Losses
 
Estimated
Fair
Value
Fixed maturities:
 
 
 
 
 
 
 
U.S. Treasury securities
$
162,378

 
$
54

 
$
(1,819
)
 
$
160,613

U.S. government-sponsored enterprises
352,455

 
11,883

 
(818
)
 
363,520

Obligations of states, municipalities and political subdivisions
4,381,358

 
193,120

 
(7,916
)
 
4,566,562

Foreign governments
1,341,628

 
150,010

 
(2,410
)
 
1,489,228

Commercial mortgage-backed securities
1,244,777

 
6,108

 
(16,559
)
 
1,234,326

Residential mortgage-backed securities
846,916

 
14,115

 
(4,863
)
 
856,168

Asset-backed securities
34,942

 
8

 
(222
)
 
34,728

Corporate bonds
1,186,699

 
51,563

 
(2,737
)
 
1,235,525

Total fixed maturities
9,551,153

 
426,861

 
(37,344
)
 
9,940,670

Equity securities: (1)
 
 
 
 
 
 
 
Insurance, banks and other financial institutions
899,324

 
1,209,162

 
(5,453
)
 
2,103,033

Industrial, consumer and all other
1,768,337

 
2,110,959

 
(14,482
)
 
3,864,814

Total equity securities
2,667,661

 
3,320,121

 
(19,935
)
 
5,967,847

Short-term investments
2,161,017

 
26

 
(69
)
 
2,160,974

Investments, available-for-sale
$
14,379,831

 
$
3,747,008

 
$
(57,348
)
 
$
18,069,491


(1) 
Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See note 1.
Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position
 
December 31, 2017
 
Less than 12 months
 
12 months or longer
 
Total
(dollars in thousands)
Estimated
Fair
Value
 
Gross 
Unrealized
Holding
Losses
 
Estimated
Fair
Value
 
Gross 
Unrealized
Holding
Losses
 
Estimated
Fair
Value
 
Gross 
Unrealized
Holding
Losses
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
78,756

 
$
(659
)
 
$
78,298

 
$
(1,160
)
 
$
157,054

 
$
(1,819
)
U.S. government-sponsored enterprises
11,593

 
(79
)
 
89,194

 
(739
)
 
100,787

 
(818
)
Obligations of states, municipalities and political subdivisions
80,654

 
(789
)
 
404,814

 
(7,127
)
 
485,468

 
(7,916
)
Foreign governments
31,752

 
(452
)
 
63,406

 
(1,958
)
 
95,158

 
(2,410
)
Commercial mortgage-backed securities
253,936

 
(1,980
)
 
481,216

 
(14,579
)
 
735,152

 
(16,559
)
Residential mortgage-backed securities
157,508

 
(1,345
)
 
148,960

 
(3,518
)
 
306,468

 
(4,863
)
Asset-backed securities
14,263

 
(123
)
 
15,165

 
(99
)
 
29,428

 
(222
)
Corporate bonds
149,345

 
(863
)
 
187,754

 
(1,874
)
 
337,099

 
(2,737
)
Total fixed maturities
777,807

 
(6,290
)
 
1,468,807

 
(31,054
)
 
2,246,614

 
(37,344
)
Equity securities: (1)
 
 
 
 
 
 
 
 
 
 
 
Insurance, banks and other financial institutions
60,848

 
(4,843
)
 
1,291

 
(610
)
 
62,139

 
(5,453
)
Industrial, consumer and all other
78,552

 
(11,798
)
 
11,243

 
(2,684
)
 
89,795

 
(14,482
)
Total equity securities
139,400

 
(16,641
)
 
12,534

 
(3,294
)
 
151,934

 
(19,935
)
Short-term investments
369,104

 
(69
)
 
—

 
—

 
369,104

 
(69
)
Total
$
1,286,311

 
$
(23,000
)
 
$
1,481,341

 
$
(34,348
)
 
$
2,767,652

 
$
(57,348
)

(1) 
Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See note 1.
The following tables summarize gross unrealized investment losses on available-for-sale investments by the length of time that securities have continuously been in an unrealized loss position.

 
December 31, 2018
 
Less than 12 months
 
12 months or longer
 
Total
(dollars in thousands)
Estimated
Fair
Value
 
Gross 
Unrealized
Holding
Losses
 
Estimated
Fair
Value
 
Gross 
Unrealized
Holding
Losses
 
Estimated
Fair
Value
 
Gross 
Unrealized
Holding
Losses
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
2,922

 
$
(83
)
 
$
156,352

 
$
(1,869
)
 
$
159,274

 
$
(1,952
)
U.S. government-sponsored enterprises
88,854

 
(1,923
)
 
96,337

 
(2,191
)
 
185,191

 
(4,114
)
Obligations of states, municipalities and political subdivisions
656,573

 
(12,455
)
 
453,736

 
(16,413
)
 
1,110,309

 
(28,868
)
Foreign governments
419,764

 
(14,461
)
 
84,776

 
(7,117
)
 
504,540

 
(21,578
)
Commercial mortgage-backed securities
653,410

 
(10,128
)
 
709,971

 
(34,399
)
 
1,363,381

 
(44,527
)
Residential mortgage-backed securities
276,777

 
(3,685
)
 
242,949

 
(8,814
)
 
