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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

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- References

No definition available.

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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
-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

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