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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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.

			December 31, 2023
(dollars in thousands)			Level 1						Level 2						Level 3						Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities			$	—					$	3,784,713					$	—					$	3,784,713
U.S. government-sponsored enterprises			—						1,142,814						—						1,142,814
Obligations of states, municipalities and political subdivisions			—						4,029,305						—						4,029,305
Foreign governments			—						1,783,421						—						1,783,421
Commercial mortgage-backed securities			—						2,243,658						—						2,243,658
Residential mortgage-backed securities			—						470,422						—						470,422
Corporate bonds			—						918,399						—						918,399
Total fixed maturity securities, available-for-sale			—						14,372,732						—						14,372,732
Equity securities:
Insurance, banks and other financial institutions			3,694,375						—						994						3,695,369
Industrial, consumer and all other			5,882,502						—						—						5,882,502
Total equity securities			9,576,877						—						994						9,577,871
Short-term investments, available-for-sale			2,402,099						169,283						—						2,571,382
Total investments			$	11,978,976					$	14,542,015					$	994					$	26,521,985

			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
Corporate bonds			—						670,136						—						670,136
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.

(dollars in thousands)			2023						2022
Equity securities, beginning of period			$	899					$	56,472
Purchases			—						—
Sales			—						(56,335)
Net investment gains			95						762
Equity securities, end of period			$	994					$	899

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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