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Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value [Abstract]

Fair Value Measurement Levels For All Assets And Liabilities

						Fair Value Measurement Using:
						Quoted Prices
						in Active				Significant
						Markets for				Other				Significant
						Identical				Observable				Unobservable
						Assets				Inputs				Inputs
(Dollars in thousands)		March 31, 2019				(Level 1)				(Level 2)				(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations		$	1,297,113			$	-			$	1,297,113			$	-
Obligations of U.S. States and political subdivisions			504,858				-				504,858				-
Corporate securities			6,016,532				-				5,578,706				437,826
Asset-backed securities			717,165				-				717,165				-
Mortgage-backed securities
Commercial			531,508				-				531,508				-
Agency residential			2,347,278				-				2,347,278				-
Non-agency residential			9,766				-				9,766				-
Foreign government securities			1,298,136				-				1,298,136				-
Foreign corporate securities			2,790,931				-				2,783,633				7,298
Total fixed maturities, market value			15,513,287				-				15,068,163				445,124
Fixed maturities, fair value			2,350				-				-				2,350
Equity securities, fair value			883,191				833,414				49,777				-
Liabilities:
Equity index put option contracts		$	8,727			$	-			$	-			$	8,727

						Fair Value Measurement Using:
						Quoted Prices
						in Active				Significant
						Markets for				Other				Significant
						Identical				Observable				Unobservable
						Assets				Inputs				Inputs
(Dollars in thousands)		December 31, 2018				(Level 1)				(Level 2)				(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations		$	2,631,134			$	-			$	2,631,134			$	-
Obligations of U.S. States and political subdivisions			500,094				-				500,094				-
Corporate securities			5,445,532				-				5,017,317				428,215
Asset-backed securities			540,097				-				540,097				-
Mortgage-backed securities
Commercial			326,710				-				326,710				-
Agency residential			1,796,264				-				1,796,264				-
Non-agency residential			10,209				-				10,209				-
Foreign government securities			1,314,165				-				1,314,165				-
Foreign corporate securities			2,661,058				-				2,653,314				7,744
Total fixed maturities, market value			15,225,263				-				14,789,304				435,959
Equity securities, market value			2,337				-				-				2,337
Equity securities, fair value			716,639				674,433				42,206				-
Liabilities:
Equity index put option contracts		$	11,958			$	-			$	-			$	11,958

Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type

		Total Fixed Maturities, Market Value
		Three Months Ended March 31, 2019												Three Months Ended March 31, 2018
		Corporate				Foreign								Corporate				Foreign
(Dollars in thousands)		Securities				Corporate				Total				Securities				Corporate				Total
Beginning balance fixed maturities at market value		$	428,215			$	7,744			$	435,959			$	210,186			$	6,952			$	217,138
Total gains or (losses) (realized/unrealized)
Included in earnings			4,858				119				4,977				722				94				816
Included in other comprehensive income (loss)			573				-				573				235				-				235
Purchases, issuances and settlements			6,638				(565	)			6,073				9,412				4,322				13,734
Transfers in and/or (out) of Level 3			(2,458	)			-				(2,458	)			-				-				-
Ending balance		$	437,826			$	7,298			$	445,124			$	220,555			$	11,368			$	231,923
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held
at the reporting date		$	-			$	-			$	-			$	-			$	-			$	-
(Some amounts may not reconcile due to rounding.)

		Total Fixed Maturities, Fair Value
		Three Months Ended March 31, 2019								Three Months Ended March 31, 2018
		Foreign								Foreign
(Dollars in thousands)		Corporate				Total				Corporate				Total
Beginning balance fixed maturities at fair value		$	2,337			$	2,337			$	-			$	-
Total gains or (losses) (realized/unrealized)
Included in earnings			13				13				(14	)			(14	)
Included in other comprehensive income (loss)			-				-				-				-
Purchases, issuances and settlements			-				-				1,835				1,835
Transfers in and/or (out) of Level 3			-				-				-				-
Ending balance		$	2,350			$	2,350			$	1,821			$	1,821
The amount of total gains or losses for the period
included in earnings (or changes in net assets)
attributable to the change in unrealized gains
or losses relating to assets still held
at the reporting date		$	-			$	-			$	-			$	-
(Some amounts may not reconcile due to rounding.)

Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts

		Three Months Ended
		March 31,
(Dollars in thousands)		2019				2018
Liabilities:
Balance, beginning of period		$	11,958			$	12,477
Total (gains) or losses (realized/unrealized)
Included in earnings			(3,231	)			(273	)
Included in other comprehensive income (loss)			-				-
Purchases, issuances and settlements			-				-
Transfers in and/or (out) of Level 3			-				-
Balance, end of period		$	8,727			$	12,205
The amount of total gains or losses for the period included in earnings
(or changes in net assets) attributable to the change in unrealized
gains or losses relating to liabilities still held at the reporting date		$	-			$	-
(Some amounts may not reconcile due to rounding.)

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99377789&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=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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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 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 liability.

+ References

Reference 1: 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=99377789&loc=d3e19207-110258

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-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258

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