Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 | ' | 45,246,968 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Fixed maturities - available for sale, at market value (amortized cost: 2014, $13,327,754; 2013, $12,391,164) | $13,643,326 | $12,636,907 |
Fixed maturities - available for sale, at fair value | 18,426 | 19,388 |
Equity securities - available for sale, at market value (cost: 2014, $147,068; 2013, $148,342) | 146,135 | 144,081 |
Equity securities - available for sale, at fair value | 1,341,111 | 1,462,079 |
Short-term investments | 1,496,739 | 1,214,199 |
Other invested assets (cost: 2014, $551,179; 2013, $508,447) | 551,179 | 508,447 |
Cash | 401,803 | 611,382 |
Total investments and cash | 17,598,719 | 16,596,483 |
Accrued investment income | 115,326 | 119,058 |
Premiums receivable | 1,705,394 | 1,453,114 |
Reinsurance receivables | 776,465 | 540,883 |
Funds held by reinsureds | 234,825 | 228,000 |
Deferred acquisition costs | 393,191 | 363,721 |
Prepaid reinsurance premiums | 180,737 | 81,779 |
Income taxes | 186,924 | 178,334 |
Other assets | 295,632 | 246,664 |
TOTAL ASSETS | 21,487,213 | 19,808,036 |
LIABILITIES: | ' | ' |
Reserve for losses and loss adjustment expenses | 9,795,429 | 9,673,240 |
Future policy benefit reserve | 57,633 | 59,512 |
Unearned premium reserve | 1,831,831 | 1,579,945 |
Funds held under reinsurance treaties | 3,506 | 2,692 |
Commission reserves | 70,168 | 66,160 |
Other net payable to reinsurers | 216,031 | 116,387 |
Losses in course of payment | 497,727 | 332,631 |
6.6% Long term notes due 5/1/2067 | 238,363 | 238,361 |
Accrued interest on debt and borrowings | 18,312 | 4,781 |
Equity index put option liability | 31,455 | 35,423 |
Unsettled securities payable | 97,059 | 53,867 |
Other liabilities | 193,103 | 333,425 |
Total liabilities | 13,700,615 | 12,746,382 |
NONCONTROLLING INTERESTS: | ' | ' |
Redeemable noncontrolling interest - Mt. Logan Re | 404,411 | 93,378 |
Commitments and contingencies (Note 9) | ' | ' |
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; (2014) 68,309 and (2013) 67,965 outstanding before treasury shares | 683 | 680 |
Additional paid-in capital | 2,059,956 | 2,029,774 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $63,790 at 2014 and $57,661 at 2013 | 185,397 | 157,728 |
Treasury shares, at cost; 23,060 shares (2014) and 20,422 shares (2013) | -2,385,815 | -1,985,873 |
Retained earnings | 7,521,966 | 6,765,967 |
Total shareholders' equity attributable to Everest Re Group | 7,382,187 | 6,968,276 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | 21,487,213 | 19,808,036 |
Senior Notes [Member] | 4.868% Senior notes due 6/1/2044 [Member] | ' | ' |
LIABILITIES: | ' | ' |
Senior notes | 400,000 | ' |
Senior Notes [Member] | 5.4% Senior notes due 10/15/2014 [Member] | ' | ' |
LIABILITIES: | ' | ' |
Senior notes | $249,998 | $249,958 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fixed maturities - available for sale, at amortized cost | $13,327,754 | $12,391,164 |
Equity securities - available for sale, at cost | 147,068 | 148,342 |
Other invested assets, at cost | 551,179 | 508,447 |
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 | 68,309,000 | 67,965,000 |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $63,790 | $57,661 |
Treasury shares | 23,060,000 | 20,422,000 |
Long Term Subordinated Notes [Member] | ' | ' |
Debt instrument, stated interest rate | 6.60% | 6.60% |
Debt instrument, maturity date | 1-May-67 | ' |
4.868% Senior notes due 6/1/2044 [Member] | Senior Notes [Member] | ' | ' |
Debt instrument, stated interest rate | 4.87% | ' |
Debt instrument, maturity date | 1-Jun-44 | ' |
5.4% Senior notes due 10/15/2014 [Member] | Senior Notes [Member] | ' | ' |
Debt instrument, stated interest rate | 5.40% | 5.40% |
Debt instrument, maturity date | 15-Oct-14 | ' |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUES: | ' | ' | ' | ' |
Premiums earned | $1,389,998 | $1,225,755 | $3,806,805 | $3,466,047 |
Net investment income | 142,143 | 127,872 | 396,524 | 422,382 |
Net realized capital gains (losses): | ' | ' | ' | ' |
Other-than-temporary impairments on fixed maturity securities | -106 | ' | -495 | -191 |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | ' | ' | ' | ' |
Other net realized capital gains (losses) | -9,342 | 44,958 | 71,189 | 205,789 |
Total net realized capital gains (losses) | -9,448 | 44,958 | 70,694 | 205,598 |
Net derivative gain (loss) | 1,855 | 5,639 | 3,968 | 33,005 |
Other income (expense) | 11,332 | -2,726 | -5,835 | -3,318 |
Total revenues | 1,535,880 | 1,401,498 | 4,272,156 | 4,123,714 |
CLAIMS AND EXPENSES: | ' | ' | ' | ' |
Incurred losses and loss adjustment expenses | 837,757 | 770,102 | 2,192,863 | 2,074,336 |
Commission, brokerage, taxes and fees | 290,519 | 248,587 | 820,208 | 723,700 |
Other underwriting expenses | 63,113 | 59,860 | 172,165 | 167,707 |
Corporate expenses | 9,958 | 4,758 | 18,802 | 16,643 |
Interest, fees and bond issue cost amortization expense | 12,424 | 7,637 | 28,970 | 38,480 |
Total claims and expenses | 1,213,771 | 1,090,944 | 3,233,008 | 3,020,866 |
INCOME (LOSS) BEFORE TAXES | 322,109 | 310,554 | 1,039,148 | 1,102,848 |
Income tax expense (benefit) | 20,856 | 72,027 | 137,948 | 204,336 |
NET INCOME (LOSS) | 301,253 | 238,527 | 901,200 | 898,512 |
Net (income) loss attributable to noncontrolling interests | -26,337 | -3,768 | -42,167 | -3,768 |
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | 274,916 | 234,759 | 859,033 | 894,744 |
Other comprehensive income (loss), net of tax : | ' | ' | ' | ' |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | -74,074 | -20,925 | 65,318 | -340,267 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | -5,684 | -1,592 | -1,641 | -7,511 |
Total URA(D) on securities arising during the period | -79,758 | -22,517 | 63,677 | -347,778 |
Foreign currency translation adjustments | -34,974 | -5,913 | -38,374 | -13,228 |
Benefit plan actuarial net gain (loss) for the period | ' | ' | ' | ' |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 825 | 1,470 | 2,366 | 4,161 |
Total benefit plan net gain (loss) for the period | 825 | 1,470 | 2,366 | 4,161 |
Total other comprehensive income (loss), net of tax | -113,907 | -26,960 | 27,669 | -356,845 |
Other comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' |
Total other comprehensive income (loss), net of tax attributable to Everest Re Group | -113,907 | -26,960 | 27,669 | -356,845 |
COMPREHENSIVE INCOME (LOSS) | $161,009 | $207,799 | $886,702 | $537,899 |
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO EVEREST RE GROUP: | ' | ' | ' | ' |
Basic | $6.05 | $4.85 | $18.64 | $18.09 |
Diluted | $6 | $4.81 | $18.47 | $17.94 |
Dividends declared | $0.75 | $0.48 | $2.25 | $1.44 |
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, 2012 | $671 | $1,946,439 | $537,049 | $5,613,266 | ($1,363,958) | ' |
Balance, beginning of period, shares at Dec. 31, 2012 | 51,417,962 | ' | ' | ' | ' | ' |
Issued during the period, shares | 758,110 | ' | ' | ' | ' | ' |
Treasury shares acquired, shares | -4,261,668 | ' | ' | ' | ' | ' |
Issued during the period, net | 8 | ' | ' | ' | ' | ' |
Share-based compensation plans | ' | 66,752 | ' | ' | ' | ' |
Net increase (decrease) during the period | ' | ' | -356,845 | ' | ' | -356,845 |
Net income (loss) attributable to Everest Re Group | ' | ' | ' | 894,744 | ' | 894,744 |
Dividends declared ($0.75 per share in third quarter 2014 and $2.25 year-to-date per share in 2014 and $0.48 per share in third quarter 2013 and $1.44 year-to-date per share in 2013) | ' | ' | ' | -70,720 | ' | -70,720 |
Purchase of treasury shares | ' | ' | ' | ' | -549,956 | ' |
Balance, end of period at Sep. 30, 2013 | 679 | 2,013,191 | 180,204 | 6,437,290 | -1,913,914 | 6,717,450 |
Balance, end of period, shares at Sep. 30, 2013 | 47,914,404 | ' | ' | ' | ' | ' |
Balance, beginning of period at Jun. 30, 2013 | 678 | 2,003,166 | 207,164 | 6,225,705 | -1,813,913 | ' |
Balance, beginning of period, shares at Jun. 30, 2013 | 48,588,040 | ' | ' | ' | ' | ' |
Issued during the period, shares | 51,018 | ' | ' | ' | ' | ' |
Treasury shares acquired, shares | -724,654 | ' | ' | ' | ' | ' |
Issued during the period, net | 1 | ' | ' | ' | ' | ' |
Share-based compensation plans | ' | 10,025 | ' | ' | ' | ' |
Net increase (decrease) during the period | ' | ' | -26,960 | ' | ' | -26,960 |
Net income (loss) attributable to Everest Re Group | ' | ' | ' | 234,759 | ' | 234,759 |
Dividends declared ($0.75 per share in third quarter 2014 and $2.25 year-to-date per share in 2014 and $0.48 per share in third quarter 2013 and $1.44 year-to-date per share in 2013) | ' | ' | ' | -23,174 | ' | -23,174 |
Purchase of treasury shares | ' | ' | ' | ' | -100,001 | ' |
Balance, end of period at Sep. 30, 2013 | 679 | 2,013,191 | 180,204 | 6,437,290 | -1,913,914 | 6,717,450 |
Balance, end of period, shares at Sep. 30, 2013 | 47,914,404 | ' | ' | ' | ' | ' |
Balance, beginning of period at Dec. 31, 2013 | 680 | 2,029,774 | 157,728 | 6,765,967 | -1,985,873 | 6,968,276 |
Balance, beginning of period, shares at Dec. 31, 2013 | 47,543,132 | ' | ' | ' | ' | 67,965,000 |
Issued during the period, shares | 344,761 | ' | ' | ' | ' | ' |
Treasury shares acquired, shares | -2,638,063 | ' | ' | ' | ' | ' |
Issued during the period, net | 3 | ' | ' | ' | ' | ' |
Share-based compensation plans | ' | 30,182 | ' | ' | ' | ' |
Net increase (decrease) during the period | ' | ' | 27,669 | ' | ' | 27,669 |
Net income (loss) attributable to Everest Re Group | ' | ' | ' | 859,033 | ' | 859,033 |
Dividends declared ($0.75 per share in third quarter 2014 and $2.25 year-to-date per share in 2014 and $0.48 per share in third quarter 2013 and $1.44 year-to-date per share in 2013) | ' | ' | ' | -103,034 | ' | -103,034 |
Purchase of treasury shares | ' | ' | ' | ' | -399,942 | ' |
Balance, end of period at Sep. 30, 2014 | 683 | 2,059,956 | 185,397 | 7,521,966 | -2,385,815 | 7,382,187 |
Balance, end of period, shares at Sep. 30, 2014 | 45,249,830 | ' | ' | ' | ' | 68,309,000 |
Balance, beginning of period at Jun. 30, 2014 | 683 | 2,052,682 | 299,304 | 7,281,023 | -2,310,824 | ' |
Balance, beginning of period, shares at Jun. 30, 2014 | 45,691,015 | ' | ' | ' | ' | ' |
Issued during the period, shares | 29,622 | ' | ' | ' | ' | ' |
Treasury shares acquired, shares | -470,807 | ' | ' | ' | ' | ' |
Share-based compensation plans | ' | 7,274 | ' | ' | ' | ' |
Net increase (decrease) during the period | ' | ' | -113,907 | ' | ' | -113,907 |
Net income (loss) attributable to Everest Re Group | ' | ' | ' | 274,916 | ' | 274,916 |
Dividends declared ($0.75 per share in third quarter 2014 and $2.25 year-to-date per share in 2014 and $0.48 per share in third quarter 2013 and $1.44 year-to-date per share in 2013) | ' | ' | ' | -33,973 | ' | -33,973 |
Purchase of treasury shares | ' | ' | ' | ' | -74,991 | ' |
Balance, end of period at Sep. 30, 2014 | $683 | $2,059,956 | $185,397 | $7,521,966 | ($2,385,815) | $7,382,187 |
Balance, end of period, shares at Sep. 30, 2014 | 45,249,830 | ' | ' | ' | ' | 68,309,000 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ' | ' | ' | ' |
Dividends declared | $0.75 | $0.48 | $2.25 | $1.44 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' |
Net income (loss) | $301,253 | $238,527 | $901,200 | $898,512 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Decrease (increase) in premiums receivable | -157,818 | -181,317 | -255,645 | -401,623 |
Decrease (increase) in funds held by reinsureds, net | -9,077 | 12,729 | -6,929 | 485 |
Decrease (increase) in reinsurance receivables | -119,381 | -11,187 | -256,458 | -77,165 |
Decrease (increase) in income taxes | -29,953 | 73,279 | -14,696 | 130,008 |
Decrease (increase) in prepaid reinsurance premiums | -33,132 | -14,605 | -101,478 | -21,513 |
Increase (decrease) in reserve for losses and loss adjustment expenses | 164,456 | -100,751 | 172,511 | -275,893 |
Increase (decrease) in future policy benefit reserve | -735 | -285 | -1,879 | -852 |
Increase (decrease) in unearned premiums | 158,734 | 178,193 | 255,537 | 304,728 |
Increase (decrease) in other net payables to reinsurers | 1,438 | 33,937 | 101,984 | 63,702 |
Increase (decrease) in losses in course of payment | 3,115 | 174,701 | 165,105 | 404,836 |
Change in equity adjustments in limited partnerships | -21,238 | -4,343 | -24,438 | -40,693 |
Distribution of limited partnership income | 27,735 | 5,638 | 41,165 | 48,733 |
Change in other assets and liabilities, net | 24,758 | 6,754 | -32,114 | -68,112 |
Non-cash compensation expense | 4,952 | 4,923 | 14,720 | 15,088 |
Amortization of bond premium (accrual of bond discount) | 10,942 | 14,773 | 38,010 | 50,280 |
Amortization of underwriting discount on senior notes | 15 | 14 | 43 | 41 |
Net realized capital (gains) losses | 9,448 | -44,958 | -70,694 | -205,598 |
Net cash provided by (used in) operating activities | 335,512 | 386,022 | 925,944 | 824,964 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' |
Proceeds from fixed maturities matured/called - available for sale, at market value | 590,769 | 594,260 | 1,638,278 | 1,912,978 |
Proceeds from fixed maturities matured/called - available for sale, at fair value | ' | ' | 875 | 7,213 |
Proceeds from fixed maturities sold - available for sale, at market value | 443,606 | 214,173 | 1,050,082 | 845,357 |
Proceeds from fixed maturities sold - available for sale, at fair value | 3,093 | 1,056 | 23,856 | 18,398 |
Proceeds from equity securities sold - available for sale, at market value | 2,502 | 326 | 11,174 | 45,749 |
Proceeds from equity securities sold - available for sale, at fair value | 147,622 | 101,176 | 452,514 | 459,945 |
Distributions from other invested assets | 36,744 | 5,236 | 59,264 | 79,689 |
Cost of fixed maturities acquired - available for sale, at market value | -1,270,700 | -671,876 | -3,729,423 | -2,794,035 |
Cost of fixed maturities acquired - available for sale, at fair value | -22,375 | -2,092 | -23,684 | -4,798 |
Cost of equity securities acquired - available for sale, at market value | -1,254 | -1,097 | -11,873 | -54,584 |
Cost of equity securities acquired - available for sale, at fair value | -79,557 | -180,308 | -262,871 | -424,252 |
Cost of other invested assets acquired | -86,523 | -3,762 | -120,911 | -15,063 |
Net change in short-term investments | 138,855 | -139,544 | -284,822 | -7,408 |
Net change in unsettled securities transactions | -7,137 | -70,186 | 13,496 | -14,518 |
Net cash provided by (used in) investing activities | -104,355 | -152,638 | -1,184,045 | 54,671 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' |
Common shares issued during the period, net | 2,322 | 5,103 | 15,465 | 51,672 |
Purchase of treasury shares | -74,991 | -100,001 | -399,942 | -549,956 |
Revolving credit borrowings | ' | -40,000 | ' | ' |
Net cost of junior subordinated debt securities redemption | ' | ' | ' | -329,897 |
Net proceeds from issuance of senior notes | ' | ' | 400,000 | ' |
Third party investment in redeemable noncontrolling interest | -65,000 | 87,500 | 136,200 | 87,500 |
Dividends paid to shareholders | -33,973 | -23,174 | -103,034 | -70,720 |
Dividends paid on third party investment in redeemable noncontrolling interest | -10,334 | ' | -10,334 | ' |
Net cash provided by (used in) financing activities | -181,976 | -70,572 | 38,355 | -811,401 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 11,052 | -12,414 | 10,167 | -15,750 |
Net increase (decrease) in cash | 60,233 | 150,398 | -209,579 | 52,484 |
Cash, beginning of period | 341,570 | 439,136 | 611,382 | 537,050 |
Cash, end of period | 401,803 | 589,534 | 401,803 | 589,534 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' | ' |
Income taxes paid (recovered) | 49,319 | -1,820 | 146,560 | 64,918 |
Interest paid | $132 | $243 | $15,150 | $23,524 |
General
General | 9 Months Ended |
Sep. 30, 2014 | |
General [Abstract] | ' |
General | ' |
1.GENERAL | |
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. | |
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 Res operating results and equity are presented as separate captions in the Companys financial statements. |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
2.BASIS OF PRESENTATION | |
The unaudited consolidated financial statements of the Company for the three and nine months ended September 30, 2014 and 2013 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis.Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), has been omitted since it is not required for interim reporting purposes.The December 31, 2013 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.The results for the three and nine months ended September 30, 2014 and 2013 are not necessarily indicative of the results for a full year.These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2013, 2012 and 2011 included in the Companys most recent Form 10-K filing. | |
All intercompany accounts and transactions have been eliminated. | |
Certain reclassifications and format changes have been made to prior years amounts to conform to the 2014 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 three and nine months ended September 30, 2013, $5,638 thousand and $48,733 thousand, respectively, have been reclassified from Distributions from other invested assets included in cash flowsfrom 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. | |
Application of Recently Issued Accounting Standard Changes. | |
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. | |
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 the years ended December 31, 2012 and 2013, respectively.No additional expense will be incurred related to this guidance implementation in future periods. | |
Investments
Investments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
3.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 September 30, 2014 | |||||||||||||||||||||||||
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 | $ | 716,191 | $ | 5,513 | $ | (830 | ) | $ | 720,874 | ||||||||||||||||
Obligations of U.S. states and political subdivisions | 792,193 | 43,524 | (994 | ) | 834,723 | ||||||||||||||||||||
Corporate securities | 4,594,903 | 144,022 | (30,854 | ) | 4,708,071 | ||||||||||||||||||||
Asset-backed securities | 311,772 | 1,950 | (519 | ) | 313,203 | ||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 216,264 | 12,385 | (686 | ) | 227,963 | ||||||||||||||||||||
Agency residential | 2,156,374 | 37,989 | (17,151 | ) | 2,177,212 | ||||||||||||||||||||
Non-agency residential | 2,982 | 54 | (69 | ) | 2,967 | ||||||||||||||||||||
Foreign government securities | 1,532,505 | 63,180 | (15,853 | ) | 1,579,832 | ||||||||||||||||||||
Foreign corporate securities | 3,004,570 | 95,383 | (21,472 | ) | 3,078,481 | ||||||||||||||||||||
Total fixed maturity securities | $ | 13,327,754 | $ | 404,000 | $ | (88,428 | ) | $ | 13,643,326 | ||||||||||||||||
Equity securities | $ | 147,068 | $ | 5,419 | $ | (6,352 | ) | $ | 146,135 | ||||||||||||||||
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 | ||||||||||||||||
