Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

		Level 1		Level 2		Level 3		Total
September 30, 2012

Fixed maturity securities – available for sale
	U.S. government and government agency securities	$	193,051	$	38,985	$	0	$	232,036
	Fixed maturity securities of states, municipalities and
	political subdivisions		0		1,079,175		0		1,079,175
	Special purpose revenue bonds of states, municipalities
	and political subdivisions		0		2,076,017		0		2,076,017
	Corporate securities		0		1,217,145		162		1,217,307
	Residential mortgage-backed securities		0		841,542		0		841,542
	Commercial mortgage-backed securities		0		524,100		0		524,100
	Asset-backed securities		0		47,724		0		47,724
	Foreign government securities		0		297,464		0		297,464
	Total fixed maturity securities – available for sale		193,051		6,122,152		162		6,315,365
Equity securities – available for sale			202,864		0		0		202,864
Short-term investments*			81,947		78,191		0		160,138
Other investments			34,044		0		0		34,044
Other assets			0		0		206		206
	Total assets measured at fair value	$	511,906	$	6,200,343	$	368	$	6,712,617

Notes payable*		$	0	$	595,804	$	0	$	595,804
Accounts payable and accrued liabilities – forward contract			0		1,705		0		1,705
	Total liabilities measured at fair value	$	0	$	597,509	$	0	$	597,509

		Level 1		Level 2		Level 3		Total
December 31, 2011

Fixed maturity securities – available for sale
	U.S. government and government agency securities	$	201,582	$	94,097	$	0	$	295,679
	Fixed maturity securities of states, municipalities and
	political subdivisions		0		1,085,341		0		1,085,341
	Special purpose revenue bonds of states, municipalities
	and political subdivisions		0		1,863,888		0		1,863,888
	Corporate securities		0		846,178		155		846,333
	Residential mortgage-backed securities		0		1,100,086		0		1,100,086
	Commercial mortgage-backed securities		0		256,124		0		256,124
	Asset-backed securities		0		33,731		1,015		34,746
	Foreign government securities		0		236,637		0		236,637
	Total fixed maturity securities – available for sale		201,582		5,516,082		1,170		5,718,834
Fixed maturity securities – held to maturity*			0		163,136		0		163,136
Short-term investments*			67,288		66,629		0		133,917
Other investments			35,720		0		0		35,720
Other assets			0		0		1,516		1,516
	Total assets measured at fair value	$	304,590	$	5,745,847	$	2,686	$	6,053,123

Notes payable*		$	-	$	505,671	$	-	$	505,671

Changes in fair value of level 3 assets

	2012						2011
	Fixed						Fixed
	income		Other				income		Other
	securities		assets		Total		securities		assets		Total
Balance at beginning of year	$	1,170	$	1,516	$	2,686	$	1,438	$	857	$	2,295
Net gains (losses)		2		215		217		(13)		263		250
Sales		0		0		0		(144)		0		(144)
Transfers out of Level 3		(1,015)		0		(1,015)		0		0		0
Balance at March 31		157		1,731		1,888		1,281		1,120		2,401
Net gains (losses)		2		116		118		18		122		140
Sales		0		0		0		(55)		0		(55)
Balance at June 30		159		1,847		2,006		1,244		1,242		2,486
Settlements		0		(1,863)		(1,863)		0		0		0
Net gains (losses)		3		222		225		17		131		148
Sales		0		0		0		(43)		0		(43)
Balance at September 30	$	162	$	206	$	368	$	1,218	$	1,373	$	2,591

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details