Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value of Assets Measured on Recurring Basis |
The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of March 31, 2016 and December 31, 2015:
|
(in thousands) |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
144,394 |
|
|
$ |
— |
|
|
$ |
144,394 |
|
|
$ |
— |
|
|
Municipal bonds |
|
|
699,524 |
|
|
|
— |
|
|
|
699,524 |
|
|
|
— |
|
|
Foreign government bonds |
|
|
129,577 |
|
|
|
— |
|
|
|
129,577 |
|
|
|
— |
|
|
Governmental agency bonds |
|
|
354,941 |
|
|
|
— |
|
|
|
354,941 |
|
|
|
— |
|
|
Governmental agency mortgage-backed securities |
|
|
2,044,958 |
|
|
|
— |
|
|
|
2,044,958 |
|
|
|
— |
|
|
U.S. corporate debt securities |
|
|
659,865 |
|
|
|
— |
|
|
|
644,872 |
|
|
|
14,993 |
|
|
Foreign corporate debt securities |
|
|
225,686 |
|
|
|
— |
|
|
|
224,354 |
|
|
|
1,332 |
|
|
|
|
|
4,258,945 |
|
|
|
— |
|
|
|
4,242,620 |
|
|
|
16,325 |
|
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stocks |
|
|
15,446 |
|
|
|
15,446 |
|
|
|
— |
|
|
|
— |
|
|
Common stocks |
|
|
381,191 |
|
|
|
381,191 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
396,637 |
|
|
|
396,637 |
|
|
|
— |
|
|
|
— |
|
|
Total assets |
|
$ |
4,655,582 |
|
|
$ |
396,637 |
|
|
$ |
4,242,620 |
|
|
$ |
16,325 |
|
|
(in thousands) |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
129,372 |
|
|
$ |
— |
|
|
$ |
129,372 |
|
|
$ |
— |
|
|
Municipal bonds |
|
|
703,795 |
|
|
|
— |
|
|
|
703,795 |
|
|
|
— |
|
|
Foreign government bonds |
|
|
130,101 |
|
|
|
— |
|
|
|
130,101 |
|
|
|
— |
|
|
Governmental agency bonds |
|
|
418,091 |
|
|
|
— |
|
|
|
418,091 |
|
|
|
— |
|
|
Governmental agency mortgage-backed securities |
|
|
2,055,673 |
|
|
|
— |
|
|
|
2,055,673 |
|
|
|
— |
|
|
U.S. corporate debt securities |
|
|
634,683 |
|
|
|
— |
|
|
|
591,116 |
|
|
|
43,567 |
|
|
Foreign corporate debt securities |
|
|
207,632 |
|
|
|
— |
|
|
|
201,060 |
|
|
|
6,572 |
|
|
|
|
|
4,279,347 |
|
|
|
— |
|
|
|
4,229,208 |
|
|
|
50,139 |
|
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stocks |
|
|
15,467 |
|
|
|
15,467 |
|
|
|
— |
|
|
|
— |
|
|
Common stocks |
|
|
305,818 |
|
|
|
305,818 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
321,285 |
|
|
|
321,285 |
|
|
|
— |
|
|
|
— |
|
|
Total assets |
|
$ |
4,600,632 |
|
|
$ |
321,285 |
|
|
$ |
4,229,208 |
|
|
$ |
50,139 |
|
|
| Summary of Changes in Fair Value of Level 3 Assets Measured on Recurring Basis |
The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the three months ended March 31, 2016 and 2015:
|
|
March 31, 2016 |
|
|
March 31, 2015 |
|
|
(in thousands) |
U.S. corporate
debt
securities |
|
|
Foreign corporate
debt securities |
|
|
Total |
|
|
U.S. corporate
debt
securities |
|
|
Foreign corporate
debt securities |
|
|
Non-agency mortgage-backed securities |
|
|
Total |
|
|
Fair value at beginning of period |
$ |
43,567 |
|
|
$ |
6,572 |
|
|
$ |
50,139 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,538 |
|
|
$ |
16,538 |
|
|
Transfers into Level 3 |
|
1,997 |
|
|
|
415 |
|
|
|
2,412 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Transfers out of Level 3 |
|
(32,153 |
) |
|
|
(3,646 |
) |
|
|
(35,799 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net realized and unrealized gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in earnings |
|
(59 |
) |
|
|
(21 |
) |
|
|
(80 |
) |
|
|
2 |
|
|
|
— |
|
|
|
(1,015 |
) |
|
|
(1,013 |
) |
|
Included in other comprehensive income (loss) |
|
432 |
|
|
|
(56 |
) |
|
|
376 |
|
|
|
230 |
|
|
|
19 |
|
|
|
(589 |
) |
|
|
(340 |
) |
|
Purchases |
|
3,282 |
|
|
|
— |
|
|
|
3,282 |
|
|
|
30,039 |
|
|
|
2,518 |
|
|
|
— |
|
|
|
32,557 |
|
|
Sales |
|
(1,374 |
) |
|
|
(849 |
) |
|
|
(2,223 |
) |
|
|
(172 |
) |
|
|
— |
|
|
|
(14,934 |
) |
|
|
(15,106 |
) |
|
Settlements |
|
(699 |
) |
|
|
(1,083 |
) |
|
|
(1,782 |
) |
|
|
(68 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
(70 |
) |
|
Fair value at end of period |
$ |
14,993 |
|
|
$ |
1,332 |
|
|
$ |
16,325 |
|
|
$ |
30,031 |
|
|
$ |
2,535 |
|
|
$ |
— |
|
|
$ |
32,566 |
|
|
Unrealized gains (losses) included in earnings for the period relating to Level 3 assets that were still held at the end of the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized investment gains (losses) |
$ |
(5 |
) |
|
$ |
— |
|
|
$ |
(5 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value |
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of March 31, 2016 and December 31, 2015:
|
|
|
Carrying |
|
|
Estimated fair value |
|
|
(in thousands) |
|
Amount |
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
975,883 |
|
|
$ |
975,883 |
|
|
$ |
975,883 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Deposits with banks |
|
$ |
22,883 |
|
|
$ |
22,891 |
|
|
$ |
1,158 |
|
|
$ |
21,733 |
|
|
$ |
— |
|
|
Notes receivable, net |
|
$ |
7,615 |
|
|
$ |
6,860 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,860 |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
2,758,932 |
|
|
$ |
2,758,932 |
|
|
$ |
2,758,932 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Notes and contracts payable |
|
$ |
580,467 |
|
|
$ |
595,941 |
|
|
$ |
— |
|
|
$ |
588,835 |
|
|
$ |
7,106 |
|
|
|
|
Carrying |
|
|
Estimated fair value |
|
|
(in thousands) |
|
Amount |
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,027,321 |
|
|
$ |
1,027,321 |
|
|
$ |
1,027,321 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Deposits with banks |
|
$ |
23,224 |
|
|
$ |
23,211 |
|
|
$ |
1,103 |
|
|
$ |
22,108 |
|
|
$ |
— |
|
|
Notes receivable, net |
|
$ |
5,866 |
|
|
$ |
5,791 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,791 |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
2,699,015 |
|
|
$ |
2,699,015 |
|
|
$ |
2,699,015 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Notes and contracts payable |
|
$ |
581,052 |
|
|
$ |
590,970 |
|
|
$ |
— |
|
|
$ |
583,893 |
|
|
$ |
7,077 |
|
|