519,726

 
(12,499
)
Asset-backed securities
1,645

 
(11
)
 
17,030

 
(202
)
 
18,675

 
(213
)
Corporate bonds
313,164

 
(10,965
)
 
222,761

 
(6,499
)
 
535,925

 
(17,464
)
Total fixed maturities
2,413,109

 
(53,711
)
 
1,983,912

 
(77,504
)
 
4,397,021

 
(131,215
)
Short-term investments
197,643

 
(2,774
)
 
—

 
—

 
197,643

 
(2,774
)
Total
$
2,610,752

 
$
(56,485
)
 
$
1,983,912

 
$
(77,504
)
 
$
4,594,664

 
$
(133,989
)
Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturities By Contractual Maturity
The amortized cost and estimated fair value of fixed maturities at December 31, 2018 are shown below by contractual maturity.

(dollars in thousands)
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
377,745

 
$
376,564

Due after one year through five years
1,293,384

 
1,298,995

Due after five years through ten years
2,103,596

 
2,137,866

Due after ten years
3,578,361

 
3,679,984

 
7,353,086

 
7,493,409

Commercial mortgage-backed securities
1,691,572

 
1,650,199

Residential mortgage-backed securities
886,501

 
880,172

Asset-backed securities
19,614

 
19,408

Total fixed maturities
$
9,950,773

 
$
10,043,188
Components Of Net Investment Income
The following table presents the components of net investment income.

 
Years Ended December 31,
(dollars in thousands)
2018
 
2017
 
2016
Interest:
 
 
 
 
 
Municipal bonds (tax-exempt)
$
80,016

 
$
87,768

 
$
88,654

Municipal bonds (taxable)
73,058

 
70,771

 
65,749

Other taxable bonds
159,329

 
145,085

 
144,752

Short-term investments, including overnight deposits
48,765

 
26,772

 
11,177

Dividends on equity securities
90,840

 
82,096

 
70,577

Income (loss) from equity method investments
(1,924
)
 
11,076

 
6,852

Other
881

 
(828
)
 
2,676

 
450,965

 
422,740

 
390,437

Investment expenses
(16,750
)
 
(17,031
)
 
(17,207
)
Net investment income
$
434,215

 
$
405,709

 
$
373,230
Summary Of Net Realized Investment Gains (Losses) And The Change In Net Unrealized Gains On Investments
The following table presents net investment gains (losses) and the change in net unrealized gains on available-for-sale investments.

 
Years Ended December 31,
(dollars in thousands)
2018
 
2017
 
2016
Realized gains:
 
 
 
 
 
Sales and maturities of fixed maturities
$
4,221

 
$
5,525

 
$
5,160

Sales of equity securities (1)
—

 
40,113

 
70,177

Sales and maturities of short-term investments
1,604

 
—

 
—

Other
1,281

 
6,644

 
1,415

Total realized gains
7,106

 
52,282

 
76,752

Realized losses:
 
 
 
 
 
Sales and maturities of fixed maturities
(5,768
)
 
(1,983
)
 
(704
)
Sales of equity securities (1)
—

 
(1,830
)
 
(6,988
)
Sales and maturities of short-term investments
(10,545
)
 
(699
)
 
(522
)
Other-than-temporary impairments
—

 
(7,589
)
 
(18,355
)
Other
(2,767
)
 
(596
)
 
(1,827
)
Total realized losses
(19,080
)
 
(12,697
)
 
(28,396
)
Net realized investment gains (losses)
(11,974
)
 
39,585

 
48,356

Change in fair value of equity securities: (1)
 
 
 
 
 
Change in fair value of equity securities sold during the period
20,177

 
6,989

 
(3,990
)
Change in fair value of equity securities held at the end of the period
(445,799
)
 
(51,877
)
 
20,781

Change in fair value of equity securities (1)
(425,622
)
 
(44,888
)
 
16,791

Net investment gains (losses)
$
(437,596
)
 
$
(5,303
)
 
$
65,147

Change in net unrealized gains on available-for-sale investments included in other comprehensive income (loss):
 
 
 
 
 
Fixed maturities
$
(297,158
)
 
$
89,741

 
$
(56,534
)
Equity securities (1)
—

 
1,035,793

 
398,752

Short-term investments
(2,288
)
 
(94
)
 
(107
)
Net increase (decrease)
$
(299,446
)
 
$
1,125,440

 
$
342,111


(1) 
Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. See note 1. Prior to adopting ASU No. 2016-01, the Company recorded certain investments in equity securities at estimated fair value with changes in fair value recorded in net income.
Schedule of Restricted Assets [Table Text Block]
Total restricted assets are included on the Company's consolidated balance sheets as follows.

 
December 31,
(dollars in thousands)
2018
 
2017
Investments
$
4,781,566

 
$
4,672,073

Restricted cash and cash equivalents
382,264

 
302,387

Total
$
5,163,830

 
$
4,974,460
Components Of Restricted Assets
The following table presents the components of restricted assets.
 
December 31,
(dollars in thousands)
2018
 
2017
Restricted assets held in trust or on deposit to support underwriting activities
$
4,780,613

 
$
4,624,998

Investments and cash and cash equivalents pledged as security for letters of credit
383,217

 
349,462

Total
$
5,163,830

 
$
4,974,460