Mercury General (MCY) 10-Q 30 Oct 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 25, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	30-Sep-13
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Entity Registrant Name	MERCURY GENERAL CORP
Entity Central Index Key	64996
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		54,960,392

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
ASSETS
Fixed maturity securities (amortized cost $2,481,651; $2,270,903)	$2,538,514	$2,408,354
Equity securities (cost $267,614; $475,959)	336,367	477,088
Short-term investments (cost $251,550; $294,607)	251,449	294,653
Total investments	3,126,330	3,180,095
Cash	250,061	158,183
Receivables:
Premiums	372,818	345,387
Accrued investment income	35,316	31,109
Other	18,399	17,756
Total receivables	426,533	394,252
Deferred policy acquisition costs	196,284	185,910
Fixed assets, net	154,467	161,940
Current income taxes	0	7,058
Deferred income taxes	26,437	0
Goodwill	42,796	42,796
Other intangible assets, net	43,098	47,589
Other assets	74,450	11,863
Total assets	4,340,456	4,189,686
LIABILITIES AND SHAREHOLDERS’ EQUITY
Losses and loss adjustment expenses	1,010,534	1,036,123
Unearned premiums	967,320	920,429
Notes payable	180,000	140,000
Accounts payable and accrued expenses	133,973	96,220
Current income taxes	26,324	0
Deferred income taxes	0	445
Other liabilities	182,150	153,972
Total liabilities	2,500,301	2,347,189
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 54,960; 54,922	81,109	79,380
Additional paid-in capital	128	0
Retained earnings	1,758,918	1,763,117
Total shareholders’ equity	1,840,155	1,842,497
Total liabilities and shareholders’ equity	$4,340,456	$4,189,686

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Amortized cost on fixed maturities trading investments	$2,481,651	$2,270,903
Cost - equity security trading investments	267,614	475,959
Cost - short-term investments	$251,550	$294,607
Common Stock
Common stock, no par value	$0	$0
Common stock, shares authorized	70,000,000	70,000,000
Common stock, shares issued	54,960,000	54,922,000
Common stock, shares outstanding	54,960,000	54,922,000

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Net premiums earned	$678,913	$646,084	$2,017,295	$1,919,143
Net investment income	30,857	33,410	93,706	96,569
Net realized investment (losses) gains	16,212	49,752	-7,153	78,656
Other	2,685	2,532	7,539	7,790
Total revenues	728,667	731,778	2,111,387	2,102,158
Expenses:
Losses and loss adjustment expenses	492,558	467,929	1,446,524	1,415,096
Policy acquisition costs	126,891	121,906	377,006	357,062
Other operating expenses	54,087	50,225	166,165	154,353
Interest	338	388	864	1,176
Total expenses	673,874	640,448	1,990,559	1,927,687
(Loss) income before income taxes	54,793	91,330	120,828	174,471
Income tax (benefit) expense	15,223	25,129	24,061	40,178
Net (loss) income	$39,570	$66,201	$96,767	$134,293
Net income per share:
Basic (in dollars per share)	$0.72	$1.21	$1.76	$2.45
Diluted (in dollars per share)	$0.72	$1.21	$1.76	$2.45
Weighted average shares outstanding:
Basic (in shares)	54,959	54,911	54,941	54,895
Diluted (in shares)	54,973	54,925	54,957	54,918
Dividends paid per share (in dollars per share)	$0.61	$0.61	$1.84	$1.83

Consolidated_Statements_Of_Com

Consolidated Statements Of Comprehensive (Loss) Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net (loss) income	$39,570	$66,201	$96,767	$134,293
Other comprehensive income, before tax:
Gains on hedging instrument	0	0	0	0
Other comprehensive income, before tax:	0	0	0	0
Income tax expense related to gains on hedging instrument	0	0	0	0
Other comprehensive income, net of tax:	0	0	0	0
Comprehensive (loss) income	$39,570	$66,201	$96,767	$134,293

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$96,767	$134,293
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,715	27,903
Net realized investment losses (gains)	7,153	-78,656
Bond amortization, net	8,659	6,613
Excess tax benefit from exercise of stock options	-258	-116
Increase in premiums receivables	-27,431	-57,518
Change in current and deferred income taxes	6,758	10,848
Increase in deferred policy acquisition costs	-10,374	-14,883
Decrease in unpaid losses and loss adjustment expenses	-25,589	-6,859
Increase in unearned premiums	46,891	77,849
Increase in accounts payable and accrued expenses	38,749	6,553
Share-based compensation	216	312
Changes in other payables	9,142	10,503
Other, net	-4,681	-3,512
Net cash provided by operating activities	169,717	113,330
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed maturities available-for-sale in nature: Purchases	-625,326	-386,262
Fixed maturities available-for-sale in nature: Sales	172,557	78,341
Fixed maturities available-for-sale in nature: Calls or maturities	232,426	328,592
Equity securities available-for-sale in nature:
Purchases	-463,056	-236,785
Sales	677,017	172,144
Calls	0	923
Changes in securities payable and receivable	-43,918	-1,320
Net decrease in short-term investments	42,614	14,510
Purchase of fixed assets	-12,983	-12,205
Sale of fixed assets	610	1,864
Other, net	1,547	1,904
Net cash used in investing activities	-18,512	-38,294
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders	-100,967	-100,469
Proceeds from Bank Loan	40,000	0
Excess tax benefit from exercise of stock options	258	116
Proceeds from stock options exercised	1,382	2,098
Net cash used in financing activities	-59,327	-98,255
Net increase (decrease) in cash	91,878	-23,219
Cash:
Beginning of the year	158,183	211,393
End of period	250,061	188,174
SUPPLEMENTAL CASH FLOW DISCLOSURE
Interest paid	796	1,319
Income taxes paid	$17,303	$29,330

