Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Balances Of Assets Measured At Fair Value On A Recurring Basis

The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy.

	June 30, 2019
(dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Fixed maturities, available-for-sale:
U.S. Treasury securities	$	—	$	297,673	$	—	$	297,673
U.S. government-sponsored enterprises	—		356,859		—		356,859
Obligations of states, municipalities and political subdivisions	—		4,362,197		—		4,362,197
Foreign governments	—		1,632,575		—		1,632,575
Commercial mortgage-backed securities	—		1,758,022		—		1,758,022
Residential mortgage-backed securities	—		909,969		—		909,969
Asset-backed securities	—		11,196		—		11,196
Corporate bonds	—		930,149		—		930,149
Total fixed maturities, available-for-sale	—		10,258,640		—		10,258,640
Equity securities:
Insurance, banks and other financial institutions	2,219,767		—		37,988		2,257,755
Industrial, consumer and all other	4,618,178		—		—		4,618,178
Total equity securities	6,837,945		—		37,988		6,875,933
Short-term investments, available-for-sale	1,279,382		104,190		—		1,383,572
Total investments	$	8,117,327	$	10,362,830	$	37,988	$	18,518,145

	December 31, 2018
(dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Fixed maturities, available-for-sale:
U.S. Treasury securities	$	—	$	246,642	$	—	$	246,642
U.S. government-sponsored enterprises	—		359,322		—		359,322
Obligations of states, municipalities and political subdivisions	—		4,352,930		—		4,352,930
Foreign governments	—		1,559,604		—		1,559,604
Commercial mortgage-backed securities	—		1,650,199		—		1,650,199
Residential mortgage-backed securities	—		880,172		—		880,172
Asset-backed securities	—		19,408		—		19,408
Corporate bonds	—		974,911		—		974,911
Total fixed maturities, available-for-sale	—		10,043,188		—		10,043,188
Equity securities:
Insurance, banks and other financial institutions	1,876,811		—		53,728		1,930,539
Industrial, consumer and all other	3,790,406		—		—		3,790,406
Total equity securities	5,667,217		—		53,728		5,720,945
Short-term investments, available-for-sale	981,616		96,080		—		1,077,696
Total investments	$	6,648,833	$	10,139,268	$	53,728	$	16,841,829

Summary Of Changes In Level 3 Investments Measured At Fair Value On A Recurring Basis

The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis.

	Quarter Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2019			2018			2019			2018
Equity securities, beginning of period	$	44,812		$	151,398		$	53,728		$	168,809
Purchases	500			—			500			28,900
Sales	—			(6,401		)	(6,869		)	(34,653		)
Net investment losses on Level 3 investments	(7,324		)	(25,322		)	(9,371		)	(43,381		)
Transfers into Level 3	—			—			—			—
Transfers out of Level 3	—			—			—			—
Equity securities, end of period	$	37,988		$	119,675		$	37,988		$	119,675