The $1,579,832 thousand of foreign government securities at September 30, 2014 included $672,976 thousand of European sovereign securities.Approximately 59.3%, 17.6% and 6.2% of European sovereign securities represented securities held in the governments of the United Kingdom, France 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 September 30, 2014. | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
(Dollars in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||
Pre-tax cumulative unrealized appreciation (depreciation) | $ | 2,989 | $ | 3,169 | |||||||||||||||||||||
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 September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
Amortized | Market | Amortized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Fixed maturity securities available for sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 1,231,500 | $ | 1,238,990 | $ | 1,059,052 | $ | 1,067,799 | |||||||||||||||||
Due after one year through five years | 6,155,821 | 6,283,753 | 5,565,112 | 5,740,662 | |||||||||||||||||||||
Due after five years through ten years | 2,309,641 | 2,353,164 | 2,081,908 | 2,101,234 | |||||||||||||||||||||
Due after ten years | 943,400 | 1,046,074 | 960,812 | 999,856 | |||||||||||||||||||||
Asset-backed securities | 311,772 | 313,203 | 169,980 | 173,043 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Commercial | 216,264 | 227,963 | 254,765 | 270,441 | |||||||||||||||||||||
Agency residential | 2,156,374 | 2,177,212 | 2,294,719 | 2,279,053 | |||||||||||||||||||||
Non-agency residential | 2,982 | 2,967 | 4,816 | 4,819 | |||||||||||||||||||||
Total fixed maturity securities | $ | 13,327,754 | $ | 13,643,326 | $ | 12,391,164 | $ | 12,636,907 | |||||||||||||||||
The changes in net unrealized appreciation (depreciation) for the Companys investments are derived from the following sources for the periods indicated: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Increase (decrease) during the period between the market value and cost | |||||||||||||||||||||||||
of investments carried at market value, and deferred taxes thereon: | |||||||||||||||||||||||||
Fixed maturity securities | $ | (87,859 | ) | $ | (26,106 | ) | $ | 70,010 | $ | (385,727 | ) | ||||||||||||||
Fixed maturity securities, other-than-temporary impairment | (261 | ) | (144 | ) | (180 | ) | (1,516 | ) | |||||||||||||||||
Equity securities | (3,287 | ) | (1,447 | ) | 3,327 | (15,522 | ) | ||||||||||||||||||
Change in unrealized appreciation (depreciation), pre-tax | (91,407 | ) | (27,697 | ) | 73,157 | (402,765 | ) | ||||||||||||||||||
Deferred tax benefit (expense) | 11,649 | 5,180 | (9,480 | ) | 54,847 | ||||||||||||||||||||
Deferred tax benefit (expense), other-than-temporary impairment | - | - | - | 140 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation), | |||||||||||||||||||||||||
net of deferred taxes, included in shareholders equity | $ | (79,758 | ) | $ | (22,517 | ) | $ | 63,677 | $ | (347,778 | ) | ||||||||||||||
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 securitys 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 Companys 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 Companys consolidated balance sheets. | |||||||||||||||||||||||||
The Companys 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 Companys 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 funds 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 Companys consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||
Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Companys 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 September 30, 2014 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 | $ | 35,516 | $ | (190 | ) | $ | 25,462 | $ | (640 | ) | $ | 60,978 | $ | (830 | ) | ||||||||||
Obligations of U.S. states and political subdivisions | 18,198 | (426 | ) | 36,680 | (568 | ) | 54,878 | (994 | ) | ||||||||||||||||
Corporate securities | 1,533,633 | (21,194 | ) | 371,829 | (9,660 | ) | 1,905,462 | (30,854 | ) | ||||||||||||||||
Asset-backed securities | 159,751 | (519 | ) | - | - | 159,751 | (519 | ) | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 15,440 | (27 | ) | 10,962 | (659 | ) | 26,402 | (686 | ) | ||||||||||||||||
Agency residential | 157,297 | (563 | ) | 829,667 | (16,588 | ) | 986,964 | (17,151 | ) | ||||||||||||||||
Non-agency residential | - | - | 1,362 | (69 | ) | 1,362 | (69 | ) | |||||||||||||||||
Foreign government securities | 284,210 | (4,567 | ) | 213,313 | (11,286 | ) | 497,523 | (15,853 | ) | ||||||||||||||||
Foreign corporate securities | 478,718 | (5,997 | ) | 410,294 | (15,475 | ) | 889,012 | (21,472 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 2,682,763 | $ | (33,483 | ) | $ | 1,899,569 | $ | (54,945 | ) | $ | 4,582,332 | $ | (88,428 | ) | ||||||||||
Equity securities | 41,908 | (1,794 | ) | 76,821 | (4,558 | ) | 118,729 | (6,352 | ) | ||||||||||||||||
Total | $ | 2,724,671 | $ | (35,277 | ) | $ | 1,976,390 | $ | (59,503 | ) | $ | 4,701,061 | $ | (94,780 | ) | ||||||||||
Duration of Unrealized Loss at September 30, 2014 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 | $ | 84,658 | $ | (1,512 | ) | $ | 107,000 | $ | (8,116 | ) | $ | 191,658 | $ | (9,628 | ) | ||||||||||
Due in one year through five years | 1,446,131 | (17,614 | ) | 617,461 | (15,101 | ) | 2,063,592 | (32,715 | ) | ||||||||||||||||
Due in five years through ten years | 772,425 | (11,162 | ) | 244,999 | (10,019 | ) | 1,017,424 | (21,181 | ) | ||||||||||||||||
Due after ten years | 47,061 | (2,086 | ) | 88,118 | (4,393 | ) | 135,179 | (6,479 | ) | ||||||||||||||||
Asset-backed securities | 159,751 | (519 | ) | - | - | 159,751 | (519 | ) | |||||||||||||||||
Mortgage-backed securities | 172,737 | (590 | ) | 841,991 | (17,316 | ) | 1,014,728 | (17,906 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 2,682,763 | $ | (33,483 | ) | $ | 1,899,569 | $ | (54,945 | ) | $ | 4,582,332 | $ | (88,428 | ) | ||||||||||
The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at September 30, 2014 were $4,701,061 thousand and $94,780 thousand, respectively.The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at September 30, 2014, did not exceed 1.1% of the overall market value of the Companys 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 $33,483 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 foreign and domestic corporate securities, as well as foreign government securities.Of these unrealized losses, $13,870 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating organization. The $54,945 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to agency residential mortgage-backed securities, domestic and foreign corporate securities and foreign government securities.Of these unrealized losses, $51,746 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 $28 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, 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 Companys 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 components of net investment income are presented in the table below for the periods indicated: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Fixed maturities | $ | 115,057 | $ | 117,814 | $ | 348,872 | $ | 358,824 | |||||||||||||||||
Equity securities | 11,086 | 10,337 | 36,111 | 32,873 | |||||||||||||||||||||
Short-term investments and cash | 295 | 339 | 1,202 | 819 | |||||||||||||||||||||
Other invested assets | |||||||||||||||||||||||||
Limited partnerships | 21,690 | 4,574 | 25,658 | 41,642 | |||||||||||||||||||||
Other | 869 | 1,055 | 3,220 | 5,311 | |||||||||||||||||||||
Gross investment income before adjustments | 148,997 | 134,119 | 415,063 | 439,469 | |||||||||||||||||||||
Funds held interest income (expense) | 1,817 | 1,708 | 6,875 | 7,984 | |||||||||||||||||||||
Future policy benefit reserve income (expense) | (471 | ) | (395 | ) | (915 | ) | (1,547 | ) | |||||||||||||||||
Gross investment income | 150,343 | 135,432 | 421,023 | 445,906 | |||||||||||||||||||||
Investment expenses | (8,200 | ) | (7,560 | ) | (24,499 | ) | (23,524 | ) | |||||||||||||||||
Net investment income | $ | 142,143 | $ | 127,872 | $ | 396,524 | $ | 422,382 | |||||||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||||||||||
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 $266,152 thousand in limited partnerships at September 30, 2014.These commitments will be funded when called in accordance with the partnership agreements, which have investment periods that expire, unless extended, through 2019. | |||||||||||||||||||||||||
The components of net realized capital gains (losses) are presented in the table below for the periods indicated: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Fixed maturity securities, market value: | |||||||||||||||||||||||||
Other-than-temporary impairments | $ | (106 | ) | $ | - | $ | (495 | ) | $ | (191 | ) | ||||||||||||||
Gains (losses) from sales | 7,311 | 1,895 | 3,668 | 6,468 | |||||||||||||||||||||
Fixed maturity securities, fair value: | |||||||||||||||||||||||||
Gains (losses) from sales | 82 | 37 | 1,022 | 127 | |||||||||||||||||||||
Gains (losses) from fair value adjustments | (938 | ) | 577 | (938 | ) | (1,004 | ) | ||||||||||||||||||
Equity securities, market value: | |||||||||||||||||||||||||
Gains (losses) from sales | (181 | ) | (2 | ) | (1,235 | ) | 2,649 | ||||||||||||||||||
Equity securities, fair value: | |||||||||||||||||||||||||
Gains (losses) from sales | (1,823 | ) | 1,827 | (1,873 | ) | 25,879 | |||||||||||||||||||
Gains (losses) from fair value adjustments | (13,792 | ) | 40,623 | 70,548 | 171,655 | ||||||||||||||||||||
Short-term investments gain (loss) | (1 | ) | 1 | (3 | ) | 15 | |||||||||||||||||||
Total net realized capital gains (losses) | $ | (9,448 | ) | $ | 44,958 | $ | 70,694 | $ | 205,598 | ||||||||||||||||
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: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Proceeds from sales of fixed maturity securities | $ | 446,699 | $ | 215,229 | $ | 1,073,938 | $ | 863,755 | |||||||||||||||||
Gross gains from sales | 12,821 | 7,734 | 28,828 | 26,655 | |||||||||||||||||||||
Gross losses from sales | (5,428 | ) | (5,802 | ) | (24,138 | ) | (20,060 | ) | |||||||||||||||||
Proceeds from sales of equity securities | $ | 150,124 | $ | 101,502 | $ | 463,688 | $ | 505,694 | |||||||||||||||||
Gross gains from sales | 2,545 | 3,992 | 13,047 | 36,495 | |||||||||||||||||||||
Gross losses from sales | (4,549 | ) | (2,167 | ) | (16,155 | ) | (7,967 | ) |
Derivatives
Derivatives | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivatives [Abstract] | ' | ||||||||||||||||||
Derivatives | ' | ||||||||||||||||||
4.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 Companys 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 & Poors 500 (S&P 500) index, for total consideration, net of commissions, of $22,530 thousand.At September 30, 2014, fair value for these equity index put option contracts was $25,443 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 September 30, 2014 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 20%.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 September 30, 2014, the present value of these theoretical maximum payouts using a 3% discount factor was $416,895 thousand.Conversely, if the contracts had all expired on September 30, 2014, with the S&P index at $1,972.29, 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 September 30, 2014, fair value for this equity index put option contract was $6,011 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 September 30, 2014 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 39%.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 September 30, 2014, the present value of the theoretical maximum payout using a 3% discount factor and current exchange rate was $45,037 thousand.Conversely, if the contract had expired on September 30, 2014, with the FTSE index at 6,622.70, there would have been no settlement amount. | |||||||||||||||||||
The fair value of the equity index put options can be found in the Companys consolidated balance sheets as follows: | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Derivatives not designated as | Location of fair value | At | At | ||||||||||||||||
hedging instruments | in balance sheets | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Equity index put option contracts | Equity index put option liability | $ | 31,455 | $ | 35,423 | ||||||||||||||
Total | $ | 31,455 | $ | 35,423 | |||||||||||||||
The change in fair value of the equity index put option contracts can be found in the Companys statement of operations and comprehensive income (loss) as follows: | |||||||||||||||||||
(Dollars in thousands) | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||
Derivatives not designated as | Location of gain (loss) in statements of | September 30, | September 30, | ||||||||||||||||
hedging instruments | operations and comprehensive income (loss) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Equity index put option contracts | Net derivative gain (loss) | $ | 1,855 | $ | 5,639 | $ | 3,968 | $ | 33,005 | ||||||||||
Total | $ | 1,855 | $ | 5,639 | $ | 3,968 | $ | 33,005 | |||||||||||
The Companys 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 Companys financial strength ratings (Moodys Investors Service, Inc.) and/or debt ratings (Standard & Poors Ratings Services).The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on September 30, 2014, was $31,455 thousand for which the Company had posted collateral with a market value of $17,827 thousand.If on September 30, 2014, the Companys ratings were such that the collateral threshold was zero, the Companys collateral requirement would increase by $55,000 thousand. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
5.FAIR VALUE | |||||||||||||||||||||||||||||||||||||||||||||||||
The Companys 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 September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company internally manages a small public equity portfolio which had a fair value at September 30, 2014 and December 31, 2013 of $185,973 thousand and $174,628 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 Companys equity index put option contracts. | |||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, 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 which meet the definition of a derivative.The Companys position in these contracts is unhedged.The Company records the change in fair value of equity index put option contracts in its consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||||||||||||||||||||||||||
The fair value was calculated using an industry accepted option pricing model, Black-Scholes, which used the following assumptions: | |||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contract | |||||||||||||||||||||||||||||||||||||||||||||||||
Contracts | based on | ||||||||||||||||||||||||||||||||||||||||||||||||
based on | FTSE 100 | ||||||||||||||||||||||||||||||||||||||||||||||||
S & P 500 Index | Index | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity index | 1,972.30 | 6,622.70 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 1.23% to 3.49% | 2.42% | |||||||||||||||||||||||||||||||||||||||||||||||
Time to maturity | 2.6 to 16.5 yrs | 5.8 yrs | |||||||||||||||||||||||||||||||||||||||||||||||
Volatility | 20.4% to 24.9% | 22.50% | |||||||||||||||||||||||||||||||||||||||||||||||
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) | 30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, market value | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 720,874 | $ | - | $ | 720,874 | $ | - | |||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. States and political subdivisions | 834,723 | - | 834,723 | - | |||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | 4,708,071 | - | 4,706,755 | 1,316 | |||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 313,203 | - | 287,835 | 25,368 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 227,963 | - | 227,963 | - | |||||||||||||||||||||||||||||||||||||||||||||
Agency residential | 2,177,212 | - | 2,147,367 | 29,845 | |||||||||||||||||||||||||||||||||||||||||||||
Non-agency residential | 2,967 | - | 2,967 | - | |||||||||||||||||||||||||||||||||||||||||||||
Foreign government securities | 1,579,832 | - | 1,579,832 | - | |||||||||||||||||||||||||||||||||||||||||||||
Foreign corporate securities | 3,078,481 | - | 3,074,026 | 4,455 | |||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, market value | 13,643,326 | - | 13,582,342 | 60,984 | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, fair value | 18,426 | - | 18,426 | - | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities, market value | 146,135 | 128,791 | 17,344 | - | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities, fair value | 1,341,111 | 1,231,870 | 109,241 | - | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity index put option contracts | $ | 31,455 | $ | - | $ | - | $ | 31,455 | |||||||||||||||||||||||||||||||||||||||||
There were no transfers between Level 1 and Level 2 for the nine months ended September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Asset-backed | Foreign | Non-agency | Agency | Corporate | Asset-backed | Foreign | Non-agency | Agency | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Securities | Securities | Corporate | RMBS | RMBS | Total | Securities | Securities | Corporate | RMBS | RMBS | Total | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | 3,000 | $ | - | $ | 259 | $ | - | $ | 3,259 | $ | - | $ | 5,299 | $ | 481 | $ | 347 | $ | - | $ | 6,127 | |||||||||||||||||||||||||
Total gains or (losses) (realized/unrealized) | |||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | - | 1,203 | - | 187 | - | 1,390 | - | 1,259 | 18 | 329 | - | 1,606 | |||||||||||||||||||||||||||||||||||||
Included in other comprehensive income (loss) | 42 | (201 | ) | (62 | ) | (114 | ) | - | (335 | ) | 42 | (126 | ) | (82 | ) | (138 | ) | - | (304 | ) | |||||||||||||||||||||||||||||
Purchases, issuances and settlements | 1,274 | 22,797 | 4,517 | (332 | ) | 29,845 | 58,101 | 1,274 | 21,303 | 4,038 | (538 | ) | 29,845 | 55,922 | |||||||||||||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | - | (1,431 | ) | - | - | - | (1,431 | ) | - | (2,367 | ) | - | - | - | (2,367 | ) | |||||||||||||||||||||||||||||||||
Ending balance | $ | 1,316 | $ | 25,368 | $ | 4,455 | $ | - | $ | 29,845 | $ | 60,984 | $ | 1,316 | $ | 25,368 | $ | 4,455 | $ | - | $ | 29,845 | $ | 60,984 | |||||||||||||||||||||||||
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.) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | Foreign | Foreign | Non-agency | Asset-backed | Foreign | Foreign | Non-agency | Agency | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Securities | Corporate | Government | RMBS | Total | Securities | Corporate | Government | RMBS | RMBS | Total | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,017 | $ | 11,576 | $ | 2,614 | $ | 780 | $ | 20,987 | $ | 4,849 | $ | 11,913 | $ | - | $ | 426 | $ | 34,842 | $ | 52,030 | |||||||||||||||||||||||||||
