Mercury General (MCY) 10-Q 2 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 29, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	MERCURY GENERAL CORP
Entity Central Index Key	64,996
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		55,164,462

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Fixed maturity securities (amortized cost $2,802,441; $2,503,494)	$ 2,886,864	$ 2,618,400
Equity securities (cost $307,893; $387,851)	298,687	412,880
Short-term investments (cost $162,834; $373,180)	162,835	372,542
Total investments	3,348,386	3,403,822
Cash	295,184	289,907
Receivables:
Premiums	442,061	390,009
Accrued investment income	41,383	38,737
Other	21,114	21,202
Total receivables	504,558	449,948
Deferred policy acquisition costs	205,245	197,202
Fixed assets, net	157,605	158,976
Current income taxes	11,915	503
Deferred income taxes	20,971	0
Goodwill	42,796	42,796
Other intangible assets, net	32,538	35,623
Other assets	27,381	21,512
Total assets	4,646,579	4,600,289
Liabilities
Losses and loss adjustment expenses	1,131,553	1,091,797
Unearned premiums	1,063,323	999,798
Notes payable	290,000	290,000
Accounts payable and accrued expenses	139,345	130,887
Deferred income taxes	0	5,333
Other liabilities	192,859	207,028
Total liabilities	$ 2,817,080	$ 2,724,843
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 55,164; 55,121	$ 91,028	$ 88,705
Additional paid-in capital	6,644	3,804
Retained earnings	1,731,827	1,782,937
Total shareholders’ equity	1,829,499	1,875,446
Total liabilities and shareholders’ equity	$ 4,646,579	$ 4,600,289

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Amortized cost on fixed maturities trading investments	$ 2,802,441	$ 2,503,494
Cost - equity security trading investments	307,893	387,851
Cost - short-term investments	$ 162,834	$ 373,180
Common Stock
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	55,164,000	55,121,000
Common stock, shares outstanding (in shares)	55,164,000	55,121,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Net premiums earned	$ 745,520	$ 705,237	$ 2,197,803	$ 2,086,827
Net investment income	30,898	32,564	94,101	93,656
Net realized investment losses	(26,286)	(20,089)	(75,595)	102,813
Other	2,281	2,275	6,823	6,666
Total revenues	752,413	719,987	2,223,132	2,289,962
Expenses:
Losses and loss adjustment expenses	545,692	492,525	1,581,306	1,452,171
Policy acquisition costs	132,881	131,090	401,868	393,964
Other operating expenses	60,788	58,545	191,017	166,341
Interest	785	707	2,304	1,900
Total expenses	740,146	682,867	2,176,495	2,014,376
Income before income taxes	12,267	37,120	46,637	275,586
Income tax (benefit) expense	(3,003)	5,824	(4,437)	76,681
Net income	$ 15,270	$ 31,296	$ 51,074	$ 198,905
Net income per share:
Basic (in dollars per share)	$ 0.28	$ 0.57	$ 0.93	$ 3.62
Diluted (in dollars per share)	$ 0.28	$ 0.57	$ 0.93	$ 3.62
Weighted average shares outstanding:
Basic (in shares)	55,164	55,002	55,154	54,986
Diluted (in shares)	55,178	55,014	55,172	54,995
Dividends paid per share (in dollars per share)	$ 0.6175	$ 0.6150	$ 1.8525	$ 1.845

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ 15,270	$ 31,296	$ 51,074	$ 198,905
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
Comprehensive income	$ 15,270	$ 31,296	$ 51,074	$ 198,905

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 51,074	$ 198,905
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,967	20,145
Net realized investment losses (gains)	75,595	(102,813)
Bond amortization, net	17,279	14,650
Excess tax benefit from exercise of stock options	(106)	(169)
Increase in premiums receivables	(46,952)	(29,613)
Change in current and deferred income taxes	(35,822)	16,632
Increase in deferred policy acquisition costs	(8,043)	(6,972)
Increase in unpaid losses and loss adjustment expenses	(21,079)	(23,929)
Increase in unearned premiums	56,562	59,092
(Decrease) increase in accounts payable and accrued expenses	(17,509)	15,968
Share-based compensation	2,946	2,741
Changes in other payables	10,255	(14,643)
Other, net	2,382	1,645
Net cash provided by operating activities	148,707	199,497
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed maturities available-for-sale in nature: Purchases	(807,150)	(393,208)
Fixed maturities available-for-sale in nature: Sales	211,724	175,919
Fixed maturities available-for-sale in nature: Calls or maturities	283,311	213,865
Equity securities available-for-sale in nature:
Purchases	(573,011)	(706,461)
Sales	641,854	522,662
Calls or maturities	2,378	0
Changes in securities payable and receivable	(6,658)	(5,622)
Net decrease in short-term investments and purchased options	210,274	23,788
Purchase of fixed assets	(16,384)	(20,880)
Sale of fixed assets	136	209
Business acquisition, net of cash acquired	7,771	0
Other, net	2,291	2,896
Net cash used in investing activities	(43,464)	(186,832)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders	(102,183)	(101,461)
Excess tax benefit from exercise of stock options	106	169
Proceeds from stock options exercised	2,111	1,800
Proceeds from bank loan	0	100,000
Net cash (used in) provided by financing activities	(99,966)	508
Net increase in cash	5,277	13,173
Cash:
Beginning of the year	289,907	266,508
End of period	295,184	279,681
SUPPLEMENTAL CASH FLOW DISCLOSURE
Interest paid	2,228	1,840
Income taxes paid	$ 31,385	$ 60,049

