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Investments (Tables)
 12 Months Ended
Dec. 31, 2013
Investments [Abstract]  
Gains And Losses Due To Changes In Fair Value
The following table presents (losses) gains due to changes in fair value of investments that are measured at fair value pursuant to application of the fair value option:
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
(Amounts in thousands)
Fixed maturity securities
$
(100,703
)
 
$
36,317

 
$
62,149

Equity securities
56,822

 
9,158

 
(30,879
)
Short-term investments
(156
)
 
34

 
19

Total
$
(44,037
)
 
$
45,509

 
$
31,289
Net Realized Investment Gains
A summary of net realized investment (losses) gains is as follows:
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
(Amounts in thousands)
Net realized (losses) gains from investments and other liabilities:
 
 
 
 
 
Fixed maturity securities
$
(95,225
)
 
$
47,707

 
$
54,112

Equity securities
80,910

 
16,679

 
(4,854
)
Short-term investments
(1,059
)
 
(686
)
 
139

Total return swap
2,176

 
0

 
0

Options
1,776

 
2,680

 
9,000

Total
$
(11,422
)
 
$
66,380

 
$
58,397
Gross Gains And Losses Realized On Sales Of Investments
Gross gains and losses realized on the sales of investments, excluding options, are shown below:
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
(Amounts in thousands)
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net
Fixed maturity securities
$
9,320

 
$
(3,842
)
 
$
5,478

 
$
11,473

 
$
(83
)
 
$
11,390

 
$
2,675

 
$
(10,712
)
 
$
(8,037
)
Equity securities
82,385

 
(58,297
)
 
24,088

 
19,538

 
(12,017
)
 
7,521

 
41,872

 
(15,847
)
 
26,025

Short-term investments
0

 
(903
)
 
(903
)
 
2

 
(722
)
 
(720
)
 
120

 
0

 
120
Estimated Fair Values Of Investments
The estimated fair values at December 31, 2013 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Estimated Fair Value
 
(Amounts in thousands)
Fixed maturity securities:
 
Due in one year or less
$
59,117

Due after one year through five years
336,590

Due after five years through ten years
564,076

Due after ten years
1,600,870

Total
$
2,560,653
Investment Income
A summary of net investment income is shown in the following table:
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
(Amounts in thousands)
Fixed maturity securities
$
107,926

 
$
117,557

 
$
130,895

Equity securities
18,249

 
15,831

 
10,869

Short-term investments
2,702

 
2,073

 
1,747

Total investment income
$
128,877

 
$
135,461

 
$
143,511

Less: investment expense
(4,339
)
 
(3,565
)
 
(2,564
)
Net investment income
$
124,538

 
$
131,896

 
$
140,947