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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [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 December 31, 2016 and 2015 by level:
(In thousands)
Total
 
Level 1
 
Level 2
 
Level 3
December 31, 2016
 

 
 

 
 

 
 

Assets:
 

 
 

 
 

 
 

Fixed maturity securities available for sale:
 

 
 
 
 

 
 

U.S. government and government agency
$
513,802

 
$
—

 
$
513,802

 
$
—

State and municipal
4,519,503

 
—

 
4,519,503

 
—

Mortgage-backed securities
1,189,645

 
—

 
1,189,645

 
—

Asset-backed securities
1,907,860

 
—

 
1,907,677

 
183

Corporate
4,068,527

 
—

 
4,068,527

 
—

Foreign government
902,805

 
—

 
902,805

 
—

Total fixed maturity securities available for sale
13,102,142

 
—

 
13,101,959

 
183

Equity securities available for sale:
 

 
 

 
 

 
 

Common stocks
445,858

 
429,647

 
7,457

 
8,754

Preferred stocks
223,342

 
—

 
219,680

 
3,662

Total equity securities available for sale
669,200

 
429,647

 
227,137

 
12,416

Arbitrage trading account
299,999

 
224,623

 
75,376

 
—

Total
$
14,071,341

 
$
654,270

 
$
13,404,472

 
$
12,599

Liabilities:
 

 
 

 
 

 
 

Trading account securities sold but not yet purchased
$
51,179

 
$
51,089

 
$
90

 
$
—

 
 
 
 
 
 
 
 
December 31, 2015
 

 
 

 
 

 
 

Assets:
 

 
 

 
 

 
 

Fixed maturity securities available for sale:
 

 
 
 
 

 
 

U.S. government and government agency
$
670,419

 
$
—

 
$
670,419

 
$
—

State and municipal
4,460,179

 
—

 
4,460,179

 
—

Mortgage-backed securities
1,199,859

 
—

 
1,199,859

 
—

Asset-backed securities
1,705,172

 
—

 
1,704,973

 
199

Corporate
3,475,038

 
—

 
3,474,884

 
154

Foreign government
837,460

 
—

 
837,460

 
—

Total fixed maturity securities available for sale
12,348,127

 
—

 
12,347,774

 
353

Equity securities available for sale:
 

 
 

 
 

 
 

Common stocks
37,273

 
29,444

 
—

 
7,829

Preferred stocks
113,593

 
—

 
109,969

 
3,624

Total equity securities available for sale
150,866

 
29,444

 
109,969

 
11,453

Arbitrage trading account
376,697

 
256,914

 
119,607

 
176

Total
$
12,875,690

 
$
286,358

 
$
12,577,350

 
$
11,982

Liabilities:
 

 
 

 
 

 
 

Trading account securities sold but not yet purchased
$
37,035

 
$
35,559

 
$
1,476

 
$
—
Summarize Changes In Level 3 Assets and Liabilities
The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2016 and 2015:
 
Gains (Losses) Included in:
(In thousands)
Beginning Balance
 
Earnings (Losses)
 
Other Comprehensive Income (Losses)
 
Impairments
 
Purchases
 
Sales
 
Paydowns/Maturities
 
Transfers In / Out
 
Ending Balance
Year ended December 31, 2016
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities available for sale:
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

Asset-backed securities
$
199

 
$
3

 
$
16

 
$
—

 
$
—

 
$
—

 
$
(35
)
 
$
—

 
$
183

Corporate
154

 
177

 
—

 
—

 
—

 
(331
)
 
—

 
—

 
—

Total
353

 
180

 
16

 
—

 
—

 
(331
)
 
(35
)
 
—

 
183

Equity securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
7,829

 
—

 
160

 
—

 
765

 
—

 
—

 
—

 
8,754

Preferred stocks
3,624

 
38

 
—

 
—

 
—

 
—

 
—

 
—

 
3,662

Total
11,453

 
38

 
160

 
—

 
765

 
—

 
—

 
—

 
12,416

Arbitrage trading account
176

 
(176
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
11,982

 
$
42

 
$
176

 
$
—

 
$
765

 
$
(331
)
 
$
(35
)
 
$
—

 
$
12,599

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2015
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities available for sale:
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

Asset-backed securities
$
20,611

 
$
19

 
$
191

 
$
—

 
$
—

 
$
—

 
$
(1,820
)
 
$
(18,802
)
 
$
199

Corporate
154

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
154

Total
20,765

 
19

 
191

 
—

 
—

 
—

 
(1,820
)
 
(18,802
)
 
353

Equity securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
10,741

 
—

 
(273
)
 
(2,331
)
 
—

 
(308
)
 
—

 
—

 
7,829

Preferred stocks
3,713

 
(89
)
 
—

 
—

 
—

 
—

 
—

 
—

 
3,624

Total
14,454

 
(89
)
 
(273
)
 
(2,331
)
 
—

 
(308
)
 
—

 
—

 
11,453

Arbitrage trading account
720

 
(799
)
 
—

 
—

 
72,640

 
(71,921
)
 
—

 
(464
)
 
176

Total
$
35,939

 
$
(869
)
 
$
(82
)
 
$
(2,331
)
 
$
72,640

 
$
(72,229
)
 
$
(1,820
)
 
$
(19,266
)
 
$
11,982