General

General	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [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, 2014 . 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, 2015 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 that was included in the annual financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . 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, 2014 ). Earnings per Share Potentially dilutive securities representing approximately 5,000 and 18,000 shares of common stock for the three months ended September 30, 2015 and 2014 , respectively, and 2,000 and 31,000 shares of common stock for the nine months ended September 30, 2015 and 2014 , 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 $132.9 million and $131.1 million for the three months ended September 30, 2015 and 2014 , respectively, and $401.9 million and $394.0 million for the nine months ended September 30, 2015 and 2014 , respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $39.0 million and $17.1 million for the nine months ended September 30, 2015 and 2014 , respectively.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard that requires entities to apply a five-step model to determine the amount and timing of revenue recognition. The model specifies, among other criteria, that revenue should be recognized when an entity transfers control of goods or services to a customer at the amount at which the entity expects to be entitled. In August 2015, the FASB issued an update which defers the effective date of this standard to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that annual reporting period. Early application is now permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures. In February 2015, the FASB issued amendments affecting the consolidation evaluation of limited partnerships and similar entities, fees paid to a decision maker or a service provider as a variable interest, and variable interests in a variable interest entity held by related parties of the reporting entities. The amendments are effective for annual and interim reporting periods beginning after December 15, 2015. The adoption of the new standard will not have a material impact on the Company's consolidated financial statements. In May 2015, the FASB issued a new standard that requires insurance entities to provide additional disclosures related to claims liabilities. The additional disclosure requirements for the annual reports include: (1) the claims development information by accident year, on a net of reinsurance basis, for the number of years for which claims incurred remain outstanding but not to exceed the most recent 10 years, and for the most recent reporting period presented, an insurer also needs to disclose the amount of total net outstanding claims for all accident years included in the claims development tables; (2) a reconciliation of claims development information and the aggregate carrying amount of the liability for unpaid claims and claim adjustment expenses; and (3) information about the claims frequency and the amount of the incurred-but-not-reported liabilities for each accident year presented. In addition, a description of the methodology used to determine the amounts disclosed is required. The roll forward of the liability for unpaid claims and claims adjustment expenses, currently required only for annual periods, will also be required for interim periods. This standard will be effective for annual periods beginning after December 15, 2015, and interim periods within annual reporting periods beginning after December 15, 2016. Although the adoption of this standard will not have a material impact on its consolidated financial statements, the Company will expand the nature and extent of its insurance contracts disclosures.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
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, options sold, total return swaps, accounts payable, 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, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 (Amounts in thousands) Assets Investments $ 3,348,386 $ 3,403,822 Liabilities Options sold $ 266 $ 194 Total return swaps $ 6,059 $ 4,025 Secured notes $ 140,000 $ 140,000 Unsecured note $ 150,000 $ 150,000 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. Options Sold The Company writes covered call options through listed and over-the-counter exchanges. When the Company writes an option, an amount equal to the premium received by the Company is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Company on the expiration date as realized gains from investments. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining the Company's realized gain or loss. The Company, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. For additional disclosures regarding methods and assumptions used in estimating fair values of these securities, see Note 5. Total return swaps The fair values of the total return swaps reflect the estimated amounts that, upon termination of the contracts, would be received for selling an asset or paid to transfer a liability in an orderly transaction at September 30, 2015 and December 31, 2014 based on models using inputs, such as interest rate yield curves and credit spreads, observable for substantially the full term of the contract. For additional disclosures regarding methods and assumptions used in estimating fair values, see Note 5. Secured notes payable The fair value of the Company’s $120 million secured note and $20 million secured note, 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 $150 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, 2015
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 (losses) gains 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, 2015 2014 2015 2014 (Amounts in thousands) Fixed maturity securities $ (1,602 ) $ 3,536 $ (30,609 ) $ 73,149 Equity securities (16,938 ) (23,995 ) (34,234 ) (6,355 ) Short-term investments 2 (69 ) 638 (211 ) Total $ (18,538 ) $ (20,528 ) $ (64,205 ) $ 66,583