General

General	9 Months Ended
	Sep. 30, 2013
General [Abstract]
General	General
	Consolidation and Basis of Presentation
	The condensed consolidated financial statements include the accounts of Mercury General Corporation and its subsidiaries (referred to herein collectively as the “Company”). For the list of the Company’s subsidiaries, see Note 1 “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.
	The condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which differ in some respects from those filed in reports to insurance regulatory authorities. All intercompany transactions and balances have been eliminated.
	The financial data of the Company included herein are unaudited. In the opinion of management, all material adjustments of a normal recurring nature have been made to present fairly the Company’s financial position at September 30, 2013 and the results of operations, comprehensive income, and cash flows for the periods presented. These statements were prepared in accordance with the instructions for interim reporting and do not contain certain information in the annual financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. Readers are urged to review the Company's Annual Report on Form 10-K for the year ended December 31, 2012 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates require the Company to apply complex assumptions and judgments, and often the Company must make estimates about effects of matters that are inherently uncertain and will likely change in subsequent periods. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to reserves for losses and loss adjustment expenses. Actual results could differ from those estimates (See Note 1 “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012).
	Earnings per Share
	Potentially dilutive securities representing approximately 53,000 and 108,000 shares of common stock for the three months ended September 30, 2013 and 2012, respectively, and 76,000 and 77,000 shares of common stock for the nine months ended September 30, 2013 and 2012, respectively, were excluded from the computation of diluted earnings per common share for these periods because their effect would have been anti-dilutive.
	Deferred Policy Acquisition Costs
	Deferred policy acquisition costs consist of commissions paid to outside agents, premium taxes, salaries, and certain other underwriting costs that are incremental or directly related to the successful acquisition of new and renewal insurance contracts and are amortized over the life of the related policy in proportion to premiums earned. Deferred policy acquisition costs are limited to the amount that will remain after deducting from unearned premiums and anticipated investment income, the estimated losses and loss adjustment expenses, and the servicing costs that will be incurred as premiums are earned. The Company’s deferred policy acquisition costs are further limited by excluding those costs not directly related to the successful acquisition of insurance contracts. Deferred policy acquisition cost amortization was $126.9 million and $121.9 million for the three months ended September 30, 2013 and 2012, respectively, and $377.0 million and $357.1 million for the nine months ended September 30, 2013 and 2012, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expenses of approximately $16 million and $15 million for the nine months ended September 30, 2013 and 2012, respectively.
	Total Return Swap
	As of September 30, 2013, the Company formed and consolidated a special purpose investment vehicle, Animas Funding LLC (“AFL”). The Company is the sole managing member in AFL. On August 9, 2013, AFL entered into a three-year total return swap agreement with Citibank, N.A. (“Citibank”). Under the total return swap agreement, AFL receives the income equivalent on underlying obligations due to Citibank and pays to Citibank interest equal to LIBOR plus 120 basis points on the outstanding notional amount of the underlying obligations, which was approximately $80 million as of September 30, 2013. The total return swap agreement is secured by approximately $40 million of U.S. Treasuries as collateral, which is included in short-term investments on the consolidated balance sheets. In the event of a significant erosion in market value, AFL's position in the loan portfolio will be reduced and the Company has the option to add additional capital or terminate the total return swap agreement.

Recently_Issued_Accounting_Sta

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2013
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards
	In July 2013, the Financial Accounting Standards Board (“FASB”) issued a new standard that requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when the uncertain tax position would reduce the net operating loss or other carryforward under the tax law of the applicable jurisdiction and when the entity intends to use the deferred tax asset for that purpose. The new standard will be effective for fiscal years and interim periods within those years that begin after December 15, 2013. The adoption of the new standard will not have a material impact on the Company's consolidated financial statements.
	In February 2013, the FASB issued a new standard that requires entities to disclose additional information about items reclassified out of accumulated other comprehensive income in their financial statements. Entities are required to include information about changes in accumulated other comprehensive income balances by component and additional information about significant items reclassified out of accumulated other comprehensive income in their interim reporting periods. The Company adopted the new standard which became effective for the interim period ended March 31, 2013. The adoption of the new standard did not have any impact on the Company’s consolidated financial statements.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2013
Financial Instruments, Owned, at Fair Value [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	The financial instruments recorded in the consolidated balance sheets include investments, receivables, the total return swap, interest rate swaps, accounts payable, equity contracts, and secured and unsecured notes payable. Due to their short-term maturity, the carrying values of receivables and accounts payable approximate their fair market values. The following table presents the estimated fair values of financial instruments at September 30, 2013 and December 31, 2012.
		September 30, 2013		December 31, 2012
		(Amounts in thousands)
	Assets
	Investments	$	3,126,330	$	3,180,095
	Total return swap	$	346	$	0
	Liabilities
	Interest rate swap	$	0	$	103
	Equity contracts	$	0	$	175
	Secured notes	$	140,000	$	140,000
	Unsecured note	$	40,000	$	0
	Methods and assumptions used in estimating fair values are as follows:
	Investments
	The Company applies the fair value option to all fixed maturity and equity securities and short-term investments at the time an eligible item is first recognized. The cost of investments sold is determined on a first-in and first-out method and realized gains and losses are included in net realized investment (losses) gains. For additional disclosures regarding methods and assumptions used in estimating fair values of these securities, see Note 5.
	Total return swap and interest rate swap
	The fair values of the total return swap and interest rate swap reflect the estimated amounts that the Company would pay at September 30, 2013 and December 31, 2012 in order to terminate the contracts based on models using inputs, such as interest rate yield curves, observable for substantially the full term of the contract. For additional disclosures regarding methods and assumptions used in estimating fair values, see Note 5.
	Equity contracts
	The fair value of equity contracts is based on quoted prices for identical instruments in active markets. For additional disclosures regarding methods and assumptions used in estimating fair values of equity contracts, see Note 5.
	Secured notes payable
	The fair value of the Company’s $120 million and $20 million secured notes, classified as Level 2 in the fair value hierarchy described in Note 5, is estimated based on assumptions and inputs, such as the market value of underlying collateral and reset rates, for similarly termed notes that are observable in the market.
	Unsecured note payable
	The fair value of the Company’s $40 million unsecured note, classified as Level 2 in the fair value hierarchy described in Note 5, is based on the unadjusted quoted price for similar notes in active markets.

Fair_Value_Option

Fair Value Option	9 Months Ended
	Sep. 30, 2013
Fair Value Option [Abstract]
Fair Value Option	Fair Value Option
	Gains and losses due to changes in fair value for items measured at fair value pursuant to application of the fair value option are included in net realized investment (losses) gains in the Company’s consolidated statements of operations, while interest and dividend income on investment holdings are recognized on an accrual basis on each measurement date and are included in net investment income in the Company’s consolidated statements of operations. The primary reasons for electing the fair value option were simplification and cost-benefit considerations as well as the expansion of the use of the Company's fair value measurement consistent with the long-term measurement objectives of the FASB for accounting for financial instruments.
	The following table presents gains (losses) due to changes in fair value of investments that are measured at fair value pursuant to application of the fair value option:
		Three Months Ended September 30,						Nine Months Ended September 30,
		2013			2012			2013			2012
		(Amounts in thousands)
	Fixed maturity securities	$	(11,295	)	$	19,198		$	(81,268	)	$	50,013
	Equity securities	32,602			25,629			67,625			20,153
	Short-term investments	508			(44		)	199			(828		)
	Total	$	21,815		$	44,783		$	(13,444	)	$	69,338

