Mercury General (MCY) 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-12257
Entity Registrant Name	MERCURY GENERAL CORPORATION
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-2211612
Entity Address, Address Line One	4484 Wilshire Boulevard
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90010
City Area Code	323
Local Phone Number	937-1060
Title of 12(b) Security	Common Stock
Trading Symbol	MCY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,357,691
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000064996
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Fixed maturity securities (amortized cost $3,344,014; $2,973,276)	$ 3,485,363	$ 3,093,275
Equity securities (cost $769,821; $648,282)	809,591	724,751
Short-term investments (cost $253,785; $494,060)	253,842	494,135
Total investments	4,548,796	4,312,161
Cash	322,129	294,398
Receivables:
Premiums	631,091	606,316
Allowance for credit losses on premiums receivable	(10,000)	(1,445)
Premiums receivable, net of allowance for credit losses	621,091	604,871
Accrued investment income	43,356	40,107
Other	10,014	6,464
Total receivables	674,461	651,442
Reinsurance recoverables	41,432	78,774
Allowance for credit losses on reinsurance recoverables	58	0
Reinsurance recoverables, net of allowance for credit losses	41,374	78,774
Deferred policy acquisition costs	251,462	233,166
Fixed assets (net of accumulated depreciation $280,032; $312,060)	174,924	168,986
Operating lease right-of-use assets	41,075	44,909
Current income taxes	0	7,642
Goodwill	42,796	42,796
Other intangible assets, net	9,939	10,636
Other assets	38,832	44,247
Total assets	6,145,788	5,889,157
Liabilities
Loss and loss adjustment expense reserves	1,941,986	1,921,255
Unearned premiums	1,432,549	1,355,547
Notes payable	372,432	372,133
Accounts payable and accrued expenses	180,312	143,318
Operating lease liabilities	44,558	47,996
Current income taxes	6,401	0
Deferred income taxes	19,996	27,964
Other liabilities	246,722	221,442
Total liabilities	4,244,956	4,089,655
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 55,358; 55,358	98,934	98,828
Retained earnings	1,801,898	1,700,674
Total shareholders’ equity	1,900,832	1,799,502
Total liabilities and shareholders’ equity	$ 6,145,788	$ 5,889,157

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Amortized cost on fixed maturities trading investments	$ 3,344,014	$ 2,973,276
Cost - equity security trading investments	769,821	648,282
Cost - short-term investments	253,785	494,060
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 280,032	$ 312,060
Common Stock
Common stock, shares authorized (in shares)	70,000,000
Common stock, shares issued (in shares)	55,358,000
Common stock, shares outstanding (in shares)	55,358,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Net premiums earned	$ 899,304	$ 915,012	$ 2,633,775	$ 2,674,034
Net investment income	32,140	36,356	100,801	105,562
Net realized investment gains (losses)	64,436	33,324	(28,458)	197,726
Other	2,894	2,603	6,810	7,203
Total revenues	998,774	987,295	2,712,928	2,984,525
Expenses:
Losses and loss adjustment expenses	618,657	680,928	1,765,627	1,967,921
Policy acquisition costs	157,365	150,929	463,604	447,971
Other operating expenses	71,859	70,341	219,519	206,250
Interest	4,262	4,257	12,786	12,779
Total expenses	852,143	906,455	2,461,536	2,634,921
Income before income taxes	146,631	80,840	251,392	349,604
Income tax expense	27,774	11,558	43,528	61,205
Net income	$ 118,857	$ 69,282	$ 207,864	$ 288,399
Net income per share:
Basic (in dollars per share)	$ 2.15	$ 1.25	$ 3.75	$ 5.21
Diluted (in dollars per share)	$ 2.15	$ 1.25	$ 3.75	$ 5.21
Weighted average shares outstanding:
Basic (in shares)	55,358	55,355	55,358	55,349
Diluted (in shares)	55,358	55,366	55,358	55,360

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Cumulative Effect, Period Of Adoption, Adjustment [Member]Retained Earnings [Member]	Cumulative Effect, Period Of Adoption, Adjusted Balance [Member]Retained Earnings [Member]
Shareholders' equity, beginning balance at Dec. 31, 2018		$ 98,026	$ 1,519,658	$ 0	$ 1,519,658
Proceeds from stock options exercised		591
Share-based compensation expense		88
Withholding tax on stock options exercised		(22)
Net income	$ 288,399		288,399
Dividends paid to shareholders			(104,196)
Shareholders' equity, ending balance at Sep. 30, 2019	1,802,544	98,683	1,703,861
Shareholders' equity, beginning balance at Jun. 30, 2019		98,647	1,669,315	0	1,669,315
Proceeds from stock options exercised		0
Share-based compensation expense		36
Withholding tax on stock options exercised		0
Net income	69,282		69,282
Dividends paid to shareholders			(34,736)
Shareholders' equity, ending balance at Sep. 30, 2019	1,802,544	98,683	1,703,861
Shareholders' equity, beginning balance at Dec. 31, 2019	1,799,502	98,828	1,700,674	(2,014)	1,698,660
Proceeds from stock options exercised		0
Share-based compensation expense		106
Withholding tax on stock options exercised		0
Net income	207,864		207,864
Dividends paid to shareholders			(104,626)
Shareholders' equity, ending balance at Sep. 30, 2020	1,900,832	98,934	1,801,898
Shareholders' equity, beginning balance at Jun. 30, 2020		98,898	1,717,917	$ 0	$ 1,717,917
Proceeds from stock options exercised		0
Share-based compensation expense		36
Withholding tax on stock options exercised		0
Net income	118,857		118,857
Dividends paid to shareholders			(34,876)
Shareholders' equity, ending balance at Sep. 30, 2020	$ 1,900,832	$ 98,934	$ 1,801,898

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 207,864	$ 288,399
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,617	47,412
Net realized investment losses (gains)	28,458	(197,726)
Increase in premiums receivable	(18,075)	(74,797)
Decrease in reinsurance recoverables	37,241	117,640
Changes in current and deferred income taxes	6,075	60,026
Increase in deferred policy acquisition costs	(18,296)	(22,563)
Increase in loss and loss adjustment expense reserves	20,731	25,799
Increase in unearned premiums	77,002	147,784
Increase in accounts payable and accrued expenses	38,879	40,764
Share-based compensation	106	88
Other, net	12,650	(19,233)
Net cash provided by operating activities	443,252	413,593
Fixed maturity securities available for sale in nature:
Purchases	(686,541)	(384,991)
Sales	127,336	55,882
Calls or maturities	154,180	258,810
Equity securities available for sale in nature:
Purchases	(1,001,624)	(852,903)
Sales	849,964	805,752
Calls	3,880	0
Changes in securities payable and receivable	11,923	3,771
Decrease (increase) in short-term investments	240,673	(168,378)
Purchases of fixed assets	(29,764)	(31,824)
Other, net	19,078	4,972
Net cash used in investing activities	(310,895)	(308,909)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders	(104,626)	(104,196)
Proceeds from stock options exercised	0	591
Net cash used in financing activities	(104,626)	(103,605)
Net increase in cash	27,731	1,079
Cash:
Beginning of the year	294,398	314,291
End of period	322,129	315,370
SUPPLEMENTAL CASH FLOW DISCLOSURE
Interest paid	16,573	16,567
Income taxes paid, net	$ 37,453	$ 1,178

