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Fair Value (Tables)

9 Months Ended

Sep. 30, 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)		September 30, 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		$	1,239,400		$	-		$	1,239,400		$	-
Obligations of U.S. States and political subdivisions			537,371			-			537,371			-
Corporate securities			6,475,337			-			5,887,290			588,047
Asset-backed securities			864,886			-			824,242			40,644
Mortgage-backed securities			-
Commercial			767,292			-			767,292			-
Agency residential			2,401,616			-			2,401,616			-
Non-agency residential			8,067			-			8,067			-
Foreign government securities			1,343,563			-			1,343,563			-
Foreign corporate securities			2,928,601			-			2,926,508			2,093
Total fixed maturities, market value			16,566,133			-			15,935,349			630,784
Fixed maturities, fair value			-			-			-			-
Equity securities, fair value			906,230			814,833			91,397			-
Liabilities:
Equity index put option contracts		$	8,563		$	-		$	-		$	8,563

						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
Fixed maturities, fair 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 September 30, 2019												Nine Months Ended September 30, 2019
		Corporate			Asset-Backed			Foreign						Corporate			Asset-Backed			Foreign
(Dollars in thousands)		Securities			Securities			Corporate			Total			Securities			Securities			Corporate			Total
Beginning balance fixed maturities at market value		$	542,878		$	-		$	2,093		$	544,971		$	428,215		$	-		$	7,744		$	435,959
Total gains or (losses) (realized/unrealized)
Included in earnings			1,018			-			-			1,018			3,348			-			(119)			3,229
Included in other comprehensive income (loss)			(1,314)			644			-			(670)			1,130			644			-			1,774
Purchases, issuances and settlements			42,289			40,000			-			82,289			150,659			40,000			(5,532)			185,127
Transfers in and/or (out) of Level 3			3,176			-			-			3,176			4,695			-			-			4,695
Ending balance		$	588,047		$	40,644		$	2,093		$	630,784		$	588,047		$	40,644		$	2,093		$	630,784
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, Market Value
			Three Months Ended September 30, 2018									Nine Months Ended September 30, 2018
		Corporate			Foreign						Corporate			Foreign
(Dollars in thousands)		Securities				Corporate		Total			Securities			Corporate			Total
Beginning balance fixed maturities at market value		$	381,215		$	12,615		$	393,830		$	210,186		$	6,952		$	217,138
Total gains or (losses) (realized/unrealized)
Included in earnings			(1,937)			(472)			(2,409)			(591)			(882)			(1,473)
Included in other comprehensive income (loss)			(449)			-			(449)			(24)			-			(24)
Purchases, issuances and settlements			50,290			18			50,308			219,548			4,341			223,889
Transfers in and/or (out) of Level 3			-			-			-			-			1,750			1,750
Ending balance		$	429,119		$	12,161		$	441,280		$	429,119		$	12,161		$	441,280
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 September 30, 2019						Nine Months Ended September 30, 2019
		Foreign						Foreign
(Dollars in thousands)			Corporate		Total			Corporate			Total
Beginning balance fixed maturities at market value		$	-		$	-		$	2,337		$	2,337
Total gains or (losses) (realized/unrealized)
Included in earnings			-			-			369			369
Included in other comprehensive income (loss)			-			-			-			-
Purchases, issuances and settlements			-			-			(2,706)			(2,706)
Transfers in and/or (out) of Level 3			-			-			-			-
Ending balance		$	-		$	-		$	-		$	-
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 September 30, 2018						Nine Months Ended September 30, 2018
		Foreign						Foreign
(Dollars in thousands)			Corporate		Total			Corporate			Total
Beginning balance fixed maturities at market value		$	3,192		$	3,192		$	-		$	-
Total gains or (losses) (realized/unrealized)
Included in earnings			(101)			(101)			(257)			(257)
Included in other comprehensive income (loss)			(32)			(32)			-			-
Purchases, issuances and settlements			(686)			(686)			2,630			2,630
Transfers in and/or (out) of Level 3			-			-			-			-
Ending balance		$	2,373		$	2,373		$	2,373		$	2,373
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						Nine Months Ended
	September 30,						September 30,
(Dollars in thousands)	2019			2018			2019			2018
Liabilities:
Balance, beginning of period	$	8,374		$	9,218		$	11,958		$	12,477
Total (gains) or losses (realized/unrealized)
Included in earnings		189			(2,225)			(3,395)			(5,485)
Included in other comprehensive income (loss)		-			-			-			-
Purchases, issuances and settlements		-			-			-			-
Transfers in and/or (out) of Level 3		-			-			-			-
Balance, end of period	$	8,563		$	6,993		$	8,563		$	6,993
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

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-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

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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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- 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
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-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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