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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

	March 31, 2014
	Level 1				Level 2				Level 3				Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	16,132			$	0			$	0			$	16,132
Municipal securities	0				2,292,975				0				2,292,975
Mortgage-backed securities	0				39,649				0				39,649
Corporate securities	0				284,476				0				284,476
Equity securities:
Common stock:
Public utilities	88,471				0				0				88,471
Banks, trusts and insurance companies	7,412				0				0				7,412
Energy and other	245,531				0				0				245,531
Non-redeemable preferred stock	0				25,772				0				25,772
Partnership interest in a private credit fund	0				0				12,726				12,726
Short-term bonds	69,986				16,880				0				86,866
Money market instruments	216,694				0				0				216,694
Total return swaps	0				1,499				0				1,499
Total assets at fair value	$	644,226			$	2,661,251			$	12,726			$	3,318,203
Liabilities
Equity contracts	$	426			$	0			$	0			$	426
Total liabilities at fair value	$	426			$	0			$	0			$	426

	December 31, 2013
	Level 1				Level 2				Level 3				Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	16,096			$	0			$	0			$	16,096
Municipal securities	0				2,235,323				0				2,235,323
Mortgage-backed securities	0				40,247				0				40,247
Corporate securities	0				264,685				0				264,685
Collateralized debt obligations	0				0				4,302				4,302
Equity securities:
Common stock:
Public utilities	85,287				0				0				85,287
Banks, trusts and insurance companies	2,927				0				0				2,927
Energy and other	151,554				0				0				151,554
Non-redeemable preferred stock	0				29,567				0				29,567
Partnership interest in a private credit fund	0				0				12,548				12,548
Short-term bonds	39,998				12,890				0				52,888
Money market instruments	262,888				0				0				262,888
Total return swap	0				1,650				0				1,650
Total assets at fair value	$	558,750			$	2,582,712			$	16,850			$	3,159,962
Liabilities
Equity contracts	$	140			$	0			$	0			$	140
Total liabilities at fair value	$	140			$	0			$	0			$	140

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 March 31,
	2014								2013
	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	$	4,302			$	12,548			$	42,801			$	11,306
Realized (losses) gains included in earnings	(755		)		178				1,108				286
Sales	(3,547		)		0				(4,186		)		0
Ending Balance	$	0			$	12,726			$	39,723			$	11,592
The amount of total gains for the period included in earnings attributable to assets still held at March 31	$	0			$	178			$	1,625			$	286

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

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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 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

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