Mercury General (MCY) 10-Q 30 Oct 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 25, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
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		55,339,577
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Fixed maturity securities (amortized cost $2,951,571; $2,823,230)	$ 2,952,871	$ 2,892,777
Equity securities (cost $619,444; $474,197)	688,387	537,240
Short-term investments (cost $263,037; $302,693)	262,806	302,711
Total investments	3,904,064	3,732,728
Cash	261,680	291,413
Receivables:
Premium	558,004	474,060
Accrued investment income	48,021	39,368
Other	6,077	6,658
Total receivables	612,102	520,086
Reinsurance recoverables	53,419	56,349
Deferred policy acquisition costs	216,480	198,151
Fixed assets (net of accumulated depreciation $354,967; $340,523)	149,719	145,223
Current income taxes	27,012	61,257
Goodwill	42,796	42,796
Other intangible assets, net	16,901	20,728
Other assets	28,864	32,592
Total assets	5,313,037	5,101,323
Liabilities
Loss and loss adjustment expense reserves	1,580,054	1,510,613
Unearned premiums	1,240,776	1,101,927
Notes payable	371,635	371,335
Accounts payable and accrued expenses	138,643	108,252
Deferred income taxes	7,146	22,932
Other liabilities	240,553	224,877
Total liabilities	3,578,807	3,339,936
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 55,340; 55,332	97,967	97,523
Retained earnings	1,636,263	1,663,864
Total shareholders’ equity	1,734,230	1,761,387
Total liabilities and shareholders’ equity	$ 5,313,037	$ 5,101,323

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Amortized cost on fixed maturities trading investments	$ 2,951,571	$ 2,823,230
Cost - equity security trading investments	619,444	474,197
Cost - short-term investments	263,037	302,693
Fixed assets, accumulated depreciation	$ 354,967	$ 340,523
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)	55,340,000	55,332,000
Common stock, shares outstanding (in shares)	55,340,000	55,332,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Net premiums earned	$ 858,135	$ 801,205	$ 2,500,178	$ 2,388,641
Net investment income	38,159	30,988	104,455	94,058
Net realized investment (losses) gains	(3,910)	20,718	(48,355)	66,334
Other	2,427	5,446	7,108	9,675
Total revenues	894,811	858,357	2,563,386	2,558,708
Expenses:
Losses and loss adjustment expenses	614,069	595,290	1,851,850	1,790,550
Policy acquisition costs	142,295	136,290	424,799	416,728
Other operating expenses	63,904	64,339	190,125	182,959
Interest	4,257	4,191	12,779	10,873
Total expenses	824,525	800,110	2,479,553	2,401,110
Income before income taxes	70,286	58,247	83,833	157,598
Income tax expense	11,708	11,762	7,682	32,500
Net income	$ 58,578	$ 46,485	$ 76,151	$ 125,098
Net income per share:
Basic (in dollars per share)	$ 1.06	$ 0.84	$ 1.38	$ 2.26
Diluted (in dollars per share)	$ 1.06	$ 0.84	$ 1.38	$ 2.26
Weighted average shares outstanding:
Basic (in shares)	55,337	55,324	55,334	55,311
Diluted (in shares)	55,341	55,334	55,337	55,323
Dividends paid per share (in dollars per share)	$ 0.6250	$ 0.6225	$ 1.875	$ 1.8675

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 76,151	$ 125,098
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,730	41,617
Net realized investment losses (gains)	48,355	(66,334)
Increase in premiums receivable	(83,944)	(26,716)
Gain on sale of fixed assets	0	(3,307)
Decrease in reinsurance recoverables	2,930	2,548
Changes in current and deferred income taxes	18,459	18,149
Increase in deferred policy acquisition costs	(18,328)	(1,093)
Increase in loss and loss adjustment expense reserves	69,441	81,916
Increase in unearned premiums	138,849	45,536
Increase in accounts payable and accrued expenses	31,628	19,260
Share-based compensation	104	60
Other, net	(2,180)	39,731
Net cash provided by operating activities	325,195	276,465
Fixed maturity securities available for sale in nature:
Purchases	(547,385)	(527,418)
Sales	148,421	86,970
Calls or maturities	243,982	436,479
Equity securities available for sale in nature:
Purchases	(778,405)	(626,097)
Sales	641,159	480,293
Calls	0	7,100
Changes in securities payable and receivable	13,647	(22,474)
Change in short-term investments and purchased options	39,650	9,186
Purchase of fixed assets	(20,649)	(14,275)
Sale of fixed assets	0	6,239
Other, net	8,064	1,983
Net cash used in investing activities	(251,516)	(162,014)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders	(103,752)	(103,303)
Proceeds from stock options exercised	340	2,162
Net proceeds from issuance of senior notes	0	371,011
Payoff of principal on loan and credit facilities	0	(320,000)
Net cash used in financing activities	(103,412)	(50,130)
Net (decrease) increase in cash	(29,733)	64,321
Cash:
Beginning of the year	291,413	220,318
End of period	261,680	284,639
SUPPLEMENTAL CASH FLOW DISCLOSURE
Interest paid	16,500	9,863
Income taxes (refunded) paid, net	$ (10,778)	$ 14,350

General

General	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Consolidation and Basis of Presentation The interim 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, 2017 . These interim 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. 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, 2018 and the results of operations and cash flows for the periods presented. All intercompany transactions and balances have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted from the accompanying interim consolidated financial statements and related notes. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . Certain prior period amounts have been reclassified to conform to the current period presentation. 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 the effects of matters that are inherently uncertain and will likely change in subsequent periods. The most significant assumptions in the preparation of these 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, 2017 . Earnings per Share Potentially dilutive securities representing approximately 82,000 and 73,000 shares of common stock were excluded from the computation of diluted earnings per common share for the three and nine months ended September 30, 2018 , respectively, because their effect would have been anti-dilutive. There were no potentially dilutive securities with anti-dilutive effect for the three and nine months ended September 30, 2017 . 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 $142.3 million and $136.3 million for the three months ended September 30, 2018 and 2017 , respectively, and $424.8 million and $416.7 million for the nine months ended September 30, 2018 and 2017 , respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $34 million and $32 million for the nine months ended September 30, 2018 and 2017 , respectively. Revenue from Contracts with Customers On January 1, 2018, the Company adopted Topic 606, Revenue from Contracts with Customers, using the modified retrospective transition method. The Company had no cumulative-effect adjustment and its consolidated financial statement line items were not impacted as a result of the adoption, mostly because the accounting for insurance contracts was outside of the scope of Topic 606 and the application of the key aspects of revenue recognition of Topic 606 to the Company's in-scope transactions, such as the timing of recognition of revenue (at a point in time vs. over time) and the estimation of refund liability, resulted in recognition of revenues and related expenses consistent with that under the legacy accounting guide, Topic 605. The Company's total revenue from contracts with customers that are in scope of Topic 606 amounted to approximately $15.2 million with related expenses of $10.2 million for the year ended December 31, 2017 . This revenue represents the commission income that the Company's 100% owned insurance agencies, Auto Insurance Specialists LLC ("AIS") and PoliSeek AIS Insurance Solutions, Inc. ("Poliseek"), earned from third-party insurers, and accounted for approximately 0.4% of the total consolidated revenue in 2017 . The Company's commission income from third-party insurers was approximately $12.3 million and $11.6 million representing approximately 0.5% and 0.5% of the consolidated total revenue, with related expenses of $7.6 million and $7.8 million , for the nine months ended September 30, 2018 and 2017 , respectively. Due to the immateriality of the Company's commission income and its related expenses to the overall consolidated financial statements, the commission income, net of related expenses, is included in other revenues in the Company's consolidated statements of operations, and in other income of the Property and Casualty business segment in the Company's segment reporting in accordance with Topic 280, Segment Reporting (see Note 13. Segment Information). AIS and PoliSeek are primarily engaged in the marketing and sales of insurance policies in private passenger automobile, commercial automobile and homeowners lines of business. Their revenues primarily consist of commission income received from property and casualty insurers. Approximately 80% of their total revenue is generated from sales of policies issued by the Company's insurance subsidiaries, which are eliminated as intercompany transactions in consolidation, with the remaining from sales of policies issued by third-party property and casualty insurers. The primary performance obligation of AIS and Poliseek in return for the commission income from the insurers is to complete the sale of the policy and deliver the control of the policy to the insurer prior to the policy effective date. In addition, AIS and PoliSeek provide administrative services to the insurer or the policyholder subsequent to the sale of the policy as needed, including processing of endorsements, collection of premiums, and answering general questions concerning the policyholder's account. The administrative services and the costs to perform such services are deemed immaterial in the context of the contract and to the Company's consolidated financial statements, and hence, such services are not identified as a separate performance obligation and the costs to perform such services are not accrued at the time of the sale of the policy but are expensed as incurred as part of the overall operating expenses. The total revenue from the sale of a policy is recognized when the sale is complete and the policy is effective as all the material aspects of the performance obligation are satisfied and the insurer is deemed to obtain control of the insurance policy at that time. The commission income is constrained such that the revenue is recognized only to the extent that the commission income received is not likely to be returned to the insurers due to policy cancellations. Any commission income not received when the sale is complete is recognized as commission income receivable, which is included in other receivables in the Company's consolidated balance sheets. The commission income receivable at September 30, 2018 and December 31, 2017 was $1.1 million and $1.2 million , respectively. A refund liability is recorded for the expected amount of the commission income that has to be returned to the insurers based on estimated policy cancellations. The refund liability is computed for the entire portfolio of contracts as a practical expedient, rather than for each contract or performance obligation. The estimated policy cancellations and the resulting refund liability are computed using the expected value method based on all relevant information, including historical data. The refund liability at September 30, 2018 and December 31, 2017 was $0.7 million , which was included in other liabilities in the Company's consolidated balance sheets. As of September 30, 2018 and December 31, 2017 , the Company had no contract assets, contract liabilities, or capitalized costs to obtain or fulfill a contract, associated with revenues from contracts with customers.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-15, " Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. " ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software under Subtopic 350-40. This ASU also requires an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement and present such expense in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. The entity is also required to present the capitalized implementation costs in the statement of financial position in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented. ASU 2018-15 will be effective for the Company beginning January 1, 2020 with early adoption permitted. The Company is in the process of evaluating the impact of ASU 2018-15 on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, " Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ." The amendments in this ASU require certain existing disclosure requirements in Topic 820 to be modified or removed, and certain new disclosure requirements to be added to the Topic. In addition, this ASU allows entities to exercise more discretion when considering fair value measurement disclosures. ASU 2018-13 will be effective for the Company beginning January 1, 2020 with early adoption permitted. The Company is in the process of evaluating the impact of ASU 2018-13 on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. " ASU 2017-04 removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of Step 2 of the goodwill impairment test and requires an entity to recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU 2017-04 will be effective for the Company beginning January 1, 2020 with early adoption permitted. The Company does not anticipate that ASU 2017-04 will have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, " Financial Instruments - Credit Losses (Topic 326). " The amendments in this ASU replace the "incurred loss" methodology for recognizing credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of information including past events, current conditions and reasonable and supportable forecasts that affect the collectibility of reported amounts of financial assets that are not accounted for at fair value through net income, such as loans, certain debt securities, trade receivables, net investment in leases, off-balance sheet credit exposures and reinsurance receivables. Under the current GAAP incurred loss methodology, recognition of the full amount of credit losses is generally delayed until the loss is probable of occurring. Current GAAP restricts the ability to record credit losses that are expected, but do not yet meet the probability threshold. ASU 2016-13 will be effective for the Company beginning January 1, 2020. While the Company is in the process of evaluating the impact of ASU 2016-13, it does not expect this ASU to have a material impact on its consolidated financial statements and related disclosures as most of its financial instruments with potential exposure to material credit losses are accounted for at fair value through net income. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) ," which supersedes the guidance in Accounting Standards Codification ("ASC") 840, "Leases." Subsequently, the FASB has issued additional ASUs on Topic 842 that do not change the core principle of the guidance in ASU 2016-02. ASU 2016-02 requires a lessee to recognize lease assets and lease liabilities resulting from all leases. ASU 2016-02 retains the distinction between a finance lease and an operating lease. Lessor accounting is largely unchanged from ASC 840. ASU 2016-02 along with the additional ASUs will be effective for the Company beginning January 1, 2019. While the Company is in the process of evaluating the impact of ASU 2016-02, it does not expect this ASU to have a material impact on its consolidated financial statements, except for recognizing right-of-use assets and lease liabilities for its operating leases and adding additional required disclosures. The Company's lease obligations under various non-cancellable operating lease agreements amounted to approximately $31.9 million at December 31, 2017 .

