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Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020			(Level 1)			(Level 2)			(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations		$	1,432,811		$	-		$	1,432,811		$	-
Obligations of U.S. States and political subdivisions			524,902			-			524,902			-
Corporate securities			6,347,322			-			5,634,241			713,081
Asset-backed securities			904,153			-			665,522			238,631
Mortgage-backed securities
Commercial			840,099			-			840,099			-
Agency residential			2,221,171			-			2,221,171			-
Non-agency residential			3,997			-			3,997			-
Foreign government securities			1,477,718			-			1,477,718			-
Foreign corporate securities			2,793,722			-			2,793,722			-
Total fixed maturities, market value			16,545,895			-			15,594,183			951,712
Fixed maturities, fair value			4,703			-			-			4,703
Equity securities, fair value			722,851			666,266			56,585			-
Liabilities:
Equity index put option contracts		$	20,958		$	-		$	-		$	20,958

						Fair Value Measurement Using:
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
					Assets			Inputs			Inputs
(Dollars in thousands)		December 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		$	1,515,803		$	-		$	1,515,803		$	-
Obligations of U.S. States and political subdivisions			536,915			-			536,915			-
Corporate securities			6,374,946			-			5,757,358			617,588
Asset-backed securities			897,333			-			743,692			153,641
Mortgage-backed securities
Commercial			844,557			-			844,557			-
Agency residential			2,198,581			-			2,198,581			-
Non-agency residential			5,703			-			5,703			-
Foreign government securities			1,505,950			-			1,505,950			-
Foreign corporate securities			2,945,156			-			2,943,406			1,750
Total fixed maturities, market value			16,824,944			-			16,051,965			772,979
Fixed maturities, fair value			5,826			-			-			5,826
Equity securities, fair value			931,457			864,584			66,873			-
Liabilities:
Equity index put option contracts		$	5,584		$	-		$	-		$	5,584

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

			Total Fixed Maturities, Market Value
		Three Months Ended March 31, 2020												Three Months Ended March 31, 2019
		Corporate			Asset-Backed			Foreign						Corporate			Foreign
(Dollars in thousands)		Securities			Securities			Corporate			Total			Securities			Corporate			Total
Beginning balance fixed maturities at market value		$	617,588		$	153,641		$	1,750		$	772,979		$	428,215		$	7,744		$	435,959
Total gains or (losses) (realized/unrealized)						-
Included in earnings			(214)			4			-			(210)			4,858			119			4,977
Included in other comprehensive income (loss)			(3,357)			(15,882)			-			(19,239)			573			-			573
Purchases, issuances and settlements			99,064			100,868			(1,750)			198,182			6,638			(565)			6,073
Transfers in and/or (out) of Level 3			-			-			-			-			(2,458)			-			(2,458)
Ending balance		$	713,081		$	238,631		$	-		$	951,712		$	437,826		$	7,298		$	445,124
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		$	(539)		$	-		$	-		$	(539)		$	-		$	-		$	-
(Some amounts may not reconcile due to rounding.)

	Total Fixed Maturities, Fair Value
	Three Months Ended March 31, 2020						Three Months Ended March 31, 2020
		Foreign						Foreign
(Dollars in thousands)			Corporate		Total			Corporate			Total
Beginning balance fixed maturities at market value		$	5,826		$	5,826		$	2,337		$	2,337
Total gains or (losses) (realized/unrealized)
Included in earnings			(1,123)			(1,123)			13			13
Included in other comprehensive income (loss)			-			-			-			-
Purchases, issuances and settlements			-			-			-			-
Transfers in and/or (out) of Level 3			-			-			-			-
Ending balance		$	4,703		$	4,703		$	2,350		$	2,350
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)	2020			2019
Liabilities:
Balance, beginning of period	$	5,584		$	11,958
Total (gains) or losses (realized/unrealized)
Included in earnings		15,373			(3,231)
Included in other comprehensive income (loss)		-			-
Purchases, issuances and settlements		-			-
Transfers in and/or (out) of Level 3		-			-
Balance, end of period	$	20,958		$	8,727
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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-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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
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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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