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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
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 as of December 31, 2019 and 2018 by level:
(In thousands)
Total
 
Level 1
 
Level 2
 
Level 3
December 31, 2019
 

 
 

 
 

 
 

Assets:
 

 
 

 
 

 
 

Fixed maturity securities available for sale:
 

 
 
 
 

 
 

U.S. government and government agency
$
786,931

 
$
—

 
$
786,931

 
$
—

State and municipal
3,895,632

 
—

 
3,895,632

 
—

Mortgage-backed securities
1,625,594

 
—

 
1,625,594

 
—

Asset-backed securities
2,790,630

 
—

 
2,790,630

 
—

Corporate
4,156,415

 
—

 
4,156,415

 
—

Foreign government
847,076

 
—

 
847,076

 
—

Total fixed maturity securities available for sale
14,102,278

 
—

 
14,102,278

 
—

Equity securities:
 

 
 

 
 

 
 

Common stocks
166,805

 
157,752

 
—

 
9,053

Preferred stocks
313,815

 
—

 
307,310

 
6,505

Total equity securities
480,620

 
157,752

 
307,310

 
15,558

Arbitrage trading account
400,809

 
381,061

 
19,748

 
—

Total
$
14,983,707

 
$
538,813

 
$
14,429,336

 
$
15,558

Liabilities:
 

 
 

 
 

 
 

Trading account securities sold but not yet purchased
$
36,143

 
$
36,143

 
$
—

 
$
—

 
 
 
 
 
 
 
 
December 31, 2018
 

 
 

 
 

 
 

Assets:
 

 
 

 
 

 
 

Fixed maturity securities available for sale:
 

 
 
 
 

 
 

U.S. government and government agency
$
702,240

 
$
—

 
$
702,240

 
$
—

State and municipal
3,872,598

 
—

 
3,872,598

 
—

Mortgage-backed securities
1,594,546

 
—

 
1,594,546

 
—

Asset-backed securities
2,438,747

 
—

 
2,438,648

 
99

Corporate
4,111,311

 
—

 
4,111,311

 
—

Foreign government
808,735

 
—

 
808,735

 
—

Total fixed maturity securities available for sale
13,528,177

 
—

 
13,528,078

 
99

Equity securities:
 

 
 

 
 

 
 

Common stocks
98,192

 
89,596

 
—

 
8,596

Preferred stocks
180,814

 
—

 
176,869

 
3,945

Total equity securities
279,006

 
89,596

 
176,869

 
12,541

Arbitrage trading account
452,548

 
353,335

 
81,905

 
17,308

Total
$
14,259,731

 
$
442,931

 
$
13,786,852

 
$
29,948

Liabilities:
 

 
 

 
 

 
 

Trading account securities sold but not yet purchased
$
38,120

 
$
37,327

 
$
—

 
$
793
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, 2019 and 2018:
 
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, 2019
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities available for sale:
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

Asset-backed securities
$
99

 
$
(26
)
 
$
61

 
$
—

 
$
—

 
$
(134
)
 
$
—

 
$
—

 
$
—

Total
99

 
(26
)
 
61

 
—

 
—

 
(134
)
 
—

 
—

 
—

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
8,596

 
2,005

 


 
—

 
—

 
(1,548
)
 
—

 
—

 
9,053

Preferred stocks
3,945

 
(42
)
 
—

 
—

 
2,602

 
—

 
—

 
—

 
6,505

Total
12,541

 
1,963

 
—

 
—

 
2,602

 
(1,548
)
 
—

 
—

 
15,558

Arbitrage trading account
17,308

 
(8,731
)
 
—

 
—

 
14,767

 
(38,233
)
 
—

 
14,889

 
—

Total
$
29,948

 
$
(6,794
)
 
$
61

 
$
—

 
$
17,369

 
$
(39,915
)
 
$
—

 
$
14,889

 
$
15,558

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading account securities sold but not yet purchased
$
793

 
$
133

 
$
—

 
$
—

 
$
7,609

 
$
(8,535
)
 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2018
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities available for sale:
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

Asset-backed securities
$
172

 
$
(2
)
 
$
46

 
$
—

 
$
—

 
$
(117
)
 
$
—

 
$
—

 
$
99

Total
172

 
(2
)
 
46

 
—

 
—

 
(117
)
 
—

 
—

 
99

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
9,370

 
(548
)
 


 
—

 
—

 
(227
)
 
—

 
1

 
8,596

Preferred stocks
10,843

 
100

 
—

 
—

 


 
(6,998
)
 
—

 
—

 
3,945

Total
20,213

 
(448
)
 
—

 
—

 
—

 
(7,225
)
 
—

 
1

 
12,541

Arbitrage trading account
—

 
(6
)
 
—

 
—

 
11,523

 
(11
)
 
—

 
5,802

 
17,308

Total
$
20,385

 
$
(456
)
 
$
46

 
$
—

 
$
11,523

 
$
(7,353
)
 
$
—

 
$
5,803

 
$
29,948

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading account securities sold but not yet purchased
$
—

 
$
(67
)
 
$
—

 
$
—

 
$
860

 
$
—

 
$
—

 
$
—

 
$
793