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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value

Fair values of assets measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014 are shown in the following tables. Where applicable, the tables also indicate the fair value hierarchy of the valuation techniques utilized to determine those fair values. For some assets, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When this is the case, the asset is categorized based on the level of the most significant input to the fair value measurement. Assessments of the significance of a particular input to the fair value measurement require judgment and consideration of factors specific to the assets being valued.

	December 31, 2015
	Fair Value Measurements Using												Total
(In thousands)	Level 1				Level 2				Level 3				Fair Value
Assets:
Fixed maturities, available for sale
U.S. Treasury obligations	$	—			$	123,892			$	—			$	123,892
U.S. Government-sponsored enterprise obligations	—				26,334				—				26,334
State and municipal bonds	—				940,635				—				940,635
Corporate debt, multiple observable inputs	2,362				1,274,824				—				1,277,186
Corporate debt, limited observable inputs	—				—				14,500				14,500
Residential mortgage-backed securities	—				238,387				—				238,387
Agency commercial mortgage-backed securities	—				10,999				—				10,999
Other commercial mortgage-backed securities	—				30,134				—				30,134
Other asset-backed securities	—				97,463				757				98,220
Equity securities
Financial	67,764				—				—				67,764
Utilities/Energy	41,050				—				—				41,050
Consumer oriented	56,470				—				—				56,470
Industrial	48,305				—				—				48,305
Bond funds	76,316				—				—				76,316
All other	18,239				14,209				—				32,448
Short-term investments	86,271				32,965				—				119,236
Other investments	3,478				27,133				—				30,611
Total assets categorized within the fair value hierarchy	$	400,255			$	2,816,975			$	15,257			3,232,487
LP/LLC interests carried at NAV which approximates fair value. These interests, reported as a part of Investment in unconsolidated subsidiaries, are not categorized within the fair value hierarchy.													162,624
Total assets at fair value													$	3,395,111

	December 31, 2014
	Fair Value Measurements Using												Total
(In thousands)	Level 1				Level 2				Level 3				Fair Value
Assets:
Fixed maturities, available for sale
U.S. Treasury obligations	$	—			$	166,512			$	—			$	166,512
U.S. Government-sponsored enterprise obligations	—				39,563				—				39,563
State and municipal bonds	—				1,057,590				5,025				1,062,615
Corporate debt, multiple observable inputs	—				1,404,020				—				1,404,020
Corporate debt, limited observable inputs	—				—				13,081				13,081
Residential mortgage-backed securities	—				276,056				—				276,056
Agency commercial mortgage-backed securities	—				15,493				—				15,493
Other commercial mortgage-backed securities	—				51,063				—				51,063
Other asset-backed securities	—				111,855				4,769				116,624
Equity securities
Financial	79,341				—				—				79,341
Utilities/Energy	25,629				—				—				25,629
Consumer oriented	65,670				—				—				65,670
Industrial	55,460				—				—				55,460
Bond funds	55,196				—				—				55,196
All other	33,186				—				—				33,186
Short-term investments	131,199				60				—				131,259
Other investments	6,050				22,908				—				28,958
Total assets categorized within the fair value hierarchy	$	451,731			$	3,145,120			$	22,875			3,619,726
LP/LLC interests carried at NAV which approximates fair value. These interests, reported as a part of Investment in unconsolidated subsidiaries, are not categorized within the fair value hierarchy.													133,250
Total assets at fair value													$	3,752,976

Summary of quantitative information about Level 3 fair value measurements

Quantitative Information Regarding Level 3 Valuations

		Fair Value at
(In millions)		December 31, 2015		December 31, 2014		Valuation Technique		Unobservable Input		Range (Weighted Average)
Assets:
State and municipal bonds		$—		$5.0		Market Comparable Securities		Comparability Adjustment		0% - 10% (5%)
						Discounted Cash Flows		Comparability Adjustment		0% - 10% (5%)
Corporate debt with limited observable inputs		$14.5		$13.1		Market Comparable Securities		Comparability Adjustment		0% - 5% (2.5%)
						Discounted Cash Flows		Comparability Adjustment		0% - 5% (2.5%)
Other asset-backed securities		$0.8		$4.8		Market Comparable Securities		Comparability Adjustment		0% - 5% (2.5%)
						Discounted Cash Flows		Comparability Adjustment		0% - 5% (2.5%)

Summary of changes in the fair value of assets measured at fair value

The following tables (the Level 3 Tables) present summary information regarding changes in the fair value of assets measured at fair value using Level 3 inputs.

	December 31, 2015
	Level 3 Fair Value Measurements – Assets
(In thousands)	U.S. Government-sponsored Enterprise Obligations				State and Municipal Bonds				Corporate Debt				Asset-backed Securities				Equity Securities and Other Investments				Total
Balance December 31, 2014	$	—			$	5,025			$	13,081			$	4,769			$	—			$	22,875
Total gains (losses) realized and unrealized:
Included in earnings, as a part of:
Net investment income	—				—				18				—				—				18
Equity in earnings of unconsolidated subsidiaries	—				—				—				—				(83		)		(83		)
Net realized investment gains (losses)	—				—				(363		)		(11		)		(156		)		(530		)
Included in other comprehensive income	—				(459		)		73				(7		)		—				(393		)
Purchases	—				—				1,996				1,500				1,700				5,196
Sales	—				—				(1,896		)		(4,000		)		—				(5,896		)
Transfers in	—				—				6,640				—				—				6,640
Transfers out	—				(4,566		)		(5,049		)		(1,494		)		(1,461		)		(12,570		)
Balance December 31, 2015	$	—			$	—			$	14,500			$	757			$	—			$	15,257
Change in unrealized gains (losses) included in earnings for the above period for Level 3 assets held at period-end	$	—			$	—			$	—			$	—			$	—			$	—

