Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 01, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'EVEREST RE GROUP LTD | ' | ' |
Entity Central Index Key | '0001095073 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 47,374,165 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $6,231,902 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Fixed maturities - available for sale, at market value (amortized cost: 2013, $12,391,164; 2012, $12,444,880) | $12,636,907 | $13,141,657 |
Fixed maturities - available for sale, at fair value | 19,388 | 41,470 |
Equity securities - available for sale, at market value (cost: 2013, $148,342; 2012, $131,630) | 144,081 | 143,493 |
Equity securities - available for sale, at fair value | 1,462,079 | 1,255,557 |
Short-term investments | 1,214,199 | 860,379 |
Other invested assets (cost: 2013, $508,447; 2012, $596,590) | 508,447 | 596,590 |
Cash | 611,382 | 537,050 |
Total investments and cash | 16,596,483 | 16,576,196 |
Accrued investment income | 119,058 | 130,209 |
Premiums receivable | 1,453,114 | 1,237,859 |
Reinsurance receivables | 540,883 | 659,081 |
Funds held by reinsureds | 228,000 | 228,375 |
Deferred acquisition costs | 363,721 | 303,268 |
Prepaid reinsurance premiums | 81,779 | 71,107 |
Deferred tax asset | 146,281 | 262,024 |
Income taxes recoverable | 32,053 | 68,442 |
Other assets | 246,664 | 241,346 |
TOTAL ASSETS | 19,808,036 | 19,777,907 |
LIABILITIES: | ' | ' |
Reserve for losses and loss adjustment expenses | 9,673,240 | 10,069,055 |
Future policy benefit reserve | 59,512 | 66,107 |
Unearned premium reserve | 1,579,945 | 1,322,525 |
Funds held under reinsurance treaties | 2,692 | 2,755 |
Commission reserves | 66,160 | 65,533 |
Other net payable to reinsurers | 116,387 | 162,778 |
Losses in course of payment | 332,631 | 191,076 |
5.4% Senior notes due 10/15/2014 | 249,958 | 249,907 |
6.6% Long term notes due 5/1/2067 | 238,361 | 238,357 |
Junior subordinated debt securities payable | ' | 329,897 |
Accrued interest on debt and borrowings | 4,781 | 4,781 |
Equity index put option liability | 35,423 | 79,467 |
Unsettled securities payable | 53,867 | 48,830 |
Other liabilities | 333,425 | 213,372 |
Total liabilities | 12,746,382 | 13,044,440 |
NONCONTROLLING INTERESTS: | ' | ' |
Redeemable noncontrolling interests - Mt. Logan Re | 93,378 | ' |
Commitments and contingencies (Note 17) | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | ' | ' |
Common shares, par value: $0.01; 200,000 shares authorized; (2013) 67,965 and (2012) 67,105 outstanding before treasury shares | 680 | 671 |
Additional paid-in capital | 2,029,774 | 1,946,439 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $57,661 at 2013 and $119,629 at 2012 | 157,728 | 537,049 |
Treasury shares, at cost; 20,422 shares (2013) and 15,687 shares (2012) | -1,985,873 | -1,363,958 |
Retained earnings | 6,765,967 | 5,613,266 |
Total shareholders' equity attributable to Everest Re Group | 6,968,276 | 6,733,467 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | $19,808,036 | $19,777,907 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fixed maturities - available for sale, at amortized cost | $12,391,164 | $12,444,880 |
Equity securities - available for sale, at cost | 148,342 | 131,630 |
Other invested assets, at cost | 508,447 | 596,590 |
Preferred shares, par value | $0.01 | $0.01 |
Preferred shares, authorized | 50,000,000 | 50,000,000 |
Preferred shares, issued | 0 | 0 |
Preferred shares, outstanding | 0 | 0 |
Common shares, par value | $0.01 | $0.01 |
Common shares, authorized | 200,000,000 | 200,000,000 |
Common shares, outstanding | 67,965,000 | 67,105,000 |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $57,661 | $119,629 |
Treasury shares | 20,422,000 | 15,687,000 |
Senior Notes [Member] | ' | ' |
Debt instrument, stated interest rate | 5.40% | 5.40% |
Debt instrument, maturity date | 15-Oct-14 | 15-Oct-14 |
Long Term Subordinated Notes [Member] | ' | ' |
Debt instrument, stated interest rate | 6.60% | 6.60% |
Debt instrument, maturity date | 1-May-67 | 1-May-67 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES: | ' | ' | ' |
Premiums earned | $4,753,543 | $4,164,628 | $4,101,347 |
Net investment income | 548,509 | 600,202 | 620,041 |
Net realized capital gains (losses): | ' | ' | ' |
Other-than-temporary impairments on fixed maturity securities | -1,052 | -10,022 | -16,223 |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | ' | ' | ' |
Other net realized capital gains (losses) | 301,279 | 174,422 | 23,146 |
Total net realized capital gains (losses) | 300,227 | 164,400 | 6,923 |
Net derivative gain (loss) | 44,044 | -9,738 | -11,261 |
Other income (expense) | -5,487 | 3,318 | -23,089 |
Total revenues | 5,640,836 | 4,922,810 | 4,693,961 |
CLAIMS AND EXPENSES: | ' | ' | ' |
Incurred losses and loss adjustment expenses | 2,800,251 | 2,745,265 | 3,726,204 |
Commission, brokerage, taxes and fees | 977,558 | 952,701 | 950,521 |
Other underwriting expenses | 237,126 | 207,659 | 182,403 |
Corporate expenses | 24,817 | 23,976 | 16,461 |
Interest, fees and bond issue cost amortization expense | 46,118 | 53,683 | 52,319 |
Total claims and expenses | 4,085,870 | 3,983,284 | 4,927,908 |
INCOME (LOSS) BEFORE TAXES | 1,554,966 | 939,526 | -233,947 |
Income tax expense (benefit) | 289,706 | 110,572 | -153,461 |
NET INCOME (LOSS) | 1,265,260 | 828,954 | -80,486 |
Net (income) loss attributable to noncontrolling interests | -5,878 | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | 1,259,382 | 828,954 | -80,486 |
Other comprehensive income (loss), net of tax : | ' | ' | ' |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | -395,797 | 174,025 | 91,481 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | -6,977 | -19,676 | -11,340 |
Total URA(D) on securities arising during the period, net of tax | -402,774 | 154,349 | 80,141 |
Foreign currency translation adjustments | -162 | 22,698 | -15,969 |
Benefit plan actuarial net gain (loss) for the period | 17,837 | -11,771 | -31,776 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,778 | 4,795 | 2,324 |
Total benefit plan net gain (loss) for the period | 23,615 | -6,976 | -29,452 |
Total other comprehensive income (loss), net of tax | -379,321 | 170,071 | 34,720 |
Other comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' |
Total other comprehensive income (loss), net of tax attributable to Everest Re Group | -379,321 | 170,071 | 34,720 |
COMPREHENSIVE INCOME (LOSS) | $880,061 | $999,025 | ($45,766) |
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO EVEREST RE GROUP: | ' | ' | ' |
Basic | $25.67 | $15.85 | ($1.49) |
Diluted | $25.44 | $15.79 | ($1.49) |
Dividends declared | $2.19 | $1.92 | $1.92 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Shareholders' Equity (USD $) | Common Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | Retained Earnings [Member] | Treasury Shares At Cost [Member] | Total |
In Thousands, except Share data | ||||||
Balance, beginning of period at Dec. 31, 2010 | $660 | $1,863,031 | $332,258 | $5,069,048 | ($981,480) | ' |
Shares, Outstanding, Beginning Balance at Dec. 31, 2010 | 54,428,168 | ' | ' | ' | ' | ' |
Issued during the period, shares | 437,427 | ' | ' | ' | ' | ' |
Treasury shares acquired, shares | -1,130,044 | ' | ' | ' | ' | -53,474 |
Issued during the period, net | 5 | ' | ' | ' | ' | ' |
Share-based compensation plans | ' | 29,957 | ' | ' | ' | ' |
Net increase (decrease) during the period | ' | ' | 34,720 | ' | ' | 34,720 |
Net income (loss) | ' | ' | ' | -80,486 | ' | -80,486 |
Dividends declared ($2.19 per share in 2013 and $1.92 per share in 2012, and 2011) | ' | ' | ' | -103,848 | ' | -103,848 |
Purchase of treasury shares | ' | ' | ' | ' | -92,490 | ' |
Balance, end of period at Dec. 31, 2011 | 665 | 1,892,988 | 366,978 | 4,884,714 | -1,073,970 | 6,071,375 |
Shares, Outstanding, Ending Balance at Dec. 31, 2011 | 53,735,551 | ' | ' | ' | ' | ' |
Issued during the period, shares | 650,836 | ' | ' | ' | ' | ' |
Treasury shares acquired, shares | -2,968,425 | ' | ' | ' | ' | -148,962 |
Issued during the period, net | 6 | ' | ' | ' | ' | ' |
Share-based compensation plans | ' | 53,451 | ' | ' | ' | ' |
Net increase (decrease) during the period | ' | ' | 170,071 | ' | ' | 170,071 |
Net income (loss) | ' | ' | ' | 828,954 | ' | 828,954 |
Dividends declared ($2.19 per share in 2013 and $1.92 per share in 2012, and 2011) | ' | ' | ' | -100,402 | ' | -100,402 |
Purchase of treasury shares | ' | ' | ' | ' | -289,988 | ' |
Balance, end of period at Dec. 31, 2012 | 671 | 1,946,439 | 537,049 | 5,613,266 | -1,363,958 | 6,733,467 |
Shares, Outstanding, Ending Balance at Dec. 31, 2012 | 51,417,962 | ' | ' | ' | ' | ' |
Issued during the period, shares | 859,275 | ' | ' | ' | ' | ' |
Treasury shares acquired, shares | -4,734,105 | ' | ' | ' | ' | -94,014 |
Issued during the period, net | 9 | ' | ' | ' | ' | ' |
Share-based compensation plans | ' | 83,335 | ' | ' | ' | ' |
Net increase (decrease) during the period | ' | ' | -379,321 | ' | ' | -379,321 |
Net income (loss) | ' | ' | ' | 1,259,382 | ' | 1,259,382 |
Dividends declared ($2.19 per share in 2013 and $1.92 per share in 2012, and 2011) | ' | ' | ' | -106,681 | ' | -106,681 |
Purchase of treasury shares | ' | ' | ' | ' | -621,915 | ' |
Balance, end of period at Dec. 31, 2013 | $680 | $2,029,774 | $157,728 | $6,765,967 | ($1,985,873) | $6,968,276 |
Shares, Outstanding, Ending Balance at Dec. 31, 2013 | 47,543,132 | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ' | ' | ' |
Dividends declared | $2.19 | $1.92 | $1.92 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | $1,265,260 | $828,954 | ($80,486) |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Decrease (increase) in premiums receivable | -217,678 | -153,694 | -235,560 |
Decrease (increase) in funds held by reinsureds, net | 162 | 42,298 | 18,236 |
Decrease (increase) in reinsurance receivables | 118,963 | -55,274 | 97,549 |
Decrease (increase) in current income taxes | 36,233 | -26,831 | 82,702 |
Decrease (increase) in deferred tax asset | 177,615 | 64,909 | -194,029 |
Decrease (increase) in prepaid reinsurance premiums | -12,777 | 16,358 | 46,374 |
Increase (decrease) in reserve for losses and loss adjustment expenses | -374,027 | -169,595 | 826,230 |
Increase (decrease) in future policy benefit reserve | -6,595 | -1,080 | 4,185 |
Increase (decrease) in unearned premiums | 261,959 | -98,418 | -39,822 |
Increase (decrease) in other net payables to reinsurers | -45,043 | 100,566 | 4,911 |
Increase (decrease) in losses in course of payment | 142,192 | 173,232 | 18,477 |
Change in equity adjustments in limited partnerships | -45,905 | -63,779 | -56,549 |
Distribution of limited partnership income | 56,982 | 30,718 | 58,218 |
Change in other assets and liabilities, net | -57,212 | 76,788 | 108,611 |
Non-cash compensation expense | 31,844 | 31,984 | 17,693 |
Amortization of bond premium (accrual of bond discount) | 66,461 | 61,844 | 47,872 |
Amortization of underwriting discount on senior notes | 54 | 52 | 49 |
Net realized capital (gains) losses | -300,227 | -164,400 | -6,923 |
Net cash provided by (used in) operating activities | 1,098,261 | 694,632 | 717,738 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from fixed maturities matured/called - available for sale, at market value | 2,415,730 | 1,830,582 | 1,702,973 |
Proceeds from fixed maturities matured/called - available for sale, at fair value | 7,213 | 1,300 | 12,775 |
Proceeds from fixed maturities sold - available for sale, at market value | 1,092,387 | 913,139 | 1,732,246 |
Proceeds from fixed maturities sold - available for sale, at fair value | 21,573 | 84,917 | 65,158 |
Proceeds from equity securities sold - available for sale, at market value | 46,142 | 280,807 | 27,207 |
Proceeds from equity securities sold - available for sale, at fair value | 705,831 | 558,740 | 247,227 |
Distributions from other invested assets | 100,081 | 53,736 | 108,055 |
Cost of fixed maturities acquired - available for sale, at market value | -3,543,776 | -3,328,409 | -3,238,113 |
Cost of fixed maturities acquired - available for sale, at fair value | -6,196 | -7,955 | -27,481 |
Cost of equity securities acquired - available for sale, at market value | -59,756 | -26,571 | -127,837 |
Cost of equity securities acquired - available for sale, at fair value | -621,038 | -426,507 | -755,734 |
Cost of other invested assets acquired | -21,935 | -58,369 | -64,832 |
Cost of businesses acquired | ' | ' | -63,100 |
Net change in short-term investments | -357,451 | -175,043 | 100,969 |
Net change in unsettled securities transactions | -2,808 | 35,085 | 13,563 |
Net cash provided by (used in) investing activities | -224,003 | -264,548 | -266,924 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Common shares issued during the period, net | 51,500 | 21,473 | 12,269 |
Purchase of treasury shares | -621,915 | -289,988 | -92,490 |
Revolving credit borrowings | ' | ' | -50,000 |
Net cost of junior subordinated debt securities maturing | -329,897 | ' | ' |
Third party investment in redeemable noncontrolling interest | 87,500 | ' | ' |
Subscription advances for third party redeemable noncontrolling interest | 143,000 | ' | ' |
Dividends paid to shareholders | -106,681 | -100,402 | -103,848 |
Net cash provided by (used in) financing activities | -776,493 | -368,917 | -234,069 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -23,433 | 27,232 | -26,502 |
Net increase (decrease) in cash | 74,332 | 88,399 | 190,243 |
Cash, beginning of period | 537,050 | 448,651 | 258,408 |
Cash, end of period | 611,382 | 537,050 | 448,651 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' |
Income taxes paid (recovered) | 69,302 | 59,754 | -44,537 |
Interest paid | 38,390 | 53,008 | 51,647 |
Non-cash transaction: | ' | ' | ' |
Net assets acquired and liabilities assumed from business acquisitions | ' | ' | 19,130 |
Conversion of equity securities - available for sale, at market value, to fixed maturity securities - available for sale, at market value, including accrued interest at time of conversion | ' | $92,981 | ' |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||||
Summary Of Significant Accounting Policies | ' | ||||||||||||||
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||
A. Business and Basis of Presentation. | |||||||||||||||
Everest Re Group, Ltd. ("Group"), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, "Company" means Group and its subsidiaries. On December 30, 2008, Group contributed Everest Reinsurance Holdings, Inc. ("Holdings") and its subsidiaries to its Irish holding company, Everest Underwriting Group (Ireland), Limited ("Holdings Ireland"). | |||||||||||||||
Effective February 27, 2013, the Company established a new subsidiary, Mt. Logan Re Ltd. ("Mt. Logan Re") and effective July 1, 2013, Mt. Logan Re established separate segregated accounts and issued non-voting redeemable preferred shares to capitalize the segregated accounts. Accordingly, the financial position and operating results for Mt. Logan Re are consolidated with the Company and the non-controlling interests in Mt. Logan Re's operating results and equity are presented as separate captions in the Company's financial statements. | |||||||||||||||
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group: Everest International Reinsurance, Ltd. ("Everest International"), Everest Global Services, Inc. ("Global Services"), Mt. Logan Re, Ltd., Everest Reinsurance (Bermuda), Ltd. ("Bermuda Re"), Everest Re Advisors, Ltd., Everest Advisors (UK), Ltd., Holdings Ireland, Everest Reinsurance Company (Ireland) Limited ("Ireland Re"), Everest Insurance Company of Canada ("Everest Canada"), Premiere Insurance Underwriting Services ("Premiere"), Holdings, Heartland Crop Insurance, Inc. ("Heartland"), Specialty Insurance Group, Inc. ("Specialty"), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC ("Specialty RPG"), Mt. McKinley Insurance Company ("Mt. McKinley"), Mt. McKinley Managers, L.L.C., Workcare Southeast, Inc., Workcare Southeast of Georgia, Inc., Everest Reinsurance Company ("Everest Re"), Everest National Insurance Company ("Everest National"), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company ("Everest Indemnity") and Everest Security Insurance Company ("Everest Security"). All amounts are reported in U.S. dollars. | |||||||||||||||
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 (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. | |||||||||||||||
All intercompany accounts and transactions have been eliminated. | |||||||||||||||
Certain reclassifications and format changes have been made to prior years' amounts to conform to the 2013 presentation. One reclassification relates to a correction in the manner in which the Company reports distributions received from limited partnership investments in the consolidated Statements of Cash Flows. Prior to the fourth quarter of 2013, the Company incorrectly reflected all distributions as cash flows from investing activities in its Consolidated Statements of Cash Flows. Starting with the fourth quarter of 2013, cash distributions from the limited partnerships that represent net investment income are reflected as cash flows from operating activities and distributions that represent the return of capital contributions are reflected as cash flows from investing activities. For the years ended December 31, 2012 and 2011, $30,718 thousand and $58,218 thousand have been reclassified from "Distributions from other invested assets" included in cash flows from investing activities to "Distribution of limited partnership income" included in cash flows from operations. The Company has determined that this error is not material to the financial statements of any prior period. | |||||||||||||||
In addition, the Company has reclassified the following amounts from "Distributions from other invested assets" included in cash flows from investing activities to "Distribution of limited partnership income" included in cash flows from operations for interim reporting periods of 2013: $33,686 thousand for the three months ended March 31, 2013; $9,409 thousand and $43,095 thousand for the three months and six months ended June 30, 2013, respectively; and $5,638 thousand and $48,733 thousand for the three months and nine months ended September 30, 2013, respectively. | |||||||||||||||
B. Investments. | |||||||||||||||
Fixed maturity and equity security investments available for sale, at market value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in shareholders' equity, net of income taxes in "accumulated other comprehensive income (loss)" in the consolidated balance sheets. Fixed maturity and equity securities carried at fair value reflect fair value re-measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss). The Company records changes in fair value for its fixed maturities available for sale, at market value through shareholders' equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. Fixed maturities carried at fair value represent a portfolio of convertible bond securities, which have characteristics similar to equity securities and at times, designated foreign denominated fixed maturity securities, which will be used to settle loss and loss adjustment reserves in the same currency. The Company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities. For equity securities, available for sale, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships, rabbi trusts and an affiliated entity. Limited partnerships and the affiliated entity are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. | |||||||||||||||
C. Uncollectible Receivable Balances. | |||||||||||||||
The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management's assessment of the collectability of the outstanding balances. Such reserves are presented in the table below for the periods indicated. | |||||||||||||||
Years Ended December 31, | |||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||
Reinsurance receivables and premium receivables | $ | 29,905 | $ | 32,011 | |||||||||||
D. Deferred Acquisition Costs. | |||||||||||||||
Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company's reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. Deferred acquisition costs amortized to income are presented in the table below for the periods indicated. | |||||||||||||||
Years Ended December 31, | |||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||
Deferred acquisition costs | $ | 977,558 | $ | 952,701 | $ | 950,521 | |||||||||
E. Reserve for Losses and Loss Adjustment Expenses. | |||||||||||||||
The reserve for losses and loss adjustment expenses ("LAE") is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported ("IBNR") based on past experience. A provision is also included for certain potential liabilities relating to asbestos and environmental ("A&E") exposures, which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company's loss and LAE reserves represent management's best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance receivables and incurred losses and LAE are presented net of reinsurance. | |||||||||||||||
Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. | |||||||||||||||
F. Future Policy Benefit Reserve. | |||||||||||||||
Liabilities for future policy benefits on annuity policies are carried at their accumulated values. Reserves for policy benefits include mortality claims in the process of settlement and IBNR claims. Actual experience in a particular period may fluctuate from expected results. | |||||||||||||||
G. Premium Revenues. | |||||||||||||||
Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. Such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium received on reinsurance coverages, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. | |||||||||||||||
Payout annuity premiums are recognized as revenue over the premium-paying period of the policies. | |||||||||||||||
H. Prepaid Reinsurance Premiums. | |||||||||||||||
Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2013 were collateralized either through a trust arrangement or letters of credit, thereby limiting the credit risk to the Company. | |||||||||||||||
I. Income Taxes. | |||||||||||||||
Holdings and its wholly-owned subsidiaries file a consolidated U.S. federal income tax return. Foreign branches of subsidiaries file local tax returns as required. Group and subsidiaries not included in Holdings' consolidated tax return file separate company U.S. federal income tax returns as required. Holdings Ireland files an Irish income tax return. The UK branch of Bermuda Re files a UK income tax return. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules. | |||||||||||||||
J. Foreign Currency. | |||||||||||||||
Assets and liabilities relating to foreign operations are translated into U.S. dollars at the exchange rates in effect at the balance sheet date; revenues and expenses are translated into U.S. dollars using average exchange rates in effect during the reporting period. Gains and losses resulting from translating foreign currency financial statements, net of deferred income taxes, are excluded from net income (loss) and accumulated in shareholders' equity. Gains and losses resulting from foreign currency transactions, other than debt securities available for sale, are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense). Gains and losses resulting from changes in the foreign currency exchange rates on debt securities, available for sale at market value, are recorded in the consolidated balance sheets in accumulated other comprehensive income (loss) as unrealized appreciation (depreciation) and any losses which are deemed other-than-temporary are changed to net income (loss) as net realized capital loss. | |||||||||||||||
K. Earnings Per Common Share. | |||||||||||||||
Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. | |||||||||||||||
Net income (loss) attributable to Everest Re Group per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. | |||||||||||||||
Years Ended December 31, | |||||||||||||||
(Dollars in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||||
Net income (loss) attributable to Everest Re Group per share: | |||||||||||||||
Numerator | |||||||||||||||
Net income (loss) attributable to Everest Re Group | $ | 1,259,382 | $ | 828,954 | $ | (80,486 | ) | ||||||||
Less: dividends declared-common shares and nonvested common shares | (106,681 | ) | (100,402 | ) | (103,848 | ) | |||||||||
Undistributed earnings | 1,152,701 | 728,552 | (184,334 | ) | |||||||||||
Percentage allocated to common shareholders (1) | 99.1 | % | 99.2 | % | 99.3 | % | |||||||||
1,142,386 | 722,717 | (183,134 | ) | ||||||||||||
Add: dividends declared-common shareholders | 105,689 | 99,576 | 103,150 | ||||||||||||
Numerator for basic and diluted earnings per common share | $ | 1,248,075 | $ | 822,293 | $ | (79,984 | ) | ||||||||
Denominator | |||||||||||||||
Denominator for basic earnings per weighted-average common shares | 48,619 | 51,894 | 53,792 | ||||||||||||
Effect of dilutive securities: | |||||||||||||||
Options | 437 | 173 | 124 | ||||||||||||
Denominator for diluted earnings per adjusted weighted-average common shares | 49,056 | 52,067 | 53,916 | ||||||||||||
Per common share net income (loss) | |||||||||||||||
Basic | $ | 25.67 | $ | 15.85 | $ | (1.49 | ) | ||||||||
Diluted | $ | 25.44 | $ | 15.79 | $ | (1.49 | ) | ||||||||
-1 | Basic weighted-average common shares outstanding | 48,619 | 51,894 | 53,792 | |||||||||||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 49,058 | 52,313 | 54,145 | ||||||||||||
Percentage allocated to common shareholders | 99.1 | % | 99.2 | % | 99.3 | % | |||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||
The table below presents the options to purchase common shares that were outstanding, but were not included in the computation of earnings per diluted share as they were anti-dilutive, for the periods indicated: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Anti-dilutive options | - | 894,704 | 1,490,730 | ||||||||||||
All outstanding options expire on or between September 21, 2014 and September 19, 2022. | |||||||||||||||
L. Segmentation. | |||||||||||||||
The Company, through its subsidiaries, operates in five segments: U.S. Reinsurance, International, Bermuda, Insurance and Mt. Logan Re. See also Note 20. | |||||||||||||||
M. Derivatives. | |||||||||||||||
The Company sold seven equity index put option contracts, based on two indices, in 2001 and 2005, which remain outstanding. The Company sold these equity index put options as insurance products with the intent of achieving a profit. These equity index put option contracts meet the definition of a derivative under FASB guidance and the Company's position in these equity index put option contracts is unhedged. Accordingly, these equity index put option contracts are carried at fair value in the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||||
The fair value of the equity index put options can be found in the Company's consolidated balance sheets as follows: | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
Derivatives not designated as | Location of fair value | At December 31, | |||||||||||||
hedging instruments | in balance sheets | 2013 | 2012 | ||||||||||||
Equity index put option contracts | Equity index put option liability | $ | 35,423 | $ | 79,467 | ||||||||||
Total | $ | 35,423 | $ | 79,467 | |||||||||||
The change in fair value of the equity index put option contracts can be found in the Company's statement of operations and comprehensive income (loss) as follows: | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
Derivatives not designated as | Location of gain (loss) in statements of | For the Years Ended December 31, | |||||||||||||
hedging instruments | operations and comprehensive income (loss) | 2013 | 2012 | 2011 | |||||||||||
Equity index put option contracts | Net derivative gain (loss) | $ | 44,044 | $ | (9,738 | ) | $ | (11,261 | ) | ||||||
Total | $ | 44,044 | $ | (9,738 | ) | $ | (11,261 | ) | |||||||
N. Deposit Assets and Liabilities. | |||||||||||||||
In the normal course of its operations, the Company may enter into contracts that do not meet risk transfer provisions. Such contracts are accounted for using the deposit accounting method and are included in other liabilities in the Company's consolidated balance sheets. For such contracts, the Company originally records deposit liabilities for an amount equivalent to the assets received. Actuarial studies are used to estimate the final liabilities under such contracts with any change reflected in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||||
O. Share-Based Compensation. | |||||||||||||||
Share-based compensation option or restricted share awards are fair valued at the grant date and expensed over the vesting period of the award. The tax benefit on the recorded expense is deferred until the time the award is exercised or vests (becomes unrestricted). See Note 18. | |||||||||||||||
P. Application of Recently Issued Accounting Standard Changes. | |||||||||||||||
Intangibles-Goodwill or Other. In September 2011, the Financial Accounting Standards Board ("FASB") amended the authoritative guidance for disclosures on Goodwill Impairment. The amendment allows an entity first to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis in determining whether it is necessary to perform the two-step goodwill impairment test. This guidance is effective for periods beginning after December 15, 2011. The Company implemented this guidance as of January 1, 2012. | |||||||||||||||
Presentation of Comprehensive Income. In June 2011, FASB issued amendments to existing guidance to provide two alternatives for the presentation of comprehensive income. Components of net income and comprehensive income can either be presented within a single, continuous financial statement or be presented in two separate but consecutive financial statements. The Company has chosen to present the components of net income and comprehensive income in a single, continuous financial statement. The guidance is effective for reporting periods beginning after December 15, 2011. The Company implemented this guidance as of January 1, 2012. In February, 2013, the FASB issued an additional amendment for the presentation of amounts reclassified out of accumulated other comprehensive income by component. The Company implemented the proposed guidance as of January 1, 2013. | |||||||||||||||
Common Fair Value Measurement. In May 2011, FASB issued amendments to existing guidance to achieve common fair value measurement and disclosure requirements between GAAP and International Financial Reporting Standards. The amendments change wording used to describe many GAAP fair value measurement requirements and disclosures. FASB does not intend for the amendments to cause a change in application of fair value accounting guidance. The guidance is effective for reporting periods beginning after December 15, 2011. The Company implemented this guidance prospectively as of January 1, 2012. | |||||||||||||||
Treatment of Insurance Contract Acquisition Costs. In October 2010, the FASB issued authoritative guidance for the accounting for costs associated with acquiring or renewing insurance contracts. The guidance identifies the incremental direct costs of contract acquisition and costs directly related to acquisition activities that should be capitalized. This guidance is effective for reporting periods beginning after December 15, 2011. The Company implemented this guidance as of January 1, 2012 and determined that $13,492 thousand of previously deferrable acquisition costs would be expensed, including $10,876 thousand and $2,616 thousand expensed in 2012 and 2013, respectively. If the guidance had been applicable for 2011, the Company would have expensed $13,901 thousand of deferrable acquisition costs. No additional expense will be incurred related to this guidance implementation in future periods. | |||||||||||||||
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
2. INVESTMENTS | |||||||||||||||||||||||||
The amortized cost, market value and gross unrealized appreciation and depreciation of available for sale, fixed maturity and equity security investments, carried at market value, are as follows for the periods indicated: | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Appreciation | Depreciation | Value | |||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 160,013 | $ | 2,690 | $ | (1,678 | ) | $ | 161,025 | ||||||||||||||||
Obligations of U.S. states and political subdivisions | 970,735 | 40,815 | (9,022 | ) | 1,002,528 | ||||||||||||||||||||
Corporate securities | 3,950,887 | 155,619 | (27,090 | ) | 4,079,416 | ||||||||||||||||||||
Asset-backed securities | 169,980 | 3,485 | (422 | ) | 173,043 | ||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 254,765 | 16,683 | (1,007 | ) | 270,441 | ||||||||||||||||||||
Agency residential | 2,294,719 | 34,509 | (50,175 | ) | 2,279,053 | ||||||||||||||||||||
Non-agency residential | 4,816 | 229 | (226 | ) | 4,819 | ||||||||||||||||||||
Foreign government securities | 1,740,337 | 69,779 | (29,347 | ) | 1,780,769 | ||||||||||||||||||||
Foreign corporate securities | 2,844,912 | 86,529 | (45,628 | ) | 2,885,813 | ||||||||||||||||||||
Total fixed maturity securities | $ | 12,391,164 | $ | 410,338 | $ | (164,595 | ) | $ | 12,636,907 | ||||||||||||||||
Equity securities | $ | 148,342 | $ | 4,336 | $ | (8,597 | ) | $ | 144,081 | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Appreciation | Depreciation | Value | |||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 302,050 | $ | 11,079 | $ | (1,007 | ) | $ | 312,122 | ||||||||||||||||
Obligations of U.S. states and political subdivisions | 1,214,990 | 78,097 | (1,124 | ) | 1,291,963 | ||||||||||||||||||||
Corporate securities | 3,794,979 | 247,439 | (7,098 | ) | 4,035,320 | ||||||||||||||||||||
Asset-backed securities | 169,615 | 7,296 | (333 | ) | 176,578 | ||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 294,596 | 27,965 | (2,473 | ) | 320,088 | ||||||||||||||||||||
Agency residential | 2,091,672 | 63,794 | (3,331 | ) | 2,152,135 | ||||||||||||||||||||
Non-agency residential | 7,660 | 590 | (201 | ) | 8,049 | ||||||||||||||||||||
Foreign government securities | 1,785,738 | 132,947 | (6,457 | ) | 1,912,228 | ||||||||||||||||||||
Foreign corporate securities | 2,783,580 | 159,632 | (10,038 | ) | 2,933,174 | ||||||||||||||||||||
Total fixed maturity securities | $ | 12,444,880 | $ | 728,839 | $ | (32,062 | ) | $ | 13,141,657 | ||||||||||||||||
Equity securities | $ | 131,630 | $ | 11,864 | $ | (1 | ) | $ | 143,493 | ||||||||||||||||
The $1,780,769 thousand of foreign government securities at December 31, 2013 included $816,011 thousand of European sovereign securities. Approximately 51.8%, 21.4%, 6.6% and 5.4% of European sovereign securities represented securities held in the governments of the United Kingdom, France, Austria and the Netherlands, respectively. No other countries represented more than 5% of the European sovereign securities. The Company held no sovereign securities of Portugal, Italy, Ireland, Greece or Spain at December 31, 2013. | |||||||||||||||||||||||||
In accordance with FASB guidance, the Company reclassified the non-credit portion of other-than-temporary impairments from retained earnings into accumulated other comprehensive income (loss), on April 1, 2009. The table below presents the pre-tax cumulative unrealized appreciation (depreciation) on those corporate securities, for the periods indicated: | |||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Pre-tax cumulative unrealized appreciation (depreciation) | $ | 3,169 | $ | 4,748 | |||||||||||||||||||||
The amortized cost and market value of fixed maturity securities are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. | |||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||||||
Amortized | Market | Amortized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Fixed maturity securities – available for sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 1,059,052 | $ | 1,067,799 | $ | 944,446 | $ | 957,775 | |||||||||||||||||
Due after one year through five years | 5,565,112 | 5,740,662 | 5,463,158 | 5,741,258 | |||||||||||||||||||||
Due after five years through ten years | 2,081,908 | 2,101,234 | 2,331,593 | 2,511,525 | |||||||||||||||||||||
Due after ten years | 960,812 | 999,856 | 1,142,140 | 1,274,249 | |||||||||||||||||||||
Asset-backed securities | 169,980 | 173,043 | 169,615 | 176,578 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Commercial | 254,765 | 270,441 | 294,596 | 320,088 | |||||||||||||||||||||
Agency residential | 2,294,719 | 2,279,053 | 2,091,672 | 2,152,135 | |||||||||||||||||||||
Non-agency residential | 4,816 | 4,819 | 7,660 | 8,049 | |||||||||||||||||||||
Total fixed maturity securities | $ | 12,391,164 | $ | 12,636,907 | $ | 12,444,880 | $ | 13,141,657 | |||||||||||||||||
The changes in net unrealized appreciation (depreciation) for the Company's investments are derived from the following sources for the periods indicated: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Increase (decrease) during the period between the market value and cost | |||||||||||||||||||||||||
of investments carried at market value, and deferred taxes thereon: | |||||||||||||||||||||||||
Fixed maturity securities | $ | (449,456 | ) | $ | 132,246 | ||||||||||||||||||||
Fixed maturity securities, other-than-temporary impairment | (1,579 | ) | 2,181 | ||||||||||||||||||||||
Equity securities | (16,124 | ) | 26,553 | ||||||||||||||||||||||
Other invested assets | - | - | |||||||||||||||||||||||
Change in unrealized appreciation (depreciation), pre-tax | (467,159 | ) | 160,980 | ||||||||||||||||||||||
Deferred tax benefit (expense) | 64,245 | (6,714 | ) | ||||||||||||||||||||||
Deferred tax benefit (expense), other-than-temporary impairment | 140 | 83 | |||||||||||||||||||||||
Change in unrealized appreciation (depreciation), | |||||||||||||||||||||||||
net of deferred taxes, included in shareholders' equity | $ | (402,774 | ) | $ | 154,349 | ||||||||||||||||||||
The Company frequently reviews all of its fixed maturity, available for sale securities for declines in market value and focuses its attention on securities whose fair value has fallen below 80% of their amortized cost at the time of review. The Company then assesses whether the decline in value is temporary or other-than-temporary. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security's value caused by a change in the market, interest rate or foreign exchange environment does not constitute an other-than-temporary impairment, but rather a temporary decline in market value. Temporary declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company determines that the decline is other-than-temporary and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the carrying value of the investment is written down to fair value. The fair value adjustment that is credit or foreign exchange related is recorded in net realized capital gains (losses) in the Company's consolidated statements of operations and comprehensive income (loss). The fair value adjustment that is non-credit related is recorded as a component of other comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company's consolidated balance sheets. The Company's assessments are based on the issuers current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts. | |||||||||||||||||||||||||
The majority of the Company's equity securities available for sale at market value are primarily comprised of mutual fund investments whose underlying securities consist of fixed maturity securities. When a fund's value reflects an unrealized loss, the Company assesses whether the decline in value is temporary or other-than-temporary. In making its assessment, the Company considers the composition of its portfolios and their related markets, reports received from the portfolio managers and discussions with portfolio managers. If the Company determines that the declines are temporary and it has the ability and intent to continue to hold the investments, then the declines are recorded as unrealized losses in accumulated other comprehensive income (loss). If declines are deemed to be other-than-temporary, then the carrying value of the investment is written down to fair value and recorded in net realized capital gains (losses) in the Company's consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||
Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company's asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types. | |||||||||||||||||||||||||
The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: | |||||||||||||||||||||||||
Duration of Unrealized Loss at December 31, 2013 By Security Type | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities - available for sale | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 74,847 | $ | (1,033 | ) | $ | 8,751 | $ | (645 | ) | $ | 83,598 | $ | (1,678 | ) | ||||||||||
Obligations of U.S. states and political subdivisions | 92,760 | (4,852 | ) | 39,689 | (4,170 | ) | 132,449 | (9,022 | ) | ||||||||||||||||
Corporate securities | 959,396 | (22,331 | ) | 75,946 | (4,759 | ) | 1,035,342 | (27,090 | ) | ||||||||||||||||
Asset-backed securities | 5,494 | (6 | ) | 1,128 | (416 | ) | 6,622 | (422 | ) | ||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 51 | - | 11,353 | (1,007 | ) | 11,404 | (1,007 | ) | |||||||||||||||||
Agency residential | 1,220,845 | (40,420 | ) | 264,640 | (9,755 | ) | 1,485,485 | (50,175 | ) | ||||||||||||||||
Non-agency residential | 1,758 | (22 | ) | 1,541 | (204 | ) | 3,299 | (226 | ) | ||||||||||||||||
Foreign government securities | 409,252 | (20,350 | ) | 85,029 | (8,997 | ) | 494,281 | (29,347 | ) | ||||||||||||||||
Foreign corporate securities | 872,907 | (34,819 | ) | 151,748 | (10,809 | ) | 1,024,655 | (45,628 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 3,637,310 | $ | (123,833 | ) | $ | 639,825 | $ | (40,762 | ) | $ | 4,277,135 | $ | (164,595 | ) | ||||||||||
Equity securities | 127,030 | (8,597 | ) | - | - | 127,030 | (8,597 | ) | |||||||||||||||||
Total | $ | 3,764,340 | $ | (132,430 | ) | $ | 639,825 | $ | (40,762 | ) | $ | 4,404,165 | $ | (173,192 | ) | ||||||||||
Duration of Unrealized Loss at December 31, 2013 By Maturity | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
Due in one year or less | $ | 143,098 | $ | (3,503 | ) | $ | 46,691 | $ | (5,330 | ) | $ | 189,789 | $ | (8,833 | ) | ||||||||||
Due in one year through five years | 1,125,680 | (25,365 | ) | 204,779 | (11,279 | ) | 1,330,459 | (36,644 | ) | ||||||||||||||||
Due in five years through ten years | 810,969 | (35,169 | ) | 48,064 | (3,844 | ) | 859,033 | (39,013 | ) | ||||||||||||||||
Due after ten years | 329,415 | (19,348 | ) | 61,629 | (8,927 | ) | 391,044 | (28,275 | ) | ||||||||||||||||
Asset-backed securities | 5,494 | (6 | ) | 1,128 | (416 | ) | 6,622 | (422 | ) | ||||||||||||||||
Mortgage-backed securities | 1,222,654 | (40,442 | ) | 277,534 | (10,966 | ) | 1,500,188 | (51,408 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 3,637,310 | $ | (123,833 | ) | $ | 639,825 | $ | (40,762 | ) | $ | 4,277,135 | $ | (164,595 | ) | ||||||||||
The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2013 were $4,404,165 thousand and $173,192 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2013, did not exceed 0.4% of the overall market value of the Company's fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $123,833 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, foreign government securities and agency residential mortgage-backed securities. Of these unrealized losses, $112,658 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization. The $40,762 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, foreign government securities, municipal securities and agency residential mortgage-backed securities. Of these unrealized losses, $38,964 thousand related to securities that were rated investment grade by at least one nationally recognized statistical rating organization. The gross unrealized depreciation for mortgage-backed securities included $273 thousand related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. | |||||||||||||||||||||||||
The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments. | |||||||||||||||||||||||||
The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: | |||||||||||||||||||||||||
Duration of Unrealized Loss at December 31, 2012 By Security Type | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities - available for sale | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 21,468 | $ | (430 | ) | $ | 3,386 | $ | (577 | ) | $ | 24,854 | $ | (1,007 | ) | ||||||||||
Obligations of U.S. states and political subdivisions | 38,754 | (1,073 | ) | 5,781 | (51 | ) | 44,535 | (1,124 | ) | ||||||||||||||||
Corporate securities | 174,665 | (2,069 | ) | 71,483 | (5,029 | ) | 246,148 | (7,098 | ) | ||||||||||||||||
Asset-backed securities | - | - | 13,714 | (333 | ) | 13,714 | (333 | ) | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | - | - | 50,999 | (2,473 | ) | 50,999 | (2,473 | ) | |||||||||||||||||