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2018
Financial Instruments, Owned, at Fair Value [Abstract]
Financial Instruments	Financial Instruments Financial instruments recorded in the consolidated balance sheets include investments, note receivable, other receivables, options sold, total return swap, accounts payable, and unsecured notes payable. Due to their short-term maturities, the carrying values of other receivables and accounts payable approximate their fair values. All investments are carried at fair value in the consolidated balance sheets. The following table presents the fair values of financial instruments: September 30, 2018 December 31, 2017 (Amounts in thousands) Assets Investments $ 3,904,064 $ 3,732,728 Note receivable 5,514 5,565 Liabilities Total return swap $ 961 $ 1,200 Options sold 589 123 Unsecured notes 361,118 385,583 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 gains (losses) i n the Company's consolidated statements of operations . See Note 4. Fair Value Option for additional information. In the normal course of investing activities, the Company either forms or enters into relationships with variable interest entities ("VIEs"). A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of the VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company's assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in its consolidated financial statements. The Company forms special purpose investment vehicles to facilitate its investment activities involving derivative instruments such as total return swaps, or limited partnerships such as private equity funds. These special purpose investment vehicles are consolidated VIEs as the Company has determined it is the primary beneficiary of such VIEs. Creditors have no recourse against the Company in the event of default by these VIEs. The Company had no implied or unfunded commitments to these VIEs at September 30, 2018 and December 31, 2017 . The Company's financial or other support provided to these VIEs and its loss exposure are limited to its collateral and original investment. The Company also invests directly in limited partnerships such as private equity funds. These investments are non-consolidated VIEs as the Company has determined it is not the primary beneficiary. The Company's maximum exposure to loss is limited to the total carrying value that is included in equity securities in the Company's consolidated balance sheets. At September 30, 2018 and December 31, 2017 , the Company had no outstanding unfunded commitments to these VIEs whereby the Company may be called by the partnerships during the commitment period to fund the purchase of new investments and the expenses of the partnerships. Note Receivable In August 2017, the Company completed the sale of approximately six acres of land located in Brea, California (the "Property"), for a total sale price of approximately $12.2 million . Approximately $5.7 million of the total sale price was received in the form of a promissory note (the "Note") and the remainder in cash. The Note is secured by a first trust deed and an assignment of rents on the Property, and bears interest at an annual rate of 3.5% , payable in monthly installments. The Note matures in August 2020. The Company recognized a gain of approximately $3.3 million on the sale transaction, which is included in other revenues in the Company's consolidated statements of operations. Only the cash portion of the total sale price of the Property, excluding the Note, is reported in the Company's consolidated statements of cash flows. Interest earned on the Note is recognized in other revenues in the Company's consolidated statements of operations. The Company elected to apply the fair value option to the Note at the time it was first recognized. The fair value of note receivable is included in other assets in the Company's consolidated balance sheets, while the changes in fair value of note receivable are included in net realized investment gains or losses i n the Company's consolidated statements of operations . 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 as realized gains from investments on the expiration date. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Company has realized a 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. Liabilities for covered call options are included in other liabilities in the Company's consolidated balance sheets. Total Return Swap The fair value of the total return swap reflects the estimated amount that, upon termination of the contract, would be received for selling an asset or paid to transfer a liability in an orderly transaction. Unsecured Notes The fair value of the Company’s publicly traded $375 million unsecured notes at September 30, 2018 and December 31, 2017 was obtained from a third party pricing service. For additional disclosures regarding methods and assumptions used in estimating fair values, see Note 5. Fair Value Measurements.

Fair Value Option

Fair Value Option	9 Months Ended
	Sep. 30, 2018
Fair Value Option [Abstract]
Fair Value Option	Fair Value Option The Company applies the fair value option to all fixed maturity and equity investment securities and short-term investments at the time an eligible item is first recognized. In addition, the Company elected to apply the fair value option to the note receivable recognized as part of the sale of land in August 2017. The primary reasons for electing the fair value option were simplification and cost-benefit considerations as well as the expansion of the use of fair value measurement by the Company consistent with the long-term measurement objectives of the FASB for accounting for financial instruments. Gains or losses due to changes in fair value of financial instruments measured at fair value pursuant to application of the fair value option are included in net realized investment gains or losses in the Company’s consolidated statements of operations. Interest and dividend income on investment holdings are recognized on an accrual basis at each measurement date and are included in net investment income in the Company’s consolidated statements of operations, while interest earned on the note receivable is included in other revenues in the Company’s consolidated statements of operations. The following table presents gains (losses) due to changes in fair value of investments and the note receivable that are measured at fair value pursuant to the application of the fair value option: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (Amounts in thousands) Fixed maturity securities $ (22,257 ) $ 9,796 $ (68,246 ) $ 45,705 Equity securities 9,253 7,765 5,900 14,227 Short-term investments 99 150 (249 ) (89 ) Total investments $ (12,905 ) $ 17,711 $ (62,595 ) $ 59,843 Note receivable (2 ) (103 ) (51 ) (103 ) Total (losses) gains $ (12,907 ) $ 17,608 $ (62,646 ) $ 59,740

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2018
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value Measurement	Fair Value Measurements 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 98.2% of its investment portfolio from an independent pricing service. For a private equity fund that was classified as Level 3 and included in equity securities at September 30, 2018 and December 31, 2017 , 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. The fair value of the private equity fund was $1.4 million and $1.5 million at September 30, 2018 and December 31, 2017 , respectively. 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 /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 : 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 $25.0 million and $19.3 million in commercial mortgage-backed securities at September 30, 2018 and December 31, 2017 , respectively. Corporate securities/Short-term bonds : Valued based on a multi-dimensional model using multiple observable inputs, such as benchmark yields, reported trades, broker/dealer quotes and issue spreads, for identical or similar assets in active markets. Non-redeemable preferred stock : Valued based on observable inputs, such as underlying and common stock of same issuer and appropriate spread over a comparable U.S. Treasury security, for identical or similar assets in active markets. Total return swap : 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 ("CLOs") : 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 automobile 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. Note receivable : Valued based on observable inputs, such as benchmark yields, and considering any premium or discount for the differential between the stated interest rate and market interest rates, based on quoted market prices of similar instruments. 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. Private equity fund : Private equity fund, excluding a private equity fund measured at net asset value ("NAV"), is valued based on underlying investments of the fund or assets similar to such investments in active markets, taking into consideration specific unadjusted broker quotes based on net fund value and unobservable inputs from at least one knowledgeable outside security broker related to liquidity assumptions. Fair value measurement using NAV practical expedient - The fair value of the Company's investment in private equity fund measured at net asset value is determined using NAV as advised by the external fund manager and the third party administrator. The NAV of the Company's limited partnership interest in this fund is based on the manager's and the administrator's valuation of the underlying holdings in accordance with the fund's governing documents and GAAP. In accordance with applicable accounting guidance, this investment, measured at fair value using the NAV practical expedient, is not classified in the fair value hierarchy. The strategy of the fund is to provide current income to investors by investing mainly in equity tranches and sub-investment grade rated debt tranches of CLO issuers in the new and secondary markets, and equity interests in vehicles established to purchase and warehouse loans in anticipation of a CLO closing or to satisfy regulatory risk retention requirements associated with certain CLOs. The Company has made all of its capital contributions in the fund and had no outstanding unfunded commitments at September 30, 2018 with respect to this fund. The underlying assets of the fund are expected to be liquidated over the period of approximately one to five years from September 30, 2018 . The Company does not have the contractual option to redeem but will receive distributions based on the liquidation of the underlying assets and the interest proceeds from the underlying assets. In addition, the Company does not have the ability to withdraw from the fund, or to sell, assign, pledge or transfer its investment, without the consent from the general partner of the fund. 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 gains or losses 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, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: September 30, 2018 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 14,105 $ — $ — $ 14,105 Municipal securities — 2,590,847 — 2,590,847 Mortgage-backed securities — 31,513 — 31,513 Corporate securities — 119,292 — 119,292 Collateralized loan obligations — 155,796 — 155,796 Other asset-backed securities — 41,318 — 41,318 Total fixed maturity securities 14,105 2,938,766 — 2,952,871 Equity securities: Common stock 583,851 — — 583,851 Non-redeemable preferred stock — 33,626 — 33,626 Private equity fund — — 1,446 1,446 Private equity fund measured at net asset value (1) 69,464 Total equity securities 583,851 33,626 1,446 688,387 Short-term investments: Short-term bonds 31,448 24,048 — 55,496 Money market instruments 207,310 — — 207,310 Total short-term investments 238,758 24,048 — 262,806 Other assets: Note receivable — 5,514 — 5,514 Total assets at fair value $ 836,714 $ 3,001,954 $ 1,446 $ 3,909,578 Liabilities Other liabilities: Total return swap $ — $ 961 $ — $ 961 Options sold 589 — — 589 Total liabilities at fair value $ 589 $ 961 $ — $ 1,550 December 31, 2017 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 13,236 $ — $ — $ 13,236 Municipal securities — 2,556,532 — 2,556,532 Mortgage-backed securities — 27,165 — 27,165 Corporate securities — 137,542 — 137,542 Collateralized loan obligations — 105,202 — 105,202 Other asset-backed securities — 53,100 — 53,100 Total fixed maturity securities 13,236 2,879,541 — 2,892,777 Equity securities: Common stock 429,367 — — 429,367 Non-redeemable preferred stock — 34,869 — 34,869 Private equity fund — — 1,481 1,481 Private equity fund measured at net asset value (1) 71,523 Total equity securities 429,367 34,869 1,481 537,240 Short-term investments: Short-term bonds 29,998 2,020 — 32,018 Money market instruments 270,693 — — 270,693 Total short-term investments 300,691 2,020 — 302,711 Other assets: Note receivable — 5,565 — 5,565 Total assets at fair value $ 743,294 $ 2,921,995 $ 1,481 $ 3,738,293 Liabilities Other liabilities: Total return swap $ — $ 1,200 $ — $ 1,200 Options sold 123 — — 123 Total liabilities at fair value $ 123 $ 1,200 $ — $ 1,323 __________ (1) The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets. The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities: Private Equity Funds Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (Amounts in thousands) Beginning balance $ 1,450 $ 8,764 $ 1,481 $ 9,068 Realized losses included in earnings (4 ) (80 ) (35 ) (384 ) Ending balance $ 1,446 $ 8,684 $ 1,446 $ 8,684 The amount of total losses for the period included in earnings attributable to assets still held at September 30 $ (4 ) $ (80 ) $ (35 ) $ (384 ) There were no transfers between Levels 1, 2, and 3 of the fair value hierarchy during the nine months ended September 30, 2018 and 2017 . At September 30, 2018 , the Company did not have any nonrecurring fair value measurements of nonfinancial assets or nonfinancial liabilities. Financial Instruments Disclosed, But Not Carried, at Fair Value The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized: September 30, 2018 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 371,635 $ 361,118 $ — $ 361,118 $ — December 31, 2017 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 371,335 $ 385,583 $ — $ 385,583 $ — Unsecured Notes The fair value of the Company’s publicly traded $375 million unsecured notes at September 30, 2018 and December 31, 2017 was based on the spreads above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. See Note 11. Notes Payable for additional information on unsecured notes.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2018
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 risk managed by using derivative instruments is equity price risk. Equity contracts (options sold) on various equity securities are intended to manage the price risk associated with forecasted purchases or sales of such securities. 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 formed by and consolidated into the Company, entered into a total return swap agreement with Citibank. Under the agreement, FFL receives the income equivalent on underlying obligations due to Citibank and pays to Citibank interest on the outstanding notional amount of the underlying obligations. The total return swap is secured by approximately $31 million of U.S. Treasuries as collateral, which are included in short-term investments on the consolidated balance sheets. The Company paid interest, which was equal to LIBOR plus 128 basis points prior to the renewal of the agreement in January 2018 and LIBOR plus 120 basis points subsequent to the January 2018 renewal through July 2018, on approximately $112 million and $108 million of underlying obligations as of September 30, 2018 and December 31, 2017 , respectively. The agreement had an initial term of one year, subject to periodic renewal. In July 2018, the agreement was renewed through January 24, 2020, and the interest rate was changed to LIBOR plus 105 basis points. On August 9, 2013 , Animas Funding LLC (“AFL”), a special purpose investment vehicle formed and consolidated by the Company, entered into a three -year total return swap agreement with Citibank, which was renewed for an additional one-year term through February 17, 2018. The total portfolio of underlying obligations was liquidated during June 2017, and the total return swap agreement between AFL and Citibank was terminated on July 7, 2017. Under the agreement, AFL received the income equivalent on underlying obligations due to Citibank and paid to Citibank interest on the outstanding notional amount of the underlying obligations. The total return swap was secured by approximately $40 million of U.S. Treasuries as collateral, which were included in short-term investments on the consolidated balance sheets. The Company paid interest, which was equal to LIBOR plus 135 basis points prior to the amendment of the agreement in January 2017 and LIBOR plus 128 basis points subsequent to the amendment until June 2017, on approximately $152 million of underlying obligations as of December 31, 2016. The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains or losses in the consolidated statements of operations: Derivative Fair Values September 30, 2018 December 31, 2017 (Amount in thousands) Options sold - Other liabilities $ 589 $ 123 Total return swap - Other liabilities 961 1,200 Total derivatives $ 1,550 $ 1,323 Gains (Losses) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (Amounts in thousands) Total return swap - Net realized investment (losses) gains $ 393 $ 118 $ 674 $ (2,535 ) Options sold - Net realized investment (losses) gains 2,141 557 7,872 1,857 Total $ 2,534 $ 675 $ 8,546 $ (678 ) 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. See Note 5. Fair Value Measurements for additional disclosures regarding options sold.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2018
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 during the three and nine months ended September 30, 2018 and 2017 . Goodwill is reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the three and nine months ended September 30, 2018 and 2017 . All of the Company's goodwill is associated with the Property and Casualty business segment (See Note 13. Segment Information for additional information on the reportable business segment). Other Intangible Assets The following table presents the components of other intangible assets: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives (Amounts in thousands) (in years) As of September 30, 2018: Customer relationships $ 53,048 $ (46,798 ) $ 6,250 11 Trade names 15,400 (6,256 ) 9,144 24 Technology 4,300 (4,193 ) 107 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 74,148 $ (57,247 ) $ 16,901 As of December 31, 2017: Customer relationships $ 52,890 $ (43,617 ) $ 9,273 11 Trade names 15,400 (5,775 ) 9,625 24 Technology 4,300 (3,870 ) 430 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 73,990 $ (53,262 ) $ 20,728 Other intangible assets are reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the three and nine months ended September 30, 2018 and 2017 . Other intangible assets with definite useful lives are amortized on a straight-line basis over their useful lives. Other intangible assets amortization expense was $1.4 million and $1.3 million for the three months ended September 30, 2018 and 2017 , respectively, and $4.1 million and $4.0 million for the nine months ended September 30, 2018 and 2017 , respectively. The following table presents the estimated future amortization expense related to other intangible assets as of September 30, 2018 : Year Amortization Expense (Amounts in thousands) Remainder of 2018 $ 1,367 2019 5,036 2020 889 2021 869 2022 845 Thereafter 6,495 Total $ 15,501

