Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Carrying Amounts and Estimated Fair Values of Financial Insruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2019 and 2018:

	2019				2018
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturity securities	$	14,180,961	$	14,194,955	$	13,606,812	$	13,619,620
Equity securities	480,620		480,620		279,006		279,006
Arbitrage trading account	400,809		400,809		452,548		452,548
Loans receivable	91,799		94,613		94,813		97,073
Cash and cash equivalents	1,023,710		1,023,710		817,602		817,602
Trading accounts receivable from brokers and clearing organizations	423,543		423,543		347,228		347,228
Liabilities:
Due to broker	27,116		27,116		20,144		20,144
Trading account securities sold but not yet purchased	36,143		36,143		38,120		38,120
Senior notes and other debt	1,427,575		1,582,290		1,882,028		1,968,996
Subordinated debentures	1,198,704		1,274,088		907,491		840,002