Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 01, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | EVEREST RE GROUP LTD | |
Entity Central Index Key | 1,095,073 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,188,487 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2015, $13,213,596; 2014, $12,831,159) | $ 13,474,801 | $ 13,101,067 |
Fixed maturities - available for sale, at fair value | 228 | 1,509 |
Equity securities - available for sale, at market value (cost: 2015, $147,512; 2014, $148,326) | 137,516 | 140,210 |
Equity securities - available for sale, at fair value | 1,483,803 | 1,447,820 |
Short-term investments | 1,901,807 | 1,705,932 |
Other invested assets (cost: 2015, $665,153; 2014, $601,925) | 665,153 | 601,925 |
Cash | 338,901 | 437,474 |
Total investments and cash | 18,002,209 | 17,435,937 |
Accrued investment income | 108,829 | 111,075 |
Premiums receivable | 1,445,180 | 1,397,983 |
Reinsurance receivables | 682,878 | 670,854 |
Funds held by reinsureds | 233,447 | 228,192 |
Deferred acquisition costs | 350,551 | 398,408 |
Prepaid reinsurance premiums | 179,448 | 154,177 |
Income taxes | 206,400 | 184,762 |
Other assets | 273,954 | 236,436 |
TOTAL ASSETS | 21,482,896 | 20,817,824 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 9,783,570 | 9,720,813 |
Future policy benefit reserve | 59,456 | 59,820 |
Unearned premium reserve | 1,562,078 | 1,728,745 |
Funds held under reinsurance treaties | 78,553 | 3,932 |
Commission reserves | 88,008 | 87,990 |
Other net payable to reinsurers | 160,248 | 139,841 |
Losses in course of payment | 251,980 | 157,527 |
4.868% Senior notes due 6/1/2044 | 400,000 | 400,000 |
6.6% Long term notes due 5/1/2067 | 238,366 | 238,364 |
Accrued interest on debt and borrowings | 3,537 | 3,537 |
Equity index put option liability | 40,819 | 47,022 |
Unsettled securities payable | 72,834 | 41,092 |
Other liabilities | 257,056 | 316,469 |
Total liabilities | 12,996,505 | 12,945,152 |
NONCONTROLLING INTERESTS: | ||
Redeemable noncontrolling interest - Mt. Logan Re | $ 759,729 | $ 421,552 |
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; (2015) 68,555 and (2014) 68,336 outstanding before treasury shares | $ 685 | $ 683 |
Additional paid-in capital | 2,084,636 | 2,068,807 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $20,968 at 2015 and $20,715 at 2014 | (14,819) | 48,317 |
Treasury shares, at cost; 24,363 shares (2015) and 23,650 shares (2014) | (2,610,878) | (2,485,897) |
Retained earnings | 8,267,038 | 7,819,210 |
Total shareholders' equity attributable to Everest Re Group | 7,726,662 | 7,451,120 |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | $ 21,482,896 | $ 20,817,824 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 13,213,596 | $ 12,831,159 |
Equity securities - available for sale, at market value, cost | 147,512 | 148,326 |
Other invested assets, at cost | $ 665,153 | $ 601,925 |
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 | 68,555,000 | 68,336,000 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) | $ 20,968 | $ 20,715 |
Treasury shares | 24,363,000 | 23,650,000 |
Long Term Subordinated Notes [Member] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Debt instrument, maturity date | May 1, 2067 | |
4.868% Senior notes due 6/1/2044 [Member] | Senior Notes [Member] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Debt instrument, maturity date | Jun. 1, 2044 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUES: | ||||
Premiums earned | $ 1,332,398 | $ 1,272,317 | $ 2,639,475 | $ 2,416,807 |
Net investment income | 125,046 | 131,224 | 247,629 | 254,381 |
Net realized capital gains (losses): | ||||
Other-than-temporary impairments on fixed maturity securities | $ (16,238) | $ (389) | $ (42,256) | $ (389) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | ||||
Other net realized capital gains (losses) | $ (7,940) | $ 59,405 | $ 7,573 | $ 80,531 |
Total net realized capital gains (losses) | (24,178) | 59,016 | (34,683) | 80,142 |
Net derivative gain (loss) | 6,445 | 3,774 | 6,203 | 2,113 |
Other income (expense) | (3,925) | (13,871) | 42,148 | (17,167) |
Total revenues | 1,435,786 | 1,452,460 | 2,900,772 | 2,736,276 |
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 790,661 | 735,697 | 1,513,126 | 1,355,106 |
Commission, brokerage, taxes and fees | 294,917 | 283,687 | 582,084 | 529,689 |
Other underwriting expenses | 63,951 | 58,414 | 124,615 | 109,052 |
Corporate expenses | 5,925 | 3,899 | 11,388 | 8,844 |
Interest, fees and bond issue cost amortization expense | 9,026 | 8,978 | 18,016 | 16,546 |
Total claims and expenses | 1,164,480 | 1,090,675 | 2,249,229 | 2,019,237 |
INCOME (LOSS) BEFORE TAXES | 271,306 | 361,785 | 651,543 | 717,039 |
Income tax expense (benefit) | 35,834 | 63,860 | 77,001 | 117,092 |
NET INCOME (LOSS) | 235,472 | 297,925 | 574,542 | 599,947 |
Net (income) loss attributable to noncontrolling interests | (26,415) | (7,741) | (42,507) | (15,830) |
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | 209,057 | 290,184 | 532,035 | 584,117 |
Other comprehensive income (loss), net of tax : | ||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (136,481) | 85,921 | (53,276) | 139,392 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 12,747 | 2,169 | 34,930 | 4,043 |
Total URA(D) on securities arising during the period | (123,734) | 88,090 | (18,346) | 143,435 |
Foreign currency translation adjustments | $ 54,337 | $ (763) | $ (48,003) | $ (3,400) |
Benefit plan actuarial net gain (loss) for the period | ||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | $ 1,609 | $ 770 | $ 3,213 | $ 1,541 |
Total benefit plan net gain (loss) for the period | 1,609 | 770 | 3,213 | 1,541 |
Total other comprehensive income (loss), net of tax | $ (67,788) | $ 88,097 | $ (63,136) | $ 141,576 |
Other comprehensive (income) loss attributable to noncontrolling interests | ||||
Total other comprehensive income (loss), net of tax attributable to Everest Re Group | $ (67,788) | $ 88,097 | $ (63,136) | $ 141,576 |
COMPREHENSIVE INCOME (LOSS) | $ 141,269 | $ 378,281 | $ 468,899 | $ 725,693 |
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO EVEREST RE GROUP: | ||||
Basic | $ 4.72 | $ 6.32 | $ 11.99 | $ 12.58 |
Diluted | 4.68 | 6.26 | 11.88 | 12.46 |
Dividends declared | $ 0.95 | $ 0.75 | $ 1.9 | $ 1.5 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | 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 |
Balance, beginning of period, shares at Dec. 31, 2013 | 47,543,132 | |||||
Issued during the period, shares | 315,139 | |||||
Treasury shares acquired, shares | (2,167,256) | |||||
Balance, beginning of period at Dec. 31, 2013 | $ 680 | $ 2,029,774 | $ 157,728 | $ 6,765,967 | $ (1,985,873) | |
Issued during the period, net | $ 3 | |||||
Share-based compensation plans | 22,908 | |||||
Net increase (decrease) during the period | 141,576 | $ 141,576 | ||||
Net income (loss) attributable to Everest Re Group | 584,117 | 584,117 | ||||
Dividends declared ($0.95 per share in second quarter2015 and $1.90 year-to-date per share in 2015 and $0.75 per share in second quarter 2014 and $1.50 year-to-date per share in 2014) | (69,061) | (69,061) | ||||
Purchase of treasury shares | (324,951) | |||||
Balance, end of period, shares at Jun. 30, 2014 | 45,691,015 | |||||
Balance, end of period at Jun. 30, 2014 | $ 683 | 2,052,682 | 299,304 | 7,281,023 | (2,310,824) | 7,322,868 |
Balance, beginning of period, shares at Mar. 31, 2014 | 46,057,039 | |||||
Issued during the period, shares | 109,068 | |||||
Treasury shares acquired, shares | (475,092) | |||||
Balance, beginning of period at Mar. 31, 2014 | $ 682 | 2,036,320 | 211,207 | 7,025,158 | (2,235,856) | |
Issued during the period, net | $ 1 | |||||
Share-based compensation plans | 16,362 | |||||
Net increase (decrease) during the period | 88,097 | 88,097 | ||||
Net income (loss) attributable to Everest Re Group | 290,184 | 290,184 | ||||
Dividends declared ($0.95 per share in second quarter2015 and $1.90 year-to-date per share in 2015 and $0.75 per share in second quarter 2014 and $1.50 year-to-date per share in 2014) | (34,319) | (34,319) | ||||
Purchase of treasury shares | (74,968) | |||||
Balance, end of period, shares at Jun. 30, 2014 | 45,691,015 | |||||
Balance, end of period at Jun. 30, 2014 | $ 683 | 2,052,682 | 299,304 | 7,281,023 | (2,310,824) | $ 7,322,868 |
Balance, beginning of period, shares at Dec. 31, 2014 | 44,685,637 | 68,336,000 | ||||
Issued during the period, shares | 219,267 | |||||
Treasury shares acquired, shares | (712,378) | |||||
Balance, beginning of period at Dec. 31, 2014 | $ 683 | 2,068,807 | 48,317 | 7,819,210 | (2,485,897) | $ 7,451,120 |
Issued during the period, net | $ 2 | |||||
Share-based compensation plans | 15,829 | |||||
Net increase (decrease) during the period | (63,136) | (63,136) | ||||
Net income (loss) attributable to Everest Re Group | 532,035 | 532,035 | ||||
Dividends declared ($0.95 per share in second quarter2015 and $1.90 year-to-date per share in 2015 and $0.75 per share in second quarter 2014 and $1.50 year-to-date per share in 2014) | (84,207) | $ (84,207) | ||||
Purchase of treasury shares | (124,981) | |||||
Balance, end of period, shares at Jun. 30, 2015 | 44,192,526 | 68,555,000 | ||||
Balance, end of period at Jun. 30, 2015 | $ 685 | 2,084,636 | (14,819) | 8,267,038 | (2,610,878) | $ 7,726,662 |
Balance, beginning of period, shares at Mar. 31, 2015 | 44,410,420 | |||||
Issued during the period, shares | 59,606 | |||||
Treasury shares acquired, shares | (277,500) | |||||
Balance, beginning of period at Mar. 31, 2015 | $ 685 | 2,073,977 | 52,969 | 8,099,936 | (2,560,937) | |
Share-based compensation plans | 10,659 | |||||
Net increase (decrease) during the period | (67,788) | (67,788) | ||||
Net income (loss) attributable to Everest Re Group | 209,057 | 209,057 | ||||
Dividends declared ($0.95 per share in second quarter2015 and $1.90 year-to-date per share in 2015 and $0.75 per share in second quarter 2014 and $1.50 year-to-date per share in 2014) | (41,955) | $ (41,955) | ||||
Purchase of treasury shares | (49,941) | |||||
Balance, end of period, shares at Jun. 30, 2015 | 44,192,526 | 68,555,000 | ||||
Balance, end of period at Jun. 30, 2015 | $ 685 | $ 2,084,636 | $ (14,819) | $ 8,267,038 | $ (2,610,878) | $ 7,726,662 |
Consolidated Statements Of Cha6
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||||
Dividends declared | $ 0.95 | $ 0.75 | $ 1.9 | $ 1.5 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income (loss) | $ 235,472 | $ 297,925 | $ 574,542 | $ 599,947 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Decrease (increase) in premiums receivable | (51,422) | (97,827) | |||
Decrease (increase) in funds held by reinsureds, net | 68,245 | 2,148 | |||
Decrease (increase) in reinsurance receivables | (32,526) | (137,077) | |||
Decrease (increase) in income taxes | (20,898) | 15,257 | |||
Decrease (increase) in prepaid reinsurance premiums | (28,916) | (68,346) | |||
Increase (decrease) in reserve for losses and loss adjustment expenses | 113,567 | 8,055 | |||
Increase (decrease) in future policy benefit reserve | (364) | (1,144) | |||
Increase (decrease) in unearned premiums | (160,849) | 96,803 | |||
Increase (decrease) in other net payable to reinsurers | 23,867 | 100,546 | |||
Increase (decrease) in losses in course of payment | 95,003 | 161,990 | |||
Change in equity adjustments in limited partnerships | (12,840) | (3,200) | |||
Distribution of limited partnership income | 18,332 | 13,430 | |||
Change in other assets and liabilities, net | 26,768 | (56,872) | |||
Non-cash compensation expense | 10,364 | 9,768 | |||
Amortization of bond premium (accrual of bond discount) | 25,514 | 27,068 | |||
Amortization of underwriting discount on senior notes | 2 | 28 | |||
Net realized capital (gains) losses | 24,178 | (59,016) | 34,683 | (80,142) | |
Net cash provided by (used in) operating activities | 683,072 | 590,432 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,172,211 | 1,047,509 | |||
Proceeds from fixed maturities matured/called - available for sale, at fair value | 875 | ||||
Proceeds from fixed maturities sold - available for sale, at market value | 731,673 | 606,476 | |||
Proceeds from fixed maturities sold - available for sale, at fair value | 1,613 | 20,763 | |||
Proceeds from equity securities sold - available for sale, at market value | 4,599 | 8,672 | |||
Proceeds from equity securities sold - available for sale, at fair value | 300,620 | 304,892 | |||
Distributions from other invested assets | 27,705 | 22,520 | |||
Cost of fixed maturities acquired - available for sale, at market value | (2,448,121) | (2,458,723) | |||
Cost of fixed maturities acquired - available for sale, at fair value | (234) | (1,309) | |||
Cost of equity securities acquired - available for sale, at market value | (5,541) | (10,619) | |||
Cost of equity securities acquired - available for sale, at fair value | (317,650) | (183,314) | |||
Cost of other invested assets acquired | (98,890) | (34,388) | |||
Net change in short-term investments | (199,226) | (423,677) | |||
Net change in unsettled securities transactions | 4,475 | 20,633 | |||
Net cash provided by (used in) investing activities | (826,766) | (1,079,690) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Common shares issued during the period, net | 5,468 | 13,143 | |||
Purchase of treasury shares | (124,981) | (324,951) | |||
Net proceeds from issuance of senior notes | 400,000 | ||||
Third party investment in redeemable noncontrolling interest | 296,848 | 123,700 | |||
Subscription advances for third party redeemable noncontrolling interest | 77,500 | ||||
Dividends paid to shareholders | (84,207) | (69,061) | |||
Dividends paid on third party investment in redeemable noncontrolling interest | (41,178) | ||||
Net cash provided by (used in) financing activities | 51,950 | 220,331 | |||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (6,829) | (885) | |||
Net increase (decrease) in cash | (98,573) | (269,812) | |||
Cash, beginning of period | 437,474 | 611,382 | $ 611,382 | ||
Cash, end of period | $ 338,901 | $ 341,570 | 338,901 | 341,570 | $ 437,474 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||
Income taxes paid (recovered) | 93,352 | 97,241 | |||
Interest paid | $ 17,907 | $ 15,018 |
General
General | 6 Months Ended |
Jun. 30, 2015 | |
