Mercury Insurance 2009 Annual Report Download - page 98
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MERCURY GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The Company’s total 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 and 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 as of December 31, 2009 and 2008, and indicate the fair value hierarchy of the valuation
techniques utilized by the Company to determine such fair value:
December 31, 2009
Level 1 Level 2 Level 3 Total
(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies ................. $ 8,977 $ 1,003 $ — $ 9,980
Municipal securities .............................. — 2,437,744 3,322 2,441,066
Mortgage-backed securities ........................ — 114,408 — 114,408
Corporate securities ............................... — 91,634 — 91,634
Collateralized debt obligations ...................... — — 47,473 47,473
Equity securities:
Common stock:
Public utilities ............................... 28,780 — — 28,780
Banks, trusts and insurance companies ............ 13,291 — — 13,291
Industrial and other ........................... 230,406 — — 230,406
Non-redeemable preferred stock ..................... — 13,654 — 13,654
Short-term bonds ..................................... — 6,039 — 6,039
Money market instruments ............................. 150,126 — — 150,126
Interest rate swap agreements ........................... — 8,472 — 8,472
Total assets at fair value ....................... $431,580 $2,672,954 $50,795 $3,155,329
Liabilities
Equity contracts ...................................... $ 1,043 $ — $ — $ 1,043
Interest rate swap agreements ........................... — 2,364 — 2,364
Total liabilities at fair value .................... $ 1,043 $ 2,364 $ — $ 3,407
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