General

General	9 Months Ended
	Sep. 30, 2020
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, 2019. 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, 2020 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, 2019 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. 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, 2019. Earnings per Share Potentially dilutive securities representing approximately 68,000 shares of common stock were excluded from the computation of diluted income per common share for each of the three and nine months ended September 30, 2020, 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, 2019. Dividends per Share The Company declared and paid a dividend per share of $0.6300 and $0.6275 during the three months ended September 30, 2020 and 2019, respectively, and dividends per share of $1.8900 and $1.8825 during the nine months ended September 30, 2020 and 2019, respectively. 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 $157.4 million and $150.9 million for the three months ended September 30, 2020 and 2019, respectively, and $463.6 million and $448.0 million for the nine months ended September 30, 2020 and 2019, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $10.8 million and $12.5 million for the three months ended September 30, 2020 and 2019, respectively, and $31.7 million and $36.1 million for the nine months ended September 30, 2020 and 2019, respectively. Reinsurance Unearned premiums and loss and loss adjustment expense reserves are stated in the accompanying consolidated financial statements before deductions for ceded reinsurance. Unearned premiums and loss and loss adjustment expense reserves that are ceded to reinsurers are carried in other assets and reinsurance recoverables, respectively, in the Company's consolidated balance sheets. Earned premiums are stated net of deductions for ceded reinsurance. The Company is party to a Catastrophe Reinsurance Treaty (the "Treaty") covering a wide range of perils that is effective through June 30, 2021. The Treaty provides $717 million of coverage on a per occurrence basis after covered catastrophe losses exceed the $40 million Company retention limit. The Treaty specifically excludes coverage for any Florida business and for California earthquake losses on fixed property policies, such as homeowners, but does cover losses from fires following an earthquake. The Treaty provides for one full reinstatement of coverage limits with a minor exception at the top coverage layer, and includes some additional minor territorial and coverage restrictions. The Company recognized ceded premiums earned of approximately $15 million and $13 million for the three months ended September 30, 2020 and 2019, respectively, and $41 million and $44 million for the nine months ended September 30, 2020 and 2019, respectively, which are included in net premiums earned in its consolidated statements of operations. The Company recognized ceded losses and loss adjustment expenses of approximately $(7) million and $1 million for the three months ended September 30, 2020 and 2019, respectively, and $(23) million and $(51) million for the nine months ended September 30, 2020 and 2019, respectively, which are included in losses and loss adjustment expenses in its consolidated statements of operations. The negative ceded losses and loss adjustment expenses for the three and nine months ended September 30, 2020 were due to the reimbursements from Pacific Gas and Electric Corporation ("PG&E") Subrogation Trust Fund to the Company for certain claims paid to its policyholders related to wildfires in the recent past years, in accordance with PG&E's Plan of Reorganization approved by the United States Bankruptcy Court. These loss recoveries from PG&E were ceded to the Company's reinsurers as the original losses had previously been ceded to its reinsurers under the Treaty. The large negative ceded losses and loss adjustment expenses for the nine months ended September 30, 2019 resulted from the re-estimation of the catastrophe loss reserves, including estimated subrogation, on the 2018 Camp and Woolsey Fires and the 2017 Southern California wildfires, which had previously been ceded to reinsurers under the Treaty, in conjunction with the sale of the Company's subrogation rights during the first quarter of 2019. The re-estimation primarily benefited the Company's reinsurers. See Note 10. Loss and Loss Adjustment Expense Reserves for additional information. The Company's insurance subsidiaries, as primary insurers, are required to pay losses to the extent reinsurers are unable to discharge their obligations under the reinsurance agreements. Revenue from Contracts with Customers (Topic 606) The Company's revenue from contracts with customers is commission income earned from third-party insurers by its 100% owned insurance agencies, which amounted to approximately $4.5 million and $4.2 million, with related expenses of $2.8 million and $2.5 million, for the three months ended September 30, 2020 and 2019, respectively, and $13.7 million and $12.5 million, with related expenses of $9.0 million and $7.8 million, for the nine months ended September 30, 2020 and 2019, respectively. All of 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 (see Note 13. Segment Information). As of September 30, 2020 and December 31, 2019, the Company had no contract assets and contract liabilities, and no remaining performance obligations associated with unrecognized revenues. Capitalized Implementation Costs for Cloud Computing Arrangements On January 1, 2020, the Company adopted 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, " on a prospective basis, which provides guidance that requires capitalizing and amortizing certain of the implementation costs. The majority of the Company's cloud computing arrangements relate to service contracts with third parties that host the Company's data and computing infrastructure that are used in providing services to and supporting transactions with its existing or potential policyholders and insurance agents. The balance of capitalized implementation costs for cloud computing arrangements, net of accumulated amortization, was $5.2 million and $4.4 million at September 30, 2020 and December 31, 2019, respectively, which is included in other assets in the Company's consolidated balance sheets. The accumulated amortization was $1.5 million and $0.3 million at September 30, 2020 and December 31, 2019, respectively. The amortization expense related to the capitalized implementation costs was $0.6 million and $1.2 million for the three and nine months ended September 30, 2020, respectively, which is included in other operating expenses in the Company's consolidated statements of operations. The Company had no amortization expenses for the three and nine months ended September 30, 2019. Allowance for Credit Losses On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) along with certain additional ASUs on Topic 326 using a modified retrospective transition method, and recognized the cumulative-effect adjustment of approximately $2 million to the beginning retained earnings of 2020. The cumulative-effect adjustment primarily resulted from re-estimating credit losses on the outstanding balances of the Company's premiums receivable and reinsurance recoverables at the adoption date. Topic 326 replaces the "incurred loss" methodology for recognizing credit losses with a methodology that reflects expected credit losses for financial assets that are not accounted for at fair value through net income. The Company's investment portfolio, not including accrued investment income, was not affected by Topic 326 as it applies the fair value option to all of its investments (see Note 4. Fair Value Option). Premiums Receivable The majority of the Company's premiums receivable are short-term in nature and are due within a year, consistent with the policy term of its insurance policies sold. Generally, premiums are collected prior to providing risk coverage, minimizing the Company's exposure to credit risk. The Company monitors the credit risk associated with premiums receivable, taking into consideration the fact that credit risk is reduced by the Company's right to offset loss payments and unearned premiums against premiums receivable. The Company has established an allowance for uncollectible premiums receivable related to credit risk, and the estimated allowance is reviewed quarterly and adjusted as appropriate based on evaluations of balances due from insureds, management’s experience, historical data, current economic conditions, and reasonable and supportable forecasts of future economic conditions that affect the collectibility of the reported amounts. In estimating an allowance for uncollectible premiums receivable, the Company assesses customer balances and write-offs by state, line of business, and the year the premiums were written, leveraging its current process for analyzing uncollectibility of premiums receivable. This allowance is based on historical write-off percentages adjusted for the effects of current trends and reasonable and supportable forecasts, as well as expected recoveries of amounts written off. Evaluating the current trends or economic conditions that impact the Company's ability to collect premiums receivable and projecting those into the remaining life of premiums receivable in order to develop a reasonable and supportable forecast of the ultimate collectibility involve significant judgment and assumptions about future economic conditions. The Company believes that the sustained high unemployment rate resulting from the outbreak of a novel strain of coronavirus (“COVID-19”) will lead to significant uncollectible amounts over the life of the premiums receivable balances outstanding at September 30, 2020. In addition, the Company has been offering payment grace periods upon request from customers, which adds an element of uncertainty to the collectibility. Actual uncollectible amounts could be considerably more or less than the estimate. If future economic conditions, including the severity of job losses in the states in which the Company operates, were to be much worse than expected, the actual uncollectible amounts could be significantly greater than the allowance for credit losses on premiums receivable. The Company monitors the overall credit risk of premiums receivable by regularly reviewing macroeconomic indicators such as unemployment and interest rates, regulatory developments such as restrictions on cancellation of policies for nonpayment of premiums, and insurance policy specific indicators such as trends in policy cancellations and premium due date extensions granted to its insureds. The following table presents a summary of changes in allowance for credit losses on premiums receivable: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Beginning balance $ 10,000 $ 1,199 $ 1,445 $ 1,458 Cumulative effect of adopting ASU 2016-13 for premiums receivable — — 1,855 — Beginning balance, as adjusted 10,000 1,199 3,300 1,458 Provision during the period for expected credit losses 559 1,506 9,448 4,421 Write-off amounts during the period (735) (1,660) (3,279) (5,231) Recoveries during the period of amounts previously written off 176 268 531 665 Ending balance (1) $ 10,000 $ 1,313 $ 10,000 $ 1,313 __________ (1) The allowance for credit losses on premiums receivable increased significantly in the first quarter of 2020 due to the adverse economic conditions following the outbreak of the COVID-19 pandemic, and remained high at September 30, 2020 based on the latest estimate of the uncollectible amount of premiums receivable. Reinsurance Recoverables Reinsurance recoverables are balances due to the Company from its reinsurers for paid and unpaid losses and loss adjustment expenses. A credit exposure exists with respect to these balances to the extent that any reinsurer is unable to meet its obligations. The Company has established an allowance for uncollectible reinsurance recoverables related to credit risk, and changes in the allowance are presented as a component of losses and loss adjustment expenses in the Company's consolidated statements of operations. The Company reviews the allowance quarterly and adjusts it as necessary to reflect changes in estimates of uncollectible balances. The Company evaluates the financial condition of its reinsurers and monitors concentration risk to minimize its exposure to significant losses from individual reinsurers. The Company attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have high credit ratings and by obtaining collateral as necessary. The primary method of obtaining collateral is through letters of credit. Generally, the Company uses a default analysis to estimate uncollectible reinsurance recoverables. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral and any liabilities held by the Company subject to a right of offset, and future default factors used to estimate the probability that the reinsurer may be unable to meet its future obligations in full. The determination of the future default factor is based on a historical default factor published by a major rating agency applicable to the particular financial strength rating class. Application of future default factors also requires considerable judgment and assumptions, such as timing of loss payments and duration of the outstanding recoverable balances. Based on its past experiences with major catastrophes, the Company assumed that the majority of the reinsurance recoverable balances on unpaid losses outstanding at September 30, 2020 will be billed and collected or written off over the course of the next 5 years, and that the outstanding reinsurance recoverable balances on paid losses will be collected or written off within a year. AM Best's Financial Strength Ratings of the Company's reinsurers ranged between B++ and A++ at September 30, 2020. While a ratings downgrade would result in an increase in provision for uncollectible reinsurance recoverables and a charge to earnings in that period, a downgrade in and of itself does not imply that the Company will be unable to collect all of the reinsurance recoverables from the reinsurers in question. To the extent the creditworthiness of the Company's reinsurers were to deteriorate due to an adverse event affecting the reinsurance industry, such as a large number of major catastrophes, actual uncollectible amounts could be significantly greater than the allowance for uncollectible reinsurance recoverables. The Company monitors credit risk by reviewing the credit ratings of its reinsurers, adequacy of letters of credit, and broader industry risks such as catastrophes impacting our reinsurers. The following table presents a summary of changes in allowance for credit losses on reinsurance recoverables: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Beginning balance $ 88 $ — $ — $ — Cumulative effect of adopting ASU 2016-13 for reinsurance recoverables — — 159 — Beginning balance, as adjusted 88 — 159 — Provision during the period for expected credit losses (30) — (101) — Write-off amounts during the period — — — — Recoveries during the period of amounts previously written off — — — — Ending balance $ 58 $ — $ 58 $ — Accrued Interest Receivables The Company made certain accounting policy elections for its accrued interest receivables on the adoption date of Topic 326 as allowed: a) an election to present accrued interest receivable balances separately from the associated financial assets on the balance sheet, and b) an election not to measure an allowance for credit losses on accrued interest receivable amounts and instead write off uncollectible accrued interest amounts in a timely manner by reversing interest income.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, " Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. " ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or other interbank offered rates expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company expects to apply the optional expedients in this ASU to its unsecured credit facility that references LIBOR (see Note 11), when the facility is modified with a replacement rate before LIBOR expires. The Company does not expect any material impact on its consolidated financial statements and related disclosures resulting from applying this ASU.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2020
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, 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, 2020 December 31, 2019 (Amounts in thousands) Assets Investments $ 4,548,796 $ 4,312,161 Note receivable 5,736 5,665 Liabilities Options sold 1,356 77 Unsecured notes 406,144 394,279 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 or 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. From time to time, 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, 2020 and December 31, 2019. 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 invests, directly or indirectly through its consolidated VIEs, in limited partnerships or limited liability companies such as private equity funds. These investments are non-consolidated VIEs as the Company has determined it is not the primary beneficiary of such VIEs. The Company's maximum exposure to loss with respect to these VIEs is limited to the total carrying value that is included in equity securities in the Company's consolidated balance sheets. At September 30, 2020 and December 31, 2019, the Company had no outstanding unfunded commitments to these VIEs whereby the Company may be called by the VIEs during the commitment period to fund the purchase of new investments and the expenses of the VIEs. 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 was originally set to mature on August 31, 2020. Effective August 1, 2020, the maturity date was extended to August 31, 2021, with no change in the annual interest rate. 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 in 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. Unsecured Notes The fair value of the Company’s publicly traded $375 million unsecured notes at September 30, 2020 and December 31, 2019 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, 2020
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 application of the fair value option: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Fixed maturity securities $ 21,112 $ 22,403 $ 21,350 $ 110,559 Equity securities 37,734 1,928 (36,699) 66,976 Short-term investments (20) (326) (18) 898 Total investments $ 58,826 $ 24,005 $ (15,367) $ 178,433 Note receivable 39 18 71 96 Total gains (losses) $ 58,865 $ 24,023 $ (15,296) $ 178,529

