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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015 and December 31, 2014, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

	June 30, 2015
	Level 1				Level 2				Level 3				Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	24,783			$	0			$	0			$	24,783
Municipal securities	0				2,486,708				0				2,486,708
Mortgage-backed securities	0				59,091				0				59,091
Corporate securities	0				269,384				0				269,384
Collateralized loan obligations	0				50,663				0				50,663
Equity securities:
Common stock:
Public utilities	73,704				0				0				73,704
Banks, trusts and insurance companies	11,090				0				0				11,090
Energy and other	190,882				0				0				190,882
Non-redeemable preferred stock	0				26,169				0				26,169
Private equity funds	0				0				13,745				13,745
Short-term investments:
Short-term bonds	69,996				2,167				0				72,163
Money market instruments	81,385				0				0				81,385
Total assets at fair value	$	451,840			$	2,894,182			$	13,745			$	3,359,767
Liabilities
Other liabilities:
Total return swaps	$	0			$	1,564			$	0			$	1,564
Options sold	51				0				0				51
Total liabilities at fair value	$	51			$	1,564			$	0			$	1,615

	December 31, 2014
	Level 1				Level 2				Level 3				Total
	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	16,108			$	0			$	0			$	16,108
Municipal securities	0				2,275,455				0				2,275,455
Mortgage-backed securities	0				47,691				0				47,691
Corporate securities	0				256,930				0				256,930
Collateralized loan obligations	0				22,216				0				22,216
Equity securities:
Common stock:
Public utilities	105,485				0				0				105,485
Banks, trusts and insurance companies	9,757				0				0				9,757
Energy and other	257,356				0				0				257,356
Non-redeemable preferred stock	0				28,563				0				28,563
Private equity fund	0				0				11,719				11,719
Short-term investments:
Short-term bonds	69,999				18,362				0				88,361
Money market instruments	284,181				0				0				284,181
Total assets at fair value	$	742,886			$	2,649,217			$	11,719			$	3,403,822
Liabilities
Other liabilities:
Total return swaps	$	0			$	4,025			$	0			$	4,025
Options sold	194				0				0				194
Total liabilities at fair value	$	194			$	4,025			$	0			$	4,219

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 June 30,
	2015				2014
	Private Equity Fund				Private Equity Fund
	(Amounts in thousands)
Beginning Balance	$	15,432			$	12,726
Realized (losses) gains included in earnings	(1,663		)		240
Settlement	(24		)		0
Ending Balance	$	13,745			$	12,966
The amount of total (losses) gains for the period included in earnings attributable to assets still held at June 30	$	(1,663	)		$	240

	Six Months Ended June 30,
	2015				2014
	Private Equity Fund				Collateralized Debt Obligations				Private Equity Fund
	(Amounts in thousands)
Beginning Balance	$	11,719			$	4,302			$	12,548
Realized (losses) gains included in earnings	(861		)		(755		)		418
Reclassification from other assets	2,911				0				0
Sales	0				(3,547		)		0
Settlement	(24		)		0				0
Ending Balance	$	13,745			$	0			$	12,966
The amount of total (losses) gains for the period included in earnings attributable to assets still held at June 30	$	(861	)		$	0			$	418

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=36462937&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=36462937&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=36462937&loc=d3e19279-110258

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