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 Re's operating results and equity are presented as separate captions in the Company's financial statements. |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. BASIS OF PRESENTATION The unaudited consolidated financial statements of the Company for the three and six months ended June 30, 2015 and 2014 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, 2014 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 six months ended June 30, 2015 and 2014 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, 2014, 2013 and 2012 included in the Company's most recent Form 10-K filing. All intercompany accounts and transactions have been eliminated. Application of Recently Issued Accounting Standard Changes. No accounting standards or guidance have been issued recently that would have a material impact on the Company's financial statements or financial reporting process. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Investments | 3. INVESTMENTS The amortized cost, market value and gross unrealized appreciation and depreciation of available for sale, fixed maturity, equity security investments, carried at market value and other-than-temporary impairments ("OTTI") in accumulated other comprehensive income ("AOCI") are as follows for the periods indicated: At June 30, 2015 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 336,763 $ 11,953 $ (464 ) $ 348,252 $ - Obligations of U.S. states and political subdivisions 712,000 29,604 (2,885 ) 738,719 - Corporate securities 4,942,119 127,488 (32,992 ) 5,036,615 2,297 Asset-backed securities 451,680 1,981 (1,579 ) 452,082 - Mortgage-backed securities Commercial 298,660 8,598 (1,798 ) 305,460 - Agency residential 2,181,733 37,251 (10,026 ) 2,208,958 - Non-agency residential 1,347 47 (45 ) 1,349 - Foreign government securities 1,321,212 59,975 (33,148 ) 1,348,039 - Foreign corporate securities 2,968,082 117,506 (50,261 ) 3,035,327 - Total fixed maturity securities $ 13,213,596 $ 394,403 $ (133,198 ) $ 13,474,801 $ 2,297 Equity securities $ 147,512 $ 3,322 $ (13,318 ) $ 137,516 $ - At December 31, 2014 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 221,052 $ 10,290 $ (304 ) $ 231,038 $ - Obligations of U.S. states and political subdivisions 783,129 41,969 (626 ) 824,472 - Corporate securities 4,626,002 143,889 (62,906 ) 4,706,985 (6,910 ) Asset-backed securities 340,761 1,691 (1,230 ) 341,222 - Mortgage-backed securities Commercial 231,439 10,675 (429 ) 241,685 - Agency residential 2,157,182 37,555 (11,573 ) 2,183,164 - Non-agency residential 2,734 54 (57 ) 2,731 - Foreign government securities 1,488,144 71,177 (26,866 ) 1,532,455 - Foreign corporate securities 2,980,716 109,673 (53,074 ) 3,037,315 - Total fixed maturity securities $ 12,831,159 $ 426,973 $ (157,065 ) $ 13,101,067 $ (6,910 ) Equity securities $ 148,326 $ 3,831 $ (11,947 ) $ 140,210 $ - (a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. 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 June 30, 2015 At December 31, 2014 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,052,896 $ 1,062,418 $ 1,183,247 $ 1,189,416 Due after one year 5,996,029 6,112,557 5,646,466 5,726,277 Due after five years through ten years 2,376,397 2,419,621 2,270,073 2,313,672 Due after ten years 854,854 912,356 999,257 1,102,900 Asset-backed securities 451,680 452,082 340,761 341,222 Mortgage-backed securities: Commercial 298,660 305,460 231,439 241,685 Agency residential 2,181,733 2,208,958 2,157,182 2,183,164 Non-agency residential 1,347 1,349 2,734 2,731 Total fixed maturity securities $ 13,213,596 $ 13,474,801 $ 12,831,159 $ 13,101,067 The changes in net unrealized appreciation (depreciation) for the Company's investments are derived from the following sources for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (144,172 ) $ 93,403 $ (17,910 ) $ 157,869 Fixed maturity securities (477 ) 5 9,207 81 Equity securities (430 ) 4,531 (1,880 ) 6,614 Change in unrealized appreciation (depreciation), pre-tax (145,079 ) 97,939 (10,583 ) 164,564 Deferred tax benefit (expense) 21,344 (9,849 ) (4,356 ) (21,129 ) Deferred tax benefit (expense), other-than-temporary impairment 1 - (3,407 ) - Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity $ (123,734 ) $ 88,090 $ (18,346 ) $ 143,435 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 The Company's assessments are based on the issuers current and expected future financial position, timeliness with respect to interest and/or principal payments, speed of repayments and any applicable credit enhancements or breakeven constant default rates on mortgage-backed and asset-backed securities, as well as relevant information provided by rating agencies, investment advisors and analysts. The majority of the Company's equity securities available for sale at market value are primarily comprised of mutual fund investments whose underlying securities consist of fixed maturity securities. When a fund's value reflects an unrealized loss, the Company assesses whether the decline in value is temporary or other-than-temporary. In making its assessment, the Company considers the composition of its portfolios and their related markets, reports received from the portfolio managers and discussions with portfolio managers. If the Company determines that the declines are temporary and it has the ability and intent to continue to hold the investments, then the declines are recorded as unrealized losses in accumulated other comprehensive income (loss). If declines are deemed to be other-than-temporary, then the carrying value of the investment is written down to fair value and recorded in net realized capital gains (losses) in the Company's consolidated statements of operations and comprehensive income (loss). Retrospective adjustments are employed to recalculate the values of asset-backed securities. All of the Company's asset-backed and mortgage-backed securities have a pass-through structure. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used in the calculation of projected prepayments for pass-through security types. The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at June 30, 2015 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 $ 25,004 $ (335 ) $ 1,969 $ (129 ) $ 26,973 $ (464 ) Obligations of U.S. states and political subdivisions 97,850 (2,141 ) 17,686 (744 ) 115,536 (2,885 ) Corporate securities 1,407,353 (24,960 ) 282,817 (8,032 ) 1,690,170 (32,992 ) Asset-backed securities 160,736 (1,565 ) 4,299 (14 ) 165,035 (1,579 ) Mortgage-backed securities Commercial 133,162 (1,798 ) - - 133,162 (1,798 ) Agency residential 419,093 (2,812 ) 417,728 (7,214 ) 836,821 (10,026 ) Non-agency residential 204 (2 ) 51 (43 ) 255 (45 ) Foreign government securities 337,577 (20,816 ) 98,995 (12,332 ) 436,572 (33,148 ) Foreign corporate securities 756,739 (38,986 ) 157,352 (11,275 ) 914,091 (50,261 ) Total fixed maturity securities $ 3,337,718 $ (93,415 ) $ 980,897 $ (39,783 ) $ 4,318,615 $ (133,198 ) Equity securities 55,275 (5,071 ) 72,090 (8,247 ) 127,365 (13,318 ) Total $ 3,392,993 $ (98,486 ) $ 1,052,987 $ (48,030 ) $ 4,445,980 $ (146,516 ) Duration of Unrealized Loss at June 30, 2015 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 87,985 $ (7,088 ) $ 49,702 $ (9,253 ) $ 137,687 $ (16,341 ) Due in one year 1,476,198 (45,857 ) 332,321 (11,722 ) 1,808,519 (57,579 ) Due in five years through ten years 887,119 (28,977 ) 136,078 (7,596 ) 1,023,197 (36,573 ) Due after ten years 173,221 (5,316 ) 40,718 (3,941 ) 213,939 (9,257 ) Asset-backed securities 160,736 (1,565 ) 4,299 (14 ) 165,035 (1,579 ) Mortgage-backed securities 552,459 (4,612 ) 417,779 (7,257 ) 970,238 (11,869 ) Total fixed maturity securities $ 3,337,718 $ (93,415 ) $ 980,897 $ (39,783 ) $ 4,318,615 $ (133,198 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at June 30, 2015 were $ 4,445,980 146,516 0.5 93,415 64,859 20,351 39,783 33,964 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, 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 $ 13,187 $ (20 ) $ 26,897 $ (284 ) $ 40,084 $ (304 ) Obligations of U.S. states and political subdivisions 20,428 (242 ) 18,199 (384 ) 38,627 (626 ) Corporate securities 1,245,830 (55,388 ) 362,320 (7,518 ) 1,608,150 (62,906 ) Asset-backed securities 192,253 (1,230 ) - - 192,253 (1,230 ) Mortgage-backed securities Commercial 28,191 (123 ) 9,777 (306 ) 37,968 (429 ) Agency residential 141,807 (172 ) 678,972 (11,401 ) 820,779 (11,573 ) Non-agency residential - - 266 (57 ) 266 (57 ) Foreign government securities 235,725 (15,415 ) 139,200 (11,451 ) 374,925 (26,866 ) Foreign corporate securities 567,905 (36,926 ) 290,234 (16,148 ) 858,139 (53,074 ) Total fixed maturity securities $ 2,445,326 $ (109,516 ) $ 1,525,865 $ (47,549 ) $ 3,971,191 $ (157,065 ) Equity securities 50,285 (4,068 ) 73,994 (7,879 ) 124,279 (11,947 ) Total $ 2,495,611 $ (113,584 ) $ 1,599,859 $ (55,428 ) $ 4,095,470 $ (169,012 ) Duration of Unrealized Loss at December 31, 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 $ 98,021 $ (5,166 ) $ 80,002 $ (8,174 ) $ 178,023 $ (13,340 ) Due in one year through five years 1,233,244 (68,124 ) 518,613 (12,761 ) 1,751,857 (80,885 ) Due in five years through ten years 679,374 (28,529 ) 187,717 (10,734 ) 867,091 (39,263 ) Due after ten years 72,436 (6,172 ) 50,518 (4,116 ) 122,954 (10,288 ) Asset-backed securities 192,253 (1,230 ) - - 192,253 (1,230 ) Mortgage-backed securities 169,998 (295 ) 689,015 (11,764 ) 859,013 (12,059 ) Total fixed maturity securities $ 2,445,326 $ (109,516 ) $ 1,525,865 $ (47,549 ) $ 3,971,191 $ (157,065 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2014 were $ 4,095,470 169,012 0.2 109,516 58,891 34,687 47,549 42,884 15 The components of net investment income are presented in the table below for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Fixed maturities $ 109,481 $ 117,562 $ 218,836 $ 233,815 Equity securities 13, 13,566 24,693 25,025 Short-term investments and cash 456 577 703 907 Other invested assets Limited partnerships 6,655 6,226 13,623 3,968 Other 983 330 1,608 2,351 Gross investment income before adjustments 130,590 138,261 259,463 266,066 Funds held interest income (expense) 2,717 2,041 5,593 5,058 Future policy benefit reserve income (expense) (709 ) (141 ) (1,102 ) (444 ) Gross investment income 132,598 140,161 263,954 270,680 Investment expenses (7,552 ) (8,937 ) (16,325 ) (16,299 ) Net investment income $ 125,046 $ 131,224 $ 247,629 $ 254,381 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 $ 425,400 The components of net realized capital gains (losses) are presented in the table below for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Fixed maturity securities, market value: Other-than-temporary impairments $ (16,238 ) $ (389 ) $ (42,256 ) $ (389 ) Gains (losses) from sales (2,570 ) (1,695 ) (10,594 ) (3,643 ) Fixed maturity securities, fair value: Gains (losses) from sales 14 - 42 940 Gains (losses) from fair value adjustments (6 ) - 56 - Equity securities, market value: Gains (losses) from sales (901 ) (566 ) (882 ) (1,054 ) Equity securities, fair value: Gains (losses) from sales 755 1,365 605 (50 ) Gains (losses) from fair value adjustments (5,232 ) 60,305 18,346 84,340 Short-term investments gains (losses) - (4 ) - (2 ) Total net realized capital gains (losses) $ (24,178 ) $ 59,016 $ (34,683 ) $ 80,142 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Proceeds from sales of fixed maturity securities $ 376,238 $ 277,767 $ 733,286 $ 627,239 Gross gains from sales 16,864 8,071 25,699 16,007 Gross losses from sales (19,420 ) (9,766 ) (36,251 ) (18,710 ) Proceeds from sales of equity securities $ 167,170 $ 134,432 $ 305,219 $ 313,564 Gross gains from sales 8,434 3,882 13,640 10,502 Gross losses from sales (8,580 ) (3,083 ) (13,917 ) (11,606 ) |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2015 | |
Derivatives [Abstract] | |
Derivatives | 4. DERIVATIVES The Company sold seven two The Company sold six 22,530 32,173 18 zero 3 426,214 2,063.11 no The Company sold one 6,706 8,646 42 zero 3 43,847 6,521.00 no The fair value of the equity index put options can be found in the Company's consolidated balance sheets as follows: (Dollars in thousands) Derivatives not designated as Location of fair value At At hedging instruments in balance sheets June 30, 2015 December 31, 2014 Equity index put option contracts Equity index put option liability $ 40,819 $ 47,022 Total $ 40,819 $ 47,022 The change in fair value of the equity index put option contracts can be found in the Company's statement of operations and comprehensive income (loss) as follows: (Dollars in thousands) For the Three Months Ended For the Six Months Ended Derivatives not designated as Location of gain (loss) in statements of June 30, June 30, hedging instruments operations and comprehensive income (loss) 2015 2014 2015 2014 Equity index put option contracts Net derivative gain (loss) $ 6,445 $ 3,774 $ 6,203 $ 2,113 Total $ 6,445 $ 3,774 $ 6,203 $ 2,113 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value [Abstract] | |