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2015
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 at fair value on the consolidated balance sheets are categorized based on the level of judgment associated with inputs used to measure their fair values 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 99.7% of its portfolio from an independent pricing service. For 0.3% 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, 2015 . 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 in active markets. Options sold/Purchased options : Comprised of free-standing exchange listed derivatives that are actively traded and valued based on unadjusted 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 residential and commercial mortgage loans 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 $49.9 million and $32.5 million at September 30, 2015 and December 31, 2014 , 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 swaps : Valued based on multi-dimensional 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. Collateralized loan obligations : Valued based on underlying debt instruments and the appropriate benchmark spread for similar assets in active markets. Other asset-backed securities : Comprised of securities that are collateralized by non-mortgage assets, such as auto loans, 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. Secured notes payable : Valued based on underlying collateral and reset rates for similarly termed notes that are observable in the market. Unsecured notes payable : Valued based on the unadjusted quoted price for similar notes in active markets. 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/Private equity funds : 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, 2015 and December 31, 2014 , and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: September 30, 2015 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 25,150 $ 0 $ — $ 25,150 Municipal securities — 2,495,881 — 2,495,881 Mortgage-backed securities — 63,045 — 63,045 Corporate securities — 248,246 — 248,246 Collateralized loan obligations — 49,665 — 49,665 Other asset-backed securities — 4,877 — 4,877 Equity securities: Common stock: Public utilities 64,324 — — 64,324 Banks, trusts and insurance companies 11,700 — — 11,700 Industrial and other 186,172 — — 186,172 Non-redeemable preferred stock — 24,795 — 24,795 Private equity funds — 0 11,696 11,696 Short-term investments: Short-term bonds 59,996 2,005 — 62,001 Money market instruments 100,834 0 — 100,834 Total assets at fair value $ 448,176 $ 2,888,514 $ 11,696 $ 3,348,386 Liabilities Notes payable: Secured Notes $ — $ 140,000 $ — $ 140,000 Unsecured Notes — 150,000 — 150,000 Other liabilities: Total return swaps — 6,059 — 6,059 Options sold 266 0 — 266 Total liabilities at fair value $ 266 $ 296,059 $ — $ 296,325 December 31, 2014 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 16,108 — — $ 16,108 Municipal securities — 2,275,455 — 2,275,455 Mortgage-backed securities — 47,691 — 47,691 Corporate securities — 256,930 — 256,930 Collateralized loan obligations — 22,216 — 22,216 Equity securities: Common stock: Public utilities 105,485 — — 105,485 Banks, trusts and insurance companies 9,757 — — 9,757 Energy and other 257,356 — — 257,356 Non-redeemable preferred stock — 28,563 — 28,563 Private equity fund — — 11,719 11,719 Short-term investments: Short-term bonds 69,999 18,362 — 88,361 Money market instruments 284,181 — — 284,181 Total assets at fair value $ 742,886 $ 2,649,217 $ 11,719 $ 3,403,822 Liabilities Notes payable: Secured Notes $ — $ 140,000 $ — $ 140,000 Unsecured Notes — 150,000 — 150,000 Other liabilities: Total return swaps — 4,025 — 4,025 Options sold 194 — — 194 Total liabilities at fair value $ 194 $ 294,025 $ — $ 294,219 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, 2015 2014 Private Equity Fund Private Equity (Amounts in thousands) Beginning Balance $ 13,745 $ 12,966 Realized losses included in earnings (2,049 ) (296 ) Settlement — — Ending Balance $ 11,696 $ 12,670 The amount of total losses for the period included in earnings attributable to assets still held at September 30 $ (2,049 ) $ (296 ) Nine Months Ended September 30, 2015 2014 Private Equity Fund Collateralized Debt Obligations Private Equity (Amounts in thousands) Beginning Balance $ 11,719 $ 4,302 $ 12,548 Realized (losses) gains included in earnings (2,910 ) (755 ) 122 Reclassification from other assets 2,911 — — Sales — (3,547 ) — Settlement (24 ) — — Ending Balance $ 11,696 $ 0 $ 12,670 The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30 $ (2,910 ) $ — $ 122 There were no transfers between Levels 1, 2, and 3 of the fair value hierarchy during the nine months ended September 30, 2015 and 2014 . At September 30, 2015 , the Company did not have any nonrecurring fair value measurements of nonfinancial assets or nonfinancial liabilities.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2015
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. The Company also enters into derivative contracts to enhance returns on its investment portfolio. On February 13, 2014 , Fannette Funding LLC (“FFL”), a special purpose investment vehicle, entered into a total return swap agreement with Citibank. Under the total return swap agreement, FFL receives the income equivalent on underlying obligations due to Citibank and pays to Citibank interest equal to LIBOR plus 135 basis points on the outstanding notional amount of the underlying obligations, which was approximately $115 million as of September 30, 2015 . The total return swap is secured by approximately $20 million of U.S. Treasuries and $10 million of cash as collateral, which are included in short-term investments and cash, respectively, on the consolidated balance sheets. The agreement had an initial term of one year, subject to annual renewal, and was renewed for an additional one -year term expiring February 13, 2016. On August 9, 2013 , Animas Funding LLC (“AFL”), a special purpose investment vehicle, 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 $128 million as of September 30, 2015 . The total return swap is secured by approximately $40 million of U.S. Treasuries as collateral, which are included in short-term investments on the consolidated balance sheets. Fair value amounts, and (losses) gains on derivative instruments The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative (losses) gains in the consolidated statements of operations: Asset Derivatives Liability Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (Amount in thousands) Total return swaps - Other liabilities $ — $ — $ 6,059 $ 4,025 Options sold - Other liabilities — — 266 194 Total derivatives $ — $ — $ 6,325 $ 4,219 (Losses) Gains Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Amounts in thousands) Total return swaps - Net realized investment losses $ (4,422 ) $ (3,090 ) $ (710 ) $ (482 ) Options sold - Net realized investment gains 695 1,627 2,219 2,681 Total $ (3,727 ) $ (1,463 ) $ 1,509 $ 2,199 Most options sold 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 options sold, see Note 5.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2015
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, 2015 . Goodwill is reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators 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, 2015 and December 31, 2014 : Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives (Amounts in thousands) (in years) As of September 30, 2015: Customer relationships $ 51,755 $ (33,084 ) $ 18,671 11 Trade names 15,400 (4,331 ) 11,069 24 Technology 4,300 (2,902 ) 1,398 10 Insurance license 1,400 0 1,400 Indefinite Total other intangible assets, net $ 72,855 $ (40,317 ) $ 32,538 As of December 31, 2014: Customer relationships $ 51,755 $ (29,402 ) $ 22,353 11 Trade names 15,400 (3,850 ) 11,550 24 Technology 4,300 (2,580 ) 1,720 10 Total other intangible assets, net $ 71,455 $ (35,832 ) $ 35,623 Other intangible assets are amortized on a straight-line basis over their useful lives. Other intangible assets amortization expense was $1.5 million for each of the three months ended September 30, 2015 and 2014, and $4.5 million for each of the nine months ended September 30, 2015 and 2014. The following table presents the estimated future amortization expense of other intangible assets as of September 30, 2015 : Year Amortization Expense (Amounts in thousands) Remainder of 2015 $ 1,495 2016 5,980 2017 5,253 2018 5,239 2019 4,809 Thereafter 8,362 Total $ 31,138 The Company recognized $1.4 million of intangible assets for a state insurance license related to the acquisition of Workmen's Automobile Insurance Company. See Note 10 for the acquisition's cost allocation. Other intangible assets are reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during any of the periods presented.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2015
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. The Company adopted the 2015 Incentive Award Plan (the “2015 Plan”) in 2015 as described fully on Form S-8 filed in February 2015 with the Securities and Exchange Commission, and which was approved at the Company's Annual Meeting of Shareholders in May 2015. 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 under the 2015 Plan for 2015, and under the Company’s 2005 Equity Incentive Award Plan for 2014 and 2013 as follows: Grant Year 2015 2014 2013 Three-year performance period ending December 31, 2017 2016 2015 Vesting shares, target (net of forfeited) 96,750 85,500 78,500 Vesting shares, maximum (net of forfeited) 181,406 160,313 176,625 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. Vesting of grants will be based on the Company’s cumulative underwriting income, annual underwriting income, and net earned premium growth. As of September 30, 2015 , 1,000 , 8,000 and 6,000 target restricted stock units granted in 2015, 2014 and 2013, respectively, were forfeited because the recipients are no longer employed by the Company. 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 will be recognized and any recognized compensation cost will be reversed.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
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, the positions are “more-likely-than-not” 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 $0.2 million decrease to the total amount of unrecognized tax benefit related to tax uncertainties during the nine months ended September 30, 2015 . The decrease was the result of tax positions taken regarding 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 benefits to have a significant impact on its consolidated financial statements within the next 12 months. The Company and its subsidiaries file income tax returns with the Internal Revenue Service and the taxing authorities of various states. Tax years that remain subject to examination by major taxing jurisdictions are 2012 through 2014 for federal taxes, and 2003 through 2014 for California state taxes. The Company is currently under examination by the California Franchise Tax Board (“FTB”) for tax years 2003 through 2013. The FTB issued Notices of Proposed Assessments to the Company for tax years 2003 through 2010, which the Company formally protested. The proposed adjustments for tax years 2003 through 2006 were affirmed following an administrative protest process with the FTB examination. The Company is in settlement discussions with the FTB. If a reasonable settlement is not reached, the Company intends to pursue other options, including a formal hearing with the State Board of Equalization or litigation in superior court. Management believes that the resolution of these examinations and assessments will not have a material impact on the 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, 2015 , 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 Company’s ability to realize 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.

