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Investments (Tables)
 3 Months Ended
Mar. 31, 2019
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.

 
March 31, 2019
(dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Holding
Gains
 
Gross
Unrealized
Holding
Losses
 
Estimated
Fair
Value
Fixed maturities:
 
 
 
 
 
 
 
U.S. Treasury securities
$
272,837

 
$
1,048

 
$
(1,113
)
 
$
272,772

U.S. government-sponsored enterprises
356,042

 
12,121

 
(843
)
 
367,320

Obligations of states, municipalities and political subdivisions
4,206,957

 
156,087

 
(6,191
)
 
4,356,853

Foreign governments
1,481,680

 
133,912

 
(8,693
)
 
1,606,899

Commercial mortgage-backed securities
1,690,466

 
17,161

 
(24,016
)
 
1,683,611

Residential mortgage-backed securities
879,245

 
15,176

 
(4,544
)
 
889,877

Asset-backed securities
13,185

 
9

 
(105
)
 
13,089

Corporate bonds
952,298

 
26,346

 
(6,646
)
 
971,998

Total fixed maturities
9,852,710

 
361,860

 
(52,151
)
 
10,162,419

Short-term investments
755,264

 
130

 
(1,106
)
 
754,288

Investments, available-for-sale
$
10,607,974

 
$
361,990

 
$
(53,257
)
 
$
10,916,707


 
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
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 on available-for-sale investments by the length of time that securities have continuously been in an unrealized loss position.

 
March 31, 2019
 
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
$
—

 
$
—

 
$
127,227

 
$
(1,113
)
 
$
127,227

 
$
(1,113
)
U.S. government-sponsored enterprises
—

 
—

 
93,014

 
(843
)
 
93,014

 
(843
)
Obligations of states, municipalities and political subdivisions
4,781

 
(33
)
 
370,149

 
(6,158
)
 
374,930

 
(6,191
)
Foreign governments
137,317

 
(3,048
)
 
147,720

 
(5,645
)
 
285,037

 
(8,693
)
Commercial mortgage-backed securities
8,865

 
(157
)
 
724,587

 
(23,859
)
 
733,452

 
(24,016
)
Residential mortgage-backed securities
1,874

 
(12
)
 
245,331

 
(4,532
)
 
247,205

 
(4,544
)
Asset-backed securities
—

 
—

 
12,371

 
(105
)
 
12,371

 
(105
)
Corporate bonds
56,587

 
(1,385
)
 
312,113

 
(5,261
)
 
368,700

 
(6,646
)
Total fixed maturities
209,424

 
(4,635
)
 
2,032,512

 
(47,516
)
 
2,241,936

 
(52,151
)
Short-term investments
74,250

 
(1,106
)
 
—

 
—

 
74,250

 
(1,106
)
Total
$
283,674

 
$
(5,741
)
 
$
2,032,512

 
$
(47,516
)
 
$
2,316,186

 
$
(53,257
)
 
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 Maturity Securities By Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturities at March 31, 2019 are shown below by contractual maturity.

(dollars in thousands)
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
405,074

 
$
403,559

Due after one year through five years
1,297,910

 
1,316,382

Due after five years through ten years
2,140,339

 
2,221,684

Due after ten years
3,426,491

 
3,634,217

 
7,269,814

 
7,575,842

Commercial mortgage-backed securities
1,690,466

 
1,683,611

Residential mortgage-backed securities
879,245

 
889,877

Asset-backed securities
13,185

 
13,089

Total fixed maturities
$
9,852,710

 
$
10,162,419
Components Of Net Investment Income
The following table presents the components of net investment income.

 
Three Months Ended March 31,
(dollars in thousands)
2019
 
2018
Interest:
 
 
 
Municipal bonds (tax-exempt)
$
18,826

 
$
20,935

Municipal bonds (taxable)
18,579

 
17,633

Other taxable bonds
40,781

 
37,469

Short-term investments, including overnight deposits
10,212

 
10,590

Dividends on equity securities
25,786

 
24,007

Income from equity method investments
1,896

 
1,778

Other
2,301

 
(110
)
 
118,381

 
112,302

Investment expenses
(4,199
)
 
(4,286
)
Net investment income
$
114,182

 
$
108,016
Summary Of Net Investment Gains (Losses) And The Change In Net Unrealized Gains On Available-For-Sale Investments
The following table presents net investment gains (losses) and the change in net unrealized gains on available-for-sale investments. 

 
Three Months Ended March 31,
(dollars in thousands)
2019
 
2018
Realized gains:
 
 
 
Sales and maturities of fixed maturities
$
144

 
$
141

Sales and maturities of short-term investments
1,591

 
2,865

Other
8

 
889

Total realized gains
1,743

 
3,895

Realized losses:
 
 
 
Sales and maturities of fixed maturities
(280
)
 
(952
)
Sales and maturities of short-term investments
(782
)
 
(1,158
)
Other
—

 
(2,731
)
Total realized losses
(1,062
)
 
(4,841
)
Net realized investment gains (losses)
681

 
(946
)
Change in fair value of equity securities:
 
 
 
Change in fair value of equity securities sold during the period
10,558

 
5,130

Change in fair value of equity securities held at the end of the period
600,952

 
(127,182
)
Change in fair value of equity securities
611,510

 
(122,052
)
Net investment gains (losses)
$
612,191

 
$
(122,998
)
Change in net unrealized gains on available-for-sale investments included in other comprehensive income (loss):
 
 
 
Fixed maturities
$
217,294

 
$
(144,168
)
Short-term investments
1,355

 
47

Net increase (decrease)
$
218,649

 
$
(144,121
)