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2018
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-Based Compensation	Share-Based Compensation Share-based compensation expenses for all stock options granted or modified are based on their estimated grant-date fair values. These compensation costs are recognized on a straight-line basis over the requisite service period of the award. The Company estimates forfeitures expected to occur in determining the amount of compensation cost to be recognized in each period. As of September 30, 2018 , all outstanding stock options have a term of ten years from the date of grant and become exercisable in four equal installments on the first through fourth anniversaries of the grant date. 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 fair value of each restricted stock unit ("RSU") grant is determined based on the market price of the Company's common stock on the grant date for awards classified as equity and on each reporting date for awards classified as liability. The RSUs 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. Performance thresholds are based on the Company’s cumulative underwriting income, annual underwriting income, and net earned premium growth. Compensation cost is recognized based on management’s best estimate of the performance goals that will be achieved at the end of the performance period, taking into account expected forfeitures. If the minimum performance goals are not expected to be met, no compensation cost will be recognized and any recognized compensation cost will be reversed. In February 2015, the Company's Board of Directors adopted the 2015 Incentive Award Plan (the "2015 Plan"), replacing the 2005 Equity Incentive Plan which expired in January 2015. The 2015 Plan was approved at the Company's Annual Meeting of Shareholders in May 2015. A maximum of 4,900,000 shares of common stock are authorized for issuance under the 2015 Plan upon exercise of stock options, stock appreciation rights and other awards, or upon vesting of RSU or deferred stock awards. As of September 30, 2018 , the Company had 77,250 RSUs and 80,000 stock options granted and outstanding and 4,742,750 shares of common stock available for future grant under the 2015 Plan. In February 2018, the Compensation Committee of the Company's Board of Directors awarded a total of 80,000 stock options to four senior executives under the 2015 Plan which will vest over the four -year requisite service period. The fair values of these stock options were estimated on the date of grant using a closed-form option valuation model (Black-Scholes). The following table provides the assumptions used in the calculation of grant-date fair values of these stock options based on the Black-Scholes option pricing model: Weighted-average grant-date fair value $ 8.09 Expected volatility 33.18 % Risk-free interest rate 2.62 % Expected dividend yield 5.40 % Expected term in months 72 Expected volatilities are based on historical volatility of the Company’s stock over the term of the stock options. The Company estimated the expected term of stock options, which represents the period of time that stock options granted are expected to be outstanding, by using historical exercise patterns and post-vesting termination behavior. The risk-free interest rate is determined based on U.S. Treasury yields with equivalent remaining terms in effect at the time of the grant. As of September 30, 2018 , the Company had $0.5 million of unrecognized compensation expense related to stock options awarded under the 2015 Plan, which will be recognized ratably over the remaining vesting period of approximately 3.4 years . As of September 30, 2018 , the Company had the following RSU awards outstanding. These awards were granted to the Company’s senior management and key employees and will vest based upon the Company's performance during the three -year performance period: Grant year 2016 Three-year performance period ending December 31, 2018 Vesting shares, target (net of forfeited) 77,250 Vesting shares, maximum (net of forfeited) 144,844 In March 2018, based on certification by the Compensation Committee of the Company's Board of Directors of the results of the three -year performance period ended December 31, 2017 , all of the outstanding RSUs granted in 2015 expired unvested because the Company did not meet the minimum three -year performance threshold. In March 2017, a total of approximately $3.6 million was paid upon vesting of 61,445 RSUs awarded in 2014 resulting from the attainment of performance goals above the target threshold during the three -year performance period ended December 31, 2016. As of September 30, 2018 , 18,500 target RSUs granted in 2016 have been forfeited because the recipients were no longer employed by the Company. No RSUs were awarded during the nine months ended September 30, 2018 .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
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 consolidated financial statements. There was a $759,000 increase to the total amount of unrecognized tax benefits related to tax uncertainties during the nine months ended September 30, 2018 . The increase was the result of tax positions taken regarding California state tax issues based on management’s best judgment given the facts, circumstances, and information available at the reporting date. 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 2014 through 2016 for federal taxes and 2011 through 2016 for California state taxes. For tax years 2003 through 2010, the Company achieved a resolution with the Franchise Tax Board (“FTB”) in December 2017 and paid a $4.6 million negotiated settlement amount in accordance with the settlement agreement provided by the FTB and signed by the Company. The Company believes that the resolution of tax years 2003 through 2010 has the potential to establish guidance for future audit assessments proposed by the FTB for future tax years. The Company is currently under examination for tax years 2011 through 2016. For tax years 2011 through 2013, the FTB issued Notices of Proposed Assessments ("NPAs") to the Company, which the Company formally protested. If a reasonable settlement is not reached, the Company intends to pursue other options, including a formal hearing with the FTB, an appeal with the California Office of Tax Appeals, or litigation in Superior Court. For tax years 2014 through 2016, the FTB commenced its audit in December 2017. The Company 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. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates or laws is recognized in earnings in the period that includes the enactment date. At September 30, 2018 , the Company’s deferred income taxes were in a net liability position, which included a combination of ordinary and capital deferred tax expenses or 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. As a result of the Tax Cuts and Jobs Act of 2017 (the "Act"), the Company’s deferred tax assets and liabilities were remeasured as of December 31, 2017 using the new corporate tax rate of 21% that is effective for tax years beginning January 1, 2018, rather than the pre-enactment corporate tax rate of 35%. Additionally, the Company’s alternative minimum tax credit ("AMT") carryforward balance of $57.9 million at December 31, 2017 was reclassified to current income taxes receivable as a refundable credit. The Company believes it will realize the full benefit of the AMT credit no later than the tax year ending December 31, 2021. In computing taxable income, property and casualty insurers reduce underwriting income by losses and loss adjustment expenses incurred. The amount of the deduction for losses incurred associated with unpaid losses is discounted at the interest rates and for the loss payment patterns prescribed by the U.S. Treasury. The changes included in the Act related to discounting of unpaid losses are broad and complex. The Act changes the prescribed interest rates to rates based on corporate bond yield curves and extends the applicable time periods for the loss payment pattern. These changes are effective for tax years beginning after 2017 and are subject to a transition rule that spreads the additional tax payments resulting from applying these changes over the subsequent eight years beginning in 2018. The amounts of income tax adjustments resulting from the Act related to AMT credits and loss reserve discounting are provisional amounts based on reasonable estimates of the Company’s tax obligations using the latest information available and are subject to changes as additional information becomes available. The Securities Exchange Commission issued Staff Accounting Bulletin No. 118 ("SAB 118") that expresses views of the staff regarding application of Topic 740, Income Taxes. SAB 118 allows for a measurement period of up to one year after the enactment date of the Act to finalize the recording of the related tax impacts. The transitional impact of the Act will be finalized and recorded by the end of the measurement period. During the nine months ended September 30, 2018 , the Company conducted further analysis of the provisional amounts recorded at December 31, 2017 and did not recognize any adjustments to those amounts. The Company will continue to monitor any additional guidance released by the U.S. Treasury on AMT credits and loss reserve discounting during the measurement period, which may impact the provisional amounts.