Agency residential | 396,016 | (2,215 | ) | 67,781 | (1,116 | ) | 463,797 | (3,331 | ) | ||||||||||||||||
Non-agency residential | - | - | 2,105 | (201 | ) | 2,105 | (201 | ) | |||||||||||||||||
Foreign government securities | 85,032 | (923 | ) | 66,329 | (5,534 | ) | 151,361 | (6,457 | ) | ||||||||||||||||
Foreign corporate securities | 197,029 | (2,802 | ) | 103,720 | (7,236 | ) | 300,749 | (10,038 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 912,964 | $ | (9,512 | ) | $ | 385,298 | $ | (22,550 | ) | $ | 1,298,262 | $ | (32,062 | ) | ||||||||||
Equity securities | - | - | 13 | (1 | ) | 13 | (1 | ) | |||||||||||||||||
Total | $ | 912,964 | $ | (9,512 | ) | $ | 385,311 | $ | (22,551 | ) | $ | 1,298,275 | $ | (32,063 | ) | ||||||||||
Duration of Unrealized Loss at December 31, 2012 By Maturity | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
Due in one year or less | $ | 21,909 | $ | (502 | ) | $ | 30,177 | $ | (3,631 | ) | $ | 52,086 | $ | (4,133 | ) | ||||||||||
Due in one year through five years | 261,625 | (3,891 | ) | 163,480 | (12,748 | ) | 425,105 | (16,639 | ) | ||||||||||||||||
Due in five years through ten years | 135,391 | (1,409 | ) | 37,926 | (1,431 | ) | 173,317 | (2,840 | ) | ||||||||||||||||
Due after ten years | 98,023 | (1,495 | ) | 19,116 | (617 | ) | 117,139 | (2,112 | ) | ||||||||||||||||
Asset-backed securities | - | - | 13,714 | (333 | ) | 13,714 | (333 | ) | |||||||||||||||||
Mortgage-backed securities | 396,016 | (2,215 | ) | 120,885 | (3,790 | ) | 516,901 | (6,005 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 912,964 | $ | (9,512 | ) | $ | 385,298 | $ | (22,550 | ) | $ | 1,298,262 | $ | (32,062 | ) | ||||||||||
The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2012 were $1,298,275 thousand and $32,063 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2012, did not exceed 0.3% of the overall market value of the Company's fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $9,512 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, as well as agency residential mortgage-backed securities. Of these unrealized losses, $7,982 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization. The $22,550 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, foreign government securities and commercial mortgage-backed securities. Of these unrealized losses, $19,150 thousand related to securities that were rated investment grade by at least one nationally recognized statistical rating organization. The non-investment grade securities with unrealized losses were mainly comprised of corporate and commercial mortgage-backed securities. The gross unrealized depreciation for mortgage-backed securities included $250 thousand related to sub-prime and alt-A loans. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. | |||||||||||||||||||||||||
The components of net investment income are presented in the table below for the periods indicated: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Fixed maturity securities | $ | 473,493 | $ | 489,801 | $ | 521,991 | |||||||||||||||||||
Equity securities | 45,387 | 59,156 | 57,573 | ||||||||||||||||||||||
Short-term investments and cash | 1,295 | 1,252 | 1,281 | ||||||||||||||||||||||
Other invested assets | |||||||||||||||||||||||||
Limited partnerships | 46,921 | 64,896 | 56,851 | ||||||||||||||||||||||
Other | 7,329 | 3,851 | 2,741 | ||||||||||||||||||||||
Gross investment income before adjustments | 574,425 | 618,956 | 640,437 | ||||||||||||||||||||||
Funds held interest income (expense) | 10,613 | 10,580 | 2,349 | ||||||||||||||||||||||
Future policy benefit reserve income (expense) | (2,770 | ) | (2,902 | ) | (2,998 | ) | |||||||||||||||||||
Gross investment income | 582,268 | 626,634 | 639,788 | ||||||||||||||||||||||
Investment expenses | (33,759 | ) | (26,432 | ) | (19,747 | ) | |||||||||||||||||||
Net investment income | $ | 548,509 | $ | 600,202 | $ | 620,041 | |||||||||||||||||||
The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline. | |||||||||||||||||||||||||
The Company had contractual commitments to invest up to an additional $79,547 thousand in limited partnerships at December 31, 2013. These commitments will be funded when called in accordance with the partnership agreements, which have investment periods that expire, unless extended, through 2016. | |||||||||||||||||||||||||
The components of net realized capital gains (losses) are presented in the table below for the periods indicated: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Fixed maturity securities, market value: | |||||||||||||||||||||||||
Other-than-temporary impairments | $ | (1,052 | ) | $ | (10,022 | ) | $ | (16,223 | ) | ||||||||||||||||
Gains (losses) from sales | 6,792 | 14,708 | 20,378 | ||||||||||||||||||||||
Fixed maturity securities, fair value: | |||||||||||||||||||||||||
Gains (losses) from sales | 201 | 5,675 | (905 | ) | |||||||||||||||||||||
Gains (losses) from fair value adjustments | 307 | 1,941 | (15,518 | ) | |||||||||||||||||||||
Equity securities, market value: | |||||||||||||||||||||||||
Gains (losses) from sales | 2,648 | 14,920 | 38 | ||||||||||||||||||||||
Equity securities, fair value: | |||||||||||||||||||||||||
Gains (losses) from sales | 32,747 | 21,031 | 8,021 | ||||||||||||||||||||||
Gains (losses) from fair value adjustments | 258,569 | 116,163 | 11,130 | ||||||||||||||||||||||
Short-term investments gain (loss) | 15 | (16 | ) | 2 | |||||||||||||||||||||
Total net realized capital gains (losses) | $ | 300,227 | $ | 164,400 | $ | 6,923 | |||||||||||||||||||
The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) both fair value re-measurements and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis as displayed in the table above. The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component. | |||||||||||||||||||||||||
The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Proceeds from sales of fixed maturity securities | $ | 1,113,960 | $ | 998,056 | $ | 1,797,404 | |||||||||||||||||||
Gross gains from sales | 38,141 | 38,144 | 86,519 | ||||||||||||||||||||||
Gross losses from sales | (31,148 | ) | (17,761 | ) | (67,046 | ) | |||||||||||||||||||
Proceeds from sales of equity securities | $ | 751,973 | $ | 839,547 | $ | 274,434 | |||||||||||||||||||
Gross gains from sales | 44,703 | 57,814 | 16,325 | ||||||||||||||||||||||
Gross losses from sales | (9,308 | ) | (21,863 | ) | (8,266 | ) | |||||||||||||||||||
During 2012, the Company redeemed one of its mutual fund investments reflected on the balance sheet as an equity security – available for sale, at market value. As part of the redemption settlement, the Company received its proportionate share of the fund's fixed maturities and related accrued interest in the amount of $92,981 thousand. The Company has categorized the fixed maturities as available for sale, at market value. | |||||||||||||||||||||||||
Securities with a carrying value amount of $1,405,722 thousand at December 31, 2013 were on deposit with various state or governmental insurance departments in compliance with insurance laws. |
Reserve_For_Losses_LAE_And_Fut
Reserve For Losses, LAE And Future Policy Benefit Reserve | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | ' | ||||||||||||
Reserve For Losses LAE And Future Policy Benefit Reserve | ' | ||||||||||||
3. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE | |||||||||||||
Reserves for losses and LAE. | |||||||||||||
Activity in the reserve for losses and LAE is summarized for the periods indicated: | |||||||||||||
At December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross reserves at January 1 | $ | 10,069,055 | $ | 10,123,215 | $ | 9,340,183 | |||||||
Less reinsurance recoverables | (602,750 | ) | (580,998 | ) | (689,445 | ) | |||||||
Net reserves at January 1 | 9,466,305 | 9,542,217 | 8,650,738 | ||||||||||
Incurred related to: | |||||||||||||
Current year | 2,818,490 | 2,748,925 | 3,722,513 | ||||||||||
Prior years | (18,239 | ) | (3,660 | ) | 3,691 | ||||||||
Total incurred losses and LAE | 2,800,251 | 2,745,265 | 3,726,204 | ||||||||||
Paid related to: | |||||||||||||
Current year | 664,719 | 633,894 | 810,530 | ||||||||||
Prior years | 2,353,817 | 2,220,202 | 2,008,307 | ||||||||||
Total paid losses and LAE | 3,018,536 | 2,854,096 | 2,818,837 | ||||||||||
Foreign exchange/translation adjustment | (48,646 | ) | 32,919 | (15,888 | ) | ||||||||
Net reserves at December 31 | 9,199,374 | 9,466,305 | 9,542,217 | ||||||||||
Plus reinsurance recoverables | 473,866 | 602,750 | 580,998 | ||||||||||
Gross reserves at December 31 | $ | 9,673,240 | $ | 10,069,055 | $ | 10,123,215 | |||||||
Incurred prior years' reserves decreased by $18,239 thousand and $3,660 thousand and increased by $3,691 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. The decrease for 2013 was attributable to a $148,788 thousand decrease in reinsurance business, primarily related to favorable development on treaty property reserves, partially offset by a $130,548 thousand increase in insurance business, primarily related to development on contractors' liability, umbrella and workers compensation reserves. | |||||||||||||
The decrease for 2012 was attributable to a $57,205 thousand decrease in reinsurance business, primarily related to favorable development on treaty casualty reserves, partially offset by a $53,545 thousand increase in insurance business, primarily related to development on contractors' liability and workers compensation reserves. | |||||||||||||
The increase for 2011 was attributable to a $113,833 thousand increase in insurance and U.S. reinsurance business, primarily related to development on contractors' liability, excess casualty and California workers compensation reserves, partially offset by the $110,142 thousand decrease in non-US reinsurance business (Bermuda and International), primarily related to favorable development on non-catastrophe property reserves. | |||||||||||||
The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos. | |||||||||||||
The Company's reserves include an estimate of the Company's ultimate liability for A&E claims. The Company's A&E liabilities emanate from Mt. McKinley's direct insurance business and Everest Re's assumed reinsurance business. All of the contracts of insurance and reinsurance under which the Company has received claims during the past three years expired more than 20 years ago. There are significant uncertainties surrounding the Company's reserves for its A&E losses. | |||||||||||||
A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated: | |||||||||||||
At December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross basis: | |||||||||||||
Beginning of period reserves | $ | 442,821 | $ | 499,911 | $ | 554,790 | |||||||
Incurred losses | 5,599 | 132 | 752 | ||||||||||
Paid losses | (45,959 | ) | (57,222 | ) | (55,631 | ) | |||||||
End of period reserves | $ | 402,461 | $ | 442,821 | $ | 499,911 | |||||||
Net basis: | |||||||||||||
Beginning of period reserves | $ | 425,691 | $ | 480,160 | $ | 532,906 | |||||||
Incurred losses | 5,400 | 124 | 764 | ||||||||||
Paid losses | (44,414 | ) | (54,593 | ) | (53,510 | ) | |||||||
End of period reserves | $ | 386,677 | $ | 425,691 | $ | 480,160 | |||||||
Reinsurance Receivables. Reinsurance receivables for both paid and recoverable on unpaid losses totaled $540,883 thousand and $659,081 thousand at December 31, 2013 and 2012, respectively. At December 31, 2013, $145,359 thousand, or 26.9%, was receivable from C.V. Starr (Bermuda); $95,269 thousand, or 17.6%, was receivable from Federal Crop Insurance Company; $43,931 thousand, or 8.1%, was receivable from Transatlantic Reinsurance Company; $37,663 thousand, or 7.0%, was receivable from Berkley Insurance Company; and $27,414 thousand, or 5.1%, was receivable from Munich Reinsurance America, Inc. The receivable from C.V. Starr is fully collateralized by a trust agreement. No other retrocessionaire accounted for more than 5% of our receivables. | |||||||||||||
Future Policy Benefit Reserve. | |||||||||||||
Activity in the reserve for future policy benefits is summarized for the periods indicated: | |||||||||||||
At December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 66,107 | $ | 67,187 | $ | 63,002 | |||||||
Liabilities assumed | 103 | 126 | 176 | ||||||||||
Adjustments to reserves | (3,066 | ) | 2,365 | 8,449 | |||||||||
Benefits paid in the current year | (3,632 | ) | (3,571 | ) | (4,440 | ) | |||||||
Balance at end of year | $ | 59,512 | $ | 66,107 | $ | 67,187 |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||||||
4. FAIR VALUE | |||||||||||||||||||||||||||||||||||||||||||||
The Company's fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers obtain prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. | |||||||||||||||||||||||||||||||||||||||||||||
In limited instances where prices are not provided by pricing services or in rare instances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained from investment brokers. The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers. In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. In addition, the Company continually performs analytical reviews of price changes and tests the prices on a random basis to an independent pricing source. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. The Company made no such adjustments at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||||||
The Company internally manages a small public equity portfolio which had a fair value at December 31, 2013 and December 31, 2012 of $174,628 thousand and $117,602 thousand, respectively, and all prices were obtained from publically published sources. | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities in U.S. denominated currency are categorized as Level 1, Quoted Prices in Active Markets for Identical Assets, since the securities are actively traded on an exchange and prices are based on quoted prices from the exchange. Equity securities traded on foreign exchanges are categorized as Level 2 due to potential foreign exchange adjustments to fair or market value. | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities are generally categorized as Level 2, Significant Other Observable Inputs, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk) are categorized as Level 3, Significant Unobservable Inputs. These securities include broker priced securities and the Company's equity index put option contracts. | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, all Level 3 fixed maturity securities, were priced using single non-binding broker quotes since prices for these securities were not provided by normal pricing service companies. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. | |||||||||||||||||||||||||||||||||||||||||||||
The Company sold seven equity index put option contracts, based on two indices, in 2001 and 2005, which remain outstanding. The Company sold these equity index put options as insurance products with the intent of achieving a profit. These equity index put option contracts meet the definition of a derivative under FASB guidance and the Company's position in these equity index put option contracts is unhedged. Accordingly, these equity index put option contracts are carried at fair value in the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||||||||||||||||||||||
The Company sold six equity index put option contracts, based on the Standard & Poor's 500 ("S&P 500") index, for total consideration, net of commissions, of $22,530 thousand. At December 31, 2013, fair value for these equity index put option contracts was $29,308 thousand. These equity index put option contracts each have a single exercise date, with maturities ranging from 12 to 30 years and strike prices ranging from $1,141.21 to $1,540.63. No amounts will be payable under these equity index put option contracts if the S&P 500 index is at, or above, the strike prices on the exercise dates, which fall between June 2017 and March 2031. If the S&P 500 index is lower than the strike price on the applicable exercise date, the amount due would vary proportionately with the percentage by which the index is below the strike price. Based on historical index volatilities and trends and the December 31, 2013 S&P 500 index value, the Company estimates the probability that each equity index put option contract of the S&P 500 index falling below the strike price on the exercise date to be less than 25%. The theoretical maximum payouts under these six equity index put option contracts would occur if on each of the exercise dates the S&P 500 index value were zero. At December 31, 2013, the present value of these theoretical maximum payouts using a 3% discount factor was $407,779 thousand. Conversely, if the contracts had all expired on December 31, 2013, with the S&P index at $1,848.36, there would have been no settlement amount. | |||||||||||||||||||||||||||||||||||||||||||||
The Company sold one equity index put option contract based on the FTSE 100 index for total consideration, net of commissions, of $6,706 thousand. At December 31, 2013, fair value for this equity index put option contract was $6,115 thousand. This equity index put option contract has an exercise date of July 2020 and a strike price of £5,989.75. No amount will be payable under this equity index put option contract if the FTSE 100 index is at, or above, the strike price on the exercise date. If the FTSE 100 index is lower than the strike price on the exercise date, the amount due will vary proportionately with the percentage by which the index is below the strike price. Based on historical index volatilities and trends and the December 31, 2013 FTSE 100 index value, the Company estimates the probability that the equity index put option contract of the FTSE 100 index will fall below the strike price on the exercise date to be less than 37%. The theoretical maximum payout under the equity index put option contract would occur if on the exercise date the FTSE 100 index value was zero. At December 31, 2013, the present value of the theoretical maximum payout using a 3% discount factor and current exchange rate was $44,663 thousand. Conversely, if the contract had expired on December 31, 2013, with the FTSE index at £6,749.10, there would have been no settlement amount. | |||||||||||||||||||||||||||||||||||||||||||||
The Company's equity index put option contracts contain provisions that require collateralization of the fair value, as calculated by the counterparty, above a specified threshold, which is based on the Company's financial strength ratings (Moody's Investors Service, Inc.) and/or debt ratings (Standard & Poor's Ratings Services). The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on December 31, 2013, was $35,423 thousand for which the Company had posted collateral with a market value of $30,946 thousand. If on December 31, 2013, the Company's ratings were such that the collateral threshold was zero, the Company's collateral requirement would increase by $55,000 thousand. | |||||||||||||||||||||||||||||||||||||||||||||
The fair value was calculated using an industry accepted option pricing model, Black-Scholes, which used the following assumptions: | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Contract | |||||||||||||||||||||||||||||||||||||||||||||
Contracts | based on | ||||||||||||||||||||||||||||||||||||||||||||
based on | FTSE 100 | ||||||||||||||||||||||||||||||||||||||||||||
S & P 500 Index | Index | ||||||||||||||||||||||||||||||||||||||||||||
Equity index | 1,848.4 | 6,749.1 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate | 1.48% to 4.17% | 2.77% | |||||||||||||||||||||||||||||||||||||||||||
Time to maturity | 3.4 to 17.3 yrs | 6.6 yrs | |||||||||||||||||||||||||||||||||||||||||||
Volatility | 21.0% to 25.1% | 23.50% | |||||||||||||||||||||||||||||||||||||||||||
The following table presents the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value (fair and market value) as of the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, market value | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 161,025 | $ | - | $ | 161,025 | $ | - | |||||||||||||||||||||||||||||||||||||
Obligations of U.S. States and political subdivisions | 1,002,528 | - | 1,002,528 | - | |||||||||||||||||||||||||||||||||||||||||
Corporate securities | 4,079,416 | - | 4,079,416 | - | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 173,043 | - | 167,744 | 5,299 | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | 270,441 | - | 270,441 | - | |||||||||||||||||||||||||||||||||||||||||
Agency residential | 2,279,053 | - | 2,279,053 | - | |||||||||||||||||||||||||||||||||||||||||
Non-agency residential | 4,819 | - | 4,472 | 347 | |||||||||||||||||||||||||||||||||||||||||
Foreign government securities | 1,780,769 | - | 1,780,769 | - | |||||||||||||||||||||||||||||||||||||||||
Foreign corporate securities | 2,885,813 | - | 2,885,332 | 481 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, market value | 12,636,907 | - | 12,630,780 | 6,127 | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, fair value | 19,388 | - | 19,388 | - | |||||||||||||||||||||||||||||||||||||||||
Equity securities, market value | 144,081 | 127,030 | 17,051 | - | |||||||||||||||||||||||||||||||||||||||||
Equity securities, fair value | 1,462,079 | 1,342,278 | 119,801 | - | |||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Equity index put option contracts | $ | 35,423 | $ | - | $ | - | $ | 35,423 | |||||||||||||||||||||||||||||||||||||
There were no transfers between Level 1 and Level 2 for the twelve months ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||
The following table presents the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value (fair and market value) as of the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, market value | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 312,122 | $ | - | $ | 312,122 | $ | - | |||||||||||||||||||||||||||||||||||||
Obligations of U.S. States and political subdivisions | 1,291,963 | - | 1,291,963 | - | |||||||||||||||||||||||||||||||||||||||||
Corporate securities | 4,035,320 | - | 4,035,320 | - | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 176,578 | - | 171,729 | 4,849 | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | 320,088 | - | 320,088 | - | |||||||||||||||||||||||||||||||||||||||||
Agency residential | 2,152,135 | - | 2,117,293 | 34,842 | |||||||||||||||||||||||||||||||||||||||||
Non-agency residential | 8,049 | - | 7,623 | 426 | |||||||||||||||||||||||||||||||||||||||||
Foreign government securities | 1,912,228 | - | 1,912,228 | - | |||||||||||||||||||||||||||||||||||||||||
Foreign corporate securities | 2,933,174 | - | 2,921,261 | 11,913 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, market value | 13,141,657 | - | 13,089,627 | 52,030 | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, fair value | 41,470 | - | 41,470 | - | |||||||||||||||||||||||||||||||||||||||||
Equity securities, market value | 143,493 | 126,395 | 17,098 | - | |||||||||||||||||||||||||||||||||||||||||
Equity securities, fair value | 1,255,557 | 1,114,997 | 140,560 | - | |||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Equity index put option contracts | $ | 79,467 | $ | - | $ | - | $ | 79,467 | |||||||||||||||||||||||||||||||||||||
The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | Foreign | Foreign | Non-agency | Agency | Asset-backed | Foreign | Non-agency | Agency | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Securities | Corporate | Government | RMBS | RMBS | Total | Securities | Corporate | RMBS | RMBS | Total | ||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,849 | $ | 11,913 | $ | - | $ | 426 | $ | 34,842 | $ | 52,030 | $ | 16,937 | $ | 3,044 | $ | 486 | $ | - | $ | 20,467 | |||||||||||||||||||||||
Total gains or (losses) (realized/unrealized) | - | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | 258 | (738 | ) | (112 | ) | 161 | - | (431 | ) | 114 | (34 | ) | 172 | (4 | ) | 248 | |||||||||||||||||||||||||||||
Included in other comprehensive income (loss) | (717 | ) | (587 | ) | (179 | ) | (38 | ) | - | (1,521 | ) | 714 | 167 | 16 | (194 | ) | 703 | ||||||||||||||||||||||||||||
Purchases, issuances and settlements | (624 | ) | 2,858 | 516 | (317 | ) | - | 2,433 | 5,411 | 18,541 | (248 | ) | 35,040 | 58,744 | |||||||||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | 1,533 | (12,965 | ) | (225 | ) | 115 | (34,842 | ) | (46,384 | ) | (18,327 | ) | (9,805 | ) | - | - | (28,132 | ) | |||||||||||||||||||||||||||
Ending balance | $ | 5,299 | $ | 481 | $ | - | $ | 347 | $ | - | $ | 6,127 | $ | 4,849 | $ | 11,913 | $ | 426 | $ | 34,842 | $ | 52,030 | |||||||||||||||||||||||
The amount of total gains or losses for the period included | |||||||||||||||||||||||||||||||||||||||||||||
in earnings (or changes in net assets) attributable to the | |||||||||||||||||||||||||||||||||||||||||||||
change in unrealized gains or losses relating to assets | |||||||||||||||||||||||||||||||||||||||||||||
still held at the reporting date | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||||||||||||||||||||||||||||||
The transfer from level 3, fair value measurements using significant unobservable inputs, of $46,384 thousand of investments during 2013 primarily relates to securities that were priced using single non-binding broker quotes as of December 31, 2012. The securities were subsequently priced using a recognized pricing service as of December 31, 2013, and were classified as level 2 as of that date. | |||||||||||||||||||||||||||||||||||||||||||||
The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for equity index put option contracts, for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 79,467 | $ | 69,729 | |||||||||||||||||||||||||||||||||||||||||
Total (gains) or losses (realized/unrealized) | |||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | (44,044 | ) | 9,738 | ||||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income (loss) | - | - | |||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances and settlements | - | - | |||||||||||||||||||||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | - | - | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 35,423 | $ | 79,467 | |||||||||||||||||||||||||||||||||||||||||
The amount of total gains or losses for the period included in earnings | |||||||||||||||||||||||||||||||||||||||||||||
(or changes in net assets) attributable to the change in unrealized | |||||||||||||||||||||||||||||||||||||||||||||
gains or losses relating to liabilities still held at the reporting date | $ | - | $ | - | |||||||||||||||||||||||||||||||||||||||||
(Some amounts may not reconcile due to rounding.) |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interest - MT. Logan RE | 12 Months Ended |
Dec. 31, 2013 | |
Redeemable Noncontrolling Interest - MT. Logan RE [Abstract] | ' |
Redeemable Noncontrolling Interest - MT. Logan RE | ' |
5. REDEEMABLE NONCONTROLLING INTERESTS – MT. LOGAN RE | |
Mt. Logan Re is a Class 3 insurer registered in Bermuda effective February 27, 2013 under The Segregated Accounts Companies Act 2000 and 100% of the voting common shares are owned by Group. Separate segregated accounts have been established effective July 1, 2013 and non-voting, redeemable preferred shares have been issued to capitalize the segregated accounts. Unaffiliated third parties have invested $87,500 thousand and the Company has invested $30,000 thousand in the segregated accounts in exchange for non-voting redeemable preferred shares. Each segregated account will invest in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally. The financial statements for Mt. Logan Re are consolidated with the Company with adjustments reflected for the third party noncontrolling interests reflected as separate captions in the Company's financial statements. For the period ending December 31, 2013, the net income attributable to the third party noncontrolling interests was $5,878 thousand. | |
Effective January 1, 2014, unaffiliated third parties have invested an additional $213,700 thousand in the segregated accounts and the Company has invested another $20,000 thousand. Part of these third party investments were received prior to December 31, 2013 and are reflected as subscription advances. | |
The Company expects its participation level in the segregated funds to fluctuate over time. |
Credit_Facilities
Credit Facilities | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Credit Facilities [Abstract] | ' | ||||||||||||||||||||
Credit Facilities | ' | ||||||||||||||||||||
6. CREDIT FACILITIES | |||||||||||||||||||||
The Company has three credit facilities for a total commitment of up to $1,250,000 thousand, providing for the issuance of letters of credit and/or unsecured revolving credit lines. The following table presents the costs incurred in connection with the three credit facilities for the periods indicated: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Credit facility fees incurred | $ | 964 | $ | 3,519 | $ | 2,211 | |||||||||||||||
The terms and outstanding amounts for each facility are discussed below: | |||||||||||||||||||||
Group Credit Facility | |||||||||||||||||||||
Effective June 22, 2012, Group, Bermuda Re and Everest International entered into a four year, $800,000 thousand senior credit facility with a syndicate of lenders, which amended and restated in its entirety the July 27, 2007, five year, $850,000 thousand senior credit facility. Both the June 22, 2012 and July 27, 2007 senior credit facilities, which have similar terms, are referred to as the "Group Credit Facility". Wells Fargo Corporation ("Wells Fargo Bank") is the administrative agent for the Group Credit Facility, which consists of | |||||||||||||||||||||
twotranches. Tranche one provides up to $200,000 thousand of unsecured revolving credit for liquidity and general corporate purposes, and for the issuance of unsecured standby letters of credit. The interest on the revolving loans shall, at the Company's option, be either (1) the Base Rate (as defined below) or (2) an adjusted London Interbank Offered Rate ("LIBOR") plus a margin. The Base Rate is the higher of (a) the prime commercial lending rate established by Wells Fargo Bank, (b) the Federal Funds Rate plus 0.5% per annum or (c) the one month LIBOR Rate plus 1.0% per annum. The amount of margin and the fees payable for the Group Credit Facility depends on Group's senior unsecured debt rating. Tranche two exclusively provides up to $600,000 thousand for the issuance of standby letters of credit on a collateralized basis. | |||||||||||||||||||||
The Group Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 to 1 and to maintain a minimum net worth. Minimum net worth is an amount equal to the sum of $4,249,963 thousand plus 25% of consolidated net income for each of Group's fiscal quarters, for which statements are available ending on or after January 1, 2012 and for which consolidated net income is positive, plus 25% of any increase in consolidated net worth during such period attributable to the issuance of ordinary and preferred shares, which at December 31, 2013, was $4,806,247 thousand. As of December 31, 2013, the Company was in compliance with all Group Credit Facility covenants. | |||||||||||||||||||||
The following table summarizes the outstanding letters of credit and/or borrowings for the periods indicated: | |||||||||||||||||||||
(Dollars in thousands) | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||
Bank | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry | |||||||||||||||
Wells Fargo Bank Group Credit Facility | Tranche One | $ | 200,000 | $ | - | $ | 200,000 | $ | - | ||||||||||||
Tranche Two | 600,000 | 502,059 | 12/31/14 | 600,000 | 463,155 | 12/31/13 | |||||||||||||||
Total Wells Fargo Bank Group Credit Facility | $ | 800,000 | $ | 502,059 | $ | 800,000 | $ | 463,155 | |||||||||||||
Holdings Credit Facility | |||||||||||||||||||||
Effective August 15, 2011, Holdings entered into a new three year, $150,000 thousand unsecured revolving credit facility with a syndicate of lenders, replacing the August 23, 2006 five year senior revolving credit facility. Both the August 15, 2011 and August 23, 2006 revolving credit agreements, which have similar terms, are referred to as the "Holdings Credit Facility". Citibank N.A. is the administrative agent for the Holdings Credit Facility. The Holdings Credit Facility may be used for liquidity and general corporate purposes. The Holdings Credit Facility provides for the borrowing of up to $150,000 thousand with interest at a rate selected by Holdings equal to either, (1) the Base Rate (as defined below) or (2) a periodic fixed rate equal to the Eurodollar Rate plus an applicable margin. The Base Rate means a fluctuating interest rate per annum in effect from time to time to be equal to the higher of (a) the rate of interest publicly announced by Citibank as its base rate, (b) 0.5% per annum above the Federal Funds Rate or (c) 1% above the one month LIBOR, in each case plus the applicable margin. The amount of margin and the fees payable for the Holdings Credit Facility depends upon Holdings' senior unsecured debt rating. | |||||||||||||||||||||
The Holdings Credit Facility requires Holdings to maintain a debt to capital ratio of not greater than 0.35 to 1 and Everest Re to maintain its statutory surplus at $1,875,000 thousand plus 25% of future aggregate net income and 25% of future aggregate capital contributions after December 31, 2010, which at December 31, 2013, was $2,128,051 thousand. As of December 31, 2013, Holdings was in compliance with all Holdings Credit Facility covenants. | |||||||||||||||||||||
There are certain regulatory and contractual restrictions on the ability of Holdings' operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance laws of the State of Delaware, where Holdings' direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds. At December 31, 2013, $2,294,461 thousand of the $3,136,782 thousand in net assets of Holdings' consolidated subsidiaries were subject to the foregoing regulatory restrictions. | |||||||||||||||||||||
The following table summarizes outstanding letters of credit and/or borrowings for the periods indicated: | |||||||||||||||||||||
(Dollars in thousands) | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||
Bank | Commitment | In Use | Date of Loan | Maturity/Expiry Date | Commitment | In Use | Date of Loan | Maturity/Expiry Date | |||||||||||||
Citibank Holdings Credit Facility | $ | 150,000 | $ | - | $ | 150,000 | $ | - | |||||||||||||
Total revolving credit borrowings | - | - | |||||||||||||||||||
Total letters of credit | 851 | 12/31/14 | 1,551 | 12/31/13 | |||||||||||||||||
Total Citibank Holdings Credit Facility | $ | 150,000 | $ | 851 | $ | 150,000 | $ | 1,551 | |||||||||||||
Bermuda Re Letter of Credit Facility | |||||||||||||||||||||
Bermuda Re has a $300,000 thousand letter of credit issuance facility with Citibank N.A. referred to as the "Bermuda Re Letter of Credit Facility", which commitment is reconfirmed annually with updated fees. The Bermuda Re Letter of Credit Facility provides for the issuance of up to $300,000 thousand of secured letters of credit to collateralize reinsurance obligations as a non-admitted reinsurer. The interest on drawn letters of credit shall be (A) 0.35% per annum of the principal amount of issued standard letters of credit (expiry of 15 months or less) and (B) 0.45% per annum of the principal amount of issued extended tenor letters of credit (expiry maximum of up to 60 months). The commitment fee on undrawn credit shall be 0.15% per annum. | |||||||||||||||||||||
The following table summarizes the outstanding letters of credit for the periods indicated: | |||||||||||||||||||||
(Dollars in thousands) | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||
Bank | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry | |||||||||||||||
Citibank Bilateral Letter of Credit Agreement | $ | 300,000 | $ | 119 | 8/30/14 | $ | 300,000 | $ | 3,672 | 11/24/13 | |||||||||||
3,672 | 11/24/14 | 75,472 | 12/31/13 | ||||||||||||||||||
79,336 | 12/31/14 | 1,104 | 8/15/14 | ||||||||||||||||||
1,045 | 12/31/15 | 139 | 8/30/14 | ||||||||||||||||||
22,800 | 12/31/17 | 20,838 | 12/31/14 | ||||||||||||||||||
129,147 | 3/30/18 | 145,215 | 3/31/17 | ||||||||||||||||||
Total Citibank Bilateral Agreement | $ | 300,000 | $ | 236,119 | $ | 300,000 | $ | 246,440 |
Senior_Notes
Senior Notes | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Senior Notes [Abstract] | ' | |||||||||||||||||||||||
Senior Notes | ' | |||||||||||||||||||||||
7. SENIOR NOTES | ||||||||||||||||||||||||
The table below displays Holdings' outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Consolidated Balance | Consolidated Balance | |||||||||||||||||||||||
(Dollars in thousands) | Date Issued | Date Due | Principal Amounts | Sheet Amount | Market Value | Sheet Amount | Market Value | |||||||||||||||||
5.40% Senior notes | 10/12/04 | 10/15/14 | $ | 250,000 | $ | 249,958 | $ | 259,130 | $ | 249,907 | $ | 266,390 | ||||||||||||
Interest expense incurred in connection with these senior notes is as follows for the periods indicated: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Interest expense incurred | $ | 13,551 | $ | 13,548 | $ | 13,546 | ||||||||||||||||||
Long_Term_Subordinated_Notes
Long Term Subordinated Notes | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Long Term Subordinated Notes [Abstract] | ' | |||||||||||||||||||||||||
Long Term Subordinated Notes | ' | |||||||||||||||||||||||||
8. LONG TERM SUBORDINATED NOTES | ||||||||||||||||||||||||||
The table below displays Holdings' outstanding fixed to floating rate long term subordinated notes. Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||||
Maturity Date | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Original | Consolidated Balance | Consolidated Balance | ||||||||||||||||||||||||
(Dollars in thousands) | Date Issued | Principal Amount | Scheduled | Final | Sheet Amount | Market Value | Sheet Amount | Market Value | ||||||||||||||||||
6.6% Long term subordinated notes | 4/26/07 | $ | 400,000 | 5/15/37 | 5/1/67 | $ | 238,361 | $ | 233,292 | $ | 238,357 | $ | 242,138 | |||||||||||||
During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest will be at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007, subject to Holdings' right to defer interest on one or more occasions for up to ten consecutive years. During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings' right to defer interest on one or more occasions for up to ten consecutive years. Deferred interest will accumulate interest at the applicable rate compounded semi-annually for periods prior to May 15, 2017, and compounded quarterly for periods from and including May 15, 2017. | ||||||||||||||||||||||||||
Holdings can redeem the long term subordinated notes prior to May 15, 2017, in whole but not in part at the applicable redemption price, which will equal the greater of (a) 100% of the principal amount being redeemed and (b) the present value of the principal payment on May 15, 2017 and scheduled payments of interest that would have accrued from the redemption date to May 15, 2017 on the long term subordinated notes being redeemed, discounted to the redemption date on a semi-annual basis at a discount rate equal to the treasury rate plus an applicable spread of either 0.25% or 0.50%, in each case plus accrued and unpaid interest. Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. | ||||||||||||||||||||||||||
On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes. Upon expiration of the tender offer, the Company had reduced its outstanding debt by $161,441 thousand. | ||||||||||||||||||||||||||
Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: | ||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Interest expense incurred | $ | 15,748 | $ | 15,748 | $ | 15,748 | ||||||||||||||||||||
Junior_Subordinated_Debt_Secur
Junior Subordinated Debt Securities Payable | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Junior Subordinated Debt Securities Payable [Abstract] | ' | |||||||||||||||||||||||
Junior Subordinated Debt Securities Payable | ' | |||||||||||||||||||||||
9. JUNIOR SUBORDINATED DEBT SECURITIES PAYABLE | ||||||||||||||||||||||||
The following table displays Holdings' outstanding junior subordinated debt securities due to Everest Re Capital Trust II ("Capital Trust II"), a 100% owned finance subsidiary of Holdings. Fair value is primarily based on the quoted market price of the related trust preferred securities, and as such, these securities are considered Level 2 under the fair value hierarchy. | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Consolidated Balance | Consolidated Balance | |||||||||||||||||||||||
(Dollars in thousands) | Date Issued | Date Due | Amount Issued | Sheet Amount | Fair Value | Sheet Amount | Fair Value | |||||||||||||||||
6.20% Junior subordinated debt securities | 3/29/04 | 3/29/34 | $ | 329,897 | $ | - | $ | - | $ | 329,897 | $ | 333,225 | ||||||||||||
In accordance with the provisions of the junior subordinated debt securities, Holdings elected to redeem the $329,897 thousand of 6.2% junior subordinated debt securities outstanding on May 24, 2013. As a result of the early redemption, the Company incurred pre-tax expense of $7,282 thousand related to the immediate amortization of the remaining capitalized issuance costs on the trust preferred securities. | ||||||||||||||||||||||||
Interest expense incurred in connection with these junior subordinated debt securities is as follows for the periods indicated: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Interest expense incurred | $ | 8,181 | $ | 20,454 | $ | 20,454 | ||||||||||||||||||
Holdings considers that the mechanisms and obligations relating to the trust preferred securities, taken together, constitute a full and unconditional guarantee by Holdings of Capital Trust II's payment obligations with respect to their trust preferred securities. |
Trust_Agreements
Trust Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Trust Agreements [Abstract] | ' |
Trust Agreements | ' |
10. TRUST AGREEMENTS | |
Certain subsidiaries of Group have established trust agreements, which effectively use the Company's investments as collateral, as security for assumed losses payable to certain non-affiliated ceding companies. At December 31, 2013, the total amount on deposit in trust accounts was $253,429 thousand. |
Operating_Lease_Agreements
Operating Lease Agreements | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Operating Lease Agreements [Abstract] | ' | ||||
Operating Lease Agreements | ' | ||||
11. OPERATING LEASE AGREEMENTS | |||||
The future minimum rental commitments, exclusive of cost escalation clauses, at December 31, 2013, for all of the Company's operating leases with remaining non-cancelable terms in excess of one year are as follows: | |||||
(Dollars in thousands) | |||||
2014 | $ | 11,604 | |||
2015 | 12,143 | ||||
2016 | 12,120 | ||||
2017 | 10,724 | ||||
2018 | 10,522 | ||||
Thereafter | 26,335 | ||||
Net commitments | $ | 83,448 | |||
All of these leases, the expiration terms of which range from 2015 to 2024, are for the rental of office space. Rental expense was $14,407 thousand, $14,169 thousand and $14,148 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
12. INCOME TAXES | |||||||||||||||||||||||||
Under Bermuda law, no income or capital gains taxes are imposed on Group and its Bermuda subsidiaries. The Minister of Finance of Bermuda has assured Group and its Bermuda subsidiaries that, pursuant to The Exempted Undertakings Tax Protection Amendment Act of 2011, they will be exempt until 2035 from imposition of any such taxes. | |||||||||||||||||||||||||
All the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state and local taxes on corporations. Additionally, the income of foreign branches of the Company's insurance operating companies, in particular the UK branch of Bermuda Re, is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5% withholding taxes. Currently, however, no withholding taxes are accrued with respect to such un-remitted earnings as management has no intention of remitting them. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity. The significant components of the provision are as follows for the periods indicated: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Current tax expense (benefit): | |||||||||||||||||||||||||
U.S. | $ | 116,829 | $ | 46,723 | $ | 27,257 | |||||||||||||||||||
Non-U.S. | 18,219 | 14,131 | 14,388 | ||||||||||||||||||||||
Total current tax expense (benefit) | 135,048 | 60,854 | 41,645 | ||||||||||||||||||||||
Total deferred U.S. tax expense (benefit) | 154,658 | 49,718 | (195,106 | ) | |||||||||||||||||||||
Total income tax expense (benefit) | $ | 289,706 | $ | 110,572 | $ | (153,461 | ) | ||||||||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||||||||||
The weighted average expected tax provision has been calculated using the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction's applicable statutory tax rate. Reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate for the periods indicated is provided below: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