Fair Value | 5. FAIR VALUE GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority. The levels in the hierarchy are defined as follows: Level 1: Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company's fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers obtain prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features. In limited instances where prices are not provided by pricing services or in rare instances when a manager may not agree with the pricing service, price quotes on a non-binding basis are obtained from investment brokers. The investment asset managers do not make any changes to prices received from either the pricing services or the investment brokers. In addition, the investment asset managers have procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. In addition, the Company continually performs analytical reviews of price changes and tests the prices on a random basis to an independent pricing source. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Due to the unavailability of prices for one 7,350 The Company internally manages a small public equity portfolio which had a fair value at June 30, 2015 and December 31, 2014 of $ 233,025 196,980 Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as level 1 since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as level 2 due to the added input of a foreign exchange conversion rate to determine fair or market value. The Company uses foreign currency exchange rates published by nationally recognized sources. All categories of fixed maturity securities listed in the tables below are generally categorized as level 2, 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. For foreign government securities and foreign corporate securities, the fair values provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources. The fixed maturities with fair values categorized as level 3 result when prices are not available from the nationally recognized pricing services. The asset managers will then obtain non-binding price quotes for the securities from brokers. 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. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources. Historically, most of the level 3 fixed maturities have resulted from new issuances and the third party prices services have not yet included the issuance in their data base. Generally, in subsequent measurement periods, the issuances will be included in the data base and the fair value will transfer to level 2. The composition and valuation inputs for the presented fixed maturities categories are as follows: · U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields; · Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; · Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; · Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; · Foreign government securities are comprised of global non-U.S. sovereign bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; · Foreign corporate securities are comprised of global non-U.S. corporate bond issuances and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source. The Company's liability for equity index put options is categorized as level 3 since there is no active market for these seven long dated equity put options. The fair values for these options are calculated by the Company using an industry accepted pricing model, Black-Scholes. The model inputs and assumptions are: risk free interest rates, equity market indexes values, volatilities and dividend yields and duration. The model results are then adjusted for the Company's credit default swap rate. All of these inputs and assumptions are updated quarterly. One of the option contacts is in British Pound Sterling so the fair value for this contract is converted to U.S. dollars using an exchange rate from a nationally recognized source. 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) June 30, 2015 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 348,252 $ - $ 348,252 $ - Obligations of U.S. States and political subdivisions 738,719 - 738,719 - Corporate securities 5,036,615 - 5,034,657 1,958 Asset-backed securities 452,082 - 452,082 - Mortgage-backed securities Commercial 305,460 - 305,460 - Agency residential 2,208,958 - 2,208,958 - Non-agency residential 1,349 - 1,349 - Foreign government securities 1,348,039 - 1,348,039 - Foreign corporate securities 3,035,327 - 3,027,490 7,837 Total fixed maturities, market value 13,474,801 - 13,465,006 9,795 Fixed maturities, fair value 228 - 228 - Equity securities, market value 137,516 122,578 14,938 - Equity securities, fair value 1,483,803 1,365,367 118,436 - Liabilities: Equity index put option contracts $ 40,819 $ - $ - $ 40,819 There were no 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) December 31, 2014 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 231,038 $ - $ 231,038 $ - Obligations of U.S. States and political subdivisions 824,472 - 824,472 - Corporate securities 4,706,985 - 4,706,985 - Asset-backed securities 341,222 - 341,222 - Mortgage-backed securities Commercial 241,685 - 233,088 8,597 Agency residential 2,183,164 - 2,183,164 - Non-agency residential 2,731 - 2,731 - Foreign government securities 1,532,455 - 1,532,455 - Foreign corporate securities 3,037,315 - 3,030,149 7,166 Total fixed maturities, market value 13,101,067 - 13,085,304 15,763 Fixed maturities, fair value 1,509 - 1,509 - Equity securities, market value 140,210 124,295 15,915 - Equity securities, fair value 1,447,820 1,337,396 110,424 - Liabilities: Equity index put option contracts $ 47,022 $ - $ - $ 47,022 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 June 30, 2015 Six Months Ended June 30, 2015 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities CMBS Corporate Total Beginning balance $ 2,653 $ 6,125 $ 8,778 $ - $ 8,597 $ 7,166 $ 15,763 Total gains or (losses) (realized Included in earnings 2 58 60 4 - 115 119 Included in other comprehensive income (loss) (3 ) 1,169 1,166 (2 ) - 71 69 Purchases, issuances and settlements (12 ) - (12 ) 1,928 - - 1,928 Transfers in and/or (out) of Level 3 (682 ) 485 (197 ) 28 (8,597 ) 485 (8,084 ) Ending balance $ 1,958 $ 7,837 $ 9,795 $ 1,958 $ - $ 7,837 $ 9,795 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 June 30, 2014 Six Months Ended June 30, 2014 Asset-backed Foreign Non-agency Asset-backed Foreign Non-agency (Dollars in thousands) Securities Corporate RMBS Total Securities Corporate RMBS Total Beginning balance $ 3,672 $ 473 $ 264 $ 4,409 $ 5,299 $ 481 $ 347 $ 6,127 Total gains or (losses) (realized/unrealized) Included in earnings 38 17 4 59 56 18 142 216 Included in other comprehensive income (loss) 42 (20 ) (3 ) 19 75 (20 ) (24 ) 31 Purchases, issuances and settlements (752 ) (470 ) (6 ) (1,228 ) (1,494 ) (479 ) (206 ) (2,179 ) Transfers in and/or (out) of Level 3 - - - - (936 ) - - (936 ) Ending balance $ 3,000 $ - $ 259 $ 3,259 $ 3,000 $ - $ 259 $ 3,259 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 net transfers to/(from) level 3, fair value measurements using significant unobservable inputs, of $8,084 thousand and $936 thousand of investments for the six months ended June 30, 2015 and 2014, respectively, primarily relate to securities that were priced using single non-binding broker quotes as of December 31, 2014 and 2013, respectively. The securities were subsequently priced using a recognized pricing service as of June 30, 2015 and 2014, 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Liabilities: Balance, beginning of period $ 47,264 $ 37,083 $ 47,022 $ 35,423 Total (gains) or losses (realized/unrealized) Included in earnings (6,445 ) (3,774 ) (6,203 ) (2,113 ) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 40,819 $ 33,309 $ 40,819 $ 33,309 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 Inter
Redeemable Noncontrolling Interests - MT. Logan RE | 6 Months Ended |
Jun. 30, 2015 | |
Redeemable Noncontrolling Interests - MT. Logan RE [Abstract] | |
Redeemable Noncontrolling Interests - MT. Logan RE | 6. REDEEMABLE NONCONTROLLING INTERESTS – MT. LOGAN RE Mt. Logan Re is a Class 3 insurer registered in Bermuda effective February 27, 2013 under The Segregated Accounts Companies Act 2000 and 100 The following table presents the activity for redeemable noncontrolling interests in the consolidated balance sheets for the periods indicated: Six Months Ended Twelve Months Ended June 30, December 31, (Dollars in thousands) 2015 2014 Redeemable noncontrolling interests - Mt. Logan Re, beginning of period $ 421,552 $ 93,378 Unaffiliated third party investments during period, net 336,848 279,200 Net income (loss) attributable to noncontrolling interests 42,507 59,307 Dividends paid on third party investment in redeemable noncontrolling interest (41,178 ) (10,334 ) Redeemable noncontrolling interests - Mt. Logan Re, end of period $ 759,729 $ 421,552 (Some amounts may not reconcile due to rounding.) In addition, the Company has invested $ 50,000 The Company expects its participation level in the segregated funds to fluctuate over time. |
Capital Transactions
Capital Transactions | 6 Months Ended |
Jun. 30, 2015 | |
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 | 6 Months Ended |
Jun. 30, 2015 | |
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 Six Months Ended June 30, June 30, (Dollars in thousands, except per share amounts) 2015 2014 2015 2014 Net income (loss) attributable to Everest Re Group per share: Numerator Net income (loss) attributable to Everest Re Group $ 209,057 $ 290,184 $ 532,035 $ 584,117 Less: dividends declared-common shares and nonvested common shares (41,955 ) (34,319 ) (84,207 ) (69,061 ) Undistributed earnings 167,102 255,865 447,828 515,056 Percentage allocated to common shareholders (1) 98.9 % 98.9 % 98.9 % 99.0 % 165,306 253,146 443,046 509,853 Add: dividends declared-common shareholders 41,529 33,971 83,345 68,362 Numerator for basic and diluted earnings per common share $ 206,835 $ 287,117 $ 526,391 $ 578,215 Denominator Denominator for basic earnings per weighted-average common shares 43,804 45,441 43,915 45,957 Effect of dilutive securities: Options 393 423 405 431 Denominator for diluted earnings per adjusted weighted-average common shares 44,197 45,864 44,320 46,388 Per common share net income (loss) Basic $ 4.72 $ 6.32 $ 11.99 $ 12.58 Diluted $ 4.68 $ 6.26 $ 11.88 $ 12.46 (1) Basic weighted-average common shares outstanding 43,804 45,441 43,915 45,957 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 44,280 45,929 44,389 46,426 Percentage allocated to common shareholders 98.9 % 98.9 % 98.9 % 99.0 % (Some amounts may not reconcile due to rounding.) There were no All outstanding options expire on or between September 21, 2015 and September 19, 2022. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
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 Company's rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses. Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration. The Company has entered into separate annuity agreements with The Prudential Insurance of America ("The Prudential") and an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated: At June 30, At December 31, (Dollars in thousands) 2015 2014 The Prudential $ 142,618 $ 142,653 Unaffiliated life insurance company 31,780 31,964 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 Six Months Ended June 30, 2015 (Dollars in thousands) Before Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (164,311 ) $ 28,306 $ (136,005 ) $ (73,522 ) $ 14,446 $ (59,076 ) URA(D) on securities - OTTI (477 ) 1 (476 ) 9,207 (3,407 ) 5,800 Reclassification of net realized losses (gains) included in net income (loss) 19,709 (6,962 ) 12,747 53,732 (18,802 ) 34,930 Foreign currency translation adjustments 63,031 (8,694 ) 54,337 (57,244 ) 9,241 (48,003 ) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 2,476 (867 ) 1,609 4,943 (1,730 ) 3,213 Total other comprehensive income (loss) $ (79,572 ) $ 11,784 $ (67,788 ) $ (62,884 ) $ (252 ) $ (63,136 ) Three Months Ended June 30, 2014 Six Months Ended June 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 $ 95,284 $ (9,368 ) $ 85,916 $ 159,397 $ (20,086 ) $ 139,311 URA(D) on securities - OTTI 5 - 5 81 - 81 Reclassification of net realized losses (gains) included in net income (loss) 2,650 (481 ) 2,169 5,086 (1,043 ) 4,043 Foreign currency translation adjustments 2,856 (3,619 ) (763 ) (4,000 ) 600 (3,400 ) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 1,185 (415 ) 770 2,371 (830 ) 1,541 Total other comprehensive income (loss) $ 101,980 $ (13,883 ) $ 88,097 $ 162,935 $ (21,359 ) $ 141,576 The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Affected line item within the statements of AOCI component 2015 2014 2015 2014 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 19,709 $ 2,650 $ 53,732 $ 5,086 Other net realized capital gains (losses) (6,962 ) (481 ) (18,802 ) (1,043 ) Income tax expense (benefit) $ 12,747 $ 2,169 $ 34,930 $ 4,043 Net income (loss) Benefit plan net gain (loss) $ 2,476 $ 1,185 $ 4,943 $ 2,371 Other underwriting expenses (867 ) (415 ) (1,730 ) (830 ) Income tax expense (benefit) $ 1,609 $ 770 $ 3,213 $ 1,541 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: Six Months Ended Twelve Months Ended June 30, December 31, (Dollars in thousands) 2015 2014 Beginning balance of URA (D) on securities $ 223,250 $ 201,154 Current period change in URA (D) of investments - temporary (24,146 ) 28,767 Current period change in URA (D) of investments - non-credit OTTI 5,800 (6,671 ) Ending balance of URA (D) on securities 204,904 223,250 Beginning balance of foreign currency translation adjustments (99,947 ) (4,530 ) Current period change in foreign currency translation adjustments (48,003 ) (95,417 ) Ending balance of foreign currency translation adjustments (147,950 ) (99,947 ) Beginning balance of benefit plan net gain (loss) (74,986 ) (38,896 ) Current period change in benefit plan net gain (loss) 3,213 (36,090 ) Ending balance of benefit plan net gain (loss) (71,773 ) (74,986 ) Ending balance of accumulated other comprehensive income (loss) $ (14,819 ) $ 48,317 |
Credit Facilities
Credit Facilities | 6 Months Ended |
Jun. 30, 2015 | |
Credit Facilities [Abstract] | |
Credit Facilities | 11. CREDIT FACILITIES The Company has two 1,100,000 Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Credit facility fees incurred $ 167 $ 221 $ 299 $ 395 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, $ 800,000 850,000 two 200,000 0.5 1.0 600,000 The Group Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 4,249,963 25 25 5,252,761 The following table summarizes the outstanding letters of credit and/or borrowings for the periods indicated: (Dollars in thousands) At June 30, 2015 At December 31, 2014 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 600,000 450,100 12/31/2015 600,000 444,012 12/31/2015 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 450,100 $ 800,000 $ 444,012 Bermuda Re Letter of Credit Facility Effective December 31, 2014, Bermuda Re renewed its $ 300,000 300,000 0.35 0.45 0.15 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At June 30, 2015 At December 31, 2014 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 300,000 $ 3,672 11/24/2015 $ 300,000 $ 112 8/30/2015 68,772 12/31/2015 3,672 11/24/2015 106 8/30/2016 70,922 12/31/2015 2,950 12/31/2016 2,014 12/31/2016 132,877 6/30/2019 149,353 12/31/2018 Total Citibank Bilateral Agreement $ 300,000 $ 208,377 $ 300,000 $ 226,073 Holdings Credit Facility - Expired Effective August 15, 2011, the Company entered into a three year, $ 150,000 |
Reinsurance And Trust Agreement
Reinsurance And Trust Agreements | 6 Months Ended |
Jun. 30, 2015 | |
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 Company's investments as collateral, as security for assumed losses payable to certain non-affiliated ceding companies. At June 30, 2015, the total amount on deposit in trust accounts was $ 338,091 On April 24, 2014, the Company entered into two 250,000 200,000 On November 18, 2014, the Company entered into a collateralized reinsurance agreement with Kilimanjaro Re to provide the Company with catastrophe reinsurance coverage. This agreement is a multi-year reinsurance contract which covers specified earthquake events. The agreement provides up to $ 500,000 Kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,000 500,000 |