Loss And Loss Adjustment Expens

Loss And Loss Adjustment Expense Reserves	9 Months Ended
	Sep. 30, 2018
Insurance Loss Reserves [Abstract]
Loss And Loss Adjustment Expense Reserves	Loss and Loss Adjustment Expense Reserves The following table presents the activity in loss and loss adjustment expense reserves: Nine Months Ended September 30, 2018 2017 (Amounts in thousands) Gross reserves at January 1 $ 1,510,613 $ 1,290,248 Less reinsurance recoverables on unpaid losses (64,001 ) (13,161 ) Net reserves at January 1 1,446,612 1,277,087 Incurred losses and loss adjustment expenses related to: Current year 1,781,452 1,772,203 Prior years 70,399 18,347 Total incurred losses and loss adjustment expenses 1,851,851 1,790,550 Loss and loss adjustment expense payments related to: Current year 1,072,758 1,099,656 Prior years 695,678 606,615 Total payments 1,768,436 1,706,271 Net reserves at September 30 1,530,027 1,361,366 Reinsurance recoverables on unpaid losses 50,027 10,798 Gross reserves at September 30 $ 1,580,054 $ 1,372,164 The increase in the provision for insured events of prior years in 2018 of approximately $70.4 million was primarily attributable to higher than estimated California automobile losses resulting from severity in excess of expectations for bodily injury claims as well as higher than estimated defense and cost containment expenses in the California automobile line of insurance business. The increase in the provision for insured events of prior years in 2017 of approximately $18.3 million was primarily attributable to higher than estimated California automobile and property losses. For the nine months ended September 30, 2018 and 2017 , the Company recorded catastrophe losses of approximately $34 million ( $24 million of net losses after reinsurance benefits) and $59 million , respectively. There were no reinsurance benefits used for catastrophe losses for the nine months ended September 30, 2017. The majority of the 2018 catastrophe losses were caused by the Carr Wildfire in Northern California, which resulted in $21 million of gross losses ( $10 million of net losses after reinsurance benefits). Weather-related catastrophes across several states made up the remainder of the 2018 catastrophe losses. The 2017 catastrophe losses were primarily due to severe rainstorms in California, the impact of Hurricane Harvey in Texas and Hurricane Irma in Florida and Georgia, and storms and tornadoes in Oklahoma and Texas.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2018
Notes Payable [Abstract]
Notes Payable	Notes Payable The following table presents information about the Company's notes payable: Lender Interest Rate Maturity Date September 30, 2018 December 31, 2017 (Amounts in thousands) Senior unsecured notes (1) Publicly traded 4.40% March 15, 2027 $ 375,000 $ 375,000 Unsecured credit facility (2) Bank of America and Wells Fargo Bank LIBOR plus 112.5-162.5 basis points March 29, 2022 — — Total principal amount 375,000 375,000 Less unamortized discount and debt issuance costs (3) 3,365 3,665 Total debt $ 371,635 $ 371,335 __________ (1) On March 8, 2017, the Company completed a public debt offering issuing $375 million of senior notes. The notes are unsecured, senior obligations of the Company with a 4.4% annual coupon payable on March 15 and September 15 of each year commencing September 15, 2017. These notes mature on March 15, 2027. The Company used the proceeds from the notes to pay off amounts outstanding under the existing loan and credit facilities and for general corporate purposes. The Company incurred debt issuance costs of approximately $3.4 million , inclusive of underwriters' fees. The notes were issued at a slight discount of 99.847% of par, resulting in the effective annualized interest rate including debt issuance costs of approximately 4.45% . (2) On March 29, 2017, the Company entered into an unsecured credit agreement that provides for revolving loans of up to $50 million and matures on March 29, 2022. The interest rates on borrowings under the credit facility are based on the Company's debt to total capital ratio and range from LIBOR plus 112.5 basis points when the ratio is under 15% to LIBOR plus 162.5 basis points when the ratio is greater than or equal to 25%. Commitment fees for the undrawn portions of the credit facility range from 12.5 basis points when the ratio is under 15% to 22.5 basis points when the ratio is greater than or equal to 25%. The debt to total capital ratio is expressed as a percentage of (a) consolidated debt to (b) consolidated shareholders' equity plus consolidated debt. The Company's debt to total capital ratio was 17.8% at September 30, 2018 , resulting in a 15 basis point commitment fee on the $50 million undrawn portion of the credit facility. As of October 25, 2018 , there have been no borrowings under this facility. (3) The unamortized discount and debt issuance costs are associated with the publicly traded $375 million senior unsecured notes. These are amortized to interest expense over the life of the notes, and the unamortized balance is presented in the Company's consolidated balance sheets as a direct deduction from the carrying amount of the debt. The unamortized debt issuance cost of approximately $0.2 million associated with the $50 million five -year unsecured revolving credit facility maturing on March 29, 2022 is included in other assets in the Company's consolidated balance sheets and amortized to interest expense over the term of the credit facility.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2018
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, 2017 . In March 2006, the California DOI issued an Amended Notice of Non-Compliance to a Notice of Non-Compliance originally issued in February 2004 (as amended, “2004 NNC”) alleging that the Company charged rates in violation of the California Insurance Code, willfully permitted its agents to charge broker fees in violation of California law, and willfully misrepresented the actual price insurance consumers could expect to pay for insurance by the amount of a fee charged by the consumer's insurance broker. The California DOI sought to impose a fine for each policy on which the Company allegedly permitted an agent to charge a broker fee, to impose a penalty for each policy on which the Company allegedly used a misleading advertisement, and to suspend certificates of authority for a period of one year. In January 2012, the administrative law judge bifurcated the 2004 NNC between (a) the California DOI’s order to show cause (the “OSC”), in which the California DOI asserts the false advertising allegations and accusation, and (b) the California DOI’s notice of noncompliance (the “NNC”), in which the California DOI asserts the unlawful rate allegations. In February 2012, the administrative law judge (“ALJ”) submitted a proposed decision dismissing the NNC, but the Commissioner rejected the ALJ’s proposed decision. The Company challenged the rejection in Los Angeles Superior Court in April 2012, and the Commissioner responded with a demurrer. Following a hearing, the Superior Court sustained the Commissioner’s demurrer, based on the Company’s failure to exhaust its administrative remedies, and the Company appealed. The Court of Appeal affirmed the Superior Court's ruling that the Company was required to exhaust its administrative remedies, but expressly preserved for later appeal the legal basis for the ALJ’s dismissal: violation of the Company’s due process rights. Following an evidentiary hearing in April 2013, post-hearing briefs, and an unsuccessful mediation, the ALJ closed the evidentiary record on April 30, 2014. Although a proposed decision was to be submitted to the Commissioner on or before June 30, 2014, after which the Commissioner would have 100 days to accept, reject or modify the proposed decision, the proposed decision was not submitted until December 8, 2014. On January 7, 2015, the Commissioner adopted the ALJ’s proposed decision, which became the Commissioner’s adopted order (the "Order"). The decision and Order found that from the period July 1, 1996, through 2006, the Company’s "brokers" were actually operating as "de facto agents" and that the charging of "broker fees" by these producers constituted the charging of "premium" in excess of the Company's approved rates, and assessed a civil penalty in the amount of $27.6 million against the Company. On February 9, 2015, the Company filed a Writ of Administrative Mandamus and Complaint for Declaratory Relief (the “Writ”) in the Orange County Superior Court seeking, among other things, to require the Commissioner to vacate the Order, to stay the Order while the Superior Court action is pending, and to judicially declare as invalid the Commissioner’s interpretation of certain provisions of the California Insurance Code. Subsequent to the filing of the Writ, a consumer group petitioned and was granted the right to intervene in the Superior Court action. The Court did not order a stay, and the $27.6 million assessed penalty was paid in March 2015. The Company filed an amended Writ on September 11, 2015, adding an explicit request for a refund of the penalty, with interest. On August 12, 2016, the Superior Court issued its ruling on the Writ, for the most part granting the relief sought by the Company. The Superior Court found that the Commissioner and the California DOI did commit due process violations, but declined to dismiss the case on those grounds. The Superior Court also agreed with the Company that the broker fees at issue were not premium, and that the penalties imposed by the Commissioner were improper, and therefore vacated the Order imposing the penalty. The Superior Court entered final judgment on November 17, 2016, issuing a writ requiring the Commissioner to refund the entire penalty amount within 120 days, plus prejudgment interest at the statutory rate of 7% . On January 12, 2017, the California DOI filed a notice of appeal of the Superior Court's judgment entered on November 17, 2016. While the appeal is still pending, the California DOI returned the entire penalty amount plus accrued interest, a total of $30.9 million , to the Company in June 2017 in order to avoid accruing further interest. Because the matter has been appealed, the Company has not yet recognized the $30.9 million as a gain in the consolidated statements of operations; instead, the Company recorded the $30.9 million plus interest earned, a total of approximately $31.4 million at September 30, 2018 , in other liabilities in the consolidated balance sheets. The Company had filed a motion to dismiss the false advertising portion of the case based on the Superior Court's findings, but the ALJ denied that motion after the appeal was filed. The ALJ did, however, grant the Company's alternative request to stay further proceedings pending the final determination of the appeal. The Company has accrued a liability for the estimated cost to continue to defend itself in the false advertising OSC. Based upon its understanding of the facts and the California Insurance Code, the Company does not expect that the ultimate resolution of the false advertising OSC will be material to its financial position. The Company 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 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, 2017.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The Company is primarily engaged in writing personal automobile insurance and provides related property and casualty insurance products to its customers through 14 subsidiaries in 11 states, principally in California. The Company has one reportable business segment - the Property and Casualty business segment. The Company’s Chief Operating Decision Maker evaluates operating results based on pre-tax underwriting results which is calculated as net premiums earned less (a) losses and loss adjustment expenses and (b) underwriting expenses (policy acquisition costs and other operating expenses). Expenses are allocated based on certain assumptions that are primarily related to premiums and losses. The Company’s net investment income, net realized investment gains or losses, other income, and interest expense are excluded in evaluating pretax underwriting profit. The Company does not allocate its assets, including investments, or income taxes in evaluating pre-tax underwriting profit. Property and Casualty Lines The Property and Casualty business segment offers several insurance products to the Company’s individual customers and small business customers. These insurance products are: private passenger automobile which is the Company’s primary business, and related insurance products such as homeowners, commercial automobile and commercial property. These related insurance products are primarily sold to the Company’s individual customers and small business customers, which increases retention of the Company’s private passenger automobile client base. The insurance products comprising the Property and Casualty business segment are sold through the same distribution channels, mainly through independent and 100% owned insurance agents, and go through a similar underwriting process. Other Lines The Other business segment represents net premiums written and earned from an operating segment that does not meet the quantitative thresholds required to be considered a reportable segment. This operating segment offers automobile mechanical protection warranties which are primarily sold through automobile dealerships and credit unions. The following tables present the Company's operating results by reportable segment: Three Months Ended September 30, 2018 2017 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 850.5 $ 7.6 $ 858.1 $ 792.7 $ 8.5 $ 801.2 Less: Losses and loss adjustment expenses 610.2 3.9 614.1 591.1 4.2 595.3 Underwriting expenses 202.8 3.3 206.1 196.7 3.9 200.6 Underwriting gain 37.5 0.4 37.9 4.9 0.4 5.3 Investment income 38.2 31.0 Net realized investment (losses) gains (3.9 ) 20.7 Other income 2.4 5.4 Interest expense (4.3 ) (4.2 ) Pre-tax income $ 70.3 $ 58.2 Net income $ 58.6 $ 46.5 Nine Months Ended September 30, 2018 2017 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 2,476.9 $ 23.3 $ 2,500.2 $ 2,362.4 $ 26.2 $ 2,388.6 Less: Losses and loss adjustment expenses 1,840.1 11.8 1,851.9 1,777.1 13.5 1,790.6 Underwriting expenses 604.0 10.9 614.9 587.7 11.9 599.6 Underwriting gain (loss) 32.8 0.6 33.4 (2.4 ) 0.8 (1.6 ) Investment income 104.5 94.1 Net realized investment (losses) gains (48.4 ) 66.3 Other income 7.1 9.7 Interest expense (12.8 ) (10.9 ) Pre-tax income $ 83.8 $ 157.6 Net income $ 76.2 $ 125.1 The following tables present the Company’s net premiums earned and direct premiums written by line of insurance business: Three Months Ended September 30, 2018 2017 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 659.6 $ — $ 659.6 $ 619.8 $ — $ 619.8 Homeowners 120.0 — 120.0 108.3 — 108.3 Commercial automobile 48.7 — 48.7 43.6 — 43.6 Other 22.2 7.6 29.8 21.0 8.5 29.5 Net premiums earned $ 850.5 $ 7.6 $ 858.1 $ 792.7 $ 8.5 $ 801.2 Private passenger automobile $ 695.1 $ — $ 695.1 $ 633.7 $ — $ 633.7 Homeowners 140.7 — 140.7 125.8 — 125.8 Commercial automobile 50.3 — 50.3 45.6 — 45.6 Other 24.5 6.9 31.4 22.9 7.1 30.0 Direct premiums written $ 910.6 $ 6.9 $ 917.5 $ 828.0 $ 7.1 $ 835.1 Nine Months Ended September 30, 2018 2017 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 1,932.1 $ — $ 1,932.1 $ 1,850.3 $ — $ 1,850.3 Homeowners 340.5 — 340.5 322.3 — 322.3 Commercial automobile 140.3 — 140.3 127.3 — 127.3 Other 64.0 23.3 87.3 62.5 26.2 88.7 Net premiums earned $ 2,476.9 $ 23.3 $ 2,500.2 $ 2,362.4 $ 26.2 $ 2,388.6 Private passenger automobile $ 2,035.1 $ — $ 2,035.1 $ 1,872.8 $ — $ 1,872.8 Homeowners 394.0 — 394.0 352.3 — 352.3 Commercial automobile 149.9 — 149.9 133.7 — 133.7 Other 73.6 20.5 94.1 69.9 21.3 91.2 Direct premiums written $ 2,652.6 $ 20.5 $ 2,673.1 $ 2,428.7 $ 21.3 $ 2,450.0

