Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 40,873,802 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2016, $13,853,790; 2015, $13,276,206) | $ 14,266,113 | $ 13,357,294 |
Fixed maturities - available for sale, at fair value | 3,982 | 2,102 |
Equity securities - available for sale, at market value (cost: 2016, $126,729; 2015, $122,271) | 123,296 | 108,940 |
Equity securities - available for sale, at fair value | 1,090,734 | 1,337,733 |
Short-term investments | 314,494 | 799,684 |
Other invested assets (cost: 2016, $1,305,174; 2015, $786,994) | 1,305,174 | 786,994 |
Cash | 435,795 | 283,658 |
Total investments and cash | 17,539,588 | 16,676,405 |
Accrued investment income | 101,011 | 100,942 |
Premiums receivable | 1,667,002 | 1,483,090 |
Reinsurance receivables | 965,427 | 894,037 |
Funds held by reinsureds | 241,983 | 278,673 |
Deferred acquisition costs | 349,317 | 372,351 |
Prepaid reinsurance premiums | 232,919 | 164,971 |
Income taxes | 169,867 | 258,541 |
Other assets | 395,968 | 316,408 |
TOTAL ASSETS | 21,663,082 | 20,545,418 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 10,375,470 | 9,951,798 |
Future policy benefit reserve | 56,998 | 58,910 |
Unearned premium reserve | 1,702,390 | 1,613,390 |
Funds held under reinsurance treaties | 23,567 | 13,544 |
Commission reserves | 93,733 | 60,098 |
Other net payable to reinsurers | 262,662 | 173,087 |
Losses in course of payment | 121,082 | 112,170 |
4.868% Senior notes due 6/1/2044 | 396,684 | 396,594 |
6.6% Long term notes due 5/1/2067 | 236,438 | 236,364 |
Accrued interest on debt and borrowings | 12,341 | 3,537 |
Equity index put option liability | 35,219 | 40,705 |
Unsettled securities payable | 76,813 | 15,314 |
Other liabilities | 228,593 | 261,322 |
Total liabilities | 13,621,990 | 12,936,833 |
Commitments and contingencies (Note 7) | ||
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; (2016) 68,822 and (2015) 68,606 outstanding before treasury shares | 688 | 686 |
Additional paid-in capital | 2,129,311 | 2,103,638 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $56,361 at 2016 and ($15,863) at 2015 | 75,830 | (231,755) |
Treasury shares, at cost; 27,935 shares (2016) and 25,912 shares (2015) | (3,265,184) | (2,885,956) |
Retained earnings | 9,100,447 | 8,621,972 |
Total shareholders' equity | 8,041,092 | 7,608,585 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 21,663,082 | $ 20,545,418 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 13,853,790 | $ 13,276,206 |
Equity securities - available for sale, at market value, cost | 126,729 | 122,271 |
Other invested assets, at cost | $ 1,305,174 | $ 786,994 |
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 | 68,822,000 | 68,606,000 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) | $ 56,361 | $ (15,863) |
Treasury shares | 27,935,000 | 25,912,000 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
REVENUES: | ||||
Premiums earned | $ 1,371,474 | $ 1,362,864 | $ 3,879,201 | $ 3,920,607 |
Net investment income | 122,657 | 115,403 | 357,918 | 362,959 |
Net realized capital gains (losses): | ||||
Other-than-temporary impairments on fixed maturity securities | (867) | (20,445) | (31,130) | (62,701) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | ||||
Other net realized capital gains (losses) | 1,247 | (139,526) | (10,091) | (131,953) |
Total net realized capital gains (losses) | 380 | (159,971) | (41,221) | (194,654) |
Net derivative gain (loss) | 6,510 | (11,428) | 5,486 | (5,225) |
Other income (expense) | 9,435 | 25,251 | (20,998) | 74,468 |
Total revenues | 1,510,456 | 1,332,119 | 4,180,386 | 4,158,155 |
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 786,168 | 871,612 | 2,344,733 | 2,364,951 |
Commission, brokerage, taxes and fees | 309,545 | 295,193 | 880,053 | 868,807 |
Other underwriting expenses | 78,563 | 67,980 | 222,750 | 188,623 |
Corporate expenses | 6,400 | 5,924 | 21,403 | 17,312 |
Interest, fees and bond issue cost amortization expense | 8,893 | 8,990 | 27,194 | 27,006 |
Total claims and expenses | 1,189,569 | 1,249,699 | 3,496,133 | 3,466,699 |
INCOME (LOSS) BEFORE TAXES | 320,887 | 82,420 | 684,253 | 691,456 |
Income tax expense (benefit) | 25,493 | (6,133) | 61,481 | 70,868 |
NET INCOME (LOSS) | 295,394 | 88,553 | 622,772 | 620,588 |
Other comprehensive income (loss), net of tax : | ||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (9,032) | (91,059) | 258,286 | (144,335) |
Reclassification adjustment for realized losses (gains) included in net income (loss) | (3,222) | 24,596 | 27,711 | 59,526 |
Total URA(D) on securities arising during the period | (12,254) | (66,463) | 285,997 | (84,809) |
Foreign currency translation adjustments | 2,816 | (32,505) | 17,639 | (80,508) |
Benefit plan actuarial net gain (loss) for the period | ||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 1,268 | 1,556 | 3,949 | 4,769 |
Total benefit plan net gain (loss) for the period | 1,268 | 1,556 | 3,949 | 4,769 |
Total other comprehensive income (loss), net of tax | (8,170) | (97,412) | 307,585 | (160,548) |
COMPREHENSIVE INCOME (LOSS) | $ 287,224 | $ (8,859) | $ 930,357 | $ 460,040 |
EARNINGS PER COMMON SHARE: | ||||
Basic | $ 7.11 | $ 2.02 | $ 14.80 | $ 14.04 |
Diluted | 7.06 | 2 | 14.70 | 13.92 |
Dividends declared | $ 1.15 | $ 0.95 | $ 3.45 | $ 2.85 |
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, 2014 | 44,685,637 | |||||
Issued during the period, shares | 248,665 | |||||
Treasury shares acquired, shares | (1,849,851) | |||||
Balance, beginning of period at Dec. 31, 2014 | $ 683 | $ 2,068,807 | $ 48,317 | $ 7,819,210 | $ (2,485,897) | |
Issued during the period, net | $ 3 | |||||
Share-based compensation plans | 26,043 | |||||
Net increase (decrease) during the period | (160,548) | $ (160,548) | ||||
Net income (loss) | 620,588 | 620,588 | ||||
Dividends declared ($1.15 per share in third quarter 2016 and $3.45 year-to-date per share in 2016 and $0.95 per share in third quarter 2015 and $2.85 year-to-date per share in 2015) | (125,905) | (125,905) | ||||
Purchase of treasury shares | (324,981) | |||||
Balance, end of period, shares at Sep. 30, 2015 | 43,084,451 | |||||
Balance, end of period at Sep. 30, 2015 | $ 686 | 2,094,850 | (112,231) | 8,313,893 | (2,810,878) | 7,486,320 |
Balance, beginning of period, shares at Jun. 30, 2015 | 44,192,526 | |||||
Issued during the period, shares | 29,398 | |||||
Treasury shares acquired, shares | (1,137,473) | |||||
Balance, beginning of period at Jun. 30, 2015 | $ 685 | 2,084,636 | (14,819) | 8,267,038 | (2,610,878) | |
Issued during the period, net | $ 1 | |||||
Share-based compensation plans | 10,214 | |||||
Net increase (decrease) during the period | (97,412) | (97,412) | ||||
Net income (loss) | 88,553 | 88,553 | ||||
Dividends declared ($1.15 per share in third quarter 2016 and $3.45 year-to-date per share in 2016 and $0.95 per share in third quarter 2015 and $2.85 year-to-date per share in 2015) | (41,698) | (41,698) | ||||
Purchase of treasury shares | (200,000) | |||||
Balance, end of period, shares at Sep. 30, 2015 | 43,084,451 | |||||
Balance, end of period at Sep. 30, 2015 | $ 686 | 2,094,850 | (112,231) | 8,313,893 | (2,810,878) | $ 7,486,320 |
Balance, beginning of period, shares at Dec. 31, 2015 | 42,694,252 | 68,606,000 | ||||
Issued during the period, shares | 215,887 | |||||
Treasury shares acquired, shares | (2,022,945) | |||||
Balance, beginning of period at Dec. 31, 2015 | $ 686 | 2,103,638 | (231,755) | 8,621,972 | (2,885,956) | $ 7,608,585 |
Issued during the period, net | $ 2 | |||||
Share-based compensation plans | 25,673 | |||||
Net increase (decrease) during the period | 307,585 | 307,585 | ||||
Net income (loss) | 622,772 | 622,772 | ||||
Dividends declared ($1.15 per share in third quarter 2016 and $3.45 year-to-date per share in 2016 and $0.95 per share in third quarter 2015 and $2.85 year-to-date per share in 2015) | (144,297) | $ (144,299) | ||||
Purchase of treasury shares | (379,228) | |||||
Balance, end of period, shares at Sep. 30, 2016 | 40,887,194 | 68,822,000 | ||||
Balance, end of period at Sep. 30, 2016 | $ 688 | 2,129,311 | 75,830 | 9,100,447 | (3,265,184) | $ 8,041,092 |
