v2.3.0.15

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value Measurements [Abstract]

Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

		September 30, 2011
(dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Investments available-for-sale:
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies		$	0			$	308,159			$	0			$	308,159
Obligations of states, municipalities and political subdivisions			0				2,918,163				0				2,918,163
Foreign governments			0				740,363				0				740,363
Residential mortgage-backed securities			0				417,954				0				417,954
Asset-backed securities			0				17,552				0				17,552
Public utilities			0				76,107				0				76,107
All other corporate bonds			0				1,098,286				0				1,098,286
Total fixed maturities			0				5,576,584				0				5,576,584
Equity securities:
Insurance companies, banks and trusts			612,395				0				0				612,395
Industrial, consumer and all other			996,804				0				0				996,804
Total equity securities			1,609,199				0				0				1,609,199
Short-term investments			428,681				63,075				0				491,756
Total investments available-for-sale			2,037,880				5,639,659				0				7,677,539
Liabilities:
Derivative contracts		$	0			$	0			$	27,915			$	27,915

		December 31, 2010
(dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Investments available-for-sale:
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies		$	0			$	321,338			$	0			$	321,338
Obligations of states, municipalities and political subdivisions			0				2,799,339				0				2,799,339
Foreign governments			0				572,818				0				572,818
Residential mortgage-backed securities			0				425,563				0				425,563
Asset-backed securities			0				22,756				0				22,756
Public utilities			0				102,444				0				102,444
Convertible bonds			0				16,725				0				16,725
All other corporate bonds			0				1,170,243				0				1,170,243
Total fixed maturities			0				5,431,226				0				5,431,226
Equity securities:
Insurance companies, banks and trusts			710,986				0				0				710,986
Industrial, consumer and all other			1,010,985				0				0				1,010,985
Total equity securities			1,721,971				0				0				1,721,971
Short-term investments			269,466				55,874				0				325,340
Total investments available-for-sale			1,991,437				5,487,100				0				7,478,537
Liabilities:
Derivative contracts		$	0			$	0			$	25,228			$	25,228

Summary Of Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis

		Quarter Ended September 30,
(dollars in thousands)		2011				2010
Derivatives, Beginning of Period		$	24,596			$	28,397
Total (gains) losses included in:
Net income			3,319				(1,445	)
Other comprehensive income (loss)			0				0
Transfers into Level 3			0				0
Transfers out of Level 3			0				0
Derivatives, End of Period		$	27,915			$	26,952
Net unrealized (gains) losses included in net income relating to liabilities held at September 30, 2011 and 2010		$	3,319	(1)		$	(1,445	) (1)

		Nine Months Ended September 30,
(dollars in thousands)		2011				2010
Derivatives, Beginning of Period		$	25,228			$	26,968
Total (gains) losses included in:
Net income			2,687				(16	)
Other comprehensive income (loss)			0				0
Transfers into Level 3			0				0
Transfers out of Level 3			0				0
Derivatives, End of Period		$	27,915			$	26,952
Net unrealized (gains) losses included in net income relating to liabilities held at September 30, 2011 and 2010		$	2,687	(1)		$	(16	) (1)

⁽¹⁾ Included in net investment income in the consolidated statements of income and comprehensive income (loss).

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- Definition

Tabular disclosure of the fair value measurement of liabilities 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 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, issuances, 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 liability.

+ References

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph c

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258



Reference 3: 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=6925170&loc=d3e19279-110258

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- 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/presentationRef

-Topic 820

-SubTopic 10

-Publisher FASB

-Number

-Article

-Subparagraph

-Name Accounting Standards Codification

-Paragraph 1

-Section 50

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258

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