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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Balances Of Assets Measured At Fair Value On A Recurring Basis | The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy.
| June 30, 2020 |  |  |  |  |  |
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | 354,895 |  |  | $ | — |  |  | $ | 354,895 |
U.S. government-sponsored enterprises | — |  |  | 374,808 |  |  | — |  |  | 374,808 |
Obligations of states, municipalities and political subdivisions | — |  |  | 4,205,455 |  |  | — |  |  | 4,205,455 |
Foreign governments | — |  |  | 1,515,396 |  |  | — |  |  | 1,515,396 |
Commercial mortgage-backed securities | — |  |  | 1,878,978 |  |  | — |  |  | 1,878,978 |
Residential mortgage-backed securities | — |  |  | 907,330 |  |  | — |  |  | 907,330 |
Asset-backed securities | — |  |  | 8,281 |  |  | — |  |  | 8,281 |
Corporate bonds | — |  |  | 815,329 |  |  | — |  |  | 815,329 |
Total fixed maturity securities, available-for-sale | — |  |  | 10,060,472 |  |  | — |  |  | 10,060,472 |
Equity securities: |  |  |  |  |  |  |
Insurance, banks and other financial institutions | 2,014,514 |  |  | — |  |  | 115,648 |  |  | 2,130,162 |
Industrial, consumer and all other | 3,534,085 |  |  | — |  |  | — |  |  | 3,534,085 |
Total equity securities | 5,548,599 |  |  | — |  |  | 115,648 |  |  | 5,664,247 |
Short-term investments, available-for-sale | 823,932 |  |  | 105,340 |  |  | — |  |  | 929,272 |
Total investments | $ | 6,372,531 |  |  | $ | 10,165,812 |  |  | $ | 115,648 |  |  | $ | 16,653,991 |
| December 31, 2019 |  |  |  |  |  |
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | 284,786 |  |  | $ | — |  |  | $ | 284,786 |
U.S. government-sponsored enterprises | — |  |  | 342,580 |  |  | — |  |  | 342,580 |
Obligations of states, municipalities and political subdivisions | — |  |  | 4,189,882 |  |  | — |  |  | 4,189,882 |
Foreign governments | — |  |  | 1,542,004 |  |  | — |  |  | 1,542,004 |
Commercial mortgage-backed securities | — |  |  | 1,817,845 |  |  | — |  |  | 1,817,845 |
Residential mortgage-backed securities | — |  |  | 888,073 |  |  | — |  |  | 888,073 |
Asset-backed securities | — |  |  | 11,048 |  |  | — |  |  | 11,048 |
Corporate bonds | — |  |  | 894,691 |  |  | — |  |  | 894,691 |
Total fixed maturity securities, available-for-sale | — |  |  | 9,970,909 |  |  | — |  |  | 9,970,909 |
Equity securities: |  |  |  |  |  |  |
Insurance, banks and other financial institutions | 2,463,190 |  |  | — |  |  | 45,992 |  |  | 2,509,182 |
Industrial, consumer and all other | 5,081,573 |  |  | — |  |  | — |  |  | 5,081,573 |
Total equity securities | 7,544,763 |  |  | — |  |  | 45,992 |  |  | 7,590,755 |
Short-term investments, available-for-sale | 1,093,799 |  |  | 102,449 |  |  | — |  |  | 1,196,248 |
Total investments | $ | 8,638,562 |  |  | $ | 10,073,358 |  |  | $ | 45,992 |  |  | $ | 18,757,912 |
Summary Of Changes In Level 3 Investments Measured At Fair Value On A Recurring Basis | The following table summarizes changes in Level 3 investments measured at fair value on a recurring basis.
| Quarter Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Equity securities, beginning of period | $ | 131,307 |  |  | $ | 44,812 |  |  | $ | 45,992 |  |  | $ | 53,728 |
Purchases | — |  |  | 500 |  |  | 90,000 |  |  | 500 |
Sales | (16,529) |  |  | — |  |  | (17,893) |  |  | (6,869) |
Net investment gains (losses) on Level 3 investments | 870 |  |  | (7,324) |  |  | (2,451) |  |  | (9,371) |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 | — |  |  | — |  |  | — |  |  | — |
Equity securities, end of period | $ | 115,648 |  |  | $ | 37,988 |  |  | $ | 115,648 |  |  | $ | 37,988 |
In connection with the run-off of one of the Markel CATCo Funds and to facilitate the return of capital to third party investors, the Company invested $90.0 million in that fund effective January 1, 2020. This investment replaces collateral previously provided by other investors for risk exposures within the underlying reinsurance contracts in which the fund is invested related to loss events that occur after December 31, 2019 and through the expiration of the reinsurance contracts, all of which either had expired or were commuted as of June 30, 2020. Underwriting results for the 2020 loss exposures on these contracts are attributed to the Company through its investment in the fund.

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- 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=117815213&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=117815213&loc=d3e19207-110258 + Details
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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&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=117815213&loc=d3e19207-110258 + Details
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