XML 36 R27.htm IDEA: XBRL DOCUMENT
v3.23.3

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
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.
| September 30, 2023
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | 3,310,829 |  |  | $ | — |  |  | $ | 3,310,829 |
U.S. government-sponsored enterprises | — |  |  | 995,684 |  |  | — |  |  | 995,684 |
Obligations of states, municipalities and political subdivisions | — |  |  | 3,798,946 |  |  | — |  |  | 3,798,946 |
Foreign governments | — |  |  | 1,563,119 |  |  | — |  |  | 1,563,119 |
Commercial mortgage-backed securities | — |  |  | 2,089,373 |  |  | — |  |  | 2,089,373 |
Residential mortgage-backed securities | — |  |  | 478,840 |  |  | — |  |  | 478,840 |
Asset-backed securities | — |  |  | 1,198 |  |  | — |  |  | 1,198 |
Corporate bonds | — |  |  | 713,290 |  |  | — |  |  | 713,290 |
Total fixed maturity securities, available-for-sale | — |  |  | 12,951,279 |  |  | — |  |  | 12,951,279 |
Equity securities: |  |  |  |  |  |  |
Insurance, banks and other financial institutions | 3,304,299 |  |  | — |  |  | 942 |  |  | 3,305,241 |
Industrial, consumer and all other | 5,269,716 |  |  | — |  |  | — |  |  | 5,269,716 |
Total equity securities | 8,574,015 |  |  | — |  |  | 942 |  |  | 8,574,957 |
Short-term investments, available-for-sale | 2,085,072 |  |  | 167,654 |  |  | — |  |  | 2,252,726 |
Total investments | $ | 10,659,087 |  |  | $ | 13,118,933 |  |  | $ | 942 |  |  | $ | 23,778,962 |
| December 31, 2022
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Fixed maturity securities, available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | 2,913,959 |  |  | $ | — |  |  | $ | 2,913,959 |
U.S. government-sponsored enterprises | — |  |  | 765,538 |  |  | — |  |  | 765,538 |
Obligations of states, municipalities and political subdivisions | — |  |  | 3,733,183 |  |  | — |  |  | 3,733,183 |
Foreign governments | — |  |  | 1,306,778 |  |  | — |  |  | 1,306,778 |
Commercial mortgage-backed securities | — |  |  | 1,940,448 |  |  | — |  |  | 1,940,448 |
Residential mortgage-backed securities | — |  |  | 526,793 |  |  | — |  |  | 526,793 |
Asset-backed securities | — |  |  | 1,640 |  |  | — |  |  | 1,640 |
Corporate bonds | — |  |  | 668,496 |  |  | — |  |  | 668,496 |
Total fixed maturity securities, available-for-sale | — |  |  | 11,856,835 |  |  | — |  |  | 11,856,835 |
Equity securities: |  |  |  |  |  |  |
Insurance, banks and other financial institutions | 2,952,689 |  |  | — |  |  | 899 |  |  | 2,953,588 |
Industrial, consumer and all other | 4,718,324 |  |  | — |  |  | — |  |  | 4,718,324 |
Total equity securities | 7,671,013 |  |  | — |  |  | 899 |  |  | 7,671,912 |
Short-term investments, available-for-sale | 2,510,164 |  |  | 159,098 |  |  | — |  |  | 2,669,262 |
Total investments | $ | 10,181,177 |  |  | $ | 12,015,933 |  |  | $ | 899 |  |  | $ | 22,198,009 |
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 September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Equity securities, beginning of period | $ | 936 |  |  | $ | 4,380 |  |  | $ | 899 |  |  | $ | 56,472 |
Purchases | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | (3,528) |  |  | — |  |  | (56,335) |
Net investment gains | 6 |  |  | 69 |  |  | 43 |  |  | 784 |
Equity securities, end of period | $ | 942 |  |  | $ | 921 |  |  | $ | 942 |  |  | $ | 921 |

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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: 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 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration