Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

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

	March 31, 2012
(dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Investments available-for-sale:
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies	$	—	$	346,078	$	—	$	346,078
Obligations of states, municipalities and political subdivisions	—		2,916,876		—		2,916,876
Foreign governments	—		620,719		—		620,719
Residential mortgage-backed securities	—		353,253		—		353,253
Asset-backed securities	—		16,467		—		16,467
Public utilities	—		70,830		—		70,830
All other corporate bonds	—		1,183,441		—		1,183,441
Total fixed maturities	—		5,507,664		—		5,507,664
Equity securities:
Insurance companies, banks and trusts	768,342		—		—		768,342
Industrial, consumer and all other	1,398,499		—		—		1,398,499
Total equity securities	2,166,841		—		—		2,166,841
Short-term investments	401,162		62,532		—		463,694
Total investments available-for-sale	2,568,003		5,570,196		—		8,138,199
Liabilities:
Derivative contracts	$	—	$	—	$	18,270	$	18,270

	December 31, 2011
(dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Investments available-for-sale:
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies	$	—	$	322,193	$	—	$	322,193
Obligations of states, municipalities and political subdivisions	—		2,930,521		—		2,930,521
Foreign governments	—		616,814		—		616,814
Residential mortgage-backed securities	—		389,184		—		389,184
Asset-backed securities	—		16,818		—		16,818
Public utilities	—		69,427		—		69,427
All other corporate bonds	—		1,193,217		—		1,193,217
Total fixed maturities	—		5,538,174		—		5,538,174
Equity securities:
Insurance companies, banks and trusts	684,703		—		—		684,703
Industrial, consumer and all other	1,189,224		—		—		1,189,224
Total equity securities	1,873,927		—		—		1,873,927
Short-term investments	477,348		63,666		—		541,014
Total investments available-for-sale	2,351,275		5,601,840		—		7,953,115
Liabilities:
Derivative contracts	$	—	$	—	$	29,331	$	29,331

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

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

	Three Months Ended March 31,
(dollars in thousands)	2012				2011
Derivatives, Beginning of Period	$	29,331			$	25,228
Total gains included in:
Net income	(11,061		)		(1,661		)
Other comprehensive income	—				—
Transfers into Level 3	—				—
Transfers out of Level 3	—				—
Derivatives, End of Period	$	18,270			$	23,567
Net unrealized gains included in net income relating to liabilities held at March 31, 2012 and 2011	$	11,061		(1)	$	1,661		(1)

(1) Included in net investment income in the consolidated statements of income and comprehensive income.