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Fair Value Of Financial Instruments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Of Financial Instruments Fair Value Measurements
    The Company’s fixed maturity available for sale securities, equity securities and its arbitrage trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable.
Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available.
    Substantially all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation.
    If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information.
    For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate.
    
    The following tables present the assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 by level:
(In thousands)TotalLevel 1Level 2Level 3
March 31, 2025
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency$2,926,978 $— $2,926,978 $— 
State and municipal2,196,033 — 2,196,033 — 
Mortgage-backed4,095,213 — 4,095,213 — 
Asset-backed3,971,671 — 3,971,671 — 
Corporate8,560,358 — 8,540,575 19,783 
Foreign government1,825,632 — 1,825,632 — 
Total fixed maturity securities available for sale23,575,885 — 23,556,102 19,783 
Equity securities:
Common stocks682,677 679,627 1,011 2,039 
Preferred stocks462,363 — 457,529 4,834 
Total equity securities1,145,040 679,627 458,540 6,873 
Arbitrage trading account831,705 744,189 83,974 3,542 
Total$25,552,630 $1,423,816 $24,098,616 $30,198 
Liabilities:
Trading account securities sold but not yet purchased$52,407 $52,407 $— $— 
December 31, 2024
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency$2,235,341 $— $2,235,341 $— 
State and municipal2,294,644 — 2,294,644 — 
Mortgage-backed3,765,490 — 3,765,490 — 
Asset-backed3,885,012 — 3,885,012 — 
Corporate8,417,641 — 8,397,974 19,667 
Foreign government1,755,325 — 1,755,325 — 
Total fixed maturity securities available for sale22,353,453 — 22,333,786 19,667 
Equity securities:
Common stocks760,167 757,115 1,011 2,041 
Preferred stocks443,621 — 439,947 3,674 
Total equity securities1,203,788 757,115 440,958 5,715 
Arbitrage trading account1,122,599 1,062,459 56,630 3,510 
Total$24,679,840 $1,819,574 $22,831,374 $28,892 
Liabilities:
Trading account securities sold but not yet purchased$73,358 $73,358 $— $— 
    The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2025 and for the year ended December 31, 2024:
Gains (Losses) Included In:
(In thousands)Beginning
Balance		Earnings (Losses)Other
Comprehensive
Income (Losses)		ImpairmentsPurchasesSalesPaydowns / MaturitiesTransfers In / (Out)Ending
Balance
Three Months Ended March 31, 2025
Assets:
Corporate$19,667 $— $116 $— $— $— $— $— $19,783 
Total19,667 — 116 — — — — — 19,783 
Equity securities:
Common stocks$2,041 $(2)$— $— $— $— $— $— $2,039 
Preferred stocks3,674 — — — 1,160 — — — 4,834 
Total5,715 (2)— — 1,160 — — — 6,873 
Arbitrage trading account3,510 32 — — — — — 3,542 
Total$28,892 $30 $116 $— $1,160 $— $— $— $30,198 
Year Ended
December 31, 2024
Assets:
Fixed maturities securities available for sale:
Corporate$— $— $(333)$— $— $— $— $20,000 $19,667 
Total— — (333)— — — — 20,000 19,667 
Equity securities:
Common stocks$1,558 $611 $— $— $— $(128)$— $— $2,041 
Preferred stocks3,695 36 — — — (57)— — 3,674 
Total5,253 647 — — — (185)— — 5,715 
Arbitrage trading account3,772 (261)— — — (38)— 37 3,510 
Total$9,025 $386 $(333)$— $— $(223)$— $20,037 $28,892 
    For the three months ended March 31, 2025, there were no securities transferred into or out of Level 3. For the year ended December 31, 2024, there was one corporate security transferred into Level 3 from Level 2 given there were no quoted prices or
observable inputs available, and one security that no longer had a publicly traded price within the arbitrage trading account portfolio transferred into Level 3.
Fair Value of Financial Instruments
    The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments:
  March 31, 2025December 31, 2024
(In thousands)Carrying ValueFair ValueCarrying ValueFair Value
Assets:
Fixed maturity securities$23,620,804 $23,622,102 $22,397,865 $22,399,426 
Equity securities1,145,040 1,145,040 1,203,788 1,203,788 
Arbitrage trading account831,705 831,705 1,122,599 1,122,599 
Loans receivable419,880 420,655 405,453 405,248 
Cash and cash equivalents1,720,209 1,720,209 1,974,747 1,974,747 
Trading account receivables from brokers and clearing organizations343,796 343,796 60,327 60,327 
Liabilities:
Due to broker85,188 85,188 70,483 70,483 
Trading account securities sold but not yet purchased52,407 52,407 73,358 73,358 
Senior notes and other debt1,832,822 1,435,637 1,831,158 1,425,852 
Subordinated debentures1,009,988 772,422 1,009,808 805,864 
    The estimated fair values of the Company’s fixed maturity securities, equity securities and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 15. The fair value of loans receivable are estimated by using current institutional purchaser yield requirements for loans with similar credit characteristics, which is considered a Level 2 input. The fair value of the senior notes and other debt and the subordinated debentures is based on spreads for similar securities, which is considered a Level 2 input.