Underwriting gain (loss) | $ | 246,699 | $ | 491,909 | $ | 42,775 | $ | 216,228 | $ | (574,142 | ) | $ | (183,641 | ) | |||||||||||
Net investment income | 274,920 | 273,589 | 287,382 | 312,820 | 292,980 | 327,062 | |||||||||||||||||||
Net realized capital gains (losses) | 295,814 | 4,413 | 143,326 | 21,073 | (28,565 | ) | 35,488 | ||||||||||||||||||
Net derivative gain (loss) | - | 44,044 | - | (9,738 | ) | - | (11,261 | ) | |||||||||||||||||
Corporate expenses | (8,262 | ) | (16,555 | ) | (8,764 | ) | (15,211 | ) | (6,073 | ) | (10,388 | ) | |||||||||||||
Interest, fee and bond issue cost amortization expense | (45,452 | ) | (665 | ) | (50,746 | ) | (2,936 | ) | (50,763 | ) | (1,556 | ) | |||||||||||||
Other income (expense) | (7,086 | ) | 1,598 | 18,360 | (15,042 | ) | (28,644 | ) | 5,556 | ||||||||||||||||
Pre-tax income (loss) | $ | 756,633 | $ | 798,333 | $ | 432,332 | $ | 507,194 | $ | (395,206 | ) | $ | 161,260 | ||||||||||||
Expected tax provision at the applicable statutory rate(s) | 264,822 | 16,279 | 151,316 | 11,012 | (138,322 | ) | 12,216 | ||||||||||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||||||||||
Tax exempt income | (15,038 | ) | - | (20,623 | ) | - | (33,672 | ) | - | ||||||||||||||||
Dividend received deduction | (7,809 | ) | - | (8,351 | ) | - | (6,893 | ) | - | ||||||||||||||||
Proration | 2,274 | - | 3,138 | - | 5,080 | - | |||||||||||||||||||
Tax audit settlement | - | - | (2,508 | ) | - | (710 | ) | - | |||||||||||||||||
Uncertain tax position release | - | - | (31,912 | ) | - | 8,139 | - | ||||||||||||||||||
Other | 27,238 | 1,940 | 5,381 | 3,119 | (1,471 | ) | 2,172 | ||||||||||||||||||
Total income tax provision | $ | 271,487 | $ | 18,219 | $ | 96,441 | $ | 14,131 | $ | (167,849 | ) | $ | 14,388 | ||||||||||||
During 2012, the Internal Revenue Service ("IRS") completed its audit of the Company for the 2007 and 2008 tax years. At the conclusion of the audit, the Company paid additional federal income taxes of $12,747 thousand plus interest of $1,702 thousand. The additional tax liability resulted primarily from adjustments to the timing of the Company's utilization of foreign tax credits and, therefore, including interest but net of a permanent benefit from previously unrecorded tax exempt income, this resulted in a $354 thousand income tax benefit. Also as a result of closing the IRS audit, the Company was able to re-measure its exposure and take down its reserve for uncertain tax positions by $31,912 thousand and related interest by $2,154 thousand, resulting in an income tax benefit of $34,067 thousand. | |||||||||||||||||||||||||
The Company identified net understatements in its Deferred tax asset account of $17,520 thousand during 2012. The understatements resulted from differences between filed and recorded amounts that had accumulated over several prior periods. The Company corrected these understatements, resulting in a $17,520 thousand income tax benefit included in the income tax expense (benefit) caption in the Consolidated Statements of Operations and Comprehensive Income (Loss) and increased net income for the same amount. The Company also increased its Deferred tax asset in its Consolidated Balance Sheets by $17,520 thousand. The Company believes that the out of period adjustments are immaterial to these financial statements and to all prior periods. As such, the Company has not restated any prior period amounts. | |||||||||||||||||||||||||
Deferred income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values as measured by the U.S. tax laws and regulations. The principal items making up the net deferred income tax asset are as follows for the periods indicated: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Loss reserve | $ | 146,781 | $ | 159,320 | |||||||||||||||||||||
Alternative minimum tax credits | 93,336 | 64,088 | |||||||||||||||||||||||
Foreign tax credits | 74,255 | 90,941 | |||||||||||||||||||||||
Unearned premium reserve | 45,368 | 37,558 | |||||||||||||||||||||||
Net unrecognized losses on benefit plans | 20,944 | 33,660 | |||||||||||||||||||||||
Benefit plan liability | 7,968 | 37,598 | |||||||||||||||||||||||
Uncollectible reinsurance reserve | 5,534 | 5,675 | |||||||||||||||||||||||
Deferred compensation | 5,350 | 12,557 | |||||||||||||||||||||||
Net operating loss carryforward | 3,805 | 64,353 | |||||||||||||||||||||||
Deferred expenses | 2,695 | 2,602 | |||||||||||||||||||||||
Investment impairments | 2,485 | 3,151 | |||||||||||||||||||||||
Other assets | 6,956 | 9,630 | |||||||||||||||||||||||
Total deferred tax assets | 415,477 | 521,133 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Net fair value income | 121,784 | 61,211 | |||||||||||||||||||||||
Net unrealized investment gains | 40,396 | 87,524 | |||||||||||||||||||||||
Deferred acquisition costs | 39,344 | 33,969 | |||||||||||||||||||||||
Net unrealized foreign currency gains | 28,098 | 42,742 | |||||||||||||||||||||||
Gain on tender of debt | 27,395 | 27,395 | |||||||||||||||||||||||
Bond market discount | 609 | 2,002 | |||||||||||||||||||||||
Other liabilities | 7,765 | 2,515 | |||||||||||||||||||||||
Total deferred tax liabilities | 265,391 | 257,357 | |||||||||||||||||||||||
Net deferred tax assets | 150,086 | 263,776 | |||||||||||||||||||||||
Less: Valuation allowance | (3,805 | ) | (1,752 | ) | |||||||||||||||||||||
Total net deferred tax assets | $ | 146,281 | $ | 262,024 | |||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance at January 1 | $ | - | $ | 31,912 | $ | 23,773 | |||||||||||||||||||
Additions based on tax positions related to the current year | - | - | 8,139 | ||||||||||||||||||||||
Additions for tax positions of prior years | - | - | - | ||||||||||||||||||||||
Reductions for tax positions of prior years | - | (31,912 | ) | - | |||||||||||||||||||||
Settlements with taxing authorities | - | - | - | ||||||||||||||||||||||
Lapses of applicable statutes of limitations | - | - | - | ||||||||||||||||||||||
Balance at December 31 | $ | - | $ | - | $ | 31,912 | |||||||||||||||||||
As a result of closing the 2007 and 2008 IRS audit during 2012, the Company was able to re-measure its exposure and take down its reserve for uncertain tax positions by $31,912 thousand and accrued interest of $2,154 thousand. Thus, the entire amount of unrecognized tax benefits at December 31, 2011 was recognized and beneficially affected the effective tax rate in 2012. The Company is no longer subject to IRS audit for years before 2009. | |||||||||||||||||||||||||
The Company recognizes accrued interest related to net unrecognized tax benefits and penalties in income taxes. During the years ended December 31, 2012 and 2011, the Company accrued and recognized a net expense/(benefit) of approximately $(2,154) thousand and $957 thousand, respectively, in interest and penalties. | |||||||||||||||||||||||||
For U.S. income tax purposes at December 31, 2013, the Company has foreign tax credit carry forwards of $74,255 thousand that begin to expire in 2017. In addition, the Company has $93,336 thousand of Alternative Minimum Tax credits that do not expire. Management believes that it is more likely than not that the Company will realize the benefits of the majority of its net deferred tax assets, however, a valuation allowance of $3,805 thousand and $1,752 thousand has been recorded in 2013 and 2012, respectively, against the deferred tax assets in its Everest Canada subsidiary. | |||||||||||||||||||||||||
The Company has recorded tax benefits related to share-based compensation deductions for dividends on restricted stock, vestings of restricted stock and exercised stock options in 2013 and 2012, respectively, of $4,562 thousand and $555 thousand to additional paid-in capital in the shareholders' equity section of the consolidated balance sheets. |
Reinsurance
Reinsurance | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Reinsurance [Abstract] | ' | ||||||||||||
Reinsurance | ' | ||||||||||||
13. REINSURANCE | |||||||||||||
The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the ceding company of its obligations to the policyholders. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances. The Company may hold partial collateral, including letters of credit and funds held, under these agreements. See also Note 1C and Note 3. | |||||||||||||
Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Written premiums: | |||||||||||||
Direct | $ | 1,268,698 | $ | 1,074,206 | $ | 815,087 | |||||||
Assumed | 3,949,936 | 3,236,331 | 3,471,087 | ||||||||||
Ceded | (213,813 | ) | (229,466 | ) | (177,275 | ) | |||||||
Net written premiums | $ | 5,004,821 | $ | 4,081,071 | $ | 4,108,899 | |||||||
Premiums earned: | |||||||||||||
Direct | $ | 1,207,833 | $ | 1,054,707 | $ | 871,598 | |||||||
Assumed | 3,748,824 | 3,353,667 | 3,454,622 | ||||||||||
Ceded | (203,114 | ) | (243,746 | ) | (224,873 | ) | |||||||
Net premiums earned | $ | 4,753,543 | $ | 4,164,628 | $ | 4,101,347 | |||||||
Incurred losses and LAE: | |||||||||||||
Direct | $ | 1,173,177 | $ | 926,364 | $ | 744,017 | |||||||
Assumed | 1,833,055 | 2,017,526 | 3,099,787 | ||||||||||
Ceded | (205,981 | ) | (198,625 | ) | (117,600 | ) | |||||||
Net incurred losses and LAE | $ | 2,800,251 | $ | 2,745,265 | $ | 3,726,204 | |||||||
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||||||
14. COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||||||||||||||
The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary | $ | (457,192 | ) | $ | 62,834 | $ | (394,358 | ) | $ | 178,405 | $ | (6,644 | ) | $ | 171,761 | $ | 109,928 | $ | (19,338 | ) | $ | 90,591 | |||||||||||||||
URA(D) on securities - OTTI | (1,579 | ) | 140 | (1,439 | ) | 2,181 | 83 | 2,264 | 824 | 66 | 890 | ||||||||||||||||||||||||||
Reclassification of net realized losses (gains) included in net income (loss) | (8,388 | ) | 1,411 | (6,977 | ) | (19,606 | ) | (70 | ) | (19,676 | ) | (4,193 | ) | (7,146 | ) | (11,340 | ) | ||||||||||||||||||||
Foreign currency translation adjustments | (10,462 | ) | 10,300 | (162 | ) | 26,484 | (3,786 | ) | 22,698 | (16,429 | ) | 460 | (15,969 | ) | |||||||||||||||||||||||
Benefit plan actuarial net gain (loss) | 27,442 | (9,605 | ) | 17,837 | (18,109 | ) | 6,338 | (11,771 | ) | (48,885 | ) | 17,109 | (31,776 | ) | |||||||||||||||||||||||
Reclassification of amortization of net gain (loss) included in net income (loss) | 8,889 | (3,111 | ) | 5,778 | 7,377 | (2,582 | ) | 4,795 | 3,575 | (1,251 | ) | 2,324 | |||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | (441,290 | ) | $ | 61,969 | $ | (379,321 | ) | $ | 176,732 | $ | (6,661 | ) | $ | 170,071 | $ | 44,820 | $ | (10,100 | ) | $ | 34,720 | |||||||||||||||
The following table presents details of the amounts reclassified from accumulated other comprehensive income ("AOCI") for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Affected line item within the statements of | ||||||||||||||||||||||||||||||||||||
AOCI component | 2013 | 2012 | operations and comprehensive income (loss) | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
URA(D) on securities | $ | (8,388 | ) | $ | (19,606 | ) | Other net realized capital gains (losses) | ||||||||||||||||||||||||||||||
1,411 | (70 | ) | Income tax expense (benefit) | ||||||||||||||||||||||||||||||||||
$ | (6,977 | ) | $ | (19,676 | ) | Net income (loss) | |||||||||||||||||||||||||||||||
Benefit plan net gain (loss) | $ | 8,889 | $ | 7,377 | Other underwriting expenses | ||||||||||||||||||||||||||||||||
(3,111 | ) | (2,582 | ) | Income tax expense (benefit) | |||||||||||||||||||||||||||||||||
$ | 5,778 | $ | 4,795 | Net income (loss) | |||||||||||||||||||||||||||||||||
The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning balance of URA (D) on securities | $ | 603,928 | $ | 449,579 | |||||||||||||||||||||||||||||||||
Current period change in URA (D) of investments - temporary | (401,335 | ) | 152,086 | ||||||||||||||||||||||||||||||||||
Current period change in URA (D) of investments - non-credit OTTI | (1,439 | ) | 2,263 | ||||||||||||||||||||||||||||||||||
Ending balance of URA (D) on securities | 201,154 | 603,928 | |||||||||||||||||||||||||||||||||||
Beginning balance of foreign currency translation adjustments | (4,368 | ) | (27,066 | ) | |||||||||||||||||||||||||||||||||
Current period change in foreign currency translation adjustments | (162 | ) | 22,698 | ||||||||||||||||||||||||||||||||||
Ending balance of foreign currency translation adjustments | (4,530 | ) | (4,368 | ) | |||||||||||||||||||||||||||||||||
Beginning balance of benefit plan net gain (loss) | (62,511 | ) | (55,535 | ) | |||||||||||||||||||||||||||||||||
Current period change in benefit plan net gain (loss) | 23,615 | (6,976 | ) | ||||||||||||||||||||||||||||||||||
Ending balance of benefit plan net gain (loss) | (38,896 | ) | (62,511 | ) | |||||||||||||||||||||||||||||||||
Ending balance of accumulated other comprehensive income (loss) | $ | 157,728 | $ | 537,049 | |||||||||||||||||||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
15. EMPLOYEE BENEFIT PLANS | |||||||||||||||||
Defined Benefit Pension Plans. | |||||||||||||||||
The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010. Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service. The Company's non-qualified defined benefit pension plan, affected in October 1995, provides compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations. | |||||||||||||||||
Although not required to make contributions under IRS regulations, the following table summarizes the Company's contributions to the defined benefit pension plans for the periods indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Company contributions | $ | 22,536 | $ | 267 | $ | 3,223 | |||||||||||
The following table summarizes the Company's pension expense for the periods indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Pension expense | $ | 19,348 | $ | 16,542 | $ | 10,874 | |||||||||||
The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 212,159 | $ | 175,364 | |||||||||||||
Service cost | 11,182 | 9,370 | |||||||||||||||
Interest cost | 8,511 | 7,971 | |||||||||||||||
Actuarial (gain)/loss | (12,742 | ) | 21,786 | ||||||||||||||
Benefits paid | (5,052 | ) | (2,332 | ) | |||||||||||||
Projected benefit obligation at end of year | 214,059 | 212,159 | |||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 114,807 | 101,304 | |||||||||||||||
Actual return on plan assets | 20,155 | 15,568 | |||||||||||||||
Actual contributions during the year | 22,536 | 267 | |||||||||||||||
Benefits paid | (5,052 | ) | (2,332 | ) | |||||||||||||
Fair value of plan assets at end of year | 152,446 | 114,807 | |||||||||||||||
Funded status at end of year | $ | (61,613 | ) | $ | (97,352 | ) | |||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
Amounts recognized in the consolidated balance sheets for the periods indicated: | |||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Other assets (due beyond one year) | $ | - | $ | - | |||||||||||||
Other liabilities (due within one year) | (17,000 | ) | (5,497 | ) | |||||||||||||
Other liabilities (due beyond one year) | (44,613 | ) | (91,855 | ) | |||||||||||||
Net amount recognized in the consolidated balance sheets | $ | (61,613 | ) | $ | (97,352 | ) | |||||||||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: | |||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Prior service cost | $ | (70 | ) | $ | (119 | ) | |||||||||||
Accumulated income (loss) | (53,318 | ) | (85,820 | ) | |||||||||||||
Accumulated other comprehensive income (loss) | $ | (53,387 | ) | $ | (85,939 | ) | |||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
Other changes in other comprehensive income (loss) for the periods indicated are as follows: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Other comprehensive income (loss) at December 31, prior year | $ | (85,939 | ) | $ | (78,923 | ) | |||||||||||
Net gain (loss) arising during period | 24,402 | (13,961 | ) | ||||||||||||||
Recognition of amortizations in net periodic benefit cost: | |||||||||||||||||
Prior service cost | 49 | 49 | |||||||||||||||
Actuarial loss | 8,101 | 6,896 | |||||||||||||||
Other comprehensive income (loss) at December 31, current year | $ | (53,387 | ) | $ | (85,939 | ) | |||||||||||
Net periodic benefit cost for U.S. employees included the following components for the periods indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 11,182 | $ | 9,370 | $ | 7,548 | |||||||||||
Interest cost | 8,511 | 7,971 | 7,702 | ||||||||||||||
Expected return on assets | (8,495 | ) | (7,743 | ) | (9,067 | ) | |||||||||||
Amortization of actuarial loss from earlier periods | 8,101 | 6,896 | 3,367 | ||||||||||||||
Amortization of unrecognized prior service cost | 49 | 49 | 49 | ||||||||||||||
Settlement | - | - | 1,275 | ||||||||||||||
Net periodic benefit cost | $ | 19,348 | $ | 16,542 | $ | 10,874 | |||||||||||
Other changes recognized in other comprehensive income (loss): | |||||||||||||||||
Other comprehensive income (loss) attributable to change from prior year | (32,552 | ) | 7,017 | ||||||||||||||
Total recognized in net periodic benefit cost and other | |||||||||||||||||
comprehensive income (loss) | $ | (13,204 | ) | $ | 23,559 | ||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
The estimated transition obligation, actuarial loss and prior service cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next year are $0 thousand, $5,138 thousand and $49 thousand, respectively. | |||||||||||||||||
The weighted average discount rates used to determine net periodic benefit cost for 2013, 2012 and 2011 were 4.00%, 4.60% and 5.60%, respectively. The rate of compensation increase used to determine the net periodic benefit cost for 2013, 2012 and 2011 was 4.0%. The expected long-term rate of return on plan assets for 2013, 2012 and 2011 was 7.50%, 7.75% and 8.0%, respectively, and was based on expected portfolio returns and allocations. | |||||||||||||||||
The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for year end 2013, 2012 and 2011 were 5.00%, 4.00% and 4.60%, respectively. | |||||||||||||||||
The following table summarizes the accumulated benefit obligation for the periods indicated: | |||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Qualified Plan | $ | 147,803 | $ | 148,107 | |||||||||||||
Non-qualified Plan | 29,774 | 25,579 | |||||||||||||||
Total | $ | 177,577 | $ | 173,686 | |||||||||||||
The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated: | |||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Qualified Plan | |||||||||||||||||
Projected benefit obligation | $ | 179,512 | $ | 181,617 | |||||||||||||
Fair value of plan assets | 152,446 | 114,807 | |||||||||||||||
Non-qualified Plan | |||||||||||||||||
Projected benefit obligation | $ | 34,547 | $ | 30,542 | |||||||||||||
Fair value of plan assets | - | - | |||||||||||||||
The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated: | |||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Qualified Plan | |||||||||||||||||
Accumulated benefit obligation | N/A | $ | 148,107 | ||||||||||||||
Fair value of plan assets | N/A | 114,807 | |||||||||||||||
Non-qualified Plan | |||||||||||||||||
Accumulated benefit obligation | $ | 29,774 | $ | 25,579 | |||||||||||||
Fair value of plan assets | - | - | |||||||||||||||
(N/A, not applicable) | |||||||||||||||||
The following table displays the expected benefit payments in the periods indicated: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2014 | $ | 20,510 | |||||||||||||||
2015 | 5,229 | ||||||||||||||||
2016 | 6,503 | ||||||||||||||||
2017 | 6,897 | ||||||||||||||||
2018 | 7,614 | ||||||||||||||||
Next 5 years | 48,816 | ||||||||||||||||
Plan assets consist of shares in investment trusts with approximately 77%, 16% and 7% of the underlying assets consisting of equity securities, fixed maturities and cash, respectively. The Company manages the qualified plan investments for U.S. employees. The assets in the plan consist of debt and equity mutual funds. Due to the long term nature of the plan, the target asset allocation has historically been 70% equities and 30% bonds. | |||||||||||||||||
The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated: | |||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Dollars in thousands) | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | |||||||||||||||||
Cash | $ | - | $ | - | $ | - | $ | - | |||||||||
Short-term investments, which approximates fair value (a) | 10,590 | 10,590 | - | - | |||||||||||||
Mutual funds, fair value | |||||||||||||||||
Fixed income (b) | 24,630 | 24,630 | - | - | |||||||||||||
Equities (c) | 97,305 | 97,305 | - | - | |||||||||||||
Multi-strategy equity fund, fair value (d) | 10,765 | - | - | 10,765 | |||||||||||||
Private equity limited partnerships (e) | 9,156 | - | - | 9,156 | |||||||||||||
Total | $ | 152,446 | $ | 132,525 | $ | - | $ | 19,921 | |||||||||
(a) | This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. | ||||||||||||||||
(b) | This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% in U.S. securities and 50% in international securities. | ||||||||||||||||
(c) | This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90% in U.S. equities and 10% in international equities. | ||||||||||||||||
(d) | This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. | ||||||||||||||||
(e) | This category consists of private equity limited partnerships. | ||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Dollars in thousands) | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | |||||||||||||||||
Cash | $ | - | $ | - | $ | - | $ | - | |||||||||
Short-term investments, which approximates fair value (a) | 3,343 | 3,343 | - | - | |||||||||||||
Mutual funds, fair value | |||||||||||||||||
Fixed income (b) | 33,783 | 33,783 | - | - | |||||||||||||
Equities (c) | 63,065 | 63,065 | - | - | |||||||||||||
Multi-strategy equity fund, fair value (d) | 9,092 | - | - | 9,092 | |||||||||||||
Private equity limited partnerships (e) | 5,524 | - | - | 5,524 | |||||||||||||
Total | $ | 114,807 | $ | 100,191 | $ | - | $ | 14,616 | |||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
(a) | This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. | ||||||||||||||||
(b) | This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% in U.S. securities and 50% in international securities. | ||||||||||||||||
(c) | This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 75% in U.S. equities and 25% in international equities. | ||||||||||||||||
(d) | This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. | ||||||||||||||||
(e) | This category consists of private equity limited partnerships. | ||||||||||||||||
The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturity investments, for the period indicated: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Assets: | |||||||||||||||||
Balance, beginning of period | $ | 14,616 | $ | 8,882 | |||||||||||||
Actual return on plan assets: | |||||||||||||||||
Realized gains (losses) relating to assets sold during the period | 7 | (22 | ) | ||||||||||||||
Unrealized gains (losses) relating to assets still held at the reporting date | 2,589 | 997 | |||||||||||||||
Purchases and capital contributions | 2,951 | 5,955 | |||||||||||||||
Investment income earned on assets | - | 118 | |||||||||||||||
Sales and capital distributions | (242 | ) | (1,314 | ) | |||||||||||||
Transfers in and/or (out) of Level 3 | - | - | |||||||||||||||
Balance, end of period | $ | 19,921 | $ | 14,616 | |||||||||||||
The amount of total gains (losses) for the period included in changes in | |||||||||||||||||
net assets attributable to the change in unrealized gains (losses) | |||||||||||||||||
relating to assets still held at the reporting date | $ | 2,582 | $ | 1,019 | |||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
The Company does not expect to make any contributions to the qualified plan in 2014. | |||||||||||||||||
Defined Contribution Plans. | |||||||||||||||||
The Company also maintains both qualified and non-qualified defined contribution plans ("Savings Plan" and "Non-Qualified Savings Plan", respectively) covering U.S. employees. Under the plans, the Company contributes up to a maximum 3% of the participants' compensation based on the contribution percentage of the employee. The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to Internal Revenue Code limitations. In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3% and 8% of an employee's earnings for each payroll period based on the employee's age. These contributions will be 100% vested after three years. | |||||||||||||||||
The following table presents the Company's incurred expenses related to these plans for the periods indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Incurred expenses | $ | 3,903 | $ | 3,209 | $ | 2,062 | |||||||||||
In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees. Each non-U.S. office (Brazil, Canada, London, Belgium, Singapore, Ireland and Bermuda) maintains a separate plan for the non-U.S. employees working in that location. The Company contributes various amounts based on salary, age and/or years of service. The contributions as a percentage of salary for the branch offices range from 5.0% to 13.2%. The contributions are generally used to purchase pension benefits from local insurance providers. The following table presents the Company's incurred expenses related to these plans for the periods indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Incurred expenses | $ | 1,195 | $ | 1,064 | $ | 1,031 | |||||||||||
Post-Retirement Plan. | |||||||||||||||||
The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010. This plan provides healthcare benefits for eligible retired employees (and their eligible dependants), who have elected coverage. The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company. The cost of these benefits is shared with the retiree. The Company accrues the post-retirement benefit expense during the period of the employee's service. | |||||||||||||||||
The following medical cost trend rates were used to determine net cost and benefit obligations: a healthcare inflation rate for pre-Medicare claims of 7.5% in 2013 was assumed to decrease gradually to 4.5% in 2027 and then remain at that level; and a healthcare inflation rate for post-Medicare claims of 6.3% in 2013 was assumed to decrease gradually to 4.5% in 2027 and then remain at that level. | |||||||||||||||||
Changes in the assumed healthcare cost trend can have a significant effect on the amounts reported for the healthcare plans. A one percent change in the rate would have the following effects on: | |||||||||||||||||
Percentage | Percentage | ||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||
(Dollars in thousands) | ($ Impact) | ($ Impact) | |||||||||||||||
a. Effect on total service and interest cost components | $ | 730 | $ | (561 | ) | ||||||||||||
b. Effect on accumulated post-retirement benefit obligation | 5,863 | (4,550 | ) | ||||||||||||||
The following table presents the post-retirement benefit expenses for the periods indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Post-retirement benefit expenses | $ | 3,801 | $ | 3,141 | $ | 2,258 | |||||||||||
The following table summarizes the status of this plan for the periods indicated: | |||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 27,938 | $ | 21,462 | |||||||||||||
Service cost | 1,899 | 1,677 | |||||||||||||||
Interest cost | 1,164 | 1,033 | |||||||||||||||
Actuarial loss | (3,040 | ) | 4,136 | ||||||||||||||
Excise tax cost | - | 11 | |||||||||||||||
Benefits paid | (366 | ) | (381 | ) | |||||||||||||
Benefit obligation at end of year | 27,594 | 27,938 | |||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | - | - | |||||||||||||||
Employer contributions | 366 | 381 | |||||||||||||||
Benefits paid | (366 | ) | (381 | ) | |||||||||||||
Fair value of plan assets at end of year | - | - | |||||||||||||||
Funded status at end of year | $ | (27,594 | ) | $ | (27,938 | ) | |||||||||||
Amounts recognized in the consolidated balance sheets for the periods indicated: | |||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Other liabilities (due within one year) | $ | (463 | ) | $ | (472 | ) | |||||||||||
Other liabilities (due beyond one year) | (27,130 | ) | (27,466 | ) | |||||||||||||
Net amount recognized in the consolidated balance sheets | $ | (27,594 | ) | $ | (27,938 | ) | |||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: | |||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Accumulated income (loss) | $ | (6,452 | ) | $ | (10,231 | ) | |||||||||||
Accumulated other comprehensive income (loss) | $ | (6,452 | ) | $ | (10,231 | ) | |||||||||||
Other changes in other comprehensive income (loss) for the periods indicated are as follows: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Other comprehensive income (loss) at December 31, prior year | $ | (10,231 | ) | $ | (6,516 | ) | |||||||||||
Net gain (loss) arising during period | 3,040 | (4,147 | ) | ||||||||||||||
Recognition of amortizations in net periodic benefit cost: | |||||||||||||||||
Actuarial loss (gain) | 739 | 432 | |||||||||||||||
Other comprehensive income (loss) at December 31, current year | $ | (6,452 | ) | $ | (10,231 | ) | |||||||||||
Net periodic benefit cost included the following components for the periods indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 1,899 | $ | 1,677 | $ | 1,165 | |||||||||||
Interest cost | 1,164 | 1,033 | 934 | ||||||||||||||
Net loss recognition | 739 | 432 | 159 | ||||||||||||||
Net periodic cost | $ | 3,801 | $ | 3,142 | $ | 2,258 | |||||||||||
Other changes recognized in other comprehensive income (loss): | |||||||||||||||||
Other comprehensive gain (loss) attributable to change from prior year | (3,779 | ) | 3,715 | ||||||||||||||
Total recognized in net periodic benefit cost and | |||||||||||||||||
other comprehensive income (loss) | $ | 22 | $ | 6,857 | |||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
The estimated transition obligation, actuarial loss and prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are $0 thousand, $328 thousand and $0 thousand, respectively. | |||||||||||||||||
The weighted average discount rates used to determine net periodic benefit cost for 2013, 2012 and 2011 were 4.00%, 4.60% and 5.60%, respectively. | |||||||||||||||||
The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2013, 2012 and 2011 were 5.00%, 4.00% and 4.60%, respectively. | |||||||||||||||||
The following table displays the expected benefit payments in the years indicated: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2014 | $ | 463 | |||||||||||||||
2015 | 596 | ||||||||||||||||
2016 | 705 | ||||||||||||||||
2017 | 802 | ||||||||||||||||
2018 | 932 | ||||||||||||||||
Next 5 years | 6,948 | ||||||||||||||||
Dividend_Restrictions_And_Stat
Dividend Restrictions And Statutory Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Dividend Restrictions And Statutory Financial Information [Abstract] | ' | ||||||||||||||||
Dividend Restrictions And Statutory Financial Information | ' | ||||||||||||||||
16. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION | |||||||||||||||||
Group and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain. These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets. Group and one of its primary operating subsidiaries, Bermuda Re, are regulated by Bermuda law and its other primary operating subsidiary, Everest Re, is regulated by Delaware law. Bermuda Re is subject to the Bermuda Solvency Capital Requirement ("BSCR") administered by the Bermuda Monetary Authority ("BMA") and Everest Re is subject to the Risk-Based Capital Model ("RBC") developed by the National Association of Insurance Commissioners ("NAIC"). These models represent the aggregate regulatory restrictions on net assets and statutory capital and surplus. | |||||||||||||||||
Dividend Restrictions. | |||||||||||||||||
Under Bermuda law, Group is prohibited from declaring or paying a dividend if such payment would reduce the realizable value of its assets to an amount less than the aggregate value of its liabilities and its issued share capital and share premium (additional paid-in capital) accounts. Group's ability to pay dividends and its operating expenses is dependent upon dividends from its subsidiaries. | |||||||||||||||||
Under Bermuda law, Bermuda Re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio. As a long term insurer, Bermuda Re is also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in their long term business fund, as certified by their approved actuary, exceeds their liabilities for long term business by at least the $250 thousand minimum solvency margin. Prior approval of the BMA is required if Bermuda Re's dividend payments would exceed 25% of their prior year-end total statutory capital and surplus. | |||||||||||||||||
Bermuda Re prepares its statutory financial statements in conformity with the accounting principles set forth in Bermuda in The Insurance Act 1978, amendments thereto and related regulations. The general business statutory capital and surplus of Bermuda Re was $2,712,184 thousand and $2,898,397 thousand at December 31, 2013 and 2012, respectively. The general business statutory net income of Bermuda Re was $634,147 thousand, $475,909 thousand and $102,949 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10% of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year's statutory annual statement. In addition, no dividend may be paid in excess of unassigned earned surplus. At December 31, 2013, Everest Re has $538,168 thousand available for payment of dividends in 2014 without the need for prior regulatory approval. | |||||||||||||||||
Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department. Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual. The capital and statutory surplus of Everest Re was $2,814,337 thousand and $2,612,995 thousand at December 31, 2013 and 2012, respectively. The statutory net income of Everest Re was $540,020 thousand and $359,816 thousand for the years ended December 31, 2013 and 2012, respectively, and the statutory net loss of Everest Re was $326,400 thousand for the year ended December 31, 2011. | |||||||||||||||||
Capital Restrictions. | |||||||||||||||||
In Bermuda, Bermuda Re is subject to the BSCR administered by the BMA. No regulatory action is taken if an insurer's capital and surplus is equal to or in excess of their enhanced capital requirement determined by the BSCR model. In addition, the BMA has established a target capital level for each insurer, which is 120% of the enhanced capital requirement. | |||||||||||||||||
In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital. As long as the total adjusted capital is 200% or more of the authorized control level capital, no action is required by the Company. | |||||||||||||||||
The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows: | |||||||||||||||||
Bermuda Re (1) | Everest Re (2) | ||||||||||||||||
At December 31, | At December 31, | ||||||||||||||||
(Dollars in thousands) | 2013 (3) | 2012 | 2013 | 2012 | |||||||||||||
Regulatory targeted capital | $ | - | $ | 1,997,273 | $ | 1,094,605 | $ | 1,346,212 | |||||||||
Actual capital | $ | 2,712,184 | $ | 2,898,397 | $ | 2,814,337 | $ | 2,612,995 | |||||||||
(1) Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. | |||||||||||||||||
(2) Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. | |||||||||||||||||
(3) The 2013 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2013 actual capital will exceed the targeted capital level. |
Contingencies
Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Contingencies [Abstract] | ' | ||||||||
Contingencies | ' | ||||||||
17. CONTINGENCIES | |||||||||
In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company's rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses. | |||||||||
Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration. | |||||||||
In 1993 and prior, the Company had a business arrangement with The Prudential Insurance Company of America ("The Prudential") wherein, for a fee, the Company accepted settled claim payment obligations of certain property and casualty insurers, and, concurrently, became the owner of the annuity or assignee of the annuity proceeds funded by the property and casualty insurers specifically to fulfill these fully settled obligations. In these circumstances, the Company would be liable if The Prudential, which has an A+ (Superior) financial strength rating from A.M. Best Company ("A.M. Best"), was unable to make the annuity payments. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated: | |||||||||
At December 31, | |||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||
$ | 144,734 | $ | 144,628 | ||||||
Prior to its 1995 initial public offering, the Company purchased annuities from an unaffiliated life insurance company with an A+ (Superior) financial strength rating from A.M. Best to settle certain claim liabilities of the company. Should the life insurance company become unable to make the annuity payments, the Company would be liable for those claim liabilities. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated: | |||||||||
At December 31, | |||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||
$ | 30,664 | $ | 29,132 | ||||||
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Share-Based Compensation Plans [Abstract] | ' | ||||||||||||||||||||||||
Share-Based Compensation Plans | ' | ||||||||||||||||||||||||
18. SHARE-BASED COMPENSATION PLANS | |||||||||||||||||||||||||
The Company has a 2010 Stock Incentive Plan ("2010 Employee Plan"), a 2002 Stock Incentive Plan ("2002 Employee Plan"), a 1995 Stock Incentive Plan ("1995 Employee Plan"), a 2009 Non-Employee Director Stock Option and Restricted Stock Plan ("2009 Director Plan"), a 2003 Non-Employee Director Equity Compensation Plan ("2003 Director Plan") and a 1995 Stock Option Plan for Non-Employee Directors ("1995 Director Plan"). In addition, the Company has awarded options to non-employee directors in Board actions in 2001, 2000 and 1999. | |||||||||||||||||||||||||
Under the 2010 Employee Plan, 4,000,000 common shares have been authorized to be granted as non-qualified share options, incentive share options, share appreciation rights or restricted share and share awards to officers and key employees of the Company. At December 31, 2013, there were 2,850,388 remaining shares available to be granted under the 2010 Employee Plan. The 2010 Employee Plan replaced the 2002 Employee Plan, which replaced the 1995 Employee Plan; therefore, no further awards will be granted under the 2002 Employee Plan or the 1995 Employee Plan. Through December 31, 2013, only non-qualified share options and restricted share awards had been granted under the employee plans. Under the 2009 Director Plan, 37,439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the Company. At December 31, 2013, there were 35,275 remaining shares available to be granted under the 2009 Director Plan. The 2009 Director Plan replaced the 1995 Director Plan, which expired. Under the 2003 Director Plan, 500,000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the Company. At December 31, 2013 there were 403,949 remaining shares available to be granted under the 2003 Director Plan. | |||||||||||||||||||||||||
Board actions in 2001, 2000 and 1999, which were not approved by shareholders, awarded options to non-employee directors. The Board actions were designed to award non-employee directors, whose services are considered essential to the Company's continued success, with the option to purchase common shares to increase their ownership interest in the Company and to align such interests with those of the shareholders of the Company. Under Board actions in 2001, 2000 and 1999; 40,000, 30,000 and 26,000 common shares, respectively, were granted as share options to non-employee directors of the Company. | |||||||||||||||||||||||||
Options and restricted shares granted under the 2010 Employee Plan, the 2002 Employee Plan and the 1995 Employee Plan vest at the earliest of 20% per year over five years or in accordance with any applicable employment agreement. Options granted under the 1995 Director Plan vested at 50% per year over two years. Options and restricted shares granted under the 2003 Director Plan generally vest at 33% per year over three years, unless an alternate vesting period is authorized by the Board. Options and restricted shares granted under the 2009 Director Plan will vest as provided in the award agreement. The 2001, 2000 and 1999 Board actions vest at 33% per year over three years. All options are exercisable at fair market value of the stock at the date of grant and expire ten years after the date of grant. | |||||||||||||||||||||||||
For share options and restricted shares granted under the 2010 Employee Plan, the 2002 Employee Plan, the 1995 Employee Plan, the 2009 Director Plan, the 2003 Director Plan and the 1995 Director Plan, share-based compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) was $31,844 thousand, $31,984 thousand and $17,693 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. The corresponding income tax benefit recorded in the consolidated statements of operations and comprehensive income (loss) for share-based compensation was $5,458 thousand, $2,792 thousand and $4,164 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
For the year ended December 31, 2013, share-based compensation awards granted were 274,715 restricted shares, granted on February 20, 2013, May 15, 2013, September 12, 2013 and November 20, 2013, with a fair value of $122.755, $135.805, $138.695 and $157.080 per share, respectively. No share options were granted during the year ended December 31, 2013. For share options granted during previous years, the fair value per option was calculated on the date of the grant using the Black-Scholes option valuation model. The following assumptions were used in calculating the fair value of the options granted: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted-average volatility | - | 26.16% | 26.46% | ||||||||||||||||||||||
Weighted-average dividend yield | - | 2.00% | 2.00% | ||||||||||||||||||||||
Weighted-average expected term | - | 6.69 years | 6.73 years | ||||||||||||||||||||||
Weighted-average risk-free rate | - | 1.33% | 2.80% | ||||||||||||||||||||||
The Company recognizes, as an increase to additional paid-in capital, a realized income tax benefit from dividends, charged to retained earnings and paid to employees on equity classified non-vested equity shares. In addition, the amount recognized in additional paid-in capital for the realized income tax benefit from dividends on those awards is included in the pool of excess tax benefits available to absorb tax deficiencies on share-based payment awards. For the years ended December 31, 2013, 2012 and 2011, the Company recognized $237 thousand, $162 thousand and $136 thousand, respectively, of additional paid-in capital due to tax benefits from dividends on restricted shares. | |||||||||||||||||||||||||
A summary of the option activity under the Company's shareholder approved and non-approved plans as of December 31, 2013, 2012 and 2011, and changes during the year then ended is presented in the following tables: | |||||||||||||||||||||||||
Compensation plans approved by shareholders: | |||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||
(Aggregate Intrinsic Value in thousands) | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||
Options | Shares | Price/Share | Term | Value | |||||||||||||||||||||
Outstanding at January 1, 2013 | 2,012,164 | $ | 87.25 | ||||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||||
Exercised | 768,190 | 90.26 | |||||||||||||||||||||||
Forfeited/Cancelled/Expired | 53,430 | 84.23 | |||||||||||||||||||||||
Outstanding at December 31, 2013 | 1,190,544 | 85.44 | 5.8 | $ | 83,313 | ||||||||||||||||||||
Exercisable at December 31, 2013 | 579,417 | 86.33 | 4.5 | $ | 40,029 | ||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||
(Aggregate Intrinsic Value in thousands) | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||
Options | Shares | Price/Share | Term | Value | |||||||||||||||||||||
Outstanding at January 1, 2012 | 2,316,276 | $ | 84.39 | ||||||||||||||||||||||
Granted | 320,454 | 88.35 | |||||||||||||||||||||||
Exercised | 581,496 | 76.51 | |||||||||||||||||||||||
Forfeited/Cancelled/Expired | 43,070 | 86.56 | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 2,012,164 | 87.25 | 6 | $ | 44,053 | ||||||||||||||||||||
Exercisable at December 31, 2012 | 995,070 | 90.09 | 4.4 | $ | 18,956 | ||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||
(Aggregate Intrinsic Value in thousands) | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||
Options | Shares | Price/Share | Term | Value | |||||||||||||||||||||
Outstanding at January 1, 2011 | 2,657,796 | $ | 81.16 | ||||||||||||||||||||||
Granted | 345,600 | 86.68 | |||||||||||||||||||||||
Exercised | 477,320 | 66.12 | |||||||||||||||||||||||
Forfeited/Cancelled/Expired | 209,800 | 88.91 | |||||||||||||||||||||||
