Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2017

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques

The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized:

	March 31, 2017
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	371,044	$	374,633	$	—	$	374,633	$	—

	December 31, 2016
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
	(Amounts in thousands)
Liabilities
Notes payable:
Secured notes	$	140,000	$	140,000	$	—	$	140,000	$	—
Unsecured notes	180,000		180,000		—		180,000		—

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:

	March 31, 2017
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	12,271	$	—	$	—	$	12,271
Municipal securities	—		2,561,428		—		2,561,428
Mortgage-backed securities	—		37,847		—		37,847
Corporate securities	—		165,761		—		165,761
Collateralized loan obligations	—		89,790		—		89,790
Other asset-backed securities	—		47,190		—		47,190
Equity securities:
Common stock	383,529		—		—		383,529
Non-redeemable preferred stock	—		32,959		—		32,959
Private equity funds	—		—		9,018		9,018
Short-term investments:
Short-term bonds	69,958		20,257		—		90,215
Money market instruments	170,490		—		—		170,490
Total assets at fair value	$	636,248	$	2,955,232	$	9,018	$	3,600,498
Liabilities
Other liabilities:
Total return swaps	$	—	$	1,405	$	—	$	1,405
Options sold	285		—		—		285
Total liabilities at fair value	$	285	$	1,405	$	—	$	1,690

	December 31, 2016
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	12,275	$	—	$	—	$	12,275
Municipal securities	—		2,449,292		—		2,449,292
Mortgage-backed securities	—		39,777		—		39,777
Corporate securities	—		189,688		—		189,688
Collateralized loan obligations	—		86,525		—		86,525
Other asset-backed securities	—		36,996		—		36,996
Equity securities:
Common stock	316,450		—		—		316,450
Non-redeemable preferred stock	—		31,809		—		31,809
Private equity fund	—		—		9,068		9,068
Short-term investments:
Short-term bonds	70,393		20,233		—		90,626
Money market instruments	285,054		—		—		285,054
Other assets:
Total return swaps	—		667		—		667
Total assets at fair value	$	684,172	$	2,854,987	$	9,068	$	3,548,227
Liabilities
Other liabilities:
Total return swaps	$	—	$	765	$	—	$	765
Options sold	20		—		—		20
Total liabilities at fair value	$	20	$	765	$	—	$	785

Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value

The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities:

	Private Equity Fund
	Three Months Ended March 31,
	2017			2016
	(Amounts in thousands)
Beginning balance	$	9,068		$	10,431
Realized (losses) included in earnings	(50		)	(1,440		)
Ending balance	$	9,018		$	8,991
The amount of total losses for the period included in earnings attributable to assets still held at March 31	$	(50	)	$	(1,440	)