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisition	Acquisition Pursuant to an October 22, 2014 Stock Purchase Agreement, on January 2, 2015, the Company purchased all the issued and outstanding shares of Workmen's Automobile Insurance Company ("WAIC"), a California domiciled property and casualty insurance company. The Company paid $8 million in cash for the shares of WAIC, of which $2 million has been withheld in escrow for up to three years as security for any loss development on claims incurred on or prior to June 30, 2014. Based on its most recent evaluation of the claims reserves for WAIC for loss incurred on or prior to June 30, 2014, the Company estimates that it will recover the $2 million held in escrow and, therefore, the Company has deducted it from cash consideration to arrive at the fair value of total consideration transferred. In accordance with regulatory approval requirements, the Company made a $15 million cash capital contribution to WAIC on January 12, 2015. The total cost of the acquisition has been allocated to the assets acquired and the liabilities assumed based upon estimates of their fair values at the acquisition date. The following table summarizes the consideration paid for WAIC and the allocation of the purchase price: January 2, 2015 (Amounts in thousands) Consideration Cash $ 8,000 Less: Amount held in escrow 2,000 Fair value of total consideration transferred $ 6,000 Acquisition-related costs $ 231 Recognized amounts of identifiable assets acquired and liabilities assumed Total assets $ 31,078 Total liabilities (26,478 ) Total identifiable net assets 4,600 Intangible asset - state insurance license 1,400 Total $ 6,000 The fair value of the total assets acquired includes cash, investments, receivables, deferred taxes, other assets, and fixed assets. The fair value of the total liabilities assumed includes loss and loss adjustment expenses, unearned premiums, accounts payable, and other accrued liabilities. The intangible asset has an indefinite life. See Note 7 for further discussion. The following table reflects the amount of revenue and net income of WAIC included in the Company's consolidated statement of operations for the nine months ended September 30, 2015 : Nine Months Ended September 30, 2015 (Amounts in thousands) WAIC Revenue (1) $ 18,538 Net loss $ (3,606 ) ____________ (1) Includes net premiums earned, net investment income, and net realized investment gains/losses.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2015
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, 2014 . 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, 2014.