Senior Notes
Senior Notes | 6 Months Ended |
Jun. 30, 2015 | |
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. June 30, 2015 December 31, 2014 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value 4.868 06/05/2014 06/01/2044 $ 400,000 $ 400,000 $ 388,680 $ 400,000 $ 404,892 5.40 10/12/2004 10/15/2014 250,000 - - - - On June 5, 2014, Holdings issued $400,000 thousand of 30 Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Interest expense incurred $ 4,868 $ 4,741 $ 9,736 $ 8,129 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 December 31, 2014 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value 6.6 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 238,366 $ 232,027 $ 238,364 $ 246,312 During the fixed rate interest period from May 3, 2007 May 14, 2017 6.6 November 15 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 0.25 0.50 May 1, 2047 5.40 October 15, 2014 4.868 June 1, 2044 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 Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Interest expense incurred $ 3,937 $ 3,937 $ 7,874 $ 7,874 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 15. 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 Re's branches in Canada and Singapore and through offices in Brazil, Miami and New Jersey. The Bermuda operation provides reinsurance and insurance to worldwide property and casualty markets through brokers and directly with ceding companies from its Bermuda office and reinsurance to the United Kingdom and European markets through its UK branch and Ireland Re. The Insurance operation writes property and casualty insurance 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 Re's business is sourced through operating subsidiaries of the Company; however, the activity is only reflected in the Mt. Logan Re segment. For other inter-affiliate reinsurance, business is generally reported within the segment in which the business was first produced, consistent with how the business is managed. Except for Mt. Logan Re, the Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. The following tables present the underwriting results for the operating segments for the periods indicated: Three Months Ended Six Months Ended U.S. Reinsurance June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 421,810 $ 437,475 $ 927,357 $ 933,116 Net written premiums 388,006 423,279 872,409 921,036 Premiums earned $ 480,848 $ 489,129 $ 991,942 $ 918,770 Incurred losses and LAE 228,745 239,014 473,631 452,469 Commission and brokerage 120,171 122,766 242,955 215,734 Other underwriting expenses 11,807 11,454 23,336 20,936 Underwriting gain (loss) $ 120,125 $ 115,895 $ 252,020 $ 229,631 Three Months Ended Six Months Ended International June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 292,775 $ 454,017 $ 611,220 $ 775,259 Net written premiums 316,656 315,590 578,394 624,627 Premiums earned $ 338,263 $ 319,998 $ 643,832 $ 638,379 Incurred losses and LAE 222,087 204,433 401,739 367,607 Commission and brokerage 84,813 71,599 155,427 142,573 Other underwriting expenses 8,049 8,088 16,164 15,925 Underwriting gain (loss) $ 23,314 $ 35,878 $ 70,502 $ 112,274 Three Months Ended Six Months Ended Bermuda June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 162,536 $ 185,036 $ 338,330 $ 368,451 Net written premiums 131,209 176,193 305,775 358,763 Premiums earned $ 198,297 $ 191,259 $ 394,001 $ 364,945 Incurred losses and LAE 108,230 107,133 218,245 201,641 Commission and brokerage 47,243 46,839 98,376 92,547 Other underwriting expenses 8,788 8,159 17,588 16,445 Underwriting gain (loss) $ 34,036 $ 29,128 $ 59,792 $ 54,312 Three Months Ended Six Months Ended Insurance June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 343,630 $ 316,481 $ 683,888 $ 547,131 Net written premiums 299,848 280,073 603,429 491,741 Premiums earned $ 267,848 $ 248,283 $ 527,969 $ 451,520 Incurred losses and LAE 219,123 175,033 399,724 317,224 Commission and brokerage 38,294 39,908 76,857 74,117 Other underwriting expenses 33,258 29,128 63,555 52,361 Underwriting gain (loss) $ (22,827 ) $ 4,214 $ (12,167 ) $ 7,818 Three Months Ended Six Months Ended Mt. Logan Re June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 37,497 $ 22,353 $ 111,494 $ 58,829 Net written premiums 32,777 22,352 92,378 48,909 Premiums earned $ 47,142 $ 23,648 $ 81,731 $ 43,193 Incurred losses and LAE 12,476 10,084 19,787 16,165 Commission and brokerage 4,396 2,575 8,469 4,718 Other underwriting expenses 2,049 1,585 3,972 3,385 Underwriting gain (loss) $ 28,221 $ 9,404 $ 49,503 $ 18,925 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Underwriting gain (loss) $ 182,869 $ 194,519 $ 419,650 $ 422,960 Net investment income 125,046 131,224 247,629 254,381 Net realized capital gains (losses) (24,178 ) 59,016 (34,683 ) 80,142 Net derivative gain (loss) 6,445 3,774 6,203 2,113 Corporate expenses (5,925 ) (3,899 ) (11,388 ) (8,844 ) Interest, fee and bond issue cost amortization expense (9,026 ) (8,978 ) (18,016 ) (16,546 ) Other income (expense) (3,925 ) (13,871 ) 42,148 (17,167 ) Income (loss) before taxes $ 271,306 $ 361,785 $ 651,543 $ 717,039 The Company produces business in the U.S., Bermuda and internationally. The net income deriving from and assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company's financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 United Kingdom $ 155,168 $ 131,093 $ 353,104 $ 337,876 No other country represented more than 5 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2015 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 16. SHARE-BASED COMPENSATION PLANS For the three months ended June 30, 2015, share-based compensation awards granted were 550 181.895 |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 17. 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 3,255 $ 2,461 $ 6,195 $ 4,921 Interest cost 2,711 2,541 5,168 5,083 Expected return on plan assets (2,903 ) (2,823 ) (5,806 ) (5,646 ) Amortization of prior service cost 6 12 11 25 Amortization of net (income) loss 2,261 1,092 4,512 2,183 Net periodic benefit cost $ 5,330 $ 3,283 $ 10,080 $ 6,566 Other Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 599 $ 407 $ 1,000 $ 814 Interest cost 395 342 658 684 Amortization of net (income) loss 210 82 421 164 Net periodic benefit cost $ 1,204 $ 831 $ 2,079 $ 1,662 The Company did not make any contributions to the qualified pension benefit plan for the three |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 18. 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 Company's Bermuda domiciled subsidiaries are exempt from income taxation under Bermuda law until 2035. Pre-tax income generated by Group's 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 Company's annual pre-tax income and AETR. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. SUBSEQUENT EVENTS On July 13, 2015, the Company closed its agreement to sell all of the outstanding shares of capital stock of Mt. McKinley Insurance Company ("Mt. McKinley"), a Delaware domiciled insurance company and wholly-owned subsidiary of the Company to Clearwater Insurance Company ("Clearwater"), a Delaware domiciled insurance company. The Company does not expect to recognize any material realized gain from the sale of Mt. McKinley. Concurrently with the closing, the Company entered into a retrocession treaty (the "Retrocession Treaty") with an affiliate of Clearwater. Per the Retrocession Treaty, the Company retroceded 100 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At June 30, 2015 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 336,763 $ 11,953 $ (464 ) $ 348,252 $ - Obligations of U.S. states and political subdivisions 712,000 29,604 (2,885 ) 738,719 - Corporate securities 4,942,119 127,488 (32,992 ) 5,036,615 2,297 Asset-backed securities 451,680 1,981 (1,579 ) 452,082 - Mortgage-backed securities Commercial 298,660 8,598 (1,798 ) 305,460 - Agency residential 2,181,733 37,251 (10,026 ) 2,208,958 - Non-agency residential 1,347 47 (45 ) 1,349 - Foreign government securities 1,321,212 59,975 (33,148 ) 1,348,039 - Foreign corporate securities 2,968,082 117,506 (50,261 ) 3,035,327 - Total fixed maturity securities $ 13,213,596 $ 394,403 $ (133,198 ) $ 13,474,801 $ 2,297 Equity securities $ 147,512 $ 3,322 $ (13,318 ) $ 137,516 $ - At December 31, 2014 Amortized Unrealized Unrealized Market OTTI in AOCI (Dollars in thousands) Cost Appreciation Depreciation Value (a) Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 221,052 $ 10,290 $ (304 ) $ 231,038 $ - Obligations of U.S. states and political subdivisions 783,129 41,969 (626 ) 824,472 - Corporate securities 4,626,002 143,889 (62,906 ) 4,706,985 (6,910 ) Asset-backed securities 340,761 1,691 (1,230 ) 341,222 - Mortgage-backed securities Commercial 231,439 10,675 (429 ) 241,685 - Agency residential 2,157,182 37,555 (11,573 ) 2,183,164 - Non-agency residential 2,734 54 (57 ) 2,731 - Foreign government securities 1,488,144 71,177 (26,866 ) 1,532,455 - Foreign corporate securities 2,980,716 109,673 (53,074 ) 3,037,315 - Total fixed maturity securities $ 12,831,159 $ 426,973 $ (157,065 ) $ 13,101,067 $ (6,910 ) Equity securities $ 148,326 $ 3,831 $ (11,947 ) $ 140,210 $ - (a) |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At June 30, 2015 At December 31, 2014 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,052,896 $ 1,062,418 $ 1,183,247 $ 1,189,416 Due after one year 5,996,029 6,112,557 5,646,466 5,726,277 Due after five years through ten years 2,376,397 2,419,621 2,270,073 2,313,672 Due after ten years 854,854 912,356 999,257 1,102,900 Asset-backed securities 451,680 452,082 340,761 341,222 Mortgage-backed securities: Commercial 298,660 305,460 231,439 241,685 Agency residential 2,181,733 2,208,958 2,157,182 2,183,164 Non-agency residential 1,347 1,349 2,734 2,731 Total fixed maturity securities $ 13,213,596 $ 13,474,801 $ 12,831,159 $ 13,101,067 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (144,172 ) $ 93,403 $ (17,910 ) $ 157,869 Fixed maturity securities (477 ) 5 9,207 81 Equity securities (430 ) 4,531 (1,880 ) 6,614 Change in unrealized appreciation (depreciation), pre-tax (145,079 ) 97,939 (10,583 ) 164,564 Deferred tax benefit (expense) 21,344 (9,849 ) (4,356 ) (21,129 ) Deferred tax benefit (expense), other-than-temporary impairment 1 - (3,407 ) - Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity $ (123,734 ) $ 88,090 $ (18,346 ) $ 143,435 |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at June 30, 2015 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 $ 25,004 $ (335 ) $ 1,969 $ (129 ) $ 26,973 $ (464 ) Obligations of U.S. states and political subdivisions 97,850 (2,141 ) 17,686 (744 ) 115,536 (2,885 ) Corporate securities 1,407,353 (24,960 ) 282,817 (8,032 ) 1,690,170 (32,992 ) Asset-backed securities 160,736 (1,565 ) 4,299 (14 ) 165,035 (1,579 ) Mortgage-backed securities Commercial 133,162 (1,798 ) - - 133,162 (1,798 ) Agency residential 419,093 (2,812 ) 417,728 (7,214 ) 836,821 (10,026 ) Non-agency residential 204 (2 ) 51 (43 ) 255 (45 ) Foreign government securities 337,577 (20,816 ) 98,995 (12,332 ) 436,572 (33,148 ) Foreign corporate securities 756,739 (38,986 ) 157,352 (11,275 ) 914,091 (50,261 ) Total fixed maturity securities $ 3,337,718 $ (93,415 ) $ 980,897 $ (39,783 ) $ 4,318,615 $ (133,198 ) Equity securities 55,275 (5,071 ) 72,090 (8,247 ) 127,365 (13,318 ) Total $ 3,392,993 $ (98,486 ) $ 1,052,987 $ (48,030 ) $ 4,445,980 $ (146,516 ) Duration of Unrealized Loss at December 31, 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 $ 13,187 $ (20 ) $ 26,897 $ (284 ) $ 40,084 $ (304 ) Obligations of U.S. states and political subdivisions 20,428 (242 ) 18,199 (384 ) 38,627 (626 ) Corporate securities 1,245,830 (55,388 ) 362,320 (7,518 ) 1,608,150 (62,906 ) Asset-backed securities 192,253 (1,230 ) - - 192,253 (1,230 ) Mortgage-backed securities Commercial 28,191 (123 ) 9,777 (306 ) 37,968 (429 ) Agency residential 141,807 (172 ) 678,972 (11,401 ) 820,779 (11,573 ) Non-agency residential - - 266 (57 ) 266 (57 ) Foreign government securities 235,725 (15,415 ) 139,200 (11,451 ) 374,925 (26,866 ) Foreign corporate securities 567,905 (36,926 ) 290,234 (16,148 ) 858,139 (53,074 ) Total fixed maturity securities $ 2,445,326 $ (109,516 ) $ 1,525,865 $ (47,549 ) $ 3,971,191 $ (157,065 ) Equity securities 50,285 (4,068 ) 73,994 (7,879 ) 124,279 (11,947 ) Total $ 2,495,611 $ (113,584 ) $ 1,599,859 $ (55,428 ) $ 4,095,470 $ (169,012 ) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at June 30, 2015 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in Market Value Depreciation Market Value Depreciation Market Value Depreciation Fixed maturity securities Due in one year or less $ 87,985 $ (7,088 ) $ 49,702 $ (9,253 ) $ 137,687 $ (16,341 ) Due in one year 1,476,198 (45,857 ) 332,321 (11,722 ) 1,808,519 (57,579 ) Due in five years through ten years 887,119 (28,977 ) 136,078 (7,596 ) 1,023,197 (36,573 ) Due after ten years 173,221 (5,316 ) 40,718 (3,941 ) 213,939 (9,257 ) Asset-backed securities 160,736 (1,565 ) 4,299 (14 ) 165,035 (1,579 ) Mortgage-backed securities 552,459 (4,612 ) 417,779 (7,257 ) 970,238 (11,869 ) Total fixed maturity securities $ 3,337,718 $ (93,415 ) $ 980,897 $ (39,783 ) $ 4,318,615 $ (133,198 ) Duration of Unrealized Loss at December 31, 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 $ 98,021 $ (5,166 ) $ 80,002 $ (8,174 ) $ 178,023 $ (13,340 ) Due in one year through five years 1,233,244 (68,124 ) 518,613 (12,761 ) 1,751,857 (80,885 ) Due in five years through ten years 679,374 (28,529 ) 187,717 (10,734 ) 867,091 (39,263 ) Due after ten years 72,436 (6,172 ) 50,518 (4,116 ) 122,954 (10,288 ) Asset-backed securities 192,253 (1,230 ) - - 192,253 (1,230 ) Mortgage-backed securities 169,998 (295 ) 689,015 (11,764 ) 859,013 (12,059 ) Total fixed maturity securities $ 2,445,326 $ (109,516 ) $ 1,525,865 $ (47,549 ) $ 3,971,191 $ (157,065 ) |