Outstanding at December 31, 2011 | 2,316,276 | 84.39 | 6 | $ | 12,121 | ||||||||||||||||||||
Exercisable at December 31, 2011 | 1,229,481 | 84.94 | 4.4 | $ | 7,920 | ||||||||||||||||||||
Compensation plans not approved by shareholders: | |||||||||||||||||||||||||
There was no activity, shares outstanding or exercisable shares for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||
(Aggregate Intrinsic Value in thousands) | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||
Options | Shares | Price/Share | Term | Value | |||||||||||||||||||||
Outstanding at January 1, 2011 | 20,000 | $ | 48.01 | ||||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||||
Exercised | 20,000 | 48.01 | |||||||||||||||||||||||
Forfeited/Cancelled/Expired | - | - | |||||||||||||||||||||||
Outstanding at December 31, 2011 | - | - | 0 | $ | - | ||||||||||||||||||||
Exercisable at December 31, 2011 | - | - | 0 | $ | - | ||||||||||||||||||||
There were no share options granted in 2013. The weighted-average grant-date fair value of options granted during the years 2012 and 2011 was $19.21 and $21.85 per share, respectively. The aggregate intrinsic value (market price less exercise price) of options exercised during the years ended December 31, 2013, 2012 and 2011 was $30,050 thousand, $14,603 thousand and $11,845 thousand, respectively. The cash received from the exercised share options for the year ended December 31, 2013 was $69,339 thousand. The tax benefit realized from the options exercised for the year ended December 31, 2013 was $9,903 thousand. | |||||||||||||||||||||||||
The following table summarizes information about share options outstanding for the period indicated: | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Average | Weighted- | Weighted- | |||||||||||||||||||||||
Number | Remaining | Average | Number | Average | |||||||||||||||||||||
Range of | Outstanding | Contractual | Exercise | Exercisable | Exercise | ||||||||||||||||||||
Exercise Prices | at 12/31/13 | Life | Price | at 12/31/13 | Price | ||||||||||||||||||||
$ | 66.0780- $77.0910 | 281,410 | 4.3 | $ | 72.22 | 186,810 | $ | 72.47 | |||||||||||||||||
$ | 77.0911- $88.1040 | 427,290 | 6.7 | 85.72 | 139,490 | 85.52 | |||||||||||||||||||
$ | 88.1041- $99.1170 | 386,740 | 6.3 | 91.23 | 158,240 | 95.38 | |||||||||||||||||||
$ | 99.1171- $110.1300 | 95,104 | 4.1 | 99.75 | 94,877 | 99.73 | |||||||||||||||||||
1,190,544 | 5.8 | 85.44 | 579,417 | 86.33 | |||||||||||||||||||||
The following table summarizes the status of the Company's non-vested shares and changes for the periods indicated: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
Restricted (non-vested) Shares | Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | |||||||||||||||||||
Outstanding at January 1, | 357,750 | $ | 87.86 | 372,453 | $ | 85.12 | 250,125 | $ | 84.09 | ||||||||||||||||
Granted | 274,715 | 132.95 | 310,370 | 92.46 | 226,700 | 86.15 | |||||||||||||||||||
Vested | 187,397 | 116.83 | 313,573 | 89.3 | 69,872 | 85.61 | |||||||||||||||||||
Forfeited | 16,027 | 103.29 | 11,500 | 84.17 | 34,500 | 83.39 | |||||||||||||||||||
Outstanding at December 31, | 429,041 | 103.5 | 357,750 | 87.86 | 372,453 | 85.12 | |||||||||||||||||||
As of December 31, 2013, there was $34,309 thousand of total unrecognized compensation cost related to non-vested share-based compensation expense. That cost is expected to be recognized over a weighted-average period of 3.5 years. The total fair value of shares vested during the years ended December 31, 2013, 2012 and 2011, was $21,894 thousand, $28,003 thousand and $5,981 thousand, respectively. The tax benefit realized from the shares vested for the year ended December 31, 2013 was $3,186 thousand. | |||||||||||||||||||||||||
In addition to the 2010 Employee Plan, the 2002 Employee Plan, the 1995 Employee Plan, the 2009 Director Plan, the 2003 Director Plan and the 1995 Director Plan, Group issued 586 common shares in 2013, 518 common shares in 2012 and 668 common shares in 2011 to the Company's non-employee directors as compensation for their service as directors. These issuances had aggregate values of approximately $75 thousand, $48 thousand and $56 thousand, respectively. | |||||||||||||||||||||||||
Since its 1995 initial public offering, the Company has issued to certain key employees of the Company 1,535,703 restricted common shares, of which 187,687 restricted shares have been cancelled. The Company has issued to non-employee directors of the Company 85,519 restricted common shares, of which no restricted shares have been cancelled. The Company acquired 94,014, 148,962 and 53,474 common shares at a cost of $13,180 thousand, $15,307 thousand and $4,730 thousand in 2013, 2012 and 2011, respectively, from employees who chose to pay required withholding taxes with shares exercised or restricted shares vested. The Company acquired 74,175, 79,086 and 201,287 common shares at a cost of $9,313 thousand, $8,322 thousand and $17,951 thousand in 2013, 2012 and 2011, respectively, from employees and non-employee directors who chose to pay the option grant price with shares. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related-Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
19. RELATED-PARTY TRANSACTIONS | |
During the normal course of business, the Company, through its affiliates, engages in reinsurance and brokerage and commission business transactions with companies controlled by or affiliated with one or more of its outside directors. Such transactions, individually and in the aggregate, are not material to the Company's financial condition, results of operations and cash flows. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
20. SEGMENT REPORTING | |||||||||||||
The U.S. Reinsurance operation writes property and casualty reinsurance and specialty lines of business, including Marine, Aviation, Surety and Accident and Health ("A&H") business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S. The International operation writes foreign property and casualty reinsurance through Everest Re's branches in Canada and Singapore and through offices in Brazil, Miami and New Jersey. The Bermuda operation provides reinsurance and insurance to worldwide property and casualty markets through brokers and directly with ceding companies from its Bermuda office and reinsurance to the United Kingdom and European markets through its UK branch and Ireland Re. The Insurance operation writes property and casualty insurance, including medical stop loss insurance, directly and through general agents, brokers and surplus lines brokers within the U.S. and Canada. The Mt. Logan Re segment represents business written for the segregated accounts of Mt. Logan Re, which were formed on July 1, 2013. The Mt. Logan Re business represents a diversified set of catastrophe exposures, diversified by risk/peril and across different geographical regions globally. | |||||||||||||
These segments, with the exception of Mt. Logan Re, are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. The Mt. Logan Re segment is managed independently and seeks to write a diverse portfolio of catastrophe risks for each segregated account to achieve desired risk and return criteria. | |||||||||||||
Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. We measure our underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. | |||||||||||||
Mt. Logan Re's business is sourced through operating subsidiaries of the Company; however, the activity is only reflected in the Mt. Logan Re segment. For other inter-affiliate reinsurance, business is generally reported within the segment in which the business was first produced, consistent with how the business is managed. | |||||||||||||
Except for Mt. Logan Re, the Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. | |||||||||||||
The following tables present the underwriting results for the operating segments for the periods indicated: | |||||||||||||
U.S. Reinsurance | Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross written premiums | $ | 1,809,669 | $ | 1,310,683 | $ | 1,346,830 | |||||||
Net written premiums | 1,807,067 | 1,306,463 | 1,344,273 | ||||||||||
Premiums earned | $ | 1,671,513 | $ | 1,416,407 | $ | 1,312,713 | |||||||
Incurred losses and LAE | 814,668 | 1,050,394 | 1,034,111 | ||||||||||
Commission and brokerage | 366,890 | 350,634 | 327,845 | ||||||||||
Other underwriting expenses | 47,176 | 44,776 | 39,290 | ||||||||||
Underwriting gain (loss) | $ | 442,779 | $ | (29,397 | ) | $ | (88,533 | ) | |||||
International | Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross written premiums | $ | 1,345,770 | $ | 1,192,306 | $ | 1,238,444 | |||||||
Net written premiums | 1,327,430 | 1,188,745 | 1,218,561 | ||||||||||
Premiums earned | $ | 1,289,341 | $ | 1,214,840 | $ | 1,244,492 | |||||||
Incurred losses and LAE | 675,362 | 586,325 | 1,372,309 | ||||||||||
Commission and brokerage | 295,883 | 300,116 | 310,992 | ||||||||||
Other underwriting expenses | 33,910 | 29,294 | 27,307 | ||||||||||
Underwriting gain (loss) | $ | 284,186 | $ | 299,105 | $ | (466,116 | ) | ||||||
Bermuda | Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross written premiums | $ | 774,268 | $ | 734,405 | $ | 725,261 | |||||||
Net written premiums | 765,660 | 733,751 | 725,546 | ||||||||||
Premiums earned | $ | 737,986 | $ | 680,948 | $ | 722,983 | |||||||
Incurred losses and LAE | 374,375 | 408,230 | 613,870 | ||||||||||
Commission and brokerage | 179,138 | 184,357 | 174,031 | ||||||||||
Other underwriting expenses | 34,654 | 30,607 | 26,305 | ||||||||||
Underwriting gain (loss) | $ | 149,819 | $ | 57,754 | $ | (91,223 | ) | ||||||
Insurance | Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross written premiums | $ | 1,268,745 | $ | 1,073,143 | $ | 975,639 | |||||||
Net written premiums | 1,086,217 | 852,112 | 820,519 | ||||||||||
Premiums earned | $ | 1,037,425 | $ | 852,433 | $ | 821,159 | |||||||
Incurred losses and LAE | 931,466 | 700,316 | 705,914 | ||||||||||
Commission and brokerage | 133,695 | 117,594 | 137,653 | ||||||||||
Other underwriting expenses | 119,283 | 102,982 | 89,501 | ||||||||||
Underwriting gain (loss) | $ | (147,019 | ) | $ | (68,459 | ) | $ | (111,909 | ) | ||||
Mt. Logan | Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross written premiums | $ | 20,182 | $ | - | $ | - | |||||||
Net written premiums | 18,447 | - | - | ||||||||||
Premiums earned | $ | 17,278 | $ | - | $ | - | |||||||
Incurred losses and LAE | 4,380 | - | - | ||||||||||
Commission and brokerage | 1,952 | - | - | ||||||||||
Other underwriting expenses | 2,103 | - | - | ||||||||||
Underwriting gain (loss) | $ | 8,843 | $ | - | $ | - | |||||||
The following table reconciles the underwriting results for the operating segments to income before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Underwriting gain (loss) | $ | 738,608 | $ | 259,003 | $ | (757,781 | ) | ||||||
Net investment income | 548,509 | 600,202 | 620,041 | ||||||||||
Net realized capital gains (losses) | 300,227 | 164,400 | 6,923 | ||||||||||
Net derivative gain (loss) | 44,044 | (9,738 | ) | (11,261 | ) | ||||||||
Corporate expenses | (24,817 | ) | (23,976 | ) | (16,461 | ) | |||||||
Interest, fee and bond issue cost amortization expense | (46,118 | ) | (53,683 | ) | (52,319 | ) | |||||||
Other income (expense) | (5,487 | ) | 3,318 | (23,089 | ) | ||||||||
Income (loss) before taxes | $ | 1,554,966 | $ | 939,526 | $ | (233,947 | ) | ||||||
The Company produces business in the U.S., Bermuda and internationally. The net income deriving from and assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company's financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
United Kingdom | $ | 555,332 | $ | 456,724 | $ | 453,169 | |||||||
Approximately 20.6%, 21.1% and 24.8% of the Company's gross written premiums in 2013, 2012 and 2011, respectively, were sourced through the Company's largest intermediary. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Acquisitions [Abstract] | ' |
Acquisitions | ' |
21. ACQUISITIONS | |
During 2011, the Company made several acquisitions to expand its domestic and Canadian insurance operations. Below are descriptions of the transactions. | |
On January 2, 2011, the Company acquired the entire business and operations of Heartland of Topeka, Kansas for $55,000 thousand in cash, plus contingent payments in future periods based upon achievement of performance targets. Heartland is a managing general agent specializing in crop insurance. | |
On January 28, 2011, the Company acquired the entire business and operations of Premiere of Toronto, Canada. Premiere is a managing general agent specializing in entertainment and sports and leisure risks. On January 31, 2011, the Company acquired the renewal rights and operations of the financial lines business of Executive Risk Insurance Services, Ltd. ("Executive Risk") of Toronto, Canada. The financial lines business of Executive Risk mainly underwrites Directors and Officers Liability, Fidelity, and Errors and Omissions Liability. | |
Overall, the Company recorded $46,215 thousand of goodwill and $26,903 thousand of intangible assets related to these acquisitions, which are reported as part of other assets within the consolidated balance sheets. All intangible assets recorded as part of these acquisitions will be amortized on a straight line basis over seven years, subject to recoverability tests. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
22. SUBSEQUENT EVENTS | |
The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report. |
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Unaudited Quarterly Financial Data [Abstract] | ' | ||||||||||||||||
Unaudited Quarterly Financial Data | ' | ||||||||||||||||
23. UNAUDITED QUARTERLY FINANCIAL DATA | |||||||||||||||||
Summarized quarterly financial data for the periods indicated | |||||||||||||||||
2013 | |||||||||||||||||
(Dollars in thousands, except per share amounts) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Operating data: | |||||||||||||||||
Gross written premiums | $ | 1,180,790 | $ | 1,260,202 | $ | 1,464,984 | $ | 1,312,658 | |||||||||
Net written premiums | 1,149,693 | 1,212,626 | 1,389,147 | 1,253,355 | |||||||||||||
Premiums earned | 1,088,759 | 1,151,533 | 1,225,755 | 1,287,496 | |||||||||||||
Net investment income | 145,781 | 148,729 | 127,872 | 126,127 | |||||||||||||
Net realized capital gains (losses) | 126,735 | 33,905 | 44,958 | 94,629 | |||||||||||||
Total claims and underwriting expenses | 878,636 | 1,008,558 | 1,078,549 | 1,049,192 | |||||||||||||
Net income (loss) | 384,343 | 275,642 | 238,527 | 366,748 | |||||||||||||
Net income (loss) attributable to noncontrolling interests | - | - | (3,768 | ) | (2,110 | ) | |||||||||||
Net income (loss) attributable to Everest Re Group | 384,343 | 275,642 | 234,759 | 364,638 | |||||||||||||
Earnings per common share attributable to Everest Re Group: | |||||||||||||||||
Basic | $ | 7.56 | $ | 5.6 | $ | 4.85 | $ | 7.62 | |||||||||
Diluted | $ | 7.5 | $ | 5.56 | $ | 4.81 | $ | 7.54 | |||||||||
2012 | |||||||||||||||||
(Dollars in thousands, except per share amounts) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Operating data: | |||||||||||||||||
Gross written premiums | $ | 1,046,466 | $ | 909,018 | $ | 1,203,997 | $ | 1,151,056 | |||||||||
Net written premiums | 1,014,862 | 856,681 | 1,100,452 | 1,109,076 | |||||||||||||
Premiums earned | 997,978 | 1,037,800 | 1,009,454 | 1,119,396 | |||||||||||||
Net investment income | 152,438 | 149,329 | 152,024 | 146,411 | |||||||||||||
Net realized capital gains (losses) | 98,719 | (16,580 | ) | 62,743 | 19,518 | ||||||||||||
Total claims and underwriting expenses | 888,464 | 923,334 | 880,498 | 1,213,329 | |||||||||||||
Net income (loss) | 304,704 | 214,551 | 250,922 | 58,777 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 5.7 | $ | 4.1 | $ | 4.84 | $ | 1.14 | |||||||||
Diluted | $ | 5.68 | $ | 4.08 | $ | 4.82 | $ | 1.13 | |||||||||
: |
Schedule_I_Summary_Of_Investme
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule I - Summary Of Investments - Other Than Investments In Related Parties [Abstract] | ' | ||||||||||||
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | ' | ||||||||||||
SCHEDULE I — SUMMARY OF INVESTMENTS — | |||||||||||||
OTHER THAN INVESTMENTS IN RELATED PARTIES | |||||||||||||
31-Dec-13 | |||||||||||||
Column A | Column B | Column C | Column D | ||||||||||
Amount | |||||||||||||
Shown in | |||||||||||||
Market | Balance | ||||||||||||
(Dollars in thousands) | Cost | Value | Sheet | ||||||||||
Fixed maturities-available for sale | |||||||||||||
Bonds: | |||||||||||||
U.S. government and government agencies | $ | 160,013 | $ | 161,025 | $ | 161,025 | |||||||
State, municipalities and political subdivisions | 970,735 | 1,002,528 | 1,002,528 | ||||||||||
Foreign government securities | 1,740,337 | 1,780,769 | 1,780,769 | ||||||||||
Foreign corporate securities | 2,844,912 | 2,885,813 | 2,885,813 | ||||||||||
Public utilities | 231,507 | 248,488 | 248,488 | ||||||||||
All other corporate bonds | 3,867,350 | 3,982,873 | 3,982,873 | ||||||||||
Mortgage - backed securities: | |||||||||||||
Commercial | 254,765 | 270,441 | 270,441 | ||||||||||
Agency residential | 2,294,719 | 2,279,053 | 2,279,053 | ||||||||||
Non-agency residential | 4,816 | 4,819 | 4,819 | ||||||||||
Redeemable preferred stock | 22,010 | 21,098 | 21,098 | ||||||||||
Total fixed maturities-available for sale | 12,391,164 | 12,636,907 | 12,636,907 | ||||||||||
Fixed maturities - available for sale at fair value (1) | 20,888 | 19,388 | 19,388 | ||||||||||
Equity securities - available for sale at market value | 148,342 | 144,081 | 144,081 | ||||||||||
Equity securities - available for sale at fair value (1) | 1,113,405 | 1,462,079 | 1,462,079 | ||||||||||
Short-term investments | 1,214,199 | 1,214,199 | 1,214,199 | ||||||||||
Other invested assets | 508,447 | 508,447 | 508,447 | ||||||||||
Cash | 611,382 | 611,382 | 611,382 | ||||||||||
Total investments and cash | $ | 16,007,827 | $ | 16,596,483 | $ | 16,596,483 | |||||||
(1) Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss). | |||||||||||||
Schedule_II_Condensed_Financia
Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule II - Condensed Financial Information Of The Registrant [Abstract] | ' | ||||||||||||
Schedule II - Condensed Financial Information Of The Registrant | ' | ||||||||||||
SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
December 31, | |||||||||||||
(Dollars and share amounts in thousands, except par value per share) | 2013 | 2012 | |||||||||||
ASSETS: | |||||||||||||
Fixed maturities - available for sale, at market value | $ | 31,856 | $ | 40,233 | |||||||||
(amortized cost: 2013, $30,937; 2012, $38,620) | |||||||||||||
Short-term investments | 28,443 | 131,617 | |||||||||||
Cash | 3,643 | 864 | |||||||||||
Investment in subsidiaries, at equity in the underlying net assets | 6,885,027 | 6,558,734 | |||||||||||
Accrued investment income | 290 | 357 | |||||||||||
Receivable from subsidiaries | 728 | 728 | |||||||||||
Subscription advances to Mt. Logan Re | 20,000 | - | |||||||||||
Other assets | 1,609 | 2,817 | |||||||||||
TOTAL ASSETS | $ | 6,971,596 | $ | 6,735,350 | |||||||||
LIABILITIES: | |||||||||||||
Due to subsidiaries | $ | 2,740 | $ | 1,362 | |||||||||
Other liabilities | 580 | 521 | |||||||||||
Total liabilities | 3,320 | 1,883 | |||||||||||
SHAREHOLDERS' EQUITY: | |||||||||||||
Preferred shares, par value: $0.01; 50,000 shares authorized; | |||||||||||||
no shares issued and outstanding | - | - | |||||||||||
Common shares, par value: $0.01; 200,000 shares authorized; | |||||||||||||
(2013) 67,965 and (2012) 67,105 issued outstanding before treasury shares | 680 | 671 | |||||||||||
Additional paid-in capital | 2,029,774 | 1,946,439 | |||||||||||
Accumulated other comprehensive income (loss), net of deferred income | |||||||||||||
tax expense (benefit) of $57,661 at 2013 and $119,629 at 2012 | 157,728 | 537,049 | |||||||||||
Treasury shares, at cost; 20,422 shares (2013) and 15,687 shares (2012) | (1,985,873 | ) | (1,363,958 | ) | |||||||||
Retained earnings | 6,765,967 | 5,613,266 | |||||||||||
Total shareholders' equity | 6,968,276 | 6,733,467 | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 6,971,596 | $ | 6,735,350 | |||||||||
See notes to consolidated financial statements. | |||||||||||||
SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
REVENUES: | |||||||||||||
Net investment income | $ | 982 | $ | 1,160 | $ | 1,673 | |||||||
Net realized capital gains (losses) | - | 286 | - | ||||||||||
Other income (expense) | (902 | ) | (754 | ) | (505 | ) | |||||||
Net income (loss) of subsidiaries | 1,275,955 | 843,022 | (71,233 | ) | |||||||||
Total revenues | 1,276,035 | 843,714 | (70,065 | ) | |||||||||
EXPENSES: | |||||||||||||
Other expenses | 16,653 | 14,760 | 10,421 | ||||||||||
Total expenses | 16,653 | 14,760 | 10,421 | ||||||||||
INCOME (LOSS) BEFORE TAXES | 1,259,382 | 828,954 | (80,486 | ) | |||||||||
Income tax expense (benefit) | - | - | - | ||||||||||
NET INCOME (LOSS) | $ | 1,259,382 | $ | 828,954 | $ | (80,486 | ) | ||||||
Other comprehensive income (loss), net of tax: | |||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (395,797 | ) | 174,025 | 91,481 | |||||||||
Reclassification adjustment for realized losses (gains) included in net income (loss) | (6,977 | ) | (19,676 | ) | (11,340 | ) | |||||||
Total URA(D) on securities arising during the period | (402,774 | ) | 154,349 | 80,141 | |||||||||
Foreign currency translation adjustments | (162 | ) | 22,698 | (15,969 | ) | ||||||||
Benefit plan actuarial net gain (loss) for the period | 17,837 | (11,771 | ) | (31,776 | ) | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,778 | 4,795 | 2,324 | ||||||||||
Total benefit plan net gain (loss) for the period | 23,615 | (6,976 | ) | (29,452 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (379,321 | ) | 170,071 | 34,720 | |||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 880,061 | $ | 999,025 | $ | (45,766 | ) | ||||||
See notes to consolidated financial statements. | |||||||||||||
SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income (loss) | $ | 1,259,382 | $ | 828,954 | $ | (80,486 | ) | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in retained (earnings) deficit of subsidiaries | (1,275,955 | ) | (843,022 | ) | 71,233 | ||||||||
Dividends received from subsidiaries | 665,000 | 465,000 | 190,000 | ||||||||||
Change in other assets and liabilities, net | 1,334 | (2,414 | ) | (718 | ) | ||||||||
Increase (decrease) in due to/from affiliates | 1,378 | 484 | 224 | ||||||||||
Amortization of bond premium (accrual of bond discount) | 241 | 494 | 875 | ||||||||||
Realized capital losses (gains) | - | (286 | ) | - | |||||||||
Non-cash compensation expense | 1,087 | 1,536 | 936 | ||||||||||
Net cash provided by (used in) operating activities | 652,467 | 450,746 | 182,064 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||
Additional investment in subsidiaries | (93,967 | ) | (49,673 | ) | (91,548 | ) | |||||||
Subscription advances to Mt. Logan Re | (20,000 | ) | - | - | |||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 7,856 | 5,290 | 9,219 | ||||||||||
Proceeds from fixed maturities sold - available for sale, at market value | - | 21,955 | - | ||||||||||
Cost of fixed maturities acquired - available for sale, at market value | (413 | ) | - | - | |||||||||
Net change in short-term investments | 103,174 | (89,247 | ) | 30,180 | |||||||||
Net cash provided by (used in) investing activities | (3,350 | ) | (111,675 | ) | (52,149 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Common shares issued during the period, net | 82,258 | 51,921 | 29,025 | ||||||||||
Purchase of treasury shares | (621,915 | ) | (289,988 | ) | (54,879 | ) | |||||||
Dividends paid to shareholders | (106,681 | ) | (100,402 | ) | (103,848 | ) | |||||||
Net cash provided by (used in) financing activities | (646,338 | ) | (338,469 | ) | (129,702 | ) | |||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | - | - | - | ||||||||||
Net increase (decrease) in cash | 2,779 | 602 | 213 | ||||||||||
Cash, beginning of period | 864 | 262 | 49 | ||||||||||
Cash, end of period | $ | 3,643 | $ | 864 | $ | 262 | |||||||
Non-cash transaction: | |||||||||||||
Purchase of treasury shares by subsidiary | $ | - | $ | - | $ | 37,611 | |||||||
See notes to consolidated financial statements. |
Schedule_III_Supplementary_Ins
Schedule III - Supplementary Insurance Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Schedule III - Supplementary Insurance Information [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule III - Supplementary Insurance Information | ' | ||||||||||||||||||||||||||||||||||||
SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION | |||||||||||||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | Column F | Column G | Column H | Column I | Column J | ||||||||||||||||||||||||||||
Reserve | Incurred | ||||||||||||||||||||||||||||||||||||
Geographic Area | for Losses | Loss and | Amortization | ||||||||||||||||||||||||||||||||||
Deferred | and Loss | Unearned | Net | Loss | of Deferred | Other | Net | ||||||||||||||||||||||||||||||
Acquisition | Adjustment | Premium | Premiums | Investment | Adjustment | Acquisition | Operating | Written | |||||||||||||||||||||||||||||
(Dollars in thousands) | Costs | Expenses | Reserves | Earned | Income | Expenses | Costs | Expenses | Premium | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Domestic | $ | 224,201 | $ | 5,915,490 | $ | 1,044,609 | $ | 2,708,938 | $ | 256,120 | $ | 1,746,134 | $ | 500,585 | $ | 166,459 | $ | 2,893,284 | |||||||||||||||||||
International | 68,594 | 1,701,907 | 275,083 | 1,289,341 | 44,325 | 675,362 | 295,883 | 33,910 | 1,327,430 | ||||||||||||||||||||||||||||
Bermuda | 70,926 | 2,055,843 | 260,253 | 755,264 | 248,064 | 378,755 | 181,090 | 36,757 | 784,107 | ||||||||||||||||||||||||||||
Total | $ | 363,721 | $ | 9,673,240 | $ | 1,579,945 | $ | 4,753,543 | $ | 548,509 | $ | 2,800,251 | $ | 977,558 | $ | 237,126 | $ | 5,004,821 | |||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
Domestic | $ | 183,021 | $ | 6,281,606 | $ | 857,325 | $ | 2,268,840 | $ | 261,727 | $ | 1,750,710 | $ | 468,228 | $ | 147,758 | $ | 2,158,575 | |||||||||||||||||||
International | 62,250 | 1,825,443 | 239,671 | 1,214,840 | 47,676 | 586,325 | 300,116 | 29,294 | 1,188,745 | ||||||||||||||||||||||||||||
Bermuda | 57,996 | 1,962,006 | 225,529 | 680,948 | 290,799 | 408,230 | 184,357 | 30,607 | 733,751 | ||||||||||||||||||||||||||||
Total | $ | 303,268 | $ | 10,069,055 | $ | 1,322,525 | $ | 4,164,628 | $ | 600,202 | $ | 2,745,265 | $ | 952,701 | $ | 207,659 | $ | 4,081,071 | |||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||||||||||||||||
Domestic | $ | 257,155 | $ | 6,104,930 | $ | 979,490 | $ | 2,133,872 | $ | 263,608 | $ | 1,740,025 | $ | 465,498 | $ | 128,791 | $ | 2,164,792 | |||||||||||||||||||
International | 72,856 | 2,145,726 | 263,373 | 1,244,492 | 51,232 | 1,372,309 | 310,992 | 27,307 | 1,218,561 | ||||||||||||||||||||||||||||
Bermuda | 48,015 | 1,872,559 | 169,915 | 722,983 | 305,201 | 613,870 | 174,031 | 26,305 | 725,546 | ||||||||||||||||||||||||||||
Total | $ | 378,026 | $ | 10,123,215 | $ | 1,412,778 | $ | 4,101,347 | $ | 620,041 | $ | 3,726,204 | $ | 950,521 | $ | 182,403 | $ | 4,108,899 | |||||||||||||||||||
Schedule_IV_Reinsurance
Schedule IV - Reinsurance | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Schedule IV - Reinsurance [Abstract] | ' | ||||||||||||||||||||
Schedule IV - Reinsurance | ' | ||||||||||||||||||||
SCHEDULE IV — REINSURANCE | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | Column F | ||||||||||||||||
Ceded to | Assumed | ||||||||||||||||||||
Gross | Other | from Other | Net | Assumed | |||||||||||||||||
(Dollars in thousands) | Amount | Companies | Companies | Amount | to Net | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Total property and liability insurance | |||||||||||||||||||||
premiums earned | $ | 1,207,833 | $ | 203,114 | $ | 3,748,824 | $ | 4,753,543 | 78.9 | % | |||||||||||
31-Dec-12 | |||||||||||||||||||||
Total property and liability insurance | |||||||||||||||||||||
premiums earned | $ | 1,054,707 | $ | 243,746 | $ | 3,353,667 | $ | 4,164,628 | 80.5 | % | |||||||||||
31-Dec-11 | |||||||||||||||||||||
Total property and liability insurance | |||||||||||||||||||||
premiums earned | $ | 871,598 | $ | 224,873 | $ | 3,454,622 | $ | 4,101,347 | 84.2 | % |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||||
Business And Basis Of Presentation | ' | ||||||||||||||
A. Business and Basis of Presentation. | |||||||||||||||
Everest Re Group, Ltd. ("Group"), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, "Company" means Group and its subsidiaries. On December 30, 2008, Group contributed Everest Reinsurance Holdings, Inc. ("Holdings") and its subsidiaries to its Irish holding company, Everest Underwriting Group (Ireland), Limited ("Holdings Ireland"). | |||||||||||||||
Effective February 27, 2013, the Company established a new subsidiary, Mt. Logan Re Ltd. ("Mt. Logan Re") and effective July 1, 2013, Mt. Logan Re established separate segregated accounts and issued non-voting redeemable preferred shares to capitalize the segregated accounts. Accordingly, the financial position and operating results for Mt. Logan Re are consolidated with the Company and the non-controlling interests in Mt. Logan Re's operating results and equity are presented as separate captions in the Company's financial statements. | |||||||||||||||
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group: Everest International Reinsurance, Ltd. ("Everest International"), Everest Global Services, Inc. ("Global Services"), Mt. Logan Re, Ltd., Everest Reinsurance (Bermuda), Ltd. ("Bermuda Re"), Everest Re Advisors, Ltd., Everest Advisors (UK), Ltd., Holdings Ireland, Everest Reinsurance Company (Ireland) Limited ("Ireland Re"), Everest Insurance Company of Canada ("Everest Canada"), Premiere Insurance Underwriting Services ("Premiere"), Holdings, Heartland Crop Insurance, Inc. ("Heartland"), Specialty Insurance Group, Inc. ("Specialty"), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC ("Specialty RPG"), Mt. McKinley Insurance Company ("Mt. McKinley"), Mt. McKinley Managers, L.L.C., Workcare Southeast, Inc., Workcare Southeast of Georgia, Inc., Everest Reinsurance Company ("Everest Re"), Everest National Insurance Company ("Everest National"), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company ("Everest Indemnity") and Everest Security Insurance Company ("Everest Security"). All amounts are reported in U.S. dollars. | |||||||||||||||
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 (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. | |||||||||||||||
All intercompany accounts and transactions have been eliminated. | |||||||||||||||
Certain reclassifications and format changes have been made to prior years' amounts to conform to the 2013 presentation. One reclassification relates to a correction in the manner in which the Company reports distributions received from limited partnership investments in the consolidated Statements of Cash Flows. Prior to the fourth quarter of 2013, the Company incorrectly reflected all distributions as cash flows from investing activities in its Consolidated Statements of Cash Flows. Starting with the fourth quarter of 2013, cash distributions from the limited partnerships that represent net investment income are reflected as cash flows from operating activities and distributions that represent the return of capital contributions are reflected as cash flows from investing activities. For the years ended December 31, 2012 and 2011, $30,718 thousand and $58,218 thousand have been reclassified from "Distributions from other invested assets" included in cash flows from investing activities to "Distribution of limited partnership income" included in cash flows from operations. The Company has determined that this error is not material to the financial statements of any prior period. | |||||||||||||||
In addition, the Company has reclassified the following amounts from "Distributions from other invested assets" included in cash flows from investing activities to "Distribution of limited partnership income" included in cash flows from operations for interim reporting periods of 2013: $33,686 thousand for the three months ended March 31, 2013; $9,409 thousand and $43,095 thousand for the three months and six months ended June 30, 2013, respectively; and $5,638 thousand and $48,733 thousand for the three months and nine months ended September 30, 2013, respectively. | |||||||||||||||
Investments | ' | ||||||||||||||
B. Investments. | |||||||||||||||
Fixed maturity and equity security investments available for sale, at market value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in shareholders' equity, net of income taxes in "accumulated other comprehensive income (loss)" in the consolidated balance sheets. Fixed maturity and equity securities carried at fair value reflect fair value re-measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss). The Company records changes in fair value for its fixed maturities available for sale, at market value through shareholders' equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. Fixed maturities carried at fair value represent a portfolio of convertible bond securities, which have characteristics similar to equity securities and at times, designated foreign denominated fixed maturity securities, which will be used to settle loss and loss adjustment reserves in the same currency. The Company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities. For equity securities, available for sale, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships, rabbi trusts and an affiliated entity. Limited partnerships and the affiliated entity are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. | |||||||||||||||
Uncollectible Receivable Balances | ' | ||||||||||||||
C. Uncollectible Receivable Balances. | |||||||||||||||
The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management's assessment of the collectability of the outstanding balances. Such reserves are presented in the table below for the periods indicated. | |||||||||||||||
Years Ended December 31, | |||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||
Reinsurance receivables and premium receivables | $ | 29,905 | $ | 32,011 | |||||||||||
Deferred Acquisition Costs | ' | ||||||||||||||
D. Deferred Acquisition Costs. | |||||||||||||||
Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company's reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. Deferred acquisition costs amortized to income are presented in the table below for the periods indicated. | |||||||||||||||
Years Ended December 31, | |||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||
Deferred acquisition costs | $ | 977,558 | $ | 952,701 | $ | 950,521 | |||||||||
Reserve For Losses And Loss Adjustment Expenses | ' | ||||||||||||||
E. Reserve for Losses and Loss Adjustment Expenses. | |||||||||||||||
The reserve for losses and loss adjustment expenses ("LAE") is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported ("IBNR") based on past experience. A provision is also included for certain potential liabilities relating to asbestos and environmental ("A&E") exposures, which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company's loss and LAE reserves represent management's best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance receivables and incurred losses and LAE are presented net of reinsurance. | |||||||||||||||
Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. | |||||||||||||||
Future Policy Benefit Reserve | ' | ||||||||||||||
F. Future Policy Benefit Reserve. | |||||||||||||||
Liabilities for future policy benefits on annuity policies are carried at their accumulated values. Reserves for policy benefits include mortality claims in the process of settlement and IBNR claims. Actual experience in a particular period may fluctuate from expected results. | |||||||||||||||
Premium Revenues | ' | ||||||||||||||
G. Premium Revenues. | |||||||||||||||
Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. Such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium received on reinsurance coverages, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. | |||||||||||||||
Payout annuity premiums are recognized as revenue over the premium-paying period of the policies. | |||||||||||||||
Prepaid Reinsurance Premiums | ' | ||||||||||||||
H. Prepaid Reinsurance Premiums. | |||||||||||||||
Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2013 were collateralized either through a trust arrangement or letters of credit, thereby limiting the credit risk to the Company. | |||||||||||||||
Income Taxes | ' | ||||||||||||||
I. Income Taxes. | |||||||||||||||
Holdings and its wholly-owned subsidiaries file a consolidated U.S. federal income tax return. Foreign branches of subsidiaries file local tax returns as required. Group and subsidiaries not included in Holdings' consolidated tax return file separate company U.S. federal income tax returns as required. Holdings Ireland files an Irish income tax return. The UK branch of Bermuda Re files a UK income tax return. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules. | |||||||||||||||
Foreign Currency | ' | ||||||||||||||
J. Foreign Currency. | |||||||||||||||
Assets and liabilities relating to foreign operations are translated into U.S. dollars at the exchange rates in effect at the balance sheet date; revenues and expenses are translated into U.S. dollars using average exchange rates in effect during the reporting period. Gains and losses resulting from translating foreign currency financial statements, net of deferred income taxes, are excluded from net income (loss) and accumulated in shareholders' equity. Gains and losses resulting from foreign currency transactions, other than debt securities available for sale, are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense). Gains and losses resulting from changes in the foreign currency exchange rates on debt securities, available for sale at market value, are recorded in the consolidated balance sheets in accumulated other comprehensive income (loss) as unrealized appreciation (depreciation) and any losses which are deemed other-than-temporary are changed to net income (loss) as net realized capital loss. | |||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||
K. Earnings Per Common Share. | |||||||||||||||
Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. | |||||||||||||||
Net income (loss) attributable to Everest Re Group per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. | |||||||||||||||
Years Ended December 31, | |||||||||||||||
(Dollars in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||||
Net income (loss) attributable to Everest Re Group per share: | |||||||||||||||
Numerator | |||||||||||||||
Net income (loss) attributable to Everest Re Group | $ | 1,259,382 | $ | 828,954 | $ | (80,486 | ) | ||||||||
Less: dividends declared-common shares and nonvested common shares | (106,681 | ) | (100,402 | ) | (103,848 | ) | |||||||||
Undistributed earnings | 1,152,701 | 728,552 | (184,334 | ) | |||||||||||
Percentage allocated to common shareholders (1) | 99.1 | % | 99.2 | % | 99.3 | % | |||||||||
1,142,386 | 722,717 | (183,134 | ) | ||||||||||||
Add: dividends declared-common shareholders | 105,689 | 99,576 | 103,150 | ||||||||||||
Numerator for basic and diluted earnings per common share | $ | 1,248,075 | $ | 822,293 | $ | (79,984 | ) | ||||||||
Denominator | |||||||||||||||
Denominator for basic earnings per weighted-average common shares | 48,619 | 51,894 | 53,792 | ||||||||||||
Effect of dilutive securities: | |||||||||||||||
Options | 437 | 173 | 124 | ||||||||||||
Denominator for diluted earnings per adjusted weighted-average common shares | 49,056 | 52,067 | 53,916 | ||||||||||||
Per common share net income (loss) | |||||||||||||||
Basic | $ | 25.67 | $ | 15.85 | $ | (1.49 | ) | ||||||||
Diluted | $ | 25.44 | $ | 15.79 | $ | (1.49 | ) | ||||||||
-1 | Basic weighted-average common shares outstanding | 48,619 | 51,894 | 53,792 | |||||||||||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 49,058 | 52,313 | 54,145 | ||||||||||||
Percentage allocated to common shareholders | 99.1 | % | 99.2 | % | 99.3 | % | |||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||
The table below presents the options to purchase common shares that were outstanding, but were not included in the computation of earnings per diluted share as they were anti-dilutive, for the periods indicated: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Anti-dilutive options | - | 894,704 | 1,490,730 | ||||||||||||
All outstanding options expire on or between September 21, 2014 and September 19, 2022. | |||||||||||||||
Segmentation | ' | ||||||||||||||
L. Segmentation. | |||||||||||||||
The Company, through its subsidiaries, operates in five segments: U.S. Reinsurance, International, Bermuda, Insurance and Mt. Logan Re. See also Note 20. | |||||||||||||||
Derivatives | ' | ||||||||||||||
M. Derivatives. | |||||||||||||||
The Company sold seven equity index put option contracts, based on two indices, in 2001 and 2005, which remain outstanding. The Company sold these equity index put options as insurance products with the intent of achieving a profit. These equity index put option contracts meet the definition of a derivative under FASB guidance and the Company's position in these equity index put option contracts is unhedged. Accordingly, these equity index put option contracts are carried at fair value in the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||||
The fair value of the equity index put options can be found in the Company's consolidated balance sheets as follows: | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
Derivatives not designated as | Location of fair value | At December 31, | |||||||||||||
hedging instruments | in balance sheets | 2013 | 2012 | ||||||||||||
Equity index put option contracts | Equity index put option liability | $ | 35,423 | $ | 79,467 | ||||||||||
Total | $ | 35,423 | $ | 79,467 | |||||||||||
The change in fair value of the equity index put option contracts can be found in the Company's statement of operations and comprehensive income (loss) as follows: | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
Derivatives not designated as | Location of gain (loss) in statements of | For the Years Ended December 31, | |||||||||||||
hedging instruments | operations and comprehensive income (loss) | 2013 | 2012 | 2011 | |||||||||||
Equity index put option contracts | Net derivative gain (loss) | $ | 44,044 | $ | (9,738 | ) | $ | (11,261 | ) | ||||||
Total | $ | 44,044 | $ | (9,738 | ) | $ | (11,261 | ) | |||||||
Deposit Assets And Liabilities | ' | ||||||||||||||
N. Deposit Assets and Liabilities. | |||||||||||||||
In the normal course of its operations, the Company may enter into contracts that do not meet risk transfer provisions. Such contracts are accounted for using the deposit accounting method and are included in other liabilities in the Company's consolidated balance sheets. For such contracts, the Company originally records deposit liabilities for an amount equivalent to the assets received. Actuarial studies are used to estimate the final liabilities under such contracts with any change reflected in the consolidated statements of operations and comprehensive income (loss). | |||||||||||||||
Share-Based Compensation | ' | ||||||||||||||
O. Share-Based Compensation. | |||||||||||||||
Share-based compensation option or restricted share awards are fair valued at the grant date and expensed over the vesting period of the award. The tax benefit on the recorded expense is deferred until the time the award is exercised or vests (becomes unrestricted). See Note 18. | |||||||||||||||
Application Of Recently Issued Accounting Standard Changes | ' | ||||||||||||||
P. Application of Recently Issued Accounting Standard Changes. | |||||||||||||||
Intangibles-Goodwill or Other. In September 2011, the Financial Accounting Standards Board ("FASB") amended the authoritative guidance for disclosures on Goodwill Impairment. The amendment allows an entity first to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis in determining whether it is necessary to perform the two-step goodwill impairment test. This guidance is effective for periods beginning after December 15, 2011. The Company implemented this guidance as of January 1, 2012. | |||||||||||||||
Presentation of Comprehensive Income. In June 2011, FASB issued amendments to existing guidance to provide two alternatives for the presentation of comprehensive income. Components of net income and comprehensive income can either be presented within a single, continuous financial statement or be presented in two separate but consecutive financial statements. The Company has chosen to present the components of net income and comprehensive income in a single, continuous financial statement. The guidance is effective for reporting periods beginning after December 15, 2011. The Company implemented this guidance as of January 1, 2012. In February, 2013, the FASB issued an additional amendment for the presentation of amounts reclassified out of accumulated other comprehensive income by component. The Company implemented the proposed guidance as of January 1, 2013. | |||||||||||||||
