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Fair Value (Tables)

9 Months Ended

Sep. 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)		September 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		$	1,362,822		$	-		$	1,362,822		$	-
Obligations of U.S. States and political subdivisions			608,375			-			608,375			-
Corporate securities			7,494,241			-			6,700,200			794,041
Asset-backed securities			3,305,252			-			2,301,183			1,004,069
Mortgage-backed securities
Commercial			1,087,870			-			1,087,870			-
Agency residential			2,246,001			-			2,246,001			-
Non-agency residential			7,306			-			7,306			-
Foreign government securities			1,455,145			-			1,455,145			-
Foreign corporate securities			4,056,107			-			4,051,232			4,875
Total fixed maturities, market value			21,623,119			-			19,820,134			1,802,985
Equity securities, fair value			1,523,595			1,451,271			72,324			-

						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 September 30, 2021												Nine Months Ended September 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		$	705,571		$	815,276		$	4,887		$	1,525,734		$	701,492		$	623,033		$	5,699		$	1,330,224
Total gains or (losses) (realized/unrealized)
Included in earnings			3,184			(3,292)			33			(75)			(12,366)			(7,254)			173			(19,447)
Included in other comprehensive income (loss)			(1,311)			(381)			(34)			(1,726)			6,107			4,094			(70)			10,131
Purchases, issuances and settlements			86,597			192,466			(12)			279,051			98,808			384,196			(928)			482,076
Transfers in and/or (out) of Level 3			-			-			-			-			-			-			-			-
Ending balance		$	794,041		$	1,004,069		$	4,875		$	1,802,984		$	794,041		$	1,004,069		$	4,875		$	1,802,984
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		$	761		$	(2,764)		$	-		$	(2,003)		$	(16,518)		$	(7,679)		$	-		$	(24,197)
(Some amounts may not reconcile due to rounding.)

			Total Fixed Maturities, Market Value
			Three Months Ended September 30, 2020												Nine Months Ended September 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		$	721,834		$	295,730		$	6,274		$	1,023,838		$	617,588		$	153,641		$	1,750		$	772,979
Total gains or (losses) (realized/unrealized)
Included in earnings			362			457			26			845			(100)			582			(71)			411
Included in other comprehensive income (loss)			(992)			5,028			126			4,162			(4,898)			7,238			86			2,426
Purchases, issuances and settlements			(1,349)			103,574			139			102,364			112,060			243,328			3,823			359,211
Transfers in and/or (out) of Level 3			4,189			-			(863)			3,326			(606)			-			114			(492)
Ending balance		$	724,044		$	404,789		$	5,702		$	1,134,535		$	724,044		$	404,789		$	5,702		$	1,134,535
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 September 30, 2020						Nine Months Ended September 30, 2020
		Foreign						Foreign
(Dollars in thousands)		Corporate			Total			Corporate			Total
Beginning balance fixed maturities at market value		$	4,431		$	4,431		$	5,826		$	5,826
Total gains or (losses) (realized/unrealized)
Included in earnings			1,371			1,371			(24)			(24)
Included in other comprehensive income (loss)			-			-			-			-
Purchases, issuances and settlements			(2,054)			(2,054)			(2,054)			(2,054)
Transfers in and/or (out) of Level 3			-			-			-			-
Ending balance		$	3,748		$	3,748		$	3,748		$	3,748
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)	2021			2020			2021			2020
Common Stock
Balance, beginning of period	$	-		$	9,877		$	-		$	-
Total (gains) or losses (realized/unrealized)
Included in earnings		-			-			-			-
Included in other comprehensive income (loss)		-			-			-			-
Purchases, issuances and settlements		-			-			-			9,877
Transfers in and/or (out) of Level 3		-			(9,877)			-			(9,877)
Balance, end of period	$	-		$	-		$	-		$	-
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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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
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-Topic 820
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