General (Policy)

General (Policy)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, 2014 . 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, 2015 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 that was included in the annual financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 .
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, 2014 ).
Earnings per Share	Potentially dilutive securities representing approximately 5,000 and 18,000 shares of common stock for the three months ended September 30, 2015 and 2014 , respectively, and 2,000 and 31,000 shares of common stock for the nine months ended September 30, 2015 and 2014 , 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 $132.9 million and $131.1 million for the three months ended September 30, 2015 and 2014 , respectively, and $401.9 million and $394.0 million for the nine months ended September 30, 2015 and 2014 , respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $39.0 million and $17.1 million for the nine months ended September 30, 2015 and 2014 , respectively.
Recently Issued Accounting Standards	In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard that requires entities to apply a five-step model to determine the amount and timing of revenue recognition. The model specifies, among other criteria, that revenue should be recognized when an entity transfers control of goods or services to a customer at the amount at which the entity expects to be entitled. In August 2015, the FASB issued an update which defers the effective date of this standard to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that annual reporting period. Early application is now permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures. In February 2015, the FASB issued amendments affecting the consolidation evaluation of limited partnerships and similar entities, fees paid to a decision maker or a service provider as a variable interest, and variable interests in a variable interest entity held by related parties of the reporting entities. The amendments are effective for annual and interim reporting periods beginning after December 15, 2015. The adoption of the new standard will not have a material impact on the Company's consolidated financial statements. In May 2015, the FASB issued a new standard that requires insurance entities to provide additional disclosures related to claims liabilities. The additional disclosure requirements for the annual reports include: (1) the claims development information by accident year, on a net of reinsurance basis, for the number of years for which claims incurred remain outstanding but not to exceed the most recent 10 years, and for the most recent reporting period presented, an insurer also needs to disclose the amount of total net outstanding claims for all accident years included in the claims development tables; (2) a reconciliation of claims development information and the aggregate carrying amount of the liability for unpaid claims and claim adjustment expenses; and (3) information about the claims frequency and the amount of the incurred-but-not-reported liabilities for each accident year presented. In addition, a description of the methodology used to determine the amounts disclosed is required. The roll forward of the liability for unpaid claims and claims adjustment expenses, currently required only for annual periods, will also be required for interim periods. This standard will be effective for annual periods beginning after December 15, 2015, and interim periods within annual reporting periods beginning after December 15, 2016. Although the adoption of this standard will not have a material impact on its consolidated financial statements, the Company will expand the nature and extent of its insurance contracts disclosures.

Fair Value of Financial Instr19

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 (Amounts in thousands) Assets Investments $ 3,348,386 $ 3,403,822 Liabilities Options sold $ 266 $ 194 Total return swaps $ 6,059 $ 4,025 Secured notes $ 140,000 $ 140,000 Unsecured note $ 150,000 $ 150,000

Fair Value Option (Tables)

Fair Value Option (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Option [Abstract]
Gains And Losses Due To Changes In Fair Value Of Investments	The following table presents (losses) gains 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, 2015 2014 2015 2014 (Amounts in thousands) Fixed maturity securities $ (1,602 ) $ 3,536 $ (30,609 ) $ 73,149 Equity securities (16,938 ) (23,995 ) (34,234 ) (6,355 ) Short-term investments 2 (69 ) 638 (211 ) Total $ (18,538 ) $ (20,528 ) $ (64,205 ) $ 66,583

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2015
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques	The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: September 30, 2015 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 25,150 $ 0 $ — $ 25,150 Municipal securities — 2,495,881 — 2,495,881 Mortgage-backed securities — 63,045 — 63,045 Corporate securities — 248,246 — 248,246 Collateralized loan obligations — 49,665 — 49,665 Other asset-backed securities — 4,877 — 4,877 Equity securities: Common stock: Public utilities 64,324 — — 64,324 Banks, trusts and insurance companies 11,700 — — 11,700 Industrial and other 186,172 — — 186,172 Non-redeemable preferred stock — 24,795 — 24,795 Private equity funds — 0 11,696 11,696 Short-term investments: Short-term bonds 59,996 2,005 — 62,001 Money market instruments 100,834 0 — 100,834 Total assets at fair value $ 448,176 $ 2,888,514 $ 11,696 $ 3,348,386 Liabilities Notes payable: Secured Notes $ — $ 140,000 $ — $ 140,000 Unsecured Notes — 150,000 — 150,000 Other liabilities: Total return swaps — 6,059 — 6,059 Options sold 266 0 — 266 Total liabilities at fair value $ 266 $ 296,059 $ — $ 296,325 December 31, 2014 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 16,108 — — $ 16,108 Municipal securities — 2,275,455 — 2,275,455 Mortgage-backed securities — 47,691 — 47,691 Corporate securities — 256,930 — 256,930 Collateralized loan obligations — 22,216 — 22,216 Equity securities: Common stock: Public utilities 105,485 — — 105,485 Banks, trusts and insurance companies 9,757 — — 9,757 Energy and other 257,356 — — 257,356 Non-redeemable preferred stock — 28,563 — 28,563 Private equity fund — — 11,719 11,719 Short-term investments: Short-term bonds 69,999 18,362 — 88,361 Money market instruments 284,181 — — 284,181 Total assets at fair value $ 742,886 $ 2,649,217 $ 11,719 $ 3,403,822 Liabilities Notes payable: Secured Notes $ — $ 140,000 $ — $ 140,000 Unsecured Notes — 150,000 — 150,000 Other liabilities: Total return swaps — 4,025 — 4,025 Options sold 194 — — 194 Total liabilities at fair value $ 194 $ 294,025 $ — $ 294,219
Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value	The following tables present a summary of changes in fair value of Level 3 financial assets and financial liabilities held at fair value: Three Months Ended September 30, 2015 2014 Private Equity Fund Private Equity (Amounts in thousands) Beginning Balance $ 13,745 $ 12,966 Realized losses included in earnings (2,049 ) (296 ) Settlement — — Ending Balance $ 11,696 $ 12,670 The amount of total losses for the period included in earnings attributable to assets still held at September 30 $ (2,049 ) $ (296 ) Nine Months Ended September 30, 2015 2014 Private Equity Fund Collateralized Debt Obligations Private Equity (Amounts in thousands) Beginning Balance $ 11,719 $ 4,302 $ 12,548 Realized (losses) gains included in earnings (2,910 ) (755 ) 122 Reclassification from other assets 2,911 — — Sales — (3,547 ) — Settlement (24 ) — — Ending Balance $ 11,696 $ 0 $ 12,670 The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30 $ (2,910 ) $ — $ 122

