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Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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			$	7,129,768					$	—					$	7,129,755					$	13
Mortgage backed securities			389,041						—						389,041						—
Municipal bonds			415,483						—						415,483						—
Commercial mortgage backed securities			266,733						—						266,733						—
U.S. government and government agencies			5,091,183						5,062,571						28,612						—
Non-U.S. government securities			2,449,782						—						2,449,782						—
Asset backed securities			2,487,845						—						2,484,421						3,424
Total			18,229,835						5,062,571						13,163,827						3,437
Short-term investments			2,248,613						1,996,304						252,309						—
Equity securities, at fair value			1,706,044						1,631,937						24,971						49,136
Derivative instruments (4)			98,488						—						98,488						—
Residential mortgage loans			44,925						—						44,925						—
Fair value option:
Corporate bonds			790,186						—						789,188						998
Non-U.S. government bonds			22,552						—						22,552						—
Mortgage backed securities			2,707						—						2,707						—
Commercial mortgage backed securities			841						—						841						—
Asset backed securities			179,423						—						179,423						—
U.S. government and government agencies			271						163						108						—
Short-term investments			610,114						482,815						127,299						—
Equity securities			94,930						21,252						—						73,678
Other investments			1,219,294						23,610						1,121,784						73,900
Other investments measured at net asset value (2)			1,151,178
Total			4,071,496						527,840						2,243,902						148,576
Total assets measured at fair value			$	26,399,401					$	9,218,652					$	15,828,422					$	201,149
Liabilities measured at fair value:
Contingent consideration liabilities			$	(466)					$	—					$	—					$	(466)
Securities sold but not yet purchased (3)			(28,068)						—						(28,068)						—
Derivative instruments (4)			(67,304)						—						(67,304)						—
Total liabilities measured at fair value			$	(95,838)					$	—					$	(95,372)					$	(466)

(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 securities			630,001						—						630,001						—
Municipal bonds			494,522						—						494,522						—
Commercial mortgage backed securities			389,900						—						389,900						—
U.S. government and government agencies			5,557,077						5,463,356						93,721						—
Non-U.S. government securities			2,433,733						—						2,433,733						—
Asset backed securities			1,634,804						—						1,631,378						3,426
Total			18,996,608						5,463,356						13,529,813						3,439
Short-term investments			1,924,922						1,920,565						4,357						—
Equity securities, at fair value			1,460,959						1,401,653						17,291						42,015
Derivative instruments (4)			177,383						—						177,383						—
Fair value option:
Corporate bonds			651,294						—						650,309						985
Non-U.S. government bonds			35,263						—						35,263						—
Mortgage backed securities			3,282						—						3,282						—
Commercial mortgage backed securities			1,090						—						1,090						—
Asset backed securities			152,151						—						152,151						—
U.S. government and government agencies			274						164						110						—
Short-term investments			557,008						420,131						136,877						—
Equity securities			92,549						23,373						188						68,988
Other investments			1,134,229						51,149						1,015,977						67,103
Other investments measured at net asset value (2)			1,197,656
Total			3,824,796						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:

			Assets																																				Liabilities
s			Available For Sale												Fair Value Option																		Fair Value
			Structured Securities (1)						Corporate Bonds						Corporate Bonds						Other Investments						Equity Securities						Equity Securities						Contingent Consideration Liabilities
Three Months Ended June 30, 2021
Balance at beginning of period			$	3,472					$	13					$	989					$	67,930					$	71,176					$	43,112					$	(465)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			12						—						9						633						2,502						922						—
Included in other comprehensive income			(57)						—						—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases			—						—						—						5,638						—						5,102						—
Issuances			—						—						—						—						—						—						—
Sales			—						—						—						(301)						—						—						—
Settlements			(3)						—						—						—						—						—						(1)
Transfers in and/or out of Level 3			—						—						—						—						—						—						—
Balance at end of period			$	3,424					$	13					$	998					$	73,900					$	73,678					$	49,136					$	(466)
Three Months Ended June 30, 2020
Balance at beginning of period			$	3,846					$	1,980					$	965					$	54,620					$	60,015					$	55,632					$	(7,967)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			(64)						—						—						(987)						1,432						11,799						(18)
Included in other comprehensive income			(287)						(1,123)						—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases			—						—						33						3						—						—						—
Issuances			—						—						—						—						—						—						—
Sales			—						—						—						(7,183)						—						(15,450)						—
Settlements			(45)						—						—						—						—						—						6,735
Transfers in and/or out of Level 3			—						—						—						—						—						—						—
Balance at end of period			$	3,450					$	857					$	998					$	46,453					$	61,447					$	51,981					$	(1,250)
Six Months Ended June 30, 2021
Balance at beginning of year			$	3,426					$	13					$	985					$	67,103					$	68,988					$	42,015					$	(461)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			(56)						—						13						881						4,690						1,826						—
Included in other comprehensive income			57						—						—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases			—						—						—						13,003						—						5,295						—
Issuances			—						—						—						—						—						—						—
Sales			—						—						—						(7,087)						—						—						—
Settlements			(3)						—						—						—						—						—						(5)
Transfers in and/or out of Level 3			—						—						—						—						—						—						—
Balance at end of period			$	3,424					$	13					$	998					$	73,900					$	73,678					$	49,136					$	(466)
Six Months Ended June 30, 2020
Balance at beginning of year			$	5,216					$	8,851					$	932					$	68,817					$	58,094					$	55,889					$	(7,998)
Total gains or (losses) (realized/unrealized)
Included in earnings (2)			(55)						7						—						(1,014)						3,353						8,078						(72)
Included in other comprehensive income			(309)						(6,539)						—						—						—						—						—
Purchases, issuances, sales and settlements
Purchases			—						—						66						24						—						3,464						—
Issuances			—						—						—						—						—						—						—
Sales			—						—						—						(24,358)						—						(15,450)						—
Settlements			(1,402)						(1,462)						—						—						—						—						6,820
Transfers in and/or out of Level 3			—						—						—						2,984						—						—						—
Balance at end of period			$	3,450					$	857					$	998					$	46,453					$	61,447					$	51,981					$	(1,250)

(1)    Includes asset backed securities, mortgage backed securities and commercial mortgage backed securities.

(2)    Gains or losses were included in net realized gains (losses).

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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