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2020
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 98.4% of its investment portfolio at fair value from an independent pricing service at September 30, 2020. For a private equity fund that was classified as Level 3 and included in equity securities at December 31, 2019, 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 $1.2 million at December 31, 2019. The Company reclassified this fund from Level 3 to private equity funds measured at net asset value ("NAV") at March 31, 2020, due to the use of the practical expedient based on NAV in measuring the fair value of the fund. 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 $12.0 million and $18.9 million at fair value in commercial mortgage-backed securities at September 30, 2020 and December 31, 2019, 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. 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 are deemed to be of a distressed trading level. Private equity fund : Private equity fund that was not measured at NAV was 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 funds measured at net asset value is determined using NAV as advised by the external fund managers and the third party administrators. The NAV of the Company's limited partnership or limited liability company interest in such a 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, private equity funds measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. The strategy of two of the three such funds with a fair value of approximately $71.4 million at September 30, 2020 is to provide current income to investors by investing mainly in secured loans, CLOs or CLO issuers, and equity interests in vehicles established to purchase and warehouse loans; the strategy of the other such fund with a fair value of approximately $1.2 million at September 30, 2020 is to achieve favorable long-term financial returns and measurable positive social and environmental returns by investing in privately held technology, healthcare, specialty consumer goods and service companies. The Company has made all of its capital contributions in these funds and had no outstanding unfunded commitments at September 30, 2020 with respect to the funds. The underlying assets of the funds are expected to be liquidated over the period of approximately one year to 10 years from September 30, 2020. In addition, the Company does not have the ability to redeem or withdraw from the funds, or to sell, assign, pledge or transfer its investment, without the consent from the General Partner or Managers of each fund, but will receive distributions based on the liquidation of the underlying assets and the interest proceeds from the underlying assets. 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, 2020 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 24,233 $ — $ — $ 24,233 Municipal securities — 2,773,691 — 2,773,691 Mortgage-backed securities — 70,366 — 70,366 Corporate securities — 251,138 — 251,138 Collateralized loan obligations — 257,004 — 257,004 Other asset-backed securities — 108,931 — 108,931 Total fixed maturity securities 24,233 3,461,130 — 3,485,363 Equity securities: Common stock 705,359 — — 705,359 Non-redeemable preferred stock — 31,677 — 31,677 Private equity funds measured at net asset value (1) 72,555 Total equity securities 705,359 31,677 — 809,591 Short-term investments: Short-term bonds — 15,005 — 15,005 Money market instruments 238,837 — — 238,837 Total short-term investments 238,837 15,005 — 253,842 Other assets: Note receivable — 5,736 — 5,736 Total assets at fair value $ 968,429 $ 3,513,548 $ — $ 4,554,532 Liabilities Other liabilities: Options sold $ 1,356 $ — $ — $ 1,356 Total liabilities at fair value $ 1,356 $ — $ — $ 1,356 December 31, 2019 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 22,637 $ — $ — $ 22,637 Municipal securities — 2,554,208 — 2,554,208 Mortgage-backed securities — 63,003 — 63,003 Corporate securities — 235,565 — 235,565 Collateralized loan obligations — 199,217 — 199,217 Other asset-backed securities — 18,645 — 18,645 Total fixed maturity securities 22,637 3,070,638 — 3,093,275 Equity securities: Common stock 586,367 — — 586,367 Non-redeemable preferred stock — 49,708 — 49,708 Private equity fund — — 1,203 1,203 Private equity funds measured at net asset value (1) 87,473 Total equity securities 586,367 49,708 1,203 724,751 Short-term investments: Short-term bonds 2,822 30,080 — 32,902 Money market instruments 461,233 — — 461,233 Total short-term investments 464,055 30,080 — 494,135 Other assets: Note receivable — 5,665 — 5,665 Total assets at fair value $ 1,073,059 $ 3,156,091 $ 1,203 $ 4,317,826 Liabilities Other liabilities: Options sold $ 77 $ — $ — $ 77 Total liabilities at fair value $ 77 $ — $ — $ 77 __________ (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 Fund Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Beginning balance $ — $ 1,206 $ 1,203 $ 1,445 Realized (losses) gains included in earnings — (2) (1) 102 Settlements — — — (343) Transfer out (1) — — (1,202) — Ending balance $ — $ 1,204 $ — $ 1,204 The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30 $ — $ (2) $ — $ 94 __________ (1) The private equity fund was reclassified from Level 3 to private equity funds measured at net asset value due to the use of the NAV practical expedient in measuring the fair value of the fund at March 31, 2020. There were no transfers between Levels 1, 2, and 3 of the fair value hierarchy during the nine months ended September 30, 2020 and 2019. A private equity fund was reclassified from Level 3 to private equity funds measured at net asset value at March 31, 2020, as described above. At September 30, 2020, 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, 2020 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 372,432 $ 406,144 $ — $ 406,144 $ — December 31, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 372,133 $ 394,279 $ — $ 394,279 $ — Unsecured Notes The fair value of the Company’s publicly traded $375 million unsecured notes at September 30, 2020 and December 31, 2019 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, 2020
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. From time to time, 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. The agreement had an initial term of one year, subject to periodic renewal. In July 2018, the agreement was renewed through January 24, 2020. During the fourth quarter of 2019, the underlying obligations were liquidated and the total return swap agreement between FFL and Citibank was terminated. Under the agreement, FFL 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 Company paid interest at the rate of LIBOR plus 128 basis points prior to the renewal of the agreement in January 2018, LIBOR plus 120 basis points subsequent to the January 2018 renewal through July 2018, and LIBOR plus 105 basis points subsequent to the July 2018 renewal until December 2019, on approximately $100 million of underlying obligations as of December 31, 2018. 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: Liability Derivatives September 30, 2020 December 31, 2019 (Amount in thousands) Options sold - Other liabilities $ 1,356 $ 77 Total derivatives $ 1,356 $ 77 Gains (Losses) Recognized in Net Income Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Total return swap - Net realized investment gains (losses) $ — $ (376) $ — $ 1,905 Options sold - Net realized investment gains (losses) 7,144 1,559 17,799 4,904 Total $ 7,144 $ 1,183 $ 17,799 $ 6,809 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, 2020
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, 2020 and 2019. No accumulated goodwill impairment losses exist. 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, 2020 and 2019. 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 Accumulated Net Carrying Useful Lives (Amounts in thousands) (in years) As of September 30, 2020: Customer relationships $ 53,213 $ (52,534) $ 679 11 Trade names 15,400 (7,540) 7,860 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 74,313 $ (64,374) $ 9,939 As of December 31, 2019: Customer relationships $ 53,213 $ (52,319) $ 894 11 Trade names 15,400 (7,058) 8,342 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 74,313 $ (63,677) $ 10,636 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, 2020 and 2019. Other intangible assets with definite useful lives are amortized on a straight-line basis over their useful lives. Other intangible assets amortization expense was $0.2 million and $1.3 million for the three months ended September 30, 2020 and 2019, respectively, and $0.7 million and $3.8 million for the nine months ended September 30, 2020 and 2019, respectively. The following table presents the estimated future amortization expense related to other intangible assets as of September 30, 2020: Year Amortization Expense (Amounts in thousands) Remainder of 2020 $ 226 2021 902 2022 878 2023 714 2024 686 Thereafter 5,133 Total $ 8,539