Total gains or (losses) (realized/unrealized) | |||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | 58 | (4 | ) | - | 40 | 94 | 74 | (739 | ) | (112 | ) | 131 | - | (646 | ) | ||||||||||||||||||||||||||||||||||
Included in other comprehensive income (loss) | (208 | ) | 51 | - | (8 | ) | (165 | ) | (569 | ) | (592 | ) | (179 | ) | (35 | ) | - | (1,375 | ) | ||||||||||||||||||||||||||||||
Purchases, issuances and settlements | (469 | ) | (1,750 | ) | - | (57 | ) | (2,276 | ) | (489 | ) | 2,865 | 516 | (273 | ) | - | 2,619 | ||||||||||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | - | (9,391 | ) | (2,614 | ) | (391 | ) | (12,396 | ) | 1,533 | (12,965 | ) | (225 | ) | 115 | (34,842 | ) | (46,384 | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | 5,398 | $ | 482 | $ | - | $ | 364 | $ | 6,244 | $ | 5,398 | $ | 482 | $ | - | $ | 364 | $ | - | $ | 6,244 | |||||||||||||||||||||||||||
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 transfers from level 3, fair value measurements using significant unobservable inputs, of $2,367 thousand and $46,384 thousand of investments for the nine months ended September 30, 2014 and September 30, 2013, respectively, primarily relate to securities that were priced using single non-binding broker quotes as of December 31, 2013 and December 31, 2012, respectively.The securities were subsequently priced using a recognized pricing service as of September 30, 2014 and 2013, and were classified as level 2 as of those dates. | |||||||||||||||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 33,309 | $ | 52,101 | $ | 35,423 | $ | 79,467 | |||||||||||||||||||||||||||||||||||||||||
Total (gains) or losses (realized/unrealized) | |||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | (1,855 | ) | (5,639 | ) | (3,968 | ) | (33,005 | ) | |||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income (loss) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances and settlements | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 31,455 | $ | 46,462 | $ | 31,455 | $ | 46,462 | |||||||||||||||||||||||||||||||||||||||||
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 | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Redeemable Noncontrolling Interest - MT. Logan RE [Abstract] | ' | ||||||||
Redeemable Noncontrolling Interest - MT. Logan RE | ' | ||||||||
6.REDEEMABLE NONCONTROLLING INTEREST 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.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 Companys financial statements. | |||||||||
The following table presents the activity for redeemable noncontrolling interests in the consolidated balance sheets for the periods indicated: | |||||||||
At September 30, | At December 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Redeemable noncontrolling interests - Mt. Logan Re, beginning of period | $ | 93,378 | $ | - | |||||
Unaffiliated third party investments during period, net | 279,200 | 87,500 | |||||||
Net income (loss) attributable to noncontrolling interests | 42,167 | 5,878 | |||||||
Dividends paid on third party investment in redeemable noncontrolling interest | (10,334 | ) | - | ||||||
Redeemable noncontrolling interests - Mt. Logan Re, end of period | $ | 404,411 | $ | 93,378 | |||||
(Some amounts may not reconcile due to rounding.) | |||||||||
In addition, the Company has invested $50,000 thousand in the segregated accounts from inception to date. | |||||||||
The Company expects its participation level in the segregated funds to fluctuate over time. |
Capital_Transactions
Capital Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Capital Transactions [Abstract] | ' |
Capital Transactions | ' |
7.CAPITAL TRANSACTIONS | |
On July 9, 2014, the Company renewed its shelf registration statement on Form S-3ASR with the Securities and Exchange Commission (the SEC), as a Well Known Seasoned Issuer.This shelf registration statement can be used by Group to register common shares, preferred shares, debt securities, warrants, share purchase contracts and share purchase units; by Holdings to register debt securities and by Everest Re Capital Trust III (Capital Trust III) to register trust preferred securities. |
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Earnings Per Common Share [Abstract] | ' | |||||||||||||||||
Earnings Per Common Share | ' | |||||||||||||||||
8.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. | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
(Dollars in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) attributable to Everest Re Group per share: | ||||||||||||||||||
Numerator | ||||||||||||||||||
Net income (loss) attributable to Everest Re Group | $ | 274,916 | $ | 234,759 | $ | 859,033 | $ | 894,744 | ||||||||||
Less:dividends declared-common shares and nonvested common shares | (33,973 | ) | (23,174 | ) | (103,034 | ) | (70,720 | ) | ||||||||||
Undistributed earnings | 240,943 | 211,585 | 755,999 | 824,024 | ||||||||||||||
Percentage allocated to common shareholders (1) | 98.9 | % | 99.1 | % | 99 | % | 99.1 | % | ||||||||||
238,407 | 209,638 | 748,273 | 816,744 | |||||||||||||||
Add:dividends declared-common shareholders | 33,631 | 22,971 | 101,993 | 70,097 | ||||||||||||||
Numerator for basic and diluted earnings per common share | $ | 272,038 | $ | 232,609 | $ | 850,266 | $ | 886,841 | ||||||||||
Denominator | ||||||||||||||||||
Denominator for basic earnings per weighted-average common shares | 44,941 | 47,925 | 45,615 | 49,028 | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||
Options | 415 | 403 | 426 | 407 | ||||||||||||||
Denominator for diluted earnings per adjusted weighted-average common shares | 45,356 | 48,328 | 46,041 | 49,435 | ||||||||||||||
Per common share net income (loss) | ||||||||||||||||||
Basic | $ | 6.05 | $ | 4.85 | $ | 18.64 | $ | 18.09 | ||||||||||
Diluted | $ | 6 | $ | 4.81 | $ | 18.47 | $ | 17.94 | ||||||||||
-1 | Basic weighted-average common shares outstanding | 44,941 | 47,925 | 45,615 | 49,028 | |||||||||||||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 45,419 | 48,370 | 46,086 | 49,465 | ||||||||||||||
Percentage allocated to common shareholders | 98.9 | % | 99.1 | % | 99 | % | 99.1 | % | ||||||||||
(Some amounts may not reconcile due to rounding.) | ||||||||||||||||||
There were no anti-diluted options outstanding for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||
All outstanding options expire on or between September 21, 2015 and September 19, 2022. |
Contingencies
Contingencies | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Contingencies [Abstract] | ' | ||||||||
Contingencies | ' | ||||||||
9.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 Companys 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: | |||||||||
(Dollars in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||
$ | 144,415 | $ | 144,734 | ||||||
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: | |||||||||
(Dollars in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||
$ | 31,338 | $ | 30,664 |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
10.OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
The following tables present the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary | $ | (84,122 | ) | $ | 10,309 | $ | (73,813 | ) | $ | 75,275 | $ | (9,777 | ) | $ | 65,498 | ||||||||||
URA(D) on securities - OTTI | (261 | ) | - | (261 | ) | (180 | ) | - | (180 | ) | |||||||||||||||
Reclassification of net realized losses (gains) included in net income (loss) | (7,024 | ) | 1,340 | (5,684 | ) | (1,938 | ) | 297 | (1,641 | ) | |||||||||||||||
Foreign currency translation adjustments | (38,998 | ) | 4,024 | (34,974 | ) | (42,998 | ) | 4,624 | (38,374 | ) | |||||||||||||||
Benefit plan actuarial net gain (loss) | - | - | - | - | - | - | |||||||||||||||||||
Reclassification of benefit plan liability amortization included in net income (loss) | 1,269 | (444 | ) | 825 | 3,640 | (1,274 | ) | 2,366 | |||||||||||||||||
Total other comprehensive income (loss) | $ | (129,136 | ) | $ | 15,229 | $ | (113,907 | ) | $ | 33,799 | $ | (6,130 | ) | $ | 27,669 | ||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary | $ | (25,661 | ) | $ | 4,880 | $ | (20,781 | ) | $ | (392,324 | ) | $ | 53,433 | $ | (338,891 | ) | |||||||||
URA(D) on securities - OTTI | (144 | ) | - | (144 | ) | (1,516 | ) | 140 | (1,376 | ) | |||||||||||||||
Reclassification of net realized losses (gains) included in net income (loss) | (1,892 | ) | 300 | (1,592 | ) | (8,925 | ) | 1,414 | (7,511 | ) | |||||||||||||||
Foreign currency translation adjustments | (9,056 | ) | 3,143 | (5,913 | ) | (20,262 | ) | 7,034 | (13,228 | ) | |||||||||||||||
Benefit plan liability adjustments | - | - | - | - | - | - | |||||||||||||||||||
Reclassification of benefit plan liability amortization included in net income (loss) | 2,262 | (792 | ) | 1,470 | 6,402 | (2,241 | ) | 4,161 | |||||||||||||||||
Total other comprehensive income (loss) | $ | (34,491 | ) | $ | 7,531 | $ | (26,960 | ) | $ | (416,625 | ) | $ | 59,780 | $ | (356,845 | ) | |||||||||
The following table presents details of the amounts reclassified from accumulated other comprehensive income (AOCI) for the periods indicated: | |||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||
September 30, | September 30, | Affected line item within the statements of | |||||||||||||||||||||||
AOCI component | 2014 | 2013 | 2014 | 2013 | operations and comprehensive income (loss) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
URA(D) on securities | $ | (7,024 | ) | $ | (1,892 | ) | $ | (1,938 | ) | $ | (8,925 | ) | Other net realized capital gains (losses) | ||||||||||||
1,340 | 300 | 297 | 1,414 | Income tax expense (benefit) | |||||||||||||||||||||
$ | (5,684 | ) | $ | (1,592 | ) | $ | (1,641 | ) | $ | (7,511 | ) | Net income (loss) | |||||||||||||
Benefit plan net gain (loss) | $ | 1,269 | $ | 2,262 | $ | 3,640 | $ | 6,402 | Other underwriting expenses | ||||||||||||||||
(444 | ) | (792 | ) | (1,274 | ) | (2,241 | ) | Income tax expense (benefit) | |||||||||||||||||
$ | 825 | $ | 1,470 | $ | 2,366 | $ | 4,161 | 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: | |||||||||||||||||||||||||
At September 30, | At December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Beginning balance of URA (D) on securities | $ | 201,154 | $ | 603,928 | |||||||||||||||||||||
Current period change in URA (D) of investments - temporary | 63,857 | (401,335 | ) | ||||||||||||||||||||||
Current period change in URA (D) of investments - non-credit OTTI | (180 | ) | (1,439 | ) | |||||||||||||||||||||
Ending balance of URA (D) on securities | 264,831 | 201,154 | |||||||||||||||||||||||
Beginning balance of foreign currency translation adjustments | (4,530 | ) | (4,368 | ) | |||||||||||||||||||||
Current period change in foreign currency translation adjustments | (38,374 | ) | (162 | ) | |||||||||||||||||||||
Ending balance of foreign currency translation adjustments | (42,904 | ) | (4,530 | ) | |||||||||||||||||||||
Beginning balance of benefit plan net gain (loss) | (38,896 | ) | (62,511 | ) | |||||||||||||||||||||
Current period change in benefit plan net gain (loss) | 2,366 | 23,615 | |||||||||||||||||||||||
Ending balance of benefit plan net gain (loss) | (36,530 | ) | (38,896 | ) | |||||||||||||||||||||
Ending balance of accumulated other comprehensive income (loss) | $ | 185,397 | $ | 157,728 | |||||||||||||||||||||
(Some amounts may not reconcile due to rounding.) |
Credit_Facilities
Credit Facilities | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Credit Facilities [Abstract] | ' | ||||||||||||||||||||
Credit Facilities | ' | ||||||||||||||||||||
11.CREDIT FACILITIES | |||||||||||||||||||||
The Company has two active credit facilities for a total commitment of up to $1,100,000 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: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Credit facility fees incurred | $ | 132 | $ | 243 | $ | 527 | $ | 720 | |||||||||||||
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 two tranches.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 Companys 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 Groups 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 Groups 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 September 30, 2014, was $5,028,551 thousand.As of September 30, 2014, 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 September 30, 2014 | At December 31, 2013 | |||||||||||||||||||
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 | 499,366 | 12/31/14 | 600,000 | 502,059 | 12/31/14 | |||||||||||||||
Total Wells Fargo Bank Group Credit Facility | $ | 800,000 | $ | 499,366 | $ | 800,000 | $ | 502,059 | |||||||||||||
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 September 30, 2014 | At December 31, 2013 | |||||||||||||||||||
Bank | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry | |||||||||||||||
Citibank Bilateral Letter of Credit Agreement | $ | 300,000 | $ | 3,672 | 11/24/14 | $ | 300,000 | $ | 119 | 8/30/14 | |||||||||||
70,708 | 12/31/14 | 3,672 | 11/24/14 | ||||||||||||||||||
124 | 8/30/15 | 79,336 | 12/31/14 | ||||||||||||||||||
4,107 | 12/31/15 | 1,045 | 12/31/15 | ||||||||||||||||||
145,638 | 9/30/18 | 22,800 | 12/31/17 | ||||||||||||||||||
- | 129,147 | 3/30/18 | |||||||||||||||||||
Total Citibank Bilateral Agreement | $ | 300,000 | $ | 224,249 | $ | 300,000 | $ | 236,119 | |||||||||||||
Holdings Credit Facility - Expired | |||||||||||||||||||||
Effective August 15, 2011, the Company entered into a three year, $150,000 thousand unsecured revolving credit facility, referred to as the Holdings Credit Facility, which expired on August 15, 2014.The Company decided not to renew the Holdings Credit Facility at expiration.Citibank N.A. was the administrative agent for the Holdings Credit Facility.The Holdings Credit Facility was used for liquidity and general corporate purposes.The Holdings Credit Facility provided 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 meant 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 London Interbank Offered Rate (LIBOR), in each case plus the applicable margin.The amount of margin and the fees paid for the Holdings Credit Facility depended upon Holdings senior unsecured debt rating. | |||||||||||||||||||||
The Holdings Credit Facility required 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. | |||||||||||||||||||||
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 September 30, 2014 | At December 31, 2013 | |||||||||||||||||||
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 | $ | - | |||||||||||||
Total revolving credit borrowings | - | - | |||||||||||||||||||
Total letters of credit | - | 851 | 12/31/14 | ||||||||||||||||||
Total Citibank Holdings Credit Facility | $ | - | $ | - | $ | 150,000 | $ | 851 |
Reinsurance_And_Trust_Agreemen
Reinsurance And Trust Agreements | 9 Months Ended |
Sep. 30, 2014 | |
Reinsurance And Trust Agreements [Abstract] | ' |
Reinsurance And Trust Agreements | ' |
12.REINSURANCE AND TRUST AGREEMENTS | |
Certain subsidiaries of Group have established trust agreements, which effectively use the Companys investments as collateral, as security for assumed losses payable to certain non-affiliated ceding companies.At September 30, 2014, the total amount on deposit in trust accounts was $305,386 thousand. | |
On April 24, 2014, the Company entered into two collateralized reinsurance agreements with Kilimanjaro Re Limited (Kilimanjaro), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage.These agreements are multi-year reinsurance contracts which cover specified named storm and earthquake events.The first agreement provides up to $250,000 thousand of reinsurance coverage from named storms in specified states of the Southeastern United States.The second agreement provides up to $200,000 thousand of reinsurance coverage from named storms in specified states of the Southeast, Mid-Atlantic and Northeast regions of the United States and Puerto Rico as well as reinsurance coverage from earthquakes in specified states of the Southeast, Mid-Atlantic, Northeast and West regions of the United States, Puerto Rico and British Columbia. | |
Kilimanjaro has financed the property catastrophe reinsurance coverage by issuing $450,000 thousand of catastrophe bonds to unrelated, external investors. The proceeds from the catastrophe bond issuance will be held in a reinsurance trust throughout the duration of the reinsurance agreements and invested solely in US government money market funds with a rating of at least AAAm by Standard & Poors at the time of the bond issuance. |
Senior_Notes
Senior Notes | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Senior Notes [Abstract] | ' | |||||||||||||||||||||||
Senior Notes | ' | |||||||||||||||||||||||
13.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. | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
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 | $ | 249,998 | $ | 250,485 | $ | 249,958 | $ | 259,130 | ||||||||||||
4.868% Senior notes | 6/5/14 | 6/1/44 | 400,000 | 400,000 | 395,824 | - | - | |||||||||||||||||
On June 5, 2014, Holdings issued $400,000 thousand of 30 year senior notes at 4.868%, which will mature on June 1, 2044.Capitalized costs of approximately $4,300 thousand related to the issuance of the senior notes will be expensed over the 30 year life of the notes.Interest will be paid semi-annually on June 1 and December 1 of each year. The proceeds from the issuance have been used in part to pay off the $250,000 thousand of 5.40% senior notes which matured on October 15, 2014 | ||||||||||||||||||||||||
Interest expense incurred in connection with these senior notes is as follows for the periods indicated: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Interest expense incurred | $ | 8,256 | $ | 3,388 | $ | 16,385 | $ | 10,163 |
Long_Term_Subordinated_Notes
Long Term Subordinated Notes | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Long Term Subordinated Notes [Abstract] | ' | |||||||||||||||||||||||||
Long Term Subordinated Notes | ' | |||||||||||||||||||||||||
14.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 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 238,363 | $ | 257,763 | $ | 238,361 | $ | 233,292 | |||||||||||||
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. Effective upon the maturity of the Companys 5.40% senior notes due October 15, 2014, the Companys 4.868% senior notes, due on June 1, 2044, will become the Companys long term indebtedness that ranks senior to the long term 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: | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest expense incurred | $ | 3,937 | $ | 3,937 | $ | 11,811 | $ | 11,811 |
Junior_Subordinated_Debt_Secur
Junior Subordinated Debt Securities Payable | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Junior Subordinated Debt Securities Payable [Abstract] | ' | ||||||||||||||||
Junior Subordinated Debt Securities Payable | ' | ||||||||||||||||
15.JUNIOR SUBORDINATED DEBT SECURITIES PAYABLE | |||||||||||||||||