Common Fair Value Measurement. In May 2011, FASB issued amendments to existing guidance to achieve common fair value measurement and disclosure requirements between GAAP and International Financial Reporting Standards. The amendments change wording used to describe many GAAP fair value measurement requirements and disclosures. FASB does not intend for the amendments to cause a change in application of fair value accounting guidance. The guidance is effective for reporting periods beginning after December 15, 2011. The Company implemented this guidance prospectively as of January 1, 2012. | |||||||||||||||
Treatment of Insurance Contract Acquisition Costs. In October 2010, the FASB issued authoritative guidance for the accounting for costs associated with acquiring or renewing insurance contracts. The guidance identifies the incremental direct costs of contract acquisition and costs directly related to acquisition activities that should be capitalized. This guidance is effective for reporting periods beginning after December 15, 2011. The Company implemented this guidance as of January 1, 2012 and determined that $13,492 thousand of previously deferrable acquisition costs would be expensed, including $10,876 thousand and $2,616 thousand expensed in 2012 and 2013, respectively. If the guidance had been applicable for 2011, the Company would have expensed $13,901 thousand of deferrable acquisition costs. No additional expense will be incurred related to this guidance implementation in future periods. | |||||||||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||||
Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||
Reinsurance receivables and premium receivables | $ | 29,905 | $ | 32,011 | |||||||||||
Schedule Of Deferred Acquisition Costs Amortized To Income | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||
Deferred acquisition costs | $ | 977,558 | $ | 952,701 | $ | 950,521 | |||||||||
Net Income (Loss) Per Common Share | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
(Dollars in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||||
Net income (loss) attributable to Everest Re Group per share: | |||||||||||||||
Numerator | |||||||||||||||
Net income (loss) attributable to Everest Re Group | $ | 1,259,382 | $ | 828,954 | $ | (80,486 | ) | ||||||||
Less: dividends declared-common shares and nonvested common shares | (106,681 | ) | (100,402 | ) | (103,848 | ) | |||||||||
Undistributed earnings | 1,152,701 | 728,552 | (184,334 | ) | |||||||||||
Percentage allocated to common shareholders (1) | 99.1 | % | 99.2 | % | 99.3 | % | |||||||||
1,142,386 | 722,717 | (183,134 | ) | ||||||||||||
Add: dividends declared-common shareholders | 105,689 | 99,576 | 103,150 | ||||||||||||
Numerator for basic and diluted earnings per common share | $ | 1,248,075 | $ | 822,293 | $ | (79,984 | ) | ||||||||
Denominator | |||||||||||||||
Denominator for basic earnings per weighted-average common shares | 48,619 | 51,894 | 53,792 | ||||||||||||
Effect of dilutive securities: | |||||||||||||||
Options | 437 | 173 | 124 | ||||||||||||
Denominator for diluted earnings per adjusted weighted-average common shares | 49,056 | 52,067 | 53,916 | ||||||||||||
Per common share net income (loss) | |||||||||||||||
Basic | $ | 25.67 | $ | 15.85 | $ | (1.49 | ) | ||||||||
Diluted | $ | 25.44 | $ | 15.79 | $ | (1.49 | ) | ||||||||
-1 | Basic weighted-average common shares outstanding | 48,619 | 51,894 | 53,792 | |||||||||||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 49,058 | 52,313 | 54,145 | ||||||||||||
Percentage allocated to common shareholders | 99.1 | % | 99.2 | % | 99.3 | % | |||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||
Schedule Of Anti-Dilutive Options To Purchase Common Shares, Excluded From Computation Of Earnings Per Share | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Anti-dilutive options | - | 894,704 | 1,490,730 | ||||||||||||
Fair Value Of The Equity Index Put Options | ' | ||||||||||||||
(Dollars in thousands) | |||||||||||||||
Derivatives not designated as | Location of fair value | At December 31, | |||||||||||||
hedging instruments | in balance sheets | 2013 | 2012 | ||||||||||||
Equity index put option contracts | Equity index put option liability | $ | 35,423 | $ | 79,467 | ||||||||||
Total | $ | 35,423 | $ | 79,467 | |||||||||||
Change In Fair Value Of The Equity Index Put Option Contracts | ' | ||||||||||||||
(Dollars in thousands) | |||||||||||||||
Derivatives not designated as | Location of gain (loss) in statements of | For the Years Ended December 31, | |||||||||||||
hedging instruments | operations and comprehensive income (loss) | 2013 | 2012 | 2011 | |||||||||||
Equity index put option contracts | Net derivative gain (loss) | $ | 44,044 | $ | (9,738 | ) | $ | (11,261 | ) | ||||||
Total | $ | 44,044 | $ | (9,738 | ) | $ | (11,261 | ) |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | ' | ||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Appreciation | Depreciation | Value | |||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 160,013 | $ | 2,690 | $ | (1,678 | ) | $ | 161,025 | ||||||||||||||||
Obligations of U.S. states and political subdivisions | 970,735 | 40,815 | (9,022 | ) | 1,002,528 | ||||||||||||||||||||
Corporate securities | 3,950,887 | 155,619 | (27,090 | ) | 4,079,416 | ||||||||||||||||||||
Asset-backed securities | 169,980 | 3,485 | (422 | ) | 173,043 | ||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 254,765 | 16,683 | (1,007 | ) | 270,441 | ||||||||||||||||||||
Agency residential | 2,294,719 | 34,509 | (50,175 | ) | 2,279,053 | ||||||||||||||||||||
Non-agency residential | 4,816 | 229 | (226 | ) | 4,819 | ||||||||||||||||||||
Foreign government securities | 1,740,337 | 69,779 | (29,347 | ) | 1,780,769 | ||||||||||||||||||||
Foreign corporate securities | 2,844,912 | 86,529 | (45,628 | ) | 2,885,813 | ||||||||||||||||||||
Total fixed maturity securities | $ | 12,391,164 | $ | 410,338 | $ | (164,595 | ) | $ | 12,636,907 | ||||||||||||||||
Equity securities | $ | 148,342 | $ | 4,336 | $ | (8,597 | ) | $ | 144,081 | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Appreciation | Depreciation | Value | |||||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 302,050 | $ | 11,079 | $ | (1,007 | ) | $ | 312,122 | ||||||||||||||||
Obligations of U.S. states and political subdivisions | 1,214,990 | 78,097 | (1,124 | ) | 1,291,963 | ||||||||||||||||||||
Corporate securities | 3,794,979 | 247,439 | (7,098 | ) | 4,035,320 | ||||||||||||||||||||
Asset-backed securities | 169,615 | 7,296 | (333 | ) | 176,578 | ||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 294,596 | 27,965 | (2,473 | ) | 320,088 | ||||||||||||||||||||
Agency residential | 2,091,672 | 63,794 | (3,331 | ) | 2,152,135 | ||||||||||||||||||||
Non-agency residential | 7,660 | 590 | (201 | ) | 8,049 | ||||||||||||||||||||
Foreign government securities | 1,785,738 | 132,947 | (6,457 | ) | 1,912,228 | ||||||||||||||||||||
Foreign corporate securities | 2,783,580 | 159,632 | (10,038 | ) | 2,933,174 | ||||||||||||||||||||
Total fixed maturity securities | $ | 12,444,880 | $ | 728,839 | $ | (32,062 | ) | $ | 13,141,657 | ||||||||||||||||
Equity securities | $ | 131,630 | $ | 11,864 | $ | (1 | ) | $ | 143,493 | ||||||||||||||||
Summary Of Pre-Tax Cumulative Unrealized Appreciation (Depreciation) On Corporate Securities | ' | ||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Pre-tax cumulative unrealized appreciation (depreciation) | $ | 3,169 | $ | 4,748 | |||||||||||||||||||||
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | ' | ||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||||||
Amortized | Market | Amortized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Fixed maturity securities – available for sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 1,059,052 | $ | 1,067,799 | $ | 944,446 | $ | 957,775 | |||||||||||||||||
Due after one year through five years | 5,565,112 | 5,740,662 | 5,463,158 | 5,741,258 | |||||||||||||||||||||
Due after five years through ten years | 2,081,908 | 2,101,234 | 2,331,593 | 2,511,525 | |||||||||||||||||||||
Due after ten years | 960,812 | 999,856 | 1,142,140 | 1,274,249 | |||||||||||||||||||||
Asset-backed securities | 169,980 | 173,043 | 169,615 | 176,578 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Commercial | 254,765 | 270,441 | 294,596 | 320,088 | |||||||||||||||||||||
Agency residential | 2,294,719 | 2,279,053 | 2,091,672 | 2,152,135 | |||||||||||||||||||||
Non-agency residential | 4,816 | 4,819 | 7,660 | 8,049 | |||||||||||||||||||||
Total fixed maturity securities | $ | 12,391,164 | $ | 12,636,907 | $ | 12,444,880 | $ | 13,141,657 | |||||||||||||||||
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Increase (decrease) during the period between the market value and cost | |||||||||||||||||||||||||
of investments carried at market value, and deferred taxes thereon: | |||||||||||||||||||||||||
Fixed maturity securities | $ | (449,456 | ) | $ | 132,246 | ||||||||||||||||||||
Fixed maturity securities, other-than-temporary impairment | (1,579 | ) | 2,181 | ||||||||||||||||||||||
Equity securities | (16,124 | ) | 26,553 | ||||||||||||||||||||||
Other invested assets | - | - | |||||||||||||||||||||||
Change in unrealized appreciation (depreciation), pre-tax | (467,159 | ) | 160,980 | ||||||||||||||||||||||
Deferred tax benefit (expense) | 64,245 | (6,714 | ) | ||||||||||||||||||||||
Deferred tax benefit (expense), other-than-temporary impairment | 140 | 83 | |||||||||||||||||||||||
Change in unrealized appreciation (depreciation), | |||||||||||||||||||||||||
net of deferred taxes, included in shareholders' equity | $ | (402,774 | ) | $ | 154,349 | ||||||||||||||||||||
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | ' | ||||||||||||||||||||||||
Duration of Unrealized Loss at December 31, 2013 By Security Type | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities - available for sale | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 74,847 | $ | (1,033 | ) | $ | 8,751 | $ | (645 | ) | $ | 83,598 | $ | (1,678 | ) | ||||||||||
Obligations of U.S. states and political subdivisions | 92,760 | (4,852 | ) | 39,689 | (4,170 | ) | 132,449 | (9,022 | ) | ||||||||||||||||
Corporate securities | 959,396 | (22,331 | ) | 75,946 | (4,759 | ) | 1,035,342 | (27,090 | ) | ||||||||||||||||
Asset-backed securities | 5,494 | (6 | ) | 1,128 | (416 | ) | 6,622 | (422 | ) | ||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 51 | - | 11,353 | (1,007 | ) | 11,404 | (1,007 | ) | |||||||||||||||||
Agency residential | 1,220,845 | (40,420 | ) | 264,640 | (9,755 | ) | 1,485,485 | (50,175 | ) | ||||||||||||||||
Non-agency residential | 1,758 | (22 | ) | 1,541 | (204 | ) | 3,299 | (226 | ) | ||||||||||||||||
Foreign government securities | 409,252 | (20,350 | ) | 85,029 | (8,997 | ) | 494,281 | (29,347 | ) | ||||||||||||||||
Foreign corporate securities | 872,907 | (34,819 | ) | 151,748 | (10,809 | ) | 1,024,655 | (45,628 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 3,637,310 | $ | (123,833 | ) | $ | 639,825 | $ | (40,762 | ) | $ | 4,277,135 | $ | (164,595 | ) | ||||||||||
Equity securities | 127,030 | (8,597 | ) | - | - | 127,030 | (8,597 | ) | |||||||||||||||||
Total | $ | 3,764,340 | $ | (132,430 | ) | $ | 639,825 | $ | (40,762 | ) | $ | 4,404,165 | $ | (173,192 | ) | ||||||||||
Duration of Unrealized Loss at December 31, 2012 By Security Type | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities - available for sale | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 21,468 | $ | (430 | ) | $ | 3,386 | $ | (577 | ) | $ | 24,854 | $ | (1,007 | ) | ||||||||||
Obligations of U.S. states and political subdivisions | 38,754 | (1,073 | ) | 5,781 | (51 | ) | 44,535 | (1,124 | ) | ||||||||||||||||
Corporate securities | 174,665 | (2,069 | ) | 71,483 | (5,029 | ) | 246,148 | (7,098 | ) | ||||||||||||||||
Asset-backed securities | - | - | 13,714 | (333 | ) | 13,714 | (333 | ) | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | - | - | 50,999 | (2,473 | ) | 50,999 | (2,473 | ) | |||||||||||||||||
Agency residential | 396,016 | (2,215 | ) | 67,781 | (1,116 | ) | 463,797 | (3,331 | ) | ||||||||||||||||
Non-agency residential | - | - | 2,105 | (201 | ) | 2,105 | (201 | ) | |||||||||||||||||
Foreign government securities | 85,032 | (923 | ) | 66,329 | (5,534 | ) | 151,361 | (6,457 | ) | ||||||||||||||||
Foreign corporate securities | 197,029 | (2,802 | ) | 103,720 | (7,236 | ) | 300,749 | (10,038 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 912,964 | $ | (9,512 | ) | $ | 385,298 | $ | (22,550 | ) | $ | 1,298,262 | $ | (32,062 | ) | ||||||||||
Equity securities | - | - | 13 | (1 | ) | 13 | (1 | ) | |||||||||||||||||
Total | $ | 912,964 | $ | (9,512 | ) | $ | 385,311 | $ | (22,551 | ) | $ | 1,298,275 | $ | (32,063 | ) | ||||||||||
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | ' | ||||||||||||||||||||||||
Duration of Unrealized Loss at December 31, 2013 By Maturity | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
Due in one year or less | $ | 143,098 | $ | (3,503 | ) | $ | 46,691 | $ | (5,330 | ) | $ | 189,789 | $ | (8,833 | ) | ||||||||||
Due in one year through five years | 1,125,680 | (25,365 | ) | 204,779 | (11,279 | ) | 1,330,459 | (36,644 | ) | ||||||||||||||||
Due in five years through ten years | 810,969 | (35,169 | ) | 48,064 | (3,844 | ) | 859,033 | (39,013 | ) | ||||||||||||||||
Due after ten years | 329,415 | (19,348 | ) | 61,629 | (8,927 | ) | 391,044 | (28,275 | ) | ||||||||||||||||
Asset-backed securities | 5,494 | (6 | ) | 1,128 | (416 | ) | 6,622 | (422 | ) | ||||||||||||||||
Mortgage-backed securities | 1,222,654 | (40,442 | ) | 277,534 | (10,966 | ) | 1,500,188 | (51,408 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 3,637,310 | $ | (123,833 | ) | $ | 639,825 | $ | (40,762 | ) | $ | 4,277,135 | $ | (164,595 | ) | ||||||||||
Duration of Unrealized Loss at December 31, 2012 By Maturity | |||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Market Value | Depreciation | Market Value | Depreciation | Market Value | Depreciation | |||||||||||||||||||
Fixed maturity securities | |||||||||||||||||||||||||
Due in one year or less | $ | 21,909 | $ | (502 | ) | $ | 30,177 | $ | (3,631 | ) | $ | 52,086 | $ | (4,133 | ) | ||||||||||
Due in one year through five years | 261,625 | (3,891 | ) | 163,480 | (12,748 | ) | 425,105 | (16,639 | ) | ||||||||||||||||
Due in five years through ten years | 135,391 | (1,409 | ) | 37,926 | (1,431 | ) | 173,317 | (2,840 | ) | ||||||||||||||||
Due after ten years | 98,023 | (1,495 | ) | 19,116 | (617 | ) | 117,139 | (2,112 | ) | ||||||||||||||||
Asset-backed securities | - | - | 13,714 | (333 | ) | 13,714 | (333 | ) | |||||||||||||||||
Mortgage-backed securities | 396,016 | (2,215 | ) | 120,885 | (3,790 | ) | 516,901 | (6,005 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 912,964 | $ | (9,512 | ) | $ | 385,298 | $ | (22,550 | ) | $ | 1,298,262 | $ | (32,062 | ) | ||||||||||
Summary Of Components Of Net Investment Income | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Fixed maturity securities | $ | 473,493 | $ | 489,801 | $ | 521,991 | |||||||||||||||||||
Equity securities | 45,387 | 59,156 | 57,573 | ||||||||||||||||||||||
Short-term investments and cash | 1,295 | 1,252 | 1,281 | ||||||||||||||||||||||
Other invested assets | |||||||||||||||||||||||||
Limited partnerships | 46,921 | 64,896 | 56,851 | ||||||||||||||||||||||
Other | 7,329 | 3,851 | 2,741 | ||||||||||||||||||||||
Gross investment income before adjustments | 574,425 | 618,956 | 640,437 | ||||||||||||||||||||||
Funds held interest income (expense) | 10,613 | 10,580 | 2,349 | ||||||||||||||||||||||
Future policy benefit reserve income (expense) | (2,770 | ) | (2,902 | ) | (2,998 | ) | |||||||||||||||||||
Gross investment income | 582,268 | 626,634 | 639,788 | ||||||||||||||||||||||
Investment expenses | (33,759 | ) | (26,432 | ) | (19,747 | ) | |||||||||||||||||||
Net investment income | $ | 548,509 | $ | 600,202 | $ | 620,041 | |||||||||||||||||||
Summary Of Components Of Net Realized Capital Gains (Losses) | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Fixed maturity securities, market value: | |||||||||||||||||||||||||
Other-than-temporary impairments | $ | (1,052 | ) | $ | (10,022 | ) | $ | (16,223 | ) | ||||||||||||||||
Gains (losses) from sales | 6,792 | 14,708 | 20,378 | ||||||||||||||||||||||
Fixed maturity securities, fair value: | |||||||||||||||||||||||||
Gains (losses) from sales | 201 | 5,675 | (905 | ) | |||||||||||||||||||||
Gains (losses) from fair value adjustments | 307 | 1,941 | (15,518 | ) | |||||||||||||||||||||
Equity securities, market value: | |||||||||||||||||||||||||
Gains (losses) from sales | 2,648 | 14,920 | 38 | ||||||||||||||||||||||
Equity securities, fair value: | |||||||||||||||||||||||||
Gains (losses) from sales | 32,747 | 21,031 | 8,021 | ||||||||||||||||||||||
Gains (losses) from fair value adjustments | 258,569 | 116,163 | 11,130 | ||||||||||||||||||||||
Short-term investments gain (loss) | 15 | (16 | ) | 2 | |||||||||||||||||||||
Total net realized capital gains (losses) | $ | 300,227 | $ | 164,400 | $ | 6,923 | |||||||||||||||||||
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Proceeds from sales of fixed maturity securities | $ | 1,113,960 | $ | 998,056 | $ | 1,797,404 | |||||||||||||||||||
Gross gains from sales | 38,141 | 38,144 | 86,519 | ||||||||||||||||||||||
Gross losses from sales | (31,148 | ) | (17,761 | ) | (67,046 | ) | |||||||||||||||||||
Proceeds from sales of equity securities | $ | 751,973 | $ | 839,547 | $ | 274,434 | |||||||||||||||||||
Gross gains from sales | 44,703 | 57,814 | 16,325 | ||||||||||||||||||||||
Gross losses from sales | (9,308 | ) | (21,863 | ) | (8,266 | ) |
Reserve_For_Losses_LAE_And_Fut1
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | ' | ||||||||||||
Summary Of Activity In The Reserve For Losses And LAE | ' | ||||||||||||
At December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross reserves at January 1 | $ | 10,069,055 | $ | 10,123,215 | $ | 9,340,183 | |||||||
Less reinsurance recoverables | (602,750 | ) | (580,998 | ) | (689,445 | ) | |||||||
Net reserves at January 1 | 9,466,305 | 9,542,217 | 8,650,738 | ||||||||||
Incurred related to: | |||||||||||||
Current year | 2,818,490 | 2,748,925 | 3,722,513 | ||||||||||
Prior years | (18,239 | ) | (3,660 | ) | 3,691 | ||||||||
Total incurred losses and LAE | 2,800,251 | 2,745,265 | 3,726,204 | ||||||||||
Paid related to: | |||||||||||||
Current year | 664,719 | 633,894 | 810,530 | ||||||||||
Prior years | 2,353,817 | 2,220,202 | 2,008,307 | ||||||||||
Total paid losses and LAE | 3,018,536 | 2,854,096 | 2,818,837 | ||||||||||
Foreign exchange/translation adjustment | (48,646 | ) | 32,919 | (15,888 | ) | ||||||||
Net reserves at December 31 | 9,199,374 | 9,466,305 | 9,542,217 | ||||||||||
Plus reinsurance recoverables | 473,866 | 602,750 | 580,998 | ||||||||||
Gross reserves at December 31 | $ | 9,673,240 | $ | 10,069,055 | $ | 10,123,215 | |||||||
Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis | ' | ||||||||||||
At December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross basis: | |||||||||||||
Beginning of period reserves | $ | 442,821 | $ | 499,911 | $ | 554,790 | |||||||
Incurred losses | 5,599 | 132 | 752 | ||||||||||
Paid losses | (45,959 | ) | (57,222 | ) | (55,631 | ) | |||||||
End of period reserves | $ | 402,461 | $ | 442,821 | $ | 499,911 | |||||||
Net basis: | |||||||||||||
Beginning of period reserves | $ | 425,691 | $ | 480,160 | $ | 532,906 | |||||||
Incurred losses | 5,400 | 124 | 764 | ||||||||||
Paid losses | (44,414 | ) | (54,593 | ) | (53,510 | ) | |||||||
End of period reserves | $ | 386,677 | $ | 425,691 | $ | 480,160 | |||||||
Summary Of Activity In The Reserve For Future Policy Benefits | ' | ||||||||||||
At December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 66,107 | $ | 67,187 | $ | 63,002 | |||||||
Liabilities assumed | 103 | 126 | 176 | ||||||||||
Adjustments to reserves | (3,066 | ) | 2,365 | 8,449 | |||||||||
Benefits paid in the current year | (3,632 | ) | (3,571 | ) | (4,440 | ) | |||||||
Balance at end of year | $ | 59,512 | $ | 66,107 | $ | 67,187 |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
The Fair Value Calculated Using An Industry Accepted Option Pricing Model, Black-Scholes | ' | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Contract | |||||||||||||||||||||||||||||||||||||||||||||
Contracts | based on | ||||||||||||||||||||||||||||||||||||||||||||
based on | FTSE 100 | ||||||||||||||||||||||||||||||||||||||||||||
S & P 500 Index | Index | ||||||||||||||||||||||||||||||||||||||||||||
Equity index | 1,848.4 | 6,749.1 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate | 1.48% to 4.17% | 2.77% | |||||||||||||||||||||||||||||||||||||||||||
Time to maturity | 3.4 to 17.3 yrs | 6.6 yrs | |||||||||||||||||||||||||||||||||||||||||||
Volatility | 21.0% to 25.1% | 23.50% | |||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Levels For All Assets And Liabilities | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following table presents the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value (fair and market value) as of the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, market value | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 161,025 | $ | - | $ | 161,025 | $ | - | |||||||||||||||||||||||||||||||||||||
Obligations of U.S. States and political subdivisions | 1,002,528 | - | 1,002,528 | - | |||||||||||||||||||||||||||||||||||||||||
Corporate securities | 4,079,416 | - | 4,079,416 | - | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 173,043 | - | 167,744 | 5,299 | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | 270,441 | - | 270,441 | - | |||||||||||||||||||||||||||||||||||||||||
Agency residential | 2,279,053 | - | 2,279,053 | - | |||||||||||||||||||||||||||||||||||||||||
Non-agency residential | 4,819 | - | 4,472 | 347 | |||||||||||||||||||||||||||||||||||||||||
Foreign government securities | 1,780,769 | - | 1,780,769 | - | |||||||||||||||||||||||||||||||||||||||||
Foreign corporate securities | 2,885,813 | - | 2,885,332 | 481 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, market value | 12,636,907 | - | 12,630,780 | 6,127 | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, fair value | 19,388 | - | 19,388 | - | |||||||||||||||||||||||||||||||||||||||||
Equity securities, market value | 144,081 | 127,030 | 17,051 | - | |||||||||||||||||||||||||||||||||||||||||
Equity securities, fair value | 1,462,079 | 1,342,278 | 119,801 | - | |||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Equity index put option contracts | $ | 35,423 | $ | - | $ | - | $ | 35,423 | |||||||||||||||||||||||||||||||||||||
There were no transfers between Level 1 and Level 2 for the twelve months ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||
The following table presents the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value (fair and market value) as of the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||||||||||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||||||||||||||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, market value | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 312,122 | $ | - | $ | 312,122 | $ | - | |||||||||||||||||||||||||||||||||||||
Obligations of U.S. States and political subdivisions | 1,291,963 | - | 1,291,963 | - | |||||||||||||||||||||||||||||||||||||||||
Corporate securities | 4,035,320 | - | 4,035,320 | - | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 176,578 | - | 171,729 | 4,849 | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | 320,088 | - | 320,088 | - | |||||||||||||||||||||||||||||||||||||||||
Agency residential | 2,152,135 | - | 2,117,293 | 34,842 | |||||||||||||||||||||||||||||||||||||||||
Non-agency residential | 8,049 | - | 7,623 | 426 | |||||||||||||||||||||||||||||||||||||||||
Foreign government securities | 1,912,228 | - | 1,912,228 | - | |||||||||||||||||||||||||||||||||||||||||
Foreign corporate securities | 2,933,174 | - | 2,921,261 | 11,913 | |||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, market value | 13,141,657 | - | 13,089,627 | 52,030 | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, fair value | 41,470 | - | 41,470 | - | |||||||||||||||||||||||||||||||||||||||||
Equity securities, market value | 143,493 | 126,395 | 17,098 | - | |||||||||||||||||||||||||||||||||||||||||
Equity securities, fair value | 1,255,557 | 1,114,997 | 140,560 | - | |||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Equity index put option contracts | $ | 79,467 | $ | - | $ | - | $ | 79,467 | |||||||||||||||||||||||||||||||||||||
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | ' | ||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | Foreign | Foreign | Non-agency | Agency | Asset-backed | Foreign | Non-agency | Agency | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Securities | Corporate | Government | RMBS | RMBS | Total | Securities | Corporate | RMBS | RMBS | Total | ||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,849 | $ | 11,913 | $ | - | $ | 426 | $ | 34,842 | $ | 52,030 | $ | 16,937 | $ | 3,044 | $ | 486 | $ | - | $ | 20,467 | |||||||||||||||||||||||
Total gains or (losses) (realized/unrealized) | - | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | 258 | (738 | ) | (112 | ) | 161 | - | (431 | ) | 114 | (34 | ) | 172 | (4 | ) | 248 | |||||||||||||||||||||||||||||
Included in other comprehensive income (loss) | (717 | ) | (587 | ) | (179 | ) | (38 | ) | - | (1,521 | ) | 714 | 167 | 16 | (194 | ) | 703 | ||||||||||||||||||||||||||||
Purchases, issuances and settlements | (624 | ) | 2,858 | 516 | (317 | ) | - | 2,433 | 5,411 | 18,541 | (248 | ) | 35,040 | 58,744 | |||||||||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | 1,533 | (12,965 | ) | (225 | ) | 115 | (34,842 | ) | (46,384 | ) | (18,327 | ) | (9,805 | ) | - | - | (28,132 | ) | |||||||||||||||||||||||||||
Ending balance | $ | 5,299 | $ | 481 | $ | - | $ | 347 | $ | - | $ | 6,127 | $ | 4,849 | $ | 11,913 | $ | 426 | $ | 34,842 | $ | 52,030 | |||||||||||||||||||||||
The amount of total gains or losses for the period included | |||||||||||||||||||||||||||||||||||||||||||||
in earnings (or changes in net assets) attributable to the | |||||||||||||||||||||||||||||||||||||||||||||
change in unrealized gains or losses relating to assets | |||||||||||||||||||||||||||||||||||||||||||||
still held at the reporting date | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts | ' | ||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 79,467 | $ | 69,729 | |||||||||||||||||||||||||||||||||||||||||
Total (gains) or losses (realized/unrealized) | |||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | (44,044 | ) | 9,738 | ||||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income (loss) | - | - | |||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances and settlements | - | - | |||||||||||||||||||||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | - | - | |||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 35,423 | $ | 79,467 | |||||||||||||||||||||||||||||||||||||||||
The amount of total gains or losses for the period included in earnings | |||||||||||||||||||||||||||||||||||||||||||||
(or changes in net assets) attributable to the change in unrealized | |||||||||||||||||||||||||||||||||||||||||||||
gains or losses relating to liabilities still held at the reporting date | $ | - | $ | - | |||||||||||||||||||||||||||||||||||||||||
(Some amounts may not reconcile due to rounding.) |
Credit_Facilities_Tables
Credit Facilities (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ||||||||||||||||||||
Summary Of Costs Incurred Connection With Credit Facilities | ' | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Credit facility fees incurred | $ | 964 | $ | 3,519 | $ | 2,211 | |||||||||||||||
Wells Fargo Bank Group Credit Facility [Member] | ' | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ||||||||||||||||||||
Summary Of Outstanding Letters Of Credit And/Or Borrowings | ' | ||||||||||||||||||||
(Dollars in thousands) | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||
Bank | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry | |||||||||||||||
Wells Fargo Bank Group Credit Facility | Tranche One | $ | 200,000 | $ | - | $ | 200,000 | $ | - | ||||||||||||
Tranche Two | 600,000 | 502,059 | 12/31/14 | 600,000 | 463,155 | 12/31/13 | |||||||||||||||
Total Wells Fargo Bank Group Credit Facility | $ | 800,000 | $ | 502,059 | $ | 800,000 | $ | 463,155 | |||||||||||||
Citibank Holdings Credit Facility [Member] | ' | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ||||||||||||||||||||
Summary Of Outstanding Letters Of Credit And/Or Borrowings | ' | ||||||||||||||||||||
(Dollars in thousands) | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||
Bank | Commitment | In Use | Date of Loan | Maturity/Expiry Date | Commitment | In Use | Date of Loan | Maturity/Expiry Date | |||||||||||||
Citibank Holdings Credit Facility | $ | 150,000 | $ | - | $ | 150,000 | $ | - | |||||||||||||
Total revolving credit borrowings | - | - | |||||||||||||||||||
Total letters of credit | 851 | 12/31/14 | 1,551 | 12/31/13 | |||||||||||||||||
Total Citibank Holdings Credit Facility | $ | 150,000 | $ | 851 | $ | 150,000 | $ | 1,551 | |||||||||||||
Citibank Bilateral Agreement [Member] | ' | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ||||||||||||||||||||
Summary Of Outstanding Letters Of Credit And/Or Borrowings | ' | ||||||||||||||||||||
(Dollars in thousands) | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||
Bank | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry | |||||||||||||||
Citibank Bilateral Letter of Credit Agreement | $ | 300,000 | $ | 119 | 8/30/14 | $ | 300,000 | $ | 3,672 | 11/24/13 | |||||||||||
3,672 | 11/24/14 | 75,472 | 12/31/13 | ||||||||||||||||||
79,336 | 12/31/14 | 1,104 | 8/15/14 | ||||||||||||||||||
1,045 | 12/31/15 | 139 | 8/30/14 | ||||||||||||||||||
22,800 | 12/31/17 | 20,838 | 12/31/14 | ||||||||||||||||||
129,147 | 3/30/18 | 145,215 | 3/31/17 | ||||||||||||||||||
Total Citibank Bilateral Agreement | $ | 300,000 | $ | 236,119 | $ | 300,000 | $ | 246,440 |
Senior_Notes_Tables
Senior Notes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Senior Notes [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Outstanding Senior Notes | ' | |||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Consolidated Balance | Consolidated Balance | |||||||||||||||||||||||
(Dollars in thousands) | Date Issued | Date Due | Principal Amounts | Sheet Amount | Market Value | Sheet Amount | Market Value | |||||||||||||||||
5.40% Senior notes | 10/12/04 | 10/15/14 | $ | 250,000 | $ | 249,958 | $ | 259,130 | $ | 249,907 | $ | 266,390 | ||||||||||||
Schedule Of Interest Expense Incurred In Connection With Senior Notes | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Interest expense incurred | $ | 13,551 | $ | 13,548 | $ | 13,546 |
Long_Term_Subordinated_Notes_T
Long Term Subordinated Notes (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Long Term Subordinated Notes [Abstract] | ' | |||||||||||||||||||||||||
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | ' | |||||||||||||||||||||||||
Maturity Date | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Original | Consolidated Balance | Consolidated Balance | ||||||||||||||||||||||||
(Dollars in thousands) | Date Issued | Principal Amount | Scheduled | Final | Sheet Amount | Market Value | Sheet Amount | Market Value | ||||||||||||||||||
6.6% Long term subordinated notes | 4/26/07 | $ | 400,000 | 5/15/37 | 5/1/67 | $ | 238,361 | $ | 233,292 | $ | 238,357 | $ | 242,138 | |||||||||||||
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | ' | |||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Interest expense incurred | $ | 15,748 | $ | 15,748 | $ | 15,748 |
Junior_Subordinated_Debt_Secur1
Junior Subordinated Debt Securities Payable (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Junior Subordinated Debt Securities Payable [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Outstanding Junior Subordinated Debt Securities | ' | |||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Consolidated Balance | Consolidated Balance | |||||||||||||||||||||||
(Dollars in thousands) | Date Issued | Date Due | Amount Issued | Sheet Amount | Fair Value | Sheet Amount | Fair Value | |||||||||||||||||
6.20% Junior subordinated debt securities | 3/29/04 | 3/29/34 | $ | 329,897 | $ | - | $ | - | $ | 329,897 | $ | 333,225 | ||||||||||||
Schedule Of Interest Expense Incurred In Connection With Junior Subordinated Debt Securities | ' | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Interest expense incurred | $ | 8,181 | $ | 20,454 | $ | 20,454 |
Operating_Lease_Agreements_Tab
Operating Lease Agreements (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Operating Lease Agreements [Abstract] | ' | ||||
Future Minimum Rental Commitments | ' | ||||
(Dollars in thousands) | |||||
2014 | $ | 11,604 | |||
2015 | 12,143 | ||||
2016 | 12,120 | ||||
2017 | 10,724 | ||||
2018 | 10,522 | ||||
Thereafter | 26,335 | ||||
Net commitments | $ | 83,448 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||||||||||
Components Of The Provision | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Current tax expense (benefit): | |||||||||||||||||||||||||
U.S. | $ | 116,829 | $ | 46,723 | $ | 27,257 | |||||||||||||||||||
Non-U.S. | 18,219 | 14,131 | 14,388 | ||||||||||||||||||||||
Total current tax expense (benefit) | 135,048 | 60,854 | 41,645 | ||||||||||||||||||||||
Total deferred U.S. tax expense (benefit) | 154,658 | 49,718 | (195,106 | ) | |||||||||||||||||||||
Total income tax expense (benefit) | $ | 289,706 | $ | 110,572 | $ | (153,461 | ) | ||||||||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||||||||||
Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
Underwriting gain (loss) | $ | 246,699 | $ | 491,909 | $ | 42,775 | $ | 216,228 | $ | (574,142 | ) | $ | (183,641 | ) | |||||||||||
Net investment income | 274,920 | 273,589 | 287,382 | 312,820 | 292,980 | 327,062 | |||||||||||||||||||
Net realized capital gains (losses) | 295,814 | 4,413 | 143,326 | 21,073 | (28,565 | ) | 35,488 | ||||||||||||||||||
Net derivative gain (loss) | - | 44,044 | - | (9,738 | ) | - | (11,261 | ) | |||||||||||||||||
Corporate expenses | (8,262 | ) | (16,555 | ) | (8,764 | ) | (15,211 | ) | (6,073 | ) | (10,388 | ) | |||||||||||||
Interest, fee and bond issue cost amortization expense | (45,452 | ) | (665 | ) | (50,746 | ) | (2,936 | ) | (50,763 | ) | (1,556 | ) | |||||||||||||
Other income (expense) | (7,086 | ) | 1,598 | 18,360 | (15,042 | ) | (28,644 | ) | 5,556 | ||||||||||||||||
Pre-tax income (loss) | $ | 756,633 | $ | 798,333 | $ | 432,332 | $ | 507,194 | $ | (395,206 | ) | $ | 161,260 | ||||||||||||
Expected tax provision at the applicable statutory rate(s) | 264,822 | 16,279 | 151,316 | 11,012 | (138,322 | ) | 12,216 | ||||||||||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||||||||||
Tax exempt income | (15,038 | ) | - | (20,623 | ) | - | (33,672 | ) | - | ||||||||||||||||
Dividend received deduction | (7,809 | ) | - | (8,351 | ) | - | (6,893 | ) | - | ||||||||||||||||
Proration | 2,274 | - | 3,138 | - | 5,080 | - | |||||||||||||||||||
Tax audit settlement | - | - | (2,508 | ) | - | (710 | ) | - | |||||||||||||||||
Uncertain tax position release | - | - | (31,912 | ) | - | 8,139 | - | ||||||||||||||||||
Other | 27,238 | 1,940 | 5,381 | 3,119 | (1,471 | ) | 2,172 | ||||||||||||||||||
Total income tax provision | $ | 271,487 | $ | 18,219 | $ | 96,441 | $ | 14,131 | $ | (167,849 | ) | $ | 14,388 | ||||||||||||
Net Deferred Income Tax Asset | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Loss reserve | $ | 146,781 | $ | 159,320 | |||||||||||||||||||||
Alternative minimum tax credits | 93,336 | 64,088 | |||||||||||||||||||||||
Foreign tax credits | 74,255 | 90,941 | |||||||||||||||||||||||
Unearned premium reserve | 45,368 | 37,558 | |||||||||||||||||||||||
Net unrecognized losses on benefit plans | 20,944 | 33,660 | |||||||||||||||||||||||
Benefit plan liability | 7,968 | 37,598 | |||||||||||||||||||||||
Uncollectible reinsurance reserve | 5,534 | 5,675 | |||||||||||||||||||||||
Deferred compensation | 5,350 | 12,557 | |||||||||||||||||||||||
Net operating loss carryforward | 3,805 | 64,353 | |||||||||||||||||||||||
Deferred expenses | 2,695 | 2,602 | |||||||||||||||||||||||
Investment impairments | 2,485 | 3,151 | |||||||||||||||||||||||
Other assets | 6,956 | 9,630 | |||||||||||||||||||||||
Total deferred tax assets | 415,477 | 521,133 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Net fair value income | 121,784 | 61,211 | |||||||||||||||||||||||
Net unrealized investment gains | 40,396 | 87,524 | |||||||||||||||||||||||
Deferred acquisition costs | 39,344 | 33,969 | |||||||||||||||||||||||
Net unrealized foreign currency gains | 28,098 | 42,742 | |||||||||||||||||||||||
Gain on tender of debt | 27,395 | 27,395 | |||||||||||||||||||||||
Bond market discount | 609 | 2,002 | |||||||||||||||||||||||
Other liabilities | 7,765 | 2,515 | |||||||||||||||||||||||
Total deferred tax liabilities | 265,391 | 257,357 | |||||||||||||||||||||||
Net deferred tax assets | 150,086 | 263,776 | |||||||||||||||||||||||
Less: Valuation allowance | (3,805 | ) | (1,752 | ) | |||||||||||||||||||||
Total net deferred tax assets | $ | 146,281 | $ | 262,024 | |||||||||||||||||||||
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | ' | ||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance at January 1 | $ | - | $ | 31,912 | $ | 23,773 | |||||||||||||||||||
Additions based on tax positions related to the current year | - | - | 8,139 | ||||||||||||||||||||||
Additions for tax positions of prior years | - | - | - | ||||||||||||||||||||||
Reductions for tax positions of prior years | - | (31,912 | ) | - | |||||||||||||||||||||
Settlements with taxing authorities | - | - | - | ||||||||||||||||||||||
Lapses of applicable statutes of limitations | - | - | - | ||||||||||||||||||||||
Balance at December 31 | $ | - | $ | - | $ | 31,912 |
Reinsurance_Tables
Reinsurance (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Reinsurance [Abstract] | ' | ||||||||||||
Premiums Written And Earned And Incurred Losses And LAE | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Written premiums: | |||||||||||||
Direct | $ | 1,268,698 | $ | 1,074,206 | $ | 815,087 | |||||||
Assumed | 3,949,936 | 3,236,331 | 3,471,087 | ||||||||||
Ceded | (213,813 | ) | (229,466 | ) | (177,275 | ) | |||||||
Net written premiums | $ | 5,004,821 | $ | 4,081,071 | $ | 4,108,899 | |||||||
Premiums earned: | |||||||||||||
Direct | $ | 1,207,833 | $ | 1,054,707 | $ | 871,598 | |||||||
Assumed | 3,748,824 | 3,353,667 | 3,454,622 | ||||||||||
Ceded | (203,114 | ) | (243,746 | ) | (224,873 | ) | |||||||
Net premiums earned | $ | 4,753,543 | $ | 4,164,628 | $ | 4,101,347 | |||||||
Incurred losses and LAE: | |||||||||||||
Direct | $ | 1,173,177 | $ | 926,364 | $ | 744,017 | |||||||
Assumed | 1,833,055 | 2,017,526 | 3,099,787 | ||||||||||
Ceded | (205,981 | ) | (198,625 | ) | (117,600 | ) | |||||||
Net incurred losses and LAE | $ | 2,800,251 | $ | 2,745,265 | $ | 3,726,204 |
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | ' | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary | $ | (457,192 | ) | $ | 62,834 | $ | (394,358 | ) | $ | 178,405 | $ | (6,644 | ) | $ | 171,761 | $ | 109,928 | $ | (19,338 | ) | $ | 90,591 | |||||||||||||||
URA(D) on securities - OTTI | (1,579 | ) | 140 | (1,439 | ) | 2,181 | 83 | 2,264 | 824 | 66 | 890 | ||||||||||||||||||||||||||
Reclassification of net realized losses (gains) included in net income (loss) | (8,388 | ) | 1,411 | (6,977 | ) | (19,606 | ) | (70 | ) | (19,676 | ) | (4,193 | ) | (7,146 | ) | (11,340 | ) | ||||||||||||||||||||
Foreign currency translation adjustments | (10,462 | ) | 10,300 | (162 | ) | 26,484 | (3,786 | ) | 22,698 | (16,429 | ) | 460 | (15,969 | ) | |||||||||||||||||||||||
Benefit plan actuarial net gain (loss) | 27,442 | (9,605 | ) | 17,837 | (18,109 | ) | 6,338 | (11,771 | ) | (48,885 | ) | 17,109 | (31,776 | ) | |||||||||||||||||||||||
Reclassification of amortization of net gain (loss) included in net income (loss) | 8,889 | (3,111 | ) | 5,778 | 7,377 | (2,582 | ) | 4,795 | 3,575 | (1,251 | ) | 2,324 | |||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | (441,290 | ) | $ | 61,969 | $ | (379,321 | ) | $ | 176,732 | $ | (6,661 | ) | $ | 170,071 | $ | 44,820 | $ | (10,100 | ) | $ | 34,720 | |||||||||||||||
Reclassification From Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Affected line item within the statements of | ||||||||||||||||||||||||||||||||||||
AOCI component | 2013 | 2012 | operations and comprehensive income (loss) | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
URA(D) on securities | $ | (8,388 | ) | $ | (19,606 | ) | Other net realized capital gains (losses) | ||||||||||||||||||||||||||||||
1,411 | (70 | ) | Income tax expense (benefit) | ||||||||||||||||||||||||||||||||||
$ | (6,977 | ) | $ | (19,676 | ) | Net income (loss) | |||||||||||||||||||||||||||||||
Benefit plan net gain (loss) | $ | 8,889 | $ | 7,377 | Other underwriting expenses | ||||||||||||||||||||||||||||||||
(3,111 | ) | (2,582 | ) | Income tax expense (benefit) | |||||||||||||||||||||||||||||||||
$ | 5,778 | $ | 4,795 | Net income (loss) | |||||||||||||||||||||||||||||||||
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning balance of URA (D) on securities | $ | 603,928 | $ | 449,579 | |||||||||||||||||||||||||||||||||
Current period change in URA (D) of investments - temporary | (401,335 | ) | 152,086 | ||||||||||||||||||||||||||||||||||
Current period change in URA (D) of investments - non-credit OTTI | (1,439 | ) | 2,263 | ||||||||||||||||||||||||||||||||||
Ending balance of URA (D) on securities | 201,154 | 603,928 | |||||||||||||||||||||||||||||||||||
Beginning balance of foreign currency translation adjustments | (4,368 | ) | (27,066 | ) | |||||||||||||||||||||||||||||||||
Current period change in foreign currency translation adjustments | (162 | ) | 22,698 | ||||||||||||||||||||||||||||||||||
Ending balance of foreign currency translation adjustments | (4,530 | ) | (4,368 | ) | |||||||||||||||||||||||||||||||||
Beginning balance of benefit plan net gain (loss) | (62,511 | ) | (55,535 | ) | |||||||||||||||||||||||||||||||||
Current period change in benefit plan net gain (loss) | 23,615 | (6,976 | ) | ||||||||||||||||||||||||||||||||||
Ending balance of benefit plan net gain (loss) | (38,896 | ) | (62,511 | ) | |||||||||||||||||||||||||||||||||
Ending balance of accumulated other comprehensive income (loss) | $ | 157,728 | $ | 537,049 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Summary Of Contributions To Defined Benefit Pension Plans | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Company contributions | $ | 22,536 | $ | 267 | $ | 3,223 | |||||||||||
Summary Of Pension Expense | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Pension expense | $ | 19,348 | $ | 16,542 | $ | 10,874 | |||||||||||
Summary Of Accumulated Benefit Obligation | ' | ||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Qualified Plan | $ | 147,803 | $ | 148,107 | |||||||||||||
Non-qualified Plan | 29,774 | 25,579 | |||||||||||||||
Total | $ | 177,577 | $ | 173,686 | |||||||||||||
Projected Benefit Obligations In Excess Of Plan Assets | ' | ||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Qualified Plan | |||||||||||||||||
Projected benefit obligation | $ | 179,512 | $ | 181,617 | |||||||||||||
Fair value of plan assets | 152,446 | 114,807 | |||||||||||||||
Non-qualified Plan | |||||||||||||||||
Projected benefit obligation | $ | 34,547 | $ | 30,542 | |||||||||||||
Fair value of plan assets | - | - | |||||||||||||||
Accumulated Benefit Obligations In Excess Of Plan Assets | ' | ||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Qualified Plan | |||||||||||||||||
Accumulated benefit obligation | N/A | $ | 148,107 | ||||||||||||||
Fair value of plan assets | N/A | 114,807 | |||||||||||||||
Non-qualified Plan | |||||||||||||||||
Accumulated benefit obligation | $ | 29,774 | $ | 25,579 | |||||||||||||
Fair value of plan assets | - | - | |||||||||||||||
(N/A, not applicable) | |||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs For Fixed Maturity Investments | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Assets: | |||||||||||||||||
Balance, beginning of period | $ | 14,616 | $ | 8,882 | |||||||||||||
Actual return on plan assets: | |||||||||||||||||
Realized gains (losses) relating to assets sold during the period | 7 | (22 | ) | ||||||||||||||
Unrealized gains (losses) relating to assets still held at the reporting date | 2,589 | 997 | |||||||||||||||
Purchases and capital contributions | 2,951 | 5,955 | |||||||||||||||
Investment income earned on assets | - | 118 | |||||||||||||||