Derivative Financial Instrume22

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
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 (losses) gains in the consolidated statements of operations: Asset Derivatives Liability Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (Amount in thousands) Total return swaps - Other liabilities $ — $ — $ 6,059 $ 4,025 Options sold - Other liabilities — — 266 194 Total derivatives $ — $ — $ 6,325 $ 4,219
Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations	(Losses) Gains Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (Amounts in thousands) Total return swaps - Net realized investment losses $ (4,422 ) $ (3,090 ) $ (710 ) $ (482 ) Options sold - Net realized investment gains 695 1,627 2,219 2,681 Total $ (3,727 ) $ (1,463 ) $ 1,509 $ 2,199

Goodwill and Other Intangible23

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 and December 31, 2014 : Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives (Amounts in thousands) (in years) As of September 30, 2015: Customer relationships $ 51,755 $ (33,084 ) $ 18,671 11 Trade names 15,400 (4,331 ) 11,069 24 Technology 4,300 (2,902 ) 1,398 10 Insurance license 1,400 0 1,400 Indefinite Total other intangible assets, net $ 72,855 $ (40,317 ) $ 32,538 As of December 31, 2014: Customer relationships $ 51,755 $ (29,402 ) $ 22,353 11 Trade names 15,400 (3,850 ) 11,550 24 Technology 4,300 (2,580 ) 1,720 10 Total other intangible assets, net $ 71,455 $ (35,832 ) $ 35,623
Schedule Of Estimated Future Amortization Expense Related To Intangible Assets	The following table presents the estimated future amortization expense of other intangible assets as of September 30, 2015 : Year Amortization Expense (Amounts in thousands) Remainder of 2015 $ 1,495 2016 5,980 2017 5,253 2018 5,239 2019 4,809 Thereafter 8,362 Total $ 31,138

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Schedule Of Performance Vesting Restricted Stock Units Granted	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 under the 2015 Plan for 2015, and under the Company’s 2005 Equity Incentive Award Plan for 2014 and 2013 as follows: Grant Year 2015 2014 2013 Three-year performance period ending December 31, 2017 2016 2015 Vesting shares, target (net of forfeited) 96,750 85,500 78,500 Vesting shares, maximum (net of forfeited) 181,406 160,313 176,625

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Summary of Purchase Price and Purchase Price Allocation	The following table summarizes the consideration paid for WAIC and the allocation of the purchase price: January 2, 2015 (Amounts in thousands) Consideration Cash $ 8,000 Less: Amount held in escrow 2,000 Fair value of total consideration transferred $ 6,000 Acquisition-related costs $ 231 Recognized amounts of identifiable assets acquired and liabilities assumed Total assets $ 31,078 Total liabilities (26,478 ) Total identifiable net assets 4,600 Intangible asset - state insurance license 1,400 Total $ 6,000
Pro Forma Revenue	The following table reflects the amount of revenue and net income of WAIC included in the Company's consolidated statement of operations for the nine months ended September 30, 2015 : Nine Months Ended September 30, 2015 (Amounts in thousands) WAIC Revenue (1) $ 18,538 Net loss $ (3,606 ) ____________ (1) Includes net premiums earned, net investment income, and net realized investment gains/losses.

General (Details)

General (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Potentially dilutive securities (in shares)	5	18	2	31
Deferred policy acquisition cost amortization	$ 132,881	$ 131,090	$ 401,868	$ 393,964
Advertising expenses			$ 39,023	$ 17,098

Recently Issued Accounting St27

Recently Issued Accounting Standards Recently Issued Accounting Standards (Details)	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Maximum period for additional disclosures	10 years

Fair Value of Financial Instr28

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Liabilities, Fair Value Disclosure, Recurring	$ 296,325,000	$ 294,219,000
Level 2 [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Liabilities, Fair Value Disclosure, Recurring	296,059,000	$ 294,025,000
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

Fair Value of Financial Instr29

Fair Value of Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Liabilities
Total return swap	$ 6,059	$ 4,025
Liabilities, Fair Value Disclosure, Recurring	296,325	294,219
Level 2 [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring	296,059	294,025
Secured Debt [Member] | Borrowings [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring	140,000	140,000
Secured Debt [Member] | Borrowings [Member] | Level 2 [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring	140,000
Unsecured Debt [Member] | Borrowings [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring	150,000	150,000
Unsecured Debt [Member] | Borrowings [Member] | Level 2 [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring	150,000	150,000
Equity Contract [Member]
Liabilities
Equity contracts	266	194
Investments [Member]
Assets
Investments	$ 3,348,386	3,403,822
Secured Debt [Member] | Secured Debt [Member] | Borrowings [Member] | Level 2 [Member]
Liabilities
Liabilities, Fair Value Disclosure, Recurring		$ 140,000