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation and Basis of Presentation	The interim 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, 2017 . These interim 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. 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, 2018 and the results of operations and cash flows for the periods presented. All intercompany transactions and balances have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted from the accompanying interim consolidated financial statements and related notes. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . Certain prior period amounts have been reclassified to conform to the current period presentation.
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 the effects of matters that are inherently uncertain and will likely change in subsequent periods. The most significant assumptions in the preparation of these 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, 2017
Earnings per Share	Potentially dilutive securities representing approximately 82,000 and 73,000 shares of common stock were excluded from the computation of diluted earnings per common share for the three and nine months ended September 30, 2018 , respectively, 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 $142.3 million and $136.3 million for the three months ended September 30, 2018 and 2017 , respectively, and $424.8 million and $416.7 million for the nine months ended September 30, 2018 and 2017 , respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $34 million and $32 million for the nine months ended September 30, 2018 and 2017 , respectively.
Revenue from Contracts with Customers	Revenue from Contracts with Customers On January 1, 2018, the Company adopted Topic 606, Revenue from Contracts with Customers, using the modified retrospective transition method. The Company had no cumulative-effect adjustment and its consolidated financial statement line items were not impacted as a result of the adoption, mostly because the accounting for insurance contracts was outside of the scope of Topic 606 and the application of the key aspects of revenue recognition of Topic 606 to the Company's in-scope transactions, such as the timing of recognition of revenue (at a point in time vs. over time) and the estimation of refund liability, resulted in recognition of revenues and related expenses consistent with that under the legacy accounting guide, Topic 605. The Company's total revenue from contracts with customers that are in scope of Topic 606 amounted to approximately $15.2 million with related expenses of $10.2 million for the year ended December 31, 2017 . This revenue represents the commission income that the Company's 100% owned insurance agencies, Auto Insurance Specialists LLC ("AIS") and PoliSeek AIS Insurance Solutions, Inc. ("Poliseek"), earned from third-party insurers, and accounted for approximately 0.4% of the total consolidated revenue in 2017 . The Company's commission income from third-party insurers was approximately $12.3 million and $11.6 million representing approximately 0.5% and 0.5% of the consolidated total revenue, with related expenses of $7.6 million and $7.8 million , for the nine months ended September 30, 2018 and 2017 , respectively. Due to the immateriality of the Company's commission income and its related expenses to the overall consolidated financial statements, the commission income, net of related expenses, is included in other revenues in the Company's consolidated statements of operations, and in other income of the Property and Casualty business segment in the Company's segment reporting in accordance with Topic 280, Segment Reporting (see Note 13. Segment Information). AIS and PoliSeek are primarily engaged in the marketing and sales of insurance policies in private passenger automobile, commercial automobile and homeowners lines of business. Their revenues primarily consist of commission income received from property and casualty insurers. Approximately 80% of their total revenue is generated from sales of policies issued by the Company's insurance subsidiaries, which are eliminated as intercompany transactions in consolidation, with the remaining from sales of policies issued by third-party property and casualty insurers. The primary performance obligation of AIS and Poliseek in return for the commission income from the insurers is to complete the sale of the policy and deliver the control of the policy to the insurer prior to the policy effective date. In addition, AIS and PoliSeek provide administrative services to the insurer or the policyholder subsequent to the sale of the policy as needed, including processing of endorsements, collection of premiums, and answering general questions concerning the policyholder's account. The administrative services and the costs to perform such services are deemed immaterial in the context of the contract and to the Company's consolidated financial statements, and hence, such services are not identified as a separate performance obligation and the costs to perform such services are not accrued at the time of the sale of the policy but are expensed as incurred as part of the overall operating expenses. The total revenue from the sale of a policy is recognized when the sale is complete and the policy is effective as all the material aspects of the performance obligation are satisfied and the insurer is deemed to obtain control of the insurance policy at that time. The commission income is constrained such that the revenue is recognized only to the extent that the commission income received is not likely to be returned to the insurers due to policy cancellations. Any commission income not received when the sale is complete is recognized as commission income receivable, which is included in other receivables in the Company's consolidated balance sheets. The commission income receivable at September 30, 2018 and December 31, 2017 was $1.1 million and $1.2 million , respectively. A refund liability is recorded for the expected amount of the commission income that has to be returned to the insurers based on estimated policy cancellations. The refund liability is computed for the entire portfolio of contracts as a practical expedient, rather than for each contract or performance obligation. The estimated policy cancellations and the resulting refund liability are computed using the expected value method based on all relevant information, including historical data. The refund liability at September 30, 2018 and December 31, 2017 was $0.7 million , which was included in other liabilities in the Company's consolidated balance sheets. As of September 30, 2018 and December 31, 2017 , the Company had no contract assets, contract liabilities, or capitalized costs to obtain or fulfill a contract, associated with revenues from contracts with customers.
Recently Issued Accounting Standards	In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-15, " Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. " ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software under Subtopic 350-40. This ASU also requires an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement and present such expense in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. The entity is also required to present the capitalized implementation costs in the statement of financial position in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented. ASU 2018-15 will be effective for the Company beginning January 1, 2020 with early adoption permitted. The Company is in the process of evaluating the impact of ASU 2018-15 on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, " Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ." The amendments in this ASU require certain existing disclosure requirements in Topic 820 to be modified or removed, and certain new disclosure requirements to be added to the Topic. In addition, this ASU allows entities to exercise more discretion when considering fair value measurement disclosures. ASU 2018-13 will be effective for the Company beginning January 1, 2020 with early adoption permitted. The Company is in the process of evaluating the impact of ASU 2018-13 on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. " ASU 2017-04 removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of Step 2 of the goodwill impairment test and requires an entity to recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU 2017-04 will be effective for the Company beginning January 1, 2020 with early adoption permitted. The Company does not anticipate that ASU 2017-04 will have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, " Financial Instruments - Credit Losses (Topic 326). " The amendments in this ASU replace the "incurred loss" methodology for recognizing credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of information including past events, current conditions and reasonable and supportable forecasts that affect the collectibility of reported amounts of financial assets that are not accounted for at fair value through net income, such as loans, certain debt securities, trade receivables, net investment in leases, off-balance sheet credit exposures and reinsurance receivables. Under the current GAAP incurred loss methodology, recognition of the full amount of credit losses is generally delayed until the loss is probable of occurring. Current GAAP restricts the ability to record credit losses that are expected, but do not yet meet the probability threshold. ASU 2016-13 will be effective for the Company beginning January 1, 2020. While the Company is in the process of evaluating the impact of ASU 2016-13, it does not expect this ASU to have a material impact on its consolidated financial statements and related disclosures as most of its financial instruments with potential exposure to material credit losses are accounted for at fair value through net income. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) ," which supersedes the guidance in Accounting Standards Codification ("ASC") 840, "Leases." Subsequently, the FASB has issued additional ASUs on Topic 842 that do not change the core principle of the guidance in ASU 2016-02. ASU 2016-02 requires a lessee to recognize lease assets and lease liabilities resulting from all leases. ASU 2016-02 retains the distinction between a finance lease and an operating lease. Lessor accounting is largely unchanged from ASC 840. ASU 2016-02 along with the additional ASUs will be effective for the Company beginning January 1, 2019. While the Company is in the process of evaluating the impact of ASU 2016-02, it does not expect this ASU to have a material impact on its consolidated financial statements, except for recognizing right-of-use assets and lease liabilities for its operating leases and adding additional required disclosures. The Company's lease obligations under various non-cancellable operating lease agreements amounted to approximately $31.9 million at December 31, 2017 .

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Financial Instruments, Owned, at Fair Value [Abstract]
Estimated Fair Values of Financial Instruments	The following table presents the fair values of financial instruments: September 30, 2018 December 31, 2017 (Amounts in thousands) Assets Investments $ 3,904,064 $ 3,732,728 Note receivable 5,514 5,565 Liabilities Total return swap $ 961 $ 1,200 Options sold 589 123 Unsecured notes 361,118 385,583

Fair Value Option (Tables)

Fair Value Option (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Option [Abstract]
Gains And Losses Due To Changes In Fair Value Of Investments	The following table presents gains (losses) due to changes in fair value of investments and the note receivable that are measured at fair value pursuant to the application of the fair value option: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (Amounts in thousands) Fixed maturity securities $ (22,257 ) $ 9,796 $ (68,246 ) $ 45,705 Equity securities 9,253 7,765 5,900 14,227 Short-term investments 99 150 (249 ) (89 ) Total investments $ (12,905 ) $ 17,711 $ (62,595 ) $ 59,843 Note receivable (2 ) (103 ) (51 ) (103 ) Total (losses) gains $ (12,907 ) $ 17,608 $ (62,646 ) $ 59,740

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2018
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 the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized: September 30, 2018 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 371,635 $ 361,118 $ — $ 361,118 $ — December 31, 2017 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 371,335 $ 385,583 $ — $ 385,583 $ — The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: September 30, 2018 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 14,105 $ — $ — $ 14,105 Municipal securities — 2,590,847 — 2,590,847 Mortgage-backed securities — 31,513 — 31,513 Corporate securities — 119,292 — 119,292 Collateralized loan obligations — 155,796 — 155,796 Other asset-backed securities — 41,318 — 41,318 Total fixed maturity securities 14,105 2,938,766 — 2,952,871 Equity securities: Common stock 583,851 — — 583,851 Non-redeemable preferred stock — 33,626 — 33,626 Private equity fund — — 1,446 1,446 Private equity fund measured at net asset value (1) 69,464 Total equity securities 583,851 33,626 1,446 688,387 Short-term investments: Short-term bonds 31,448 24,048 — 55,496 Money market instruments 207,310 — — 207,310 Total short-term investments 238,758 24,048 — 262,806 Other assets: Note receivable — 5,514 — 5,514 Total assets at fair value $ 836,714 $ 3,001,954 $ 1,446 $ 3,909,578 Liabilities Other liabilities: Total return swap $ — $ 961 $ — $ 961 Options sold 589 — — 589 Total liabilities at fair value $ 589 $ 961 $ — $ 1,550 December 31, 2017 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 13,236 $ — $ — $ 13,236 Municipal securities — 2,556,532 — 2,556,532 Mortgage-backed securities — 27,165 — 27,165 Corporate securities — 137,542 — 137,542 Collateralized loan obligations — 105,202 — 105,202 Other asset-backed securities — 53,100 — 53,100 Total fixed maturity securities 13,236 2,879,541 — 2,892,777 Equity securities: Common stock 429,367 — — 429,367 Non-redeemable preferred stock — 34,869 — 34,869 Private equity fund — — 1,481 1,481 Private equity fund measured at net asset value (1) 71,523 Total equity securities 429,367 34,869 1,481 537,240 Short-term investments: Short-term bonds 29,998 2,020 — 32,018 Money market instruments 270,693 — — 270,693 Total short-term investments 300,691 2,020 — 302,711 Other assets: Note receivable — 5,565 — 5,565 Total assets at fair value $ 743,294 $ 2,921,995 $ 1,481 $ 3,738,293 Liabilities Other liabilities: Total return swap $ — $ 1,200 $ — $ 1,200 Options sold 123 — — 123 Total liabilities at fair value $ 123 $ 1,200 $ — $ 1,323 __________ (1) The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets.
Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value	The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities: Private Equity Funds Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (Amounts in thousands) Beginning balance $ 1,450 $ 8,764 $ 1,481 $ 9,068 Realized losses included in earnings (4 ) (80 ) (35 ) (384 ) Ending balance $ 1,446 $ 8,684 $ 1,446 $ 8,684 The amount of total losses for the period included in earnings attributable to assets still held at September 30 $ (4 ) $ (80 ) $ (35 ) $ (384 )

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Summary Of Location And Amounts Of Derivative Fair Values In The Consolidated Balance Sheets	The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains or losses in the consolidated statements of operations: Derivative Fair Values September 30, 2018 December 31, 2017 (Amount in thousands) Options sold - Other liabilities $ 589 $ 123 Total return swap - Other liabilities 961 1,200 Total derivatives $ 1,550 $ 1,323
Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations	Gains (Losses) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (Amounts in thousands) Total return swap - Net realized investment (losses) gains $ 393 $ 118 $ 674 $ (2,535 ) Options sold - Net realized investment (losses) gains 2,141 557 7,872 1,857 Total $ 2,534 $ 675 $ 8,546 $ (678 )

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Components Of Other Intangible Assets	The following table presents the components of other intangible assets: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Useful Lives (Amounts in thousands) (in years) As of September 30, 2018: Customer relationships $ 53,048 $ (46,798 ) $ 6,250 11 Trade names 15,400 (6,256 ) 9,144 24 Technology 4,300 (4,193 ) 107 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 74,148 $ (57,247 ) $ 16,901 As of December 31, 2017: Customer relationships $ 52,890 $ (43,617 ) $ 9,273 11 Trade names 15,400 (5,775 ) 9,625 24 Technology 4,300 (3,870 ) 430 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 73,990 $ (53,262 ) $ 20,728
Schedule Of Estimated Future Amortization Expense Related To Intangible Assets	The following table presents the estimated future amortization expense related to other intangible assets as of September 30, 2018 : Year Amortization Expense (Amounts in thousands) Remainder of 2018 $ 1,367 2019 5,036 2020 889 2021 869 2022 845 Thereafter 6,495 Total $ 15,501

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table provides the assumptions used in the calculation of grant-date fair values of these stock options based on the Black-Scholes option pricing model: Weighted-average grant-date fair value $ 8.09 Expected volatility 33.18 % Risk-free interest rate 2.62 % Expected dividend yield 5.40 % Expected term in months 72
Schedule Of Performance Vesting Restricted Stock Units Granted	As of September 30, 2018 , the Company had the following RSU awards outstanding. These awards were granted to the Company’s senior management and key employees and will vest based upon the Company's performance during the three -year performance period: Grant year 2016 Three-year performance period ending December 31, 2018 Vesting shares, target (net of forfeited) 77,250 Vesting shares, maximum (net of forfeited) 144,844

Loss And Loss Adjustment Expe_2

Loss And Loss Adjustment Expense Reserves (Tables)	9 Months Ended
	Sep. 30, 2018
Insurance Loss Reserves [Abstract]
Activity In The Reserves For Losses And Loss Adjustment Expenses	The following table presents the activity in loss and loss adjustment expense reserves: Nine Months Ended September 30, 2018 2017 (Amounts in thousands) Gross reserves at January 1 $ 1,510,613 $ 1,290,248 Less reinsurance recoverables on unpaid losses (64,001 ) (13,161 ) Net reserves at January 1 1,446,612 1,277,087 Incurred losses and loss adjustment expenses related to: Current year 1,781,452 1,772,203 Prior years 70,399 18,347 Total incurred losses and loss adjustment expenses 1,851,851 1,790,550 Loss and loss adjustment expense payments related to: Current year 1,072,758 1,099,656 Prior years 695,678 606,615 Total payments 1,768,436 1,706,271 Net reserves at September 30 1,530,027 1,361,366 Reinsurance recoverables on unpaid losses 50,027 10,798 Gross reserves at September 30 $ 1,580,054 $ 1,372,164

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Payable [Abstract]
Schedule of Long-term Debt Instruments	Lender Interest Rate Maturity Date September 30, 2018 December 31, 2017 (Amounts in thousands) Senior unsecured notes (1) Publicly traded 4.40% March 15, 2027 $ 375,000 $ 375,000 Unsecured credit facility (2) Bank of America and Wells Fargo Bank LIBOR plus 112.5-162.5 basis points March 29, 2022 — — Total principal amount 375,000 375,000 Less unamortized discount and debt issuance costs (3) 3,365 3,665 Total debt $ 371,635 $ 371,335 __________ (1) On March 8, 2017, the Company completed a public debt offering issuing $375 million of senior notes. The notes are unsecured, senior obligations of the Company with a 4.4% annual coupon payable on March 15 and September 15 of each year commencing September 15, 2017. These notes mature on March 15, 2027. The Company used the proceeds from the notes to pay off amounts outstanding under the existing loan and credit facilities and for general corporate purposes. The Company incurred debt issuance costs of approximately $3.4 million , inclusive of underwriters' fees. The notes were issued at a slight discount of 99.847% of par, resulting in the effective annualized interest rate including debt issuance costs of approximately 4.45% . (2) On March 29, 2017, the Company entered into an unsecured credit agreement that provides for revolving loans of up to $50 million and matures on March 29, 2022. The interest rates on borrowings under the credit facility are based on the Company's debt to total capital ratio and range from LIBOR plus 112.5 basis points when the ratio is under 15% to LIBOR plus 162.5 basis points when the ratio is greater than or equal to 25%. Commitment fees for the undrawn portions of the credit facility range from 12.5 basis points when the ratio is under 15% to 22.5 basis points when the ratio is greater than or equal to 25%. The debt to total capital ratio is expressed as a percentage of (a) consolidated debt to (b) consolidated shareholders' equity plus consolidated debt. The Company's debt to total capital ratio was 17.8% at September 30, 2018 , resulting in a 15 basis point commitment fee on the $50 million undrawn portion of the credit facility. As of October 25, 2018 , there have been no borrowings under this facility. (3) The unamortized discount and debt issuance costs are associated with the publicly traded $375 million senior unsecured notes. These are amortized to interest expense over the life of the notes, and the unamortized balance is presented in the Company's consolidated balance sheets as a direct deduction from the carrying amount of the debt. The unamortized debt issuance cost of approximately $0.2 million associated with the $50 million five -year unsecured revolving credit facility maturing on March 29, 2022 is included in other assets in the Company's consolidated balance sheets and amortized to interest expense over the term of the credit facility.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Reconciliation of operating results by reportable segment	The following tables present the Company's operating results by reportable segment: Three Months Ended September 30, 2018 2017 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 850.5 $ 7.6 $ 858.1 $ 792.7 $ 8.5 $ 801.2 Less: Losses and loss adjustment expenses 610.2 3.9 614.1 591.1 4.2 595.3 Underwriting expenses 202.8 3.3 206.1 196.7 3.9 200.6 Underwriting gain 37.5 0.4 37.9 4.9 0.4 5.3 Investment income 38.2 31.0 Net realized investment (losses) gains (3.9 ) 20.7 Other income 2.4 5.4 Interest expense (4.3 ) (4.2 ) Pre-tax income $ 70.3 $ 58.2 Net income $ 58.6 $ 46.5 Nine Months Ended September 30, 2018 2017 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 2,476.9 $ 23.3 $ 2,500.2 $ 2,362.4 $ 26.2 $ 2,388.6 Less: Losses and loss adjustment expenses 1,840.1 11.8 1,851.9 1,777.1 13.5 1,790.6 Underwriting expenses 604.0 10.9 614.9 587.7 11.9 599.6 Underwriting gain (loss) 32.8 0.6 33.4 (2.4 ) 0.8 (1.6 ) Investment income 104.5 94.1 Net realized investment (losses) gains (48.4 ) 66.3 Other income 7.1 9.7 Interest expense (12.8 ) (10.9 ) Pre-tax income $ 83.8 $ 157.6 Net income $ 76.2 $ 125.1
Schedule direct premiums attributable to segment	The following tables present the Company’s net premiums earned and direct premiums written by line of insurance business: Three Months Ended September 30, 2018 2017 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 659.6 $ — $ 659.6 $ 619.8 $ — $ 619.8 Homeowners 120.0 — 120.0 108.3 — 108.3 Commercial automobile 48.7 — 48.7 43.6 — 43.6 Other 22.2 7.6 29.8 21.0 8.5 29.5 Net premiums earned $ 850.5 $ 7.6 $ 858.1 $ 792.7 $ 8.5 $ 801.2 Private passenger automobile $ 695.1 $ — $ 695.1 $ 633.7 $ — $ 633.7 Homeowners 140.7 — 140.7 125.8 — 125.8 Commercial automobile 50.3 — 50.3 45.6 — 45.6 Other 24.5 6.9 31.4 22.9 7.1 30.0 Direct premiums written $ 910.6 $ 6.9 $ 917.5 $ 828.0 $ 7.1 $ 835.1 Nine Months Ended September 30, 2018 2017 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 1,932.1 $ — $ 1,932.1 $ 1,850.3 $ — $ 1,850.3 Homeowners 340.5 — 340.5 322.3 — 322.3 Commercial automobile 140.3 — 140.3 127.3 — 127.3 Other 64.0 23.3 87.3 62.5 26.2 88.7 Net premiums earned $ 2,476.9 $ 23.3 $ 2,500.2 $ 2,362.4 $ 26.2 $ 2,388.6 Private passenger automobile $ 2,035.1 $ — $ 2,035.1 $ 1,872.8 $ — $ 1,872.8 Homeowners 394.0 — 394.0 352.3 — 352.3 Commercial automobile 149.9 — 149.9 133.7 — 133.7 Other 73.6 20.5 94.1 69.9 21.3 91.2 Direct premiums written $ 2,652.6 $ 20.5 $ 2,673.1 $ 2,428.7 $ 21.3 $ 2,450.0