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Share-Based Compensation	Share-Based Compensation 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 restricted stock unit ("RSU") or deferred stock awards. As of September 30, 2020, the Company had 70,000 stock options granted that were exercised or outstanding, and 4,830,000 shares of common stock available for future grant under the 2015 Plan. 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, 2020, 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. 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. 10,000 of these stock options were forfeited in February 2019 following the departure of a senior executive. 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, 2020, the Company had $0.2 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 1.4 years. The fair value of each RSU grant was 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 vested 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 achieved the threshold established by the Compensation Committee of the Company’s Board of Directors. Performance thresholds were based on the Company’s cumulative underwriting income, annual underwriting income, and net earned premium growth. Compensation cost was recognized based on management’s best estimate of the performance goals that would be achieved at the end of the performance period, taking into account expected forfeitures. If the minimum performance goals were not expected to be met, no compensation cost was recognized and any recognized compensation cost was reversed. In February 2019, 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, 2018, all of the outstanding RSUs granted in 2016 expired unvested because the Company did not meet the minimum three-year performance threshold. There were no RSUs outstanding at September 30, 2020. No RSUs or stock options were awarded during the nine months ended September 30, 2020.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
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 $1,417,000 decrease to the total amount of unrecognized tax benefits related to tax uncertainties during the nine months ended September 30, 2020. The decrease was the result of the payment of the assessment related to a California Franchise Tax Board (“FTB”) audit for tax years 2014 through 2016. 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 2017 through 2019 for federal taxes, and 2011 through 2013 and 2017 through 2019 for California state taxes. For tax years 2014 through 2016, the Company received Notices of Proposed Assessments (“NPAs”) related to the Company’s California apportionment factor and paid the total assessment with interest to the FTB in the third quarter of 2020. For tax years 2011 through 2013, the Company received NPAs and submitted a formal protest to the FTB in 2018. 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. The Company believes that the resolution of these examinations and assessments will not have a material impact on the financial position of the Company. 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, 2020, 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.

Loss And Loss Adjustment Expens

Loss And Loss Adjustment Expense Reserves	9 Months Ended
	Sep. 30, 2020
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, 2020 2019 (Amounts in thousands) Gross reserves, beginning of period $ 1,921,255 $ 1,829,412 Reinsurance recoverables on unpaid losses, beginning of period (76,100) (180,859) Cumulative effect of adopting ASU 2016-13 for reinsurance recoverables on unpaid losses (1) 149 — Reinsurance recoverables on unpaid losses, beginning of period, as adjusted (75,951) (180,859) Net reserves, beginning of period, as adjusted 1,845,304 1,648,553 Incurred losses and loss adjustment expenses related to: Current year 1,740,116 1,957,598 Prior years 25,511 10,323 Total incurred losses and loss adjustment expenses 1,765,627 1,967,921 Loss and loss adjustment expense payments related to: Current year 937,373 1,149,659 Prior years 786,180 715,451 Total payments 1,723,553 1,865,110 Net reserves, end of period 1,887,378 1,751,364 Reinsurance recoverables on unpaid losses, end of period 54,608 103,847 Gross reserves, end of period $ 1,941,986 $ 1,855,211 __________ (1) See Note 1 for additional information on adoption of ASU 2016-13. The increase in the provision for insured events of prior years during the nine months ended September 30, 2020 of $25.5 million was primarily attributable to higher than estimated losses and loss adjustment expenses in the homeowners and commercial automobile lines of insurance business, partially offset by favorable development in the California private passenger automobile line of insurance business. The increase in the provision for insured events of prior years during the nine months ended September 30, 2019 of $10.3 million was primarily attributable to higher than estimated defense and cost containment expenses in the California automobile line of insurance business, partially offset by favorable development in certain of the Company's other lines of insurance business. For the nine months ended September 30, 2020 and 2019, the Company recorded catastrophe losses net of reinsurance of approximately $43 million and $17 million, respectively. Catastrophe losses due to the events that occurred during the nine months ended September 30, 2020 totaled approximately $48 million, with no reinsurance benefits used for these losses, resulting primarily from wildfires and windstorms in California and extreme weather events outside of California. These losses were partially offset by favorable development of approximately $5 million on prior years' catastrophe losses. Catastrophe losses due to the events that occurred during the nine months ended September 30, 2019 totaled approximately $20 million, with no reinsurance benefits used for these losses, resulting primarily from winter storms in California, a hurricane in Texas, and tornadoes and wind and hail storms in the Midwest. These losses were partially offset by favorable development of approximately $3 million on prior years' catastrophe losses.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2020
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, 2020 December 31, 2019 (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) 2,568 2,867 Total debt $ 372,432 $ 372,133 __________ (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 16.5% at September 30, 2020, resulting in a 15 basis point commitment fee on the $50 million undrawn portion of the credit facility. As of October 29, 2020, there have been no borrowings under this facility.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2020
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, 2019. 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.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
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, 2020 2019 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 892.0 $ 7.3 $ 899.3 $ 907.9 $ 7.1 $ 915.0 Less: Losses and loss adjustment expenses 614.9 3.8 618.7 677.3 3.6 680.9 Underwriting expenses 225.4 3.7 229.1 217.8 3.5 221.3 Underwriting gain (loss) 51.7 (0.2) 51.5 12.8 — 12.8 Investment income 32.1 36.4 Net realized investment gains 64.4 33.3 Other income 2.9 2.6 Interest expense (4.3) (4.3) Pre-tax income $ 146.6 $ 80.8 Net income $ 118.9 $ 69.3 Nine Months Ended September 30, 2020 2019 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 2,612.2 $ 21.6 $ 2,633.8 $ 2,652.8 $ 21.2 $ 2,674.0 Less: Losses and loss adjustment expenses 1,755.2 10.4 1,765.6 1,957.4 10.5 1,967.9 Underwriting expenses 672.2 10.9 683.1 643.8 10.4 654.2 Underwriting gain 184.8 0.3 185.1 51.6 0.3 51.9 Investment income 100.8 105.6 Net realized investment (losses) gains (28.5) 197.7 Other income 6.8 7.2 Interest expense (12.8) (12.8) Pre-tax income $ 251.4 $ 349.6 Net income $ 207.9 $ 288.4 The following tables present the Company’s net premiums earned and direct premiums written by reportable segment and line of insurance business: Three Months Ended September 30, 2020 2019 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 653.0 $ — $ 653.0 $ 698.2 $ — $ 698.2 Homeowners 151.2 — 151.2 133.5 — 133.5 Commercial automobile 57.8 — 57.8 53.5 — 53.5 Other 30.0 7.3 37.3 22.7 7.1 29.8 Net premiums earned $ 892.0 $ 7.3 $ 899.3 $ 907.9 $ 7.1 $ 915.0 Private passenger automobile $ 667.4 $ — $ 667.4 $ 743.9 $ — $ 743.9 Homeowners 183.7 — 183.7 162.9 — 162.9 Commercial automobile 62.0 — 62.0 55.2 — 55.2 Other 35.9 8.0 43.9 25.8 9.2 35.0 Direct premiums written $ 949.0 $ 8.0 $ 957.0 $ 987.8 $ 9.2 $ 997.0

