Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023 by level:


(In thousands)	Total		Level 1		Level 2		Level 3
September 30, 2024
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	2,070,985	$	—	$	2,070,985	$	—
State and municipal	2,516,302		—		2,516,302		—
Mortgage-backed	3,237,972		—		3,237,972		—
Asset-backed	4,107,321		—		4,107,321		—
Corporate	8,852,764		—		8,852,764		—
Foreign government	1,834,605		—		1,834,605		—
Total fixed maturity securities available for sale	22,619,949		—		22,619,949		—
Equity securities:
Common stocks	701,667		698,364		1,130		2,173
Preferred stocks	346,459		—		342,823		3,636
Total equity securities	1,048,126		698,364		343,953		5,809
Arbitrage trading account	820,928		728,783		88,397		3,748
Total	$	24,489,003	$	1,427,147	$	23,052,299	$	9,557
Liabilities:
Trading account securities sold but not yet purchased	$	36,093	$	36,093	$	—	$	—


December 31, 2023
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	1,716,731	$	—	$	1,716,731	$	—
State and municipal	2,634,422		—		2,634,422		—
Mortgage-backed	2,266,455		—		2,266,455		—
Asset-backed	4,187,040		—		4,187,040		—
Corporate	7,654,059		—		7,654,059		—
Foreign government	1,666,229		—		1,666,229		—
Total fixed maturity securities available for sale	20,124,936		—		20,124,936		—
Equity securities:
Common stocks	838,054		835,338		1,158		1,558
Preferred stocks	252,293		—		248,598		3,695
Total equity securities	1,090,347		835,338		249,756		5,253
Arbitrage trading account	938,049		546,110		388,167		3,772
Total	$	22,153,332	$	1,381,448	$	20,762,859	$	9,025
Liabilities:
Trading account securities sold but not yet purchased	$	9,357	$	9,357	$	—	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the nine months ended September 30, 2024 and for the year ended December 31, 2023:


Gains (Losses) Included In:
(In thousands)	Beginning Balance		Earnings (Losses)		Other Comprehensive Income (Losses)		Impairments		Purchases		Sales		Paydowns / Maturities		Transfers In / (Out)		Ending Balance

Nine Months Ended September 30, 2024
Assets:




Equity securities:
Common stocks	$	1,558	$	743	$	—	$	—	$	—	$	(128)	$	—	$	—	$	2,173
Preferred stocks	3,695		(2)		—		—		—		(57)		—		—		3,636
Total	5,253		741		—		—		—		(185)		—		—		5,809
Arbitrage trading account	3,772		(23)		—		—		—		(38)		—		37		3,748
Total	$	9,025	$	718	$	—	$	—	$	—	$	(223)	$	—	$	37	$	9,557



Year Ended December 31, 2023
Assets:




Equity securities:
Common stocks	$	2,599	$	(1,041)	$	—	$	—	$	—	$	—	$	—	$	—	$	1,558
Preferred stocks	11,299		(3)		—		(7,601)		—		—		—		—		3,695
Total	13,898		(1,044)		—		(7,601)		—		—		—		—		5,253
Arbitrage trading account	3,590		117		—		—		—		—		—		65		3,772
Total	$	17,488	$	(927)	$	—	$	(7,601)	$	—	$	—	$	—	$	65	$	9,025