Fair_Value_Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2013
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value Measurement	Fair Value Measurement
	The Company employs a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date using the exit price. Accordingly, when market observable data are not readily available, the Company’s own assumptions are used to reflect those that market participants would be presumed to use in pricing the asset or liability at the measurement date. Assets and liabilities recorded on the consolidated balance sheets at fair value are categorized based on the level of judgment associated with inputs used to measure their fair value and the level of market price observability, as follows:
	Level 1	Unadjusted quoted prices are available in active markets for identical assets or liabilities as of the reporting date.
	Level 2	Pricing inputs are other than quoted prices in active markets, which are based on the following:
		•     Quoted prices for similar assets or liabilities in active markets;
		•     Quoted prices for identical or similar assets or liabilities in non-active markets; or
		•     Either directly or indirectly observable inputs as of the reporting date.
	Level 3	Pricing inputs are unobservable and significant to the overall fair value measurement, and the determination of fair value requires significant management judgment or estimation.
	In certain cases, inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Thus, a Level 3 fair value measurement may include inputs that are observable (Level 1 or Level 2) and unobservable (Level 3). The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset or liability.
	The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2, or from Level 2 to Level 3. The Company recognizes transfers between levels at either the actual date of the event or a change in circumstances that caused the transfer.
	Summary of Significant Valuation Techniques for Financial Assets and Financial Liabilities
	The Company’s fair value measurements are based on the market approach, which utilizes market transaction data for the same or similar instruments.
	The Company obtained unadjusted fair values on approximately 98% of its portfolio from an independent pricing service. For approximately 2% of its portfolio, classified as Level 3, the Company obtained specific unadjusted broker quotes based on net fund value and, to a lesser extent, unobservable inputs from at least one knowledgeable outside security broker to determine the fair value as of September 30, 2013.
	Level 1 Measurements - Fair values of financial assets and financial liabilities are obtained from an independent pricing service, and are based on unadjusted quoted prices for identical assets or liabilities in active markets. Additional pricing services and closing exchange values are used as a comparison to ensure that reasonable fair values are used in pricing the investment portfolio.
	U.S. government bonds and agencies/Short-term bonds: Valued using unadjusted quoted market prices for identical assets in active markets.
	Common stock: Comprised of actively traded, exchange listed U.S. and international equity securities and valued based on unadjusted quoted prices for identical assets in active markets.
	Money market instruments: Valued based on unadjusted quoted prices for identical assets.
	Equity contracts: Comprised of free-standing exchange listed derivatives that are actively traded and valued based on quoted prices for identical instruments in active markets.
	Level 2 Measurements - Fair values of financial assets and financial liabilities are obtained from an independent pricing service or outside brokers, and are based on prices for similar assets or liabilities in active markets or valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. Additional pricing services are used as a comparison to ensure reliable fair values are used in pricing the investment portfolio.
	Municipal securities: Valued based on models or matrices using inputs such as quoted prices for identical or similar assets in active markets.
	Mortgage-backed securities: Comprised of securities that are collateralized by mortgage loans and valued based on models or matrices using multiple observable inputs, such as benchmark yields, reported trades and broker/dealer quotes, for identical or similar assets in active markets. The Company had holdings of $16.7 million and $4.3 million at September 30, 2013 and December 31, 2012, respectively, in commercial mortgage-backed securities.
	Corporate securities/Short-term bonds: Valued based on a multi-dimensional model using multiple observable inputs, such as benchmark yields, reported trades, broker/dealer quotes and issue spreads, for identical or similar assets in active markets.
	Non-redeemable preferred stock: Valued based on observable inputs, such as underlying and common stock of same issuer and appropriate spread over a comparable U.S. Treasury security, for identical or similar assets in active markets.
	Total return swap /Interest rate swap: Valued based on models using inputs such as interest rate yield curves, underlying debt/credit instruments and the appropriate benchmark spread for similar assets in active markets, observable for substantially the full term of the contract.
	Level 3 Measurements - Fair values of financial assets are based on inputs that are both unobservable and significant to the overall fair value measurement, including any items in which the evaluated prices obtained elsewhere were deemed to be of a distressed trading level.
	Collateralized debt obligations/Partnership interest in a private credit fund: Valued based on underlying debt/credit instruments and the appropriate benchmark spread for similar assets in active markets; taking into consideration unobservable inputs related to liquidity assumptions.
	The Company’s financial instruments at fair value are reflected in the consolidated balance sheets on a trade-date basis. Related unrealized gains or losses are recognized in net realized investment (losses) gains in the consolidated statements of operations. Fair value measurements are not adjusted for transaction costs.
	The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:
		September 30, 2013
		Level 1			Level 2		Level 3		Total
		(Amounts in thousands)
	Assets
	Fixed maturity securities:
	U.S. government bonds and agencies	$	16,128		$	0	$	0	$	16,128
	Municipal securities	0			2,149,615		0		2,149,615
	Mortgage-backed securities	0			36,096		0		36,096
	Corporate securities	0			300,331		0		300,331
	Collateralized debt obligations	0			0		36,344		36,344
	Equity securities:
	Common stock:
	Public utilities	107,102			0		0		107,102
	Banks, trusts and insurance companies	9,963			0		0		9,963
	Energy and other	181,333			0		0		181,333
	Non-redeemable preferred stock	0			25,845		0		25,845
	Partnership interest in a private credit fund	0			0		12,124		12,124
	Short-term bonds	39,996			22,488		0		62,484
	Money market instruments	188,965			0		0		188,965
	Total return swap	0			346		0		346
	Total assets at fair value	$	543,487		$	2,534,721	$	48,468	$	3,126,676
		December 31, 2012
		Level 1			Level 2		Level 3		Total
		(Amounts in thousands)
	Assets
	Fixed maturity securities:
	U.S. government bonds and agencies	$	14,204		$	0	$	0	$	14,204
	Municipal securities	0			2,165,095		0		2,165,095
	Mortgage-backed securities	0			30,703		0		30,703
	Corporate securities	0			155,551		0		155,551
	Collateralized debt obligations	0			0		42,801		42,801
	Equity securities:
	Common stock:
	Public utilities	85,106			0		0		85,106
	Banks, trusts and insurance companies	22,166			0		0		22,166
	Energy and other	346,809			0		0		346,809
Non-redeemable preferred stock	0			11,701		0		11,701
Partnership interest in a private credit fund	0			0		11,306		11,306
Short-term bonds	0			24,530		0		24,530
Money market instruments	270,123			0		0		270,123
Total assets at fair value	$	738,408		$	2,387,580	$	54,107	$	3,180,095
Liabilities
Equity contracts	$	175		$	0	$	0	$	175
Interest rate swap	0			103		0		103
Total liabilities at fair value	$	175		$	103	$	0	$	278
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 September 30,
	2013					2012
	Collateralized			Partnership		Collateralized		Partnership
	Debt Obligations			Interest in a		Debt Obligations		Interest in a
				Private Credit				Private Credit
				Fund				Fund
	(Amounts in thousands)
Beginning Balance	$	38,992		$	11,990	$	76,325	$	11,030
Realized gains (losses) included in earnings	5,616			134		5,032		(455		)
Settlements	(8,264		)	0		0		0
Ending Balance	$	36,344		$	12,124	$	81,357	$	10,575
The amount of total gains (losses) for the period included in earnings attributable to assets still held at September 30	$	5,616		$	134	$	5,032	$	(455	)
	Nine Months Ended September 30,
	2013					2012
	Collateralized			Partnership		Collateralized		Partnership
	Debt Obligations			Interest in a		Debt Obligations		Interest in a
				Private Credit				Private Credit
				Fund				Fund
	(Amounts in thousands)
Beginning Balance	$	42,801		$	11,306	$	47,503	$	10,008
Realized gains included in earnings	5,993			818		8,854		567
Purchase	0			0		25,000		0
Sales	(4,186		)	0		0		0
Settlements	(8,264		)	0		0		0
Ending Balance	$	36,344		$	12,124	$	81,357	$	10,575
The amount of total gains for the period included in earnings attributable to assets still held at September 30	$	6,510		$	818	$	8,854	$	567
There were no transfers between Levels 1, 2, and 3 of the fair value hierarchy during the nine months ended September 30, 2013 and 2012.
At September 30, 2013, the Company did not have any nonrecurring fair value measurements of nonfinancial assets or nonfinancial liabilities.