Sales and capital distributions | (242 | ) | (1,314 | ) | |||||||||||||
Transfers in and/or (out) of Level 3 | - | - | |||||||||||||||
Balance, end of period | $ | 19,921 | $ | 14,616 | |||||||||||||
The amount of total gains (losses) for the period included in changes in | |||||||||||||||||
net assets attributable to the change in unrealized gains (losses) | |||||||||||||||||
relating to assets still held at the reporting date | $ | 2,582 | $ | 1,019 | |||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
Incurred Expenses Related To Defined Contribution Plans For U.S. Employees | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Incurred expenses | $ | 3,903 | $ | 3,209 | $ | 2,062 | |||||||||||
Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Incurred expenses | $ | 1,195 | $ | 1,064 | $ | 1,031 | |||||||||||
Changes In The Assumed Healthcare Cost Trend | ' | ||||||||||||||||
Percentage | Percentage | ||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||
(Dollars in thousands) | ($ Impact) | ($ Impact) | |||||||||||||||
a. Effect on total service and interest cost components | $ | 730 | $ | (561 | ) | ||||||||||||
b. Effect on accumulated post-retirement benefit obligation | 5,863 | (4,550 | ) | ||||||||||||||
Post-Retirement Benefit Expenses | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Post-retirement benefit expenses | $ | 3,801 | $ | 3,141 | $ | 2,258 | |||||||||||
Defined Benefit Pension Plans [Member] | ' | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Summary Of Status Of Plan | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 212,159 | $ | 175,364 | |||||||||||||
Service cost | 11,182 | 9,370 | |||||||||||||||
Interest cost | 8,511 | 7,971 | |||||||||||||||
Actuarial (gain)/loss | (12,742 | ) | 21,786 | ||||||||||||||
Benefits paid | (5,052 | ) | (2,332 | ) | |||||||||||||
Projected benefit obligation at end of year | 214,059 | 212,159 | |||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 114,807 | 101,304 | |||||||||||||||
Actual return on plan assets | 20,155 | 15,568 | |||||||||||||||
Actual contributions during the year | 22,536 | 267 | |||||||||||||||
Benefits paid | (5,052 | ) | (2,332 | ) | |||||||||||||
Fair value of plan assets at end of year | 152,446 | 114,807 | |||||||||||||||
Funded status at end of year | $ | (61,613 | ) | $ | (97,352 | ) | |||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
Amounts Recognized In The Consolidated Balance Sheets | ' | ||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Other assets (due beyond one year) | $ | - | $ | - | |||||||||||||
Other liabilities (due within one year) | (17,000 | ) | (5,497 | ) | |||||||||||||
Other liabilities (due beyond one year) | (44,613 | ) | (91,855 | ) | |||||||||||||
Net amount recognized in the consolidated balance sheets | $ | (61,613 | ) | $ | (97,352 | ) | |||||||||||
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Prior service cost | $ | (70 | ) | $ | (119 | ) | |||||||||||
Accumulated income (loss) | (53,318 | ) | (85,820 | ) | |||||||||||||
Accumulated other comprehensive income (loss) | $ | (53,387 | ) | $ | (85,939 | ) | |||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
Other Changes In Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Other comprehensive income (loss) at December 31, prior year | $ | (85,939 | ) | $ | (78,923 | ) | |||||||||||
Net gain (loss) arising during period | 24,402 | (13,961 | ) | ||||||||||||||
Recognition of amortizations in net periodic benefit cost: | |||||||||||||||||
Prior service cost | 49 | 49 | |||||||||||||||
Actuarial loss | 8,101 | 6,896 | |||||||||||||||
Other comprehensive income (loss) at December 31, current year | $ | (53,387 | ) | $ | (85,939 | ) | |||||||||||
Net Periodic Benefit Cost For U.S. Employees | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 11,182 | $ | 9,370 | $ | 7,548 | |||||||||||
Interest cost | 8,511 | 7,971 | 7,702 | ||||||||||||||
Expected return on assets | (8,495 | ) | (7,743 | ) | (9,067 | ) | |||||||||||
Amortization of actuarial loss from earlier periods | 8,101 | 6,896 | 3,367 | ||||||||||||||
Amortization of unrecognized prior service cost | 49 | 49 | 49 | ||||||||||||||
Settlement | - | - | 1,275 | ||||||||||||||
Net periodic benefit cost | $ | 19,348 | $ | 16,542 | $ | 10,874 | |||||||||||
Other changes recognized in other comprehensive income (loss): | |||||||||||||||||
Other comprehensive income (loss) attributable to change from prior year | (32,552 | ) | 7,017 | ||||||||||||||
Total recognized in net periodic benefit cost and other | |||||||||||||||||
comprehensive income (loss) | $ | (13,204 | ) | $ | 23,559 | ||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
Expected Benefit Payments | ' | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2014 | $ | 20,510 | |||||||||||||||
2015 | 5,229 | ||||||||||||||||
2016 | 6,503 | ||||||||||||||||
2017 | 6,897 | ||||||||||||||||
2018 | 7,614 | ||||||||||||||||
Next 5 years | 48,816 | ||||||||||||||||
Fair Value Measurement Levels For Qualified Plan Assets | ' | ||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Dollars in thousands) | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | |||||||||||||||||
Cash | $ | - | $ | - | $ | - | $ | - | |||||||||
Short-term investments, which approximates fair value (a) | 10,590 | 10,590 | - | - | |||||||||||||
Mutual funds, fair value | |||||||||||||||||
Fixed income (b) | 24,630 | 24,630 | - | - | |||||||||||||
Equities (c) | 97,305 | 97,305 | - | - | |||||||||||||
Multi-strategy equity fund, fair value (d) | 10,765 | - | - | 10,765 | |||||||||||||
Private equity limited partnerships (e) | 9,156 | - | - | 9,156 | |||||||||||||
Total | $ | 152,446 | $ | 132,525 | $ | - | $ | 19,921 | |||||||||
(a) | This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. | ||||||||||||||||
(b) | This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% in U.S. securities and 50% in international securities. | ||||||||||||||||
(c) | This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90% in U.S. equities and 10% in international equities. | ||||||||||||||||
(d) | This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. | ||||||||||||||||
(e) | This category consists of private equity limited partnerships. | ||||||||||||||||
Fair Value Measurement Using: | |||||||||||||||||
Quoted Prices | |||||||||||||||||
in Active | Significant | ||||||||||||||||
Markets for | Other | Significant | |||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
(Dollars in thousands) | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | |||||||||||||||||
Cash | $ | - | $ | - | $ | - | $ | - | |||||||||
Short-term investments, which approximates fair value (a) | 3,343 | 3,343 | - | - | |||||||||||||
Mutual funds, fair value | |||||||||||||||||
Fixed income (b) | 33,783 | 33,783 | - | - | |||||||||||||
Equities (c) | 63,065 | 63,065 | - | - | |||||||||||||
Multi-strategy equity fund, fair value (d) | 9,092 | - | - | 9,092 | |||||||||||||
Private equity limited partnerships (e) | 5,524 | - | - | 5,524 | |||||||||||||
Total | $ | 114,807 | $ | 100,191 | $ | - | $ | 14,616 | |||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
(a) | This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. | ||||||||||||||||
(b) | This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% U.S. securities and 50% international securities. | ||||||||||||||||
(c) | This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 75% in U.S. equities and 25% in international equities. | ||||||||||||||||
(d) | This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. | ||||||||||||||||
(e) | This category consists of private equity limited partnerships. | ||||||||||||||||
Post-Retirement Plan [Member] | ' | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Summary Of Status Of Plan | ' | ||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 27,938 | $ | 21,462 | |||||||||||||
Service cost | 1,899 | 1,677 | |||||||||||||||
Interest cost | 1,164 | 1,033 | |||||||||||||||
Actuarial loss | (3,040 | ) | 4,136 | ||||||||||||||
Excise tax cost | - | 11 | |||||||||||||||
Benefits paid | (366 | ) | (381 | ) | |||||||||||||
Benefit obligation at end of year | 27,594 | 27,938 | |||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | - | - | |||||||||||||||
Employer contributions | 366 | 381 | |||||||||||||||
Benefits paid | (366 | ) | (381 | ) | |||||||||||||
Fair value of plan assets at end of year | - | - | |||||||||||||||
Funded status at end of year | $ | (27,594 | ) | $ | (27,938 | ) | |||||||||||
Amounts Recognized In The Consolidated Balance Sheets | ' | ||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Other liabilities (due within one year) | $ | (463 | ) | $ | (472 | ) | |||||||||||
Other liabilities (due beyond one year) | (27,130 | ) | (27,466 | ) | |||||||||||||
Net amount recognized in the consolidated balance sheets | $ | (27,594 | ) | $ | (27,938 | ) | |||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
At December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Accumulated income (loss) | $ | (6,452 | ) | $ | (10,231 | ) | |||||||||||
Accumulated other comprehensive income (loss) | $ | (6,452 | ) | $ | (10,231 | ) | |||||||||||
Other Changes In Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||
Other comprehensive income (loss) at December 31, prior year | $ | (10,231 | ) | $ | (6,516 | ) | |||||||||||
Net gain (loss) arising during period | 3,040 | (4,147 | ) | ||||||||||||||
Recognition of amortizations in net periodic benefit cost: | |||||||||||||||||
Actuarial loss (gain) | 739 | 432 | |||||||||||||||
Other comprehensive income (loss) at December 31, current year | $ | (6,452 | ) | $ | (10,231 | ) | |||||||||||
Net Periodic Benefit Cost For U.S. Employees | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 1,899 | $ | 1,677 | $ | 1,165 | |||||||||||
Interest cost | 1,164 | 1,033 | 934 | ||||||||||||||
Net loss recognition | 739 | 432 | 159 | ||||||||||||||
Net periodic cost | $ | 3,801 | $ | 3,142 | $ | 2,258 | |||||||||||
Other changes recognized in other comprehensive income (loss): | |||||||||||||||||
Other comprehensive gain (loss) attributable to change from prior year | (3,779 | ) | 3,715 | ||||||||||||||
Total recognized in net periodic benefit cost and | |||||||||||||||||
other comprehensive income (loss) | $ | 22 | $ | 6,857 | |||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||
Expected Benefit Payments | ' | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2014 | $ | 463 | |||||||||||||||
2015 | 596 | ||||||||||||||||
2016 | 705 | ||||||||||||||||
2017 | 802 | ||||||||||||||||
2018 | 932 | ||||||||||||||||
Next 5 years | 6,948 |
Dividend_Restrictions_And_Stat1
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Dividend Restrictions And Statutory Financial Information [Abstract] | ' | ||||||||||||||||
Regulatory Targeted Capital And The Actual Statutory Capital | ' | ||||||||||||||||
The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows: | |||||||||||||||||
Bermuda Re (1) | Everest Re (2) | ||||||||||||||||
At December 31, | At December 31, | ||||||||||||||||
(Dollars in thousands) | 2013 (3) | 2012 | 2013 | 2012 | |||||||||||||
Regulatory targeted capital | $ | - | $ | 1,997,273 | $ | 1,094,605 | $ | 1,346,212 | |||||||||
Actual capital | $ | 2,712,184 | $ | 2,898,397 | $ | 2,814,337 | $ | 2,612,995 | |||||||||
(1) Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. | |||||||||||||||||
(2) Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. | |||||||||||||||||
(3) The 2013 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2013 actual capital will exceed the targeted capital level. |
Contingencies_Tables
Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Contingencies [Abstract] | ' | ||||||||
Estimated Cost To Replace All Such Annuities For Which The Company Was Contingently Liable | ' | ||||||||
At December 31, | |||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||
$ | 144,734 | $ | 144,628 | ||||||
At December 31, | |||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||
$ | 30,664 | $ | 29,132 | ||||||
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Share-Based Compensation Plans [Abstract] | ' | ||||||||||||||||||||||||
Assumptions Used In Calculating The Fair Value Of Options Granted | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted-average volatility | - | 26.16% | 26.46% | ||||||||||||||||||||||
Weighted-average dividend yield | - | 2.00% | 2.00% | ||||||||||||||||||||||
Weighted-average expected term | - | 6.69 years | 6.73 years | ||||||||||||||||||||||
Weighted-average risk-free rate | - | 1.33% | 2.80% | ||||||||||||||||||||||
Company's Shareholder Approved And Non-Approved Plans | ' | ||||||||||||||||||||||||
Compensation plans approved by shareholders: | |||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||
(Aggregate Intrinsic Value in thousands) | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||
Options | Shares | Price/Share | Term | Value | |||||||||||||||||||||
Outstanding at January 1, 2013 | 2,012,164 | $ | 87.25 | ||||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||||
Exercised | 768,190 | 90.26 | |||||||||||||||||||||||
Forfeited/Cancelled/Expired | 53,430 | 84.23 | |||||||||||||||||||||||
Outstanding at December 31, 2013 | 1,190,544 | 85.44 | 5.8 | $ | 83,313 | ||||||||||||||||||||
Exercisable at December 31, 2013 | 579,417 | 86.33 | 4.5 | $ | 40,029 | ||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||
(Aggregate Intrinsic Value in thousands) | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||
Options | Shares | Price/Share | Term | Value | |||||||||||||||||||||
Outstanding at January 1, 2012 | 2,316,276 | $ | 84.39 | ||||||||||||||||||||||
Granted | 320,454 | 88.35 | |||||||||||||||||||||||
Exercised | 581,496 | 76.51 | |||||||||||||||||||||||
Forfeited/Cancelled/Expired | 43,070 | 86.56 | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 2,012,164 | 87.25 | 6 | $ | 44,053 | ||||||||||||||||||||
Exercisable at December 31, 2012 | 995,070 | 90.09 | 4.4 | $ | 18,956 | ||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||
(Aggregate Intrinsic Value in thousands) | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||
Options | Shares | Price/Share | Term | Value | |||||||||||||||||||||
Outstanding at January 1, 2011 | 2,657,796 | $ | 81.16 | ||||||||||||||||||||||
Granted | 345,600 | 86.68 | |||||||||||||||||||||||
Exercised | 477,320 | 66.12 | |||||||||||||||||||||||
Forfeited/Cancelled/Expired | 209,800 | 88.91 | |||||||||||||||||||||||
Outstanding at December 31, 2011 | 2,316,276 | 84.39 | 6 | $ | 12,121 | ||||||||||||||||||||
Exercisable at December 31, 2011 | 1,229,481 | 84.94 | 4.4 | $ | 7,920 | ||||||||||||||||||||
Compensation plans not approved by shareholders: | |||||||||||||||||||||||||
There was no activity, shares outstanding or exercisable shares for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Weighted- | Average | ||||||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||||||
(Aggregate Intrinsic Value in thousands) | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||
Options | Shares | Price/Share | Term | Value | |||||||||||||||||||||
Outstanding at January 1, 2011 | 20,000 | $ | 48.01 | ||||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||||
Exercised | 20,000 | 48.01 | |||||||||||||||||||||||
Forfeited/Cancelled/Expired | - | - | |||||||||||||||||||||||
Outstanding at December 31, 2011 | - | - | 0 | $ | - | ||||||||||||||||||||
Exercisable at December 31, 2011 | - | - | 0 | $ | - | ||||||||||||||||||||
Share Options Outstanding And Exercisable | ' | ||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Average | Weighted- | Weighted- | |||||||||||||||||||||||
Number | Remaining | Average | Number | Average | |||||||||||||||||||||
Range of | Outstanding | Contractual | Exercise | Exercisable | Exercise | ||||||||||||||||||||
Exercise Prices | at 12/31/13 | Life | Price | at 12/31/13 | Price | ||||||||||||||||||||
$ | 66.0780- $77.0910 | 281,410 | 4.3 | $ | 72.22 | 186,810 | $ | 72.47 | |||||||||||||||||
$ | 77.0911- $88.1040 | 427,290 | 6.7 | 85.72 | 139,490 | 85.52 | |||||||||||||||||||
$ | 88.1041- $99.1170 | 386,740 | 6.3 | 91.23 | 158,240 | 95.38 | |||||||||||||||||||
$ | 99.1171- $110.1300 | 95,104 | 4.1 | 99.75 | 94,877 | 99.73 | |||||||||||||||||||
1,190,544 | 5.8 | 85.44 | 579,417 | 86.33 | |||||||||||||||||||||
Summary Of Company's Non-Vested Shares And Changes | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
Restricted (non-vested) Shares | Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | |||||||||||||||||||
Outstanding at January 1, | 357,750 | $ | 87.86 | 372,453 | $ | 85.12 | 250,125 | $ | 84.09 | ||||||||||||||||
Granted | 274,715 | 132.95 | 310,370 | 92.46 | 226,700 | 86.15 | |||||||||||||||||||
Vested | 187,397 | 116.83 | 313,573 | 89.3 | 69,872 | 85.61 | |||||||||||||||||||
Forfeited | 16,027 | 103.29 | 11,500 | 84.17 | 34,500 | 83.39 | |||||||||||||||||||
Outstanding at December 31, | 429,041 | 103.5 | 357,750 | 87.86 | 372,453 | 85.12 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule Of Underwriting Results For Operating Segments | ' | ||||||||||||
U.S. Reinsurance | Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross written premiums | $ | 1,809,669 | $ | 1,310,683 | $ | 1,346,830 | |||||||
Net written premiums | 1,807,067 | 1,306,463 | 1,344,273 | ||||||||||
Premiums earned | $ | 1,671,513 | $ | 1,416,407 | $ | 1,312,713 | |||||||
Incurred losses and LAE | 814,668 | 1,050,394 | 1,034,111 | ||||||||||
Commission and brokerage | 366,890 | 350,634 | 327,845 | ||||||||||
Other underwriting expenses | 47,176 | 44,776 | 39,290 | ||||||||||
Underwriting gain (loss) | $ | 442,779 | $ | (29,397 | ) | $ | (88,533 | ) | |||||
International | Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross written premiums | $ | 1,345,770 | $ | 1,192,306 | $ | 1,238,444 | |||||||
Net written premiums | 1,327,430 | 1,188,745 | 1,218,561 | ||||||||||
Premiums earned | $ | 1,289,341 | $ | 1,214,840 | $ | 1,244,492 | |||||||
Incurred losses and LAE | 675,362 | 586,325 | 1,372,309 | ||||||||||
Commission and brokerage | 295,883 | 300,116 | 310,992 | ||||||||||
Other underwriting expenses | 33,910 | 29,294 | 27,307 | ||||||||||
Underwriting gain (loss) | $ | 284,186 | $ | 299,105 | $ | (466,116 | ) | ||||||
Bermuda | Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross written premiums | $ | 774,268 | $ | 734,405 | $ | 725,261 | |||||||
Net written premiums | 765,660 | 733,751 | 725,546 | ||||||||||
Premiums earned | $ | 737,986 | $ | 680,948 | $ | 722,983 | |||||||
Incurred losses and LAE | 374,375 | 408,230 | 613,870 | ||||||||||
Commission and brokerage | 179,138 | 184,357 | 174,031 | ||||||||||
Other underwriting expenses | 34,654 | 30,607 | 26,305 | ||||||||||
Underwriting gain (loss) | $ | 149,819 | $ | 57,754 | $ | (91,223 | ) | ||||||
Insurance | Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross written premiums | $ | 1,268,745 | $ | 1,073,143 | $ | 975,639 | |||||||
Net written premiums | 1,086,217 | 852,112 | 820,519 | ||||||||||
Premiums earned | $ | 1,037,425 | $ | 852,433 | $ | 821,159 | |||||||
Incurred losses and LAE | 931,466 | 700,316 | 705,914 | ||||||||||
Commission and brokerage | 133,695 | 117,594 | 137,653 | ||||||||||
Other underwriting expenses | 119,283 | 102,982 | 89,501 | ||||||||||
Underwriting gain (loss) | $ | (147,019 | ) | $ | (68,459 | ) | $ | (111,909 | ) | ||||
Mt. Logan | Years Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross written premiums | $ | 20,182 | $ | - | $ | - | |||||||
Net written premiums | 18,447 | - | - | ||||||||||
Premiums earned | $ | 17,278 | $ | - | $ | - | |||||||
Incurred losses and LAE | 4,380 | - | - | ||||||||||
Commission and brokerage | 1,952 | - | - | ||||||||||
Other underwriting expenses | 2,103 | - | - | ||||||||||
Underwriting gain (loss) | $ | 8,843 | $ | - | $ | - | |||||||
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
Underwriting gain (loss) | $ | 738,608 | $ | 259,003 | $ | (757,781 | ) | ||||||
Net investment income | 548,509 | 600,202 | 620,041 | ||||||||||
Net realized capital gains (losses) | 300,227 | 164,400 | 6,923 | ||||||||||
Net derivative gain (loss) | 44,044 | (9,738 | ) | (11,261 | ) | ||||||||
Corporate expenses | (24,817 | ) | (23,976 | ) | (16,461 | ) | |||||||
Interest, fee and bond issue cost amortization expense | (46,118 | ) | (53,683 | ) | (52,319 | ) | |||||||
Other income (expense) | (5,487 | ) | 3,318 | (23,089 | ) | ||||||||
Income (loss) before taxes | $ | 1,554,966 | $ | 939,526 | $ | (233,947 | ) | ||||||
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||
United Kingdom | $ | 555,332 | $ | 456,724 | $ | 453,169 |
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Unaudited Quarterly Financial Data [Abstract] | ' | ||||||||||||||||
Summary Of Quarterly Financial Data | ' | ||||||||||||||||
2013 | |||||||||||||||||
(Dollars in thousands, except per share amounts) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Operating data: | |||||||||||||||||
Gross written premiums | $ | 1,180,790 | $ | 1,260,202 | $ | 1,464,984 | $ | 1,312,658 | |||||||||
Net written premiums | 1,149,693 | 1,212,626 | 1,389,147 | 1,253,355 | |||||||||||||
Premiums earned | 1,088,759 | 1,151,533 | 1,225,755 | 1,287,496 | |||||||||||||
Net investment income | 145,781 | 148,729 | 127,872 | 126,127 | |||||||||||||
Net realized capital gains (losses) | 126,735 | 33,905 | 44,958 | 94,629 | |||||||||||||
Total claims and underwriting expenses | 878,636 | 1,008,558 | 1,078,549 | 1,049,192 | |||||||||||||
Net income (loss) | 384,343 | 275,642 | 238,527 | 366,748 | |||||||||||||
Net income (loss) attributable to noncontrolling interests | - | - | (3,768 | ) | (2,110 | ) | |||||||||||
Net income (loss) attributable to Everest Re Group | 384,343 | 275,642 | 234,759 | 364,638 | |||||||||||||
Earnings per common share attributable to Everest Re Group: | |||||||||||||||||
Basic | $ | 7.56 | $ | 5.6 | $ | 4.85 | $ | 7.62 | |||||||||
Diluted | $ | 7.5 | $ | 5.56 | $ | 4.81 | $ | 7.54 | |||||||||
2012 | |||||||||||||||||
(Dollars in thousands, except per share amounts) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Operating data: | |||||||||||||||||
Gross written premiums | $ | 1,046,466 | $ | 909,018 | $ | 1,203,997 | $ | 1,151,056 | |||||||||
Net written premiums | 1,014,862 | 856,681 | 1,100,452 | 1,109,076 | |||||||||||||
Premiums earned | 997,978 | 1,037,800 | 1,009,454 | 1,119,396 | |||||||||||||
Net investment income | 152,438 | 149,329 | 152,024 | 146,411 | |||||||||||||
Net realized capital gains (losses) | 98,719 | (16,580 | ) | 62,743 | 19,518 | ||||||||||||
Total claims and underwriting expenses | 888,464 | 923,334 | 880,498 | 1,213,329 | |||||||||||||
Net income (loss) | 304,704 | 214,551 | 250,922 | 58,777 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 5.7 | $ | 4.1 | $ | 4.84 | $ | 1.14 | |||||||||
Diluted | $ | 5.68 | $ | 4.08 | $ | 4.82 | $ | 1.13 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution of limited partnership income | $5,638,000 | $9,409,000 | $33,686,000 | $43,095,000 | $48,733,000 | $56,982,000 | $30,718,000 | $58,218,000 |
Minimum percent of prepaid reinsurance premiums for any foreign reinsurers that were collateralized | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Equity index put option contracts sold | ' | ' | ' | ' | ' | 7 | ' | ' |
Derivatives, number of indices | ' | ' | ' | ' | ' | 2 | ' | ' |
Deferred acquisition costs | ' | ' | ' | ' | ' | 363,721,000 | 303,268,000 | ' |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | ' | ' | ' | ' | ' | 977,558,000 | 952,701,000 | 950,521,000 |
Additional expense incurred related to guidance | ' | ' | ' | ' | ' | 0 | ' | ' |
Authoritative Guidance [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of deferred acquisition costs for prior year if guidance had been applicable | ' | ' | ' | ' | ' | ' | ' | 13,901,000 |
Deferred acquisition costs | ' | ' | ' | ' | ' | 13,492,000 | ' | ' |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | ' | ' | ' | ' | ' | $2,616,000 | $10,876,000 | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Significant Accounting Policies [Abstract] | ' | ' |
Reinsurance recoverable and premium receivables | $29,905 | $32,011 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Deferred Acquisition Costs Amortized To Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Deferred acquisition costs | $977,558 | $952,701 | $950,521 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Net Income (Loss) Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) attributable to Everest Re Group | $364,638 | $234,759 | $275,642 | $384,343 | ' | ' | ' | ' | $1,259,382 | $828,954 | ($80,486) | |||
Less: dividends declared-common shares and nonvested common shares | ' | ' | ' | ' | ' | ' | ' | ' | -106,681 | -100,402 | -103,848 | |||
Undistributed earnings | ' | ' | ' | ' | ' | ' | ' | ' | 1,152,701 | 728,552 | -184,334 | |||
Percentage allocated to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 99.10% | [1] | 99.20% | [1] | 99.30% | [1] |
Net income (loss) available to common stockholders, total | ' | ' | ' | ' | ' | ' | ' | ' | 1,142,386 | 722,717 | -183,134 | |||
Add: dividends declared-common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 105,689 | 99,576 | 103,150 | |||
Numerator for basic and diluted earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | $1,248,075 | $822,293 | ($79,984) | |||
Denominator for basic earnings per weighted-average common shares | ' | ' | ' | ' | ' | ' | ' | ' | 48,619 | 51,894 | 53,792 | |||
Effect of dilutive securities: Options | ' | ' | ' | ' | ' | ' | ' | ' | 437 | 173 | 124 | |||
Denominator for diluted earnings per adjusted weighted-average common shares | ' | ' | ' | ' | ' | ' | ' | ' | 49,056 | 52,067 | 53,916 | |||
Basic | $7.62 | $4.85 | $5.60 | $7.56 | $1.14 | $4.84 | $4.10 | $5.70 | $25.67 | $15.85 | ($1.49) | |||
Diluted | $7.54 | $4.81 | $5.56 | $7.50 | $1.13 | $4.82 | $4.08 | $5.68 | $25.44 | $15.79 | ($1.49) | |||
Basic weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 48,619 | 51,894 | 53,792 | |||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | ' | ' | ' | ' | ' | ' | ' | ' | 49,058 | 52,313 | 54,145 | |||
[1] | Basic weighted-average common shares outstanding for the years ended December 31, 2012, 2011 and 2010 were $51,894, $53,792 and $56,630, respectively. |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies (Schedule Of Anti-Dilutive Options To Purchase Common Shares, Excluded From Computation Of Earnings Per Share) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Anti-dilutive options | ' | 894,704 | 1,490,730 |
Summary_Of_Significant_Account8
Summary Of Significant Accounting Policies (Fair Value Of The Equity Index Put Options) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Option Indexed to Issuer's Equity [Line Items] | ' | ' |
Equity index put option liability | $35,423 | $79,467 |
Equity Index Put Option Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' |
Option Indexed to Issuer's Equity [Line Items] | ' | ' |
Equity index put option liability | $35,423 | $79,467 |
Summary_Of_Significant_Account9
Summary Of Significant Accounting Policies (Changes In Fair Value Of The Equity Index Put Option Contracts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Option Indexed to Issuer's Equity [Line Items] | ' | ' | ' |
Net derivative gain (loss) | $44,044 | ($9,738) | ($11,261) |
Derivatives Not Designated As Hedging Instruments [Member] | Equity Index Put Option Contracts [Member] | ' | ' | ' |
Option Indexed to Issuer's Equity [Line Items] | ' | ' | ' |
Net derivative gain (loss) | $44,044 | ($9,738) | ($11,261) |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment [Line Items] | ' | ' |
Fixed maturities, market value | $12,636,907 | $13,141,657 |
Percentage threshold that triggers a review of available for sale debt securities for declines in market value | 80.00% | ' |
Aggregate market value of investments in unrealized loss position | 4,404,165 | 1,298,275 |
Gross unrealized losses on investments in unrealized loss position | 173,192 | 32,063 |
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.40% | 0.30% |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 123,833 | 9,512 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 40,762 | 22,550 |
Additional contractual commitments | 79,547 | ' |
Conversion of equity securities - available for sale, at market value, to fixed maturity securities - available for sale, at market value, including accrued interest at time of conversion | ' | 92,981 |
Securities with a carrying value | 1,405,722 | ' |
Minimum [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Limited partnership financial reporting lag time, months | '1 month | ' |
Maximum [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Limited partnership financial reporting lag time, months | '3 months | ' |
Foreign Government Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturities, market value | 1,780,769 | ' |
Aggregate market value of investments in unrealized loss position | 494,281 | 151,361 |
Gross unrealized losses on investments in unrealized loss position | 29,347 | 6,457 |
European Sovereign Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturities, market value | 816,011 | ' |
Percentage threshold maximum of securities held in sovereign debt | 5.00% | ' |
United Kingdom [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 51.80% | ' |
France [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 21.40% | ' |
Austria [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 6.60% | ' |
Netherlands [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 5.40% | ' |
Investment Grade [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 112,658 | 7,982 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 38,964 | 19,150 |
Sub-Prime And Alt-A Loans [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $273 | $250 |
Investments_Summary_Of_Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $12,391,164 | $12,444,880 |
Unrealized Appreciation | 410,338 | 728,839 |
Unrealized Depreciation | -164,595 | -32,062 |
Market Value | 12,636,907 | 13,141,657 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 160,013 | 302,050 |
Unrealized Appreciation | 2,690 | 11,079 |
Unrealized Depreciation | -1,678 | -1,007 |
Market Value | 161,025 | 312,122 |
State, Municipalities And Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 970,735 | 1,214,990 |
Unrealized Appreciation | 40,815 | 78,097 |
Unrealized Depreciation | -9,022 | -1,124 |
Market Value | 1,002,528 | 1,291,963 |
Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,950,887 | 3,794,979 |
Unrealized Appreciation | 155,619 | 247,439 |
Unrealized Depreciation | -27,090 | -7,098 |
Market Value | 4,079,416 | 4,035,320 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 169,980 | 169,615 |
Unrealized Appreciation | 3,485 | 7,296 |
Unrealized Depreciation | -422 | -333 |
Market Value | 173,043 | 176,578 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 254,765 | 294,596 |
Unrealized Appreciation | 16,683 | 27,965 |
Unrealized Depreciation | -1,007 | -2,473 |
Market Value | 270,441 | 320,088 |
Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,294,719 | 2,091,672 |
Unrealized Appreciation | 34,509 | 63,794 |
Unrealized Depreciation | -50,175 | -3,331 |
Market Value | 2,279,053 | 2,152,135 |
Non-Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 4,816 | 7,660 |
Unrealized Appreciation | 229 | 590 |
Unrealized Depreciation | -226 | -201 |
Market Value | 4,819 | 8,049 |
Foreign Government Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,740,337 | 1,785,738 |
Unrealized Appreciation | 69,779 | 132,947 |
Unrealized Depreciation | -29,347 | -6,457 |
Market Value | 1,780,769 | 1,912,228 |
Foreign Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,844,912 | 2,783,580 |
Unrealized Appreciation | 86,529 | 159,632 |
Unrealized Depreciation | -45,628 | -10,038 |
Market Value | 2,885,813 | 2,933,174 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 148,342 | 131,630 |
Unrealized Appreciation | 4,336 | 11,864 |
Unrealized Depreciation | -8,597 | -1 |
Market Value | $144,081 | $143,493 |
Investments_Summary_Of_PreTax_
Investments (Summary Of Pre-Tax Cumulative Unrealized Appreciation (Depreciation) On Corporate Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Pre-tax cumulative unrealized appreciation (depreciation) | $3,169 | $4,748 |
Investments_Summary_Of_Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturities, amortized cost | $12,391,164 | $12,444,880 |
Total fixed maturity securities, Market Value | 12,636,907 | 13,141,657 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Due in one year or less, Amortized Cost | 1,059,052 | 944,446 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 5,565,112 | 5,463,158 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 2,081,908 | 2,331,593 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 960,812 | 1,142,140 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 1,067,799 | 957,775 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 5,740,662 | 5,741,258 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 2,101,234 | 2,511,525 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 999,856 | 1,274,249 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturities, amortized cost | 169,980 | 169,615 |
Total fixed maturity securities, Market Value | 173,043 | 176,578 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturities, amortized cost | 254,765 | 294,596 |
Total fixed maturity securities, Market Value | 270,441 | 320,088 |
Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturities, amortized cost | 2,294,719 | 2,091,672 |
Total fixed maturity securities, Market Value | 2,279,053 | 2,152,135 |
Non-Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturities, amortized cost | 4,816 | 7,660 |
Total fixed maturity securities, Market Value | $4,819 | $8,049 |
Investments_Summary_Of_Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | ($467,159) | $160,980 |
Deferred tax benefit (expense) | 64,245 | -6,714 |
Deferred tax benefit (expense), other-than-temporary impairment | 140 | 83 |
Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity | -402,774 | 154,349 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | -449,456 | 132,246 |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | -1,579 | 2,181 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | -16,124 | 26,553 |
Other Invested Assets [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | ' | ' |
Investments_Summary_Of_Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | $3,764,340 | $912,964 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -132,430 | -9,512 |
Fixed maturity securities, Greater than 12 months, Market Value | 639,825 | 385,311 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -40,762 | -22,551 |
Fixed maturity securities, Total, Market Value | 4,404,165 | 1,298,275 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -173,192 | -32,063 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 3,637,310 | 912,964 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -123,833 | -9,512 |
Fixed maturity securities, Greater than 12 months, Market Value | 639,825 | 385,298 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -40,762 | -22,550 |
Fixed maturity securities, Total, Market Value | 4,277,135 | 1,298,262 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -164,595 | -32,062 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 74,847 | 21,468 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -1,033 | -430 |
Fixed maturity securities, Greater than 12 months, Market Value | 8,751 | 3,386 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -645 | -577 |
Fixed maturity securities, Total, Market Value | 83,598 | 24,854 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -1,678 | -1,007 |
State, Municipalities And Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 92,760 | 38,754 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -4,852 | -1,073 |
Fixed maturity securities, Greater than 12 months, Market Value | 39,689 | 5,781 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -4,170 | -51 |
Fixed maturity securities, Total, Market Value | 132,449 | 44,535 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -9,022 | -1,124 |
Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 959,396 | 174,665 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -22,331 | -2,069 |
Fixed maturity securities, Greater than 12 months, Market Value | 75,946 | 71,483 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -4,759 | -5,029 |
Fixed maturity securities, Total, Market Value | 1,035,342 | 246,148 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -27,090 | -7,098 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 5,494 | ' |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -6 | ' |
Fixed maturity securities, Greater than 12 months, Market Value | 1,128 | 13,714 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -416 | -333 |
Fixed maturity securities, Total, Market Value | 6,622 | 13,714 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -422 | -333 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 51 | ' |
Fixed maturity securities, Greater than 12 months, Market Value | 11,353 | 50,999 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -1,007 | -2,473 |
Fixed maturity securities, Total, Market Value | 11,404 | 50,999 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -1,007 | -2,473 |
Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 1,220,845 | 396,016 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -40,420 | -2,215 |
Fixed maturity securities, Greater than 12 months, Market Value | 264,640 | 67,781 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -9,755 | -1,116 |
Fixed maturity securities, Total, Market Value | 1,485,485 | 463,797 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -50,175 | -3,331 |
Non-Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 1,758 | ' |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -22 | ' |
Fixed maturity securities, Greater than 12 months, Market Value | 1,541 | 2,105 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -204 | -201 |
Fixed maturity securities, Total, Market Value | 3,299 | 2,105 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -226 | -201 |
Foreign Government Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 409,252 | 85,032 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -20,350 | -923 |
Fixed maturity securities, Greater than 12 months, Market Value | 85,029 | 66,329 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -8,997 | -5,534 |
Fixed maturity securities, Total, Market Value | 494,281 | 151,361 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -29,347 | -6,457 |
Foreign Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 872,907 | 197,029 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -34,819 | -2,802 |
Fixed maturity securities, Greater than 12 months, Market Value | 151,748 | 103,720 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -10,809 | -7,236 |
Fixed maturity securities, Total, Market Value | 1,024,655 | 300,749 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | -45,628 | -10,038 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 127,030 | ' |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -8,597 | ' |
Fixed maturity securities, Greater than 12 months, Market Value | ' | 13 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | ' | -1 |
Fixed maturity securities, Total, Market Value | 127,030 | 13 |
Fixed maturity securities, Total, Gross Unrealized Depreciation | ($8,597) | ($1) |
Investments_Summary_Of_Aggrega1
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $3,637,310 | $912,964 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -123,833 | -9,512 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 639,825 | 385,298 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -40,762 | -22,550 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 4,277,135 | 1,298,262 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -164,595 | -32,062 |
Due In One Year Or Less [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 143,098 | 21,909 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -3,503 | -502 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 46,691 | 30,177 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -5,330 | -3,631 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 189,789 | 52,086 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -8,833 | -4,133 |
Due In One Year Through Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 1,125,680 | 261,625 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -25,365 | -3,891 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 204,779 | 163,480 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -11,279 | -12,748 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,330,459 | 425,105 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -36,644 | -16,639 |
Due In Five Years Through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 810,969 | 135,391 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -35,169 | -1,409 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 48,064 | 37,926 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -3,844 | -1,431 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 859,033 | 173,317 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -39,013 | -2,840 |
Due After Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 329,415 | 98,023 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -19,348 | -1,495 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 61,629 | 19,116 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -8,927 | -617 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 391,044 | 117,139 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -28,275 | -2,112 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 5,494 | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -6 | ' |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,128 | 13,714 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -416 | -333 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 6,622 | 13,714 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | -422 | -333 |
Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 1,222,654 | 396,016 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -40,442 | -2,215 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 277,534 | 120,885 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -10,966 | -3,790 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,500,188 | 516,901 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation | ($51,408) | ($6,005) |
Investments_Summary_Of_Compone
Investments (Summary Of Components Of Net Investment Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gross investment income before adjustments | $574,425 | $618,956 | $640,437 |
Funds held interest income (expense) | 10,613 | 10,580 | 2,349 |
Future policy benefit reserve income (expense) | -2,770 | -2,902 | -2,998 |
Gross investment income | 582,268 | 626,634 | 639,788 |
Investment expense | -33,759 | -26,432 | -19,747 |
Net investment income | 548,509 | 600,202 | 620,041 |
Fixed Maturity Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gross investment income before adjustments | 473,493 | 489,801 | 521,991 |
Equity Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gross investment income before adjustments | 45,387 | 59,156 | 57,573 |
Short-Term Investments [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gross investment income before adjustments | 1,295 | 1,252 | 1,281 |
Limited Partnerships [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gross investment income before adjustments | 46,921 | 64,896 | 56,851 |
Other [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Gross investment income before adjustments | $7,329 | $3,851 | $2,741 |
Investments_Summary_Of_Compone1
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other-than-temporary impairments | ' | ' | ' | ' | ' | ' | ' | ' | ($1,052) | ($10,022) | ($16,223) |
Total net realized capital gains (losses) | 94,629 | 44,958 | 33,905 | 126,735 | 19,518 | 62,743 | -16,580 | 98,719 | 300,227 | 164,400 | 6,923 |
Fixed Maturity Securities [Member] | Market Value [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other-than-temporary impairments | ' | ' | ' | ' | ' | ' | ' | ' | -1,052 | -10,022 | -16,223 |
Gains (losses) from sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,792 | 14,708 | 20,378 |
Fixed Maturity Securities [Member] | Fair Value [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (losses) from sales | ' | ' | ' | ' | ' | ' | ' | ' | 201 | 5,675 | -905 |
Gains (losses) from fair value adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 307 | 1,941 | -15,518 |
Equity Securities [Member] | Market Value [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (losses) from sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,648 | 14,920 | 38 |
Equity Securities [Member] | Fair Value [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (losses) from sales | ' | ' | ' | ' | ' | ' | ' | ' | 32,747 | 21,031 | 8,021 |
Gains (losses) from fair value adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 258,569 | 116,163 | 11,130 |
