Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]

Assets And Liabilities Measured At Fair value, On A Recurring Basis

The following tables present the assets and liabilities measured at fair value, on a recurring basis, as of March 31, 2012 and December 31, 2011 by Level:

(Dollars in thousands)	Total		Level 1		Level 2		Level 3
March 31, 2012
Assets:
Fixed maturity securities available for sale:
U.S. government and agency	$	1,026,262	$	—	$	1,026,262	$	—
State and municipal	5,261,808		—		5,261,808		—
Mortgage-backed securities	1,534,174		—		1,534,174		—
Corporate	2,610,280		—		2,544,459		65,821
Foreign	1,005,993		—		1,005,993		—
Total fixed maturity securities available for sale	11,438,517		—		11,372,696		65,821
Equity securities available for sale:
Common stocks	365,237		363,828		—		1,409
Preferred stocks	123,983		—		120,802		3,181
Total equity securities available for sale	489,220		363,828		120,802		4,590
Arbitrage trading account	344,892		179,400		164,818		674
Total	$	12,272,629	$	543,228	$	11,658,316	$	71,085
Liabilities:
Securities sold but not yet purchased	$	71,386	$	62,924	$	8,421	$	41
December 31, 2011
Assets:
Fixed maturity securities available for sale:
U.S. government and agency	$	976,493	$	—	$	976,493	$	—
State and municipal	5,323,070		—		5,323,070		—
Mortgage-backed securities	1,584,587		—		1,584,587		—
Corporate	2,424,424		—		2,356,596		67,828
Foreign	888,354		—		888,354		—
Total fixed maturity securities available for sale	11,196,928		—		11,129,100		67,828
Equity securities available for sale:
Common stocks	319,982		318,423		—		1,559
Preferred stocks	123,457		—		111,154		12,303
Total equity securities available for sale	443,439		318,423		111,154		13,862
Arbitrage trading account	397,312		208,516		187,945		851
Total	$	12,037,679	$	526,939	$	11,428,199	$	82,541
Liabilities:
Securities sold but not yet purchased	$	62,514	$	62,493	$	—	$	21

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2012 and for the year ended December 31, 2011:

			Gains (Losses) Included in
(Dollars in thousands)	Beginning Balance		Earnings			Other Comprehensive Income				Purchases			(Sales)			Maturities			Transfer in		Ending Balance
For the three months ended March 31, 2012:
Assets:
Fixed maturity securities available for sale:
Corporate	$	67,828	$	113		$	1,294			$	74		$	—		$	(3,488	)	$	—	$	65,821
Total	67,828		113			1,294				74			—			(3,488		)	—		65,821
Equity securities available for sale:
Common stocks	1,559		—			—				—			(150		)	—			—		1,409
Preferred stocks	12,303		1,962			(1,751		)		—			(9,333		)	—			—		3,181
Total	13,862		1,962			(1,751		)		—			(9,483		)	—			—		4,590
Arbitrage trading account	851		(192		)	—			—	—		—	—			—			15		674
Total	$	82,541	$	1,883		$	(457	)		$	74		$	(9,483	)	$	(3,488	)	$	15	$	71,085
Liabilities:
Securities sold but not yet purchased	$	21	$	20		$	—			$	—		$	—		$	—		$	—	$	41
For the year ended December 31, 2011
Assets:
Fixed maturity securities available for sale:
Corporate	$	88,063	$	(454	)	$	(870	)		$	15,271		$	(11,864	)	$	(22,318	)	$	—	$	67,828
Total	88,063		(454		)	(870		)		15,271			(11,864		)	(22,318		)	—		67,828
Equity securities available for sale:
Common stocks	1,559		—			—				—			—			—			—		1,559
Preferred stocks	89,446		28,947			(30,865		)		—			(75,225		)	—			—		12,303
Total	91,005		28,947			(30,865		)		—			(75,225		)	—			—		13,862
Arbitrage trading account	3,187		572			—				269			(3,266		)	—			89		851
Total	$	182,255	$	29,065		$	(31,735	)		$	15,540		$	(90,355	)	$	(22,318	)	$	89	$	82,541
Liabilities:
Securities sold but not yet purchased	$	—	$	40		$	—			$	67		$	(86	)	$	—		$	—	$	21