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2020
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, 2019. 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, 2020 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, 2019 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. 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, 2019
Earnings per Share	Potentially dilutive securities representing approximately 68,000 shares of common stock were excluded from the computation of diluted income per common share for each of the three and nine months ended September 30, 2020, 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 $157.4 million and $150.9 million for the three months ended September 30, 2020 and 2019, respectively, and $463.6 million and $448.0 million for the nine months ended September 30, 2020 and 2019, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $10.8 million and $12.5 million for the three months ended September 30, 2020 and 2019, respectively, and $31.7 million and $36.1 million for the nine months ended September 30, 2020 and 2019, respectively.
Reinsurance	Unearned premiums and loss and loss adjustment expense reserves are stated in the accompanying consolidated financial statements before deductions for ceded reinsurance. Unearned premiums and loss and loss adjustment expense reserves that are ceded to reinsurers are carried in other assets and reinsurance recoverables, respectively, in the Company's consolidated balance sheets. Earned premiums are stated net of deductions for ceded reinsurance. The Company is party to a Catastrophe Reinsurance Treaty (the "Treaty") covering a wide range of perils that is effective through June 30, 2021. The Treaty provides $717 million of coverage on a per occurrence basis after covered catastrophe losses exceed the $40 million Company retention limit. The Treaty specifically excludes coverage for any Florida business and for California earthquake losses on fixed property policies, such as homeowners, but does cover losses from fires following an earthquake. The Treaty provides for one full reinstatement of coverage limits with a minor exception at the top coverage layer, and includes some additional minor territorial and coverage restrictions. The Company recognized ceded premiums earned of approximately $15 million and $13 million for the three months ended September 30, 2020 and 2019, respectively, and $41 million and $44 million for the nine months ended September 30, 2020 and 2019, respectively, which are included in net premiums earned in its consolidated statements of operations. The Company recognized ceded losses and loss adjustment expenses of approximately $(7) million and $1 million for the three months ended September 30, 2020 and 2019, respectively, and $(23) million and $(51) million for the nine months ended September 30, 2020 and 2019, respectively, which are included in losses and loss adjustment expenses in its consolidated statements of operations. The negative ceded losses and loss adjustment expenses for the three and nine months ended September 30, 2020 were due to the reimbursements from Pacific Gas and Electric Corporation ("PG&E") Subrogation Trust Fund to the Company for certain claims paid to its policyholders related to wildfires in the recent past years, in accordance with PG&E's Plan of Reorganization approved by the United States Bankruptcy Court. These loss recoveries from PG&E were ceded to the Company's reinsurers as the original losses had previously been ceded to its reinsurers under the Treaty. The large negative ceded losses and loss adjustment expenses for the nine months ended September 30, 2019 resulted from the re-estimation of the catastrophe loss reserves, including estimated subrogation, on the 2018 Camp and Woolsey Fires and the 2017 Southern California wildfires, which had previously been ceded to reinsurers under the Treaty, in conjunction with the sale of the Company's subrogation rights during the first quarter of 2019. The re-estimation primarily benefited the Company's reinsurers. See Note 10. Loss and Loss Adjustment Expense Reserves for additional information. The Company's insurance subsidiaries, as primary insurers, are required to pay losses to the extent reinsurers are unable to discharge their obligations under the reinsurance agreements.
Recently Issued Accounting Standards	In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, " Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. " ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or other interbank offered rates expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company expects to apply the optional expedients in this ASU to its unsecured credit facility that references LIBOR (see Note 11), when the facility is modified with a replacement rate before LIBOR expires. The Company does not expect any material impact on its consolidated financial statements and related disclosures resulting from applying this ASU.

General General (Tables)

General General (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for Credit Losses on Premium Receivable	The following table presents a summary of changes in allowance for credit losses on premiums receivable: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Beginning balance $ 10,000 $ 1,199 $ 1,445 $ 1,458 Cumulative effect of adopting ASU 2016-13 for premiums receivable — — 1,855 — Beginning balance, as adjusted 10,000 1,199 3,300 1,458 Provision during the period for expected credit losses 559 1,506 9,448 4,421 Write-off amounts during the period (735) (1,660) (3,279) (5,231) Recoveries during the period of amounts previously written off 176 268 531 665 Ending balance (1) $ 10,000 $ 1,313 $ 10,000 $ 1,313 __________
Allowance for Credit Losses on Reinsurance Recoverables	The following table presents a summary of changes in allowance for credit losses on reinsurance recoverables: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Beginning balance $ 88 $ — $ — $ — Cumulative effect of adopting ASU 2016-13 for reinsurance recoverables — — 159 — Beginning balance, as adjusted 88 — 159 — Provision during the period for expected credit losses (30) — (101) — Write-off amounts during the period — — — — Recoveries during the period of amounts previously written off — — — — Ending balance $ 58 $ — $ 58 $ —

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 December 31, 2019 (Amounts in thousands) Assets Investments $ 4,548,796 $ 4,312,161 Note receivable 5,736 5,665 Liabilities Options sold 1,356 77 Unsecured notes 406,144 394,279

Fair Value Option (Tables)

Fair Value Option (Tables)	9 Months Ended
	Sep. 30, 2020
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 application of the fair value option: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Fixed maturity securities $ 21,112 $ 22,403 $ 21,350 $ 110,559 Equity securities 37,734 1,928 (36,699) 66,976 Short-term investments (20) (326) (18) 898 Total investments $ 58,826 $ 24,005 $ (15,367) $ 178,433 Note receivable 39 18 71 96 Total gains (losses) $ 58,865 $ 24,023 $ (15,296) $ 178,529

