Mercury Insurance 2010 Annual Report Download - page 89
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MERCURY GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following tables present information about the Company’s assets and liabilities measured at fair value
on a recurring basis as of December 31, 2010 and 2009, and indicate the fair value hierarchy of the valuation
techniques utilized by the Company to determine such fair value:
December 31, 2010
Level 1 Level 2 Level 3 Total
(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies ................. $ 8,805 $ 0 $ 0 $ 8,805
Municipal securities .............................. 0 2,433,589 1,624 2,435,213
Mortgage-backed securities ........................ 0 57,367 0 57,367
Corporate securities ............................... 0 95,203 0 95,203
Collateralized debt obligations ...................... 0 0 55,692 55,692
Equity securities:
Common stock:
Public utilities ............................... 27,214 0 0 27,214
Banks, trusts and insurance companies ............ 20,521 0 0 20,521
Industrial and other ........................... 302,103 0 0 302,103
Non-redeemable preferred stock ..................... 0 9,768 0 9,768
Short-term bonds ..................................... 0 17,043 0 17,043
Money market instruments ............................. 126,328 0 0 126,328
Interest rate swap agreements ........................... 0 4,240 0 4,240
Total assets at fair value ....................... $484,971 $2,617,210 $57,316 $3,159,497
Liabilities
Equity contracts ...................................... $ 2,776 $ 0 $ 0 $ 2,776
Interest rate swap agreements ........................... 0 3,042 0 3,042
Total liabilities at fair value .................... $ 2,776 $ 3,042 $ 0 $ 5,818
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