Derivative_Financial_Instrumen

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2013
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments
	The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are equity price risk and interest rate risk. Equity contracts on various equity securities are intended to manage the price risk associated with forecasted purchases or sales of such securities. Interest rate swaps are intended to manage the interest rate risk associated with the Company’s debts with fixed or floating rates.
	On August 9, 2013, AFL entered into a three-year total return swap agreement with Citibank. Under the total return swap agreement, AFL receives the income equivalent on underlying obligations due to Citibank and pays to Citibank interest equal to LIBOR plus 120 basis points on the outstanding notional amount of the underlying obligations, which was approximately $80 million as of September 30, 2013. The total return swap is secured by approximately $40 million of U.S. Treasuries as collateral, which is included in short-term investments on the consolidated balance sheets.
	On February 6, 2009, the Company entered into an interest rate swap of its floating LIBOR rate on a $120 million credit facility for a fixed rate of 1.93% that matured on January 3, 2012. The purpose of the swap was to offset the variability of cash flows resulting from the variable interest rate. The swap was not designated as a hedge and changes in the fair value were adjusted through the consolidated statement of operations in the period of change.
	On March 3, 2008, the Company entered into an interest rate swap of its floating LIBOR rate on a Bank of America $18 million LIBOR plus 50 basis points loan for a fixed rate of 4.25% that matured on March 1, 2013. On October 4, 2011, the Company refinanced the $18 million loan that was scheduled to mature on March 1, 2013 with a Union Bank $20 million LIBOR plus 40 basis points loan that matures on January 2, 2015. The related swap expired on March 1, 2013.
	Fair value amounts, and gains and losses on derivative instruments
	The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains in the consolidated statements of operations:
		Asset Derivatives				Liability Derivatives
		September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
		(Amount in thousands)
	Total return swap - Other assets	$	346	$	0	$	0	$	0
	Equity contracts - Other liabilities	0		0		0		175
	Interest rate swap - Other liabilities	0		0		0		103
	Total derivatives	$	346	$	0	$	0	$	278
		Gain Recognized in Income
		Three Months Ended September 30,				Nine Months Ended September 30,
		2013		2012		2013		2012
		(Amounts in thousands)
	Total return swap - Net realized investment (losses) gains	$	381	$	0	$	381	$	0
	Equity contracts - Net realized investment (losses) gains	543		757		1,722		2,342
	Interest rate swap - Other revenue	0		139		103		410
	Total	$	924	$	896	$	2,206	$	2,752
	Most equity contracts consist of covered calls. The Company writes covered calls on underlying equity positions held as an enhanced income strategy that is permitted for the Company’s insurance subsidiaries under statutory regulations. The Company manages the risk associated with covered calls through strict capital limitations and asset diversification throughout various industries. For additional disclosures regarding equity contracts, see Note 5.

Goodwill_and_Other_Intangible_

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets
	Goodwill
	There were no changes in the carrying amount of goodwill for the nine months ended September 30, 2013. Goodwill is reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indications were identified during any of the periods presented.
	Other Intangible Assets
	The following table presents the components of other intangible assets as of September 30, 2013 and December 31, 2012.
		Gross Carrying			Accumulated			Net Carrying		Useful Lives
		Amount			Amortization			Amount
		(Amounts in thousands)								(in years)
	As of September 30, 2013:
	Customer relationships	$	51,755		$	(23,266	)	$	28,489	11
	Trade names	15,400			(3,048		)	12,352		24
	Technology	4,300			(2,043		)	2,257		10
	Favorable leases	1,725			(1,725		)	0		3
	Software	550			(550		)	0		2
	Total intangible assets, net	$	73,730		$	(30,632	)	$	43,098
	As of December 31, 2012:
	Customer relationships	$	51,755		$	(19,585	)	$	32,170	11
	Trade names	15,400			(2,567		)	12,833		24
	Technology	4,300			(1,720		)	2,580		10
	Favorable leases	1,725			(1,719		)	6		3
	Software	550			(550		)	0		2
	Total intangible assets, net	$	73,730		$	(26,141	)	$	47,589
	Intangible assets are amortized on a straight-line basis over their useful lives. Intangible assets amortization expense was $1.5 million for the three months ended September 30, 2013 and 2012, and $4.5 million and $4.6 million for the nine months ended September 30, 2013 and 2012, respectively. The following table presents the estimated future amortization expenses related to intangible assets as of September 30, 2013:
	Year Ending		Amortization Expense
			(Amounts in thousands)
	Remainder of 2013		$	1,495
	2014		5,980
	2015		5,980
	2016		5,980
	2017		5,253
	Thereafter		18,410
	Total		$	43,098