In accordance with the provisions of the junior subordinated debt securities which were issued on March 29, 2004, 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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense incurred | $ | - | $ | - | $ | - | $ | 8,181 | |||||||||
Holdings considered the mechanisms and obligations relating to the trust preferred securities, taken together, constituted a full and unconditional guarantee by Holdings of Capital Trust IIs payment obligations with respect to their trust preferred securities. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
16.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 non-U.S. property and casualty reinsurance through Everest Res 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 loss adjustment expenses (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 Res 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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
U.S. Reinsurance | September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premiums | $ | 640,660 | $ | 520,759 | $ | 1,573,776 | $ | 1,373,917 | |||||||||
Net written premiums | 615,078 | 519,020 | 1,536,114 | 1,371,698 | |||||||||||||
Premiums earned | $ | 559,488 | $ | 448,979 | $ | 1,478,258 | $ | 1,232,959 | |||||||||
Incurred losses and LAE | 249,004 | 224,925 | 701,473 | 660,671 | |||||||||||||
Commission and brokerage | 123,432 | 92,039 | 339,166 | 265,092 | |||||||||||||
Other underwriting expenses | 12,118 | 12,013 | 33,054 | 32,541 | |||||||||||||
Underwriting gain (loss) | $ | 174,934 | $ | 120,002 | $ | 404,565 | $ | 274,655 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
International | September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premiums | $ | 406,254 | $ | 331,511 | $ | 1,181,513 | $ | 977,173 | |||||||||
Net written premiums | 352,608 | 330,245 | 977,235 | 972,296 | |||||||||||||
Premiums earned | $ | 320,020 | $ | 310,392 | $ | 958,399 | $ | 948,440 | |||||||||
Incurred losses and LAE | 236,559 | 212,990 | 604,166 | 558,518 | |||||||||||||
Commission and brokerage | 73,143 | 71,530 | 215,716 | 220,039 | |||||||||||||
Other underwriting expenses | 8,758 | 8,722 | 24,683 | 24,319 | |||||||||||||
Underwriting gain (loss) | $ | 1,560 | $ | 17,150 | $ | 113,834 | $ | 145,564 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Bermuda | September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premiums | $ | 205,342 | $ | 224,696 | $ | 573,793 | $ | 597,799 | |||||||||
Net written premiums | 189,447 | 223,616 | 548,210 | 589,128 | |||||||||||||
Premiums earned | $ | 181,754 | $ | 183,992 | $ | 546,699 | $ | 554,142 | |||||||||
Incurred losses and LAE | 108,961 | 123,805 | 310,602 | 327,421 | |||||||||||||
Commission and brokerage | 48,421 | 46,791 | 140,968 | 135,506 | |||||||||||||
Other underwriting expenses | 9,360 | 8,090 | 25,805 | 24,616 | |||||||||||||
Underwriting gain (loss) | $ | 15,012 | $ | 5,306 | $ | 69,324 | $ | 66,599 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Insurance | September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premiums | $ | 364,111 | $ | 374,866 | $ | 911,242 | $ | 943,935 | |||||||||
Net written premiums | 310,690 | 304,849 | 802,431 | 806,927 | |||||||||||||
Premiums earned | $ | 290,518 | $ | 273,113 | $ | 742,038 | $ | 721,227 | |||||||||
Incurred losses and LAE | 239,823 | 206,467 | 557,047 | 525,811 | |||||||||||||
Commission and brokerage | 40,418 | 37,083 | 114,535 | 101,919 | |||||||||||||
Other underwriting expenses | 31,311 | 29,771 | 83,672 | 84,967 | |||||||||||||
Underwriting gain (loss) | $ | (21,034 | ) | $ | (208 | ) | $ | (13,216 | ) | $ | 8,530 | ||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Mt. Logan Re | September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premiums | $ | 50,334 | $ | 13,152 | $ | 109,163 | $ | 13,152 | |||||||||
Net written premiums | 49,757 | 11,417 | 98,666 | 11,417 | |||||||||||||
Premiums earned | $ | 38,218 | $ | 9,279 | $ | 81,411 | $ | 9,279 | |||||||||
Incurred losses and LAE | 3,410 | 1,915 | 19,575 | 1,915 | |||||||||||||
Commission and brokerage | 5,105 | 1,144 | 9,823 | 1,144 | |||||||||||||
Other underwriting expenses | 1,566 | 1,264 | 4,951 | 1,264 | |||||||||||||
Underwriting gain (loss) | $ | 28,137 | $ | 4,956 | $ | 47,062 | $ | 4,956 | |||||||||
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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Underwriting gain (loss) | $ | 198,609 | $ | 147,206 | $ | 621,569 | $ | 500,304 | |||||||||
Net investment income | 142,143 | 127,872 | 396,524 | 422,382 | |||||||||||||
Net realized capital gains (losses) | (9,448 | ) | 44,958 | 70,694 | 205,598 | ||||||||||||
Net derivative gain (loss) | 1,855 | 5,639 | 3,968 | 33,005 | |||||||||||||
Corporate expenses | (9,958 | ) | (4,758 | ) | (18,802 | ) | (16,643 | ) | |||||||||
Interest, fee and bond issue cost amortization expense | (12,424 | ) | (7,637 | ) | (28,970 | ) | (38,480 | ) | |||||||||
Other income (expense) | 11,332 | (2,726 | ) | (5,835 | ) | (3,318 | ) | ||||||||||
Income (loss) before taxes | $ | 322,109 | $ | 310,554 | $ | 1,039,148 | $ | 1,102,848 | |||||||||
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 Companys 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 period indicated: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
United Kingdom | $ | 199,052 | $ | 167,645 | $ | 536,928 | $ | 434,788 | |||||||||
No other country represented more than 5% of the Companys revenues. |
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2014 | |
Share-Based Compensation Plans [Abstract] | ' |
Share-Based Compensation Plans | ' |
17.SHARE-BASED COMPENSATION PLANS | |
For the three months ended September 30, 2014, no share-based compensation awards were granted. |
Retirement_Benefits
Retirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Retirement Benefits [Abstract] | ' | ||||||||||||||||
Retirement Benefits | ' | ||||||||||||||||
18.RETIREMENT BENEFITS | |||||||||||||||||
The Company maintains both qualified and non-qualified defined benefit pension plans and a retiree health plan for its U.S. employees employed prior to April 1, 2010. | |||||||||||||||||
Net periodic benefit cost for U.S. employees included the following components for the periods indicated: | |||||||||||||||||
Pension Benefits | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 2,460 | $ | 2,794 | $ | 7,381 | $ | 8,251 | |||||||||
Interest cost | 2,542 | 2,144 | 7,625 | 6,292 | |||||||||||||
Expected return on plan assets | (2,822 | ) | (2,124 | ) | (8,468 | ) | (6,367 | ) | |||||||||
Amortization of prior service cost | 13 | 12 | 38 | 37 | |||||||||||||
Amortization of net (income) loss | 1,173 | 2,064 | 3,356 | 5,872 | |||||||||||||
FAS 88 settlement charge | 5,269 | - | 5,269 | - | |||||||||||||
Net periodic benefit cost | $ | 8,635 | $ | 4,890 | $ | 15,201 | $ | 14,085 | |||||||||
Other Benefits | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 407 | $ | 462 | $ | 1,221 | $ | 1,460 | |||||||||
Interest cost | 342 | 291 | 1,026 | 845 | |||||||||||||
Amortization of net (income) loss | 82 | 185 | 246 | 493 | |||||||||||||
Net periodic benefit cost | $ | 831 | $ | 938 | $ | 2,493 | $ | 2,798 | |||||||||
The Company did not make any contributions to the qualified pension benefit plan for the three and nine months ended September 30, 2014 and 2013. |
RelatedParty_Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
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 Companys financial condition, results of operations and cash flows. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
20.INCOME TAXES | |
The Company is domiciled in Bermuda and has significant subsidiaries and/or branches in Canada, Ireland, Singapore, the United Kingdom, and the United States.The Companys Bermuda domiciled subsidiaries are exempt from income taxation under Bermuda law until 2035.Pre-tax income generated by Groups non-Bermuda subsidiaries and the UK branch of Bermuda is subject to applicable federal, foreign, state and local taxes on corporations.Company subsidiaries domiciled in the US as well as the Canadian and Singapore branches of Everest Re generate US pre-tax income (loss).Foreign domiciled subsidiaries, including the UK branch of Bermuda Re, generate non-US pre-tax income (loss).Fluctuations in US and non-US pre-tax income (loss) primarily result from the impact of catastrophe losses and realized investment gains (losses). | |
For interim reporting periods, the company is generally required to use the annualized effective tax rate (AETR) method, as prescribed by ASC 740-270, Interim Reporting, to calculate its income tax provision.Under this method, the AETR is applied to the interim year-to-date pre-tax income to determine the income tax expense or benefit for the year-to-date period.The income tax expense or benefit for a quarter represents the difference between the year-to-date income tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period.Management considers the impact of all known events in its estimation of the Companys annual pre-tax income and AETR. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
21.SUBSEQUENT EVENTS | |
The Company will be entering into a reinsurance agreement with Kilimanjaro Re Limited (Kilimanjaro) to provide the Company with earthquake only catastrophe reinsurance coverage.Kilimanjaro will fund the reinsurance coverage through the issuance of a catastrophe reinsurance bond, which will target proceeds of $350,000 thousand. |
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Basis Of Presentation [Abstract] | ' |
Presentation Of Comprehensive Income | ' |
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. | |
Treatment Of Insurance Contract Acquisition Costs | ' |
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 the years ended December 31, 2012 and 2013, respectively.No additional expense will be incurred related to this guidance implementation in future periods. |
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | ' | ||||||||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||||||
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 | $ | 716,191 | $ | 5,513 | $ | (830 | ) | $ | 720,874 | ||||||||||||||||
Obligations of U.S. states and political subdivisions | 792,193 | 43,524 | (994 | ) | 834,723 | ||||||||||||||||||||
Corporate securities | 4,594,903 | 144,022 | (30,854 | ) | 4,708,071 | ||||||||||||||||||||
Asset-backed securities | 311,772 | 1,950 | (519 | ) | 313,203 | ||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 216,264 | 12,385 | (686 | ) | 227,963 | ||||||||||||||||||||
Agency residential | 2,156,374 | 37,989 | (17,151 | ) | 2,177,212 | ||||||||||||||||||||
Non-agency residential | 2,982 | 54 | (69 | ) | 2,967 | ||||||||||||||||||||
Foreign government securities | 1,532,505 | 63,180 | (15,853 | ) | 1,579,832 | ||||||||||||||||||||
Foreign corporate securities | 3,004,570 | 95,383 | (21,472 | ) | 3,078,481 | ||||||||||||||||||||
Total fixed maturity securities | $ | 13,327,754 | $ | 404,000 | $ | (88,428 | ) | $ | 13,643,326 | ||||||||||||||||
Equity securities | $ | 147,068 | $ | 5,419 | $ | (6,352 | ) | $ | 146,135 | ||||||||||||||||
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 | ||||||||||||||||
Summary Of Pre-Tax Cumulative Unrealized Appreciation (Depreciation) On Corporate Securities | ' | ||||||||||||||||||||||||
(Dollars in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||||||
Pre-tax cumulative unrealized appreciation (depreciation) | $ | 2,989 | $ | 3,169 | |||||||||||||||||||||
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | ' | ||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||
Amortized | Market | Amortized | Market | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Fixed maturity securities available for sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 1,231,500 | $ | 1,238,990 | $ | 1,059,052 | $ | 1,067,799 | |||||||||||||||||
Due after one year through five years | 6,155,821 | 6,283,753 | 5,565,112 | 5,740,662 | |||||||||||||||||||||
Due after five years through ten years | 2,309,641 | 2,353,164 | 2,081,908 | 2,101,234 | |||||||||||||||||||||
Due after ten years | 943,400 | 1,046,074 | 960,812 | 999,856 | |||||||||||||||||||||
Asset-backed securities | 311,772 | 313,203 | 169,980 | 173,043 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Commercial | 216,264 | 227,963 | 254,765 | 270,441 | |||||||||||||||||||||
Agency residential | 2,156,374 | 2,177,212 | 2,294,719 | 2,279,053 | |||||||||||||||||||||
Non-agency residential | 2,982 | 2,967 | 4,816 | 4,819 | |||||||||||||||||||||
Total fixed maturity securities | $ | 13,327,754 | $ | 13,643,326 | $ | 12,391,164 | $ | 12,636,907 | |||||||||||||||||
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | ' | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Increase (decrease) during the period between the market value and cost | |||||||||||||||||||||||||
of investments carried at market value, and deferred taxes thereon: | |||||||||||||||||||||||||
Fixed maturity securities | $ | (87,859 | ) | $ | (26,106 | ) | $ | 70,010 | $ | (385,727 | ) | ||||||||||||||
Fixed maturity securities, other-than-temporary impairment | (261 | ) | (144 | ) | (180 | ) | (1,516 | ) | |||||||||||||||||
Equity securities | (3,287 | ) | (1,447 | ) | 3,327 | (15,522 | ) | ||||||||||||||||||
Change in unrealized appreciation (depreciation), pre-tax | (91,407 | ) | (27,697 | ) | 73,157 | (402,765 | ) | ||||||||||||||||||
Deferred tax benefit (expense) | 11,649 | 5,180 | (9,480 | ) | 54,847 | ||||||||||||||||||||
Deferred tax benefit (expense), other-than-temporary impairment | - | - | - | 140 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation), | |||||||||||||||||||||||||
net of deferred taxes, included in shareholders equity | $ | (79,758 | ) | $ | (22,517 | ) | $ | 63,677 | $ | (347,778 | ) | ||||||||||||||
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | ' | ||||||||||||||||||||||||
Duration of Unrealized Loss at September 30, 2014 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 | $ | 35,516 | $ | (190 | ) | $ | 25,462 | $ | (640 | ) | $ | 60,978 | $ | (830 | ) | ||||||||||
Obligations of U.S. states and political subdivisions | 18,198 | (426 | ) | 36,680 | (568 | ) | 54,878 | (994 | ) | ||||||||||||||||
Corporate securities | 1,533,633 | (21,194 | ) | 371,829 | (9,660 | ) | 1,905,462 | (30,854 | ) | ||||||||||||||||
Asset-backed securities | 159,751 | (519 | ) | - | - | 159,751 | (519 | ) | |||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||
Commercial | 15,440 | (27 | ) | 10,962 | (659 | ) | 26,402 | (686 | ) | ||||||||||||||||
Agency residential | 157,297 | (563 | ) | 829,667 | (16,588 | ) | 986,964 | (17,151 | ) | ||||||||||||||||
Non-agency residential | - | - | 1,362 | (69 | ) | 1,362 | (69 | ) | |||||||||||||||||
Foreign government securities | 284,210 | (4,567 | ) | 213,313 | (11,286 | ) | 497,523 | (15,853 | ) | ||||||||||||||||
Foreign corporate securities | 478,718 | (5,997 | ) | 410,294 | (15,475 | ) | 889,012 | (21,472 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 2,682,763 | $ | (33,483 | ) | $ | 1,899,569 | $ | (54,945 | ) | $ | 4,582,332 | $ | (88,428 | ) | ||||||||||
Equity securities | 41,908 | (1,794 | ) | 76,821 | (4,558 | ) | 118,729 | (6,352 | ) | ||||||||||||||||
Total | $ | 2,724,671 | $ | (35,277 | ) | $ | 1,976,390 | $ | (59,503 | ) | $ | 4,701,061 | $ | (94,780 | ) | ||||||||||
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 | ) | ||||||||||
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | ' | ||||||||||||||||||||||||
Duration of Unrealized Loss at September 30, 2014 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 | $ | 84,658 | $ | (1,512 | ) | $ | 107,000 | $ | (8,116 | ) | $ | 191,658 | $ | (9,628 | ) | ||||||||||
Due in one year through five years | 1,446,131 | (17,614 | ) | 617,461 | (15,101 | ) | 2,063,592 | (32,715 | ) | ||||||||||||||||
Due in five years through ten years | 772,425 | (11,162 | ) | 244,999 | (10,019 | ) | 1,017,424 | (21,181 | ) | ||||||||||||||||
Due after ten years | 47,061 | (2,086 | ) | 88,118 | (4,393 | ) | 135,179 | (6,479 | ) | ||||||||||||||||
Asset-backed securities | 159,751 | (519 | ) | - | - | 159,751 | (519 | ) | |||||||||||||||||
Mortgage-backed securities | 172,737 | (590 | ) | 841,991 | (17,316 | ) | 1,014,728 | (17,906 | ) | ||||||||||||||||
Total fixed maturity securities | $ | 2,682,763 | $ | (33,483 | ) | $ | 1,899,569 | $ | (54,945 | ) | $ | 4,582,332 | $ | (88,428 | ) | ||||||||||
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 | ) | ||||||||||
Summary Of Components Of Net Investment Income | ' | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Fixed maturities | $ | 115,057 | $ | 117,814 | $ | 348,872 | $ | 358,824 | |||||||||||||||||
Equity securities | 11,086 | 10,337 | 36,111 | 32,873 | |||||||||||||||||||||
Short-term investments and cash | 295 | 339 | 1,202 | 819 | |||||||||||||||||||||
Other invested assets | |||||||||||||||||||||||||
Limited partnerships | 21,690 | 4,574 | 25,658 | 41,642 | |||||||||||||||||||||
Other | 869 | 1,055 | 3,220 | 5,311 | |||||||||||||||||||||
Gross investment income before adjustments | 148,997 | 134,119 | 415,063 | 439,469 | |||||||||||||||||||||
Funds held interest income (expense) | 1,817 | 1,708 | 6,875 | 7,984 | |||||||||||||||||||||
Future policy benefit reserve income (expense) | (471 | ) | (395 | ) | (915 | ) | (1,547 | ) | |||||||||||||||||
Gross investment income | 150,343 | 135,432 | 421,023 | 445,906 | |||||||||||||||||||||
Investment expenses | (8,200 | ) | (7,560 | ) | (24,499 | ) | (23,524 | ) | |||||||||||||||||
Net investment income | $ | 142,143 | $ | 127,872 | $ | 396,524 | $ | 422,382 | |||||||||||||||||
(Some amounts may not reconcile due to rounding.) | |||||||||||||||||||||||||
Summary Of Components Of Net Realized Capital Gains (Losses) | ' | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Fixed maturity securities, market value: | |||||||||||||||||||||||||
Other-than-temporary impairments | $ | (106 | ) | $ | - | $ | (495 | ) | $ | (191 | ) | ||||||||||||||
Gains (losses) from sales | 7,311 | 1,895 | 3,668 | 6,468 | |||||||||||||||||||||
Fixed maturity securities, fair value: | |||||||||||||||||||||||||
Gains (losses) from sales | 82 | 37 | 1,022 | 127 | |||||||||||||||||||||
Gains (losses) from fair value adjustments | (938 | ) | 577 | (938 | ) | (1,004 | ) | ||||||||||||||||||
Equity securities, market value: | |||||||||||||||||||||||||
Gains (losses) from sales | (181 | ) | (2 | ) | (1,235 | ) | 2,649 | ||||||||||||||||||
Equity securities, fair value: | |||||||||||||||||||||||||
Gains (losses) from sales | (1,823 | ) | 1,827 | (1,873 | ) | 25,879 | |||||||||||||||||||
Gains (losses) from fair value adjustments | (13,792 | ) | 40,623 | 70,548 | 171,655 | ||||||||||||||||||||
Short-term investments gain (loss) | (1 | ) | 1 | (3 | ) | 15 | |||||||||||||||||||
Total net realized capital gains (losses) | $ | (9,448 | ) | $ | 44,958 | $ | 70,694 | $ | 205,598 | ||||||||||||||||
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | ' | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Proceeds from sales of fixed maturity securities | $ | 446,699 | $ | 215,229 | $ | 1,073,938 | $ | 863,755 | |||||||||||||||||