Summary Of Components Of Net Investment Income | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Fixed maturities $ 109,481 $ 117,562 $ 218,836 $ 233,815 Equity securities 13, 13,566 24,693 25,025 Short-term investments and cash 456 577 703 907 Other invested assets Limited partnerships 6,655 6,226 13,623 3,968 Other 983 330 1,608 2,351 Gross investment income before adjustments 130,590 138,261 259,463 266,066 Funds held interest income (expense) 2,717 2,041 5,593 5,058 Future policy benefit reserve income (expense) (709 ) (141 ) (1,102 ) (444 ) Gross investment income 132,598 140,161 263,954 270,680 Investment expenses (7,552 ) (8,937 ) (16,325 ) (16,299 ) Net investment income $ 125,046 $ 131,224 $ 247,629 $ 254,381 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Fixed maturity securities, market value: Other-than-temporary impairments $ (16,238 ) $ (389 ) $ (42,256 ) $ (389 ) Gains (losses) from sales (2,570 ) (1,695 ) (10,594 ) (3,643 ) Fixed maturity securities, fair value: Gains (losses) from sales 14 - 42 940 Gains (losses) from fair value adjustments (6 ) - 56 - Equity securities, market value: Gains (losses) from sales (901 ) (566 ) (882 ) (1,054 ) Equity securities, fair value: Gains (losses) from sales 755 1,365 605 (50 ) Gains (losses) from fair value adjustments (5,232 ) 60,305 18,346 84,340 Short-term investments gains (losses) - (4 ) - (2 ) Total net realized capital gains (losses) $ (24,178 ) $ 59,016 $ (34,683 ) $ 80,142 |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Proceeds from sales of fixed maturity securities $ 376,238 $ 277,767 $ 733,286 $ 627,239 Gross gains from sales 16,864 8,071 25,699 16,007 Gross losses from sales (19,420 ) (9,766 ) (36,251 ) (18,710 ) Proceeds from sales of equity securities $ 167,170 $ 134,432 $ 305,219 $ 313,564 Gross gains from sales 8,434 3,882 13,640 10,502 Gross losses from sales (8,580 ) (3,083 ) (13,917 ) (11,606 ) |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 December 31, 2014 Equity index put option contracts Equity index put option liability $ 40,819 $ 47,022 Total $ 40,819 $ 47,022 |
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 Six Months Ended Derivatives not designated as Location of gain (loss) in statements of June 30, June 30, hedging instruments operations and comprehensive income (loss) 2015 2014 2015 2014 Equity index put option contracts Net derivative gain (loss) $ 6,445 $ 3,774 $ 6,203 $ 2,113 Total $ 6,445 $ 3,774 $ 6,203 $ 2,113 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value [Abstract] | |
Fair Value Measurement Levels For All Assets And Liabilities | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) June 30, 2015 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 348,252 $ - $ 348,252 $ - Obligations of U.S. States and political subdivisions 738,719 - 738,719 - Corporate securities 5,036,615 - 5,034,657 1,958 Asset-backed securities 452,082 - 452,082 - Mortgage-backed securities Commercial 305,460 - 305,460 - Agency residential 2,208,958 - 2,208,958 - Non-agency residential 1,349 - 1,349 - Foreign government securities 1,348,039 - 1,348,039 - Foreign corporate securities 3,035,327 - 3,027,490 7,837 Total fixed maturities, market value 13,474,801 - 13,465,006 9,795 Fixed maturities, fair value 228 - 228 - Equity securities, market value 137,516 122,578 14,938 - Equity securities, fair value 1,483,803 1,365,367 118,436 - Liabilities: Equity index put option contracts $ 40,819 $ - $ - $ 40,819 Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2014 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 231,038 $ - $ 231,038 $ - Obligations of U.S. States and political subdivisions 824,472 - 824,472 - Corporate securities 4,706,985 - 4,706,985 - Asset-backed securities 341,222 - 341,222 - Mortgage-backed securities Commercial 241,685 - 233,088 8,597 Agency residential 2,183,164 - 2,183,164 - Non-agency residential 2,731 - 2,731 - Foreign government securities 1,532,455 - 1,532,455 - Foreign corporate securities 3,037,315 - 3,030,149 7,166 Total fixed maturities, market value 13,101,067 - 13,085,304 15,763 Fixed maturities, fair value 1,509 - 1,509 - Equity securities, market value 140,210 124,295 15,915 - Equity securities, fair value 1,447,820 1,337,396 110,424 - Liabilities: Equity index put option contracts $ 47,022 $ - $ - $ 47,022 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities CMBS Corporate Total Beginning balance $ 2,653 $ 6,125 $ 8,778 $ - $ 8,597 $ 7,166 $ 15,763 Total gains or (losses) (realized Included in earnings 2 58 60 4 - 115 119 Included in other comprehensive income (loss) (3 ) 1,169 1,166 (2 ) - 71 69 Purchases, issuances and settlements (12 ) - (12 ) 1,928 - - 1,928 Transfers in and/or (out) of Level 3 (682 ) 485 (197 ) 28 (8,597 ) 485 (8,084 ) Ending balance $ 1,958 $ 7,837 $ 9,795 $ 1,958 $ - $ 7,837 $ 9,795 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 June 30, 2014 Six Months Ended June 30, 2014 Asset-backed Foreign Non-agency Asset-backed Foreign Non-agency (Dollars in thousands) Securities Corporate RMBS Total Securities Corporate RMBS Total Beginning balance $ 3,672 $ 473 $ 264 $ 4,409 $ 5,299 $ 481 $ 347 $ 6,127 Total gains or (losses) (realized/unrealized) Included in earnings 38 17 4 59 56 18 142 216 Included in other comprehensive income (loss) 42 (20 ) (3 ) 19 75 (20 ) (24 ) 31 Purchases, issuances and settlements (752 ) (470 ) (6 ) (1,228 ) (1,494 ) (479 ) (206 ) (2,179 ) Transfers in and/or (out) of Level 3 - - - - (936 ) - - (936 ) Ending balance $ 3,000 $ - $ 259 $ 3,259 $ 3,000 $ - $ 259 $ 3,259 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Liabilities: Balance, beginning of period $ 47,264 $ 37,083 $ 47,022 $ 35,423 Total (gains) or losses (realized/unrealized) Included in earnings (6,445 ) (3,774 ) (6,203 ) (2,113 ) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 40,819 $ 33,309 $ 40,819 $ 33,309 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 Int30
Redeemable Noncontrolling Interests - MT. Logan RE (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Redeemable Noncontrolling Interests - MT. Logan RE [Abstract] | |
Activity For Redeemable Noncontrolling Interests | Six Months Ended Twelve Months Ended June 30, December 31, (Dollars in thousands) 2015 2014 Redeemable noncontrolling interests - Mt. Logan Re, beginning of period $ 421,552 $ 93,378 Unaffiliated third party investments during period, net 336,848 279,200 Net income (loss) attributable to noncontrolling interests 42,507 59,307 Dividends paid on third party investment in redeemable noncontrolling interest (41,178 ) (10,334 ) Redeemable noncontrolling interests - Mt. Logan Re, end of period $ 759,729 $ 421,552 (Some amounts may not reconcile due to rounding.) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Net Income (Loss) Per Common Share | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands, except per share amounts) 2015 2014 2015 2014 Net income (loss) attributable to Everest Re Group per share: Numerator Net income (loss) attributable to Everest Re Group $ 209,057 $ 290,184 $ 532,035 $ 584,117 Less: dividends declared-common shares and nonvested common shares (41,955 ) (34,319 ) (84,207 ) (69,061 ) Undistributed earnings 167,102 255,865 447,828 515,056 Percentage allocated to common shareholders (1) 98.9 % 98.9 % 98.9 % 99.0 % 165,306 253,146 443,046 509,853 Add: dividends declared-common shareholders 41,529 33,971 83,345 68,362 Numerator for basic and diluted earnings per common share $ 206,835 $ 287,117 $ 526,391 $ 578,215 Denominator Denominator for basic earnings per weighted-average common shares 43,804 45,441 43,915 45,957 Effect of dilutive securities: Options 393 423 405 431 Denominator for diluted earnings per adjusted weighted-average common shares 44,197 45,864 44,320 46,388 Per common share net income (loss) Basic $ 4.72 $ 6.32 $ 11.99 $ 12.58 Diluted $ 4.68 $ 6.26 $ 11.88 $ 12.46 (1) Basic weighted-average common shares outstanding 43,804 45,441 43,915 45,957 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 44,280 45,929 44,389 46,426 Percentage allocated to common shareholders 98.9 % 98.9 % 98.9 % 99.0 % (Some amounts may not reconcile due to rounding.) |
Contingencies (Tables)
Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At June 30, At December 31, (Dollars in thousands) 2015 2014 The Prudential $ 142,618 $ 142,653 Unaffiliated life insurance company 31,780 31,964 |
Other Comprehensive Income (L33
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (Dollars in thousands) Before Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ (164,311 ) $ 28,306 $ (136,005 ) $ (73,522 ) $ 14,446 $ (59,076 ) URA(D) on securities - OTTI (477 ) 1 (476 ) 9,207 (3,407 ) 5,800 Reclassification of net realized losses (gains) included in net income (loss) 19,709 (6,962 ) 12,747 53,732 (18,802 ) 34,930 Foreign currency translation adjustments 63,031 (8,694 ) 54,337 (57,244 ) 9,241 (48,003 ) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 2,476 (867 ) 1,609 4,943 (1,730 ) 3,213 Total other comprehensive income (loss) $ (79,572 ) $ 11,784 $ (67,788 ) $ (62,884 ) $ (252 ) $ (63,136 ) Three Months Ended June 30, 2014 Six Months Ended June 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 $ 95,284 $ (9,368 ) $ 85,916 $ 159,397 $ (20,086 ) $ 139,311 URA(D) on securities - OTTI 5 - 5 81 - 81 Reclassification of net realized losses (gains) included in net income (loss) 2,650 (481 ) 2,169 5,086 (1,043 ) 4,043 Foreign currency translation adjustments 2,856 (3,619 ) (763 ) (4,000 ) 600 (3,400 ) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 1,185 (415 ) 770 2,371 (830 ) 1,541 Total other comprehensive income (loss) $ 101,980 $ (13,883 ) $ 88,097 $ 162,935 $ (21,359 ) $ 141,576 |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Six Months Ended June 30, June 30, Affected line item within the statements of AOCI component 2015 2014 2015 2014 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 19,709 $ 2,650 $ 53,732 $ 5,086 Other net realized capital gains (losses) (6,962 ) (481 ) (18,802 ) (1,043 ) Income tax expense (benefit) $ 12,747 $ 2,169 $ 34,930 $ 4,043 Net income (loss) Benefit plan net gain (loss) $ 2,476 $ 1,185 $ 4,943 $ 2,371 Other underwriting expenses (867 ) (415 ) (1,730 ) (830 ) Income tax expense (benefit) $ 1,609 $ 770 $ 3,213 $ 1,541 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Six Months Ended Twelve Months Ended June 30, December 31, (Dollars in thousands) 2015 2014 Beginning balance of URA (D) on securities $ 223,250 $ 201,154 Current period change in URA (D) of investments - temporary (24,146 ) 28,767 Current period change in URA (D) of investments - non-credit OTTI 5,800 (6,671 ) Ending balance of URA (D) on securities 204,904 223,250 Beginning balance of foreign currency translation adjustments (99,947 ) (4,530 ) Current period change in foreign currency translation adjustments (48,003 ) (95,417 ) Ending balance of foreign currency translation adjustments (147,950 ) (99,947 ) Beginning balance of benefit plan net gain (loss) (74,986 ) (38,896 ) Current period change in benefit plan net gain (loss) 3,213 (36,090 ) Ending balance of benefit plan net gain (loss) (71,773 ) (74,986 ) Ending balance of accumulated other comprehensive income (loss) $ (14,819 ) $ 48,317 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Credit facility fees incurred $ 167 $ 221 $ 299 $ 395 |
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 June 30, 2015 At December 31, 2014 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 600,000 450,100 12/31/2015 600,000 444,012 12/31/2015 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 450,100 $ 800,000 $ 444,012 |
Citibank Bilateral Agreement [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At June 30, 2015 At December 31, 2014 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 300,000 $ 3,672 11/24/2015 $ 300,000 $ 112 8/30/2015 68,772 12/31/2015 3,672 11/24/2015 106 8/30/2016 70,922 12/31/2015 2,950 12/31/2016 2,014 12/31/2016 132,877 6/30/2019 149,353 12/31/2018 Total Citibank Bilateral Agreement $ 300,000 $ 208,377 $ 300,000 $ 226,073 |
Senior Notes (Tables)
Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | June 30, 2015 December 31, 2014 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value 4.868 06/05/2014 06/01/2044 $ 400,000 $ 400,000 $ 388,680 $ 400,000 $ 404,892 5.40 10/12/2004 10/15/2014 250,000 - - - - |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Interest expense incurred $ 4,868 $ 4,741 $ 9,736 $ 8,129 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date June 30, 2015 December 31, 2014 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value 6.6 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 238,366 $ 232,027 $ 238,364 $ 246,312 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Interest expense incurred $ 3,937 $ 3,937 $ 7,874 $ 7,874 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Six Months Ended U.S. Reinsurance June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 421,810 $ 437,475 $ 927,357 $ 933,116 Net written premiums 388,006 423,279 872,409 921,036 Premiums earned $ 480,848 $ 489,129 $ 991,942 $ 918,770 Incurred losses and LAE 228,745 239,014 473,631 452,469 Commission and brokerage 120,171 122,766 242,955 215,734 Other underwriting expenses 11,807 11,454 23,336 20,936 Underwriting gain (loss) $ 120,125 $ 115,895 $ 252,020 $ 229,631 Three Months Ended Six Months Ended International June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 292,775 $ 454,017 $ 611,220 $ 775,259 Net written premiums 316,656 315,590 578,394 624,627 Premiums earned $ 338,263 $ 319,998 $ 643,832 $ 638,379 Incurred losses and LAE 222,087 204,433 401,739 367,607 Commission and brokerage 84,813 71,599 155,427 142,573 Other underwriting expenses 8,049 8,088 16,164 15,925 Underwriting gain (loss) $ 23,314 $ 35,878 $ 70,502 $ 112,274 Three Months Ended Six Months Ended Bermuda June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 162,536 $ 185,036 $ 338,330 $ 368,451 Net written premiums 131,209 176,193 305,775 358,763 Premiums earned $ 198,297 $ 191,259 $ 394,001 $ 364,945 Incurred losses and LAE 108,230 107,133 218,245 201,641 Commission and brokerage 47,243 46,839 98,376 92,547 Other underwriting expenses 8,788 8,159 17,588 16,445 Underwriting gain (loss) $ 34,036 $ 29,128 $ 59,792 $ 54,312 Three Months Ended Six Months Ended Insurance June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 343,630 $ 316,481 $ 683,888 $ 547,131 Net written premiums 299,848 280,073 603,429 491,741 Premiums earned $ 267,848 $ 248,283 $ 527,969 $ 451,520 Incurred losses and LAE 219,123 175,033 399,724 317,224 Commission and brokerage 38,294 39,908 76,857 74,117 Other underwriting expenses 33,258 29,128 63,555 52,361 Underwriting gain (loss) $ (22,827 ) $ 4,214 $ (12,167 ) $ 7,818 Three Months Ended Six Months Ended Mt. Logan Re June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Gross written premiums $ 37,497 $ 22,353 $ 111,494 $ 58,829 Net written premiums 32,777 22,352 92,378 48,909 Premiums earned $ 47,142 $ 23,648 $ 81,731 $ 43,193 Incurred losses and LAE 12,476 10,084 19,787 16,165 Commission and brokerage 4,396 2,575 8,469 4,718 Other underwriting expenses 2,049 1,585 3,972 3,385 Underwriting gain (loss) $ 28,221 $ 9,404 $ 49,503 $ 18,925 |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Underwriting gain (loss) $ 182,869 $ 194,519 $ 419,650 $ 422,960 Net investment income 125,046 131,224 247,629 254,381 Net realized capital gains (losses) (24,178 ) 59,016 (34,683 ) 80,142 Net derivative gain (loss) 6,445 3,774 6,203 2,113 Corporate expenses (5,925 ) (3,899 ) (11,388 ) (8,844 ) Interest, fee and bond issue cost amortization expense (9,026 ) (8,978 ) (18,016 ) (16,546 ) Other income (expense) (3,925 ) (13,871 ) 42,148 (17,167 ) Income (loss) before taxes $ 271,306 $ 361,785 $ 651,543 $ 717,039 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 United Kingdom $ 155,168 $ 131,093 $ 353,104 $ 337,876 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Retirement Benefits [Abstract] | |