ShareBased_Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2013
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-Based Compensation	Share-Based Compensation
	Share-based compensation expense for all share-based payment awards granted or modified is based on the estimated grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is the option vesting term of four or five years for options granted prior to 2008 and four years for options granted subsequent to January 1, 2008, for only those shares expected to vest. The fair value of stock option awards is estimated using the Black-Scholes option pricing model with the grant-date assumptions and weighted-average fair values.
	Under the Company's 2005 Incentive Award Plan (the “Plan”), the Compensation Committee of the Company’s Board of Directors granted performance vesting restricted stock units to the Company’s senior management and key employees as follows:
		Grant Year
		2013	2012	2011
	Three-year performance period ending December 31,	2015	2014	2013
	Vesting shares, target	84,500	89,000	80,000
	Vesting shares, maximum	190,125	200,250	120,000
	The restricted stock units vest at the end of a three-year performance period beginning with the year of the grant, and then only if, and to the extent that, the Company’s performance during the performance period achieves the threshold established by the Compensation Committee of the Company's Board of Directors. For 2011 grants, vesting will be based on the Company's cumulative underwriting income. For 2012 grants, vesting will be based on the Company's cumulative underwriting income and net premium written growth. For 2013 grants, vesting will be based on the Company's cumulative underwriting income, annual underwriting income, and net premiums written growth.
	The fair value of each restricted share grant was determined based on the market price on the grant date. Compensation cost is recognized based on management’s best estimate that performance goals will be achieved. If such goals are not met, no compensation cost is recognized and any recognized compensation cost would be reversed. For the 2012 and 2011 grants, the achievement of the performance condition set by the Compensation Committee was no longer considered probable, and previously recognized compensation costs were reversed.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes
	For financial statement purposes, the Company recognizes tax benefits related to positions taken, or expected to be taken, on a tax return only if, “more-likely-than-not,” the positions are sustainable. Once this threshold has been met, the Company's measurement of its expected tax benefits is recognized in its financial statements.
	There was a $4.7 million increase to the total amount of unrecognized tax benefit related to tax uncertainties during the nine months ended September 30, 2013. The increase was the result of tax positions taken regarding federal tax credit carryforwards and state tax apportionment issues based on management’s best judgment given the facts, circumstances, and information available at the reporting date. The Company does not expect any changes in such unrecognized tax benefit to have a significant impact on its consolidated financial statements within the next 12 months.
	The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. Tax years that remain subject to examination by major taxing jurisdictions are 2010 through 2012 for federal taxes and 2003 through 2011 for California state taxes. Tax year 2010 is currently under examination by the Internal Revenue Service (“IRS”). The IRS has issued adjustments to the Company’s 2010 tax liability which will generate a net tax refund. The Company has agreed with these adjustments and anticipates the exam will conclude in the near future.
	The Company is currently under examination by the California Franchise Tax Board (“FTB”) for tax years 2003 through 2010. The FTB has issued Notices of Proposed Assessments to the Company for tax years 2003 through 2006. The Company has filed protests with the FTB in response to these assessments and presented its case in a hearing before the FTB. No assessments have been received for tax years 2007 through 2010. Management believes that the resolution of these examinations and assessments will not have a material impact on the condensed consolidated financial statements.
	Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting basis and the respective tax basis of the Company’s assets and liabilities, and expected benefits of utilizing net operating loss, capital loss, and tax-credit carryforwards. The Company assesses the likelihood that its deferred tax assets will be realized and, to the extent management does not believe these assets are more likely than not to be realized, a valuation allowance is established.
	At September 30, 2013, the Company’s deferred income taxes were in a net asset position which included a combination of ordinary and capital deferred tax benefits. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating sufficient taxable income of the appropriate character within the carryback and carryforward periods available under the tax law. Management considers the reversal of deferred tax liabilities, projected future taxable income of an appropriate nature, and tax-planning strategies in making this assessment. The Company believes that through the use of prudent tax planning strategies and the generation of capital gains, sufficient income will be realized in order to maximize the full benefits of its deferred tax assets. Although realization is not assured, management believes that it is more likely than not that the Company’s deferred tax assets will be realized.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies
	The Company is, from time to time, named as a defendant in various lawsuits or regulatory actions incidental to its insurance business. The majority of lawsuits brought against the Company relate to insurance claims that arise in the normal course of business and are reserved for through the reserving process. For a discussion of the Company’s reserving methods, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.
	The Company also establishes reserves for non-insurance claims related lawsuits, regulatory actions, and other contingencies when the Company believes a loss is probable and is able to estimate its potential exposure. For loss contingencies believed to be reasonably possible, the Company also discloses the nature of the loss contingency and an estimate of the possible loss, range of loss, or a statement that such an estimate cannot be made. While actual losses may differ from the amounts recorded and the ultimate outcome of the Company’s pending actions is generally not yet determinable, the Company does not believe that the ultimate resolution of currently pending legal or regulatory proceedings, either individually or in the aggregate, will have a material adverse effect on its financial condition, results of operations, or cash flows.
	In all cases, the Company vigorously defends itself unless a reasonable settlement appears appropriate. For a discussion of legal matters, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

General_Policy

General (Policy)	9 Months Ended
	Sep. 30, 2013
General [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation
	The condensed consolidated financial statements include the accounts of Mercury General Corporation and its subsidiaries (referred to herein collectively as the “Company”). For the list of the Company’s subsidiaries, see Note 1 “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.
	The condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which differ in some respects from those filed in reports to insurance regulatory authorities. All intercompany transactions and balances have been eliminated.
	The financial data of the Company included herein are unaudited. In the opinion of management, all material adjustments of a normal recurring nature have been made to present fairly the Company’s financial position at September 30, 2013 and the results of operations, comprehensive income, and cash flows for the periods presented. These statements were prepared in accordance with the instructions for interim reporting and do not contain certain information in the annual financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. Readers are urged to review the Company's Annual Report on Form 10-K for the year ended December 31, 2012 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates require the Company to apply complex assumptions and judgments, and often the Company must make estimates about effects of matters that are inherently uncertain and will likely change in subsequent periods. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to reserves for losses and loss adjustment expenses. Actual results could differ from those estimates (See Note 1 “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012).
Earnings per Share	Earnings per Share
	Potentially dilutive securities representing approximately 53,000 and 108,000 shares of common stock for the three months ended September 30, 2013 and 2012, respectively, and 76,000 and 77,000 shares of common stock for the nine months ended September 30, 2013 and 2012, respectively, were excluded from the computation of diluted earnings per common share for these periods because their effect would have been anti-dilutive.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs
	Deferred policy acquisition costs consist of commissions paid to outside agents, premium taxes, salaries, and certain other underwriting costs that are incremental or directly related to the successful acquisition of new and renewal insurance contracts and are amortized over the life of the related policy in proportion to premiums earned. Deferred policy acquisition costs are limited to the amount that will remain after deducting from unearned premiums and anticipated investment income, the estimated losses and loss adjustment expenses, and the servicing costs that will be incurred as premiums are earned. The Company’s deferred policy acquisition costs are further limited by excluding those costs not directly related to the successful acquisition of insurance contracts. Deferred policy acquisition cost amortization was $126.9 million and $121.9 million for the three months ended September 30, 2013 and 2012, respectively, and $377.0 million and $357.1 million for the nine months ended September 30, 2013 and 2012, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expenses of approximately $16 million and $15 million for the nine months ended September 30, 2013 and 2012, respectively.