Gross gains from sales | 12,821 | 7,734 | 28,828 | 26,655 | |||||||||||||||||||||
Gross losses from sales | (5,428 | ) | (5,802 | ) | (24,138 | ) | (20,060 | ) | |||||||||||||||||
Proceeds from sales of equity securities | $ | 150,124 | $ | 101,502 | $ | 463,688 | $ | 505,694 | |||||||||||||||||
Gross gains from sales | 2,545 | 3,992 | 13,047 | 36,495 | |||||||||||||||||||||
Gross losses from sales | (4,549 | ) | (2,167 | ) | (16,155 | ) | (7,967 | ) |
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivatives [Abstract] | ' | ||||||||||||||||||
Summary Of The Fair Value Of The Equity Index Put Options Found On The Company's Consolidated Balance Sheets | ' | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Derivatives not designated as | Location of fair value | At | At | ||||||||||||||||
hedging instruments | in balance sheets | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Equity index put option contracts | Equity index put option liability | $ | 31,455 | $ | 35,423 | ||||||||||||||
Total | $ | 31,455 | $ | 35,423 | |||||||||||||||
Summary Of The Change In Fair Value Of The Equity Index Put Option Contracts Found On The Company's Statement Of Operations And Comprehensive Income (Loss) | ' | ||||||||||||||||||
(Dollars in thousands) | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||
Derivatives not designated as | Location of gain (loss) in statements of | September 30, | September 30, | ||||||||||||||||
hedging instruments | operations and comprehensive income (loss) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Equity index put option contracts | Net derivative gain (loss) | $ | 1,855 | $ | 5,639 | $ | 3,968 | $ | 33,005 | ||||||||||
Total | $ | 1,855 | $ | 5,639 | $ | 3,968 | $ | 33,005 |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The Fair Value Calculated Using An Industry Accepted Option Pricing Model, Black-Scholes | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contract | |||||||||||||||||||||||||||||||||||||||||||||||||
Contracts | based on | ||||||||||||||||||||||||||||||||||||||||||||||||
based on | FTSE 100 | ||||||||||||||||||||||||||||||||||||||||||||||||
S & P 500 Index | Index | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity index | 1,972.30 | 6,622.70 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 1.23% to 3.49% | 2.42% | |||||||||||||||||||||||||||||||||||||||||||||||
Time to maturity | 2.6 to 16.5 yrs | 5.8 yrs | |||||||||||||||||||||||||||||||||||||||||||||||
Volatility | 20.4% to 24.9% | 22.50% | |||||||||||||||||||||||||||||||||||||||||||||||
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) | 30-Sep-14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, market value | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies and corporations | $ | 720,874 | $ | - | $ | 720,874 | $ | - | |||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. States and political subdivisions | 834,723 | - | 834,723 | - | |||||||||||||||||||||||||||||||||||||||||||||
Corporate securities | 4,708,071 | - | 4,706,755 | 1,316 | |||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 313,203 | - | 287,835 | 25,368 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 227,963 | - | 227,963 | - | |||||||||||||||||||||||||||||||||||||||||||||
Agency residential | 2,177,212 | - | 2,147,367 | 29,845 | |||||||||||||||||||||||||||||||||||||||||||||
Non-agency residential | 2,967 | - | 2,967 | - | |||||||||||||||||||||||||||||||||||||||||||||
Foreign government securities | 1,579,832 | - | 1,579,832 | - | |||||||||||||||||||||||||||||||||||||||||||||
Foreign corporate securities | 3,078,481 | - | 3,074,026 | 4,455 | |||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, market value | 13,643,326 | - | 13,582,342 | 60,984 | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, fair value | 18,426 | - | 18,426 | - | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities, market value | 146,135 | 128,791 | 17,344 | - | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities, fair value | 1,341,111 | 1,231,870 | 109,241 | - | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity index put option contracts | $ | 31,455 | $ | - | $ | - | $ | 31,455 | |||||||||||||||||||||||||||||||||||||||||
There were no transfers between Level 1 and Level 2 for the nine months ended September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Asset-backed | Foreign | Non-agency | Agency | Corporate | Asset-backed | Foreign | Non-agency | Agency | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Securities | Securities | Corporate | RMBS | RMBS | Total | Securities | Securities | Corporate | RMBS | RMBS | Total | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | 3,000 | $ | - | $ | 259 | $ | - | $ | 3,259 | $ | - | $ | 5,299 | $ | 481 | $ | 347 | $ | - | $ | 6,127 | |||||||||||||||||||||||||
Total gains or (losses) (realized/unrealized) | |||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | - | 1,203 | - | 187 | - | 1,390 | - | 1,259 | 18 | 329 | - | 1,606 | |||||||||||||||||||||||||||||||||||||
Included in other comprehensive income (loss) | 42 | (201 | ) | (62 | ) | (114 | ) | - | (335 | ) | 42 | (126 | ) | (82 | ) | (138 | ) | - | (304 | ) | |||||||||||||||||||||||||||||
Purchases, issuances and settlements | 1,274 | 22,797 | 4,517 | (332 | ) | 29,845 | 58,101 | 1,274 | 21,303 | 4,038 | (538 | ) | 29,845 | 55,922 | |||||||||||||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | - | (1,431 | ) | - | - | - | (1,431 | ) | - | (2,367 | ) | - | - | - | (2,367 | ) | |||||||||||||||||||||||||||||||||
Ending balance | $ | 1,316 | $ | 25,368 | $ | 4,455 | $ | - | $ | 29,845 | $ | 60,984 | $ | 1,316 | $ | 25,368 | $ | 4,455 | $ | - | $ | 29,845 | $ | 60,984 | |||||||||||||||||||||||||
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.) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | Foreign | Foreign | Non-agency | Asset-backed | Foreign | Foreign | Non-agency | Agency | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Securities | Corporate | Government | RMBS | Total | Securities | Corporate | Government | RMBS | RMBS | Total | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,017 | $ | 11,576 | $ | 2,614 | $ | 780 | $ | 20,987 | $ | 4,849 | $ | 11,913 | $ | - | $ | 426 | $ | 34,842 | $ | 52,030 | |||||||||||||||||||||||||||
Total gains or (losses) (realized/unrealized) | |||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | 58 | (4 | ) | - | 40 | 94 | 74 | (739 | ) | (112 | ) | 131 | - | (646 | ) | ||||||||||||||||||||||||||||||||||
Included in other comprehensive income (loss) | (208 | ) | 51 | - | (8 | ) | (165 | ) | (569 | ) | (592 | ) | (179 | ) | (35 | ) | - | (1,375 | ) | ||||||||||||||||||||||||||||||
Purchases, issuances and settlements | (469 | ) | (1,750 | ) | - | (57 | ) | (2,276 | ) | (489 | ) | 2,865 | 516 | (273 | ) | - | 2,619 | ||||||||||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | - | (9,391 | ) | (2,614 | ) | (391 | ) | (12,396 | ) | 1,533 | (12,965 | ) | (225 | ) | 115 | (34,842 | ) | (46,384 | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | 5,398 | $ | 482 | $ | - | $ | 364 | $ | 6,244 | $ | 5,398 | $ | 482 | $ | - | $ | 364 | $ | - | $ | 6,244 | |||||||||||||||||||||||||||
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 | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 33,309 | $ | 52,101 | $ | 35,423 | $ | 79,467 | |||||||||||||||||||||||||||||||||||||||||
Total (gains) or losses (realized/unrealized) | |||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | (1,855 | ) | (5,639 | ) | (3,968 | ) | (33,005 | ) | |||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income (loss) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances and settlements | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Transfers in and/or (out) of Level 3 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 31,455 | $ | 46,462 | $ | 31,455 | $ | 46,462 | |||||||||||||||||||||||||||||||||||||||||
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_Inte1
Redeemable Noncontrolling Interest - MT. Logan RE (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Redeemable Noncontrolling Interest - MT. Logan RE [Abstract] | ' | ||||||||
Activity For Redeemable Noncontrolling Interests | ' | ||||||||
At September 30, | At December 31, | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Redeemable noncontrolling interests - Mt. Logan Re, beginning of period | $ | 93,378 | $ | - | |||||
Unaffiliated third party investments during period, net | 279,200 | 87,500 | |||||||
Net income (loss) attributable to noncontrolling interests | 42,167 | 5,878 | |||||||
Dividends paid on third party investment in redeemable noncontrolling interest | (10,334 | ) | - | ||||||
Redeemable noncontrolling interests - Mt. Logan Re, end of period | $ | 404,411 | $ | 93,378 | |||||
(Some amounts may not reconcile due to rounding.) |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Earnings Per Common Share [Abstract] | ' | |||||||||||||||||
Schedule Of Net Income (Loss) Per Common Share | ' | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
(Dollars in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) attributable to Everest Re Group per share: | ||||||||||||||||||
Numerator | ||||||||||||||||||
Net income (loss) attributable to Everest Re Group | $ | 274,916 | $ | 234,759 | $ | 859,033 | $ | 894,744 | ||||||||||
Less:dividends declared-common shares and nonvested common shares | (33,973 | ) | (23,174 | ) | (103,034 | ) | (70,720 | ) | ||||||||||
Undistributed earnings | 240,943 | 211,585 | 755,999 | 824,024 | ||||||||||||||
Percentage allocated to common shareholders (1) | 98.9 | % | 99.1 | % | 99 | % | 99.1 | % | ||||||||||
238,407 | 209,638 | 748,273 | 816,744 | |||||||||||||||
Add:dividends declared-common shareholders | 33,631 | 22,971 | 101,993 | 70,097 | ||||||||||||||
Numerator for basic and diluted earnings per common share | $ | 272,038 | $ | 232,609 | $ | 850,266 | $ | 886,841 | ||||||||||
Denominator | ||||||||||||||||||
Denominator for basic earnings per weighted-average common shares | 44,941 | 47,925 | 45,615 | 49,028 | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||
Options | 415 | 403 | 426 | 407 | ||||||||||||||
Denominator for diluted earnings per adjusted weighted-average common shares | 45,356 | 48,328 | 46,041 | 49,435 | ||||||||||||||
Per common share net income (loss) | ||||||||||||||||||
Basic | $ | 6.05 | $ | 4.85 | $ | 18.64 | $ | 18.09 | ||||||||||
Diluted | $ | 6 | $ | 4.81 | $ | 18.47 | $ | 17.94 | ||||||||||
-1 | Basic weighted-average common shares outstanding | 44,941 | 47,925 | 45,615 | 49,028 | |||||||||||||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 45,419 | 48,370 | 46,086 | 49,465 | ||||||||||||||
Percentage allocated to common shareholders | 98.9 | % | 99.1 | % | 99 | % | 99.1 | % | ||||||||||
(Some amounts may not reconcile due to rounding.) |
Contingencies_Tables
Contingencies (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Contingencies [Abstract] | ' | ||||||||
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | ' | ||||||||
(Dollars in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||
$ | 144,415 | $ | 144,734 | ||||||
(Dollars in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||
$ | 31,338 | $ | 30,664 |
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||||||
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | ' | ||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary | $ | (84,122 | ) | $ | 10,309 | $ | (73,813 | ) | $ | 75,275 | $ | (9,777 | ) | $ | 65,498 | ||||||||||
URA(D) on securities - OTTI | (261 | ) | - | (261 | ) | (180 | ) | - | (180 | ) | |||||||||||||||
Reclassification of net realized losses (gains) included in net income (loss) | (7,024 | ) | 1,340 | (5,684 | ) | (1,938 | ) | 297 | (1,641 | ) | |||||||||||||||
Foreign currency translation adjustments | (38,998 | ) | 4,024 | (34,974 | ) | (42,998 | ) | 4,624 | (38,374 | ) | |||||||||||||||
Benefit plan actuarial net gain (loss) | - | - | - | - | - | - | |||||||||||||||||||
Reclassification of benefit plan liability amortization included in net income (loss) | 1,269 | (444 | ) | 825 | 3,640 | (1,274 | ) | 2,366 | |||||||||||||||||
Total other comprehensive income (loss) | $ | (129,136 | ) | $ | 15,229 | $ | (113,907 | ) | $ | 33,799 | $ | (6,130 | ) | $ | 27,669 | ||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary | $ | (25,661 | ) | $ | 4,880 | $ | (20,781 | ) | $ | (392,324 | ) | $ | 53,433 | $ | (338,891 | ) | |||||||||
URA(D) on securities - OTTI | (144 | ) | - | (144 | ) | (1,516 | ) | 140 | (1,376 | ) | |||||||||||||||
Reclassification of net realized losses (gains) included in net income (loss) | (1,892 | ) | 300 | (1,592 | ) | (8,925 | ) | 1,414 | (7,511 | ) | |||||||||||||||
Foreign currency translation adjustments | (9,056 | ) | 3,143 | (5,913 | ) | (20,262 | ) | 7,034 | (13,228 | ) | |||||||||||||||
Benefit plan liability adjustments | - | - | - | - | - | - | |||||||||||||||||||
Reclassification of benefit plan liability amortization included in net income (loss) | 2,262 | (792 | ) | 1,470 | 6,402 | (2,241 | ) | 4,161 | |||||||||||||||||
Total other comprehensive income (loss) | $ | (34,491 | ) | $ | 7,531 | $ | (26,960 | ) | $ | (416,625 | ) | $ | 59,780 | $ | (356,845 | ) | |||||||||
Reclassification From Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||
September 30, | September 30, | Affected line item within the statements of | |||||||||||||||||||||||
AOCI component | 2014 | 2013 | 2014 | 2013 | operations and comprehensive income (loss) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
URA(D) on securities | $ | (7,024 | ) | $ | (1,892 | ) | $ | (1,938 | ) | $ | (8,925 | ) | Other net realized capital gains (losses) | ||||||||||||
1,340 | 300 | 297 | 1,414 | Income tax expense (benefit) | |||||||||||||||||||||
$ | (5,684 | ) | $ | (1,592 | ) | $ | (1,641 | ) | $ | (7,511 | ) | Net income (loss) | |||||||||||||
Benefit plan net gain (loss) | $ | 1,269 | $ | 2,262 | $ | 3,640 | $ | 6,402 | Other underwriting expenses | ||||||||||||||||
(444 | ) | (792 | ) | (1,274 | ) | (2,241 | ) | Income tax expense (benefit) | |||||||||||||||||
$ | 825 | $ | 1,470 | $ | 2,366 | $ | 4,161 | Net income (loss) | |||||||||||||||||
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
At September 30, | At December 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Beginning balance of URA (D) on securities | $ | 201,154 | $ | 603,928 | |||||||||||||||||||||
Current period change in URA (D) of investments - temporary | 63,857 | (401,335 | ) | ||||||||||||||||||||||
Current period change in URA (D) of investments - non-credit OTTI | (180 | ) | (1,439 | ) | |||||||||||||||||||||
Ending balance of URA (D) on securities | 264,831 | 201,154 | |||||||||||||||||||||||
Beginning balance of foreign currency translation adjustments | (4,530 | ) | (4,368 | ) | |||||||||||||||||||||
Current period change in foreign currency translation adjustments | (38,374 | ) | (162 | ) | |||||||||||||||||||||
Ending balance of foreign currency translation adjustments | (42,904 | ) | (4,530 | ) | |||||||||||||||||||||
Beginning balance of benefit plan net gain (loss) | (38,896 | ) | (62,511 | ) | |||||||||||||||||||||
Current period change in benefit plan net gain (loss) | 2,366 | 23,615 | |||||||||||||||||||||||
Ending balance of benefit plan net gain (loss) | (36,530 | ) | (38,896 | ) | |||||||||||||||||||||
Ending balance of accumulated other comprehensive income (loss) | $ | 185,397 | $ | 157,728 | |||||||||||||||||||||
(Some amounts may not reconcile due to rounding.) |
Credit_Facilities_Tables
Credit Facilities (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ||||||||||||||||||||
Summary Of Costs Incurred Connection With Credit Facilities | ' | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Credit facility fees incurred | $ | 132 | $ | 243 | $ | 527 | $ | 720 | |||||||||||||
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 September 30, 2014 | At December 31, 2013 | |||||||||||||||||||
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 | 499,366 | 12/31/14 | 600,000 | 502,059 | 12/31/14 | |||||||||||||||
Total Wells Fargo Bank Group Credit Facility | $ | 800,000 | $ | 499,366 | $ | 800,000 | $ | 502,059 | |||||||||||||
Citibank Holdings Credit Facility [Member] | ' | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ||||||||||||||||||||
Summary Of Outstanding Letters Of Credit And/Or Borrowings | ' | ||||||||||||||||||||
(Dollars in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||
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 | $ | - | |||||||||||||
Total revolving credit borrowings | - | - | |||||||||||||||||||
Total letters of credit | - | 851 | 12/31/14 | ||||||||||||||||||
Total Citibank Holdings Credit Facility | $ | - | $ | - | $ | 150,000 | $ | 851 | |||||||||||||
Citibank Bilateral Agreement [Member] | ' | ||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ||||||||||||||||||||
Summary Of Outstanding Letters Of Credit And/Or Borrowings | ' | ||||||||||||||||||||
(Dollars in thousands) | At September 30, 2014 | At December 31, 2013 | |||||||||||||||||||
Bank | Commitment | In Use | Date of Expiry | Commitment | In Use | Date of Expiry | |||||||||||||||
Citibank Bilateral Letter of Credit Agreement | $ | 300,000 | $ | 3,672 | 11/24/14 | $ | 300,000 | $ | 119 | 8/30/14 | |||||||||||
70,708 | 12/31/14 | 3,672 | 11/24/14 | ||||||||||||||||||
124 | 8/30/15 | 79,336 | 12/31/14 | ||||||||||||||||||
4,107 | 12/31/15 | 1,045 | 12/31/15 | ||||||||||||||||||
145,638 | 9/30/18 | 22,800 | 12/31/17 | ||||||||||||||||||
- | 129,147 | 3/30/18 | |||||||||||||||||||
Total Citibank Bilateral Agreement | $ | 300,000 | $ | 224,249 | $ | 300,000 | $ | 236,119 |
Senior_Notes_Tables
Senior Notes (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Senior Notes [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Outstanding Senior Notes | ' | |||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
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 | $ | 249,998 | $ | 250,485 | $ | 249,958 | $ | 259,130 | ||||||||||||
4.868% Senior notes | 6/5/14 | 6/1/44 | 400,000 | 400,000 | 395,824 | - | - | |||||||||||||||||
Schedule Of Interest Expense Incurred In Connection With Senior Notes | ' | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Interest expense incurred | $ | 8,256 | $ | 3,388 | $ | 16,385 | $ | 10,163 |
Long_Term_Subordinated_Notes_T
Long Term Subordinated Notes (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Long Term Subordinated Notes [Abstract] | ' | |||||||||||||||||||||||||
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | ' | |||||||||||||||||||||||||
Maturity Date | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 238,363 | $ | 257,763 | $ | 238,361 | $ | 233,292 | |||||||||||||
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | ' | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest expense incurred | $ | 3,937 | $ | 3,937 | $ | 11,811 | $ | 11,811 |
Junior_Subordinated_Debt_Secur1