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2020
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques	The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: September 30, 2020 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 24,233 $ — $ — $ 24,233 Municipal securities — 2,773,691 — 2,773,691 Mortgage-backed securities — 70,366 — 70,366 Corporate securities — 251,138 — 251,138 Collateralized loan obligations — 257,004 — 257,004 Other asset-backed securities — 108,931 — 108,931 Total fixed maturity securities 24,233 3,461,130 — 3,485,363 Equity securities: Common stock 705,359 — — 705,359 Non-redeemable preferred stock — 31,677 — 31,677 Private equity funds measured at net asset value (1) 72,555 Total equity securities 705,359 31,677 — 809,591 Short-term investments: Short-term bonds — 15,005 — 15,005 Money market instruments 238,837 — — 238,837 Total short-term investments 238,837 15,005 — 253,842 Other assets: Note receivable — 5,736 — 5,736 Total assets at fair value $ 968,429 $ 3,513,548 $ — $ 4,554,532 Liabilities Other liabilities: Options sold $ 1,356 $ — $ — $ 1,356 Total liabilities at fair value $ 1,356 $ — $ — $ 1,356 December 31, 2019 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 22,637 $ — $ — $ 22,637 Municipal securities — 2,554,208 — 2,554,208 Mortgage-backed securities — 63,003 — 63,003 Corporate securities — 235,565 — 235,565 Collateralized loan obligations — 199,217 — 199,217 Other asset-backed securities — 18,645 — 18,645 Total fixed maturity securities 22,637 3,070,638 — 3,093,275 Equity securities: Common stock 586,367 — — 586,367 Non-redeemable preferred stock — 49,708 — 49,708 Private equity fund — — 1,203 1,203 Private equity funds measured at net asset value (1) 87,473 Total equity securities 586,367 49,708 1,203 724,751 Short-term investments: Short-term bonds 2,822 30,080 — 32,902 Money market instruments 461,233 — — 461,233 Total short-term investments 464,055 30,080 — 494,135 Other assets: Note receivable — 5,665 — 5,665 Total assets at fair value $ 1,073,059 $ 3,156,091 $ 1,203 $ 4,317,826 Liabilities Other liabilities: Options sold $ 77 $ — $ — $ 77 Total liabilities at fair value $ 77 $ — $ — $ 77 __________ (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 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, 2020 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 372,432 $ 406,144 $ — $ 406,144 $ — December 31, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 372,133 $ 394,279 $ — $ 394,279 $ —
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 Fund Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Beginning balance $ — $ 1,206 $ 1,203 $ 1,445 Realized (losses) gains included in earnings — (2) (1) 102 Settlements — — — (343) Transfer out (1) — — (1,202) — Ending balance $ — $ 1,204 $ — $ 1,204 The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30 $ — $ (2) $ — $ 94 __________ (1) The private equity fund was reclassified from Level 3 to private equity funds measured at net asset value due to the use of the NAV practical expedient in measuring the fair value of the fund at March 31, 2020.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
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: Liability Derivatives September 30, 2020 December 31, 2019 (Amount in thousands) Options sold - Other liabilities $ 1,356 $ 77 Total derivatives $ 1,356 $ 77
Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations	Gains (Losses) Recognized in Net Income Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Amounts in thousands) Total return swap - Net realized investment gains (losses) $ — $ (376) $ — $ 1,905 Options sold - Net realized investment gains (losses) 7,144 1,559 17,799 4,904 Total $ 7,144 $ 1,183 $ 17,799 $ 6,809

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
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 Accumulated Net Carrying Useful Lives (Amounts in thousands) (in years) As of September 30, 2020: Customer relationships $ 53,213 $ (52,534) $ 679 11 Trade names 15,400 (7,540) 7,860 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 74,313 $ (64,374) $ 9,939 As of December 31, 2019: Customer relationships $ 53,213 $ (52,319) $ 894 11 Trade names 15,400 (7,058) 8,342 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 74,313 $ (63,677) $ 10,636
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, 2020: Year Amortization Expense (Amounts in thousands) Remainder of 2020 $ 226 2021 902 2022 878 2023 714 2024 686 Thereafter 5,133 Total $ 8,539

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [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

Loss And Loss Adjustment Expe_2

Loss And Loss Adjustment Expense Reserves (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 2019 (Amounts in thousands) Gross reserves, beginning of period $ 1,921,255 $ 1,829,412 Reinsurance recoverables on unpaid losses, beginning of period (76,100) (180,859) Cumulative effect of adopting ASU 2016-13 for reinsurance recoverables on unpaid losses (1) 149 — Reinsurance recoverables on unpaid losses, beginning of period, as adjusted (75,951) (180,859) Net reserves, beginning of period, as adjusted 1,845,304 1,648,553 Incurred losses and loss adjustment expenses related to: Current year 1,740,116 1,957,598 Prior years 25,511 10,323 Total incurred losses and loss adjustment expenses 1,765,627 1,967,921 Loss and loss adjustment expense payments related to: Current year 937,373 1,149,659 Prior years 786,180 715,451 Total payments 1,723,553 1,865,110 Net reserves, end of period 1,887,378 1,751,364 Reinsurance recoverables on unpaid losses, end of period 54,608 103,847 Gross reserves, end of period $ 1,941,986 $ 1,855,211 __________

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Payable [Abstract]
Schedule of Long-term Debt Instruments	The following table presents information about the Company's notes payable: Lender Interest Rate Maturity Date September 30, 2020 December 31, 2019 (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) 2,568 2,867 Total debt $ 372,432 $ 372,133 __________ (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 16.5% at September 30, 2020, resulting in a 15 basis point commitment fee on the $50 million undrawn portion of the credit facility. As of October 29, 2020, there have been no borrowings under this facility.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 2019 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 892.0 $ 7.3 $ 899.3 $ 907.9 $ 7.1 $ 915.0 Less: Losses and loss adjustment expenses 614.9 3.8 618.7 677.3 3.6 680.9 Underwriting expenses 225.4 3.7 229.1 217.8 3.5 221.3 Underwriting gain (loss) 51.7 (0.2) 51.5 12.8 — 12.8 Investment income 32.1 36.4 Net realized investment gains 64.4 33.3 Other income 2.9 2.6 Interest expense (4.3) (4.3) Pre-tax income $ 146.6 $ 80.8 Net income $ 118.9 $ 69.3
Schedule direct premiums attributable to segment	The following tables present the Company’s net premiums earned and direct premiums written by reportable segment and line of insurance business: Three Months Ended September 30, 2020 2019 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 653.0 $ — $ 653.0 $ 698.2 $ — $ 698.2 Homeowners 151.2 — 151.2 133.5 — 133.5 Commercial automobile 57.8 — 57.8 53.5 — 53.5 Other 30.0 7.3 37.3 22.7 7.1 29.8 Net premiums earned $ 892.0 $ 7.3 $ 899.3 $ 907.9 $ 7.1 $ 915.0 Private passenger automobile $ 667.4 $ — $ 667.4 $ 743.9 $ — $ 743.9 Homeowners 183.7 — 183.7 162.9 — 162.9 Commercial automobile 62.0 — 62.0 55.2 — 55.2 Other 35.9 8.0 43.9 25.8 9.2 35.0 Direct premiums written $ 949.0 $ 8.0 $ 957.0 $ 987.8 $ 9.2 $ 997.0

General (Details)

General (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Condensed Balance Sheet Statements, Captions [Line Items]
Potentially dilutive securities (in shares)	68,000		0	68,000	0
Common stock dividends (in dollars per share)	$ 0.6300		$ 0.6275	$ 1.8900	$ 1.8825
Deferred policy acquisition cost amortization	$ 157,365,000		$ 150,929,000	$ 463,604,000	$ 447,971,000
Advertising expenses	10,800,000		12,500,000	31,700,000	36,100,000
Reinsurance retention policy, excess retention, amount reinsured					717,000,000
Reinsurance policy, amount retained				40,000,000
Ceded premiums earned	15,000,000		13,000,000	41,000,000	44,000,000
Policyholder benefits and claims incurred, ceded	(7,000,000)		1,000,000	(23,000,000)	(51,000,000)
Revenue from contract with customer	4,500,000		4,200,000	13,700,000	12,500,000
Cost of goods and services sold	2,800,000		2,500,000	9,000,000	7,800,000
Contract with customer, asset	0			0			$ 0
Contract with customer, liability	0			0			0
Revenue, remaining performance obligation	0			0			0
Capitalized implementation costs for cloud computing	5,200,000			5,200,000			4,400,000
Capitalized contract cost, accumulated amortization	(1,500,000)			(1,500,000)			(300,000)
Capitalized contract cost, amortization expense	600,000			1,200,000
Shareholders' equity	1,900,832,000		1,802,544,000	1,900,832,000	1,802,544,000		1,799,502,000
Uncollectible or written off accrued interest receivables		$ 0		0
Accounting Standards Update 2016-13 [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Increase (decrease) in accrued interest receivable, net				0
Retained Earnings [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Shareholders' equity	$ 1,801,898,000		$ 1,703,861,000	$ 1,801,898,000	$ 1,703,861,000	$ 1,717,917,000	1,700,674,000	$ 1,669,315,000	$ 1,519,658,000
Retained Earnings [Member] | Cumulative Effect, Period Of Adoption, Adjustment [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Shareholders' equity						$ 0	$ (2,014,000)	$ 0	$ 0

