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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2012

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

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

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

	September 30, 2012
	Level 1				Level 2				Level 3				Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	12,153			$	0			$	0			$	12,153
Municipal securities	0				2,205,136				0				2,205,136
Mortgage-backed securities	0				32,418				0				32,418
Corporate securities	0				137,653				0				137,653
Collateralized debt obligations	0				0				81,357				81,357
Equity securities:
Common stock:
Public utilities	83,187				0				0				83,187
Banks, trusts and insurance companies	18,546				0				0				18,546
Energy and other	346,853				0				0				346,853
Non-redeemable preferred stock	0				11,652				0				11,652
Partnership interest in a private credit fund	0				0				10,575				10,575
Short-term bonds	0				32,695				0				32,695
Money market instruments	188,387				0				0				188,387
Equity contracts	1				0				0				1
Total assets at fair value	$	649,127			$	2,419,554			$	91,932			$	3,160,613
Liabilities
Equity contracts	$	171			$	0			$	0			$	171
Interest rate swap agreements	0				260				0				260
Total liabilities at fair value	$	171			$	260			$	0			$	431

	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
Energy 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

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

The following tables present a summary of changes in fair value of Level 3 financial assets and financial liabilities held at fair value.

	Three Months Ended September 30,
	2012												2011
	Municipal Securities				Collateralized Debt Obligations				Partnership Interest in a Private Credit Fund				Municipal Securities				Collateralized Debt Obligations
	(Amounts in thousands)
Beginning Balance	$	0			$	76,325			$	11,030			$	0			$	55,724
Realized gains (losses) included in earnings	0				5,032				(455		)		0				(11,857		)
Ending Balance	$	0			$	81,357			$	10,575			$	0			$	43,867
The amount of total gains (losses) for the period included in earnings attributable to assets still held at September 30	$	0			$	5,032			$	(455	)		$	0			$	(11,857	)

	Nine Months Ended September 30,
	2012												2011
	Municipal Securities				Collateralized Debt Obligations				Partnership Interest in a Private Credit Fund				Municipal Securities				Collateralized Debt Obligations
	(Amounts in thousands)
Beginning Balance	$	0			$	47,503			$	10,008			$	1,624			$	55,692
Realized gains (losses) included in earnings	0				8,854				567				39				(12,936		)
Purchase	0				25,000				0				0				0
Sales	0				0				0				(1,663		)		0
Settlements					0				0				0				1,111
Ending Balance	$	0			$	81,357			$	10,575			0				$	43,867
The amount of total gains (losses) for the period included in earnings attributable to assets still held at September 30	$	0			$	8,854			$	567			$	0			$	(11,825	)

X

- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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