Balance, beginning of period, shares at Jun. 30, 2016 | 41,883,430 | |||||
Issued during the period, shares | 17,621 | |||||
Treasury shares acquired, shares | (1,013,857) | |||||
Balance, beginning of period at Jun. 30, 2016 | $ 688 | 2,120,581 | 84,000 | 8,852,512 | (3,072,313) | |
Share-based compensation plans | 8,730 | |||||
Net increase (decrease) during the period | (8,170) | (8,170) | ||||
Net income (loss) | 295,394 | 295,394 | ||||
Dividends declared ($1.15 per share in third quarter 2016 and $3.45 year-to-date per share in 2016 and $0.95 per share in third quarter 2015 and $2.85 year-to-date per share in 2015) | (47,459) | $ (47,463) | ||||
Purchase of treasury shares | (192,871) | |||||
Balance, end of period, shares at Sep. 30, 2016 | 40,887,194 | 68,822,000 | ||||
Balance, end of period at Sep. 30, 2016 | $ 688 | $ 2,129,311 | $ 75,830 | $ 9,100,447 | $ (3,265,184) | $ 8,041,092 |
Consolidated Statements Of Cha6
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||||
Dividends declared | $ 1.15 | $ 0.95 | $ 3.45 | $ 2.85 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 622,772 | $ 620,588 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Decrease (increase) in premiums receivable | (185,559) | (278,433) |
Decrease (increase) in funds held by reinsureds, net | 46,134 | (41,745) |
Decrease (increase) in reinsurance receivables | (87,807) | (232,472) |
Decrease (increase) in income taxes | 15,935 | (61,627) |
Decrease (increase) in prepaid reinsurance premiums | (66,147) | (67,406) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 470,560 | 347,729 |
Increase (decrease) in future policy benefit reserve | (1,912) | (240) |
Increase (decrease) in unearned premiums | 89,013 | 1,455 |
Increase (decrease) in other net payable to reinsurers | 85,493 | 70,103 |
Increase (decrease) in losses in course of payment | 7,673 | 142,418 |
Change in equity adjustments in limited partnerships | (33,289) | (12,725) |
Distribution of limited partnership income | 52,913 | 42,625 |
Change in other assets and liabilities, net | (164,782) | 21,994 |
Non-cash compensation expense | 20,359 | 16,150 |
Amortization of bond premium (accrual of bond discount) | 38,151 | 38,770 |
Amortization of underwriting discount on senior notes | 3 | 3 |
Net realized capital (gains) losses | 41,221 | 194,654 |
Net cash provided by (used in) operating activities | 950,731 | 801,841 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,439,002 | 1,687,589 |
Proceeds from fixed maturities sold - available for sale, at market value | 888,761 | 1,146,000 |
Proceeds from fixed maturities sold - available for sale, at fair value | 1,588 | 1,824 |
Proceeds from equity securities sold - available for sale, at market value | 155 | 22,120 |
Proceeds from equity securities sold - available for sale, at fair value | 542,560 | 439,692 |
Distributions from other invested assets | 3,600,587 | 41,782 |
Proceeds from sale of subsidiary (net of cash disposed) | 47,721 | 3,934 |
Cost of fixed maturities acquired - available for sale, at market value | (2,974,792) | (3,583,990) |
Cost of fixed maturities acquired - available for sale, at fair value | (3,940) | (234) |
Cost of equity securities acquired - available for sale, at market value | (4,194) | (6,581) |
Cost of equity securities acquired - available for sale, at fair value | (269,544) | (460,965) |
Cost of other invested assets acquired | (4,131,419) | (140,923) |
Net change in short-term investments | 488,047 | 498,902 |
Net change in unsettled securities transactions | 44,494 | (18,242) |
Net cash provided by (used in) investing activities | (330,974) | (369,092) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Common shares issued during the period, net | 5,315 | 9,896 |
Purchase of treasury shares | (379,228) | (324,981) |
Dividends paid to shareholders | (144,297) | (125,905) |
Net cash provided by (used in) financing activities | (518,210) | (440,990) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 50,590 | (28,007) |
Net increase (decrease) in cash | 152,137 | (36,248) |
Cash, beginning of period | 283,658 | 437,474 |
Cash, end of period | 435,795 | 401,226 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid (recovered) | 40,072 | 123,234 |
Interest paid | $ 18,227 | $ 18,039 |
General
General | 9 Months Ended |
Sep. 30, 2016 | |
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. During the third quarter of 2016, the Company established domestic subsidiaries, Everest Premier Insurance Company ("Everest Premier") and Everest Denali Insurance Company ("Everest Denali"), which will be used in the continued expansion of the Insurance operations. Effective August 24, 2016, the Company sold its wholly-owned subsidiary, Heartland Crop Insurance Company ("Heartland"), a managing agent for crop insurance, to CGB Diversified Services, Inc. ("CGB"). The operating results of Heartland for the period owned are included within the Company's financial statements. During the fourth quarter of 2015, the Company established new subsidiaries, Everest Preferred International Holdings, Ltd. ("Preferred International"), a Bermuda based company and Everest International Holdings (Bermuda), Ltd. ("International Holdings"), a Bermuda based company. These new subsidiaries were part of a capital restructuring within the Company to support a planned increase in international business production, which includes directly supporting Group's new Lloyd's of London Syndicate corporate member. Effective July 13, 2015, the Company sold all of the outstanding shares of capital stock of a wholly-owned subsidiary entity, Mt. McKinley Insurance Company ("Mt. McKinley"), to Clearwater Insurance Company. The operating results of Mt. McKinley for the three and six months ended June 30, 2015, are included within the Company's financial statements. Effective February 27, 2013, the Company established a new subsidiary, Mt. Logan Re Ltd. ("Mt. Logan Re"). Mt. Logan Re manages separate segregated accounts whose assets and capital relate mainly to third party external investors. |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. BASIS OF PRESENTATION The unaudited consolidated financial statements of the Company for the three and nine months ended September 30, 2016 and 2015 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, 2015 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results for the three and nine months ended September 30, 2016 and 2015 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, 2015, 2014 and 2013 included in the Company's most recent Form 10-K filing. The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. Effective January 1, 2016, the Company adopted Accounting Standards Update 2015-02, "Consolidation (Topic 810) Amendments to the Consolidation Analysis" The amended guidance includes changes in the identification of the primary beneficiary of companies considered to be VIEs. These changes resulted in the Company concluding that Mt. Logan Re is a VIE given it has insufficient equity at risk and that each underlying separate segregated account is likewise a VIE. The Company has concluded that it is the primary beneficiary of Mt. Logan Re, but not of the underlying separate segregated accounts and therefore has deconsolidated these segregated accounts. This change had no impact to the net income or retained earnings of the Company. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years' amounts to conform to the 2016 presentation. Application of Recently Issued Accounting Standard Changes. Disclosures about Short-Duration Contracts. Debt Issuance Costs. Consolidation. The following tables present certain financial statement line items as previously reported in 2015, the effect on those line items due to not consolidating the segregated accounts of Mt. Logan Re, in accordance with the newly adopted accounting policy and the line items as currently reported within the financial statements. CONSOLIDATED BALANCE SHEET: December 31, 2015 Effect of adoption As previously of new accounting reported policy As adopted (Dollars in thousands) ASSETS: Short-term investments $ 1,795,455 $ (995,771 ) $ 799,684 Total investments and cash 17,672,176 (995,771 ) 16,676,405 Premiums receivable 1,479,293 3,797 1,483,090 Reinsurance receivables 840,420 53,617 894,037 Deferred acquisition costs 373,072 (721 ) 372,351 Prepaid reinsurance premiums 157,424 7,547 164,971 Other assets 265,634 56,184 321,818 TOTAL ASSETS 21,426,175 (875,347 ) 20,550,828 LIABILITIES: Funds held under reinsurance treaties 88,544 (75,000 ) 13,544 Commission reserves 79,849 (19,751 ) 60,098 Other net payable to reinsurers 166,822 6,265 173,087 Other liabilities 291,322 (30,000 ) 261,322 Total liabilities 13,060,729 (118,486 ) 12,942,243 NONCONTROLLING INTERESTS: Redeemable noncontrolling interests - Mt. Logan Re 756,861 (756,861 ) - TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY 21,426,175 (875,347 ) 20,550,828 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 AND COMPREHENSIVE INCOME (LOSS): Effect of Effect of adoption of adoption of As previously new accounting As previously new accounting reported policy As adopted reported policy As adopted (Dollars in thousands) REVENUES: Premiums earned $ 1,413,640 $ (50,776 ) $ 1,362,864 $ 4,053,115 $ (132,508 ) $ 3,920,607 Net investment income 115,511 (108 ) 115,403 363,140 (181 ) 362,959 Other income (expense) 17,413 7,838 25,251 59,561 14,907 74,468 Total revenues 1,375,165 (43,046 ) 1,332,119 4,275,937 (117,782 ) 4,158,155 CLAIMS AND EXPENSES: Incurred losses and loss adjustment expenses 888,097 (16,485 ) 871,612 2,401,223 (36,272 ) 2,364,951 Commission, brokerage, taxes and fees 300,048 (4,855 ) 295,193 882,132 (13,325 ) 868,807 Other underwriting expenses 70,667 (2,687 ) 67,980 195,282 (6,659 ) 188,623 Total claims and expenses 1,273,726 (24,027 ) 1,249,699 3,522,955 (56,256 ) 3,466,699 INCOME (LOSS) BEFORE TAXES 101,439 (19,019 ) 82,420 752,982 (61,526 ) 691,456 NET INCOME (LOSS) 107,572 (19,019 ) 88,553 682,114 (61,526 ) 620,588 Net income (loss) attributable to noncontrolling interests (19,019 ) 19,019 - (61,526 ) 61,526 - NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP 88,553 (88,553 ) - 620,588 (620,588 ) - CONSOLIDATED STATEMENT OF CASH FLOWS: Nine Months Ended September 30, 2015 Effect of adoption As previously of new accounting (Dollars in thousands) reported policy As adopted CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 682,114 $ (61,526 ) $ 620,588 Decrease (increase) in premiums receivable (274,198 ) (4,235 ) (278,433 ) Decrease (increase) in funds held by reinsureds, net 33,255 (75,000 ) (41,745 ) Decrease (increase) in reinsurance receivables (202,329 ) (30,143 ) (232,472 ) Decrease (increase) in prepaid reinsurance premiums (46,633 ) (20,773 ) (67,406 ) Increase (decrease) in other net payable to reinsurers 67,550 2,553 70,103 Change in other assets and liabilities, net 18,573 3,421 21,994 Net cash provided by (used in) operating activities 987,544 (185,703 ) 801,841 CASH FLOWS FROM INVESTING ACTIVITIES: Net change in short-term investments 83,584 415,318 498,902 Net cash provided by (used in) investing activities (784,410 ) 415,318 (369,092 ) CASH FLOWS FROM FINANCING ACTIVITIES: Third party investment in redeemable noncontrolling interest 296,848 (296,848 ) - Dividends paid on third party investment in redeemable noncontrolling interest (67,233 ) 67,233 - Net cash provided by (used in) financing activities (211,375 ) (229,615 ) (440,990 ) |
Investments
Investments | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 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 $ 848,171 $ 29,639 $ (708 ) $ 877,102 $ - Obligations of U.S. states and political subdivisions 725,149 40,657 (802 ) 765,004 - Corporate securities 5,052,073 173,316 (17,817 ) 5,207,572 6,319 Asset-backed securities 492,224 4,197 (678 ) 495,743 - Mortgage-backed securities Commercial 296,780 6,923 (1,796 ) 301,907 - Agency residential 2,461,073 37,630 (3,352 ) 2,495,351 - Non-agency residential 722 45 (45 ) 722 - Foreign government securities 1,313,243 78,086 (35,267 ) 1,356,062 169 Foreign corporate securities 2,664,355 140,712 (38,417 ) 2,766,650 2,100 Total fixed maturity securities $ 13,853,790 $ 511,205 $ (98,882 ) $ 14,266,113 $ 8,588 Equity securities $ 126,729 $ 4,561 $ (7,994 ) $ 123,296 $ - At December 31, 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 $ 805,273 $ 13,465 $ (1,861 ) $ 816,877 $ - Obligations of U.S. states and political subdivisions 669,945 34,020 (890 ) 703,075 - Corporate securities 4,817,014 97,159 (109,310 ) 4,804,863 1,412 Asset-backed securities 470,320 719 (3,813 ) 467,226 - Mortgage-backed securities Commercial 264,924 4,750 (3,375 ) 266,299 - Agency residential 2,313,265 25,318 (18,059 ) 2,320,524 - Non-agency residential 893 51 (46 ) 898 - Foreign government securities 1,256,983 54,403 (52,205 ) 1,259,181 53 Foreign corporate securities 2,677,589 107,163 (66,401 ) 2,718,351 36 Total fixed maturity securities $ 13,276,206 $ 337,048 $ (255,960 ) $ 13,357,294 $ 1,501 Equity securities $ 122,271 $ 3,401 $ (16,732 ) $ 108,940 $ - (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 September 30, 2016 At December 31, 2015 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 883,400 $ 900,635 $ 1,021,200 $ 1,036,016 Due after one year through five years 6,732,880 6,906,682 6,193,426 6,220,563 Due after five years through ten years 1,981,191 2,059,270 2,217,075 2,203,932 Due after ten years 1,005,520 1,105,803 795,103 841,836 Asset-backed securities 492,224 495,743 470,320 467,226 Mortgage-backed securities: Commercial 296,780 301,907 264,924 266,299 Agency residential 2,461,073 2,495,351 2,313,265 2,320,524 Non-agency residential 722 722 893 898 Total fixed maturity securities $ 13,853,790 $ 14,266,113 $ 13,276,206 $ 13,357,294 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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (13,544 ) $ (71,706 ) $ 324,147 $ (89,616 ) Fixed maturity securities, other-than-temporary impairment (1,836 ) (253 ) 7,088 8,954 Equity securities 2,527 (4,415 ) 9,898 (6,295 ) Change in unrealized appreciation (depreciation), pre-tax (12,853 ) (76,374 ) 341,133 (86,957 ) Deferred tax benefit (expense) (256 ) 9,919 (53,666 ) 5,563 Deferred tax benefit (expense), other-than-temporary impairment 855 (8 ) (1,470 ) (3,415 ) Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity $ (12,254 ) $ (66,463 ) $ 285,997 $ (84,809 ) 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 September 30, 2016 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 $ 61,979 $ (708 ) $ - $ - $ 61,979 $ (708 ) Obligations of U.S. states and political subdivisions 72,100 (391 ) 633 (411 ) 72,733 (802 ) Corporate securities 338,999 (4,413 ) 250,068 (13,404 ) 589,067 (17,817 ) Asset-backed securities 3,948 (12 ) 41,121 (666 ) 45,069 (678 ) Mortgage-backed securities Commercial 39,238 (1,443 ) 5,699 (353 ) 44,937 (1,796 ) Agency residential 355,554 (1,114 ) 206,611 (2,238 ) 562,165 (3,352 ) Non-agency residential - - 125 (45 ) 125 (45 ) Foreign government securities 111,041 (9,496 ) 206,591 (25,771 ) 317,632 (35,267 ) Foreign corporate securities 186,609 (7,009 ) 270,275 (31,408 ) 456,884 (38,417 ) Total fixed maturity securities $ 1,169,468 $ (24,586 ) $ 981,123 $ (74,296 ) $ 2,150,591 $ (98,882 ) Equity securities - - 104,105 (7,994 ) 104,105 (7,994 ) Total $ 1,169,468 $ (24,586 ) $ 1,085,228 $ (82,290 ) $ 2,254,696 $ (106,876 ) Duration of Unrealized Loss at September 30, 2016 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 $ 31,407 $ (1,070 ) $ 68,847 $ (10,108 ) $ 100,254 $ (11,178 ) Due in one year through five years 400,970 (14,735 ) 545,307 (52,699 ) 946,277 (67,434 ) Due in five years through ten years 251,409 (5,661 ) 101,451 (6,829 ) 352,860 (12,490 ) Due after ten years 86,942 (551 ) 11,962 (1,358 ) 98,904 (1,909 ) Asset-backed securities 3,948 (12 ) 41,121 (666 ) 45,069 (678 ) Mortgage-backed securities 394,792 (2,557 ) 212,435 (2,636 ) 607,227 (5,193 ) Total fixed maturity securities $ 1,169,468 $ (24,586 ) $ 981,123 $ (74,296 ) $ 2,150,591 $ (98,882 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at September 30, 2016 were $ 2,254,696 106,876 0.3 24,586 74,296 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, 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 $ 539,177 $ (1,855 ) $ 692 $ (6 ) $ 539,869 $ (1,861 ) Obligations of U.S. states and political subdivisions 6,434 (84 ) 4,917 (806 ) 11,351 (890 ) Corporate securities 1,818,331 (74,161 ) 440,682 (35,149 ) 2,259,013 (109,310 ) Asset-backed securities 348,545 (2,510 ) 67,230 (1,303 ) 415,775 (3,813 ) Mortgage-backed securities Commercial 145,490 (3,375 ) - - 145,490 (3,375 ) Agency residential 1,021,390 (10,014 ) 326,449 (8,045 ) 1,347,839 (18,059 ) Non-agency residential 152 (2 ) 38 (44 ) 190 (46 ) Foreign government securities 227,384 (21,996 ) 216,428 (30,209 ) 443,812 (52,205 ) Foreign corporate securities 821,548 (25,627 ) 295,389 (40,774 ) 1,116,937 (66,401 ) Total fixed maturity securities $ 4,928,451 $ (139,624 ) $ 1,351,825 $ (116,336 ) $ 6,280,276 $ (255,960 ) Equity securities - - 91,907 (16,732 ) 91,907 (16,732 ) Total $ 4,928,451 $ (139,624 ) $ 1,443,732 $ (133,068 ) $ 6,372,183 $ (272,692 ) Duration of Unrealized Loss at December 31, 2015 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 $ 29,737 $ (1,840 ) $ 74,615 $ (13,440 ) $ 104,352 $ (15,280 ) Due in one year through five years 2,328,805 (62,329 ) 651,228 (59,993 ) 2,980,033 (122,322 ) Due in five years through ten years 969,139 (52,725 ) 206,538 (28,018 ) 1,175,677 (80,743 ) Due after ten years 85,193 (6,829 ) 25,727 (5,493 ) 110,920 (12,322 ) Asset-backed securities 348,545 (2,510 ) 67,230 (1,303 ) 415,775 (3,813 ) Mortgage-backed securities 1,167,032 (13,391 ) 326,487 (8,089 ) 1,493,519 (21,480 ) Total fixed maturity securities $ 4,928,451 $ (139,624 ) $ 1,351,825 $ (116,336 ) $ 6,280,276 $ (255,960 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2015 were $ 6,372,183 272,692 0.7 139,624 46,793 39,037 116,336 72,738 18,447 no The components of net investment income are presented in the table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Fixed maturities $ 100,752 $ 108,134 $ 306,128 $ 326,970 Equity securities 9,905 11,090 31,967 35,783 Short-term investments and cash 475 273 1,220 903 Other invested assets Limited partnerships 17,077 370 33,922 13,993 Other 1,033 (242 ) 1,334 1,366 Gross investment income before adjustments 129,242 119,625 374,571 379,015 Funds held interest income (expense) 1,538 2,569 5,818 8,162 Future policy benefit reserve income (expense) (517 ) (300 ) (1,243 ) (1,402 ) Gross investment income 130,263 121,894 379,146 385,775 Investment expenses (7,606 ) (6,491 ) (21,228 ) (22,816 ) Net investment income $ 122,657 $ 115,403 $ 357,918 $ 362,959 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 $ 493,184 The components of net realized capital gains (losses) are presented in the table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Fixed maturity securities, market value: Other-than-temporary impairments $ (867 ) $ (20,445 ) $ (31,130 ) $ (62,701 ) Gains (losses) from sales 5,912 (5,218 ) (7,670 ) (15,812 ) Fixed maturity securities, fair value: Gains (losses) from sales (1 ) (17 ) (1,855 ) 25 Gains (losses) from fair value adjustments 42 - 1,381 56 Equity securities, market value: Gains (losses) from sales - (3,573 ) 65 (4,455 ) Equity securities, fair value: Gains (losses) from sales 5,850 (13,646 ) (10,266 ) (13,041 ) Gains (losses) from fair value adjustments 17,475 (117,087 ) 36,284 (98,741 ) Sale of Subsidiary (28,032 ) - (28,032 ) - Short-term investments gain (loss) 1 15 2 15 Total net realized capital gains (losses) $ 380 $ (159,971 ) $ (41,221 ) $ (194,654 ) The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) both fair value re-measurements and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis as displayed in the table above. The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component. The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Proceeds from sales of fixed maturity securities $ 293,998 $ 414,538 $ 890,349 $ 1,147,824 Gross gains from sales 15,028 11,826 32,674 37,525 Gross losses from sales (9,117 ) (17,061 ) (42,199 ) (53,312 ) Proceeds from sales of equity securities $ 112,451 $ 156,593 $ 542,715 $ 461,812 Gross gains from sales 7,308 5,250 14,040 18,890 Gross losses from sales (1,458 ) (22,469 ) (24,241 ) (36,386 ) |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2016 | |
Derivatives [Abstract] | |
Derivatives | 4. DERIVATIVES The Company sold seven two The Company sold six 22,530 28,920 8 zero 3 442,320 2,168.27 no The Company sold one 6,706 6,299 28 zero 3 39,170 6,899.33 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 September 30, 2016 December 31, 2015 Equity index put option contracts Equity index put option liability $ 35,219 $ 40,705 Total $ 35,219 $ 40,705 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 Nine Months Ended Derivatives not designated as Location of gain (loss) in statements of September 30, September 30, hedging instruments operations and comprehensive income (loss) 2016 2015 2016 2015 Equity index put option contracts Net derivative gain (loss) $ 6,510 $ (11,428 ) $ 5,486 $ (5,225 ) Total $ 6,510 $ (11,428 ) $ 5,486 $ (5,225 ) |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2016 | |
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 twenty eight 59,289 two 3,593 The Company internally manages a public equity portfolio which had a fair value at September 30, 2016 and December 31, 2015 of $ 265,577 253,575 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. In limited circumstances when broker prices are not available for private placements, the Company will value the securities using comparable market information. 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 sold seven two 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) September 30, 2016 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 877,102 $ - $ 877,102 $ - Obligations of U.S. States and political subdivisions 765,004 - 765,004 - Corporate securities 5,207,572 - 5,151,277 56,295 Asset-backed securities 495,743 - 495,743 - Mortgage-backed securities Commercial 301,907 - 298,042 3,865 Agency residential 2,495,351 - 2,495,351 - Non-agency residential 722 - 722 - Foreign government securities 1,356,062 - 1,356,062 - Foreign corporate securities 2,766,650 - 2,763,656 2,994 Total fixed maturities, market value 14,266,113 - 14,202,959 63,154 Fixed maturities, fair value 3,982 - 3,982 - Equity securities, market value 123,296 104,105 19,191 - Equity securities, fair value 1,090,734 1,025,025 65,709 - Liabilities: Equity index put option contracts $ 35,219 $ - $ - $ 35,219 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, 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 $ 816,877 $ - $ 816,877 $ - Obligations of U.S. States and political subdivisions 703,075 - 703,075 - Corporate securities 4,804,863 - 4,800,930 3,933 Asset-backed securities 467,226 - 467,226 - Mortgage-backed securities Commercial 266,299 - 266,299 - Agency residential 2,320,524 - 2,320,524 - Non-agency residential 898 - 898 - Foreign government securities 1,259,181 - 1,259,181 - Foreign corporate securities 2,718,351 - 2,716,758 1,593 Total fixed maturities, market value 13,357,294 - 13,351,768 5,526 Fixed maturities, fair value 2,102 - 2,102 - Equity securities, market value 108,940 91,907 17,033 - Equity securities, fair value 1,337,733 1,275,666 62,067 - Liabilities: Equity index put option contracts $ 40,705 $ - $ - $ 40,705 The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities CMBS Corporate Total Securities CMBS Corporate Total Beginning balance $ 32,410 $ - $ 2,021 $ 34,431 $ 3,933 $ - $ 1,593 $ 5,526 Total gains or (losses) (realized/unrealized) Included in earnings (12 ) - 27 15 (22 ) - (970 ) (992 ) Included in other comprehensive income (loss) (48 ) (38 ) (1,285 ) (1,371 ) (81 ) (38 ) 140 21 Purchases, issuances and settlements 25,877 (44 ) 2,231 28,064 54,397 (44 ) 2,231 56,584 Transfers in and/or (out) of Level 3 (1,932 ) 3,947 - 2,015 (1,932 ) 3,947 - 2,015 Ending balance $ 56,295 $ 3,865 $ 2,994 $ 63,154 $ 56,295 $ 3,865 $ 2,994 $ 63,154 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 $ - $ - $ - $ - $ - $ - $ (997 ) $ (997 ) (Some amounts may not reconcile due to rounding.) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities CMBS Corporate Total Beginning balance $ 1,958 $ 7,837 $ 9,795 $ - $ 8,597 $ 7,166 $ 15,763 Total gains or (losses) (realized/unrealized) Included in earnings (8 ) 62 54 (4 ) - 177 173 Included in other comprehensive income (loss) (137 ) (1,287 ) (1,424 ) (139 ) - (1,216 ) (1,355 ) Purchases, issuances and settlements 1,723 - 1,723 3,651 - - 3,651 Transfers in and/or (out) of Level 3 4,030 (487 ) 3,543 4,058 (8,597 ) (2 ) (4,541 ) Ending balance $ 7,566 $ 6,125 $ 13,691 $ 7,566 $ - $ 6,125 $ 13,691 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 were $ 2,015 4,541 The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for equity index put option contracts, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Liabilities: Balance, beginning of period $ 41,729 $ 40,819 $ 40,705 $ 47,022 Total (gains) or losses (realized/unrealized) Included in earnings (6,510 ) 11,428 (5,486 ) 5,225 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 35,219 $ 52,247 $ 35,219 $ 52,247 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.) |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 6. 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) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2016 2015 2016 2015 Net income (loss) per share: Numerator Net income (loss) $ 295,394 $ 88,553 $ 622,772 $ 620,588 Less: dividends declared-common shares and nonvested common shares (47,463 ) (41,698 ) (144,299 ) (125,905 ) Undistributed earnings 247,932 46,855 478,472 494,683 Percentage allocated to common shareholders (1) 98.9 % 99.0 % 98.9 % 98.9 % 245,248 46,364 473,372 489,434 Add: dividends declared-common shareholders 46,985 41,293 142,839 124,638 Numerator for basic and diluted earnings per common share $ 292,233 $ 87,657 $ 616,211 $ 614,072 Denominator Denominator for basic earnings per weighted-average common shares 41,101 43,361 41,626 43,728 Effect of dilutive securities: Options 284 367 305 392 Denominator for diluted earnings per adjusted weighted-average common shares 41,386 43,728 41,931 44,120 Per common share net income (loss) Basic $ 7.11 $ 2.02 $ 14.80 $ 14.04 Diluted $ 7.06 $ 2.00 $ 14.70 $ 13.92 (1) Basic weighted-average common shares outstanding 41,101 43,361 41,626 43,728 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 41,551 43,820 42,074 44,197 Percentage allocated to common shareholders 98.9 % 99.0 % 98.9 % 98.9 % (Some amounts may not reconcile due to rounding.) There were no All outstanding options expire on or between February 21, 2017 and September 19, 2022. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Contingencies [Abstract] | |
Contingencies | 7. 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 September 30, At December 31, (Dollars in thousands) 2016 2015 The Prudential $ 140,826 $ 142,427 Unaffiliated life insurance company 33,195 33,062 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2016 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 8. OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 (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 $ (5,972 ) $ (2,079 ) $ (8,051 ) $ 295,311 $ (42,643 ) $ 252,668 URA(D) on securities - OTTI (1,836 ) 855 (981 ) 7,088 (1,470 ) 5,618 Reclassification of net realized losses (gains) included in net income (loss) (5,045 ) 1,823 (3,222 ) 38,734 (11,023 ) 27,711 Foreign currency translation adjustments 1,393 1,423 2,816 32,601 (14,962 ) 17,639 Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 1,951 (683 ) 1,268 6,076 (2,127 ) 3,949 Total other comprehensive income (loss) $ (9,510 ) $ 1,340 $ (8,170 ) $ 379,809 $ (72,224 ) $ 307,585 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (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 $ (105,356 ) $ 14,558 $ (90,798 ) $ (178,878 ) $ 29,004 $ (149,874 ) URA(D) on securities - OTTI (253 ) (8 ) (261 ) 8,954 (3,415 ) 5,539 Reclassification of net realized losses (gains) included in net income (loss) 29,235 (4,639 ) 24,596 82,967 (23,441 ) 59,526 Foreign currency translation adjustments (47,298 ) 14,793 (32,505 ) (104,542 ) 24,034 (80,508 ) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 2,393 (837 ) 1,556 7,336 (2,567 ) 4,769 Total other comprehensive income (loss) $ (121,279 ) $ 23,867 $ (97,412 ) $ (184,163 ) $ 23,615 $ (160,548 ) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2016 2015 2016 2015 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ (5,045 ) $ 29,235 $ 38,734 $ 82,967 Other net realized capital gains (losses) 1,823 (4,639 ) (11,023 ) (23,441 ) Income tax expense (benefit) $ (3,222 ) $ 24,596 $ 27,711 $ 59,526 Net income (loss) Benefit plan net gain (loss) $ 1,951 $ 2,393 $ 6,076 $ 7,336 Other underwriting expenses (683 ) (837 ) (2,127 ) (2,567 ) Income tax expense (benefit) $ 1,268 $ 1,556 $ 3,949 $ 4,769 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: Nine Months Ended Twelve Months Ended September 30, December 31, (Dollars in thousands) 2016 2015 Beginning balance of URA (D) on securities $ 42,811 $ 223,250 Current period change in URA (D) of investments - temporary 280,379 (185,467 ) Current period change in URA (D) of investments - non-credit OTTI 5,618 5,028 Ending balance of URA (D) on securities 328,808 42,811 Beginning balance of foreign currency translation adjustments (211,477 ) (99,947 ) Current period change in foreign currency translation adjustments 17,639 (111,530 ) Ending balance of foreign currency translation adjustments (193,838 ) (211,477 ) Beginning balance of benefit plan net gain (loss) (63,089 ) (74,986 ) Current period change in benefit plan net gain (loss) 3,949 11,897 Ending balance of benefit plan net gain (loss) (59,140 ) (63,089 ) Ending balance of accumulated other comprehensive income (loss) $ 75,830 $ (231,755 ) |
Credit Facilities
Credit Facilities | 9 Months Ended |
Sep. 30, 2016 | |
Credit Facilities [Abstract] | |
Credit Facilities | 9. CREDIT FACILITIES The Company has two 1,100,000 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Credit facility interest and fees incurred $ 35 $ 132 $ 618 $ 431 The terms and outstanding amounts for each facility are discussed below: Group Credit Facility Effective May 26, 2016, Group, Everest Reinsurance (Bermuda), Ltd. ("Bermuda Re") and Everest International Reinsurance, Ltd. ("Everest International"), both direct subsidiaries of Group, entered into a five year, $ 800,000 800,000 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 5,370,979 25 25 5,488,121 The following table summarizes the outstanding letters of credit and/or borrowings for the periods indicated: (Dollars in thousands) At September 30, 2016 At December 31, 2015 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 2,488 12/12/2016 600,000 2,488 12/12/2016 450,452 12/31/2016 447,178 12/31/2016 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 452,940 $ 800,000 $ 449,666 Bermuda Re Letter of Credit Facility Effective December 31, 2015, Bermuda Re renewed its $ 300,000 300,000 0.35 0.45 60 0.15 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At September 30, 2016 At December 31, 2015 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 300,000 $ 3,672 11/24/2016 $ 300,000 $ 3,672 11/24/2016 63,124 12/31/2016 67,783 12/31/2016 4,058 2/28/2017 179 8/30/2017 287 8/30/2017 316 12/31/2017 3,421 12/31/2017 - - 100,329 9/30/2020 99,521 12/31/2019 Total Citibank Bilateral Agreement $ 300,000 $ 174,891 $ 300,000 $ 171,471 Everest International Credit Facility Effective November 9, 2015, Everest International entered into a four 175,000 0.1 0.35 The Everest International Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 5,215,784 70 25 25 5,631,071 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At September 30, 2016 At December 31, 2015 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 175,000 £ 164,961 12/31/2019 £ 175,000 £ 164,961 12/31/2019 - - - - Total Lloyd's Bank Credit Facility £ 175,000 £ 164,961 £ 175,000 £ 164,961 |
Reinsurance And Trust Agreement
Reinsurance And Trust Agreements | 9 Months Ended |
Sep. 30, 2016 | |
Reinsurance And Trust Agreements [Abstract] | |