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Financial Instruments, Owned, at Fair Value [Abstract]
Estimated Fair Values of Financial Instruments	The following table presents the estimated fair values of financial instruments at September 30, 2013 and December 31, 2012.
		September 30, 2013		December 31, 2012
		(Amounts in thousands)
	Assets
	Investments	$	3,126,330	$	3,180,095
	Total return swap	$	346	$	0
	Liabilities
	Interest rate swap	$	0	$	103
	Equity contracts	$	0	$	175
	Secured notes	$	140,000	$	140,000
	Unsecured note	$	40,000	$	0

Fair_Value_Option_Tables

Fair Value Option (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Option [Abstract]
Gains And Losses Due To Changes In Fair Value Of Investments	The following table presents gains (losses) due to changes in fair value of investments that are measured at fair value pursuant to application of the fair value option:
		Three Months Ended September 30,						Nine Months Ended September 30,
		2013			2012			2013			2012
		(Amounts in thousands)
	Fixed maturity securities	$	(11,295	)	$	19,198		$	(81,268	)	$	50,013
	Equity securities	32,602			25,629			67,625			20,153
	Short-term investments	508			(44		)	199			(828		)
	Total	$	21,815		$	44,783		$	(13,444	)	$	69,338

Fair_Value_Measurement_Tables

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2013
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 September 30, 2013 and December 31, 2012, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:
		September 30, 2013
		Level 1			Level 2		Level 3		Total
		(Amounts in thousands)
	Assets
	Fixed maturity securities:
	U.S. government bonds and agencies	$	16,128		$	0	$	0	$	16,128
	Municipal securities	0			2,149,615		0		2,149,615
	Mortgage-backed securities	0			36,096		0		36,096
	Corporate securities	0			300,331		0		300,331
	Collateralized debt obligations	0			0		36,344		36,344
	Equity securities:
	Common stock:
	Public utilities	107,102			0		0		107,102
	Banks, trusts and insurance companies	9,963			0		0		9,963
	Energy and other	181,333			0		0		181,333
	Non-redeemable preferred stock	0			25,845		0		25,845
	Partnership interest in a private credit fund	0			0		12,124		12,124
	Short-term bonds	39,996			22,488		0		62,484
	Money market instruments	188,965			0		0		188,965
	Total return swap	0			346		0		346
	Total assets at fair value	$	543,487		$	2,534,721	$	48,468	$	3,126,676
		December 31, 2012
		Level 1			Level 2		Level 3		Total
		(Amounts in thousands)
	Assets
	Fixed maturity securities:
	U.S. government bonds and agencies	$	14,204		$	0	$	0	$	14,204
	Municipal securities	0			2,165,095		0		2,165,095
	Mortgage-backed securities	0			30,703		0		30,703
	Corporate securities	0			155,551		0		155,551
	Collateralized debt obligations	0			0		42,801		42,801
	Equity securities:
	Common stock:
	Public utilities	85,106			0		0		85,106
	Banks, trusts and insurance companies	22,166			0		0		22,166
	Energy and other	346,809			0		0		346,809
	Non-redeemable preferred stock	0			11,701		0		11,701
	Partnership interest in a private credit fund	0			0		11,306		11,306
	Short-term bonds	0			24,530		0		24,530
	Money market instruments	270,123			0		0		270,123
	Total assets at fair value	$	738,408		$	2,387,580	$	54,107	$	3,180,095
	Liabilities
	Equity contracts	$	175		$	0	$	0	$	175
	Interest rate swap	0			103		0		103
	Total liabilities at fair value	$	175		$	103	$	0	$	278
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 September 30,
		2013					2012
		Collateralized			Partnership		Collateralized		Partnership
		Debt Obligations			Interest in a		Debt Obligations		Interest in a
					Private Credit				Private Credit
					Fund				Fund
		(Amounts in thousands)
	Beginning Balance	$	38,992		$	11,990	$	76,325	$	11,030
	Realized gains (losses) included in earnings	5,616			134		5,032		(455		)
	Settlements	(8,264		)	0		0		0
	Ending Balance	$	36,344		$	12,124	$	81,357	$	10,575
	The amount of total gains (losses) for the period included in earnings attributable to assets still held at September 30	$	5,616		$	134	$	5,032	$	(455	)
		Nine Months Ended September 30,
		2013					2012
		Collateralized			Partnership		Collateralized		Partnership
		Debt Obligations			Interest in a		Debt Obligations		Interest in a
					Private Credit				Private Credit
					Fund				Fund
		(Amounts in thousands)
	Beginning Balance	$	42,801		$	11,306	$	47,503	$	10,008
	Realized gains included in earnings	5,993			818		8,854		567
	Purchase	0			0		25,000		0
	Sales	(4,186		)	0		0		0
	Settlements	(8,264		)	0		0		0
	Ending Balance	$	36,344		$	12,124	$	81,357	$	10,575
	The amount of total gains for the period included in earnings attributable to assets still held at September 30	$	6,510		$	818	$	8,854	$	567

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Summary Of Location And Amounts Of Derivative Fair Values In The Consolidated Balance Sheets	The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains in the consolidated statements of operations:
		Asset Derivatives				Liability Derivatives
		September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
		(Amount in thousands)
	Total return swap - Other assets	$	346	$	0	$	0	$	0
	Equity contracts - Other liabilities	0		0		0		175
	Interest rate swap - Other liabilities	0		0		0		103
	Total derivatives	$	346	$	0	$	0	$	278
Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations
		Gain Recognized in Income
		Three Months Ended September 30,				Nine Months Ended September 30,
		2013		2012		2013		2012
		(Amounts in thousands)
	Total return swap - Net realized investment (losses) gains	$	381	$	0	$	381	$	0
	Equity contracts - Net realized investment (losses) gains	543		757		1,722		2,342
	Interest rate swap - Other revenue	0		139		103		410
	Total	$	924	$	896	$	2,206	$	2,752

Goodwill_and_Other_Intangible_1

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Components Of Other Intangible Assets	The following table presents the components of other intangible assets as of September 30, 2013 and December 31, 2012.
		Gross Carrying			Accumulated			Net Carrying		Useful Lives
		Amount			Amortization			Amount
		(Amounts in thousands)								(in years)
	As of September 30, 2013:
	Customer relationships	$	51,755		$	(23,266	)	$	28,489	11
	Trade names	15,400			(3,048		)	12,352		24
	Technology	4,300			(2,043		)	2,257		10
	Favorable leases	1,725			(1,725		)	0		3
	Software	550			(550		)	0		2
	Total intangible assets, net	$	73,730		$	(30,632	)	$	43,098
	As of December 31, 2012:
	Customer relationships	$	51,755		$	(19,585	)	$	32,170	11
	Trade names	15,400			(2,567		)	12,833		24
	Technology	4,300			(1,720		)	2,580		10
	Favorable leases	1,725			(1,719		)	6		3
	Software	550			(550		)	0		2
	Total intangible assets, net	$	73,730		$	(26,141	)	$	47,589
Schedule Of Estimated Future Amortization Expense Related To Intangible Assets	The following table presents the estimated future amortization expenses related to intangible assets as of September 30, 2013:
	Year Ending		Amortization Expense
			(Amounts in thousands)
	Remainder of 2013		$	1,495
	2014		5,980
	2015		5,980
	2016		5,980
	2017		5,253
	Thereafter		18,410
	Total		$	43,098

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2013
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Schedule Of Performance Vesting Restricted Stock Units Granted	Under the Company's 2005 Incentive Award Plan (the “Plan”), the Compensation Committee of the Company’s Board of Directors granted performance vesting restricted stock units to the Company’s senior management and key employees as follows:
		Grant Year
		2013	2012	2011
	Three-year performance period ending December 31,	2015	2014	2013
	Vesting shares, target	84,500	89,000	80,000
	Vesting shares, maximum	190,125	200,250	120,000