Summary Of Net Periodic Benefit Cost For U.S. Employees | Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 3,255 $ 2,461 $ 6,195 $ 4,921 Interest cost 2,711 2,541 5,168 5,083 Expected return on plan assets (2,903 ) (2,823 ) (5,806 ) (5,646 ) Amortization of prior service cost 6 12 11 25 Amortization of net (income) loss 2,261 1,092 4,512 2,183 Net periodic benefit cost $ 5,330 $ 3,283 $ 10,080 $ 6,566 Other Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 599 $ 407 $ 1,000 $ 814 Interest cost 395 342 658 684 Amortization of net (income) loss 210 82 421 164 Net periodic benefit cost $ 1,204 $ 831 $ 2,079 $ 1,662 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
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 | $ 4,445,980 | $ 4,095,470 |
Gross unrealized losses on investments in unrealized loss position | 146,516 | 169,012 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 98,486 | 113,584 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 48,030 | $ 55,428 |
Additional contractual commitments | $ 425,400 | |
Sales Revenue, Net [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.50% | 0.20% |
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 | |
Investment Grade [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 33,964 | $ 42,884 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | 4,318,615 | 3,971,191 |
Gross unrealized losses on investments in unrealized loss position | 133,198 | 157,065 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 93,415 | 109,516 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 39,783 | 47,549 |
Energy Sector [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 58,891 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 20,351 | |
Foreign Exchange Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | $ 64,859 | 34,687 |
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 | $ 15 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | $ 13,213,596 | $ 12,831,159 | |
Unrealized Appreciation | 394,403 | 426,973 | |
Unrealized Depreciation | (133,198) | (157,065) | |
Market Value | 13,474,801 | 13,101,067 | |
OTTI in AOCI | [1] | 2,297 | (6,910) |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | 336,763 | 221,052 | |
Unrealized Appreciation | 11,953 | 10,290 | |
Unrealized Depreciation | (464) | (304) | |
Market Value | 348,252 | 231,038 | |
Obligations Of U.S. States And Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | 712,000 | 783,129 | |
Unrealized Appreciation | 29,604 | 41,969 | |
Unrealized Depreciation | (2,885) | (626) | |
Market Value | 738,719 | 824,472 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | 4,942,119 | 4,626,002 | |
Unrealized Appreciation | 127,488 | 143,889 | |
Unrealized Depreciation | (32,992) | (62,906) | |
Market Value | 5,036,615 | 4,706,985 | |
OTTI in AOCI | [1] | 2,297 | (6,910) |
Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | 451,680 | 340,761 | |
Unrealized Appreciation | 1,981 | 1,691 | |
Unrealized Depreciation | (1,579) | (1,230) | |
Market Value | 452,082 | 341,222 | |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | 298,660 | 231,439 | |
Unrealized Appreciation | 8,598 | 10,675 | |
Unrealized Depreciation | (1,798) | (429) | |
Market Value | 305,460 | 241,685 | |
Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | 2,181,733 | 2,157,182 | |
Unrealized Appreciation | 37,251 | 37,555 | |
Unrealized Depreciation | (10,026) | (11,573) | |
Market Value | 2,208,958 | 2,183,164 | |
Non-Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | 1,347 | 2,734 | |
Unrealized Appreciation | 47 | 54 | |
Unrealized Depreciation | (45) | (57) | |
Market Value | 1,349 | 2,731 | |
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | 1,321,212 | 1,488,144 | |
Unrealized Appreciation | 59,975 | 71,177 | |
Unrealized Depreciation | (33,148) | (26,866) | |
Market Value | 1,348,039 | 1,532,455 | |
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | 2,968,082 | 2,980,716 | |
Unrealized Appreciation | 117,506 | 109,673 | |
Unrealized Depreciation | (50,261) | (53,074) | |
Market Value | 3,035,327 | 3,037,315 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Total | 147,512 | 148,326 | |
Unrealized Appreciation | 3,322 | 3,831 | |
Unrealized Depreciation | (13,318) | (11,947) | |
Market Value | $ 137,516 | $ 140,210 | |
[1] | Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 13,213,596 | $ 12,831,159 |
Fixed maturity securities - available for sale, Market Value | 13,474,801 | 13,101,067 |
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 | 1,052,896 | 1,183,247 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 5,996,029 | 5,646,466 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 2,376,397 | 2,270,073 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 854,854 | 999,257 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 1,062,418 | 1,189,416 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 6,112,557 | 5,726,277 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 2,419,621 | 2,313,672 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 912,356 | 1,102,900 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 451,680 | 340,761 |
Fixed maturity securities - available for sale, Market Value | 452,082 | 341,222 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 298,660 | 231,439 |
Fixed maturity securities - available for sale, Market Value | 305,460 | 241,685 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,181,733 | 2,157,182 |
Fixed maturity securities - available for sale, Market Value | 2,208,958 | 2,183,164 |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 1,347 | 2,734 |
Fixed maturity securities - available for sale, Market Value | $ 1,349 | $ 2,731 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ (145,079) | $ 97,939 | $ (10,583) | $ 164,564 |
Deferred tax benefit (expense) | 21,344 | (9,849) | (4,356) | (21,129) |
Deferred tax benefit (expense), other-than-temporary impairment | 1 | (3,407) | ||
Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity | (123,734) | 88,090 | (18,346) | 143,435 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | (144,172) | 93,403 | (17,910) | 157,869 |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | (477) | 5 | 9,207 | 81 |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ (430) | $ 4,531 | $ (1,880) | $ 6,614 |
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | $ 3,392,993 | $ 2,495,611 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (98,486) | (113,584) |
Fixed maturity securities, Greater than 12 months, Market Value | 1,052,987 | 1,599,859 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (48,030) | (55,428) |
Fixed maturity securities, Total, Market Value | 4,445,980 | 4,095,470 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (146,516) | (169,012) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 3,337,718 | 2,445,326 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (93,415) | (109,516) |
Fixed maturity securities, Greater than 12 months, Market Value | 980,897 | 1,525,865 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (39,783) | (47,549) |
Fixed maturity securities, Total, Market Value | 4,318,615 | 3,971,191 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (133,198) | (157,065) |
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 | 25,004 | 13,187 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (335) | (20) |
Fixed maturity securities, Greater than 12 months, Market Value | 1,969 | 26,897 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (129) | (284) |
Fixed maturity securities, Total, Market Value | 26,973 | 40,084 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (464) | (304) |
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 | 97,850 | 20,428 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (2,141) | (242) |
Fixed maturity securities, Greater than 12 months, Market Value | 17,686 | 18,199 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (744) | (384) |
Fixed maturity securities, Total, Market Value | 115,536 | 38,627 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (2,885) | (626) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 1,407,353 | 1,245,830 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (24,960) | (55,388) |
Fixed maturity securities, Greater than 12 months, Market Value | 282,817 | 362,320 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (8,032) | (7,518) |
Fixed maturity securities, Total, Market Value | 1,690,170 | 1,608,150 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (32,992) | (62,906) |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 160,736 | 192,253 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (1,565) | (1,230) |
Fixed maturity securities, Greater than 12 months, Market Value | 4,299 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (14) | |
Fixed maturity securities, Total, Market Value | 165,035 | 192,253 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,579) | (1,230) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 133,162 | 28,191 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (1,798) | (123) |
Fixed maturity securities, Greater than 12 months, Market Value | 9,777 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (306) | |
Fixed maturity securities, Total, Market Value | 133,162 | 37,968 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,798) | (429) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 419,093 | 141,807 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (2,812) | (172) |
Fixed maturity securities, Greater than 12 months, Market Value | 417,728 | 678,972 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (7,214) | (11,401) |
Fixed maturity securities, Total, Market Value | 836,821 | 820,779 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (10,026) | (11,573) |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 204 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (2) | |
Fixed maturity securities, Greater than 12 months, Market Value | 51 | 266 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (43) | (57) |
Fixed maturity securities, Total, Market Value | 255 | 266 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (45) | (57) |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 337,577 | 235,725 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (20,816) | (15,415) |
Fixed maturity securities, Greater than 12 months, Market Value | 98,995 | 139,200 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (12,332) | (11,451) |
Fixed maturity securities, Total, Market Value | 436,572 | 374,925 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (33,148) | (26,866) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 756,739 | 567,905 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (38,986) | (36,926) |
Fixed maturity securities, Greater than 12 months, Market Value | 157,352 | 290,234 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (11,275) | (16,148) |
Fixed maturity securities, Total, Market Value | 914,091 | 858,139 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (50,261) | (53,074) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 55,275 | 50,285 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (5,071) | (4,068) |
Fixed maturity securities, Greater than 12 months, Market Value | 72,090 | 73,994 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (8,247) | (7,879) |
Fixed maturity securities, Total, Market Value | 127,365 | 124,279 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (13,318) | $ (11,947) |
Investments (Summary Of Aggre44
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 3,392,993 | $ 2,495,611 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (98,486) | (113,584) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,052,987 | 1,599,859 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (48,030) | (55,428) |
Fixed maturity securities, Total, Market Value | 4,445,980 | 4,095,470 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (146,516) | (169,012) |
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 | 3,337,718 | 2,445,326 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (93,415) | (109,516) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 980,897 | 1,525,865 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (39,783) | (47,549) |
Fixed maturity securities, Total, Market Value | 4,318,615 | 3,971,191 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (133,198) | (157,065) |
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 | 87,985 | 98,021 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (7,088) | (5,166) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 49,702 | 80,002 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9,253) | (8,174) |
Fixed maturity securities, Total, Market Value | 137,687 | 178,023 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (16,341) | (13,340) |
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 | 1,476,198 | 1,233,244 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (45,857) | (68,124) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 332,321 | 518,613 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (11,722) | (12,761) |
Fixed maturity securities, Total, Market Value | 1,808,519 | 1,751,857 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (57,579) | (80,885) |
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 | 887,119 | 679,374 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (28,977) | (28,529) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 136,078 | 187,717 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (7,596) | (10,734) |
Fixed maturity securities, Total, Market Value | 1,023,197 | 867,091 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (36,573) | (39,263) |