General (Details)

General (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Potentially dilutive securities (in shares)	82,000	0	73,000	0
Deferred policy acquisition cost amortization	$ 142,295	$ 136,290	$ 424,799	$ 416,728
Advertising expenses			34,000	32,000
Revenue from contract with customer			12,300	11,600	$ 15,200
Related expenses from contracts with customers			$ 7,600	$ 7,800	$ 10,200
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, percentage of revenue			0.50%	0.50%	0.40%
Commission income receivable	1,100		$ 1,100		$ 1,200
Refund liability	$ 700		$ 700		$ 700
Insurance Policies [Member] | Auto Insurance Specialists LLC and Poliseek AIS Insurance Solutions Inc
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, percentage of revenue			80.00%

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Details) $ in Millions	Dec. 31, 2017USD ($)
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Operating lease obligations	$ 31.9

Financial Instruments (Estimate

Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Investments [Member]
Assets
Total assets, fair value	$ 3,904,064	$ 3,732,728
Financing Receivable [Member]
Assets
Total assets, fair value	5,514	5,565
Fair Value, Measurements, Recurring [Member]
Liabilities
Liabilities, fair value	1,550	1,323
Fair Value, Measurements, Recurring [Member] | Call Option [Member]
Liabilities
Liabilities, fair value	589	123
Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member]
Liabilities
Liabilities, fair value	961	1,200
Fair Value, Measurements, Recurring [Member] | Borrowings [Member] | Unsecured debt [Member]
Liabilities
Liabilities, fair value	$ 361,118	$ 385,583

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 31, 2017USD ($)a	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of acres | a	6
Proceeds from sale of property, plant, and equipment	$ 12,200
Promissory note received in sale of property, plant, and equipment	$ 5,700
Stated interest rate on promissory note	3.50%
Gain on sale of land	$ 3,300	$ 0	$ 3,307
Borrowings [Member] | Unsecured debt [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes		$ 375,000		$ 375,000

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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$ (12,907)	$ 17,608	$ (62,646)	$ 59,740
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	(22,257)	9,796	(68,246)	45,705
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	9,253	7,765	5,900	14,227
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	99	150	(249)	(89)
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	(12,905)	17,711	(62,595)	59,843
Financing Receivable [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)	$ (103)	$ (51)	$ (103)

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)broker	Dec. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of portfolio of unadjusted fair values obtained	98.20%
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 | broker	1
Borrowings [Member] | Unsecured debt [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured notes	$ 375,000,000	$ 375,000,000
Commercial Mortgage Back Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, fair value disclosure	25,000,000	19,300,000
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	3,909,578,000	3,738,293,000
Liabilities, fair value	1,550,000	1,323,000
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	3,001,954,000	2,921,995,000
Liabilities, fair value	961,000	1,200,000
Fair Value, Measurements, Recurring [Member] | Borrowings [Member] | Unsecured debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	361,118,000	385,583,000
Fair Value, Measurements, Recurring [Member] | Borrowings [Member] | Unsecured debt [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	361,118,000	385,583,000
Fair Value, Measurements, Recurring [Member] | Private Equity Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	1,400,000	$ 1,500,000
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0
Liabilities, fair value	$ 0

Fair Value Measurement (Schedul

Fair Value Measurement (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques) (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 371,635,000	$ 371,335,000
Unsecured debt [Member] | Borrowings [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	371,635,000	371,335,000
Fair Value, Measurements, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	3,909,578,000	3,738,293,000
Liabilities, fair value	1,550,000	1,323,000
Fair Value, Measurements, Recurring [Member] | Private Equity Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	1,400,000	1,500,000
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	836,714,000	743,294,000
Liabilities, fair value	589,000	123,000
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	3,001,954,000	2,921,995,000
Liabilities, fair value	961,000	1,200,000
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	1,446,000	1,481,000
Liabilities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	2,952,871,000	2,892,777,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | U.S. Government Bonds and Agencies [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	14,105,000	13,236,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Municipal Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	2,590,847,000	2,556,532,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	31,513,000	27,165,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	119,292,000	137,542,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Collateralized Loan Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	155,796,000	105,202,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Other Asset-Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	41,318,000	53,100,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	14,105,000	13,236,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 1 [Member] | U.S. Government Bonds and Agencies [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	14,105,000	13,236,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 1 [Member] | Municipal Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 1 [Member] | Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 1 [Member] | Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 1 [Member] | Collateralized Loan Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 1 [Member] | Other Asset-Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	2,938,766,000	2,879,541,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 2 [Member] | U.S. Government Bonds and Agencies [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 2 [Member] | Municipal Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	2,590,847,000	2,556,532,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 2 [Member] | Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	31,513,000	27,165,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 2 [Member] | Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	119,292,000	137,542,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 2 [Member] | Collateralized Loan Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	155,796,000	105,202,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 2 [Member] | Other Asset-Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	41,318,000	53,100,000
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 3 [Member] | U.S. Government Bonds and Agencies [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 3 [Member] | Municipal Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 3 [Member] | Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 3 [Member] | Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 3 [Member] | Collateralized Loan Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Fixed maturity securities [Member] | Level 3 [Member] | Other Asset-Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	688,387,000	537,240,000
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	583,851,000	429,367,000
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	33,626,000	34,869,000
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Private Equity Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	1,446,000	1,481,000
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Private Equity Funds Net Asset Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	69,464,000	71,523,000
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	583,851,000	429,367,000
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 1 [Member] | Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	583,851,000	429,367,000
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 1 [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 1 [Member] | Private Equity Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	33,626,000	34,869,000
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 2 [Member] | Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 2 [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	33,626,000	34,869,000
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 2 [Member] | Private Equity Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	1,446,000	1,481,000
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 3 [Member] | Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 3 [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 3 [Member] | Private Equity Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	1,446,000	1,481,000
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	262,806,000	302,711,000
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Short-term Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	55,496,000	32,018,000
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Money Market Instruments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	207,310,000	270,693,000
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	238,758,000	300,691,000
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Level 1 [Member] | Short-term Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	31,448,000	29,998,000
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Level 1 [Member] | Money Market Instruments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	207,310,000	270,693,000
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	24,048,000	2,020,000
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Level 2 [Member] | Short-term Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	24,048,000	2,020,000
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Level 2 [Member] | Money Market Instruments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Level 3 [Member] | Short-term Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Level 3 [Member] | Money Market Instruments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Financing Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	5,514,000	5,565,000
Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Level 1 [Member] | Financing Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Level 2 [Member] | Financing Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	5,514,000	5,565,000
Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Level 3 [Member] | Financing Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	961,000	1,200,000
Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	961,000	1,200,000
Fair Value, Measurements, Recurring [Member] | Total Return Swap [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	589,000	123,000
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	589,000	123,000
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Unsecured debt [Member] | Borrowings [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	361,118,000	385,583,000
Fair Value, Measurements, Recurring [Member] | Unsecured debt [Member] | Borrowings [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Unsecured debt [Member] | Borrowings [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	361,118,000	385,583,000
Fair Value, Measurements, Recurring [Member] | Unsecured debt [Member] | Borrowings [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, fair value	$ 0	$ 0

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) - Private Equity Funds [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,450	$ 8,764	$ 1,481	$ 9,068
Realized losses included in earnings	(4)	(80)	(35)	(384)
Ending balance	1,446	8,684	1,446	8,684
The amount of total losses for the period included in earnings attributable to assets still held at September 30	$ (4)	$ (80)	$ (35)	$ (384)

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) - Swap [Member] - USD ($) $ in Millions	Feb. 13, 2014	Aug. 09, 2013	Sep. 30, 2018	Jul. 31, 2018	Jan. 31, 2018	Dec. 31, 2017	Jan. 31, 2017	Dec. 31, 2016
FFL [Member]
Debt Instrument [Line Items]
Swap agreement collateral			$ 31
Notional amount			112			$ 108
Term of swap agreement	1 year
FFL [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.28%			1.05%	1.20%
AFL [Member]
Debt Instrument [Line Items]
Swap agreement collateral			$ 40
Notional amount								$ 152
Term of swap agreement		3 years
AFL [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.35%					1.28%

Derivative Financial Instrume_4

Derivative Financial Instruments (Summary Of Location And Amounts Of Derivative Fair Values In The Consolidated Balance Sheets) (Details) - Non-hedging derivatives [Member] - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Derivative Fair Values	$ 1,550	$ 1,323
Option contracts [Member] | Other liabilities [Member]
Derivative [Line Items]
Derivative Fair Values	589	123
Total Return Swap [Member] | Other liabilities [Member]
Derivative [Line Items]
Derivative Fair Values	$ 961	$ 1,200

Derivative Financial Instrume_5

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, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative [Line Items]
Gain Recognized in Income (Loss)	$ 2,534	$ 675	$ 8,546	$ (678)
Total Return Swap [Member] | Net realized investment (losses) gains [Member]
Derivative [Line Items]
Gain Recognized in Income (Loss)	393	118	674	(2,535)
Equity contracts [Member] | Net realized investment (losses) gains [Member]
Derivative [Line Items]
Gain Recognized in Income (Loss)	$ 2,141	$ 557	$ 7,872	$ 1,857

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Change in Goodwill	$ 0	$ 0	$ 0	$ 0
Goodwill, impairment	0	0	0	0
Intangible assets amortization expense	$ 1,400,000	$ 1,300,000	$ 4,100,000	$ 4,000,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule Of Components Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 74,148	$ 73,990
Accumulated Amortization	(57,247)	(53,262)
Net Carrying Amount	16,901	20,728
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	53,048	52,890
Accumulated Amortization	(46,798)	(43,617)
Net Carrying Amount	$ 6,250	$ 9,273
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	(6,256)	(5,775)
Net Carrying Amount	$ 9,144	$ 9,625
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	(4,193)	(3,870)
Net Carrying Amount	$ 107	$ 430
Useful Lives (in years)	10 years	10 years
Licensing Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,400	$ 1,400
Net Carrying Amount	$ 1,400	$ 1,400