Short-Term Investments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (losses) from sales | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ($16) | $2 |
Investments_Summary_Of_Gross_G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fixed Maturity Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Proceeds from sales of securities | $1,113,960 | $998,056 | $1,797,404 |
Gross gains from sales | 38,141 | 38,144 | 86,519 |
Gross losses from sales | -31,148 | -17,761 | -67,046 |
Equity Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Proceeds from sales of securities | 751,973 | 839,547 | 274,434 |
Gross gains from sales | 44,703 | 57,814 | 16,325 |
Gross losses from sales | ($9,308) | ($21,863) | ($8,266) |
Reserve_For_Losses_LAE_And_Fut2
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Prior years' reserves | ($18,239) | ($3,660) | $3,691 |
Increase (decrease) in insurance business and non-US reinsurance business | -148,788 | -57,205 | 113,833 |
Increase (decrease) in insurance and reinsurance business | 130,548 | 53,545 | -110,142 |
Reinsurance receivables | 540,883 | 659,081 | ' |
Retrocession percent | 5.00% | ' | ' |
Contracts of insurance and reinsurance received claims during the past three years, in years | '20 years | ' | ' |
C. V. Starr [Member] | ' | ' | ' |
Reinsurance receivables | 145,359 | ' | ' |
Reinsurance receivable, percent | 26.90% | ' | ' |
Federal Crop Insurance Company [Member] | ' | ' | ' |
Reinsurance receivables | 95,269 | ' | ' |
Reinsurance receivable, percent | 17.60% | ' | ' |
Transatlantic Reinsurance Company [Member] | ' | ' | ' |
Reinsurance receivables | 43,931 | ' | ' |
Reinsurance receivable, percent | 8.10% | ' | ' |
Berkley Insurance Company [Member] | ' | ' | ' |
Reinsurance receivables | 37,663 | ' | ' |
Reinsurance receivable, percent | 7.00% | ' | ' |
Munich Reinsurance Company [Member] | ' | ' | ' |
Reinsurance receivables | $27,414 | ' | ' |
Reinsurance receivable, percent | 5.10% | ' | ' |
Reserve_For_Losses_LAE_And_Fut3
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Losses And LAE) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | ' | ' | ' |
Gross reserves at January 1 | $10,069,055 | $10,123,215 | $9,340,183 |
Less reinsurance recoverable | 602,750 | 580,998 | 689,445 |
Net reserves at January 1 | 9,466,305 | 9,542,217 | 8,650,738 |
Incurred related to: Current year | 2,818,490 | 2,748,925 | 3,722,513 |
Incurred related to: Prior years | -18,239 | -3,660 | 3,691 |
Total incurred losses and LAE | 2,800,251 | 2,745,265 | 3,726,204 |
Paid related to: Current year | 664,719 | 633,894 | 810,530 |
Paid related to: Prior years | 2,353,817 | 2,220,202 | 2,008,307 |
Total paid losses and LAE | 3,018,536 | 2,854,096 | 2,818,837 |
Foreign exchange/translation adjustment | -48,646 | 32,919 | -15,888 |
Net reserves at December 31 | 9,199,374 | 9,466,305 | 9,542,217 |
Plus reinsurance recoverable | 473,866 | 602,750 | 580,998 |
Gross reserves at December 31 | $9,673,240 | $10,069,055 | $10,123,215 |
Reserve_For_Losses_LAE_And_Fut4
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Incurred Losses With Respect To A&E Reserves On Both Gross And Net Of Reinsurance Basis) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | ' | ' | ' |
Gross basis: Beginning of period reserves | $442,821 | $499,911 | $554,790 |
Gross basis: Incurred losses | 5,599 | 132 | 752 |
Gross basis: Paid losses | -45,959 | -57,222 | -55,631 |
Gross basis: End of period reserves | 402,461 | 442,821 | 499,911 |
Net basis: Beginning of period reserves | 425,691 | 480,160 | 532,906 |
Net basis: Incurred losses | 5,400 | 124 | 764 |
Net basis: Paid losses | -44,414 | -54,593 | -53,510 |
Net basis: End of period reserves | $386,677 | $425,691 | $480,160 |
Reserve_For_Losses_LAE_And_Fut5
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Future Policy Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | ' | ' | ' |
Balance at beginning of year | $66,107 | $67,187 | $63,002 |
Liabilities assumed | 103 | 126 | 176 |
Adjustments to reserves | -3,066 | 2,365 | 8,449 |
Benefits paid in the current year | -3,632 | -3,571 | -4,440 |
Balance at end of year | $59,512 | $66,107 | $67,187 |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | Dec. 31, 2001 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | security | security | Standard & Poor's 500 Index [Member] | Standard & Poor's 500 Index [Member] | Standard & Poor's 500 Index [Member] | Standard & Poor's 500 Index [Member] | FTSE 100 Index [Member] | FTSE 100 Index [Member] | FTSE 100 Index [Member] | |
security | USD ($) | If Contracts Had Expired On December Thirty One Two Thousand Twelve [Member] | Minimum [Member] | Maximum [Member] | USD ($) | GBP (£) | If Contracts Had Expired On December Thirty One Two Thousand Twelve [Member] | ||||
USD ($) | USD ($) | USD ($) | security | USD ($) | |||||||
item | item | ||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of public equity portfolio | $174,628,000 | $117,602,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equity index put option contracts | 6 | ' | 7 | 7 | ' | ' | ' | ' | 1 | 1 | ' |
Total consideration, net of commissions | 22,530,000 | ' | ' | ' | ' | ' | ' | ' | 6,706,000 | ' | ' |
Fair value of equity index put option contracts | 29,308,000 | ' | ' | ' | ' | ' | ' | ' | 6,115,000 | ' | ' |
Derivative maturity range, lower | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' |
Derivative maturity range, higher | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' |
Strike price | ' | ' | ' | ' | ' | ' | $1,141.21 | $1,540.63 | ' | £ 5,989.75 | ' |
Exercise date | ' | ' | ' | ' | ' | ' | 'June 2017 | 'March 2031 | 'July 2020 | 'July 2020 | ' |
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | ' | ' | ' | ' | 25.00% | ' | ' | ' | 37.00% | 37.00% | ' |
Discount factor | ' | ' | ' | ' | 3.00% | ' | ' | ' | 3.00% | 3.00% | ' |
Present value of theoretical maximum payouts | ' | ' | ' | ' | 407,779 | ' | ' | ' | 44,663,000 | ' | ' |
Theoretical maximum payout occurs based on index value | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' |
Equity index | ' | ' | ' | ' | ' | 1,848.36 | ' | ' | ' | ' | 6,749.10 |
Settlement amount if contracts had expired | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 |
Derivative, net liability position, aggregate fair value | 35,423,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral already posted, aggregate fair value | 30,946,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral threshold | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required to post an additional approximation of the counterparties' fair value | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers between level 1 and 2 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers from of Level 3 | $46,384,000 | $28,132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_The_Fair_Value_Calc
Fair Value (The Fair Value Calculated Using An Industry Accepted Option Pricing Model, Black-Scholes) (Details) | Dec. 31, 2013 |
item | |
Contracts Based On S&P 500 Index [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Equity index | 1,848.40 |
Interest rate, range minimum | 1.48% |
Interest rate, range maximum | 4.17% |
Time to maturity, range minimum, years | '3 years 4 months 24 days |
Time to maturity, range maximum, years | '17 years 3 months 18 days |
Volatility, minimum | 21.00% |
Volatility, maximum | 25.10% |
Contracts Based On FTSE 100 Index [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Equity index | 6,749.10 |
Interest rate | 2.77% |
Time to maturity, years | '6 years 7 months 6 days |
Volatility | 23.50% |
Fair_Value_Fair_Value_Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | $12,636,907 | $13,141,657 |
Fixed maturities, fair value | 19,388 | 41,470 |
Equity securities, market value | 144,081 | 143,493 |
Equity securities, fair value | 1,462,079 | 1,255,557 |
Equity index put option contracts | 35,423 | 79,467 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Equity securities, market value | 127,030 | 126,395 |
Equity securities, fair value | 1,342,278 | 1,114,997 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 12,630,780 | 13,089,627 |
Fixed maturities, fair value | 19,388 | 41,470 |
Equity securities, market value | 17,051 | 17,098 |
Equity securities, fair value | 119,801 | 140,560 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 6,127 | 52,030 |
Equity index put option contracts | 35,423 | 79,467 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 161,025 | 312,122 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 161,025 | 312,122 |
State, Municipalities And Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 1,002,528 | 1,291,963 |
State, Municipalities And Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 1,002,528 | 1,291,963 |
Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 4,079,416 | 4,035,320 |
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 4,079,416 | 4,035,320 |
Asset-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 173,043 | 176,578 |
Asset-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 167,744 | 171,729 |
Asset-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 5,299 | 4,849 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 270,441 | 320,088 |
Commercial Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 270,441 | 320,088 |
Agency Residential [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 2,279,053 | 2,152,135 |
Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 2,279,053 | 2,117,293 |
Agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | ' | 34,842 |
Non-Agency Residential [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 4,819 | 8,049 |
Non-Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 4,472 | 7,623 |
Non-Agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 347 | 426 |
Foreign Government Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 1,780,769 | 1,912,228 |
Foreign Government Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 1,780,769 | 1,912,228 |
Foreign Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 2,885,813 | 2,933,174 |
Foreign Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 2,885,332 | 2,921,261 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | $481 | $11,913 |
Fair_Value_Activity_Under_Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $52,030 | $20,467 |
Total gains or (losses) (realized/unrealized) Included in earnings | -431 | 248 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | -1,521 | 703 |
Purchases, issuances and settlements | 2,433 | 58,744 |
Transfers in and/or (out) of Level 3 | -46,384 | -28,132 |
Ending balance | 6,127 | 52,030 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ' | ' |
Asset-Backed Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 4,849 | 16,937 |
Total gains or (losses) (realized/unrealized) Included in earnings | 258 | 114 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | -717 | 714 |
Purchases, issuances and settlements | -624 | 5,411 |
Transfers in and/or (out) of Level 3 | 1,533 | -18,327 |
Ending balance | 5,299 | 4,849 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ' | ' |
Foreign Corporate Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 11,913 | 3,044 |
Total gains or (losses) (realized/unrealized) Included in earnings | -738 | -34 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | -587 | 167 |
Purchases, issuances and settlements | 2,858 | 18,541 |
Transfers in and/or (out) of Level 3 | -12,965 | -9,805 |
Ending balance | 481 | 11,913 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ' | ' |
Foreign Government Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total gains or (losses) (realized/unrealized) Included in earnings | -112 | ' |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | -179 | ' |
Purchases, issuances and settlements | 516 | ' |
Transfers in and/or (out) of Level 3 | -225 | ' |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ' | ' |
Non-Agency Residential [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 426 | 486 |
Total gains or (losses) (realized/unrealized) Included in earnings | 161 | 172 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | -38 | 16 |
Purchases, issuances and settlements | -317 | -248 |
Transfers in and/or (out) of Level 3 | 115 | ' |
Ending balance | 347 | 426 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ' | ' |
Agency Residential [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 34,842 | ' |
Total gains or (losses) (realized/unrealized) Included in earnings | ' | -4 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ' | -194 |
Purchases, issuances and settlements | ' | 35,040 |
Transfers in and/or (out) of Level 3 | -34,842 | ' |
Ending balance | ' | 34,842 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ' | ' |
Fair_Value_Fair_Value_Measurem1
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value [Abstract] | ' | ' |
Balance, beginning of period | $79,467 | $69,729 |
Total (gains) or losses (realized/unrealized) Included in earnings | -44,044 | 9,738 |
Total (gains) or losses (realized/unrealized) Included in other comprehensive income (loss) | ' | ' |
Purchases, issuances and settlements | ' | ' |
Transfers in and/or (out) of Level 3 | ' | ' |
Balance, end of period | 35,423 | 79,467 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date | ' | ' |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interest - MT. Logan RE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 |
Logan Re [Member] | Logan Re [Member] | Logan Re [Member] | Logan Re [Member] | ||||
Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Voting common share percentage | ' | ' | ' | ' | 100.00% | ' | ' |
Investment, redeemable preferred shares | $93,378 | ' | $93,378 | $20,000 | $30,000 | $213,700 | $87,500 |
Net Income (Loss) Attributable to Noncontrolling Interest | ($2,110) | ($3,768) | $5,878 | ' | ' | ' | ' |
Credit_Facilities_Narrative_De
Credit Facilities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 27, 2007 |
item | |||
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, number of facilities | 3 | ' | ' |
Line of credit facility, commitment | $1,250,000 | ' | ' |
Net assets of Holdings' consolidated subsidiaries, subject to regulatory restrictions | 2,294,461 | ' | ' |
Net assets of consolidated subsidiaries | 3,136,782 | ' | ' |
Wells Fargo Bank Group Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, number of tranches | 2 | ' | ' |
Line of credit facility, term of credit facility | '4 years | '5 years | ' |
Line of credit facility, commitment | 800,000 | 800,000 | 850,000 |
Line of credit facility, required minimum debt-to-capital ratio | 0.35 | ' | ' |
Line of credit facility, required minimum net worth | 4,249,963 | ' | ' |
Percentage amount of consolidated net income required to be reserved to maintain compliance with facility covenants | 25.00% | ' | ' |
Percentage amount of increase in consolidated net worth from new issuance required to be reserved to maintain compliance with facility covenants | 25.00% | ' | ' |
Increase in reserves due to new issuance during the period required to maintain compliance with facility covenants | 4,806,247 | ' | ' |
Wells Fargo Bank Group Credit Facility [Member] | Interest Rate Base Rate Option 1(a) [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, description of variable rate basis | 'prime commercial lending rate established by Wells Fargo Bank | ' | ' |
Wells Fargo Bank Group Credit Facility [Member] | Interest Rate Base Rate Option 1(b) [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, description of variable rate basis | 'Federal Funds Rate plus 0.5% per annum | ' | ' |
Line of credit facility, spread on variable rate basis | 0.50% | ' | ' |
Wells Fargo Bank Group Credit Facility [Member] | Interest Rate Base Rate Option 1(c) [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, description of variable rate basis | 'one month LIBOR Rate plus 1.0% per annum | ' | ' |
Line of credit facility, spread on variable rate basis | 1.00% | ' | ' |
Wells Fargo Bank Group Credit Facility [Member] | Interest Rate Base Rate Option 2 [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, description of variable rate basis | 'adjusted London Interbank Offered Rate ("LIBOR") plus a margin | ' | ' |
Wells Fargo Bank Group Credit Facility Tranche One [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, commitment | 200,000 | 200,000 | ' |
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, commitment | 600,000 | ' | ' |
Citibank Holdings Credit Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, term of credit facility | '3 years | '5 years | ' |
Line of credit facility, commitment | 150,000 | 150,000 | ' |
Line of credit facility, required minimum debt-to-capital ratio | 0.35 | ' | ' |
Line of credit facility, required minimum net worth | 1,875,000 | ' | ' |
Percentage amount of consolidated net income required to be reserved to maintain compliance with facility covenants | 25.00% | ' | ' |
Percentage amount of increase in consolidated net worth from new issuance required to be reserved to maintain compliance with facility covenants | 25.00% | ' | ' |
Increase in reserves due to new issuance during the period required to maintain compliance with facility covenants | 2,128,051 | ' | ' |
Citibank Holdings Credit Facility [Member] | Interest Rate Base Rate Option 1(a) [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, description of variable rate basis | 'rate of interest publicly announced by Citibank as its base rate | ' | ' |
Citibank Holdings Credit Facility [Member] | Interest Rate Base Rate Option 1(b) [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, description of variable rate basis | '% per annum above the Federal Funds Rate | ' | ' |
Line of credit facility, spread on variable rate basis | 0.50% | ' | ' |
Citibank Holdings Credit Facility [Member] | Interest Rate Base Rate Option 1(c) [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, description of variable rate basis | '% above the one month LIBOR, in each case plus the applicable margin | ' | ' |
Line of credit facility, spread on variable rate basis | 1.00% | ' | ' |
Citibank Holdings Credit Facility [Member] | Interest Rate Base Rate Option 2 [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, description of variable rate basis | 'periodic fixed rate equal to the Eurodollar Rate plus an applicable margin | ' | ' |
Citibank Bilateral Agreement [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, commitment | $300,000 | $300,000 | ' |
Per annum commitment fee on undrawn credit | 0.15% | ' | ' |
Citibank Bilateral Agreement [Member] | Interest Rate Base Rate Option 1(a) [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, description of variable rate basis | '% per annum of the principal amount of issued standard letters of credit (expiry of 15 months or less) | ' | ' |
Percentage of interest on the principal amount of letters of credit issued | 0.35% | ' | ' |
Maximum term allowed to execute issued letters of credit | '15 months | ' | ' |
Citibank Bilateral Agreement [Member] | Interest Rate Base Rate Option 1(b) [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, description of variable rate basis | '% per annum of the principal amount of issued extended tenor letters of credit (expiry maximum of up to 60 months). | ' | ' |
Percentage of interest on the principal amount of issued extended tenor letters of credit | 0.45% | ' | ' |
Maximum term allowed to execute issued letters of credit | '60 months | ' | ' |
Credit_Facilities_Summary_Of_C
Credit Facilities (Summary Of Costs Incurred Connection With Credit Facilities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Credit Facilities [Abstract] | ' | ' | ' |
Credit facility fees incurred | $964 | $3,519 | $2,211 |
Credit_Facilities_Summary_Of_O
Credit Facilities (Summary Of Outstanding Letters Of Credit And/Or Borrowings Of Group Credit Facility) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 27, 2007 |
In Thousands, unless otherwise specified | Wells Fargo Bank Group Credit Facility Tranche One [Member] | Wells Fargo Bank Group Credit Facility Tranche One [Member] | Wells Fargo Bank Group Credit Facility Tranche Two Issuance One [Member] | Wells Fargo Bank Group Credit Facility Tranche Two Issuance One [Member] | Wells Fargo Bank Group Credit Facility [Member] | Wells Fargo Bank Group Credit Facility [Member] | Wells Fargo Bank Group Credit Facility [Member] | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment | $1,250,000 | $200,000 | $200,000 | $600,000 | $600,000 | $800,000 | $800,000 | $850,000 |
In Use | ' | ' | ' | $502,059 | $463,155 | $502,059 | $463,155 | ' |
Date of Expiry | ' | ' | ' | 31-Dec-14 | 31-Dec-13 | ' | ' | ' |
Credit_Facilities_Summary_Of_O1
Credit Facilities (Summary Of Outstanding Letters Of Credit And/Or Borrowings Of Holdings Credit Facility) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | $1,250,000 | ' |
Citibank Holdings Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | 150,000 | 150,000 |
Revolving Credit Borrowings [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | ' | ' |
In Use | ' | ' |
Holdings Letters Of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | 851 | 1,551 |
Date of Expiry | 31-Dec-14 | 31-Dec-13 |
Citibank Holdings Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | 150,000 | 150,000 |
In Use | $851 | $1,551 |
Credit_Facilities_Summary_Of_O2
Credit Facilities (Summary Of Outstanding Letters Of Credit And Borrowings Of Bermuda Re Letter Of Credit Facility) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | $1,250,000 | ' |
Citibank Bilateral Letter Of Credit Agreement One [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | 300,000 | 300,000 |
In Use | 119 | 3,672 |
Date of Expiry | 30-Aug-14 | 24-Nov-13 |
Citibank Bilateral Letter Of Credit Agreement Two [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | 3,672 | 75,472 |
Date of Expiry | 24-Nov-14 | 31-Dec-13 |
Citibank Bilateral Letter Of Credit Agreement Three [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | 79,336 | 1,104 |
Date of Expiry | 31-Dec-14 | 15-Aug-14 |
Citibank Bilateral Letter Of Credit Agreement Four [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | 1,045 | 139 |
Date of Expiry | 31-Dec-15 | 30-Aug-14 |
Citibank Bilateral Letter Of Credit Agreement Five [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | 22,800 | 20,838 |
Date of Expiry | 31-Dec-17 | 31-Dec-14 |
Citibank Bilateral Letter Of Credit Agreement Six [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | 129,147 | 145,215 |
Date of Expiry | 30-Mar-18 | 31-Mar-17 |
Citibank Bilateral Agreement [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | 300,000 | 300,000 |
In Use | $236,119 | $246,440 |
Senior_Notes_Schedule_Of_Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) (5.40% Senior Notes [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
5.40% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, stated interest rate | 5.40% | ' |
Date issued | 12-Oct-04 | ' |
Date Due | 15-Oct-14 | ' |
Principal amounts | $250,000,000 | ' |
Consolidated Balance Sheet Amount | 249,958,000 | 249,907,000 |
Market value | $259,130,000 | $266,390,000 |
Senior_Notes_Schedule_Of_Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Senior Notes [Abstract] | ' | ' | ' |
Interest expense incurred | $13,551 | $13,548 | $13,546 |
Long_Term_Subordinated_Notes_N
Long Term Subordinated Notes (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' |
Redemption date | 1-May-47 |
Long Term Subordinated Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Annual interest rate, payable semi-annually in arrears | 6.60% |
Percentage of principal amount required for redemption | 100.00% |
Outstanding debt reduction | 161,441 |
Long Term Subordinated Notes [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Applicable spread on treasury rate | 0.25% |
Long Term Subordinated Notes [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Applicable spread on treasury rate | 0.50% |
Fixed Rate Interest Period [Member] | Long Term Subordinated Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Annual interest rate, payable semi-annually in arrears | 6.60% |
Interest payment commencement date | 15-Nov-07 |
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly | 2.39% |
Right to defer interest on one or more occasions for up to number of consecutive years | '10 years |
Fixed Rate Interest Period [Member] | Long Term Subordinated Notes [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest payment date | 'May 3, 2007 |
Fixed Rate Interest Period [Member] | Long Term Subordinated Notes [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest payment date | 'May 14, 2017 |
Floating Rate Interest Period [Member] | Long Term Subordinated Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Right to defer interest on one or more occasions for up to number of consecutive years | '10 years |
Long_Term_Subordinated_Notes_S
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) (Long Term Subordinated Notes [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, stated interest rate | 6.60% | ' |
Date Issued | 26-Apr-07 | ' |
Original Principal Amount | $400,000,000 | ' |
Consolidated Balance Sheet Amount | 238,361,000 | 238,357,000 |
Market value | $233,292,000 | $242,138,000 |
Scheduled [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 15-May-37 | ' |
Final [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date | 1-May-67 | ' |
Long_Term_Subordinated_Notes_S1
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Long Term Subordinated Notes [Abstract] | ' | ' | ' |
Interest expense incurred | $15,748 | $15,748 | $15,748 |
Junior_Subordinated_Debt_Secur2
Junior Subordinated Debt Securities Payable (Narrative) (Details) (Junior Subordinated Debt Securities [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' |
Early redemption of junior subordinated debt, pre-tax expense | $7,282,000 |
Debt Instrument, Interest Rate, Stated Percentage | 6.20% |
Debt Instrument, Face Amount | $329,897,000 |
Everest Re Capital Trust II [Member] | ' |
Debt Instrument [Line Items] | ' |
Ownership percentage | 100.00% |
Junior_Subordinated_Debt_Secur3
Junior Subordinated Debt Securities Payable (Schedule Of Outstanding Junior Subordinated Debt Securities) (Details) (Junior Subordinated Debt Securities [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Junior Subordinated Debt Securities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, stated interest rate | 6.20% | ' |
Date Issued | 29-Mar-04 | ' |
Date Due | 29-Mar-34 | ' |
Amount Issued | $329,897,000 | ' |
Consolidated Balance Sheet Amount | ' | 329,897,000 |
Fair Value | ' | $333,225,000 |
Junior_Subordinated_Debt_Secur4
Junior Subordinated Debt Securities Payable (Schedule Of Interest Expense Incurred In Connection With Junior Subordinated Debt Securities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Junior Subordinated Debt Securities Payable [Abstract] | ' | ' | ' |
Interest expense incurred | $8,181 | $20,454 | $20,454 |
Trust_Agreements_Details
Trust Agreements (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Trust Agreements [Abstract] | ' |
Amount on deposit in trust accounts | $253,429 |
Operating_Lease_Agreements_Nar
Operating Lease Agreements (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Lease Agreements [Abstract] | ' | ' | ' |
Rental expense | $14,407 | $14,169 | $14,148 |
Operating_Lease_Agreements_Fut
Operating Lease Agreements (Future Minimum Rental Commitments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Lease Agreements [Abstract] | ' |
2014 | $11,604 |
2015 | 12,143 |
2016 | 12,120 |
2017 | 10,724 |
2018 | 10,522 |
Thereafter | 26,335 |
Net commitments | $83,448 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Accrual withholding taxes percent | 5.00% | ' | ' |
Understatement in Deferred tax asset account | ' | $17,520 | ' |
Additional income tax benefit resulting from correction, amount | ' | 17,520 | ' |
Accrued and recognized tax expense (benefit) | ' | -2,154 | 957 |
Foreign tax credits | 74,255 | 90,941 | ' |
Alternative minimum tax credits | 93,336 | 64,088 | ' |
Tax benefits related to share-based compensation | 4,562 | 555 | ' |
Deferred tax assets, valuation allowance | 3,805 | 1,752 | ' |
2007 And 2008 IRS Audit [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Additional income tax benefit resulting from correction, amount | ' | 12,747 | ' |
IRS audit, additional income tax expense | ' | 354 | ' |
IRS audit, interest paid | ' | 1,702 | ' |
IRS audit, Decrease in reserve for uncertain tax positions | ' | 31,912 | ' |
IRS audit, Decrease in reserve for uncertain tax positions, interest related | ' | -2,154 | ' |
IRS audit, income tax benefit | ' | $34,067 | ' |
Income_Taxes_Components_Of_The
Income Taxes (Components Of The Provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
U.S. | $116,829 | $46,723 | $27,257 |
Non-U.S. | 18,219 | 14,131 | 14,388 |
Total current tax expense (benefit) | 135,048 | 60,854 | 41,645 |
Total deferred U.S. tax expense (benefit) | 154,658 | 49,718 | -195,106 |
Total income tax expense (benefit) | $289,706 | $110,572 | ($153,461) |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $738,608 | $259,003 | ($757,781) |
Net investment income | 126,127 | 127,872 | 148,729 | 145,781 | 146,411 | 152,024 | 149,329 | 152,438 | 548,509 | 600,202 | 620,041 |
Net realized capital gains (losses) | 94,629 | 44,958 | 33,905 | 126,735 | 19,518 | 62,743 | -16,580 | 98,719 | 300,227 | 164,400 | 6,923 |
Net derivative gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 44,044 | -9,738 | -11,261 |
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | -24,817 | -23,976 | -16,461 |
Interest, fee and bond issue cost amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | -46,118 | -53,683 | -52,319 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -5,487 | 3,318 | -23,089 |
INCOME (LOSS) BEFORE TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 1,554,966 | 939,526 | -233,947 |
Increase (decrease) in taxes resulting from: Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,520 | ' |
Total income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 289,706 | 110,572 | -153,461 |
U.S. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 246,699 | 42,775 | -574,142 |
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 274,920 | 287,382 | 292,980 |
Net realized capital gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | 295,814 | 143,326 | -28,565 |
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | -8,262 | -8,764 | -6,073 |
Interest, fee and bond issue cost amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | -45,452 | -50,746 | -50,763 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -7,086 | 18,360 | -28,644 |
INCOME (LOSS) BEFORE TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 756,633 | 432,332 | -395,206 |
Expected tax provision at the applicable statutory rate(s) | ' | ' | ' | ' | ' | ' | ' | ' | 264,822 | 151,316 | -138,322 |
Increase (decrease) in tax resulting from: Tax exempt income | ' | ' | ' | ' | ' | ' | ' | ' | -15,038 | -20,623 | -33,672 |
Increase (decrease) in tax resulting from: Dividend received deduction | ' | ' | ' | ' | ' | ' | ' | ' | -7,809 | -8,351 | -6,893 |
Increase (decrease) in tax resulting from: Proration | ' | ' | ' | ' | ' | ' | ' | ' | 2,274 | 3,138 | 5,080 |
Increase (decrease) in tax resulting from: Tax audit settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,508 | -710 |
Increase (decrease) in tax resulting from: Uncertain tax position release | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,912 | 8,139 |
Increase (decrease) in taxes resulting from: Other | ' | ' | ' | ' | ' | ' | ' | ' | 27,238 | 5,381 | -1,471 |
Total income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 271,487 | 96,441 | -167,849 |
Non-U.S. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 491,909 | 216,228 | -183,641 |
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 273,589 | 312,820 | 327,062 |
Net realized capital gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | 4,413 | 21,073 | 35,488 |
Net derivative gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 44,044 | -9,738 | -11,261 |
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | -16,555 | -15,211 | -10,388 |
Interest, fee and bond issue cost amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | -665 | -2,936 | -1,556 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 1,598 | -15,042 | 5,556 |
INCOME (LOSS) BEFORE TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 798,333 | 507,194 | 161,260 |
Expected tax provision at the applicable statutory rate(s) | ' | ' | ' | ' | ' | ' | ' | ' | 16,279 | 11,012 | 12,216 |
Increase (decrease) in taxes resulting from: Other | ' | ' | ' | ' | ' | ' | ' | ' | 1,940 | 3,119 | 2,172 |
Total income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | $18,219 | $14,131 | $14,388 |
Income_Taxes_Net_Deferred_Inco
Income Taxes (Net Deferred Income Tax Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Loss reserve | $146,781 | $159,320 |
Alternative minimum tax credits | 93,336 | 64,088 |
Foreign tax credits | 74,255 | 90,941 |
Unearned premium reserve | 45,368 | 37,558 |
Net unrecognized losses on benefit plans | 20,944 | 33,660 |
Benefit plan liability | 7,968 | 37,598 |
Uncollectible reinsurance reserve | 5,534 | 5,675 |
Deferred compensation | 5,350 | 12,557 |
Net operating loss carryforward | 3,805 | 64,353 |
Deferred expenses | 2,695 | 2,602 |
Investment impairments | 2,485 | 3,151 |
Other assets | 6,956 | 9,630 |
Total deferred tax assets | 415,477 | 521,133 |
Net fair value income | 121,784 | 61,211 |
Net unrealized investment gains | 40,396 | 87,524 |
Deferred acquisition costs | 39,344 | 33,969 |
Net unrealized foreign currency gains | 28,098 | 42,742 |
Gain on tender of debt | 27,395 | 27,395 |
Bond market discount | 609 | 2,002 |
Other liabilities | 7,765 | 2,515 |
Total deferred tax liabilities | 265,391 | 257,357 |
Net deferred tax assets | 150,086 | 263,776 |
Valuation allowance | -3,805 | -1,752 |
Total net deferred tax assets | $146,281 | $262,024 |
Income_Taxes_Reconciliation_Of1
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Balance at January 1 | ' | $31,912 | $23,773 |
Additions based on tax positions related to the current year | ' | ' | 8,139 |
Additions for tax positions of prior years | ' | ' | ' |
Reductions for tax positions of prior years | ' | -31,912 | ' |
Lapses of applicable statutes of limitations | ' | ' | ' |
Balance at December 31 | ' | ' | $31,912 |
Reinsurance_Details
Reinsurance (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reinsurance [Abstract] | ' | ' | ' |
Written premiums: Direct | $1,268,698 | $1,074,206 | $815,087 |
Written premiums: Assumed | 3,949,936 | 3,236,331 | 3,471,087 |
Written premiums: Ceded | -213,813 | -229,466 | -177,275 |
Net written premiums | 5,004,821 | 4,081,071 | 4,108,899 |
Premiums earned: Direct | 1,207,833 | 1,054,707 | 871,598 |
Premiums earned: Assumed | 3,748,824 | 3,353,667 | 3,454,622 |
Premium earned: Ceded | -203,114 | -243,746 | -224,873 |
Net premiums earned | 4,753,543 | 4,164,628 | 4,101,347 |
Incurred losses and LAE: Direct | 1,173,177 | 926,364 | 744,017 |
Incurred losses and LAE: Assumed | 1,833,055 | 2,017,526 | 3,099,787 |
Incurred losses and LAE: Ceded | -205,981 | -198,625 | -117,600 |
Net incurred losses and LAE | $2,800,251 | $2,745,265 | $3,726,204 |
Comprehensive_Income_Loss_Comp
Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Before Tax | ($457,192) | $178,405 | $109,928 |
URA (D) on securities - OTTI, Before Tax | -1,579 | 2,181 | 824 |
Reclassification on net realized losses (gains) included in net income (loss), Before Tax | -8,388 | -19,606 | -4,193 |
Foreign currency translation adjustments, Before Tax | -10,462 | 26,484 | -16,429 |
Benefit plan actuarial net gain (loss), Before Tax | 27,442 | -18,109 | -48,885 |
Reclassification of benefit plan liability amortization included in net income (loss), Before Tax | 8,889 | 7,377 | 3,575 |
Total other comprehensive income (loss), Before Tax | -441,290 | 176,732 | 44,820 |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Tax Effect | 62,834 | -6,644 | -19,338 |
URA (D) on securities - OTTI, Tax Effect | 140 | 83 | 66 |
Reclassification on net realized losses (gains) included in net income (loss), Tax Effect | 1,411 | -70 | -7,146 |
Foreign currency translation adjustments, Tax Effect | 10,300 | -3,786 | 460 |
Benefit plan actuarial net gain (loss), Tax Effect | -9,605 | 6,338 | 17,109 |
Reclassification of benefit plan liability amortization included in net income (loss), Tax Effect | -3,111 | -2,582 | -1,251 |
Total other comprehensive income (loss), Tax Effect | 61,969 | -6,661 | -10,100 |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Net of Tax | -394,358 | 171,761 | 90,591 |
URA (D) on securities - OTTI, Net of Tax | -1,439 | 2,264 | 890 |
Reclassification on net realized losses (gains) included in net income (loss), Net of Tax | -6,977 | -19,676 | -11,340 |
Foreign currency translation adjustments, Net of Tax | -162 | 22,698 | -15,969 |
Benefit plan actuarial net gain (loss) for the period | 17,837 | -11,771 | -31,776 |
Reclassification of benefit plan liability amortization included in net income (loss), Net of Tax | 5,778 | 4,795 | 2,324 |
Total other comprehensive income (loss), net of tax | ($379,321) | $170,071 | $34,720 |
Comprehensive_Income_Loss_Recl
Comprehensive Income (Loss) (Reclassified From Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other net realized capital gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | $301,279 | $174,422 | $23,146 |
Other underwriting expenses | ' | ' | ' | ' | ' | ' | ' | ' | 237,126 | 207,659 | 182,403 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 289,706 | 110,572 | -153,461 |
NET INCOME (LOSS) | 366,748 | 238,527 | 275,642 | 384,343 | 58,777 | 250,922 | 214,551 | 304,704 | 1,265,260 | 828,954 | -80,486 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | URA(D) On Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other net realized capital gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | -8,388 | -19,606 | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 1,411 | -70 | ' |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | -6,977 | -19,676 | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Benefit Plan Net Gain (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other underwriting expenses | ' | ' | ' | ' | ' | ' | ' | ' | 8,889 | 7,377 | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -3,111 | -2,582 | ' |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | $5,778 | $4,795 | ' |
Comprehensive_Income_Loss_Comp1
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Beginning balance of URA (D) on securities | $603,928 | $449,579 | ' |
Current period change in URA (D) of investments - temporary | -401,335 | 152,086 | ' |
Current period change in URA (D) of investments - non-credit OTTI | -1,439 | 2,263 | ' |
Ending balance of URA (D) on securities | 201,154 | 603,928 | 449,579 |
Beginning balance of foreign currency translation adjustments | -4,368 | -27,066 | ' |
Current period change in foreign currency translation adjustments | -162 | 22,698 | ' |
Ending balance of foreign currency translation adjustments | -4,530 | -4,368 | -27,066 |
Beginning balance of pension | -62,511 | -55,535 | ' |
Current period change in pension | 23,615 | -6,976 | -29,452 |
Ending balance of pension | -38,896 | -62,511 | -55,535 |
Ending balance of accumulated other comprehensive income (loss) | $157,728 | $537,049 | ' |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | $0 | ' | ' |
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 5,138 | ' | ' |
Estimated prior service cost amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 49 | ' | ' |
Weighted average discount rate used to determine net periodic benefit cost | 4.00% | 4.60% | 5.60% |
Rate of compensation increase to determine the net periodic benefit cost | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on plan assets | 7.50% | 7.75% | 8.00% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 5.00% | 4.00% | 4.60% |
Defined contribution plans, employer contribution plans, employer contribution percentage, maximum | 3.00% | ' | ' |
Defined contribution plans, employer contribution percentage, for new hires, minimum | 3.00% | ' | ' |
Defined contribution plans, employer contribution percentage, for new hires, maximum | 8.00% | ' | ' |
Vested contribution after three years, percentage | 100.00% | ' | ' |
Defined contribution plans vesting period, years | '3 years | ' | ' |
Defined contribution plan employer contribution percentage for branch offices, minimum | 5.00% | ' | ' |
Defined contribution plan employer contribution percentage for branch offices, maximum | 13.20% | ' | ' |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets consist of shares in investment trusts, percentage | 77.00% | ' | ' |
Fixed Maturities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets consist of shares in investment trusts, percentage | 16.00% | ' | ' |
Cash [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan assets consist of shares in investment trusts, percentage | 7.00% | ' | ' |
Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target asset allocation percentage | 70.00% | ' | ' |
Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target asset allocation percentage | 30.00% | ' | ' |
Pre-Medicare Claims [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Healthcare inflation rate | 7.50% | ' | ' |
Healthcare inflation rate decreased | 4.50% | ' | ' |
Post-Medicare Claims [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Healthcare inflation rate | 6.30% | ' | ' |
Healthcare inflation rate decreased | 4.50% | ' | ' |
Post-Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | 0 | ' | ' |
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 328 | ' | ' |
Estimated prior service cost amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | $0 | ' | ' |
Weighted average discount rate used to determine net periodic benefit cost | 4.00% | 4.60% | 5.60% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 5.00% | 4.00% | 4.60% |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary Of Contributions To Defined Benefit Pension Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Company contributions | $22,536 | $267 | $3,223 |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans (Summary Of Pension Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Pension expense | $19,348 | $16,542 | $10,874 |
Employee_Benefit_Plans_Summary2
Employee Benefit Plans (Summary Of Status Of Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at end of year | $19,921 | $14,616 | $8,882 |
Defined Benefit Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 11,182 | 9,370 | 7,548 |
Interest cost | 8,511 | 7,971 | 7,702 |
Post-Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 27,938 | 21,462 | ' |
Service cost | 1,899 | 1,677 | 1,165 |
Interest cost | 1,164 | 1,033 | 934 |
Actuarial (gain)/loss | -3,040 | 4,136 | ' |
Excise tax cost | ' | 11 | ' |
Benefits paid | -366 | -381 | ' |
Projected benefit obligation at end of year | 27,594 | 27,938 | 21,462 |
Fair value of plan assets at beginning of year | ' | ' | ' |
Actual contributions during the year | 366 | 381 | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Funded status at end of year | -27,594 | -27,938 | ' |
U.S. Employees [Member] | Defined Benefit Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 212,159 | 175,364 | ' |
Service cost | 11,182 | 9,370 | ' |
Interest cost | 8,511 | 7,971 | ' |
Actuarial (gain)/loss | -12,742 | 21,786 | ' |
Benefits paid | -5,052 | -2,332 | ' |
Projected benefit obligation at end of year | 214,059 | 212,159 | ' |
Fair value of plan assets at beginning of year | 114,807 | 101,304 | ' |
Actual return on plan assets | 20,155 | 15,568 | ' |
Actual contributions during the year | 22,536 | 267 | ' |
Fair value of plan assets at end of year | 152,446 | 114,807 | ' |
Funded status at end of year | ($61,613) | ($97,352) | ' |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other assets (due beyond one year) | ' | ' |
Other liabilities (due within one year) | -17,000 | -5,497 |
Other liabilities (due beyond one year) | -44,613 | -91,855 |
Net amount recognized in the consolidated balance sheets | -61,613 | -97,352 |
Post-Retirement Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other liabilities (due within one year) | -463 | -472 |
Other liabilities (due beyond one year) | -27,130 | -27,466 |
Net amount recognized in the consolidated balance sheets | ($27,594) | ($27,938) |
Employee_Benefit_Plans_Amounts1
Employee Benefit Plans (Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Prior service cost | ($70) | ($119) | ' |
Accumulated income (loss) | -53,318 | -85,820 | ' |
Accumulated other comprehensive income (loss) | -53,387 | -85,939 | -78,923 |
Post-Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated income (loss) | -6,452 | -10,231 | ' |
Accumulated other comprehensive income (loss) | ($6,452) | ($10,231) | ($6,516) |