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 | 173,221 | 72,436 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (5,316) | (6,172) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 40,718 | 50,518 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (3,941) | (4,116) |
Fixed maturity securities, Total, Market Value | 213,939 | 122,954 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (9,257) | (10,288) |
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 | 160,736 | 192,253 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (1,565) | (1,230) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 4,299 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (14) | |
Fixed maturity securities, Total, Market Value | 165,035 | 192,253 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,579) | (1,230) |
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 | 552,459 | 169,998 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | (4,612) | (295) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 417,779 | 689,015 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (7,257) | (11,764) |
Fixed maturity securities, Total, Market Value | 970,238 | 859,013 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (11,869) | $ (12,059) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 130,590 | $ 138,261 | $ 259,463 | $ 266,066 |
Funds held interest income (expense) | 2,717 | 2,041 | 5,593 | 5,058 |
Future policy benefit reserve income (expense) | (709) | (141) | (1,102) | (444) |
Gross investment income | 132,598 | 140,161 | 263,954 | 270,680 |
Investment expenses | (7,552) | (8,937) | (16,325) | (16,299) |
Net investment income | 125,046 | 131,224 | 247,629 | 254,381 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 109,481 | 117,562 | 218,836 | 233,815 |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 13,015 | 13,566 | 24,693 | 25,025 |
Short-Term Investments And Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 456 | 577 | 703 | 907 |
Limited Partnerships [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 6,655 | 6,226 | 13,623 | 3,968 |
Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 983 | $ 330 | $ 1,608 | $ 2,351 |
Investments (Summary Of Compo46
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | $ (16,238) | $ (389) | $ (42,256) | $ (389) |
Total net realized capital gains (losses) | (24,178) | 59,016 | (34,683) | 80,142 |
Fixed Maturity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | (16,238) | (389) | (42,256) | (389) |
Gains (losses) from sales | (2,570) | (1,695) | (10,594) | (3,643) |
Fixed Maturity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 14 | 42 | 940 | |
Gains (losses) from fair value adjustments | (6) | 56 | ||
Equity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (901) | (566) | (882) | (1,054) |
Equity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 755 | 1,365 | 605 | (50) |
Gains (losses) from fair value adjustments | $ (5,232) | 60,305 | $ 18,346 | 84,340 |
Short-Term Investments And Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | $ (4) | $ (2) |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 376,238 | $ 277,767 | $ 733,286 | $ 627,239 |
Gross gains from sales | 16,864 | 8,071 | 25,699 | 16,007 |
Gross losses from sales | (19,420) | (9,766) | (36,251) | (18,710) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | 167,170 | 134,432 | 305,219 | 313,564 |
Gross gains from sales | 8,434 | 3,882 | 13,640 | 10,502 |
Gross losses from sales | $ (8,580) | $ (3,083) | $ (13,917) | $ (11,606) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 6 Months Ended | ||
Jun. 30, 2015USD ($)itemsecurity | Dec. 31, 2005security | Dec. 31, 2001security | |
Derivative [Line Items] | |||
Number of equity index put option contracts sold | security | 7 | 7 | |
Number of equity indices | item | 2 | ||
Standard & Poor's 500 Index [Member] | |||
Derivative [Line Items] | |||
Number of equity index put option contracts sold | security | 6 | ||
Theoretical maximum payout occurs based on index value | $ 0 | ||
Discount factor | 3.00% | ||
Present value of theoretical maximum payouts | $ 426,214,000 | ||
Equity index if contracts had expired | item | 2,063.11 | ||
Settlement amount if contracts had expired | $ 0 | ||
Standard & Poor's 500 Index [Member] | Equity Index Put Option Contracts [Member] | |||
Derivative [Line Items] | |||
Total consideration, net of commissions | 22,530,000 | ||
Standard & Poor's 500 Index [Member] | Equity Index Put Option Contracts [Member] | Fair Value [Member] | |||
Derivative [Line Items] | |||
Total consideration, net of commissions | $ 32,173,000 | ||
Standard & Poor's 500 Index [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 18.00% | ||
FTSE 100 Index [Member] | |||
Derivative [Line Items] | |||
Number of equity index put option contracts sold | security | 1 | ||
Theoretical maximum payout occurs based on index value | $ 0 | ||
Discount factor | 3.00% | ||
Present value of theoretical maximum payouts | $ 43,847,000 | ||
Equity index if contracts had expired | item | 6,521 | ||
Settlement amount if contracts had expired | $ 0 | ||
FTSE 100 Index [Member] | Equity Index Put Option Contracts [Member] | |||
Derivative [Line Items] | |||
Total consideration, net of commissions | 6,706,000 | ||
FTSE 100 Index [Member] | Equity Index Put Option Contracts [Member] | Fair Value [Member] | |||
Derivative [Line Items] | |||
Total consideration, net of commissions | $ 8,646,000 | ||
FTSE 100 Index [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 42.00% |
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Option Indexed to Issuer's Equity [Line Items] | ||
Equity index put option liability | $ 40,819 | $ 47,022 |
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 | $ 40,819 | $ 47,022 |
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Option Indexed to Issuer's Equity [Line Items] | ||||
Net derivative gain (loss) | $ 6,445 | $ 3,774 | $ 6,203 | $ 2,113 |
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) | $ 6,445 | $ 3,774 | $ 6,203 | $ 2,113 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)security | Jun. 30, 2015USD ($)security | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of public equity portfolio | $ 233,025 | $ 233,025 | $ 196,980 | |
Transfers between level 1 and 2 | 0 | 0 | ||
Transfers from level 3 | $ 197 | $ 8,084 | $ 936 | |
Unavailability Of Prices [Member] | Private Placement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Number of securities | security | 1 | 1 | ||
Available-for-sale Securities | $ 7,350 | $ 7,350 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 13,474,801 | $ 13,101,067 |
Fixed maturities, fair value | 228 | 1,509 |
Equity securities, market value | 137,516 | 140,210 |
Equity securities, fair value | 1,483,803 | 1,447,820 |
Equity index put option contracts | 40,819 | 47,022 |
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 | 122,578 | 124,295 |
Equity securities, fair value | 1,365,367 | 1,337,396 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 13,465,006 | 13,085,304 |
Fixed maturities, fair value | 228 | 1,509 |
Equity securities, market value | 14,938 | 15,915 |
Equity securities, fair value | 118,436 | 110,424 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 9,795 | 15,763 |
Equity index put option contracts | 40,819 | 47,022 |
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 | 348,252 | 231,038 |
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 | 348,252 | 231,038 |
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 738,719 | 824,472 |
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 | 738,719 | 824,472 |
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 5,036,615 | 4,706,985 |
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 5,034,657 | 4,706,985 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,958 | |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 452,082 | 341,222 |
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 | 452,082 | 341,222 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 305,460 | 241,685 |
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 | 305,460 | 233,088 |
Commercial Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 8,597 | |
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,208,958 | 2,183,164 |
Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,208,958 | 2,183,164 |
Non-Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,349 | 2,731 |
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 | 1,349 | 2,731 |
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,348,039 | 1,532,455 |
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 | 1,348,039 | 1,532,455 |
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 3,035,327 | 3,037,315 |
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 | 3,027,490 | 3,030,149 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 7,837 | $ 7,166 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 8,778 | $ 4,409 | $ 15,763 | $ 6,127 |
Total gains or (losses) (realized/unrealized) Included in earnings | 60 | 59 | 119 | 216 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 1,166 | 19 | 69 | 31 |
Purchases, issuances and settlements | (12) | (1,228) | 1,928 | (2,179) |
Transfers in and/or (out) of Level 3 | (197) | (8,084) | (936) | |
Ending balance | 9,795 | 3,259 | 9,795 | 3,259 |
Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 2,653 | |||
Total gains or (losses) (realized/unrealized) Included in earnings | 2 | 4 | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (3) | (2) | ||
Purchases, issuances and settlements | (12) | 1,928 | ||
Transfers in and/or (out) of Level 3 | (682) | 28 | ||
Ending balance | 1,958 | 1,958 | ||
Asset-Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 3,672 | 5,299 | ||
Total gains or (losses) (realized/unrealized) Included in earnings | 38 | 56 | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 42 | 75 | ||
Purchases, issuances and settlements | (752) | (1,494) | ||
Transfers in and/or (out) of Level 3 | (936) | |||
Ending balance | 3,000 | 3,000 | ||
Commercial Mortgage-Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 8,597 | |||
Transfers in and/or (out) of Level 3 | (8,597) | |||
Foreign Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 6,125 | 473 | 7,166 | 481 |
Total gains or (losses) (realized/unrealized) Included in earnings | 58 | 17 | 115 | 18 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 1,169 | (20) | 71 | (20) |
Purchases, issuances and settlements | (470) | (479) | ||
Transfers in and/or (out) of Level 3 | 485 | 485 | ||
Ending balance | $ 7,837 | $ 7,837 | ||
Non-Agency Residential [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 264 | 347 | ||
Total gains or (losses) (realized/unrealized) Included in earnings | 4 | 142 | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (3) | (24) | ||
Purchases, issuances and settlements | (6) | (206) | ||
Ending balance | $ 259 | $ 259 |
Fair Value (Fair Value Measur54
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value [Abstract] | ||||
Balance, beginning of period | $ 47,264 | $ 37,083 | $ 47,022 | $ 35,423 |
Total (gains) or losses (realized/unrealized) Included in earnings | $ (6,445) | $ (3,774) | $ (6,203) | $ (2,113) |
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 | $ 40,819 | $ 33,309 | $ 40,819 | $ 33,309 |
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 Int55
Redeemable Noncontrolling Interests - MT. Logan RE (Narrative) (Details) - Jun. 30, 2015 - Logan Re [Member] - USD ($) $ in Thousands | Total |
Redeemable Noncontrolling Interest [Line Items] | |
Voting common share percentage | 100.00% |
Investment, redeemable preferred shares, segregated accounts | $ 50,000 |
Redeemable Noncontrolling Int56
Redeemable Noncontrolling Interests - MT. Logan RE (Activity For Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Redeemable Noncontrolling Interest [Line Items] | |||||
Redeemable noncontrolling interests - Mt. Logan Re, beginning of period | $ 421,552 | ||||
Net income (loss) attributable to noncontrolling interests | $ 26,415 | $ 7,741 | 42,507 | $ 15,830 | |
Dividends paid on third party investment in redeemable noncontrolling interest | (41,178) | ||||
Redeemable noncontrolling interests - Mt. Logan Re, end of period | 759,729 | 759,729 | $ 421,552 | ||
Logan Re [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Redeemable noncontrolling interests - Mt. Logan Re, beginning of period | 421,552 | $ 93,378 | 93,378 | ||
Unaffiliated third party investments during period, net | 336,848 | 279,200 | |||
Net income (loss) attributable to noncontrolling interests | 42,507 | 59,307 | |||
Dividends paid on third party investment in redeemable noncontrolling interest | (41,178) | (10,334) | |||
Redeemable noncontrolling interests - Mt. Logan Re, end of period | $ 759,729 | $ 759,729 | $ 421,552 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Common Share [Abstract] | ||||
Net income (loss) attributable to Everest Re Group | $ 209,057 | $ 290,184 | $ 532,035 | $ 584,117 |
Less: dividends declared-common shares and nonvested common shares | (41,955) | (34,319) | (84,207) | (69,061) |
Undistributed earnings | $ 167,102 | $ 255,865 | $ 447,828 | $ 515,056 |
Percentage allocated to common shareholders | 98.90% | 98.90% | 98.90% | 99.00% |
Net income (loss) available to common stockholders, total | $ 165,306 | $ 253,146 | $ 443,046 | $ 509,853 |
Add: dividends declared-common shareholders | 41,529 | 33,971 | 83,345 | 68,362 |
Numerator for basic and diluted earnings per common share | $ 206,835 | $ 287,117 | $ 526,391 | $ 578,215 |
Denominator for basic earnings per weighted-average common shares | 43,804 | 45,441 | 43,915 | 45,957 |
Effect of dilutive securities: Options | 393 | 423 | 405 | 431 |
Denominator for diluted earnings per adjusted weighted-average common shares | 44,197 | 45,864 | 44,320 | 46,388 |
Basic | $ 4.72 | $ 6.32 | $ 11.99 | $ 12.58 |
Diluted | $ 4.68 | $ 6.26 | $ 11.88 | $ 12.46 |
Basic weighted-average common shares outstanding | 43,804 | 45,441 | 43,915 | 45,957 |
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 44,280 | 45,929 | 44,389 | 46,426 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
The Prudential Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 142,618 | $ 142,653 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 31,780 | $ 31,964 |
Other Comprehensive Income (L60
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Comprehensive Income (Loss) [Abstract] | ||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Before Tax | $ (164,311) | $ 95,284 | $ (73,522) | $ 159,397 |