General_Details

General (Details) (USD $)	3 Months Ended		9 Months Ended			0 Months Ended
Share data in Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Aug. 09, 2013	Sep. 30, 2013	Aug. 09, 2013
						Swap [Member]	Swap [Member]	Swap [Member]
								LIBOR [Member]
General [Abstract]
Potentially dilutive securities (in shares)	53	108	76	77
Deferred policy acquisition cost amortization	$126,891,000	$121,906,000	$377,006,000	$357,062,000
Advertising expenses			16,000,000	15,000,000
Derivative [Line Items]
Term of swap agreement						3 years
Notional amount	80,000,000		80,000,000
Basis spread on variable rate								1.20%
Swap agreement collateral							40,000,000
Unsecured Debt	$40,000,000		$40,000,000		$0

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Narrative) (Details) (USD $)	Sep. 30, 2013
Level 2 [Member] | Secured Notes One [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Secured notes	$120,000,000
Level 2 [Member] | Secured Notes Two [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Secured notes	20,000,000
Swap [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Swap agreement collateral	$40,000,000

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets
Total return swap	$346	$0
Liabilities
Unsecured Debt	40,000	0
Investments [Member]
Assets
Investments	3,126,330	3,180,095
Interest Rate Swap [Member]
Liabilities
Interest rate swap agreements	0	103
Secured Notes [Member]
Liabilities
Secured notes payable	140,000	140,000
Equity Contract [Member]
Liabilities
Equity contracts	$0	$175

Fair_Value_Option_Gains_And_Lo

Fair Value Option (Gains And Losses Due To Changes In Fair Value Of Investments) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$21,815	$44,783	($13,444)	$69,338
Fixed maturity securities [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	-11,295	19,198	-81,268	50,013
Equity securities [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	32,602	25,629	67,625	20,153
Short-term investments [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$508	($44)	$199	($828)

Fair_Value_Measurement_Narrati

Fair Value Measurement (Narrative) (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
	transfers	transfers	Minimum [Member]	Commercial Mortgage Backed Securities [Member]	Commercial Mortgage Backed Securities [Member]
			broker	Level 2 [Member]	Level 2 [Member]
Fair Value Measurement [Line Items]
Percentage of portfolio of unadjusted fair values obtained	98.00%
Percentage of portfolio of specific unadjusted broker quotes obtained	2.00%
Number of knowledgeable outside security brokers consulted to determine fair value			1
Trading securities, fair value disclosure				$16.70	$4.30
Transfers between Levels 1, 2, and 3 of the fair value hierarchy	0	0

Fair_Value_Measurement_Schedul

Fair Value Measurement (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value Measurement [Line Items]
Assets	$3,126,676	$3,180,095
Liabilities		278
Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	543,487	738,408
Liabilities		175
Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	2,534,721	2,387,580
Liabilities		103
Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	48,468	54,107
Liabilities		0
Short-term bonds [Member]
Fair Value Measurement [Line Items]
Assets	62,484	24,530
Short-term bonds [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	39,996	0
Short-term bonds [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	22,488	24,530
Short-term bonds [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Money market instruments [Member]
Fair Value Measurement [Line Items]
Assets	188,965	270,123
Money market instruments [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	188,965	270,123
Money market instruments [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Money market instruments [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity contracts [Member]
Fair Value Measurement [Line Items]
Liabilities		175
Equity contracts [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Liabilities		175
Equity contracts [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Liabilities		0
Equity contracts [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Liabilities		0
Interest rate swap agreements [Member]
Fair Value Measurement [Line Items]
Liabilities		103
Interest rate swap agreements [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Liabilities		0
Interest rate swap agreements [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Liabilities		103
Interest rate swap agreements [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Liabilities		0
Total Return Swap [Member]
Fair Value Measurement [Line Items]
Assets	346
Total Return Swap [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	0
Total Return Swap [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	346
Total Return Swap [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0
Fixed maturity securities [Member] | U.S. government bonds and agencies [Member]
Fair Value Measurement [Line Items]
Assets	16,128	14,204
Fixed maturity securities [Member] | U.S. government bonds and agencies [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	16,128	14,204
Fixed maturity securities [Member] | U.S. government bonds and agencies [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Fixed maturity securities [Member] | U.S. government bonds and agencies [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Fixed maturity securities [Member] | Municipal securities [Member]
Fair Value Measurement [Line Items]
Assets	2,149,615	2,165,095
Fixed maturity securities [Member] | Municipal securities [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Fixed maturity securities [Member] | Municipal securities [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	2,149,615	2,165,095
Fixed maturity securities [Member] | Municipal securities [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Fixed maturity securities [Member] | Mortgage-backed securities [Member]
Fair Value Measurement [Line Items]
Assets	36,096	30,703
Fixed maturity securities [Member] | Mortgage-backed securities [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Fixed maturity securities [Member] | Mortgage-backed securities [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	36,096	30,703
Fixed maturity securities [Member] | Mortgage-backed securities [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Fixed maturity securities [Member] | Corporate securities [Member]
Fair Value Measurement [Line Items]
Assets	300,331	155,551
Fixed maturity securities [Member] | Corporate securities [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Fixed maturity securities [Member] | Corporate securities [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	300,331	155,551
Fixed maturity securities [Member] | Corporate securities [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Fixed maturity securities [Member] | Collateralized Debt Obligations [Member]
Fair Value Measurement [Line Items]
Assets	36,344	42,801
Fixed maturity securities [Member] | Collateralized Debt Obligations [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Fixed maturity securities [Member] | Collateralized Debt Obligations [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Fixed maturity securities [Member] | Collateralized Debt Obligations [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	36,344	42,801
Equity securities [Member] | Public utilities [Member]
Fair Value Measurement [Line Items]
Assets	107,102	85,106
Equity securities [Member] | Public utilities [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	107,102	85,106
Equity securities [Member] | Public utilities [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity securities [Member] | Public utilities [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity securities [Member] | Banks, trusts and insurance companies [Member]
Fair Value Measurement [Line Items]
Assets	9,963	22,166
Equity securities [Member] | Banks, trusts and insurance companies [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	9,963	22,166
Equity securities [Member] | Banks, trusts and insurance companies [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity securities [Member] | Banks, trusts and insurance companies [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity securities [Member] | Energy and other [Member]
Fair Value Measurement [Line Items]
Assets	181,333	346,809
Equity securities [Member] | Energy and other [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	181,333	346,809
Equity securities [Member] | Energy and other [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity securities [Member] | Energy and other [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity securities [Member] | Non-redeemable preferred stock [Member]
Fair Value Measurement [Line Items]
Assets	25,845	11,701
Equity securities [Member] | Non-redeemable preferred stock [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity securities [Member] | Non-redeemable preferred stock [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	25,845	11,701
Equity securities [Member] | Non-redeemable preferred stock [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity securities [Member] | Partnership Interest In Private Credit Fund [Member]
Fair Value Measurement [Line Items]
Assets	12,124	11,306
Equity securities [Member] | Partnership Interest In Private Credit Fund [Member] | Level 1 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity securities [Member] | Partnership Interest In Private Credit Fund [Member] | Level 2 [Member]
Fair Value Measurement [Line Items]
Assets	0	0
Equity securities [Member] | Partnership Interest In Private Credit Fund [Member] | Level 3 [Member]
Fair Value Measurement [Line Items]
Assets	$12,124	$11,306

