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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Assets And Liabilities Measured At Fair value, On A Recurring Basis

The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 by level:

(In thousands)			Total						Level 1						Level 2						Level 3
June 30, 2024
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency			$	1,822,376					$	—					$	1,822,376					$	—
State and municipal			2,539,267						—						2,539,267						—
Mortgage-backed			2,592,994						—						2,592,994						—
Asset-backed			4,014,446						—						4,014,446						—
Corporate			8,412,420						—						8,412,420						—
Foreign government			1,657,609						—						1,657,609						—
Total fixed maturity securities available for sale			21,039,112						—						21,039,112						—
Equity securities:
Common stocks			696,555						693,294						1,116						2,145
Preferred stocks			381,537						—						377,901						3,636
Total equity securities			1,078,092						693,294						379,017						5,781
Arbitrage trading account			1,221,861						1,061,891						156,377						3,593
Total			$	23,339,065					$	1,755,185					$	21,574,506					$	9,374
Liabilities:
Trading account securities sold but not yet purchased			$	81,273					$	81,273					$	—					$	—
December 31, 2023
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency			$	1,716,731					$	—					$	1,716,731					$	—
State and municipal			2,634,422						—						2,634,422						—
Mortgage-backed			2,266,455						—						2,266,455						—
Asset-backed			4,187,040						—						4,187,040						—
Corporate			7,654,059						—						7,654,059						—
Foreign government			1,666,229						—						1,666,229						—
Total fixed maturity securities available for sale			20,124,936						—						20,124,936						—
Equity securities:
Common stocks			838,054						835,338						1,158						1,558
Preferred stocks			252,293						—						248,598						3,695
Total equity securities			1,090,347						835,338						249,756						5,253
Arbitrage trading account			938,049						546,110						388,167						3,772
Total			$	22,153,332					$	1,381,448					$	20,762,859					$	9,025
Liabilities:
Trading account securities sold but not yet purchased			$	9,357					$	9,357					$	—					$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2024 and for the year ended December 31, 2023:

Gains (Losses) Included In:
(In thousands)			Beginning Balance						Earnings (Losses)						Other Comprehensive Income (Losses)						Impairments						Purchases						Sales						Paydowns / Maturities						Transfers In / (Out)						Ending Balance
																																																						Six Months Ended June 30, 2024
Assets:
Equity securities:
Common stocks			$	1,558					$	715					$	—					$	—					$	—					$	(128)					$	—					$	—					$	2,145
Preferred stocks			3,695						(2)						—						—						—						(57)						—						—						3,636
Total			5,253						713						—						—						—						(185)						—						—						5,781
Arbitrage trading account			3,772						(178)						—						—						—						(38)						—						37						3,593
Total			$	9,025					$	535					$	—					$	—					$	—					$	(223)					$	—					$	37					$	9,374
Year Ended December 31, 2023
Assets:
Equity securities:
Common stocks			$	2,599					$	(1,041)					$	—					$	—					$	—					$	—					$	—					$	—					$	1,558
Preferred stocks			11,299						(3)						—						(7,601)						—						—						—						—						3,695
Total			13,898						(1,044)						—						(7,601)						—						—						—						—						5,253
Arbitrage trading account			3,590						117						—						—						—						—						—						65						3,772
Total			$	17,488					$	(927)					$	—					$	(7,601)					$	—					$	—					$	—					$	65					$	9,025

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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