Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2012 and December 31, 2011 by Level:

(Dollars in thousands)	Total		Level 1		Level 2		Level 3
September 30, 2012
Assets:
Fixed maturity securities available for sale:
U.S. government and agency	$	937,313	$	—	$	937,313	$	—
State and municipal	4,842,790		—		4,842,790		—
Mortgage-backed securities	1,669,322		—		1,669,322		—
Corporate	3,249,152		—		3,183,648		65,504
Foreign	1,090,472		—		1,090,472		—
Total fixed maturity securities available for sale	11,789,049		—		11,723,545		65,504
Equity securities available for sale:
Common stocks	324,881		323,472		—		1,409
Preferred stocks	100,441		—		97,449		2,992
Total equity securities available for sale	425,322		323,472		97,449		4,401
Arbitrage trading account	417,446		294,713		121,948		785
Total	$	12,631,817	$	618,185	$	11,942,942	$	70,690
Liabilities:
Securities sold but not yet purchased	$	149,405	$	148,301	$	1,084	$	20
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 nine months ended September 30, 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 nine months ended September 30, 2012:
Assets:
Fixed maturity securities available for sale:
Corporate	$	67,828	$	189		$	5,367			$	223		$	—		$	(8,103	)	$	—	$	65,504
Total	67,828		189			5,367				223			—			(8,103		)	—		65,504
Equity securities available for sale:
Common stocks	1,559		—			—				—			(150		)	—			—		1,409
Preferred stocks	12,303		2,095			(1,940		)		—			(9,466		)	—			—		2,992
Total	13,862		2,095			(1,940		)		—			(9,616		)	—			—		4,401
Arbitrage trading account	851		(46		)	—			—	—		—	(35		)	—			15		785
Total	$	82,541	$	2,238		$	3,427			$	223		$	(9,651	)	$	(8,103	)	$	15	$	70,690
Liabilities:
Securities sold but not yet purchased	$	21	$	(1	)	$	—			$	—		$	—		$	—		$	—	$	20
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