Employee_Benefit_Plans_Other_C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Pension Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other comprehensive income (loss) at December 31, prior year | ($85,939) | ($78,923) |
Net gain (loss) arising during period | 24,402 | -13,961 |
Prior service cost | 49 | 49 |
Actuarial loss | 8,101 | 6,896 |
Other comprehensive income (loss) at December 31, current year | -53,387 | -85,939 |
Post-Retirement Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other comprehensive income (loss) at December 31, prior year | -10,231 | -6,516 |
Net gain (loss) arising during period | -3,040 | 4,147 |
Actuarial loss | 739 | 432 |
Other comprehensive income (loss) at December 31, current year | ($6,452) | ($10,231) |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans (Net Periodic Benefit Cost For U.S. Employees) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic benefit cost | $19,348 | $16,542 | $10,874 |
Defined Benefit Pension Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 11,182 | 9,370 | 7,548 |
Interest cost | 8,511 | 7,971 | 7,702 |
Expected return on plan assets | -8,495 | -7,743 | -9,067 |
Amortization of actuarial loss from earlier periods | 8,101 | 6,896 | 3,367 |
Amortization of unrecognized prior service cost | 49 | 49 | 49 |
Settlement/Net loss recognition | ' | ' | 1,275 |
Net periodic benefit cost | 19,348 | 16,542 | 10,874 |
Other comprehensive income (loss) attributable to change from prior year | -32,552 | 7,017 | ' |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | -13,204 | 23,559 | ' |
Post-Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 1,899 | 1,677 | 1,165 |
Interest cost | 1,164 | 1,033 | 934 |
Settlement/Net loss recognition | 739 | 432 | 159 |
Net periodic benefit cost | 3,801 | 3,142 | 2,258 |
Other comprehensive income (loss) attributable to change from prior year | -3,779 | 3,715 | ' |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $22 | $6,857 | ' |
Employee_Benefit_Plans_Summary3
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $177,577 | $173,686 |
Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | 147,803 | 148,107 |
Non-Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $29,774 | $25,579 |
Employee_Benefit_Plans_Project
Employee Benefit Plans (Projected Benefit Obligations In Excess Of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | $179,512 | $181,617 |
Fair value of plan assets | 152,446 | 114,807 |
Non-Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | 34,547 | 30,542 |
Fair value of plan assets | ' | ' |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | ' | $148,107 |
Fair value of plan assets | ' | 114,807 |
Non-Qualified Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | 29,774 | 25,579 |
Fair value of plan assets | ' | ' |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $20,510 |
2015 | 5,229 |
2016 | 6,503 |
2017 | 6,897 |
2018 | 7,614 |
Next 5 years | 48,816 |
Post-Retirement Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 463 |
2015 | 596 |
2016 | 705 |
2017 | 802 |
2018 | 932 |
Next 5 years | $6,948 |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans (Fair Value Measurement Levels For Qualified Plan Assets) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Cash | $611,382 | $537,050 | ||
Short-term investments, which approximates fair value | 10,590 | [1] | 3,343 | [1] |
Multi-strategy equity fund, fair value | 10,765 | [2] | 9,092 | [2] |
Private equity limited partnerships | 9,156 | [3] | 5,524 | [3] |
Total | 152,446 | 114,807 | ||
Percent of fixed income funds in US securities | 50.00% | 50.00% | ||
Percent of fixed income funds in international securities | 50.00% | 50.00% | ||
Percent of equities mutual funds in US equities | 90.00% | 75.00% | ||
Percent of equities mutual funds in international equities | 10.00% | 25.00% | ||
Cash Managed By Employee Benefit Plan [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Cash | ' | ' | ||
Fixed Income [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Mutual funds, fair value | 24,630 | [4] | 33,783 | [4] |
Equities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Mutual funds, fair value | 97,305 | [5] | 63,065 | [6] |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Short-term investments, which approximates fair value | 10,590 | [1] | 3,343 | [1] |
Total | 132,525 | 100,191 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Cash Managed By Employee Benefit Plan [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Cash | ' | ' | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fixed Income [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Mutual funds, fair value | 24,630 | [4] | 33,783 | [4] |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Equities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Mutual funds, fair value | 97,305 | [5] | 63,065 | [6] |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Short-term investments, which approximates fair value | ' | [1] | ' | [1] |
Multi-strategy equity fund, fair value | ' | [2] | ' | [2] |
Private equity limited partnerships | ' | [3] | ' | [3] |
Total | ' | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash Managed By Employee Benefit Plan [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Cash | ' | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Mutual funds, fair value | ' | [4] | ' | [4] |
Significant Other Observable Inputs (Level 2) [Member] | Equities [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Mutual funds, fair value | ' | [5] | ' | [6] |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Multi-strategy equity fund, fair value | 10,765 | [2] | 9,092 | [2] |
Private equity limited partnerships | 9,156 | [3] | 5,524 | [3] |
Total | 19,921 | 14,616 | ||
Significant Unobservable Inputs (Level 3) [Member] | Cash Managed By Employee Benefit Plan [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Cash | ' | ' | ||
[1] | This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. | |||
[2] | This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. | |||
[3] | This category consists of private equity limited partnerships. | |||
[4] | This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% in U.S. securities and 50% in international securities. | |||
[5] | This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90% in U.S. equities and 10% in international equities. | |||
[6] | This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 75% in U.S. equities and 25% in international equities. |
Employee_Benefit_Plans_Fair_Va1
Employee Benefit Plans (Fair Value Measurements Using Significant Unobservable Inputs For Fixed Maturity Investments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans [Abstract] | ' | ' |
Fair value of plan assets at beginning of year | $14,616 | $8,882 |
Realized gains (losses) relating to assets sold during the period | 7 | -22 |
Unrealized gains (losses) relating to assets still held at the reporting date | 2,589 | 997 |
Purchases and capital contributions | 2,951 | 5,955 |
Investment income earned on assets | ' | 118 |
Sales and capital distributions | -242 | -1,314 |
Transfers in and/or (out) of Level 3 | ' | ' |
Fair value of plan assets at end of year | 19,921 | 14,616 |
The amount of total gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | $2,582 | $1,019 |
Employee_Benefit_Plans_Incurre
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For U.S. Employees) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefits and Share-based Compensation [Abstract] | ' | ' | ' |
Incurred expenses | $3,903 | $3,209 | $2,062 |
Employee_Benefit_Plans_Incurre1
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefits and Share-based Compensation [Abstract] | ' | ' | ' |
Incurred expenses | $1,195 | $1,064 | $1,031 |
Employee_Benefit_Plans_Changes
Employee Benefit Plans (Changes In The Assumed Healthcare Cost Trend) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Employee Benefits and Share-based Compensation [Abstract] | ' |
Effect on total service and interest cost components, Percent Point Increase | $730 |
Effect on total service and interest cost components, Percentage Point Decrease | -561 |
Effect on accumulated post-retirement benefit obligation, Percentage Point Increase | 5,863 |
Effect on accumulated post-retirement benefit obligation, Percentage Point Decrease | ($4,550) |
Employee_Benefit_Plans_PostRet
Employee Benefit Plans (Post-Retirement Benefit Expenses) (Details) (Post-Retirement Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Post-Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Post-retirement benefit expenses | $3,801 | $3,141 | $2,258 |
Dividend_Restrictions_And_Stat2
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Dividend Restrictions And Statutory Financial Information [Line Items] | ' | ' | ' |
Minimum solvency margin | $250 | ' | ' |
Prior approval of the Bermuda Monetary Authority is required for dividend payments, if percentage exceeds in prior-year end total statutory capital | 25.00% | ' | ' |
Dividend payment restrictions, period in months | '12 months | ' | ' |
Dividend payment restrictions, percentage of statutory surplus required | 10.00% | ' | ' |
Available for payment of dividends in 2012 without need for prior regulatory approval | 538,168 | ' | ' |
Target capital level, percent of the enhanced capital requirement | 120.00% | ' | ' |
Minimum percent of total adjusted capital | 200.00% | ' | ' |
Everest Re [Member] | ' | ' | ' |
Dividend Restrictions And Statutory Financial Information [Line Items] | ' | ' | ' |
Statutory capital and surplus | 2,814,337 | 2,612,995 | ' |
Statutory net income (loss) | 540,020 | 359,816 | -326,400 |
Bermuda Re [Member] | ' | ' | ' |
Dividend Restrictions And Statutory Financial Information [Line Items] | ' | ' | ' |
Statutory capital and surplus | 2,712,184 | 2,898,397 | ' |
Statutory net income (loss) | $634,147 | $475,909 | $102,949 |
Dividend_Restrictions_And_Stat3
Dividend Restrictions And Statutory Financial Information (Regulatory Targeted Capital And Actual Statutory Capital) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Bermuda Re [Member] | ' | ' | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ||
Regulatory targeted capital | ' | $1,997,273 | [1] | |
Actual capital | 2,712,184 | [1],[2] | 2,898,397 | [1] |
Everest Re [Member] | ' | ' | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ||
Regulatory targeted capital | 1,094,605 | [3] | 1,346,212 | [3] |
Actual capital | $2,814,337 | [3] | $2,612,995 | [3] |
[1] | Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. | |||
[2] | The 2013 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2013 actual capital will exceed the targeted capital level. | |||
[3] | Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. |
Contingencies_Details
Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
The Prudential Insurance Company [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated cost to replace annuities | $144,734 | $144,628 |
Unaffiliated Life Insurance Company [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated cost to replace annuities | $30,664 | $29,132 |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2001 | Dec. 31, 2000 | Dec. 31, 1999 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 20, 2013 | Sep. 12, 2013 | 15-May-13 | Feb. 20, 2013 | Dec. 31, 2013 |
2010 Employee Plan [Member] | Employee Plans [Member] | 2009 Director Plan [Member] | 2003 Director Plan [Member] | 1995 Director Plan [Member] | Key Employees [Member] | Non-Employee Directors [Member] | Non-Employee Directors [Member] | Non-Employee Directors [Member] | Non-Employee Directors [Member] | Employees And Non-Employee Directors [Member] | Employees And Non-Employee Directors [Member] | Employees And Non-Employee Directors [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, authorized | 200,000,000 | 200,000,000 | ' | 4,000,000 | ' | 37,439 | 500,000 | ' | ' | ' | 40,000 | 30,000 | 26,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining shares | ' | ' | ' | 2,850,388 | ' | 35,275 | 403,949 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of options and restricted shares granted | 33.00% | ' | ' | ' | 20.00% | ' | 33.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period on options and restricted shares, years | '3 years | ' | ' | ' | '5 years | ' | '3 years | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant-date fair value of options granted | ' | $19.21 | $21.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $157.08 | $138.69 | $135.81 | $122.75 | ' |
Options, granted | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274,715 |
Share-based compensation expense | $31,844 | $31,984 | $17,693 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit recorded | 5,458 | 2,792 | 4,164 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in capital due to tax benefit from dividends on restricted shares | 237 | 162 | 136 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised | 30,050 | 14,603 | 11,845 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from the exercised share options | 69,339 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit realized from the options exercised | 9,903 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | 34,309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from stock options vested | 3,186 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of shares vested | 21,894 | 28,003 | 5,981 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost expected to be recognized over a weighted-average period, years | '3 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, issued | 586 | 518 | 668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares issued | ' | ' | ' | ' | ' | ' | ' | ' | 1,535,703 | 85,519 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares cancelled | ' | ' | ' | ' | ' | ' | ' | ' | 187,687 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock acquired | 94,014 | 148,962 | 53,474 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,175 | 79,086 | 201,287 | ' | ' | ' | ' | ' |
Common stock, value | 13,180 | 15,307 | 4,730 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,313 | 8,322 | 17,951 | ' | ' | ' | ' | ' |
Aggregate value of issuances | $75 | $48 | $56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Plans_2
Share-Based Compensation Plans (Assumptions Used In Calculating The Fair Value Of Options Granted) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-Based Compensation Plans [Abstract] | ' | ' | ' |
Weighted-average volatility | ' | 26.16% | 26.46% |
Weighted-average dividend yield | ' | 2.00% | 2.00% |
Weighted-average expected term | ' | '6 years 8 months 9 days | '6 years 8 months 23 days |
Weighted-average risk-free rate | ' | 1.33% | 2.80% |
ShareBased_Compensation_Plans_3
Share-Based Compensation Plans (Company's Shareholder Approved And Non-Approved Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation Plans Approved By Shareholders [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding at January 1, Shares | 2,012,164 | 2,316,276 | 2,657,796 |
Granted, Shares | ' | 320,454 | 345,600 |
Exercised, Shares | 768,190 | 581,496 | 477,320 |
Forfeited/Cancelled/Expired, Shares | 53,430 | 43,070 | 209,800 |
Outstanding at December 31, Shares | 1,190,544 | 2,012,164 | 2,316,276 |
Exercisable at December 31, Shares | 579,417 | 995,070 | 1,229,481 |
Outstanding at January 1, Weighted-Average Exercise Price/Share | $87.25 | $84.39 | $81.16 |
Granted, Weighted- Average Exercise Price/Share | ' | $88.35 | $86.68 |
Exercised, Weighted- Average Exercise Price/Share | $90.26 | $76.51 | $66.12 |
Forfeited/Cancelled/Expired, Weighted- Average Exercise Price/Share | $84.23 | $86.56 | $88.91 |
Outstanding at December 31, Weighted-Average Exercise Price/Share | $85.44 | $87.25 | $84.39 |
Exercisable at December 31, Weighted-Average Exercise Price/Share | $86.33 | $90.09 | $84.94 |
Outstanding at December 31, Weighted-Average Remaining Contractual Term | '5 years 9 months 18 days | '6 years | '6 years |
Exercisable at December 31, Weighted-Average Remaining Contractual Term | '4 years 6 months | '4 years 4 months 24 days | '4 years 4 months 24 days |
Outstanding at December 31, Average Intrinsic Value | $83,313 | $44,053 | $12,121 |
Exercisable at December 31, Average Intrinsic Value | $40,029 | $18,956 | $7,920 |
Compensation Plans Not Approved By Shareholders [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding at January 1, Shares | ' | ' | 20,000 |
Exercised, Shares | ' | ' | 20,000 |
Outstanding at January 1, Weighted-Average Exercise Price/Share | ' | ' | $48.01 |
Exercised, Weighted- Average Exercise Price/Share | ' | ' | $48.01 |
Outstanding at December 31, Weighted-Average Remaining Contractual Term | ' | ' | '0 years |
Exercisable at December 31, Weighted-Average Remaining Contractual Term | ' | ' | '0 years |
ShareBased_Compensation_Plans_4
Share-Based Compensation Plans (Share Options Outstanding And Exercisable) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number Outstanding | 1,190,544 |
Options Outstanding, Weighted Average-Remaining Contractual Life | '5 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $85.44 |
Options Exercisable, Number Exercisable | 579,417 |
Options Exercisable, Weighted-Average Exercise Price | $86.33 |
$ 66.0780 - $77.0910 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Ranges of Exercise Prices, Lower range limit | $66.08 |
Ranges of Exercise Prices, Upper range limit | $77.09 |
Options Outstanding, Number Outstanding | 281,410 |
Options Outstanding, Weighted Average-Remaining Contractual Life | '4 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $72.22 |
Options Exercisable, Number Exercisable | 186,810 |
Options Exercisable, Weighted-Average Exercise Price | $72.47 |
$ 77.0911 - $88.1040 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Ranges of Exercise Prices, Lower range limit | $77.09 |
Ranges of Exercise Prices, Upper range limit | $88.10 |
Options Outstanding, Number Outstanding | 427,290 |
Options Outstanding, Weighted Average-Remaining Contractual Life | '6 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $85.72 |
Options Exercisable, Number Exercisable | 139,490 |
Options Exercisable, Weighted-Average Exercise Price | $85.52 |
$ 88.1041 - $99.1170 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Ranges of Exercise Prices, Lower range limit | $88.10 |
Ranges of Exercise Prices, Upper range limit | $99.12 |
Options Outstanding, Number Outstanding | 386,740 |
Options Outstanding, Weighted Average-Remaining Contractual Life | '6 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $91.23 |
Options Exercisable, Number Exercisable | 158,240 |
Options Exercisable, Weighted-Average Exercise Price | $95.38 |
$ 99.1171 - $110.1300 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Ranges of Exercise Prices, Lower range limit | $99.12 |
Ranges of Exercise Prices, Upper range limit | $110.13 |
Options Outstanding, Number Outstanding | 95,104 |
Options Outstanding, Weighted Average-Remaining Contractual Life | '4 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $99.75 |
Options Exercisable, Number Exercisable | 94,877 |
Options Exercisable, Weighted-Average Exercise Price | $99.73 |
ShareBased_Compensation_Plans_5
Share-Based Compensation Plans (Summary Of Company's Non-Vested Shares And Changes) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-Based Compensation Plans [Abstract] | ' | ' | ' |
Outstanding at January 1, Shares | 357,750 | 372,453 | 250,125 |
Granted, Shares | 274,715 | 310,370 | 226,700 |
Vested, Shares | 187,397 | 313,573 | 69,872 |
Forfeited, Shares | 16,027 | 11,500 | 34,500 |
Outstanding at December 31, Shares | 429,041 | 357,750 | 372,453 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | $87.86 | $85.12 | $84.09 |
Granted, Weighted Average Grant Date Fair Value | $132.95 | $92.46 | $86.15 |
Vested, Weighted Average Grant Date Fair Value | $116.83 | $89.30 | $85.61 |
Forfeited, Weighted Average Grant Date Fair Value | $103.29 | $84.17 | $83.39 |
Outstanding at December 31, Weighted Average Grant Date Fair Value | $103.50 | $87.86 | $85.12 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net written premiums | $1,253,355 | $1,389,147 | $1,212,626 | $1,149,693 | $1,109,076 | $1,100,452 | $856,681 | $1,014,862 | ' | ' | ' |
Premiums earned | 1,287,496 | 1,225,755 | 1,151,533 | 1,088,759 | 1,119,396 | 1,009,454 | 1,037,800 | 997,978 | 4,753,543 | 4,164,628 | 4,101,347 |
Incurred losses and LAE | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,251 | 2,745,265 | 3,726,204 |
Commission and brokerage | ' | ' | ' | ' | ' | ' | ' | ' | 977,558 | 952,701 | 950,521 |
Other underwriting expenses | ' | ' | ' | ' | ' | ' | ' | ' | 237,126 | 207,659 | 182,403 |
Underwriting gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 738,608 | 259,003 | -757,781 |
U.S. Reinsurance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross written premiums | ' | ' | ' | ' | ' | ' | ' | ' | 1,809,669 | 1,310,683 | 1,346,830 |
Net written premiums | ' | ' | ' | ' | ' | ' | ' | ' | 1,807,067 | 1,306,463 | 1,344,273 |
Premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 1,671,513 | 1,416,407 | 1,312,713 |
Incurred losses and LAE | ' | ' | ' | ' | ' | ' | ' | ' | 814,668 | 1,050,394 | 1,034,111 |
Commission and brokerage | ' | ' | ' | ' | ' | ' | ' | ' | 366,890 | 350,634 | 327,845 |
Other underwriting expenses | ' | ' | ' | ' | ' | ' | ' | ' | 47,176 | 44,776 | 39,290 |
Underwriting gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 442,779 | -29,397 | -88,533 |
International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross written premiums | ' | ' | ' | ' | ' | ' | ' | ' | 1,345,770 | 1,192,306 | 1,238,444 |
Net written premiums | ' | ' | ' | ' | ' | ' | ' | ' | 1,327,430 | 1,188,745 | 1,218,561 |
Premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 1,289,341 | 1,214,840 | 1,244,492 |
Incurred losses and LAE | ' | ' | ' | ' | ' | ' | ' | ' | 675,362 | 586,325 | 1,372,309 |
Commission and brokerage | ' | ' | ' | ' | ' | ' | ' | ' | 295,883 | 300,116 | 310,992 |
Other underwriting expenses | ' | ' | ' | ' | ' | ' | ' | ' | 33,910 | 29,294 | 27,307 |
Underwriting gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 284,186 | 299,105 | -466,116 |
Bermuda [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross written premiums | ' | ' | ' | ' | ' | ' | ' | ' | 774,268 | 734,405 | 725,261 |
Net written premiums | ' | ' | ' | ' | ' | ' | ' | ' | 765,660 | 733,751 | 725,546 |
Premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 737,986 | 680,948 | 722,983 |
Incurred losses and LAE | ' | ' | ' | ' | ' | ' | ' | ' | 374,375 | 408,230 | 613,870 |
Commission and brokerage | ' | ' | ' | ' | ' | ' | ' | ' | 179,138 | 184,357 | 174,031 |
Other underwriting expenses | ' | ' | ' | ' | ' | ' | ' | ' | 34,654 | 30,607 | 26,305 |
Underwriting gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 149,819 | 57,754 | -91,223 |
U.S Insurance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross written premiums | ' | ' | ' | ' | ' | ' | ' | ' | 1,268,745 | 1,073,143 | 975,639 |
Net written premiums | ' | ' | ' | ' | ' | ' | ' | ' | 1,086,217 | 852,112 | 820,519 |
Premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 1,037,425 | 852,433 | 821,159 |
Incurred losses and LAE | ' | ' | ' | ' | ' | ' | ' | ' | 931,466 | 700,316 | 705,914 |
Commission and brokerage | ' | ' | ' | ' | ' | ' | ' | ' | 133,695 | 117,594 | 137,653 |
Other underwriting expenses | ' | ' | ' | ' | ' | ' | ' | ' | 119,283 | 102,982 | 89,501 |
Underwriting gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -147,019 | -68,459 | -111,909 |
Mt. Logan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross written premiums | ' | ' | ' | ' | ' | ' | ' | ' | 20,182 | ' | ' |
Net written premiums | ' | ' | ' | ' | ' | ' | ' | ' | 18,447 | ' | ' |
Premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 17,278 | ' | ' |
Incurred losses and LAE | ' | ' | ' | ' | ' | ' | ' | ' | 4,380 | ' | ' |
Commission and brokerage | ' | ' | ' | ' | ' | ' | ' | ' | 1,952 | ' | ' |
Other underwriting expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,103 | ' | ' |
Underwriting gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $8,843 | ' | ' |
Segment_Reporting_Schedule_Of_1
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $738,608 | $259,003 | ($757,781) |
Net investment income | 126,127 | 127,872 | 148,729 | 145,781 | 146,411 | 152,024 | 149,329 | 152,438 | 548,509 | 600,202 | 620,041 |
Net realized capital gains (losses) | 94,629 | 44,958 | 33,905 | 126,735 | 19,518 | 62,743 | -16,580 | 98,719 | 300,227 | 164,400 | 6,923 |
Net derivative gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 44,044 | -9,738 | -11,261 |
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | -24,817 | -23,976 | -16,461 |
Interest, fee and bond issue cost amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | -46,118 | -53,683 | -52,319 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -5,487 | 3,318 | -23,089 |
INCOME (LOSS) BEFORE TAXES | ' | ' | ' | ' | ' | ' | ' | ' | $1,554,966 | $939,526 | ($233,947) |
Segment_Reporting_Schedule_Of_2
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percent of company's gross written premiums | 20.60% | 21.10% | 24.80% |
United Kingdom [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross written premium | 555,332 | 456,724 | 453,169 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Business Acquisition [Line Items] | ' |
Goodwill | $46,215 |
Intangible assets | 26,903 |
Business acquisition, intangible assets amortized period, years | '7 years |
Heartland Crop Insurance Inc [Member] | ' |
Business Acquisition [Line Items] | ' |
Business acquisition date | 2-Jan-11 |
Business acquisition cash paid | $55,000 |
Premiere Underwriting Services [Member] | ' |
Business Acquisition [Line Items] | ' |
Business acquisition date | 28-Jan-11 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unaudited Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross written premiums | $1,312,658 | $1,464,984 | $1,260,202 | $1,180,790 | $1,151,056 | $1,203,997 | $909,018 | $1,046,466 | ' | ' | ' |
Net written premiums | 1,253,355 | 1,389,147 | 1,212,626 | 1,149,693 | 1,109,076 | 1,100,452 | 856,681 | 1,014,862 | ' | ' | ' |
Premiums earned | 1,287,496 | 1,225,755 | 1,151,533 | 1,088,759 | 1,119,396 | 1,009,454 | 1,037,800 | 997,978 | 4,753,543 | 4,164,628 | 4,101,347 |
Net investment income | 126,127 | 127,872 | 148,729 | 145,781 | 146,411 | 152,024 | 149,329 | 152,438 | 548,509 | 600,202 | 620,041 |
Net realized capital gains (losses) | 94,629 | 44,958 | 33,905 | 126,735 | 19,518 | 62,743 | -16,580 | 98,719 | 300,227 | 164,400 | 6,923 |
Total claims and underwriting expenses | 1,049,192 | 1,078,549 | 1,008,558 | 878,636 | 1,213,329 | 880,498 | 923,334 | 888,464 | 4,085,870 | 3,983,284 | 4,927,908 |
Net income (loss) | 366,748 | 238,527 | 275,642 | 384,343 | 58,777 | 250,922 | 214,551 | 304,704 | 1,265,260 | 828,954 | -80,486 |
Net (income) loss attributable to noncontrolling interests | -2,110 | -3,768 | ' | ' | ' | ' | ' | ' | 5,878 | ' | ' |
Net income (loss) attributable to Everest Re Group | $364,638 | $234,759 | $275,642 | $384,343 | ' | ' | ' | ' | $1,259,382 | $828,954 | ($80,486) |
Basic | $7.62 | $4.85 | $5.60 | $7.56 | $1.14 | $4.84 | $4.10 | $5.70 | $25.67 | $15.85 | ($1.49) |
Diluted | $7.54 | $4.81 | $5.56 | $7.50 | $1.13 | $4.82 | $4.08 | $5.68 | $25.44 | $15.79 | ($1.49) |
Schedule_I_Summary_Of_Investme1
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | $16,007,827 | |
Total investments and cash, Market Value | 16,596,483 | |
Total investments and cash, Amount Shown in Balance Sheet | 16,596,483 | |
Total Fixed Maturities-Available For Sale [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 12,391,164 | |
Total investments and cash, Market Value | 12,636,907 | |
Total investments and cash, Amount Shown in Balance Sheet | 12,636,907 | |
U.S. Government And Government Agencies [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 160,013 | |
Total investments and cash, Market Value | 161,025 | |
Total investments and cash, Amount Shown in Balance Sheet | 161,025 | |
State, Municipalities And Political Subdivisions [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 970,735 | |
Total investments and cash, Market Value | 1,002,528 | |
Total investments and cash, Amount Shown in Balance Sheet | 1,002,528 | |
Foreign Government Securities [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 1,740,337 | |
Total investments and cash, Market Value | 1,780,769 | |
Total investments and cash, Amount Shown in Balance Sheet | 1,780,769 | |
Foreign Corporate Securities [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 2,844,912 | |
Total investments and cash, Market Value | 2,885,813 | |
Total investments and cash, Amount Shown in Balance Sheet | 2,885,813 | |
Public Utilities [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 231,507 | |
Total investments and cash, Market Value | 248,488 | |
Total investments and cash, Amount Shown in Balance Sheet | 248,488 | |
All Other Corporate Bonds [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 3,867,350 | |
Total investments and cash, Market Value | 3,982,873 | |
Total investments and cash, Amount Shown in Balance Sheet | 3,982,873 | |
Commercial Mortgage-Backed Securities [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 254,765 | |
Total investments and cash, Market Value | 270,441 | |
Total investments and cash, Amount Shown in Balance Sheet | 270,441 | |
Agency Residential [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 2,294,719 | |
Total investments and cash, Market Value | 2,279,053 | |
Total investments and cash, Amount Shown in Balance Sheet | 2,279,053 | |
Non-Agency Residential [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 4,816 | |
Total investments and cash, Market Value | 4,819 | |
Total investments and cash, Amount Shown in Balance Sheet | 4,819 | |
Redeemable Preferred Stock [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 22,010 | |
Total investments and cash, Market Value | 21,098 | |
Total investments and cash, Amount Shown in Balance Sheet | 21,098 | |
Fixed Maturities - Available For Sale At Fair Value [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 20,888 | [1] |
Total investments and cash, Market Value | 19,388 | [1] |
Total investments and cash, Amount Shown in Balance Sheet | 19,388 | [1] |
Equity Securities - Available For Sale At Market Value [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 148,342 | |
Total investments and cash, Market Value | 144,081 | |
Total investments and cash, Amount Shown in Balance Sheet | 144,081 | |
Equity Securities - Available For Sale At Fair Value [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 1,113,405 | [1] |
Total investments and cash, Market Value | 1,462,079 | [1] |
Total investments and cash, Amount Shown in Balance Sheet | 1,462,079 | [1] |
Short-Term Investments [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 1,214,199 | |
Total investments and cash, Market Value | 1,214,199 | |
Total investments and cash, Amount Shown in Balance Sheet | 1,214,199 | |
Other Invested Assets [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 508,447 | |
Total investments and cash, Market Value | 508,447 | |
Total investments and cash, Amount Shown in Balance Sheet | 508,447 | |
Cash [Member] | ' | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | |
Total investments and cash, Cost | 611,382 | |
Total investments and cash, Market Value | 611,382 | |
Total investments and cash, Amount Shown in Balance Sheet | $611,382 | |
[1] | Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss). |
Schedule_II_Condensed_Financia1
Schedule II - Condensed Financial Information Of The Registrant (Condensed Balance Sheets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Fixed maturities, market value | $12,636,907 | $13,141,657 | ' |
Short-term investments | 1,214,199 | 860,379 | ' |
Cash | 611,382 | 537,050 | ' |
Accrued investment income | 119,058 | 130,209 | ' |
Other assets | 246,664 | 241,346 | ' |
TOTAL ASSETS | 19,808,036 | 19,777,907 | ' |
Other liabilities | 333,425 | 213,372 | ' |
Total liabilities | 12,746,382 | 13,044,440 | ' |
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | ' | ' | ' |
Common shares, par value: $0.01; 200,000 shares authorized; (2013) 67,965 and (2012) 67,105 issued outstanding before treasury shares | 680 | 671 | ' |
Additional paid-in capital | 2,029,774 | 1,946,439 | ' |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $57,661 at 2013 and $119,629 at 2012 | 157,728 | 537,049 | ' |
Treasury shares, at cost; 20,422 shares (2013) and 15,687 shares (2012) | -1,985,873 | -1,363,958 | ' |
Retained earnings | 6,765,967 | 5,613,266 | ' |
Total shareholders' equity attributable to Everest Re Group | 6,968,276 | 6,733,467 | 6,071,375 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | 19,808,036 | 19,777,907 | ' |
Fixed maturities - available for sale, at amortized cost | 12,391,164 | 12,444,880 | ' |
Preferred shares, par value | $0.01 | $0.01 | ' |
Preferred shares, authorized | 50,000,000 | 50,000,000 | ' |
Preferred shares, issued | 0 | 0 | ' |
Preferred shares, outstanding | 0 | 0 | ' |
Common shares, par value | $0.01 | $0.01 | ' |
Common shares, authorized | 200,000,000 | 200,000,000 | ' |
Common shares, issued | 586 | 518 | 668 |
Common shares, outstanding | 67,965,000 | 67,105,000 | ' |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | 57,661 | 119,629 | ' |
Treasury shares | 20,422,000 | 15,687,000 | ' |
Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Fixed maturities, market value | 31,856 | 40,233 | ' |
Short-term investments | 28,443 | 131,617 | ' |
Cash | 3,643 | 864 | ' |
Investment in subsidiaries, at equity in the underlying net assets | 6,885,027 | 6,558,734 | ' |
Accrued investment income | 290 | 357 | ' |
Receivable from subsidiaries | 728 | 728 | ' |
Subscription advances to Mt. Logan Re | 20,000 | ' | ' |
Other assets | 1,609 | 2,817 | ' |
TOTAL ASSETS | 6,971,596 | 6,735,350 | ' |
Due to subsidiaries | 2,740 | 1,362 | ' |
Other liabilities | 580 | 521 | ' |
Total liabilities | 3,320 | 1,883 | ' |
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | ' | ' | ' |
Common shares, par value: $0.01; 200,000 shares authorized; (2013) 67,965 and (2012) 67,105 issued outstanding before treasury shares | 680 | 671 | ' |
Additional paid-in capital | 2,029,774 | 1,946,439 | ' |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $57,661 at 2013 and $119,629 at 2012 | 157,728 | 537,049 | ' |
Treasury shares, at cost; 20,422 shares (2013) and 15,687 shares (2012) | -1,985,873 | -1,363,958 | ' |
Retained earnings | 6,765,967 | 5,613,266 | ' |
Total shareholders' equity attributable to Everest Re Group | 6,968,276 | 6,733,467 | ' |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | 6,971,596 | 6,735,350 | ' |
Fixed maturities - available for sale, at amortized cost | 30,937 | 38,620 | ' |
Preferred shares, par value | $0.01 | $0.01 | ' |
Preferred shares, authorized | 50,000,000 | 50,000,000 | ' |
Preferred shares, issued | 0 | 0 | ' |
Preferred shares, outstanding | 0 | 0 | ' |
Common shares, par value | $0.01 | $0.01 | ' |
Common shares, authorized | 200,000,000 | 200,000,000 | ' |
Common shares, issued | 67,965,000 | 67,105,000 | ' |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $57,661 | $119,629 | ' |
Treasury shares | 20,422,000 | 15,687,000 | ' |
Schedule_II_Condensed_Financia2
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment income | $126,127 | $127,872 | $148,729 | $145,781 | $146,411 | $152,024 | $149,329 | $152,438 | $548,509 | $600,202 | $620,041 |
Net realized capital gains (losses) | 94,629 | 44,958 | 33,905 | 126,735 | 19,518 | 62,743 | -16,580 | 98,719 | 300,227 | 164,400 | 6,923 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -5,487 | 3,318 | -23,089 |
Net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 45,905 | 63,779 | 56,549 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,640,836 | 4,922,810 | 4,693,961 |
Total claims and expenses | 1,049,192 | 1,078,549 | 1,008,558 | 878,636 | 1,213,329 | 880,498 | 923,334 | 888,464 | 4,085,870 | 3,983,284 | 4,927,908 |
INCOME (LOSS) BEFORE TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 1,554,966 | 939,526 | -233,947 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 289,706 | 110,572 | -153,461 |
NET INCOME (LOSS) | 366,748 | 238,527 | 275,642 | 384,343 | 58,777 | 250,922 | 214,551 | 304,704 | 1,265,260 | 828,954 | -80,486 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | ' | ' | ' | ' | ' | ' | ' | ' | -395,797 | 174,025 | 91,481 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -6,977 | -19,676 | -11,340 |
Total URA(D) on securities arising during the period, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -402,774 | 154,349 | 80,141 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -162 | 22,698 | -15,969 |
Benefit plan actuarial net gain (loss) for the period | ' | ' | ' | ' | ' | ' | ' | ' | 17,837 | -11,771 | -31,776 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,778 | 4,795 | 2,324 |
Total benefit plan net gain (loss) for the period | ' | ' | ' | ' | ' | ' | ' | ' | 23,615 | -6,976 | -29,452 |
Total other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -379,321 | 170,071 | 34,720 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 880,061 | 999,025 | -45,766 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 982 | 1,160 | 1,673 |
Net realized capital gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286 | ' |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -902 | -754 | -505 |
Net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,275,955 | 843,022 | -71,233 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,276,035 | 843,714 | -70,065 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 16,653 | 14,760 | 10,421 |
Total claims and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 16,653 | 14,760 | 10,421 |
INCOME (LOSS) BEFORE TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 1,259,382 | 828,954 | -80,486 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 1,259,382 | 828,954 | -80,486 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | ' | ' | ' | ' | ' | ' | ' | ' | -395,797 | 174,025 | 91,481 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -6,977 | -19,676 | -11,340 |
Total URA(D) on securities arising during the period, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -402,774 | 154,349 | 80,141 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -162 | 22,698 | -15,969 |
Benefit plan actuarial net gain (loss) for the period | ' | ' | ' | ' | ' | ' | ' | ' | 17,837 | -11,771 | -31,776 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,778 | 4,795 | 2,324 |
Total benefit plan net gain (loss) for the period | ' | ' | ' | ' | ' | ' | ' | ' | 23,615 | -6,976 | -29,452 |
Total other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -379,321 | 170,071 | 34,720 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | $880,061 | $999,025 | ($45,766) |
Schedule_II_Condensed_Financia3
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income (loss) | $1,265,260 | $828,954 | ($80,486) |
Equity in retained (earnings) deficit of subsidiaries | -45,905 | -63,779 | -56,549 |
Change in other assets and liabilities, net | -57,212 | 76,788 | 108,611 |
Amortization of bond premium (accrual of bond discount) | 66,461 | 61,844 | 47,872 |
Realized capital losses (gains) | -300,227 | -164,400 | -6,923 |
Non-cash compensation expense | 31,844 | 31,984 | 17,693 |
Net cash provided by (used in) operating activities | 1,098,261 | 694,632 | 717,738 |
Net change in short-term investments | -357,451 | -175,043 | 100,969 |
Net cash provided by (used in) investing activities | -224,003 | -264,548 | -266,924 |
Common shares issued during the period, net | 51,500 | 21,473 | 12,269 |
Purchase of treasury shares | -621,915 | -289,988 | -92,490 |
Dividends paid to shareholders | -106,681 | -100,402 | -103,848 |
Net cash provided by (used in) financing activities | -776,493 | -368,917 | -234,069 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -23,433 | 27,232 | -26,502 |
Net increase (decrease) in cash | 74,332 | 88,399 | 190,243 |
Cash, beginning of period | 537,050 | 448,651 | 258,408 |
Cash, end of period | 611,382 | 537,050 | 448,651 |
Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income (loss) | 1,259,382 | 828,954 | -80,486 |
Equity in retained (earnings) deficit of subsidiaries | -1,275,955 | -843,022 | 71,233 |
Dividends received from subsidiaries | 665,000 | 465,000 | 190,000 |
Change in other assets and liabilities, net | 1,334 | -2,414 | -718 |
Increase (decrease) in due to/from affiliates | 1,378 | 484 | 224 |
Amortization of bond premium (accrual of bond discount) | 241 | 494 | 875 |
Realized capital losses (gains) | ' | -286 | ' |
Non-cash compensation expense | 1,087 | 1,536 | 936 |
Net cash provided by (used in) operating activities | 652,467 | 450,746 | 182,064 |
Additional investment in subsidiaries | -93,967 | -49,673 | -91,548 |
Subscription advances to Mt. Logan Re | -20,000 | ' | ' |
Proceeds from fixed maturities matured/called - available for sale, at market value | 7,856 | 5,290 | 9,219 |
Proceeds from fixed maturities sold - available for sale, at market value | ' | 21,955 | ' |
Cost of fixed maturities acquired - available for sale, at market value | -413 | ' | ' |
Net change in short-term investments | 103,174 | -89,247 | 30,180 |
Net cash provided by (used in) investing activities | -3,350 | -111,675 | -52,149 |
Common shares issued during the period, net | 82,258 | 51,921 | 29,025 |
Purchase of treasury shares | -621,915 | -289,988 | -54,879 |
Dividends paid to shareholders | -106,681 | -100,402 | -103,848 |
Net cash provided by (used in) financing activities | -646,338 | -338,469 | -129,702 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ' | ' | ' |
Net increase (decrease) in cash | 2,779 | 602 | 213 |
Cash, beginning of period | 864 | 262 | 49 |
Cash, end of period | 3,643 | 864 | 262 |
Purchase of treasury shares by subsidiary | ' | ' | $37,611 |
Schedule_III_Supplementary_Ins1
Schedule III - Supplementary Insurance Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Acquisition Costs | $363,721 | $303,268 | $378,026 |
Reverse for Losses and Loss Adjustment Expenses | 9,673,240 | 10,069,055 | 10,123,215 |
Unearned Premium Reserves | 1,579,945 | 1,322,525 | 1,412,778 |
Premiums Earned | 4,753,543 | 4,164,628 | 4,101,347 |
Net Investment Income | 548,509 | 600,202 | 620,041 |
Incurred Loss and Loss Adjustment Expenses | 2,800,251 | 2,745,265 | 3,726,204 |
Amortization of Deferred Acquisition Costs | 977,558 | 952,701 | 950,521 |
Other Operating Expenses | 237,126 | 207,659 | 182,403 |
Net Written Premium | 5,004,821 | 4,081,071 | 4,108,899 |
U.S. [Member] | ' | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Acquisition Costs | 224,201 | 183,021 | 257,155 |
Reverse for Losses and Loss Adjustment Expenses | 5,915,490 | 6,281,606 | 6,104,930 |
Unearned Premium Reserves | 1,044,609 | 857,325 | 979,490 |
Premiums Earned | 2,708,938 | 2,268,840 | 2,133,872 |
Net Investment Income | 256,120 | 261,727 | 263,608 |
Incurred Loss and Loss Adjustment Expenses | 1,746,134 | 1,750,710 | 1,740,025 |
Amortization of Deferred Acquisition Costs | 500,585 | 468,228 | 465,498 |
Other Operating Expenses | 166,459 | 147,758 | 128,791 |
Net Written Premium | 2,893,284 | 2,158,575 | 2,164,792 |
International [Member] | ' | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Acquisition Costs | 68,594 | 62,250 | 72,856 |
Reverse for Losses and Loss Adjustment Expenses | 1,701,907 | 1,825,443 | 2,145,726 |
Unearned Premium Reserves | 275,083 | 239,671 | 263,373 |
Premiums Earned | 1,289,341 | 1,214,840 | 1,244,492 |
Net Investment Income | 44,325 | 47,676 | 51,232 |
Incurred Loss and Loss Adjustment Expenses | 675,362 | 586,325 | 1,372,309 |
Amortization of Deferred Acquisition Costs | 295,883 | 300,116 | 310,992 |
Other Operating Expenses | 33,910 | 29,294 | 27,307 |
Net Written Premium | 1,327,430 | 1,188,745 | 1,218,561 |
Bermuda [Member] | ' | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Acquisition Costs | 70,926 | 57,996 | 48,015 |
Reverse for Losses and Loss Adjustment Expenses | 2,055,843 | 1,962,006 | 1,872,559 |
Unearned Premium Reserves | 260,253 | 225,529 | 169,915 |
Premiums Earned | 755,264 | 680,948 | 722,983 |
Net Investment Income | 248,064 | 290,799 | 305,201 |
Incurred Loss and Loss Adjustment Expenses | 378,755 | 408,230 | 613,870 |
Amortization of Deferred Acquisition Costs | 181,090 | 184,357 | 174,031 |
Other Operating Expenses | 36,757 | 30,607 | 26,305 |
Net Written Premium | $784,107 | $733,751 | $725,546 |
Schedule_IV_Reinsurance_Detail
Schedule IV - Reinsurance (Details) (Total Property And Liability Insurance Premiums Earned [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total Property And Liability Insurance Premiums Earned [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Gross Amount | $1,207,833 | $1,054,707 | $871,598 |
Ceded to Other Companies | 203,114 | 243,746 | 224,873 |
Assumes from Other Companies | 3,748,824 | 3,353,667 | 3,454,622 |
Net Amount | $4,753,543 | $4,164,628 | $4,101,347 |
Assumed to Net | 78.90% | 80.50% | 84.20% |