Junior Subordinated Debt Securities Payable (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Junior Subordinated Debt Securities Payable [Abstract] | ' | ||||||||||||||||
Schedule Of Interest Expense Incurred In Connection With Junior Subordinated Debt Securities | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense incurred | $ | - | $ | - | $ | - | $ | 8,181 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule Of Underwriting Results For Operating Segments | ' | ||||||||||||||||
The following tables present the underwriting results for the operating segments for the periods indicated: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
U.S. Reinsurance | September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premiums | $ | 640,660 | $ | 520,759 | $ | 1,573,776 | $ | 1,373,917 | |||||||||
Net written premiums | 615,078 | 519,020 | 1,536,114 | 1,371,698 | |||||||||||||
Premiums earned | $ | 559,488 | $ | 448,979 | $ | 1,478,258 | $ | 1,232,959 | |||||||||
Incurred losses and LAE | 249,004 | 224,925 | 701,473 | 660,671 | |||||||||||||
Commission and brokerage | 123,432 | 92,039 | 339,166 | 265,092 | |||||||||||||
Other underwriting expenses | 12,118 | 12,013 | 33,054 | 32,541 | |||||||||||||
Underwriting gain (loss) | $ | 174,934 | $ | 120,002 | $ | 404,565 | $ | 274,655 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
International | September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premiums | $ | 406,254 | $ | 331,511 | $ | 1,181,513 | $ | 977,173 | |||||||||
Net written premiums | 352,608 | 330,245 | 977,235 | 972,296 | |||||||||||||
Premiums earned | $ | 320,020 | $ | 310,392 | $ | 958,399 | $ | 948,440 | |||||||||
Incurred losses and LAE | 236,559 | 212,990 | 604,166 | 558,518 | |||||||||||||
Commission and brokerage | 73,143 | 71,530 | 215,716 | 220,039 | |||||||||||||
Other underwriting expenses | 8,758 | 8,722 | 24,683 | 24,319 | |||||||||||||
Underwriting gain (loss) | $ | 1,560 | $ | 17,150 | $ | 113,834 | $ | 145,564 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Bermuda | September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premiums | $ | 205,342 | $ | 224,696 | $ | 573,793 | $ | 597,799 | |||||||||
Net written premiums | 189,447 | 223,616 | 548,210 | 589,128 | |||||||||||||
Premiums earned | $ | 181,754 | $ | 183,992 | $ | 546,699 | $ | 554,142 | |||||||||
Incurred losses and LAE | 108,961 | 123,805 | 310,602 | 327,421 | |||||||||||||
Commission and brokerage | 48,421 | 46,791 | 140,968 | 135,506 | |||||||||||||
Other underwriting expenses | 9,360 | 8,090 | 25,805 | 24,616 | |||||||||||||
Underwriting gain (loss) | $ | 15,012 | $ | 5,306 | $ | 69,324 | $ | 66,599 | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Insurance | September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premiums | $ | 364,111 | $ | 374,866 | $ | 911,242 | $ | 943,935 | |||||||||
Net written premiums | 310,690 | 304,849 | 802,431 | 806,927 | |||||||||||||
Premiums earned | $ | 290,518 | $ | 273,113 | $ | 742,038 | $ | 721,227 | |||||||||
Incurred losses and LAE | 239,823 | 206,467 | 557,047 | 525,811 | |||||||||||||
Commission and brokerage | 40,418 | 37,083 | 114,535 | 101,919 | |||||||||||||
Other underwriting expenses | 31,311 | 29,771 | 83,672 | 84,967 | |||||||||||||
Underwriting gain (loss) | $ | (21,034 | ) | $ | (208 | ) | $ | (13,216 | ) | $ | 8,530 | ||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Mt. Logan Re | September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross written premiums | $ | 50,334 | $ | 13,152 | $ | 109,163 | $ | 13,152 | |||||||||
Net written premiums | 49,757 | 11,417 | 98,666 | 11,417 | |||||||||||||
Premiums earned | $ | 38,218 | $ | 9,279 | $ | 81,411 | $ | 9,279 | |||||||||
Incurred losses and LAE | 3,410 | 1,915 | 19,575 | 1,915 | |||||||||||||
Commission and brokerage | 5,105 | 1,144 | 9,823 | 1,144 | |||||||||||||
Other underwriting expenses | 1,566 | 1,264 | 4,951 | 1,264 | |||||||||||||
Underwriting gain (loss) | $ | 28,137 | $ | 4,956 | $ | 47,062 | $ | 4,956 | |||||||||
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Underwriting gain (loss) | $ | 198,609 | $ | 147,206 | $ | 621,569 | $ | 500,304 | |||||||||
Net investment income | 142,143 | 127,872 | 396,524 | 422,382 | |||||||||||||
Net realized capital gains (losses) | (9,448 | ) | 44,958 | 70,694 | 205,598 | ||||||||||||
Net derivative gain (loss) | 1,855 | 5,639 | 3,968 | 33,005 | |||||||||||||
Corporate expenses | (9,958 | ) | (4,758 | ) | (18,802 | ) | (16,643 | ) | |||||||||
Interest, fee and bond issue cost amortization expense | (12,424 | ) | (7,637 | ) | (28,970 | ) | (38,480 | ) | |||||||||
Other income (expense) | 11,332 | (2,726 | ) | (5,835 | ) | (3,318 | ) | ||||||||||
Income (loss) before taxes | $ | 322,109 | $ | 310,554 | $ | 1,039,148 | $ | 1,102,848 | |||||||||
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
United Kingdom | $ | 199,052 | $ | 167,645 | $ | 536,928 | $ | 434,788 |
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Retirement Benefits [Abstract] | ' | ||||||||||||||||
Summary Of Net Periodic Benefit Cost For U.S. Employees | ' | ||||||||||||||||
Pension Benefits | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 2,460 | $ | 2,794 | $ | 7,381 | $ | 8,251 | |||||||||
Interest cost | 2,542 | 2,144 | 7,625 | 6,292 | |||||||||||||
Expected return on plan assets | (2,822 | ) | (2,124 | ) | (8,468 | ) | (6,367 | ) | |||||||||
Amortization of prior service cost | 13 | 12 | 38 | 37 | |||||||||||||
Amortization of net (income) loss | 1,173 | 2,064 | 3,356 | 5,872 | |||||||||||||
FAS 88 settlement charge | 5,269 | - | 5,269 | - | |||||||||||||
Net periodic benefit cost | $ | 8,635 | $ | 4,890 | $ | 15,201 | $ | 14,085 | |||||||||
Other Benefits | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 407 | $ | 462 | $ | 1,221 | $ | 1,460 | |||||||||
Interest cost | 342 | 291 | 1,026 | 845 | |||||||||||||
Amortization of net (income) loss | 82 | 185 | 246 | 493 | |||||||||||||
Net periodic benefit cost | $ | 831 | $ | 938 | $ | 2,493 | $ | 2,798 | |||||||||
Basis_Of_Presentation_Details
Basis Of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Accounting Guidance [Member] | Accounting Guidance [Member] | Accounting Guidance [Member] | |||||
Item Effected [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Distribution of limited partnership income | $27,735 | $5,638 | $41,165 | $48,733 | ' | ' | ' |
Deferrable acquisition costs expensed | ' | ' | ' | ' | $2,616 | $10,876 | $13,492 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Market Value | $13,643,326 | $12,636,907 |
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 | 4,701,061 | 4,404,165 |
Gross unrealized losses on investments in unrealized loss position | 94,780 | 173,192 |
Percentage threshold of unrealized losses not exceeded by any one single issuer | 1.10% | 0.40% |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 35,277 | 132,430 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 59,503 | 40,762 |
Additional contractual commitments | 266,152 | ' |
Minimum [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Limited partnership financial reporting lag time, months | '1 month | ' |
Maximum [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Limited partnership financial reporting lag time, months | '3 months | ' |
Foreign Government Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Market Value | 1,579,832 | ' |
Aggregate market value of investments in unrealized loss position | 497,523 | 494,281 |
Gross unrealized losses on investments in unrealized loss position | 15,853 | 29,347 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 4,567 | 20,350 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 11,286 | 8,997 |
European Sovereign Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Market Value | 672,976 | ' |
Percentage threshold maximum of securities held in sovereign debt | 5.00% | ' |
United Kingdom [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 59.30% | ' |
France [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 17.60% | ' |
Netherlands [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Percentage of securities held in sovereign debt of a specific country | 6.20% | ' |
Investment Grade [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 13,870 | 112,658 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 51,746 | 38,964 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Aggregate market value of investments in unrealized loss position | 4,582,332 | 4,277,135 |
Gross unrealized losses on investments in unrealized loss position | 88,428 | 164,595 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 33,483 | 123,833 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 54,945 | 40,762 |
Sub-prime and Alt-A Loans [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $28 | $273 |
Investments_Summary_Of_Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $13,327,754 | $12,391,164 |
Unrealized Appreciation | 404,000 | 410,338 |
Unrealized Depreciation | -88,428 | -164,595 |
Market Value | 13,643,326 | 12,636,907 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 716,191 | 160,013 |
Unrealized Appreciation | 5,513 | 2,690 |
Unrealized Depreciation | -830 | -1,678 |
Market Value | 720,874 | 161,025 |
Obligations Of U.S. States And Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 792,193 | 970,735 |
Unrealized Appreciation | 43,524 | 40,815 |
Unrealized Depreciation | -994 | -9,022 |
Market Value | 834,723 | 1,002,528 |
Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 4,594,903 | 3,950,887 |
Unrealized Appreciation | 144,022 | 155,619 |
Unrealized Depreciation | -30,854 | -27,090 |
Market Value | 4,708,071 | 4,079,416 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 311,772 | 169,980 |
Unrealized Appreciation | 1,950 | 3,485 |
Unrealized Depreciation | -519 | -422 |
Market Value | 313,203 | 173,043 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 216,264 | 254,765 |
Unrealized Appreciation | 12,385 | 16,683 |
Unrealized Depreciation | -686 | -1,007 |
Market Value | 227,963 | 270,441 |
Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,156,374 | 2,294,719 |
Unrealized Appreciation | 37,989 | 34,509 |
Unrealized Depreciation | -17,151 | -50,175 |
Market Value | 2,177,212 | 2,279,053 |
Non-Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,982 | 4,816 |
Unrealized Appreciation | 54 | 229 |
Unrealized Depreciation | -69 | -226 |
Market Value | 2,967 | 4,819 |
Foreign Government Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,532,505 | 1,740,337 |
Unrealized Appreciation | 63,180 | 69,779 |
Unrealized Depreciation | -15,853 | -29,347 |
Market Value | 1,579,832 | 1,780,769 |
Foreign Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,004,570 | 2,844,912 |
Unrealized Appreciation | 95,383 | 86,529 |
Unrealized Depreciation | -21,472 | -45,628 |
Market Value | 3,078,481 | 2,885,813 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 147,068 | 148,342 |
Unrealized Appreciation | 5,419 | 4,336 |
Unrealized Depreciation | -6,352 | -8,597 |
Market Value | $146,135 | $144,081 |
Investments_Summary_Of_PreTax_
Investments (Summary Of Pre-Tax Cumulative Unrealized Appreciation (Depreciation) On Corporate Securities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Pre-tax cumulative unrealized appreciation (depreciation) | $2,989 | $3,169 |
Investments_Summary_Of_Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Amortized Cost | $13,327,754 | $12,391,164 |
Fixed maturity securities - available for sale, Market Value | 13,643,326 | 12,636,907 |
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 | 1,231,500 | 1,059,052 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 6,155,821 | 5,565,112 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 2,309,641 | 2,081,908 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 943,400 | 960,812 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 1,238,990 | 1,067,799 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 6,283,753 | 5,740,662 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 2,353,164 | 2,101,234 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 1,046,074 | 999,856 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Amortized Cost | 311,772 | 169,980 |
Fixed maturity securities - available for sale, Market Value | 313,203 | 173,043 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Amortized Cost | 216,264 | 254,765 |
Fixed maturity securities - available for sale, Market Value | 227,963 | 270,441 |
Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Amortized Cost | 2,156,374 | 2,294,719 |
Fixed maturity securities - available for sale, Market Value | 2,177,212 | 2,279,053 |
Non-Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities - available for sale, Amortized Cost | 2,982 | 4,816 |
Fixed maturity securities - available for sale, Market Value | $2,967 | $4,819 |
Investments_Summary_Of_Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | ($91,407) | ($27,697) | $73,157 | ($402,765) |
Deferred tax benefit (expense) | 11,649 | 5,180 | -9,480 | 54,847 |
Deferred tax benefit (expense), other-than-temporary impairment | ' | ' | ' | 140 |
Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity | -79,758 | -22,517 | 63,677 | -347,778 |
Fixed Maturity Securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | -87,859 | -26,106 | 70,010 | -385,727 |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | -261 | -144 | -180 | -1,516 |
Equity Securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Change in unrealized appreciation (depreciation), pre-tax | ($3,287) | ($1,447) | $3,327 | ($15,522) |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | $2,724,671 | $3,764,340 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -35,277 | -132,430 |
Fixed maturity securities, Greater than 12 months, Market Value | 1,976,390 | 639,825 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -59,503 | -40,762 |
Fixed maturity securities, Total, Market Value | 4,701,061 | 4,404,165 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -94,780 | -173,192 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 2,682,763 | 3,637,310 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -33,483 | -123,833 |
Fixed maturity securities, Greater than 12 months, Market Value | 1,899,569 | 639,825 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -54,945 | -40,762 |
Fixed maturity securities, Total, Market Value | 4,582,332 | 4,277,135 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -88,428 | -164,595 |
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 | 35,516 | 74,847 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -190 | -1,033 |
Fixed maturity securities, Greater than 12 months, Market Value | 25,462 | 8,751 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -640 | -645 |
Fixed maturity securities, Total, Market Value | 60,978 | 83,598 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -830 | -1,678 |
Obligations Of U.S. States And Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 18,198 | 92,760 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -426 | -4,852 |
Fixed maturity securities, Greater than 12 months, Market Value | 36,680 | 39,689 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -568 | -4,170 |
Fixed maturity securities, Total, Market Value | 54,878 | 132,449 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -994 | -9,022 |
Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 1,533,633 | 959,396 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -21,194 | -22,331 |
Fixed maturity securities, Greater than 12 months, Market Value | 371,829 | 75,946 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -9,660 | -4,759 |
Fixed maturity securities, Total, Market Value | 1,905,462 | 1,035,342 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -30,854 | -27,090 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 159,751 | 5,494 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -519 | -6 |
Fixed maturity securities, Greater than 12 months, Market Value | ' | 1,128 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | ' | -416 |
Fixed maturity securities, Total, Market Value | 159,751 | 6,622 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -519 | -422 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 15,440 | 51 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -27 | ' |
Fixed maturity securities, Greater than 12 months, Market Value | 10,962 | 11,353 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -659 | -1,007 |
Fixed maturity securities, Total, Market Value | 26,402 | 11,404 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -686 | -1,007 |
Agency Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 157,297 | 1,220,845 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -563 | -40,420 |
Fixed maturity securities, Greater than 12 months, Market Value | 829,667 | 264,640 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -16,588 | -9,755 |
Fixed maturity securities, Total, Market Value | 986,964 | 1,485,485 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -17,151 | -50,175 |
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 | 1,362 | 1,541 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -69 | -204 |
Fixed maturity securities, Total, Market Value | 1,362 | 3,299 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -69 | -226 |
Foreign Government Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 284,210 | 409,252 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -4,567 | -20,350 |
Fixed maturity securities, Greater than 12 months, Market Value | 213,313 | 85,029 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -11,286 | -8,997 |
Fixed maturity securities, Total, Market Value | 497,523 | 494,281 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -15,853 | -29,347 |
Foreign Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 478,718 | 872,907 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -5,997 | -34,819 |
Fixed maturity securities, Greater than 12 months, Market Value | 410,294 | 151,748 |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -15,475 | -10,809 |
Fixed maturity securities, Total, Market Value | 889,012 | 1,024,655 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -21,472 | -45,628 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Less than 12 months, Market Value | 41,908 | 127,030 |
Fixed maturity securities, Less than 12 months, Gross Unrealized Depreciation | -1,794 | -8,597 |
Fixed maturity securities, Greater than 12 months, Market Value | 76,821 | ' |
Fixed maturity securities, Greater than 12 months, Gross Unrealized Depreciation | -4,558 | ' |
Fixed maturity securities, Total, Market Value | 118,729 | 127,030 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | ($6,352) | ($8,597) |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
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 | $2,724,671 | $3,764,340 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -35,277 | -132,430 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,976,390 | 639,825 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -59,503 | -40,762 |
Fixed maturity securities, Total, Market Value | 4,701,061 | 4,404,165 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -94,780 | -173,192 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 2,682,763 | 3,637,310 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -33,483 | -123,833 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,899,569 | 639,825 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -54,945 | -40,762 |
Fixed maturity securities, Total, Market Value | 4,582,332 | 4,277,135 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -88,428 | -164,595 |
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 | 84,658 | 143,098 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -1,512 | -3,503 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 107,000 | 46,691 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -8,116 | -5,330 |
Fixed maturity securities, Total, Market Value | 191,658 | 189,789 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -9,628 | -8,833 |
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 | 1,446,131 | 1,125,680 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -17,614 | -25,365 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 617,461 | 204,779 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -15,101 | -11,279 |
Fixed maturity securities, Total, Market Value | 2,063,592 | 1,330,459 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -32,715 | -36,644 |
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 | 772,425 | 810,969 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -11,162 | -35,169 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 244,999 | 48,064 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -10,019 | -3,844 |
Fixed maturity securities, Total, Market Value | 1,017,424 | 859,033 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -21,181 | -39,013 |
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 | 47,061 | 329,415 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -2,086 | -19,348 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 88,118 | 61,629 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -4,393 | -8,927 |
Fixed maturity securities, Total, Market Value | 135,179 | 391,044 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -6,479 | -28,275 |
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 | 159,751 | 5,494 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -519 | -6 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | ' | 1,128 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | ' | -416 |
Fixed maturity securities, Total, Market Value | 159,751 | 6,622 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | -519 | -422 |
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 | 172,737 | 1,222,654 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | -590 | -40,442 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 841,991 | 277,534 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | -17,316 | -10,966 |
Fixed maturity securities, Total, Market Value | 1,014,728 | 1,500,188 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated in Investments | ($17,906) | ($51,408) |
Investments_Summary_Of_Compone
Investments (Summary Of Components Of Net Investment Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gross investment income before adjustments | $148,997 | $134,119 | $415,063 | $439,469 |
Funds held interest income (expense) | 1,817 | 1,708 | 6,875 | 7,984 |
Future policy benefit reserve income (expense) | -471 | -395 | -915 | -1,547 |
Gross investment income | 150,343 | 135,432 | 421,023 | 445,906 |
Investment expenses | -8,200 | -7,560 | -24,499 | -23,524 |
Net investment income | 142,143 | 127,872 | 396,524 | 422,382 |
Fixed Maturity Securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gross investment income before adjustments | 115,057 | 117,814 | 348,872 | 358,824 |
Equity Securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gross investment income before adjustments | 11,086 | 10,337 | 36,111 | 32,873 |
Short-Term Investments And Cash [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gross investment income before adjustments | 295 | 339 | 1,202 | 819 |
Limited Partnerships [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gross investment income before adjustments | 21,690 | 4,574 | 25,658 | 41,642 |
Other [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gross investment income before adjustments | $869 | $1,055 | $3,220 | $5,311 |
Investments_Summary_Of_Compone1
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Other-than-temporary impairments | ($106) | ' | ($495) | ($191) |
Total net realized capital gains (losses) | -9,448 | 44,958 | 70,694 | 205,598 |
Fixed Maturity Securities [Member] | Market Value [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Other-than-temporary impairments | -106 | ' | -495 | -191 |
Gains (losses) from sales | 7,311 | 1,895 | 3,668 | 6,468 |
Fixed Maturity Securities [Member] | Fair Value [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gains (losses) from sales | 82 | 37 | 1,022 | 127 |
Gains (losses) from fair value adjustments | -938 | 577 | -938 | -1,004 |
Equity Securities [Member] | Market Value [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gains (losses) from sales | -181 | -2 | -1,235 | 2,649 |
Equity Securities [Member] | Fair Value [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gains (losses) from sales | -1,823 | 1,827 | -1,873 | 25,879 |
Gains (losses) from fair value adjustments | -13,792 | 40,623 | 70,548 | 171,655 |
Short-Term Investments And Cash [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gains (losses) from sales | ($1) | $1 | ($3) | $15 |
Investments_Summary_Of_Gross_G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fixed Maturity Securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Proceeds from sales of securities | $446,699 | $215,229 | $1,073,938 | $863,755 |
Gross gains from sales | 12,821 | 7,734 | 28,828 | 26,655 |
Gross losses from sales | -5,428 | -5,802 | -24,138 | -20,060 |
Equity Securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Proceeds from sales of securities | 150,124 | 101,502 | 463,688 | 505,694 |
Gross gains from sales | 2,545 | 3,992 | 13,047 | 36,495 |
Gross losses from sales | ($4,549) | ($2,167) | ($16,155) | ($7,967) |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2014 | Dec. 31, 2005 | Dec. 31, 2001 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | 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] | Standard & Poor's 500 Index [Member] | FTSE 100 Index [Member] | FTSE 100 Index [Member] | FTSE 100 Index [Member] | FTSE 100 Index [Member] | |
item | USD ($) | Equity Index Put Option Contracts [Member] | Equity Index Put Option Contracts [Member] | Minimum [Member] | Maximum [Member] | USD ($) | GBP (£) | Equity Index Put Option Contracts [Member] | Equity Index Put Option Contracts [Member] | |||
security | item | USD ($) | Fair Value [Member] | USD ($) | USD ($) | item | USD ($) | Fair Value [Member] | ||||
security | USD ($) | security | USD ($) | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equity index put option contracts sold | 7 | 7 | 7 | 6 | ' | ' | ' | ' | 1 | 1 | ' | ' |
Number of equity indices | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration, net of commissions | ' | ' | ' | ' | $22,530,000 | $25,443,000 | ' | ' | ' | ' | $6,706,000 | $6,011,000 |
Theoretical maximum payout occurs based on index value | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Collateral rating threshold | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities range, years | ' | ' | ' | ' | ' | ' | '12 years | '30 years | ' | ' | ' | ' |
Strike prices | ' | ' | ' | ' | ' | ' | 1,141.21 | 1,540.63 | ' | 5,989.75 | ' | ' |
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | ' | ' | ' | ' | ' | ' | ' | 20.00% | 39.00% | 39.00% | ' | ' |
Discount factor | ' | ' | ' | 3.00% | ' | ' | ' | ' | 3.00% | 3.00% | ' | ' |
Present value of theoretical maximum payouts | ' | ' | ' | 416,895,000 | ' | ' | ' | ' | 45,037,000 | ' | ' | ' |
Derivative, net liability position, aggregate fair value | 31,455,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral already posted, aggregate fair value | 17,827,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required to post an additional approximation of the counterparties' fair value | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity index if contracts had expired | ' | ' | ' | 1,972.29 | ' | ' | ' | ' | 6,622.70 | 6,622.70 | ' | ' |
Settlement amount if contracts had expired | ' | ' | ' | $0 | ' | ' | ' | ' | $0 | ' | ' | ' |
Derivatives_Summary_Of_The_Fai
Derivatives (Summary Of The Fair Value Of The Equity Index Put Options Found On The Company's Consolidated Balance Sheets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Option Indexed to Issuer's Equity [Line Items] | ' | ' |
Equity index put option liability | $31,455 | $35,423 |
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 | $31,455 | $35,423 |
Derivatives_Summary_Of_The_Cha
Derivatives (Summary Of The Change In Fair Value Of The Equity Index Put Option Contracts Found On The Company's Statement Of Operations And Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Option Indexed to Issuer's Equity [Line Items] | ' | ' | ' | ' |
Net derivative gain (loss) | $1,855 | $5,639 | $3,968 | $33,005 |
Equity Index Put Option Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | ' | ' | ' | ' |
Option Indexed to Issuer's Equity [Line Items] | ' | ' | ' | ' |
Net derivative gain (loss) | $1,855 | $5,639 | $3,968 | $33,005 |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2005 | Dec. 31, 2001 |
security | security | security | security | ||||
Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Fair value of public equity portfolio | $185,973 | ' | $185,973 | ' | $174,628 | ' | ' |
Number of equity index put option contracts | 7 | ' | 7 | ' | ' | 7 | 7 |
Transfers between level 1 and 2 | 0 | ' | 0 | ' | ' | ' | ' |
Transfers from level 3 | $1,431 | $12,396 | $2,367 | $46,384 | ' | ' | ' |
Fair_Value_The_Fair_Value_Calc
Fair Value (The Fair Value Calculated Using An Industry Accepted Option Pricing Model, Black-Scholes) (Details) | 9 Months Ended |
Sep. 30, 2014 | |
item | |
Standard & Poor's 500 Index [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Equity Index | 1,972.30 |
Interest rate, range minimum | 1.23% |
Interest rate, range maximum | 3.49% |
Time to maturity, range minimum, years | '2 years 7 months 6 days |
Time to maturity, range maximum, years | '16 years 6 months |
Volatility, minimum | 20.40% |
Volatility, maximum | 24.90% |
FTSE 100 Index [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Equity Index | 6,622.70 |
Interest rate | 2.42% |
Time to maturity, years | '5 years 9 months 18 days |
Volatility | 22.50% |
Fair_Value_Fair_Value_Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | $13,643,326 | $12,636,907 |
Fixed maturities, fair value | 18,426 | 19,388 |
Equity securities, market value | 146,135 | 144,081 |
Equity securities, fair value | 1,341,111 | 1,462,079 |
Equity index put option contracts | 31,455 | 35,423 |
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 | 128,791 | 127,030 |
Equity securities, fair value | 1,231,870 | 1,342,278 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 13,582,342 | 12,630,780 |
Fixed maturities, fair value | 18,426 | 19,388 |
Equity securities, market value | 17,344 | 17,051 |
Equity securities, fair value | 109,241 | 119,801 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 60,984 | 6,127 |
Equity index put option contracts | 31,455 | 35,423 |
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 | 720,874 | 161,025 |
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 | 720,874 | 161,025 |
Obligations Of U.S. States And Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 834,723 | 1,002,528 |
Obligations Of U.S. States 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 | 834,723 | 1,002,528 |
Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 4,708,071 | 4,079,416 |
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 4,706,755 | 4,079,416 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 1,316 | ' |
Asset-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 313,203 | 173,043 |
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 | 287,835 | 167,744 |
Asset-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 25,368 | 5,299 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 227,963 | 270,441 |
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 | 227,963 | 270,441 |
Agency Residential [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 2,177,212 | 2,279,053 |
Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 2,147,367 | 2,279,053 |
Agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 29,845 | ' |
Non-Agency Residential [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 2,967 | 4,819 |
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 | 2,967 | 4,472 |
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 |
Foreign Government Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 1,579,832 | 1,780,769 |
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 | 1,579,832 | 1,780,769 |
Foreign Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | 3,078,481 | 2,885,813 |
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 | 3,074,026 | 2,885,332 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fixed maturities, market value | $4,455 | $481 |
Fair_Value_Activity_Under_Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning balance | $3,259 | $20,987 | $6,127 | $52,030 |
Total gains or (losses) (realized/unrealized) Included in earnings | 1,390 | 94 | 1,606 | -646 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | -335 | -165 | -304 | -1,375 |
Purchases, issuances and settlements | 58,101 | -2,276 | 55,922 | 2,619 |
Transfers in and/or (out) of Level 3 | -1,431 | -12,396 | -2,367 | -46,384 |
Ending balance | 60,984 | 6,244 | 60,984 | 6,244 |
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 | ' | ' | ' | ' |
Corporate Securities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 42 | ' | 42 | ' |
Purchases, issuances and settlements | 1,274 | ' | 1,274 | ' |
Ending balance | 1,316 | ' | 1,316 | ' |
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 | 3,000 | 6,017 | 5,299 | 4,849 |
Total gains or (losses) (realized/unrealized) Included in earnings | 1,203 | 58 | 1,259 | 74 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | -201 | -208 | -126 | -569 |
Purchases, issuances and settlements | 22,797 | -469 | 21,303 | -489 |
Transfers in and/or (out) of Level 3 | -1,431 | ' | -2,367 | 1,533 |
Ending balance | 25,368 | 5,398 | 25,368 | 5,398 |
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 | ' | 11,576 | 481 | 11,913 |
Total gains or (losses) (realized/unrealized) Included in earnings | ' | -4 | 18 | -739 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | -62 | 51 | -82 | -592 |
Purchases, issuances and settlements | 4,517 | -1,750 | 4,038 | 2,865 |
Transfers in and/or (out) of Level 3 | ' | -9,391 | ' | -12,965 |
Ending balance | 4,455 | 482 | 4,455 | 482 |
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] | ' | ' | ' | ' |
Beginning balance | ' | 2,614 | ' | ' |
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 | ' | -2,614 | ' | -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 | 259 | 780 | 347 | 426 |
Total gains or (losses) (realized/unrealized) Included in earnings | 187 | 40 | 329 | 131 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | -114 | -8 | -138 | -35 |
Purchases, issuances and settlements | -332 | -57 | -538 | -273 |
Transfers in and/or (out) of Level 3 | ' | -391 | ' | 115 |
Ending balance | ' | 364 | ' | 364 |
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 |
Purchases, issuances and settlements | 29,845 | ' | 29,845 | ' |
Transfers in and/or (out) of Level 3 | ' | ' | ' | -34,842 |
Ending balance | 29,845 | ' | 29,845 | ' |
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 $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value [Abstract] | ' | ' | ' | ' |
Balance, beginning of period | $33,309 | $52,101 | $35,423 | $79,467 |
Total (gains) or losses (realized/unrealized) Included in earnings | -1,855 | -5,639 | -3,968 | -33,005 |
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 | 31,455 | 46,462 | 31,455 | 46,462 |
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_Inte2
Redeemable Noncontrolling Interest - MT. Logan RE (Narrative) (Details) (Logan Re [Member], USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Logan Re [Member] | ' |
Redeemable Noncontrolling Interest [Line Items] | ' |
Voting common share percentage | 100.00% |
Investment, redeemable preferred shares, segregated accounts | $50,000 |
Redeemable_Noncontrolling_Inte3
Redeemable Noncontrolling Interest - MT. Logan RE (Activity For Redeemable Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Logan Re [Member] | Logan Re [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interests - Mt. Logan Re, beginning of period | ' | ' | $93,378 | ' | $93,378 | ' |
Unaffiliated third party investments during period, net | ' | ' | ' | ' | 279,200 | 87,500 |
Net income (loss) attributable to noncontrolling interests | 26,337 | 3,768 | 42,167 | 3,768 | 42,167 | 5,878 |
Dividends paid on third party investment in redeemable noncontrolling interest | -10,334 | ' | -10,334 | ' | -10,334 | ' |
Redeemable noncontrolling interests - Mt. Logan Re, end of period | $404,411 | ' | $404,411 | ' | $404,411 | $93,378 |
Earnings_Per_Common_Share_Narr
Earnings Per Common Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Common Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive options | 0 | 0 | 0 | 0 |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share (Schedule Of Net Income (Loss) Per Common Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Earnings Per Common Share [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) attributable to Everest Re Group | $274,916 | $234,759 | $859,033 | $894,744 | ||||
Less: dividends declared-common shares and nonvested common shares | -33,973 | -23,174 | -103,034 | -70,720 | ||||
Undistributed earnings | 240,943 | 211,585 | 755,999 | 824,024 | ||||
Percentage allocated to common shareholders | 98.90% | [1] | 99.10% | [1] | 99.00% | [1] | 99.10% | [1] |
Net income (loss) available to common stockholders, total | 238,407 | 209,638 | 748,273 | 816,744 | ||||
Add: dividends declared-common shareholders | 33,631 | 22,971 | 101,993 | 70,097 | ||||
Numerator for basic and diluted earnings per common share | $272,038 | $232,609 | $850,266 | $886,841 | ||||
Denominator for basic earnings per weighted-average common shares | 44,941 | 47,925 | 45,615 | 49,028 | ||||
Effect of dilutive securities: Options | 415 | 403 | 426 | 407 | ||||
Denominator for diluted earnings per adjusted weighted-average common shares | 45,356 | 48,328 | 46,041 | 49,435 | ||||
Basic | $6.05 | $4.85 | $18.64 | $18.09 | ||||
Diluted | $6 | $4.81 | $18.47 | $17.94 | ||||
