XML 56 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2013

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, 2013 and December 31, 2012, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

	September 30, 2013
	Level 1				Level 2				Level 3				Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	16,128			$	0			$	0			$	16,128
Municipal securities	0				2,149,615				0				2,149,615
Mortgage-backed securities	0				36,096				0				36,096
Corporate securities	0				300,331				0				300,331
Collateralized debt obligations	0				0				36,344				36,344
Equity securities:
Common stock:
Public utilities	107,102				0				0				107,102
Banks, trusts and insurance companies	9,963				0				0				9,963
Energy and other	181,333				0				0				181,333
Non-redeemable preferred stock	0				25,845				0				25,845
Partnership interest in a private credit fund	0				0				12,124				12,124
Short-term bonds	39,996				22,488				0				62,484
Money market instruments	188,965				0				0				188,965
Total return swap	0				346				0				346
Total assets at fair value	$	543,487			$	2,534,721			$	48,468			$	3,126,676

	December 31, 2012
	Level 1				Level 2				Level 3				Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	14,204			$	0			$	0			$	14,204
Municipal securities	0				2,165,095				0				2,165,095
Mortgage-backed securities	0				30,703				0				30,703
Corporate securities	0				155,551				0				155,551
Collateralized debt obligations	0				0				42,801				42,801
Equity securities:
Common stock:
Public utilities	85,106				0				0				85,106
Banks, trusts and insurance companies	22,166				0				0				22,166
Energy and other	346,809				0				0				346,809
Non-redeemable preferred stock	0				11,701				0				11,701
Partnership interest in a private credit fund	0				0				11,306				11,306
Short-term bonds	0				24,530				0				24,530
Money market instruments	270,123				0				0				270,123
Total assets at fair value	$	738,408			$	2,387,580			$	54,107			$	3,180,095
Liabilities
Equity contracts	$	175			$	0			$	0			$	175
Interest rate swap	0				103				0				103
Total liabilities at fair value	$	175			$	103			$	0			$	278

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,
	2013								2012
	Collateralized Debt Obligations				Partnership Interest in a Private Credit Fund				Collateralized Debt Obligations				Partnership Interest in a Private Credit Fund
	(Amounts in thousands)
Beginning Balance	$	38,992			$	11,990			$	76,325			$	11,030
Realized gains (losses) included in earnings	5,616				134				5,032				(455		)
Settlements	(8,264		)		0				0				0
Ending Balance	$	36,344			$	12,124			$	81,357			$	10,575
The amount of total gains (losses) for the period included in earnings attributable to assets still held at September 30	$	5,616			$	134			$	5,032			$	(455	)

	Nine Months Ended September 30,
	2013								2012
	Collateralized Debt Obligations				Partnership Interest in a Private Credit Fund				Collateralized Debt Obligations				Partnership Interest in a Private Credit Fund
	(Amounts in thousands)
Beginning Balance	$	42,801			$	11,306			$	47,503			$	10,008
Realized gains included in earnings	5,993				818				8,854				567
Purchase	0				0				25,000				0
Sales	(4,186		)		0				0				0
Settlements	(8,264		)		0				0				0
Ending Balance	$	36,344			$	12,124			$	81,357			$	10,575
The amount of total gains for the period included in earnings attributable to assets still held at September 30	$	6,510			$	818			$	8,854			$	567

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=25499696&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

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 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



Reference 2: 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=25499696&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration