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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2013
Fair Value Measurements [Abstract]  
Fair value measurements for items measured at fair value
Fair value measurements for items measured at fair value included the following as of December 31, 2013 and 2012:
 
 
 
Fair Value
  
Quoted Prices in Active Markets for Identical Assets
(Level 1)
  
Significant Other Observable Inputs
(Level 2)
  
Significant Unobservable Inputs
(Level 3)
 
 
 
(In thousands)
 
December 31, 2013
 
  
  
  
 
 
 
  
  
  
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
 
$
639,590
  
$
639,590
  
$
-
  
$
-
 
Obligations of U.S. states and political subdivisions
  
921,367
   
-
   
918,944
   
2,423
 
Corporate debt securities
  
2,171,415
   
-
   
2,171,415
   
-
 
Asset-backed securities
  
400,486
   
-
   
400,486
   
-
 
Residential mortgage-backed securities
  
358,537
   
-
   
358,537
   
-
 
Commercial mortgage-backed securities
  
271,383
   
-
   
271,383
   
-
 
Collateralized loan obligations
  
60,295
   
-
   
60,295
   
-
 
Debt securities issued by foreign sovereign governments
  
40,852
   
40,852
   
-
   
-
 
Total debt securities
  
4,863,925
   
680,442
   
4,181,060
   
2,423
 
Equity securities
  
2,894
   
2,573
   
-
   
321
 
Total investments
 
$
4,866,819
  
$
683,015
  
$
4,181,060
  
$
2,744
 
Real estate acquired (1)
 
$
13,280
  
$
-
  
$
-
  
$
13,280
 

(1) Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet.
 
 
 
Fair Value
  
Quoted Prices in Active Markets for Identical Assets
(Level 1)
  
Significant Other Observable Inputs
(Level 2)
  
Significant Unobservable Inputs
(Level 3)
 
 
 
(In thousands)
 
December 31, 2012
 
  
  
  
 
 
 
  
  
  
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
 
$
866,251
  
$
866,251
  
$
-
  
$
-
 
Obligations of U.S. states and political subdivisions
  
812,394
   
-
   
809,264
   
3,130
 
Corporate debt securities
  
1,480,941
   
-
   
1,463,827
   
17,114
 
Asset-backed securities
  
324,436
   
-
   
324,436
   
-
 
Residential mortgage-backed securities
  
450,909
   
-
   
450,909
   
-
 
Commercial mortgage-backed securities
  
150,342
   
-
   
150,342
   
-
 
Debt securities issued by foreign sovereign governments
  
142,066
   
142,066
   
-
   
-
 
Total debt securities
  
4,227,339
   
1,008,317
   
3,198,778
   
20,244
 
Equity securities
  
2,936
   
2,615
   
-
   
321
 
Total investments
 
$
4,230,275
  
$
1,010,932
  
$
3,198,778
  
$
20,565
 
Real estate acquired (1)
 
$
3,463
  
$
-
  
$
-
  
$
3,463
 

(1) Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet.
Reconciliation of beginning and ending balance for assets and liabilities measured at fair value with significant unobservable inputs (level 3)
For assets and liabilities measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the years ended December 31, 2013 and 2012 is as follows:
 
 
 
Obligations of U.S. States and Political Subdivisions
  
Corporate Debt Securities
  
Equity Securities
  
Total Investments
  
Real Estate Acquired
 
 
 
(In thousands)
 
Balance at December 31, 2012
 
$
3,130
  
$
17,114
  
$
321
  
$
20,565
  
$
3,463
 
Total realized/unrealized gains (losses):
                    
Included in earnings and reported as realized investment gains (losses), net
  
-
   
(225
)
  
-
   
(225
)
  
-
 
Included in earnings and reported as losses incurred, net
  
-
   
-
   
-
   
-
   
(4,959
)
Purchases
  
30
   
-
   
-
   
30
   
39,188
 
Sales
  
(737
)
  
(16,889
)
  
-
   
(17,626
)
  
(24,412
)
Transfers into Level 3
  
-
   
-
   
-
   
-
   
-
 
Transfers out of Level 3
  
-
   
-
   
-
   
-
   
-
 
Balance at December 31, 2013
 
$
2,423
  
$
-
  
$
321
  
$
2,744
  
$
13,280
 
 
                    
Amount of total losses included in earnings for the year ended December 31, 2013 attributable to the change in unrealized losses on assets still held at December 31, 2013
 
$
-
  
$
-
  
$
-
  
$
-
  
$
-
 
 
 
 
Obligations of U.S. States and Political Subdivisions
  
Corporate Debt Securities
  
Equity Securities
  
Total Investments
  
Real Estate Acquired
 
 
 
(In thousands)
 
Balance at December 31, 2011
 
$
114,226
  
$
60,228
  
$
321
  
$
174,775
  
$
1,621
 
Total realized/unrealized gains (losses):
                    
Included in earnings and reported as realized investment gains (losses), net
  
(8,669
)
  
(3,129
)
  
-
   
(11,798
)
  
-
 
Included in earnings and reported as net impairment losses recognized in earnings
  
-
   
(2,310
)
  
-
   
(2,310
)
  
-
 
Included in earnings and reported as losses incurred, net
  
-
   
-
   
-
   
-
   
(1,126
)
Included in other comprehensive income
  
5,630
   
733
   
-
   
6,363
   
-
 
Purchases
  
27
   
-
   
-
   
27
   
11,991
 
Sales
  
(108,084
)
  
(38,408
)
  
-
   
(146,492
)
  
(9,023
)
Transfers into Level 3
  
-
   
-
   
-
   
-
   
-
 
Transfers out of Level 3
  
-
   
-
   
-
   
-
   
-
 
Balance at December 31, 2012
 
$
3,130
  
$
17,114
  
$
321
  
$
20,565
  
$
3,463
 
 
                    
Amount of total losses included in earnings for the year ended December 31, 2012 attributable to the change in unrealized losses on assets still held at December 31, 2012
 
$
-
  
$
-
  
$
-
  
$
-
  
$
-
 
 
 
 
Obligations of U.S. States and Political Subdivisions
  
Corporate Debt Securities
  
Equity Securities
  
Total Investments
  
Real Estate Acquired
 
 
 
(In thousands)
 
Balance at December 31, 2010
 
$
295,690
  
$
70,053
  
$
321
  
$
366,064
  
$
6,220
 
Total realized/unrealized gains (losses):
                    
Included in earnings and reported as realized investment gains (losses), net
  
(7,883
)
  
200
   
-
   
(7,683
)
  
-
 
Included in earnings and reported as net impairment losses recognized in earnings
  
-
   
(662
)
  
-
   
(662
)
  
-
 
Included in earnings and reported as losses incurred, net
  
-
   
-
   
-
   
-
   
(371
)
Included in other comprehensive income
  
6,894
   
637
   
-
   
7,531
   
-
 
Purchases
  
-
   
-
   
-
   
-
   
5,279
 
Sales
  
(180,475
)
  
(10,000
)
  
-
   
(190,475
)
  
(9,507
)
Transfers into Level 3
  
-
   
-
   
-
   
-
   
-
 
Transfers out of Level 3
  
-
   
-
   
-
   
-
   
-
 
Balance at December 31, 2011
 
$
114,226
  
$
60,228
  
$
321
  
$
174,775
  
$
1,621
 
 
                    
Amount of total losses included in earnings for the year ended December 31, 2011 attributable to the change in unrealized losses on assets still held at December 31, 2011
 
$
-
  
$
-
  
$
-
  
$
-
  
$
-