	December 31, 2014
	Level 3 Fair Value Measurements – Assets
(In thousands)	U.S. Government-sponsored Enterprise Obligations				State and Municipal Bonds				Corporate Debt				Asset-backed Securities				Equity Securities and Other Investments				Total
Balance December 31, 2013	$	—			$	7,338			$	14,176			$	6,814			$	—			$	28,328
Total gains (losses) realized and unrealized:
Included in earnings, as a part of:
Net investment income	—				(14		)		65				—				—				51
Equity in earnings of unconsolidated subsidiaries	—				—				—				—				—				—
Net realized investment gains (losses)	—				(95		)		3				—				—				(92		)
Included in other comprehensive income	1				(29		)		688				59				—				719
Purchases	1,000				1,861				2,000				3,340				—				8,201
Sales	—				(1,731		)		(1,826		)		(61		)		—				(3,618		)
Transfers in	—				2,119				—				305				—				2,424
Transfers out	(1,001		)		(4,424		)		(2,025		)		(5,688		)		—				(13,138		)
Balance December 31, 2014	$	—			$	5,025			$	13,081			$	4,769			$	—			$	22,875
Change in unrealized gains (losses) included in earnings for the above period for Level 3 assets held at period-end	$	—			$	—			$	—			$	—			$	—			$	—

Investments in Limited liability companies and limited partnerships

Investments in unconsolidated subsidiaries at both December 31, 2015 and December 31, 2014 included interests in investment fund LPs/LLCs that measure fund assets at fair value on a recurring basis and that provide a NAV for the interest. The carrying value of these interests is based on the NAV provided, and was considered to approximate the fair value of the interests. In accordance with GAAP, the fair value of these investments was not classified within the fair value hierarchy. Additional information regarding these investments is as follows:

	Unfunded Commitments		Fair Value
(In thousands)	December 31, 2015		December 31, 2015				December 31, 2014
Investments in LPs/LLCs:
Private debt funds (1)	$14,267		$	50,268			$	37,296
Long equity fund (2)	None		6,407				6,747
Long/short equity funds (3)	None		28,030				25,301
Non-public equity funds (4)	$48,381		65,722				51,811
Multi-strategy fund of funds (5)	None		8,252				8,271
Structured credit fund (6)	None		3,945				3,824
			$	162,624			$	133,250

(1) Comprised of interests in two unrelated LP funds that are structured to provide interest distributions primarily through diversified portfolios of private debt instruments. One LP allows redemption by special consent; the other does not permit redemption. Income and capital are to be periodically distributed at the discretion of the LPs over an anticipated time frame that spans from 3 to 8 years.

(2) The fund is an LP that holds long equities of public international companies. Redemptions are allowed at the end of any calendar month with a prior notice requirement of 15 days and are paid within 10 days of the end of the calendar month of the redemption request.

(3) Comprised of interests in multiple unrelated LP funds. The funds hold primarily long and short North American equities, and target absolute returns using strategies designed to take advantage of event-driven market opportunities. The funds generally permit quarterly or semi-annual capital redemptions subject to notice requirements of 30 to 90 days. For some funds, redemptions above specified thresholds (lowest threshold is 90%) may be only partially payable until after a fund audit is completed and are then payable within 30 days.

(4) Comprised of interests in three unrelated LP funds, each structured to provide capital appreciation through diversified investments in private equity, which can include investments in buyout, venture capital, mezzanine debt, distressed debt and other private equity-oriented LPs. One LP allows redemption by special consent; the others do not permit redemption. Income and capital are to be periodically distributed at the discretion of the LP over time frames that are anticipated to span up to 9 years.

(5) This fund is an LLC structured to build and manage low volatility, multi-manager portfolios that have little or no correlation to the broader fixed income and equity security markets. Redemptions are not permitted but offers to repurchase units of the LLC may be extended periodically.

(6) This fund is an LP seeking to obtain superior risk-adjusted absolute returns by acquiring and actively managing a diversified portfolio of debt securities, including bonds, loans and other asset-backed instruments. Redemptions are allowed at any quarter-end with a prior notice requirement of 90 days.

Financial instruments not measured at fair value

The following table provides the estimated fair value of our financial instruments that, in accordance with GAAP for the type of investment, are measured using a methodology other than fair value. All fair values provided fall within the Level 3 fair value category.

	December 31, 2015								December 31, 2014
(In thousands)	Carrying Value				Fair Value				Carrying Value				Fair Value
Financial assets:
BOLI	$	57,213			$	57,213			$	56,381			$	56,381
Other investments	48,522				51,646				57,099				57,994
Other assets	24,215				24,193				22,440				22,399
Financial liabilities:
Senior notes due 2023	$	250,000			$	261,308			$	250,000			$	276,503
Revolving credit agreement	100,000				100,000				—				—
Other liabilities	14,897				14,893				14,656				14,645

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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.

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