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule Of Estimated Future Amortization Expense Related To Intangible Assets) (Details) $ in Thousands	Sep. 30, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2018	$ 1,367
2,019	5,036
2,020	889
2,021	869
2,022	845
Thereafter	6,495
Total	$ 15,501

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ in Millions	1 Months Ended		9 Months Ended
	Feb. 28, 2018executive	Mar. 31, 2017USD ($)shares	Sep. 30, 2018USD ($)shares	Feb. 28, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period of restricted stock units (in years)		3 years	3 years
Number of executives awarded stock options | executive	4
Unrecognized compensation expense | $			$ 0.5
Period for recognition for unrecognized compensation expense			3 years 4 months 24 days
Incentive Award Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				4,900,000
RSUs awarded (in shares)			0
Incentive Award Plan 2015 [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			4,742,750
Target Restricted Stock Units, 2016 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested options forfeited (in shares)			18,500
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term (in years)			10 years
Employee Stock Option [Member] | Incentive Award Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of nonvested options (in shares)			80,000
Requisite service period	4 years
Restricted Stock [Member] | Incentive Award Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of nonvested shares (in shares)			77,250
Restricted Stock [Member] | Target Restricted Stock Units, 2014 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested in period, amount | $		$ 3.6
RSUs vested during period (in shares)		61,445

Share-Based Compensation (Stock

Share-Based Compensation (Stock Option Valuation Assumptions) (Details)	9 Months Ended
	Sep. 30, 2018$ / shares
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Weighted-average grant-date fair value (in dollars per share)	$ 8.09
Expected volatility	33.18%
Risk-free interest rate	2.62%
Expected dividend yield	5.40%
Expected term in months	72 months

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Performance Vesting Restricted Stock Units Granted) (Details)	9 Months Ended
	Sep. 30, 2018shares
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Grant year	2,016
Three-year performance period ending December 31,	2,018
Vesting shares, target (net of forfeited) (in shares)	77,250
Vesting shares, maximum (net of forfeited) (in shares)	144,844

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Dec. 31, 2017	Sep. 30, 2018
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Increase in unrecognized tax benefit		$ 759
Tax settlement paid	$ 4,600
AMT credit carryforward	$ 57,900

Loss And Loss Adjustment Expe_3

Loss And Loss Adjustment Expense Reserves (Activity In The Reserves For Losses And Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves at January 1	$ 1,510,613	$ 1,290,248
Less reinsurance recoverables on unpaid losses	50,027	10,798	$ 64,001	$ 13,161
Net reserves at January 1	1,446,612	1,277,087
Incurred losses and loss adjustment expenses related to:
Current year	1,781,452	1,772,203
Prior years	70,399	18,347
Total incurred losses and loss adjustment expenses	1,851,851	1,790,550
Loss and loss adjustment expense payments related to:
Current year	1,072,758	1,099,656
Prior years	695,678	606,615
Total payments	1,768,436	1,706,271
Net reserves at September 30	1,530,027	1,361,366
Gross reserves at September 30	$ 1,580,054	$ 1,372,164

Loss And Loss Adjustment Expe_4

Loss And Loss Adjustment Expense Reserves (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Unusual or Infrequent Item, or Both [Line Items]
Prior years	$ 70,399	$ 18,347
Catastrophe [Member]
Unusual or Infrequent Item, or Both [Line Items]
Loss from catastrophes	34,000	$ 59,000
Loss from catastrophes, net of reinsurance benefits	24,000
Fire [Member]
Unusual or Infrequent Item, or Both [Line Items]
Loss from catastrophes	21,000
Loss from catastrophes, net of reinsurance benefits	$ 10,000

Notes Payable (Schedule of Long

Notes Payable (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Mar. 08, 2017
Debt Instrument [Line Items]
Interest rate			4.40%
Total principal amount	$ 375,000	$ 375,000
Less unamortized discount and debt issuance costs(3)	3,365	3,665
Notes payable	371,635	371,335
Unsecured debt [Member] | Borrowings [Member]
Debt Instrument [Line Items]
Notes payable	$ 371,635	371,335
Unsecured debt [Member] | Borrowings [Member] | Level 2 [Member] | Unsecured Notes One [Member]
Debt Instrument [Line Items]
Interest rate	4.40%
Unsecured debt	$ 375,000	375,000
Unsecured debt [Member] | Borrowings [Member] | Level 2 [Member] | Unsecured Notes Two [Member]
Debt Instrument [Line Items]
Unsecured debt	$ 0	$ 0
LIBOR [Member] | Minimum [Member] | Unsecured debt [Member] | Borrowings [Member] | Level 2 [Member] | Unsecured Notes Two [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.1125%
LIBOR [Member] | Maximum [Member] | Unsecured debt [Member] | Borrowings [Member] | Level 2 [Member] | Unsecured Notes Two [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.1625%

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands	Mar. 29, 2017USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 08, 2017USD ($)
Debt Instrument [Line Items]
Interest rate				4.40%
Debt issuance cost				$ 3,400
Debt instrument, discount percent				99.847%
Effective interest rate				4.45%
Debt to total capital ratio		0.178
Unamortized debt issuance cost		$ 200
Unsecured Notes Two [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Loan maximum borrowing capacity	$ 50,000
Revolving credit facility term	5 years
Unsecured Notes Two [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt to total capital ratio	0.15
Commitment fee on undrawn portion of facility	0.125%	0.15%
Unsecured Notes Two [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt to total capital ratio	0.25
Commitment fee on undrawn portion of facility	0.225%
Unsecured Notes Two [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Debt to total capital ratio	0.15
Unsecured Notes Two [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.625%
Debt to total capital ratio	0.25
Level 2 [Member] | Borrowings [Member] | Unsecured Notes One [Member] | Unsecured debt [Member]
Debt Instrument [Line Items]
Unsecured debt		$ 375,000	$ 375,000
Interest rate		4.40%
Level 2 [Member] | Borrowings [Member] | Unsecured Notes Two [Member] | Unsecured debt [Member]
Debt Instrument [Line Items]
Unsecured debt		$ 0	$ 0
Level 2 [Member] | Borrowings [Member] | Unsecured Notes Two [Member] | Unsecured debt [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.1125%
Level 2 [Member] | Borrowings [Member] | Unsecured Notes Two [Member] | Unsecured debt [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.1625%

Contingencies - Loss Contingenc

Contingencies - Loss Contingencies (Details) - California DOI [Member] - USD ($) $ in Millions	Feb. 09, 2015	Mar. 31, 2015	Nov. 17, 2016
Loss Contingencies [Line Items]
Litigation, penalty assessed	$ 27.6
Payments for assessed penalty		$ 27.6
Penalty interest assessed, statutory rate			7.00%

Contingencies - Gain Contingenc

Contingencies - Gain Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2018	Sep. 30, 2017
Gain Contingencies [Line Items]
Gain contingency	$ 31.4
Other liabilities [Member]
Gain Contingencies [Line Items]
Gain contingency		$ 30.9

Segment Information - Summary o

Segment Information - Summary of Operating Results by Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)State	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)SubsidiarysegmentState	Sep. 30, 2017USD ($)
Segment Reporting [Abstract]
Number of insurance companies | Subsidiary			14
Number of states in which company operates | State	11		11
Number of reportable segments | segment			1
Segment Reporting Information [Line Items]
Net premiums earned	$ 858,135	$ 801,205	$ 2,500,178	$ 2,388,641
Losses and loss adjustment expenses	614,069	595,290	1,851,850	1,790,550
Underwriting expenses	206,100	200,600	614,900	599,600
Underwriting gain (loss)	37,900	5,300	33,400	(1,600)
Net investment income	38,159	30,988	104,455	94,058
Net realized investment (losses) gains	(3,910)	20,718	(48,355)	66,334
Other	2,427	5,446	7,108	9,675
Interest expense	(4,257)	(4,191)	(12,779)	(10,873)
Pre-tax income	70,286	58,247	83,833	157,598
Net income	58,578	46,485	76,151	125,098
Property and Casualty Lines [Member]
Segment Reporting Information [Line Items]
Net premiums earned	850,500	792,700	2,476,900	2,362,400
Losses and loss adjustment expenses	610,200	591,100	1,840,100	1,777,100
Underwriting expenses	202,800	196,700	604,000	587,700
Underwriting gain (loss)	37,500	4,900	32,800	(2,400)
Other Segments [Member]
Segment Reporting Information [Line Items]
Net premiums earned	7,600	8,500	23,300	26,200
Losses and loss adjustment expenses	3,900	4,200	11,800	13,500
Underwriting expenses	3,300	3,900	10,900	11,900
Underwriting gain (loss)	$ 400	$ 400	$ 600	$ 800

Segment Information - Summary_2

Segment Information - Summary of Premiums Written and Earned by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Net premiums earned	$ 858,135	$ 801,205	$ 2,500,178	$ 2,388,641
Direct Premiums Written	917,500	835,100	2,673,100	2,450,000
Private Passenger Automobile Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	659,600	619,800	1,932,100	1,850,300
Direct Premiums Written	695,100	633,700	2,035,100	1,872,800
Homeowners Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	120,000	108,300	340,500	322,300
Direct Premiums Written	140,700	125,800	394,000	352,300
Commercial Automobile Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	48,700	43,600	140,300	127,300
Direct Premiums Written	50,300	45,600	149,900	133,700
Other [Member]
Segment Reporting Information [Line Items]
Net premiums earned	29,800	29,500	87,300	88,700
Direct Premiums Written	31,400	30,000	94,100	91,200
Property and Casualty Lines [Member]
Segment Reporting Information [Line Items]
Net premiums earned	850,500	792,700	2,476,900	2,362,400
Direct Premiums Written	910,600	828,000	2,652,600	2,428,700
Property and Casualty Lines [Member] | Private Passenger Automobile Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	659,600	619,800	1,932,100	1,850,300
Direct Premiums Written	695,100	633,700	2,035,100	1,872,800
Property and Casualty Lines [Member] | Homeowners Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	120,000	108,300	340,500	322,300
Direct Premiums Written	140,700	125,800	394,000	352,300
Property and Casualty Lines [Member] | Commercial Automobile Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	48,700	43,600	140,300	127,300
Direct Premiums Written	50,300	45,600	149,900	133,700
Property and Casualty Lines [Member] | Other [Member]
Segment Reporting Information [Line Items]
Net premiums earned	22,200	21,000	64,000	62,500
Direct Premiums Written	24,500	22,900	73,600	69,900
Other Segments [Member]
Segment Reporting Information [Line Items]
Net premiums earned	7,600	8,500	23,300	26,200
Direct Premiums Written	6,900	7,100	20,500	21,300
Other Segments [Member] | Private Passenger Automobile Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	0	0	0	0
Direct Premiums Written	0	0	0	0
Other Segments [Member] | Homeowners Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	0	0	0	0
Direct Premiums Written	0	0	0	0
Other Segments [Member] | Commercial Automobile Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	0	0	0	0
Direct Premiums Written	0	0	0	0
Other Segments [Member] | Other [Member]
Segment Reporting Information [Line Items]
Net premiums earned	7,600	8,500	23,300	26,200
Direct Premiums Written	$ 6,900	$ 7,100	$ 20,500	$ 21,300