Basic weighted-average common shares outstanding | 44,941 | 47,925 | 45,615 | 49,028 | ||||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 45,419 | 48,370 | 46,086 | 49,465 | ||||
[1] | Basic weighted-average common shares outstanding |
Contingencies_Details
Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
The Prudential Insurance Company [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated cost to replace annuities | $144,415 | $144,734 |
Unaffiliated Life Insurance Company [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated cost to replace annuities | $31,338 | $30,664 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Before Tax | ($84,122) | ($25,661) | $75,275 | ($392,324) |
URA (D) on securities - OTTI, Before Tax | -261 | -144 | -180 | -1,516 |
Reclassification on net realized losses (gains) included in net income (loss), Before Tax | -7,024 | -1,892 | -1,938 | -8,925 |
Foreign currency translation adjustments, Before Tax | -38,998 | -9,056 | -42,998 | -20,262 |
Benefit plan actuarial net gain (loss), Before Tax | ' | ' | ' | ' |
Reclassification of benefit plan liability amortization included in net income (loss), Before Tax | 1,269 | 2,262 | 3,640 | 6,402 |
Total other comprehensive income (loss), Before Tax | -129,136 | -34,491 | 33,799 | -416,625 |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Tax Effect | 10,309 | 4,880 | -9,777 | 53,433 |
URA (D) on securities - OTTI, Tax Effect | ' | ' | ' | 140 |
Reclassification of net realized losses (gains) included in net income (loss), Tax Effect | 1,340 | 300 | 297 | 1,414 |
Foreign currency translation adjustments, Tax Effect | 4,024 | 3,143 | 4,624 | 7,034 |
Benefit plan actuarial net gain (loss), Tax Effect | ' | ' | ' | ' |
Reclassification of benefit plan liability amortization included in net income (loss), Tax Effect | -444 | -792 | -1,274 | -2,241 |
Total other comprehensive income (loss), Tax Effect | 15,229 | 7,531 | -6,130 | 59,780 |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Net of Tax | -73,813 | -20,781 | 65,498 | -338,891 |
URA (D) on securities - OTTI, Net of Tax | -261 | -144 | -180 | -1,376 |
Reclassification on net realized losses (gains) included in net income (loss), Net of Tax | -5,684 | -1,592 | -1,641 | -7,511 |
Foreign currency translation adjustments, Net of Tax | -34,974 | -5,913 | -38,374 | -13,228 |
Benefit plan actuarial net gain (loss), Net of Tax | ' | ' | ' | ' |
Reclassification of benefit plan liability amortization included in net income (loss), Net of Tax | 825 | 1,470 | 2,366 | 4,161 |
Total other comprehensive income (loss), net of tax | ($113,907) | ($26,960) | $27,669 | ($356,845) |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) (Reclassified From Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Other net realized capital gains (losses) | ($9,342) | $44,958 | $71,189 | $205,789 |
Other underwriting expenses | 63,113 | 59,860 | 172,165 | 167,707 |
Income tax expense (benefit) | 20,856 | 72,027 | 137,948 | 204,336 |
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | 274,916 | 234,759 | 859,033 | 894,744 |
URA(D) On Securities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Other net realized capital gains (losses) | -7,024 | -1,892 | -1,938 | -8,925 |
Income tax expense (benefit) | 1,340 | 300 | 297 | 1,414 |
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | -5,684 | -1,592 | -1,641 | -7,511 |
Benefit Plan Liabilities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Other underwriting expenses | 1,269 | 2,262 | 3,640 | 6,402 |
Income tax expense (benefit) | -444 | -792 | -1,274 | -2,241 |
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | $825 | $1,470 | $2,366 | $4,161 |
Other_Comprehensive_Income_Los4
Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ' |
Beginning balance of URA (D) on securities | ' | ' | $201,154 | $603,928 | $603,928 |
Current period change in URA(D) of investments - temporary | ' | ' | 63,857 | ' | -401,335 |
Current period change in URA (D) of investments - non-credit OTTI | ' | ' | -180 | ' | -1,439 |
Ending balance of URA (D) on securities | 264,831 | ' | 264,831 | ' | 201,154 |
Beginning balance of foreign currency translation adjustments | ' | ' | -4,530 | -4,368 | -4,368 |
Current period change in foreign currency translation adjustments | ' | ' | -38,374 | ' | -162 |
Ending balance of foreign currency translation adjustments | -42,904 | ' | -42,904 | ' | -4,530 |
Beginning balance of benefit plan net gain (loss) | ' | ' | -38,896 | -62,511 | -62,511 |
Current period change in benefit plan net gain (loss) | 825 | 1,470 | 2,366 | 4,161 | 23,615 |
Ending balance of benefit plan net gain (loss) | -36,530 | ' | -36,530 | ' | -38,896 |
Ending balance of accumulated other comprehensive income (loss) | $185,397 | ' | $185,397 | ' | $157,728 |
Credit_Facilities_Narrative_De
Credit Facilities (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 15, 2014 | Sep. 30, 2014 | Aug. 15, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Line of credit facility, number of facilities | ' | 2 | ' | ' |
Line of credit facility, commitment | ' | $1,100,000 | ' | ' |
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 | ' | ' |
Line of credit facility, commitment | ' | 800,000 | ' | 800,000 |
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 | ' | 5,028,551 | ' | ' |
Wells Fargo Bank Group Credit Facility [Member] | Before Amended And Restated Agreement [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Line of credit facility, term of credit facility | ' | '5 years | ' | ' |
Line of credit facility, commitment | ' | 850,000 | ' | ' |
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 One [Member] | Interest Rate Base Rate Option 1(b) [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Line of credit facility, spread on variable rate basis | ' | 0.50% | ' | ' |
Wells Fargo Bank Group Credit Facility Tranche One [Member] | Interest Rate Base Rate Option 1(c) [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Line of credit facility, spread on variable rate basis | ' | 1.00% | ' | ' |
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 | ' | ' |
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% | ' | ' | ' |
Citibank Holdings Credit Facility [Member] | Interest Rate Base Rate Option 1(b) [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
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, spread on variable rate basis | 1.00% | ' | ' | ' |
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] | ' | ' | ' | ' |
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] | ' | ' | ' | ' |
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 $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Credit Facilities [Abstract] | ' | ' | ' | ' |
Credit facility fees incurred | $132 | $243 | $527 | $720 |
Credit_Facilities_Summary_Of_O
Credit Facilities (Summary Of Outstanding Letters Of Credit And/Or Borrowings Of Group Credit Facility) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | $1,100,000 | ' |
Wells Fargo Bank Group Credit Facility Tranche One [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | 200,000 | 200,000 |
Wells Fargo Bank Group Credit Facility Tranche Two Issuance One [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | 600,000 | 600,000 |
In Use | 499,366 | 502,059 |
Date of Expiry | 31-Dec-14 | 31-Dec-14 |
Wells Fargo Bank Group Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | 800,000 | 800,000 |
In Use | $499,366 | $502,059 |
Credit_Facilities_Summary_Of_O1
Credit Facilities (Summary Of Outstanding Letters Of Credit And Borrowings Of Bermuda Re Letter Of Credit Facility) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | $1,100,000 | ' |
Citibank Bilateral Letter Of Credit Agreement One [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | 300,000 | 300,000 |
In Use | 3,672 | 119 |
Date of Expiry | 24-Nov-14 | 30-Aug-14 |
Citibank Bilateral Letter Of Credit Agreement Two [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | 70,708 | 3,672 |
Date of Expiry | 31-Dec-14 | 24-Nov-14 |
Citibank Bilateral Letter Of Credit Agreement Three [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | 124 | 79,336 |
Date of Expiry | 30-Aug-15 | 31-Dec-14 |
Citibank Bilateral Letter Of Credit Agreement Four [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | 4,107 | 1,045 |
Date of Expiry | 31-Dec-15 | 31-Dec-15 |
Citibank Bilateral Letter Of Credit Agreement Five [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | 145,638 | 22,800 |
Date of Expiry | 30-Sep-18 | 31-Dec-17 |
Citibank Bilateral Letter Of Credit Agreement Six [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
In Use | ' | 129,147 |
Date of Expiry | ' | 30-Mar-18 |
Citibank Bilateral Agreement [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Commitment | 300,000 | 300,000 |
In Use | $224,249 | $236,119 |
Credit_Facilities_Summary_Of_O2
Credit Facilities (Summary Of Outstanding Letters Of Credit And/Or Borrowings Of Citibank Holdings Credit Facility) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 15, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Citibank Holdings Credit Facility [Member] | Revolving Credit Borrowings [Member] | Holdings Letters Of Credit [Member] | Citibank Holdings Credit Facility [Member] | Citibank Holdings Credit Facility [Member] | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Commitment | $1,100,000 | $150,000 | ' | ' | $150,000 | $150,000 |
In Use | ' | ' | ' | $851 | ' | $851 |
Date of Expiry | ' | ' | ' | 31-Dec-14 | ' | ' |
Reinsurance_And_Trust_Agreemen1
Reinsurance And Trust Agreements (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Apr. 24, 2014 | Apr. 24, 2014 | Apr. 24, 2014 |
item | Catastrophe Reinsurance Agreement 1 [Member] | Catastrophe Reinsurance Agreement 2 [Member] | Kilimanjaro Re Limited [Member] | |
Effects of Reinsurance [Line Items] | ' | ' | ' | ' |
Amount on deposit in trust accounts | $305,386 | ' | ' | ' |
Number of collateralized reinsurance agreements | 2 | ' | ' | ' |
Reinsurance coverage amount | ' | 250,000 | 200,000 | ' |
Catastrophe reinsurance bonds funded amount | ' | ' | ' | $450,000 |
Senior_Notes_Narrative_Details
Senior Notes (Narrative) (Details) (Senior Notes [Member], USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
4.868% Senior notes due 6/1/2044 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date Issued | 5-Jun-14 | ' |
Principal amounts | $400,000,000 | ' |
Debt maturity term | '30 years | ' |
Debt instrument, stated interest rate | 4.87% | ' |
Date due | 1-Jun-44 | ' |
Capitalized cost | 4,300,000 | ' |
5.4% Senior notes due 10/15/2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Date Issued | 12-Oct-04 | ' |
Principal amounts | $250,000,000 | ' |
Debt instrument, stated interest rate | 5.40% | 5.40% |
Date due | 15-Oct-14 | ' |
Senior_Notes_Schedule_Of_Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) (Senior Notes [Member], USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
4.868% Senior notes due 6/1/2044 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, stated interest rate | 4.87% | ' |
Date issued | 5-Jun-14 | ' |
Date due | 1-Jun-44 | ' |
Principal amounts | $400,000,000 | ' |
Consolidated balance sheet amount | 400,000,000 | ' |
Market value | 395,824,000 | ' |
5.4% Senior notes due 10/15/2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, stated interest rate | 5.40% | 5.40% |
Date issued | 12-Oct-04 | ' |
Date due | 15-Oct-14 | ' |
Principal amounts | 250,000,000 | ' |
Consolidated balance sheet amount | 249,998,000 | 249,958,000 |
Market value | $250,485,000 | $259,130,000 |
Senior_Notes_Schedule_Of_Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Senior Notes [Abstract] | ' | ' | ' | ' |
Interest expense incurred | $8,256 | $3,388 | $16,385 | $10,163 |
Long_Term_Subordinated_Notes_N
Long Term Subordinated Notes (Narrative) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Redemption date | 1-May-47 | ' |
Long Term Subordinated Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, stated interest rate | 6.60% | 6.60% |
Maturity Date | 1-May-67 | ' |
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] | ' | ' |
Debt instrument, stated interest rate | 6.60% | ' |
Interest payment commencement date | 15-Nov-07 | ' |
Interest basis, term of LIBOR rate | '3 months | ' |
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 | ' |
5.4% Senior notes due 10/15/2014 [Member] | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, stated interest rate | 5.40% | 5.40% |
Maturity Date | 15-Oct-14 | ' |
4.868% Senior notes due 6/1/2044 [Member] | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, stated interest rate | 4.87% | ' |
Maturity Date | 1-Jun-44 | ' |
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 $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, stated interest rate | 6.60% | 6.60% |
Date Issued | 26-Apr-07 | ' |
Original Principal Amount | $400,000,000 | ' |
Maturity Date | 1-May-67 | ' |
Consolidated balance sheet amount | 238,363,000 | 238,361,000 |
Market value | $257,763,000 | $233,292,000 |
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 $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Long Term Subordinated Notes [Abstract] | ' | ' | ' | ' |
Interest expense incurred | $3,937 | $3,937 | $11,811 | $11,811 |
Junior_Subordinated_Debt_Secur2
Junior Subordinated Debt Securities Payable (Narrative) (Details) (Junior Subordinated Debt Securities [Member], USD $) | 0 Months Ended | |
24-May-13 | 24-May-13 | |
Junior Subordinated Debt Securities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, stated interest rate | ' | 6.20% |
Original Principal Amount | ' | $329,897,000 |
Early redemption of junior subordinated debt, pre-tax expense | $7,282,000 | ' |
Junior_Subordinated_Debt_Secur3
Junior Subordinated Debt Securities Payable (Schedule Of Interest Expense Incurred In Connection With Junior Subordinated Debt Securities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Junior Subordinated Debt Securities Payable [Abstract] | ' | ' | ' | ' |
Interest expense incurred | ' | ' | ' | $8,181 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Premiums earned | $1,389,998 | $1,225,755 | $3,806,805 | $3,466,047 |
Incurred losses and LAE | 837,757 | 770,102 | 2,192,863 | 2,074,336 |
Commission and brokerage | 290,519 | 248,587 | 820,208 | 723,700 |
Other underwriting expenses | 63,113 | 59,860 | 172,165 | 167,707 |
Underwriting gain (loss) | 198,609 | 147,206 | 621,569 | 500,304 |
U.S. Reinsurance [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross written premiums | 640,660 | 520,759 | 1,573,776 | 1,373,917 |
Net written premiums | 615,078 | 519,020 | 1,536,114 | 1,371,698 |
Premiums earned | 559,488 | 448,979 | 1,478,258 | 1,232,959 |
Incurred losses and LAE | 249,004 | 224,925 | 701,473 | 660,671 |
Commission and brokerage | 123,432 | 92,039 | 339,166 | 265,092 |
Other underwriting expenses | 12,118 | 12,013 | 33,054 | 32,541 |
Underwriting gain (loss) | 174,934 | 120,002 | 404,565 | 274,655 |
International [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross written premiums | 406,254 | 331,511 | 1,181,513 | 977,173 |
Net written premiums | 352,608 | 330,245 | 977,235 | 972,296 |
Premiums earned | 320,020 | 310,392 | 958,399 | 948,440 |
Incurred losses and LAE | 236,559 | 212,990 | 604,166 | 558,518 |
Commission and brokerage | 73,143 | 71,530 | 215,716 | 220,039 |
Other underwriting expenses | 8,758 | 8,722 | 24,683 | 24,319 |
Underwriting gain (loss) | 1,560 | 17,150 | 113,834 | 145,564 |
Bermuda [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross written premiums | 205,342 | 224,696 | 573,793 | 597,799 |
Net written premiums | 189,447 | 223,616 | 548,210 | 589,128 |
Premiums earned | 181,754 | 183,992 | 546,699 | 554,142 |
Incurred losses and LAE | 108,961 | 123,805 | 310,602 | 327,421 |
Commission and brokerage | 48,421 | 46,791 | 140,968 | 135,506 |
Other underwriting expenses | 9,360 | 8,090 | 25,805 | 24,616 |
Underwriting gain (loss) | 15,012 | 5,306 | 69,324 | 66,599 |
U.S Insurance [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross written premiums | 364,111 | 374,866 | 911,242 | 943,935 |
Net written premiums | 310,690 | 304,849 | 802,431 | 806,927 |
Premiums earned | 290,518 | 273,113 | 742,038 | 721,227 |
Incurred losses and LAE | 239,823 | 206,467 | 557,047 | 525,811 |
Commission and brokerage | 40,418 | 37,083 | 114,535 | 101,919 |
Other underwriting expenses | 31,311 | 29,771 | 83,672 | 84,967 |
Underwriting gain (loss) | -21,034 | -208 | -13,216 | 8,530 |
Mt. Logan Re [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross written premiums | 50,334 | 13,152 | 109,163 | 13,152 |
Net written premiums | 49,757 | 11,417 | 98,666 | 11,417 |
Premiums earned | 38,218 | 9,279 | 81,411 | 9,279 |
Incurred losses and LAE | 3,410 | 1,915 | 19,575 | 1,915 |
Commission and brokerage | 5,105 | 1,144 | 9,823 | 1,144 |
Other underwriting expenses | 1,566 | 1,264 | 4,951 | 1,264 |
Underwriting gain (loss) | $28,137 | $4,956 | $47,062 | $4,956 |
Segment_Reporting_Schedule_Of_1
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Underwriting gain (loss) | $198,609 | $147,206 | $621,569 | $500,304 |
Net investment income | 142,143 | 127,872 | 396,524 | 422,382 |
Net realized capital gains (losses) | -9,448 | 44,958 | 70,694 | 205,598 |
Net derivative gain (loss) | 1,855 | 5,639 | 3,968 | 33,005 |
Corporate expenses | -9,958 | -4,758 | -18,802 | -16,643 |
Interest, fee and bond issue cost amortization expense | -12,424 | -7,637 | -28,970 | -38,480 |
Other income (expense) | 11,332 | -2,726 | -5,835 | -3,318 |
INCOME (LOSS) BEFORE TAXES | $322,109 | $310,554 | $1,039,148 | $1,102,848 |
Segment_Reporting_Schedule_Of_2
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Gross written premium | ' | ' | $199,052 | $167,645 | $536,928 | $434,788 |
Percentage threshold of company revenue not exceeded by any other country | 5.00% | 5.00% | ' | ' | ' | ' |
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Details) | 3 Months Ended |
Sep. 30, 2014 | |
Share-Based Compensation Plans [Abstract] | ' |
Options, granted | 0 |
Retirement_Benefits_Details
Retirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $2,460 | $2,794 | $7,381 | $8,251 |
Interest cost | 2,542 | 2,144 | 7,625 | 6,292 |
Expected return on plan assets | -2,822 | -2,124 | -8,468 | -6,367 |
Amortization of prior service cost | 13 | 12 | 38 | 37 |
Amortization of net (income) loss | 1,173 | 2,064 | 3,356 | 5,872 |
FAS 88 settlement charge | 5,269 | ' | 5,269 | ' |
Net periodic benefit cost | 8,635 | 4,890 | 15,201 | 14,085 |
Pension contributions | 0 | 0 | 0 | 0 |
Other Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 407 | 462 | 1,221 | 1,460 |
Interest cost | 342 | 291 | 1,026 | 845 |
Amortization of net (income) loss | 82 | 185 | 246 | 493 |
Net periodic benefit cost | $831 | $938 | $2,493 | $2,798 |
Subsequent_Events_Details
Subsequent Events (Details) (Kilimanjaro Re Limited [Member], Subsequent Event [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Nov. 07, 2014 |
Kilimanjaro Re Limited [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Reinsurance coverage amount | $350,000 |