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Fair Value (Tables)

6 Months Ended

Jun. 30, 2021

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)		June 30, 2021			(Level 1)			(Level 2)			(Level 3)
Assets:
Fixed maturities, market value
U.S. Treasury securities and obligations of
U.S. government agencies and corporations		$	1,275,758		$	-		$	1,275,758		$	-
Obligations of U.S. States and political subdivisions			609,345			-			609,345			-
Corporate securities			7,359,704			-			6,654,133			705,571
Asset-backed securities			3,169,417			-			2,354,141			815,276
Mortgage-backed securities
Commercial			1,078,399			-			1,078,399			-
Agency residential			2,290,267			-			2,290,267			-
Non-agency residential			8,211			-			8,211			-
Foreign government securities			1,553,961			-			1,553,961			-
Foreign corporate securities			3,930,137			-			3,925,250			4,887
Total fixed maturities, market value			21,275,199			-			19,749,465			1,525,734
Equity securities, fair value			1,485,833			1,412,711			73,122			-

						Fair Value Measurement Using:
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
					Assets			Inputs			Inputs
(Dollars in thousands)		December 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		$	1,367,106		$	-		$	1,367,106		$	-
Obligations of U.S. States and political subdivisions			577,295			-			577,295			-
Corporate securities			7,149,026			-			6,447,534			701,492
Asset-backed securities			2,565,802			-			1,942,769			623,033
Mortgage-backed securities
Commercial			990,303			-			990,303			-
Agency residential			2,267,739			-			2,267,739			-
Non-agency residential			5,194			-			5,194			-
Foreign government securities			1,645,375			-			1,645,375			-
Foreign corporate securities			3,472,333			-			3,466,634			5,699
Total fixed maturities, market value			20,040,173			-			18,709,949			1,330,224
Equity securities, fair value			1,472,236			1,368,704			103,532			-

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

			Total Fixed Maturities, Market Value
		Three Months Ended June 30, 2021												Six Months Ended June 30, 2021
		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		$	704,542		$	785,360		$	5,598		$	1,495,500		$	701,492		$	623,033		$	5,699		$	1,330,224
Total gains or (losses) (realized/unrealized)
Included in earnings			(13,761)			206			137			(13,418)			(15,550)			(3,962)			140			(19,372)
Included in other comprehensive income (loss)			4,582			7,610			(85)			12,107			7,418			4,475			(36)			11,857
Purchases, issuances and settlements			10,208			22,100			(763)			31,545			12,211			191,730			(916)			203,025
Transfers in and/or (out) of Level 3			-			-			-			-			-			-			-			-
Ending balance		$	705,571		$	815,276		$	4,887		$	1,525,734		$	705,571		$	815,276		$	4,887		$	1,525,734
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		$	(17,279)		$	(4,915)		$	-		$	(22,194)		$	(17,279)		$	(4,915)		$	-		$	(22,194)
(Some amounts may not reconcile due to rounding.)

			Total Fixed Maturities, Market Value
			Three Months Ended June 30, 2020												Six Months Ended June 30, 2020
		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		$	713,081		$	238,631		$	-		$	951,712		$	617,588		$	153,641		$	1,750		$	772,979
Total gains or (losses) (realized/unrealized)
Included in earnings			(248)			121			(97)			(224)			(462)			125			(97)			(434)
Included in other comprehensive income (loss)			(549)			18,092			(40)			17,503			(3,906)			2,210			(40)			(1,736)
Purchases, issuances and settlements			14,345			38,886			5,434			58,665			113,409			139,754			3,684			256,847
Transfers in and/or (out) of Level 3			(4,795)			-			977			(3,818)			(4,795)			-			977			(3,818)
Ending balance		$	721,834		$	295,730		$	6,274		$	1,023,838		$	721,834		$	295,730		$	6,274		$	1,023,838
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 June 30, 2020						Six Months Ended June 30, 2020
		Foreign						Foreign
(Dollars in thousands)		Corporate			Total			Corporate			Total
Beginning balance fixed maturities at market value		$	4,703		$	4,703		$	5,826		$	5,826
Total gains or (losses) (realized/unrealized)
Included in earnings			(272)			(272)			(1,395)			(1,395)
Included in other comprehensive income (loss)			-			-			-			-
Purchases, issuances and settlements			-			-			-			-
Transfers in and/or (out) of Level 3			-			-			-			-
Ending balance		$	4,431		$	4,431		$	4,431		$	4,431
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						Six Months Ended
	June 30,						June 30,
(Dollars in thousands)	2021			2020			2021			2020
Common Stock
Balance, beginning of period	$	-		$	-		$	-		$	-
Total (gains) or losses (realized/unrealized)
Included in earnings		-			-			-			-
Included in other comprehensive income (loss)		-			-			-			-
Purchases, issuances and settlements		-			9,877			-			9,877
Transfers in and/or (out) of Level 3		-			-			-			-
Balance, end of period	$	-		$	9,877		$	-		$	9,877
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
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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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