Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques


	December 31, 2011
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	14,298	$	0	$	0	$	14,298
Municipal securities		0		2,271,275		0		2,271,275
Mortgage-backed securities		0		37,371		0		37,371
Corporate securities		0		75,142		0		75,142
Collateralized debt obligations		0		0		47,503		47,503
Equity securities:
Common stock:
Public utilities		26,342		0		0		26,342
Banks, trusts and insurance companies		16,027		0		0		16,027
Industrial and other		316,592		0		0		316,592
Non-redeemable preferred stock		0		11,419		0		11,419
Partnership interest in a private credit fund		0		0		10,008		10,008
Short-term bonds		0		9,011		0		9,011
Money market instruments		227,433		0		0		227,433

Total assets at fair value	$	600,692	$	2,404,218	$	57,511	$	3,062,421

Liabilities
Equity contracts	$	655	$	0	$	0	$	655
Interest rate swap agreements		0		670		0		670

Total liabilities at fair value	$	655	$	670	$	0	$	1,325


	December 31, 2010
	Level 1		Level 2		Level 3		Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	8,805	$	0	$	0	$	8,805
Municipal securities		0		2,433,589		1,624		2,435,213
Mortgage-backed securities		0		57,367		0		57,367
Corporate securities		0		95,203		0		95,203
Collateralized debt obligations		0		0		55,692		55,692
Equity securities:
Common stock:
Public utilities		27,214		0		0		27,214
Banks, trusts and insurance companies		20,521		0		0		20,521
Industrial and other		302,103		0		0		302,103
Non-redeemable preferred stock		0		9,768		0		9,768
Short-term bonds		0		17,043		0		17,043
Money market instruments		126,328		0		0		126,328
Interest rate swap agreements		0		4,240		0		4,240

Total assets at fair value	$	484,971	$	2,617,210	$	57,316	$	3,159,497

Liabilities
Equity contracts	$	2,776	$	0	$	0	$	2,776
Interest rate swap agreements		0		3,042		0		3,042

Total liabilities at fair value	$	2,776	$	3,042	$	0	$	5,818

Schedule Of Changes In Fair Value Of Level 3 Financial Assets And Liabilities Held At Fair Value


	2011								2010
	Municipal Securities			Collateralized Debt Obligations			Partnership Interest in a Private Credit Fund		Municipal Securities			Collateralized Debt Obligations
	(Amounts in thousands)
Beginning Balance	$	1,624		$	55,692		$	0	$	3,322		$	47,473
Realized gains (losses) included in earnings		39			(9,300	)		8		(108	)		13,388
Purchase		0			0			10,000		0			0
Sales		(1,663	)		0			0		(1,590	)		0
Issuances		0			0			0		0			0
Settlements		0			1,111			0		0			(5,169	)

Ending Balance	$	0		$	47,503		$	10,008	$	1,624		$	55,692

The amount of total (losses) gains for the period included in earnings attributable to assets still held at December 31	$	0		$	(8,189	)	$	8	$	(83	)	$	12,810

- 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, 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, issuances, 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.

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