Fair_Value_Measurement_Summary

Fair Value Measurement (Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Collateralized Debt Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$38,992	$76,325	$42,801	$47,503
Realized (losses) gains included in earnings	5,616	5,032	5,993	8,854
Purchases			0	25,000
Sales			-4,186	0
Settlements	-8,264	0	-8,264	0
Ending Balance	36,344	81,357	36,344	81,357
The amount of total gains (losses) for the period included in earnings attributable to assets still held at September 30	5,616	5,032	6,510	8,854
Partnership Interest In Private Credit Fund [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	11,990	11,030	11,306	10,008
Realized (losses) gains included in earnings	134	-455	818	567
Purchases			0	0
Sales			0	0
Settlements	0	0	0	0
Ending Balance	12,124	10,575	12,124	10,575
The amount of total gains (losses) for the period included in earnings attributable to assets still held at September 30	$134	($455)	$818	$567

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Narrative) (Details) (USD $)	Sep. 30, 2013	Feb. 06, 2009	Mar. 03, 2008	Oct. 04, 2011	Oct. 04, 2011	Aug. 09, 2013	Sep. 30, 2013	Aug. 09, 2013
		Credit Facility [Member]	Loans [Member]	Bank Of America [Member]	Union Bank [Member]	Swap [Member]	Swap [Member]	LIBOR [Member]
		Interest rate swap agreements [Member]	Interest rate swap agreements [Member]	Interest rate swap agreements [Member]	Interest rate swap agreements [Member]			Swap [Member]
Derivative Financial Instruments [Line Items]
Term of swap agreement						3 years
Notional amount	$80,000,000
Basis spread on variable rate								1.20%
Swap agreement collateral							40,000,000
Secured notes		120,000,000	18,000,000
Fixed rate		1.93%	4.25%
Maturity date of senior notes		January 3, 2012
Loan maximum borrowing capacity				$18,000,000	$20,000,000
Floating rate, LIBOR plus basis points (as a percentage)				0.50%	0.40%
Loan mature date				1-Mar-13	2-Jan-15

Derivative_Financial_Instrumen3

Derivative Financial Instruments (Summary Of Location And Amounts Of Derivative Fair Values In The Consolidated Balance Sheets) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Derivative Financial Instruments [Line Items]
Asset Derivatives	$346	$0
Non-hedging derivatives [Member]
Derivative Financial Instruments [Line Items]
Asset Derivatives	346		0
Liability Derivatives	0	278
Non-hedging derivatives [Member] | Interest rate swap agreements [Member] | Other liabilities [Member]
Derivative Financial Instruments [Line Items]
Liability Derivatives	0	103
Non-hedging derivatives [Member] | Interest rate swap agreements [Member] | Other Assets [Member]
Derivative Financial Instruments [Line Items]
Asset Derivatives	346		0
Liability Derivatives	0	0
Non-hedging derivatives [Member] | Equity contracts [Member] | Other liabilities [Member]
Derivative Financial Instruments [Line Items]
Asset Derivatives	0		0
Liability Derivatives	0	175
Interest Rate Swap [Member] | Other liabilities [Member]
Derivative Financial Instruments [Line Items]
Asset Derivatives	$0		$0

Derivative_Financial_Instrumen4

Derivative Financial Instruments (Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations) (Details) (Derivatives Not Designated as Hedging Instrument [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Derivative Financial Instruments [Line Items]
Gain Recognized in Income (Loss)	$924	$896	$2,206	$2,752
Interest rate swap agreements [Member] | Other revenue [Member]
Derivative Financial Instruments [Line Items]
Gain Recognized in Income (Loss)	0	139	103	410
Total Return Swap [Member] | Other revenue [Member]
Derivative Financial Instruments [Line Items]
Gain Recognized in Income (Loss)	381	0	381	0
Equity contracts [Member] | Net realized investment (losses) gains [Member]
Derivative Financial Instruments [Line Items]
Gain Recognized in Income (Loss)	$543	$757	$1,722	$2,342

Goodwill_and_Other_Intangible_2

Goodwill and Other Intangible Assets (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets amortization expense	$1.50	$1.50	$4.50	$4.60

Goodwill_and_Other_Intangible_3

Goodwill and Other Intangible Assets (Schedule Of Components Of Other Intangible Assets) (Details) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$73,730	$73,730
Accumulated Amortization	-30,632	-26,141
Net Carrying Amount	43,098	47,589
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	51,755	51,755
Accumulated Amortization	-23,266	-19,585
Net Carrying Amount	28,489	32,170
Useful Lives (in years)	11 years	11 years
Trade names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	15,400	15,400
Accumulated Amortization	-3,048	-2,567
Net Carrying Amount	12,352	12,833
Useful Lives (in years)	24 years	24 years
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,300	4,300
Accumulated Amortization	-2,043	-1,720
Net Carrying Amount	2,257	2,580
Useful Lives (in years)	10 years	10 years
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,725	1,725
Accumulated Amortization	-1,725	-1,719
Net Carrying Amount	0	6
Useful Lives (in years)	3 years	3 years
Favorable leases [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	550	550
Accumulated Amortization	-550	-550
Net Carrying Amount	$0	$0
Useful Lives (in years)	2 years	2 years

Goodwill_and_Other_Intangible_4

Goodwill and Other Intangible Assets (Schedule Of Estimated Future Amortization Expense Related To Intangible Assets) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2013	$1,495
2014	5,980
2015	5,980
2016	5,980
2017	5,253
Thereafter	18,410
Net Carrying Amount	$43,098	$47,589

ShareBased_Compensation_Narrat

Share-Based Compensation (Narrative) (Details)	9 Months Ended
	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period of restricted stock units (in years)	3 years
Options granted prior to 2008 [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term (in years)	4 years
Options granted prior to 2008 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term (in years)	5 years
Options granted subsequent to January 1, 2008 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term (in years)	4 years

ShareBased_Compensation_Schedu

Share-Based Compensation (Schedule Of Performance Vesting Restricted Stock Units Granted) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Three-year performance period ending December 31,	2015	2014	2013
Vesting shares, target	84,500	89,000	80,000
Vesting shares, maximum	190,125	200,250	120,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Increase in unrecognized tax benefit	$4.70