General - Allowance for Credit

General - Allowance for Credit Losses on Premium Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Premiums Receivable, Allowance for Doubtful Accounts [Roll Forward]
Beginning balance	$ 10,000	$ 1,199	$ 1,445	$ 1,458
Provision during the period for expected credit losses	559	1,506	9,448	4,421
Write-off amounts during the period	(735)	(1,660)	(3,279)	(5,231)
Recoveries during the period of amounts previously written off	176	268	531	665
Ending balance	10,000	1,313	10,000	1,313
Cumulative Effect, Period Of Adoption, Adjustment [Member]
Premiums Receivable, Allowance for Doubtful Accounts [Roll Forward]
Beginning balance	0	0	1,855	0
Cumulative Effect, Period Of Adoption, Adjusted Balance [Member]
Premiums Receivable, Allowance for Doubtful Accounts [Roll Forward]
Beginning balance	$ 10,000	$ 1,199	$ 3,300	$ 1,458

General - Allowance for Credi_2

General - Allowance for Credit Losses on Reinsurance Recoverables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 88	$ 0	$ 0	$ 0
Provision during the period for expected credit losses	(30)	0	(101)	0
Write-off amounts during the period	0	0	0	0
Recoveries during the period of amounts previously written off	0	0	0	0
Ending balance	58	0	58	0
Cumulative Effect, Period Of Adoption, Adjustment [Member]
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	159	0
Cumulative Effect, Period Of Adoption, Adjusted Balance [Member]
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 88	$ 0	$ 159	$ 0

Financial Instruments (Estimate

Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investments [Member]
Assets
Total assets, fair value	$ 4,548,796	$ 4,312,161
Financing Receivable [Member]
Assets
Total assets, fair value	5,736	5,665
Fair Value, Measurements, Recurring [Member]
Liabilities
Liabilities, fair value	1,356	77
Fair Value, Measurements, Recurring [Member] | Call Option [Member]
Liabilities
Liabilities, fair value	1,356	77
Fair Value, Measurements, Recurring [Member] | Borrowings [Member] | Unsecured debt [Member]
Liabilities
Liabilities, fair value	$ 406,144	$ 394,279

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) $ in Millions	1 Months Ended
	Aug. 31, 2017USD ($)a	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of acres | a	6
Proceeds from sale of property, plant, and equipment	$ 12.2
Promissory note received in sale of property, plant, and equipment	$ 5.7
Stated interest rate on promissory note	3.50%
Borrowings [Member] | Unsecured debt [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes		$ 375	$ 375

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$ 58,865	$ 24,023	$ (15,296)	$ 178,529
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	21,112	22,403	21,350	110,559
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	37,734	1,928	(36,699)	66,976
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	(20)	(326)	(18)	898
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	58,826	24,005	(15,367)	178,433
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	$ 39	$ 18	$ 71	$ 96

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)broker	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of portfolio of unadjusted fair values obtained			98.40%
Two private equity funds using NAV	$ 71,400,000		$ 71,400,000
One private equity fund using NAV	1,200,000		1,200,000
Fair Value, Assets, Level 1 to Level 2 to Level 3 Transfers, Amount	0	$ 0	$ 0	$ 0
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
Fair Value, liquidating investment, remaining period			1 year
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, liquidating investment, remaining period			10 years
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		$ 375,000,000
Commercial Mortgage Back Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, trading, and equity securities, FV-NI	12,000,000		12,000,000		18,900,000
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	4,554,532,000		4,554,532,000		4,317,826,000
Liabilities, fair value	1,356,000		1,356,000		77,000
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	3,513,548,000		3,513,548,000		3,156,091,000
Liabilities, fair value	0		0		0
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	406,144,000		406,144,000		394,279,000
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	$ 406,144,000		$ 406,144,000		394,279,000
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					$ 1,200,000

Fair Value Measurement (Schedul

Fair Value Measurement (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	$ 3,485,363	$ 3,093,275
Equity securities:	809,591	724,751
Short-term investments:	253,842	494,135
Equity contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	1,356	77
Fair Value, Measurements, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	3,485,363	3,093,275
Equity securities:	809,591	724,751
Short-term investments:	253,842	494,135
Note receivable	5,736	5,665
Assets, fair value disclosure	4,554,532	4,317,826
Liabilities, fair value	1,356	77
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	24,233	22,637
Equity securities:	705,359	586,367
Short-term investments:	238,837	464,055
Note receivable	0	0
Assets, fair value disclosure	968,429	1,073,059
Liabilities, fair value	1,356	77
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	3,461,130	3,070,638
Equity securities:	31,677	49,708
Short-term investments:	15,005	30,080
Note receivable	5,736	5,665
Assets, fair value disclosure	3,513,548	3,156,091
Liabilities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Equity securities:	0	1,203
Short-term investments:	0	0
Note receivable	0	0
Assets, fair value disclosure	0	1,203
Liabilities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	24,233	22,637
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	24,233	22,637
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	2,773,691	2,554,208
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	2,773,691	2,554,208
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	70,366	63,003
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	70,366	63,003
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	251,138	235,565
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	251,138	235,565
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	257,004	199,217
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	257,004	199,217
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Other Asset-Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	108,931	18,645
Fair Value, Measurements, Recurring [Member] | Other Asset-Backed Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Other Asset-Backed Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	108,931	18,645
Fair Value, Measurements, Recurring [Member] | Other Asset-Backed Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	705,359	586,367
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	705,359	586,367
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	31,677	49,708
Fair Value, Measurements, Recurring [Member] | Nonredeemable Preferred Stock [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Nonredeemable Preferred Stock [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	31,677	49,708
Fair Value, Measurements, Recurring [Member] | Nonredeemable Preferred Stock [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Private Equity Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:		1,203
Fair Value, Measurements, Recurring [Member] | Private Equity Funds [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:		0
Fair Value, Measurements, Recurring [Member] | Private Equity Funds [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:		0
Fair Value, Measurements, Recurring [Member] | Private Equity Funds [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:		1,203
Fair Value, Measurements, Recurring [Member] | Private Equity Funds Net Asset Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	72,555	87,473
Fair Value, Measurements, Recurring [Member] | Short-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	15,005	32,902
Fair Value, Measurements, Recurring [Member] | Short-term Debt [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	2,822
Fair Value, Measurements, Recurring [Member] | Short-term Debt [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	15,005	30,080
Fair Value, Measurements, Recurring [Member] | Short-term Debt [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	238,837	461,233
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	238,837	461,233
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	1,356	77
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	0	0
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	$ 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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 1,206	$ 1,203	$ 1,445
Realized (losses) gains included in earnings	0	(2)	(1)	102
Settlements	0	0	0	(343)
Transfer out	0	0	(1,202)	0
Ending balance	0	1,204	0	1,204
The amount of total (losses) gains for the period included in earnings attributable to assets still held at September 30	$ 0	$ (2)	$ 0	$ 94

Fair Value Measurement Fair Val

Fair Value Measurement Fair Value Measurement (Financial Instruments Disclosed, But Not Carried, At Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 372,432	$ 372,133
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	1,356	77
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	1,356	77
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	0
Borrowings [Member] | Unsecured debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	372,432	372,133
Borrowings [Member] | Unsecured debt [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	406,144	394,279
Borrowings [Member] | Unsecured debt [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	0	0
Borrowings [Member] | Unsecured debt [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	406,144	394,279
Borrowings [Member] | Unsecured debt [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value	$ 0	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) $ in Millions	Dec. 31, 2018USD ($)
FFL [Member] | Swap [Member]
Debt Instrument [Line Items]
Derivative, notional amount	$ 100

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, 2020	Dec. 31, 2019
Derivative [Line Items]
Liability Derivatives	$ 1,356	$ 77
Option contracts [Member] | Other liabilities [Member]
Derivative [Line Items]
Liability Derivatives	$ 1,356	$ 77