URA (D) on securities - OTTI, Before Tax | (477) | 5 | 9,207 | 81 |
Reclassification on net realized losses (gains) included in net income (loss), Before Tax | 19,709 | 2,650 | 53,732 | 5,086 |
Foreign currency translation adjustments, Before Tax | 63,031 | 2,856 | (57,244) | (4,000) |
Reclassification of benefit plan liability amortization included in net income (loss), Before Tax | 2,476 | 1,185 | 4,943 | 2,371 |
Total other comprehensive income (loss), Before Tax | (79,572) | 101,980 | (62,884) | 162,935 |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Tax Effect | 28,306 | (9,368) | 14,446 | (20,086) |
URA (D) on securities - OTTI, Tax Effect | 1 | (3,407) | ||
Reclassification of net realized losses (gains) included in net income (loss), Tax Effect | (6,962) | (481) | (18,802) | (1,043) |
Foreign currency translation adjustments, Tax Effect | (8,694) | (3,619) | 9,241 | 600 |
Reclassification of benefit plan liability amortization included in net income (loss), Tax Effect | (867) | (415) | (1,730) | (830) |
Total other comprehensive income (loss), Tax Effect | 11,784 | (13,883) | (252) | (21,359) |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Net of Tax | (136,005) | 85,916 | (59,076) | 139,311 |
URA (D) on securities - OTTI, Net of Tax | (476) | 5 | 5,800 | 81 |
Reclassification on net realized losses (gains) included in net income (loss), Net of Tax | 12,747 | 2,169 | 34,930 | 4,043 |
Foreign currency translation adjustments, Net of Tax | $ 54,337 | $ (763) | $ (48,003) | $ (3,400) |
Benefit plan actuarial net gain (loss), Net of Tax | ||||
Reclassification of benefit plan liability amortization included in net income (loss), Net of Tax | $ 1,609 | $ 770 | $ 3,213 | $ 1,541 |
Total other comprehensive income (loss), net of tax | $ (67,788) | $ 88,097 | $ (63,136) | $ 141,576 |
Other Comprehensive Income (L61
Other Comprehensive Income (Loss) (Reclassified From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | $ (7,940) | $ 59,405 | $ 7,573 | $ 80,531 |
Other underwriting expenses | 63,951 | 58,414 | 124,615 | 109,052 |
Income tax expense (benefit) | 35,834 | 63,860 | 77,001 | 117,092 |
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | 209,057 | 290,184 | 532,035 | 584,117 |
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) | 19,709 | 2,650 | 53,732 | 5,086 |
Income tax expense (benefit) | (6,962) | (481) | (18,802) | (1,043) |
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | 12,747 | 2,169 | 34,930 | 4,043 |
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 | 2,476 | 1,185 | 4,943 | 2,371 |
Income tax expense (benefit) | (867) | (415) | (1,730) | (830) |
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | $ 1,609 | $ 770 | $ 3,213 | $ 1,541 |
Other Comprehensive Income (L62
Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss) [Abstract] | |||||
Beginning balance of URA (D) on securities | $ 223,250 | $ 201,154 | $ 201,154 | ||
Current period change in URA(D) of investments - temporary | (24,146) | 28,767 | |||
Current period change in URA (D) of investments - non-credit OTTI | 5,800 | (6,671) | |||
Ending balance of URA (D) on securities | $ 204,904 | 204,904 | 223,250 | ||
Beginning balance of foreign currency translation adjustments | (99,947) | (4,530) | (4,530) | ||
Current period change in foreign currency translation adjustments | (48,003) | (95,417) | |||
Ending balance of foreign currency translation adjustments | (147,950) | (147,950) | (99,947) | ||
Beginning balance of benefit plan net gain (loss) | (74,986) | (38,896) | (38,896) | ||
Current period change in benefit plan net gain (loss) | 1,609 | $ 770 | 3,213 | $ 1,541 | (36,090) |
Ending balance of benefit plan net gain (loss) | (71,773) | (71,773) | (74,986) | ||
Ending balance of accumulated other comprehensive income (loss) | $ (14,819) | $ (14,819) | $ 48,317 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015USD ($)item | Dec. 31, 2014USD ($) | Aug. 15, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||
Line of credit facility, number of facilities | item | 2 | ||
Line of credit facility, commitment | $ 1,100,000 | ||
Wells Fargo Bank Group Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, number of tranches | item | 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 | $ 5,252,761 | ||
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 | ||
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Credit Facilities [Abstract] | ||||
Credit facility fees incurred | $ 167 | $ 221 | $ 299 | $ 395 |
Credit Facilities (Summary Of O
Credit Facilities (Summary Of Outstanding Letters Of Credit And/Or Borrowings Of Group Credit Facility) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
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 | $ 450,100 | $ 444,012 |
Date of Expiry | Dec. 31, 2015 | Dec. 31, 2015 |
Wells Fargo Bank Group Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment | $ 800,000 | $ 800,000 |
In Use | $ 450,100 | $ 444,012 |
Credit Facilities (Summary Of66
Credit Facilities (Summary Of Outstanding Letters Of Credit And Borrowings Of Bermuda Re Letter Of Credit Facility) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
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 | $ 112 |
Date of Expiry | Nov. 24, 2015 | Aug. 30, 2015 |
Citibank Bilateral Letter Of Credit Agreement Two [Member] | ||
Line of Credit Facility [Line Items] | ||
In Use | $ 68,772 | $ 3,672 |
Date of Expiry | Dec. 31, 2015 | Nov. 24, 2015 |
Citibank Bilateral Letter Of Credit Agreement Three [Member] | ||
Line of Credit Facility [Line Items] | ||
In Use | $ 106 | $ 70,922 |
Date of Expiry | Aug. 30, 2016 | Dec. 31, 2015 |
Citibank Bilateral Letter Of Credit Agreement Four [Member] | ||
Line of Credit Facility [Line Items] | ||
In Use | $ 2,950 | $ 2,014 |
Date of Expiry | Dec. 31, 2016 | Dec. 31, 2016 |
Citibank Bilateral Letter Of Credit Agreement Five [Member] | ||
Line of Credit Facility [Line Items] | ||
In Use | $ 132,877 | $ 149,353 |
Date of Expiry | Jun. 30, 2019 | Dec. 31, 2018 |
Citibank Bilateral Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment | $ 300,000 | $ 300,000 |
In Use | $ 208,377 | $ 226,073 |
Reinsurance And Trust Agreeme67
Reinsurance And Trust Agreements (Details) $ in Thousands | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)item | Jun. 30, 2015USD ($) |
Effects of Reinsurance [Line Items] | |||
Amount on deposit in trust accounts | $ 338,091 | ||
Kilimanjaro Re Limited [Member] | |||
Effects of Reinsurance [Line Items] | |||
Number of collateralized reinsurance agreements | item | 2 | ||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | |||
Effects of Reinsurance [Line Items] | |||
Reinsurance coverage amount | $ 500,000 | ||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Reinsurance coverage amount | $ 250,000 | ||
Catastrophe reinsurance bonds funded amount | 450,000 | ||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Reinsurance coverage amount | $ 200,000 | ||
Catastrophe reinsurance bonds funded amount | $ 500,000 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
4.868% Senior notes due 6/1/2044 [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Jun. 5, 2014 | |
Principal amounts | $ 400,000,000 | |
Debt maturity term | 30 years | |
Debt instrument, stated interest rate | 4.868% | 4.868% |
Date due | Jun. 1, 2044 | |
5.4% Senior notes due 10/15/2014 [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Oct. 12, 2004 | |
Principal amounts | $ 250,000,000 | |
Debt instrument, stated interest rate | 5.40% | |
Date due | Oct. 15, 2014 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - Senior Notes [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
4.868% Senior notes due 6/1/2044 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Date issued | Jun. 5, 2014 | |
Date due | Jun. 1, 2044 | |
Principal amounts | $ 400,000,000 | |
Consolidated balance sheet amount | 400,000,000 | $ 400,000,000 |
Market value | $ 388,680,000 | $ 404,892,000 |
5.4% Senior notes due 10/15/2014 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 5.40% | |
Date issued | Oct. 12, 2004 | |
Date due | Oct. 15, 2014 | |
Principal amounts | $ 250,000,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Senior Notes [Abstract] | ||||
Interest expense incurred | $ 4,868 | $ 4,741 | $ 9,736 | $ 8,129 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Redemption date | May 1, 2047 | |
Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Maturity Date | May 1, 2067 | |
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 | Nov. 15, 2007 | |
Interest basis, term of LIBOR rate | 3 months | |
Interest basis, 3 month LIBOR plus number of basis points, reset quarterly | 2.385% | |
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% | |
Maturity Date | Oct. 15, 2014 | |
4.868% Senior notes due 6/1/2044 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.868% | 4.868% |
Maturity Date | Jun. 1, 2044 |
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 ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | 6.60% |
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Maturity Date | May 1, 2067 | |
Consolidated balance sheet amount | $ 238,366,000 | $ 238,364,000 |
Market value | $ 232,027,000 | $ 246,312,000 |
Scheduled [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 | |
Final [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 1, 2067 |
Long Term Subordinated Notes 73
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Long Term Subordinated Notes [Abstract] | ||||
Interest expense incurred | $ 3,937 | $ 3,937 | $ 7,874 | $ 7,874 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Premiums earned | $ 1,332,398 | $ 1,272,317 | $ 2,639,475 | $ 2,416,807 |
Incurred losses and LAE | 790,661 | 735,697 | 1,513,126 | 1,355,106 |
Commission and brokerage | 294,917 | 283,687 | 582,084 | 529,689 |
Other underwriting expenses | 63,951 | 58,414 | 124,615 | 109,052 |
Underwriting gain (loss) | 182,869 | 194,519 | 419,650 | 422,960 |
U.S. Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 421,810 | 437,475 | 927,357 | 933,116 |
Net written premiums | 388,006 | 423,279 | 872,409 | 921,036 |
Premiums earned | 480,848 | 489,129 | 991,942 | 918,770 |
Incurred losses and LAE | 228,745 | 239,014 | 473,631 | 452,469 |
Commission and brokerage | 120,171 | 122,766 | 242,955 | 215,734 |
Other underwriting expenses | 11,807 | 11,454 | 23,336 | 20,936 |
Underwriting gain (loss) | 120,125 | 115,895 | 252,020 | 229,631 |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 292,775 | 454,017 | 611,220 | 775,259 |
Net written premiums | 316,656 | 315,590 | 578,394 | 624,627 |
Premiums earned | 338,263 | 319,998 | 643,832 | 638,379 |
Incurred losses and LAE | 222,087 | 204,433 | 401,739 | 367,607 |
Commission and brokerage | 84,813 | 71,599 | 155,427 | 142,573 |
Other underwriting expenses | 8,049 | 8,088 | 16,164 | 15,925 |
Underwriting gain (loss) | 23,314 | 35,878 | 70,502 | 112,274 |
Bermuda [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 162,536 | 185,036 | 338,330 | 368,451 |
Net written premiums | 131,209 | 176,193 | 305,775 | 358,763 |
Premiums earned | 198,297 | 191,259 | 394,001 | 364,945 |
Incurred losses and LAE | 108,230 | 107,133 | 218,245 | 201,641 |
Commission and brokerage | 47,243 | 46,839 | 98,376 | 92,547 |
Other underwriting expenses | 8,788 | 8,159 | 17,588 | 16,445 |
Underwriting gain (loss) | 34,036 | 29,128 | 59,792 | 54,312 |
U.S Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 343,630 | 316,481 | 683,888 | 547,131 |
Net written premiums | 299,848 | 280,073 | 603,429 | 491,741 |
Premiums earned | 267,848 | 248,283 | 527,969 | 451,520 |
Incurred losses and LAE | 219,123 | 175,033 | 399,724 | 317,224 |
Commission and brokerage | 38,294 | 39,908 | 76,857 | 74,117 |
Other underwriting expenses | 33,258 | 29,128 | 63,555 | 52,361 |
Underwriting gain (loss) | (22,827) | 4,214 | (12,167) | 7,818 |
Mt. Logan Re [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 37,497 | 22,353 | 111,494 | 58,829 |
Net written premiums | 32,777 | 22,352 | 92,378 | 48,909 |
Premiums earned | 47,142 | 23,648 | 81,731 | 43,193 |
Incurred losses and LAE | 12,476 | 10,084 | 19,787 | 16,165 |
Commission and brokerage | 4,396 | 2,575 | 8,469 | 4,718 |
Other underwriting expenses | 2,049 | 1,585 | 3,972 | 3,385 |
Underwriting gain (loss) | $ 28,221 | $ 9,404 | $ 49,503 | $ 18,925 |
Segment Reporting (Schedule O75
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting [Abstract] | ||||
Underwriting gain (loss) | $ 182,869 | $ 194,519 | $ 419,650 | $ 422,960 |
Net investment income | 125,046 | 131,224 | 247,629 | 254,381 |
Net realized capital gains (losses) | (24,178) | 59,016 | (34,683) | 80,142 |
Net derivative gain (loss) | 6,445 | 3,774 | 6,203 | 2,113 |
Corporate expenses | (5,925) | (3,899) | (11,388) | (8,844) |
Interest, fee and bond issue cost amortization expense | (9,026) | (8,978) | (18,016) | (16,546) |
Other income (expense) | (3,925) | (13,871) | 42,148 | (17,167) |
INCOME (LOSS) BEFORE TAXES | $ 271,306 | $ 361,785 | $ 651,543 | $ 717,039 |
Segment Reporting (Schedule O76
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Percentage threshold of company revenue not exceeded by any other country | 5.00% | 5.00% | 5.00% | 5.00% |
United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | $ 155,168 | $ 131,093 | $ 353,104 | $ 337,876 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Details) - Jun. 30, 2015 - $ / shares | Total |
Share-Based Compensation Plans [Abstract] | |
Options, granted | 550 |
Share-Based Compensation Awards, Per Option Fair Value | $ 181.895 |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension contributions | $ 0 | $ 0 | $ 0 | $ 0 |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3,255 | 2,461 | 6,195 | 4,921 |
Interest cost | 2,711 | 2,541 | 5,168 | 5,083 |
Expected return on plan assets | (2,903) | (2,823) | (5,806) | (5,646) |
Amortization of prior service cost | 6 | 12 | 11 | 25 |
Amortization of net (income) loss | 2,261 | 1,092 | 4,512 | 2,183 |
Net periodic benefit cost | 5,330 | 3,283 | 10,080 | 6,566 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 599 | 407 | 1,000 | 814 |
Interest cost | 395 | 342 | 658 | 684 |
Amortization of net (income) loss | 210 | 82 | 421 | 164 |
Net periodic benefit cost | $ 1,204 | $ 831 | $ 2,079 | $ 1,662 |
Subsequent Events (Details)
Subsequent Events (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Mt. Mckinley Insurance Company [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Liabilites retroceded, percentage | 100.00% |