Reinsurance And Trust Agreements | 10. 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 September 30, 2016, the total amount on deposit in trust accounts was $ 472,283 The Company reinsures some of its catastrophe exposures with the segregated accounts of 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 Each segregated account is permitted to assume net risk exposures equal to its amount of preferred shares and posted collateral, which in the aggregate was $ 932,243 798,548 55,636 50,000 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 On December 1, 2015 the Company entered into two 300,000 325,000 Kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,000 500,000 625,000 |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2016 | |
Senior Notes [Abstract] | |
Senior Notes | 11. 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. September 30, 2016 December 31, 2015 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 $ 396,684 $ 423,660 $ 396,594 $ 381,204 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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Interest expense incurred $ 4,868 $ 4,868 $ 14,604 $ 14,604 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 9 Months Ended |
Sep. 30, 2016 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 12. 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 September 30, 2016 December 31, 2015 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 $ 236,438 $ 197,706 $ 236,364 $ 208,978 During the fixed rate interest period from May 3, 2007 May 14, 2017 6.6 November 15, 2007 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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Interest expense incurred $ 3,937 $ 3,937 $ 11,811 $ 11,811 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. 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. These segments 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. 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. For inter-affiliate reinsurance and business written through the Lloyd's Syndicate, business is generally reported within the segment in which the business was first produced, consistent with how the business is managed. The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. The following tables present the underwriting results for the operating segments for the periods indicated: Three Months Ended Nine Months Ended U.S. Reinsurance September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Gross written premiums $ 654,770 $ 601,570 $ 1,597,005 $ 1,615,276 Net written premiums 678,848 511,238 1,491,155 1,383,647 Premiums earned $ 519,160 $ 488,485 $ 1,478,974 $ 1,480,427 Incurred losses and LAE 276,272 225,944 732,306 699,575 Commission and brokerage 116,667 121,050 354,608 364,005 Other underwriting expenses 14,265 13,718 39,856 37,054 Underwriting gain (loss) $ 111,956 $ 127,773 $ 352,204 $ 379,793 Three Months Ended Nine Months Ended International September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Gross written premiums $ 348,812 $ 363,092 $ 925,028 $ 989,920 Net written premiums 316,207 318,478 799,908 896,872 Premiums earned $ 282,442 $ 291,396 $ 823,493 $ 935,228 Incurred losses and LAE 122,181 229,013 531,580 630,752 Commission and brokerage 78,384 70,894 209,348 226,321 Other underwriting expenses 11,030 9,128 26,822 25,292 Underwriting gain (loss) $ 70,847 $ (17,639 ) $ 55,743 $ 52,863 Three Months Ended Nine Months Ended Bermuda September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Gross written premiums $ 245,995 $ 271,157 $ 612,657 $ 626,420 Net written premiums 229,373 251,678 562,128 557,453 Premiums earned $ 215,761 $ 222,240 $ 610,466 $ 616,241 Incurred losses and LAE 127,236 154,327 348,586 372,572 Commission and brokerage 59,605 52,980 169,413 151,356 Other underwriting expenses 8,785 9,457 26,290 27,045 Underwriting gain (loss) $ 20,135 $ 5,476 $ 66,177 $ 65,268 Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Gross written premiums $ 533,039 $ 489,124 $ 1,364,465 $ 1,173,012 Net written premiums 340,216 418,960 1,047,863 1,022,389 Premiums earned $ 354,111 $ 360,742 $ 966,268 $ 888,711 Incurred losses and LAE 260,479 262,328 732,261 662,052 Commission and brokerage 54,889 50,268 146,684 127,125 Other underwriting expenses 44,483 35,677 129,782 99,232 Underwriting gain (loss) $ (5,740 ) $ 12,469 $ (42,459 ) $ 302 The following table reconciles the underwriting results for the operating segments to income before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Underwriting gain (loss) $ 197,198 $ 128,079 $ 431,665 $ 498,226 Net investment income 122,657 115,403 357,918 362,959 Net realized capital gains (losses) 380 (159,971 ) (41,221 ) (194,654 ) Net derivative gain (loss) 6,510 (11,428 ) 5,486 (5,225 ) Corporate expenses (6,400 ) (5,924 ) (21,403 ) (17,312 ) Interest, fee and bond issue cost amortization expense (8,893 ) (8,990 ) (27,194 ) (27,006 ) Other income (expense) 9,435 25,251 (20,998 ) 74,468 Income (loss) before taxes $ 320,887 $ 82,420 $ 684,253 $ 691,456 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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 United Kingdom gross written premium $ 182,786 $ 212,039 $ 511,994 $ 565,143 No other country represented more than 5 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2016 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 14. SHARE-BASED COMPENSATION PLANS For the three months ended September 30, 2016, share-based compensation awards granted were 5,566 194.165 |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 15. RETIREMENT BENEFITS The Company maintains both qualified and non-qualified defined benefit pension plans and a retiree health plan for its U.S. employees employed prior to April 1, 2010. Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 2,731 $ 3,203 $ 8,524 $ 9,398 Interest cost 2,371 2,758 7,093 7,926 Expected return on plan assets (2,789 ) (2,904 ) (7,757 ) (8,710 ) Amortization of prior service cost - 4 - 15 Amortization of net (income) loss 1,984 2,312 6,012 6,824 Net periodic benefit cost $ 4,297 $ 5,373 $ 13,872 $ 15,453 Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 354 $ 498 $ 1,230 $ 1,498 Interest cost 252 329 844 987 Amortization of prior service cost (33 ) - (33 ) - Amortization of net (income) loss - 76 96 497 Net periodic benefit cost $ 573 $ 903 $ 2,137 $ 2,982 The Company contributed $ 30,000 nine |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 16. 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. |
Disposition
Disposition | 9 Months Ended |
Sep. 30, 2016 | |
Disposition [Abstract] | |
Disposition | 17. DISPOSITION The Company sold Heartland, its crop Managing General Agent to CGB for $ 49,000 12,942 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. During the early part of October, Hurricane Matthew impacted the Caribbean and the southeastern United States. Based upon current early overall industry loss projections of $ 3 9 75,000 200,000 |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | The unaudited consolidated financial statements of the Company for the three and nine months ended September 30, 2016 and 2015 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, 2015 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results for the three and nine months ended September 30, 2016 and 2015 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, 2015, 2014 and 2013 included in the Company's most recent Form 10-K filing. The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. Effective January 1, 2016, the Company adopted Accounting Standards Update 2015-02, "Consolidation (Topic 810) Amendments to the Consolidation Analysis" The amended guidance includes changes in the identification of the primary beneficiary of companies considered to be VIEs. These changes resulted in the Company concluding that Mt. Logan Re is a VIE given it has insufficient equity at risk and that each underlying separate segregated account is likewise a VIE. The Company has concluded that it is the primary beneficiary of Mt. Logan Re, but not of the underlying separate segregated accounts and therefore has deconsolidated these segregated accounts. This change had no impact to the net income or retained earnings of the Company. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years' amounts to conform to the 2016 presentation. |