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Gains (Losses) Recognized in Net Income	$ 7,144	$ 1,183	$ 17,799	$ 6,809
Equity contracts [Member] | Net realized investment (losses) gains [Member]
Derivative [Line Items]
Gains (Losses) Recognized in Net Income	7,144	1,559	17,799	4,904
Total Return Swap [Member] | Net realized investment (losses) gains [Member]
Derivative [Line Items]
Gains (Losses) Recognized in Net Income	$ 0	$ (376)	$ 0	$ 1,905

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Change in goodwill	$ 0	$ 0	$ 0	$ 0
Goodwill, impaired, accumulated impairment loss	0		0
Goodwill, impairment	0	0	0	0
Intangible assets amortization expense	$ 200,000	$ 1,300,000	$ 700,000	$ 3,800,000

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, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 74,313	$ 74,313
Accumulated Amortization	(64,374)	(63,677)
Net Carrying Amount	9,939	10,636
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	53,213	53,213
Accumulated Amortization	(52,534)	(52,319)
Net Carrying Amount	$ 679	$ 894
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	(7,540)	(7,058)
Net Carrying Amount	$ 7,860	$ 8,342
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	(4,300)	(4,300)
Net Carrying Amount	$ 0	$ 0
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, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2020	$ 226
2021	902
2022	878
2023	714
2024	686
Thereafter	5,133
Total	$ 8,539

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ in Millions	1 Months Ended		9 Months Ended
	Feb. 28, 2019shares	Feb. 28, 2018executiveshares	Sep. 30, 2020USD ($)shares	Feb. 28, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of executives awarded stock options | executive		4
Unrecognized compensation expense | $			$ 0.2
Period for recognition for unrecognized compensation expense			1 year 4 months 24 days
Performance period of restricted stock units (in years)			3 years
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)			4,830,000
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)			70,000
Grants in period (in shares)		80,000
Requisite service period		4 years
Nonvested options forfeited (in shares)	(10,000)
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs awarded (in shares)			0

Share-Based Compensation (Stock

Share-Based Compensation (Stock Option Valuation Assumptions) (Details)	9 Months Ended
	Sep. 30, 2020$ / shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [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

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Decrease in unrecognized tax benefit	$ 1,417

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, 2020	Sep. 30, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves, beginning of period	$ 1,921,255	$ 1,829,412
Reinsurance recoverables on unpaid losses	76,100	180,859
Net reserves, beginning of period, as adjusted	1,845,304	1,648,553
Incurred losses and loss adjustment expenses related to:
Current year	1,740,116	1,957,598
Prior years	25,511	10,323
Total incurred losses and loss adjustment expenses	1,765,627	1,967,921
Loss and loss adjustment expense payments related to:
Current year	937,373	1,149,659
Prior years	786,180	715,451
Total payments	1,723,553	1,865,110
Net reserves, end of period	1,887,378	1,751,364
Reinsurance recoverables on unpaid losses, end of period	54,608	103,847
Gross reserves, end of period	1,941,986	1,855,211
Cumulative Effect, Period Of Adoption, Adjustment [Member]
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reinsurance recoverables on unpaid losses	(149)	0
Cumulative Effect, Period Of Adoption, Adjusted Balance [Member]
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reinsurance recoverables on unpaid losses	$ 75,951	$ 180,859

Loss And Loss Adjustment Expe_4

Loss And Loss Adjustment Expense Reserves (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	7 Months Ended	9 Months Ended
	Jan. 31, 2018	Jun. 30, 2019	Dec. 31, 2018	Jul. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Unusual or Infrequent Item, or Both [Line Items]
Prior year claims and claims adjustment expense					$ 25,511	$ 10,323
Adjustments for prior year claims					786,180	715,451
Loss from catastrophes					43,000	17,000
Credit Agreement [Member] | LIBOR [Member] | FFL [Member]
Unusual or Infrequent Item, or Both [Line Items]
Basis spread on variable rate	1.28%		1.05%	1.20%
Catastrophe [Member]
Unusual or Infrequent Item, or Both [Line Items]
Adjustments for prior year claims					5,000	3,000
Liability for catastrophe claims, carrying amount					$ 48,000
Loss from catastrophes						$ 20,000
Fire [Member]
Unusual or Infrequent Item, or Both [Line Items]
Loss from catastrophes, net of reinsurance benefits		$ 40,000
Liability for catastrophe claims, carrying amount		208,000
Benefit from sale of subrogation rights		$ 10,000

Notes Payable (Schedule of Long

Notes Payable (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	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)	2,568	2,867
Notes payable	372,432	372,133
Unsecured debt [Member] | Borrowings [Member]
Debt Instrument [Line Items]
Notes payable	$ 372,432	372,133
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	1.125%
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	1.625%

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands	Mar. 29, 2017USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 08, 2017USD ($)
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		0.165
Unamortized debt issuance cost		$ 100
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		1.125%
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		1.625%

Segment Information - Summary o

Segment Information - Summary of Operating Results by Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)State	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segmentSubsidiaryState	Sep. 30, 2019USD ($)
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	$ 899,304	$ 915,012	$ 2,633,775	$ 2,674,034
Losses and loss adjustment expenses	618,657	680,928	1,765,627	1,967,921
Underwriting expenses	229,100	221,300	683,100	654,200
Underwriting gain (loss)	51,500	12,800	185,100	51,900
Net investment income	32,140	36,356	100,801	105,562
Net realized investment gains (losses)	64,436	33,324	(28,458)	197,726
Other	2,894	2,603	6,810	7,203
Interest expense	(4,262)	(4,257)	(12,786)	(12,779)
Pre-tax income	146,631	80,840	251,392	349,604
Net income	118,857	69,282	207,864	288,399
Property and Casualty Lines [Member]
Segment Reporting Information [Line Items]
Net premiums earned	892,000	907,900	2,612,200	2,652,800
Losses and loss adjustment expenses	614,900	677,300	1,755,200	1,957,400
Underwriting expenses	225,400	217,800	672,200	643,800
Underwriting gain (loss)	51,700	12,800	184,800	51,600
Other Segments [Member]
Segment Reporting Information [Line Items]
Net premiums earned	7,300	7,100	21,600	21,200
Losses and loss adjustment expenses	3,800	3,600	10,400	10,500
Underwriting expenses	3,700	3,500	10,900	10,400
Underwriting gain (loss)	$ (200)	$ 0	$ 300	$ 300

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net premiums earned	$ 899,304	$ 915,012	$ 2,633,775	$ 2,674,034
Direct Premiums Written	957,000	997,000	2,743,700	2,865,200
Private Passenger Automobile Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	653,000	698,200	1,926,500	2,055,100
Direct Premiums Written	667,400	743,900	1,932,800	2,146,800
Homeowners Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	151,200	133,500	437,300	376,700
Direct Premiums Written	183,700	162,900	511,900	452,800
Commercial Automobile Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	57,800	53,500	164,100	154,500
Direct Premiums Written	62,000	55,200	179,500	165,400
Other [Member]
Segment Reporting Information [Line Items]
Net premiums earned	37,300	29,800	105,900	87,700
Direct Premiums Written	43,900	35,000	119,500	100,200
Property and Casualty Lines [Member]
Segment Reporting Information [Line Items]
Net premiums earned	892,000	907,900	2,612,200	2,652,800
Direct Premiums Written	949,000	987,800	2,721,800	2,841,200
Property and Casualty Lines [Member] | Private Passenger Automobile Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	653,000	698,200	1,926,500	2,055,100
Direct Premiums Written	667,400	743,900	1,932,800	2,146,800
Property and Casualty Lines [Member] | Homeowners Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	151,200	133,500	437,300	376,700
Direct Premiums Written	183,700	162,900	511,900	452,800
Property and Casualty Lines [Member] | Commercial Automobile Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	57,800	53,500	164,100	154,500
Direct Premiums Written	62,000	55,200	179,500	165,400
Property and Casualty Lines [Member] | Other [Member]
Segment Reporting Information [Line Items]
Net premiums earned	30,000	22,700	84,300	66,500
Direct Premiums Written	35,900	25,800	97,600	76,200
Other Segments [Member]
Segment Reporting Information [Line Items]
Net premiums earned	7,300	7,100	21,600	21,200
Direct Premiums Written	8,000	9,200	21,900	24,000
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	7,300	7,100	21,600	21,200
Direct Premiums Written	$ 8,000	$ 9,200	$ 21,900	$ 24,000