Fair Value Option (Gains And Lo

Fair Value Option (Gains And Losses Due To Changes In Fair Value Of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$ (18,538)	$ (20,528)	$ (64,205)	$ 66,583
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	(1,602)	3,536	(30,609)	73,149
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	(16,938)	(23,995)	(34,234)	(6,355)
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	$ 2	$ (69)	$ 638	$ (211)

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)transfersbroker	Sep. 30, 2014transfers	Dec. 31, 2014USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of portfolio of unadjusted fair values obtained	99.70%
Percentage of portfolio of specific unadjusted broker quotes obtained	0.30%
Transfers between Levels 1, 2, and 3 of the fair value hierarchy | transfers	0	0
Commercial Mortgage Backed Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, fair value disclosure | $	$ 49.9		$ 32.5
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of knowledgeable outside security brokers consulted to determine fair value	1

Fair Value Measurement (Schedul

Fair Value Measurement (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	$ 3,348,386	$ 3,403,822
Liabilities, Fair Value Disclosure, Recurring	296,325	294,219
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	448,176	742,886
Liabilities, Fair Value Disclosure, Recurring	266	194
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	2,888,514	2,649,217
Liabilities, Fair Value Disclosure, Recurring	296,059	294,025
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	11,696	11,719
Liabilities, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | US Treasury and Government [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	25,150	16,108
Fixed maturity securities [Member] | US Treasury and Government [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	25,150	16,108
Fixed maturity securities [Member] | US Treasury and Government [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | US Treasury and Government [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	2,495,881	2,275,455
Fixed maturity securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	2,495,881	2,275,455
Fixed maturity securities [Member] | US States and Political Subdivisions Debt Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	63,045	47,691
Fixed maturity securities [Member] | Collateralized Mortgage Backed Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Collateralized Mortgage Backed Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	63,045	47,691
Fixed maturity securities [Member] | Collateralized Mortgage Backed Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	248,246	256,930
Fixed maturity securities [Member] | Corporate Debt Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Corporate Debt Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	248,246	256,930
Fixed maturity securities [Member] | Corporate Debt Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Collateralized Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	49,665	22,216
Fixed maturity securities [Member] | Collateralized Debt Obligations [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Collateralized Debt Obligations [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	49,665	22,216
Fixed maturity securities [Member] | Collateralized Debt Obligations [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Fixed maturity securities [Member] | Collateralized Auto Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	4,877
Fixed maturity securities [Member] | Collateralized Auto Loans [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0
Fixed maturity securities [Member] | Collateralized Auto Loans [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	4,877
Fixed maturity securities [Member] | Collateralized Auto Loans [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0
Equity Securities [Member] | Public Utility, Equities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	64,324	105,485
Equity Securities [Member] | Public Utility, Equities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	64,324	105,485
Equity Securities [Member] | Public Utility, Equities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Public Utility, Equities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Banks, Trust and Insurance, Equities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	11,700	9,757
Equity Securities [Member] | Banks, Trust and Insurance, Equities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	11,700	9,757
Equity Securities [Member] | Banks, Trust and Insurance, Equities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Banks, Trust and Insurance, Equities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Industrial, Miscellaneous, and All Others [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	186,172	257,356
Equity Securities [Member] | Industrial, Miscellaneous, and All Others [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	186,172	257,356
Equity Securities [Member] | Industrial, Miscellaneous, and All Others [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Industrial, Miscellaneous, and All Others [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	24,795	28,563
Equity Securities [Member] | Nonredeemable Preferred Stock [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Nonredeemable Preferred Stock [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	24,795	28,563
Equity Securities [Member] | Nonredeemable Preferred Stock [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Partnership Interest In Private Credit Fund [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	11,696	11,719
Equity Securities [Member] | Partnership Interest In Private Credit Fund [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Partnership Interest In Private Credit Fund [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Equity Securities [Member] | Partnership Interest In Private Credit Fund [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	11,696	11,719
Short-term Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	62,001	88,361
Short-term Investments [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	59,996	69,999
Short-term Investments [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	2,005	18,362
Short-term Investments [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	100,834	284,181
Money Market Funds [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	100,834	284,181
Money Market Funds [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Money Market Funds [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure, Recurring	0	0
Borrowings [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	140,000	140,000
Borrowings [Member] | Unsecured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	150,000	150,000
Borrowings [Member] | Level 1 [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Borrowings [Member] | Level 1 [Member] | Unsecured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Borrowings [Member] | Level 2 [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	140,000
Borrowings [Member] | Level 2 [Member] | Unsecured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	150,000	150,000
Borrowings [Member] | Level 3 [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Borrowings [Member] | Level 3 [Member] | Unsecured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Total Return Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	6,059	4,025
Total Return Swap [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Total Return Swap [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	6,059	4,025
Total Return Swap [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Equity Contract [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	266	194
Equity Contract [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	266	194
Equity Contract [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	0
Equity Contract [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring	$ 0	0
Secured Debt [Member] | Borrowings [Member] | Level 2 [Member] | Secured Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, Fair Value Disclosure, Recurring		$ 140,000

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 ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Partnership Interest In Private Credit Fund [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 13,745	$ 12,966	$ 11,719	$ 12,548
Realized (losses) gains included in earnings	2,049	296	2,910	(122)
Reclassification from other assets			2,911	0
Sales			0	0
Settlement	0	0	(24)	0
Ending Balance	11,696	12,670	11,696	12,670
The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30	$ (2,049)	(296)	$ (2,910)	122
Collateralized Debt Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance				4,302
Realized (losses) gains included in earnings				755
Reclassification from other assets				0
Sales				(3,547)
Settlement				0
Ending Balance		$ 0		0
The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30				$ 0

