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Fair Value (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair value hierarchy
The following table presents the Company’s financial assets and liabilities measured at fair value by level at March 31, 2021:
  Estimated Fair Value Measurements Using:
 Estimated
Fair
Value
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets measured at fair value (1):    
Available for sale securities:    
Fixed maturities:    
Corporate bonds$8,072,883 $— $8,072,870 $13 
Mortgage backed securities571,071 — 571,071 — 
Municipal bonds457,329 — 457,329 — 
Commercial mortgage backed securities255,373 — 255,373 — 
U.S. government and government agencies5,042,208 4,949,217 92,991 — 
Non-U.S. government securities2,425,882 — 2,425,882 — 
Asset backed securities2,028,441 — 2,024,969 3,472 
Total18,853,187 4,949,217 13,900,485 3,485 
Short-term investments1,269,631 1,252,535 17,096 — 
Equity securities, at fair value1,543,703 1,476,504 24,087 43,112 
Derivative instruments (4)156,160 — 156,160 — 
Residential mortgage loans5,693 — 5,693 — 
Fair value option:
Corporate bonds724,316 — 723,327 989 
Non-U.S. government bonds23,996 — 23,996 — 
Mortgage backed securities2,828 — 2,828 — 
Commercial mortgage backed securities1,225 — 1,225 — 
Asset backed securities147,666 — 147,666 — 
U.S. government and government agencies273 164 109 — 
Short-term investments623,930 482,869 141,061 — 
Equity securities92,935 21,512 247 71,176 
Other investments1,078,505 31,268 979,307 67,930 
Other investments measured at net asset value (2)1,239,680 
Total3,935,354 535,813 2,019,766 140,095 
Total assets measured at fair value$25,763,728 $8,214,069 $16,123,287 $186,692 
Liabilities measured at fair value:    
Contingent consideration liabilities$(465)$— $— $(465)
Securities sold but not yet purchased (3)(34,097)— (34,097)— 
Derivative instruments (4)(98,103)— (98,103)— 
Total liabilities measured at fair value$(132,665)$— $(132,200)$(465)

(1)    In securities lending transactions, the Company receives collateral in excess of the fair value of the securities pledged. For purposes of this table, the Company has excluded the collateral received under securities lending, at fair value and included the securities pledged under securities lending, at fair value. See note 7, “—Securities Lending Agreements.”
(2)    In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
(3)    Represents the Company’s obligations to deliver securities that it did not own at the time of sale. Such amounts are included in “other liabilities” on the Company’s consolidated balance sheets.
(4)    See note 9.
The following table presents the Company’s financial assets and liabilities measured at fair value by level at December 31, 2020:
  Estimated Fair Value Measurements Using:
 Estimated
Fair
Value
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets measured at fair value (1):
Available for sale securities:
Fixed maturities:
Corporate bonds$7,856,571 $— $7,856,558 $13 
Mortgage backed securities630,001 — 630,001 — 
Municipal bonds494,522 — 494,522 — 
Commercial mortgage backed securities389,900 — 389,900 — 
U.S. government and government agencies5,557,077 5,463,356 93,721 — 
Non-U.S. government securities2,433,733 — 2,433,733 — 
Asset backed securities1,634,804 — 1,631,378 3,426 
Total18,996,608 5,463,356 13,529,813 3,439 
Short-term investments1,924,922 1,920,565 4,357 — 
Equity securities, at fair value1,460,959 1,401,653 17,291 42,015 
Derivative instruments (4)177,383 — 177,383 — 
Fair value option:
Corporate bonds651,294 — 650,309 985 
Non-U.S. government bonds35,263 — 35,263 — 
Mortgage backed securities3,282 — 3,282 — 
Commercial mortgage backed securities1,090 — 1,090 — 
Asset backed securities152,151 — 152,151 — 
U.S. government and government agencies274 164 110 — 
Short-term investments557,008 420,131 136,877 — 
Equity securities92,549 23,373 188 68,988 
Other investments1,134,229 51,149 1,015,977 67,103 
Other investments measured at net asset value (2)1,197,656 
Total3,824,796 494,817 1,995,247 137,076 
Total assets measured at fair value$26,384,668 $9,280,391 $15,724,091 $182,530 
Liabilities measured at fair value:
Contingent consideration liabilities$(461)$— $— $(461)
Securities sold but not yet purchased (3)(21,679)— (21,679)— 
Derivative instruments (4)(108,705)— (108,705)— 
Total liabilities measured at fair value$(130,845)$— $(130,384)$(461)

(1)    In securities lending transactions, the Company receives collateral in excess of the fair value of the securities pledged. For purposes of this table, the Company has excluded the collateral received under securities lending, at fair value and included the securities pledged under securities lending, at fair value. See note 7, “—Securities Lending Agreements.”
(2)    In accordance with applicable accounting guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
(3)    Represents the Company’s obligations to deliver securities that it did not own at the time of sale. Such amounts are included in “other liabilities” on the Company’s consolidated balance sheets.
(4)    See note 9.
Rollforward of Level 3 investments
The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:
AssetsLiabilities
sAvailable For SaleFair Value OptionFair Value
 Structured Securities (1)Corporate
Bonds
Corporate
Bonds
Other
Investments
Equity
Securities
Equity
Securities
Contingent Consideration Liabilities
Three Months Ended March 31, 2021  
Balance at beginning of period$3,426 $13 $985 $67,103 $68,988 $42,015 $(461)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)(68)— 248 2,188 904 — 
Included in other comprehensive income114 — — — — — — 
Purchases, issuances, sales and settlements
Purchases— — — 7,365 — 193 — 
Issuances— — — — — — — 
Sales— — — (6,786)— — — 
Settlements— — — — — — (4)
Transfers in and/or out of Level 3— — — — — — — 
Balance at end of period$3,472 $13 $989 $67,930 $71,176 $43,112 $(465)
Three Months Ended March 31, 2020  
Balance at beginning of period$5,216 $8,851 $932 $68,817 $58,094 $55,889 $(7,998)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)— (27)1,921 (3,721)(54)
Included in other comprehensive income(22)(5,416)— — — — — 
Purchases, issuances, sales and settlements
Purchases— — 33 21 — 3,464 — 
Issuances— — — — — — — 
Sales— — — (17,175)— — — 
Settlements(1,357)(1,462)— — — — 85 
Transfers in and/or out of Level 3— — — 2,984 — — — 
Balance at end of period$3,846 $1,980 $965 $54,620 $60,015 $55,632 $(7,967)
(1)    Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.
(2)    Gains or losses were included in net realized gains (losses).