Derivative Financial Instrume34

Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	Aug. 09, 2013	Sep. 30, 2015
Derivative Financial Instruments [Line Items]
Document Period End Date		Sep. 30, 2015
2014 Swap [Member]
Derivative Financial Instruments [Line Items]
Notional amount		$ 115
Swap agreement collateral		20
Derivative, Collateral, Right to Reclaim Cash		10
Term of swap agreement	1 year
Renewal term	1 year
2013 Swap [Member]
Derivative Financial Instruments [Line Items]
Notional amount		128
Swap agreement collateral		$ 40
Term of swap agreement	3 years
LIBOR [Member] | 2014 Swap [Member]
Derivative Financial Instruments [Line Items]
Basis spread on variable rate		1.35%
LIBOR [Member] | 2013 Swap [Member]
Derivative Financial Instruments [Line Items]
Basis spread on variable rate		1.20%

Derivative Financial Instrume35

Derivative Financial Instruments (Summary Of Location And Amounts Of Derivative Fair Values In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Total return swap	$ 6,059	$ 4,025
Non-hedging derivatives [Member]
Derivative [Line Items]
Asset Derivatives	0	0
Total return swap	6,325	4,219
Non-hedging derivatives [Member] | Interest rate swap agreements [Member] | Other Assets [Member]
Derivative [Line Items]
Asset Derivatives	0	0
Non-hedging derivatives [Member] | Interest rate swap agreements [Member] | Other liabilities [Member]
Derivative [Line Items]
Total return swap	6,059	4,025
Non-hedging derivatives [Member] | Equity contracts [Member] | Other liabilities [Member]
Derivative [Line Items]
Asset Derivatives	0	0
Total return swap	$ 266	$ 194

Derivative Financial Instrume36

Derivative Financial Instruments (Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations) (Details) - Derivatives Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative [Line Items]
Gain Recognized in Income (Loss)	$ (3,727)	$ (1,463)	$ 1,509	$ 2,199
Total Return Swap [Member] | Other revenue [Member]
Derivative [Line Items]
Gain Recognized in Income (Loss)	(4,422)	(3,090)	(710)	(482)
Equity contracts [Member] | Net realized investment (losses) gains [Member]
Derivative [Line Items]
Gain Recognized in Income (Loss)	$ 695	$ 1,627	$ 2,219	$ 2,681

Goodwill and Other Intangible37

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets amortization expense	$ 1.5	$ 1.5	$ 4.5	$ 4.5

Goodwill and Other Intangible38

Goodwill and Other Intangible Assets (Schedule Of Components Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 72,855	$ 71,455
Accumulated Amortization	(40,317)	(35,832)
Total	32,538	35,623
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	51,755	51,755
Accumulated Amortization	(33,084)	(29,402)
Total	$ 18,671	$ 22,353
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	(4,331)	(3,850)
Total	$ 11,069	$ 11,550
Useful Lives (in years)	24 years	24 years
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,300	$ 4,300
Accumulated Amortization	(2,902)	(2,580)
Total	$ 1,398	$ 1,720
Useful Lives (in years)	10 years	10 years

Goodwill and Other Intangible39

Goodwill and Other Intangible Assets - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 72,855	$ 71,455
Other intangible assets, net	32,538	$ 35,623
Licensing Agreements [Member]
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	1,400
Other intangible assets, net	$ 1,400

Goodwill and Other Intangible40

Goodwill and Other Intangible Assets (Schedule Of Estimated Future Amortization Expense Related To Intangible Assets) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2015	$ 1,495
2,016	5,980
2,017	5,253
2,018	5,239
2,019	4,809
Thereafter	8,362
Total	$ 31,138

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details)	9 Months Ended
	Sep. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period of restricted stock units (in years)	3 years
Target Restricted Stock Units, 2015 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	1,000
Target Restricted Stock Units, 2014 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	8,000
Target Restricted Stock Units, 2013 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	6,000
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

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Performance Vesting Restricted Stock Units Granted) (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Three-year performance period ending December 31,	2,017	2,016	2,015
Vesting shares, target	96,750	85,500	78,500
Vesting shares, maximum	181,406	160,313	176,625

Income Taxes (Details)

Income Taxes (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Increase in unrecognized tax benefit	$ 0.2

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Workmen's Auto Insurance Company [Member] - USD ($) $ in Thousands	Jan. 12, 2015	Jan. 02, 2015
Business Acquisition [Line Items]
Cash		$ 8,000
Less: Amount held in escrow		$ 2,000
Maximum duration for escrow security		3 years
Capital contribution to WAIC	$ 15,000

Acquisition - Summary (Details)

Acquisition - Summary (Details) - Workmen's Auto Insurance Company [Member] - USD ($) $ in Thousands	Jan. 02, 2015	Sep. 30, 2015
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination [Abstract]
Cash	$ 8,000
Less: Amount held in escrow	2,000
Fair value of total consideration transferred	6,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract]
Acquisition-related costs	231
Total assets	31,078
Total liabilities	(26,478)
Total identifiable net assets	4,600
Total	6,000
Business Acquisition, Pro Forma Information [Abstract]
Revenue		$ 18,538
Net loss		$ (3,606)
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract]
Intangible asset - state insurance license	$ 1,400