Application Of Recently Issued Accounitng Standard Changes | Application of Recently Issued Accounting Standard Changes. Disclosures about Short-Duration Contracts. Debt Issuance Costs. Consolidation. |
Basis Of Presentation (Tables)
Basis Of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Basis Of Presentation [Abstract] | |
Schedule of Effect of Newly Adopted Accounting Policies, Balance Sheet | CONSOLIDATED BALANCE SHEET: December 31, 2015 Effect of adoption As previously of new accounting reported policy As adopted (Dollars in thousands) ASSETS: Short-term investments $ 1,795,455 $ (995,771 ) $ 799,684 Total investments and cash 17,672,176 (995,771 ) 16,676,405 Premiums receivable 1,479,293 3,797 1,483,090 Reinsurance receivables 840,420 53,617 894,037 Deferred acquisition costs 373,072 (721 ) 372,351 Prepaid reinsurance premiums 157,424 7,547 164,971 Other assets 265,634 56,184 321,818 TOTAL ASSETS 21,426,175 (875,347 ) 20,550,828 LIABILITIES: Funds held under reinsurance treaties 88,544 (75,000 ) 13,544 Commission reserves 79,849 (19,751 ) 60,098 Other net payable to reinsurers 166,822 6,265 173,087 Other liabilities 291,322 (30,000 ) 261,322 Total liabilities 13,060,729 (118,486 ) 12,942,243 NONCONTROLLING INTERESTS: Redeemable noncontrolling interests - Mt. Logan Re 756,861 (756,861 ) - TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY 21,426,175 (875,347 ) 20,550,828 |
Schedule of Effect of Newly Adopted Accounting Policies, Operations and Comprehensive Income | CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 AND COMPREHENSIVE INCOME (LOSS): Effect of Effect of adoption of adoption of As previously new accounting As previously new accounting reported policy As adopted reported policy As adopted (Dollars in thousands) REVENUES: Premiums earned $ 1,413,640 $ (50,776 ) $ 1,362,864 $ 4,053,115 $ (132,508 ) $ 3,920,607 Net investment income 115,511 (108 ) 115,403 363,140 (181 ) 362,959 Other income (expense) 17,413 7,838 25,251 59,561 14,907 74,468 Total revenues 1,375,165 (43,046 ) 1,332,119 4,275,937 (117,782 ) 4,158,155 CLAIMS AND EXPENSES: Incurred losses and loss adjustment expenses 888,097 (16,485 ) 871,612 2,401,223 (36,272 ) 2,364,951 Commission, brokerage, taxes and fees 300,048 (4,855 ) 295,193 882,132 (13,325 ) 868,807 Other underwriting expenses 70,667 (2,687 ) 67,980 195,282 (6,659 ) 188,623 Total claims and expenses 1,273,726 (24,027 ) 1,249,699 3,522,955 (56,256 ) 3,466,699 INCOME (LOSS) BEFORE TAXES 101,439 (19,019 ) 82,420 752,982 (61,526 ) 691,456 NET INCOME (LOSS) 107,572 (19,019 ) 88,553 682,114 (61,526 ) 620,588 Net income (loss) attributable to noncontrolling interests (19,019 ) 19,019 - (61,526 ) 61,526 - NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP 88,553 (88,553 ) - 620,588 (620,588 ) - |
Schedule of Effect of Newly Adopted Accounting Policies, Cash Flow | CONSOLIDATED STATEMENT OF CASH FLOWS: Nine Months Ended September 30, 2015 Effect of adoption As previously of new accounting (Dollars in thousands) reported policy As adopted CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 682,114 $ (61,526 ) $ 620,588 Decrease (increase) in premiums receivable (274,198 ) (4,235 ) (278,433 ) Decrease (increase) in funds held by reinsureds, net 33,255 (75,000 ) (41,745 ) Decrease (increase) in reinsurance receivables (202,329 ) (30,143 ) (232,472 ) Decrease (increase) in prepaid reinsurance premiums (46,633 ) (20,773 ) (67,406 ) Increase (decrease) in other net payable to reinsurers 67,550 2,553 70,103 Change in other assets and liabilities, net 18,573 3,421 21,994 Net cash provided by (used in) operating activities 987,544 (185,703 ) 801,841 CASH FLOWS FROM INVESTING ACTIVITIES: Net change in short-term investments 83,584 415,318 498,902 Net cash provided by (used in) investing activities (784,410 ) 415,318 (369,092 ) CASH FLOWS FROM FINANCING ACTIVITIES: Third party investment in redeemable noncontrolling interest 296,848 (296,848 ) - Dividends paid on third party investment in redeemable noncontrolling interest (67,233 ) 67,233 - Net cash provided by (used in) financing activities (211,375 ) (229,615 ) (440,990 ) |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At September 30, 2016 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 $ 848,171 $ 29,639 $ (708 ) $ 877,102 $ - Obligations of U.S. states and political subdivisions 725,149 40,657 (802 ) 765,004 - Corporate securities 5,052,073 173,316 (17,817 ) 5,207,572 6,319 Asset-backed securities 492,224 4,197 (678 ) 495,743 - Mortgage-backed securities Commercial 296,780 6,923 (1,796 ) 301,907 - Agency residential 2,461,073 37,630 (3,352 ) 2,495,351 - Non-agency residential 722 45 (45 ) 722 - Foreign government securities 1,313,243 78,086 (35,267 ) 1,356,062 169 Foreign corporate securities 2,664,355 140,712 (38,417 ) 2,766,650 2,100 Total fixed maturity securities $ 13,853,790 $ 511,205 $ (98,882 ) $ 14,266,113 $ 8,588 Equity securities $ 126,729 $ 4,561 $ (7,994 ) $ 123,296 $ - At December 31, 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 $ 805,273 $ 13,465 $ (1,861 ) $ 816,877 $ - Obligations of U.S. states and political subdivisions 669,945 34,020 (890 ) 703,075 - Corporate securities 4,817,014 97,159 (109,310 ) 4,804,863 1,412 Asset-backed securities 470,320 719 (3,813 ) 467,226 - Mortgage-backed securities Commercial 264,924 4,750 (3,375 ) 266,299 - Agency residential 2,313,265 25,318 (18,059 ) 2,320,524 - Non-agency residential 893 51 (46 ) 898 - Foreign government securities 1,256,983 54,403 (52,205 ) 1,259,181 53 Foreign corporate securities 2,677,589 107,163 (66,401 ) 2,718,351 36 Total fixed maturity securities $ 13,276,206 $ 337,048 $ (255,960 ) $ 13,357,294 $ 1,501 Equity securities $ 122,271 $ 3,401 $ (16,732 ) $ 108,940 $ - (a) |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At September 30, 2016 At December 31, 2015 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 883,400 $ 900,635 $ 1,021,200 $ 1,036,016 Due after one year through five years 6,732,880 6,906,682 6,193,426 6,220,563 Due after five years through ten years 1,981,191 2,059,270 2,217,075 2,203,932 Due after ten years 1,005,520 1,105,803 795,103 841,836 Asset-backed securities 492,224 495,743 470,320 467,226 Mortgage-backed securities: Commercial 296,780 301,907 264,924 266,299 Agency residential 2,461,073 2,495,351 2,313,265 2,320,524 Non-agency residential 722 722 893 898 Total fixed maturity securities $ 13,853,790 $ 14,266,113 $ 13,276,206 $ 13,357,294 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (13,544 ) $ (71,706 ) $ 324,147 $ (89,616 ) Fixed maturity securities, other-than-temporary impairment (1,836 ) (253 ) 7,088 8,954 Equity securities 2,527 (4,415 ) 9,898 (6,295 ) Change in unrealized appreciation (depreciation), pre-tax (12,853 ) (76,374 ) 341,133 (86,957 ) Deferred tax benefit (expense) (256 ) 9,919 (53,666 ) 5,563 Deferred tax benefit (expense), other-than-temporary impairment 855 (8 ) (1,470 ) (3,415 ) Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity $ (12,254 ) $ (66,463 ) $ 285,997 $ (84,809 ) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at September 30, 2016 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 $ 61,979 $ (708 ) $ - $ - $ 61,979 $ (708 ) Obligations of U.S. states and political subdivisions 72,100 (391 ) 633 (411 ) 72,733 (802 ) Corporate securities 338,999 (4,413 ) 250,068 (13,404 ) 589,067 (17,817 ) Asset-backed securities 3,948 (12 ) 41,121 (666 ) 45,069 (678 ) Mortgage-backed securities Commercial 39,238 (1,443 ) 5,699 (353 ) 44,937 (1,796 ) Agency residential 355,554 (1,114 ) 206,611 (2,238 ) 562,165 (3,352 ) Non-agency residential - - 125 (45 ) 125 (45 ) Foreign government securities 111,041 (9,496 ) 206,591 (25,771 ) 317,632 (35,267 ) Foreign corporate securities 186,609 (7,009 ) 270,275 (31,408 ) 456,884 (38,417 ) Total fixed maturity securities $ 1,169,468 $ (24,586 ) $ 981,123 $ (74,296 ) $ 2,150,591 $ (98,882 ) Equity securities - - 104,105 (7,994 ) 104,105 (7,994 ) Total $ 1,169,468 $ (24,586 ) $ 1,085,228 $ (82,290 ) $ 2,254,696 $ (106,876 ) Duration of Unrealized Loss at December 31, 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 $ 539,177 $ (1,855 ) $ 692 $ (6 ) $ 539,869 $ (1,861 ) Obligations of U.S. states and political subdivisions 6,434 (84 ) 4,917 (806 ) 11,351 (890 ) Corporate securities 1,818,331 (74,161 ) 440,682 (35,149 ) 2,259,013 (109,310 ) Asset-backed securities 348,545 (2,510 ) 67,230 (1,303 ) 415,775 (3,813 ) Mortgage-backed securities Commercial 145,490 (3,375 ) - - 145,490 (3,375 ) Agency residential 1,021,390 (10,014 ) 326,449 (8,045 ) 1,347,839 (18,059 ) Non-agency residential 152 (2 ) 38 (44 ) 190 (46 ) Foreign government securities 227,384 (21,996 ) 216,428 (30,209 ) 443,812 (52,205 ) Foreign corporate securities 821,548 (25,627 ) 295,389 (40,774 ) 1,116,937 (66,401 ) Total fixed maturity securities $ 4,928,451 $ (139,624 ) $ 1,351,825 $ (116,336 ) $ 6,280,276 $ (255,960 ) Equity securities - - 91,907 (16,732 ) 91,907 (16,732 ) Total $ 4,928,451 $ (139,624 ) $ 1,443,732 $ (133,068 ) $ 6,372,183 $ (272,692 ) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at September 30, 2016 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 $ 31,407 $ (1,070 ) $ 68,847 $ (10,108 ) $ 100,254 $ (11,178 ) Due in one year through five years 400,970 (14,735 ) 545,307 (52,699 ) 946,277 (67,434 ) Due in five years through ten years 251,409 (5,661 ) 101,451 (6,829 ) 352,860 (12,490 ) Due after ten years 86,942 (551 ) 11,962 (1,358 ) 98,904 (1,909 ) Asset-backed securities 3,948 (12 ) 41,121 (666 ) 45,069 (678 ) Mortgage-backed securities 394,792 (2,557 ) 212,435 (2,636 ) 607,227 (5,193 ) Total fixed maturity securities $ 1,169,468 $ (24,586 ) $ 981,123 $ (74,296 ) $ 2,150,591 $ (98,882 ) Duration of Unrealized Loss at December 31, 2015 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 $ 29,737 $ (1,840 ) $ 74,615 $ (13,440 ) $ 104,352 $ (15,280 ) Due in one year through five years 2,328,805 (62,329 ) 651,228 (59,993 ) 2,980,033 (122,322 ) Due in five years through ten years 969,139 (52,725 ) 206,538 (28,018 ) 1,175,677 (80,743 ) Due after ten years 85,193 (6,829 ) 25,727 (5,493 ) 110,920 (12,322 ) Asset-backed securities 348,545 (2,510 ) 67,230 (1,303 ) 415,775 (3,813 ) Mortgage-backed securities 1,167,032 (13,391 ) 326,487 (8,089 ) 1,493,519 (21,480 ) Total fixed maturity securities $ 4,928,451 $ (139,624 ) $ 1,351,825 $ (116,336 ) $ 6,280,276 $ (255,960 ) |
Summary Of Components Of Net Investment Income | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Fixed maturities $ 100,752 $ 108,134 $ 306,128 $ 326,970 Equity securities 9,905 11,090 31,967 35,783 Short-term investments and cash 475 273 1,220 903 Other invested assets Limited partnerships 17,077 370 33,922 13,993 Other 1,033 (242 ) 1,334 1,366 Gross investment income before adjustments 129,242 119,625 374,571 379,015 Funds held interest income (expense) 1,538 2,569 5,818 8,162 Future policy benefit reserve income (expense) (517 ) (300 ) (1,243 ) (1,402 ) Gross investment income 130,263 121,894 379,146 385,775 Investment expenses (7,606 ) (6,491 ) (21,228 ) (22,816 ) Net investment income $ 122,657 $ 115,403 $ 357,918 $ 362,959 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Fixed maturity securities, market value: Other-than-temporary impairments $ (867 ) $ (20,445 ) $ (31,130 ) $ (62,701 ) Gains (losses) from sales 5,912 (5,218 ) (7,670 ) (15,812 ) Fixed maturity securities, fair value: Gains (losses) from sales (1 ) (17 ) (1,855 ) 25 Gains (losses) from fair value adjustments 42 - 1,381 56 Equity securities, market value: Gains (losses) from sales - (3,573 ) 65 (4,455 ) Equity securities, fair value: Gains (losses) from sales 5,850 (13,646 ) (10,266 ) (13,041 ) Gains (losses) from fair value adjustments 17,475 (117,087 ) 36,284 (98,741 ) Sale of Subsidiary (28,032 ) - (28,032 ) - Short-term investments gain (loss) 1 15 2 15 Total net realized capital gains (losses) $ 380 $ (159,971 ) $ (41,221 ) $ (194,654 ) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Proceeds from sales of fixed maturity securities $ 293,998 $ 414,538 $ 890,349 $ 1,147,824 Gross gains from sales 15,028 11,826 32,674 37,525 Gross losses from sales (9,117 ) (17,061 ) (42,199 ) (53,312 ) Proceeds from sales of equity securities $ 112,451 $ 156,593 $ 542,715 $ 461,812 Gross gains from sales 7,308 5,250 14,040 18,890 Gross losses from sales (1,458 ) (22,469 ) (24,241 ) (36,386 ) |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivatives [Abstract] | |
Summary Of The Fair Value Of The Equity Index Put Options | (Dollars in thousands) Derivatives not designated as Location of fair value At At hedging instruments in balance sheets September 30, 2016 December 31, 2015 Equity index put option contracts Equity index put option liability $ 35,219 $ 40,705 Total $ 35,219 $ 40,705 (Dollars in thousands) For the Three Months Ended For the Nine Months Ended Derivatives not designated as Location of gain (loss) in statements of September 30, September 30, hedging instruments operations and comprehensive income (loss) 2016 2015 2016 2015 Equity index put option contracts Net derivative gain (loss) $ 6,510 $ (11,428 ) $ 5,486 $ (5,225 ) Total $ 6,510 $ (11,428 ) $ 5,486 $ (5,225 ) |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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) September 30, 2016 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 877,102 $ - $ 877,102 $ - Obligations of U.S. States and political subdivisions 765,004 - 765,004 - Corporate securities 5,207,572 - 5,151,277 56,295 Asset-backed securities 495,743 - 495,743 - Mortgage-backed securities Commercial 301,907 - 298,042 3,865 Agency residential 2,495,351 - 2,495,351 - Non-agency residential 722 - 722 - Foreign government securities 1,356,062 - 1,356,062 - Foreign corporate securities 2,766,650 - 2,763,656 2,994 Total fixed maturities, market value 14,266,113 - 14,202,959 63,154 Fixed maturities, fair value 3,982 - 3,982 - Equity securities, market value 123,296 104,105 19,191 - Equity securities, fair value 1,090,734 1,025,025 65,709 - Liabilities: Equity index put option contracts $ 35,219 $ - $ - $ 35,219 Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 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 $ 816,877 $ - $ 816,877 $ - Obligations of U.S. States and political subdivisions 703,075 - 703,075 - Corporate securities 4,804,863 - 4,800,930 3,933 Asset-backed securities 467,226 - 467,226 - Mortgage-backed securities Commercial 266,299 - 266,299 - Agency residential 2,320,524 - 2,320,524 - Non-agency residential 898 - 898 - Foreign government securities 1,259,181 - 1,259,181 - Foreign corporate securities 2,718,351 - 2,716,758 1,593 Total fixed maturities, market value 13,357,294 - 13,351,768 5,526 Fixed maturities, fair value 2,102 - 2,102 - Equity securities, market value 108,940 91,907 17,033 - Equity securities, fair value 1,337,733 1,275,666 62,067 - Liabilities: Equity index put option contracts $ 40,705 $ - $ - $ 40,705 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities CMBS Corporate Total Securities CMBS Corporate Total Beginning balance $ 32,410 $ - $ 2,021 $ 34,431 $ 3,933 $ - $ 1,593 $ 5,526 Total gains or (losses) (realized/unrealized) Included in earnings (12 ) - 27 15 (22 ) - (970 ) (992 ) Included in other comprehensive income (loss) (48 ) (38 ) (1,285 ) (1,371 ) (81 ) (38 ) 140 21 Purchases, issuances and settlements 25,877 (44 ) 2,231 28,064 54,397 (44 ) 2,231 56,584 Transfers in and/or (out) of Level 3 (1,932 ) 3,947 - 2,015 (1,932 ) 3,947 - 2,015 Ending balance $ 56,295 $ 3,865 $ 2,994 $ 63,154 $ 56,295 $ 3,865 $ 2,994 $ 63,154 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 $ - $ - $ - $ - $ - $ - $ (997 ) $ (997 ) (Some amounts may not reconcile due to rounding.) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities CMBS Corporate Total Beginning balance $ 1,958 $ 7,837 $ 9,795 $ - $ 8,597 $ 7,166 $ 15,763 Total gains or (losses) (realized/unrealized) Included in earnings (8 ) 62 54 (4 ) - 177 173 Included in other comprehensive income (loss) (137 ) (1,287 ) (1,424 ) (139 ) - (1,216 ) (1,355 ) Purchases, issuances and settlements 1,723 - 1,723 3,651 - - 3,651 Transfers in and/or (out) of Level 3 4,030 (487 ) 3,543 4,058 (8,597 ) (2 ) (4,541 ) Ending balance $ 7,566 $ 6,125 $ 13,691 $ 7,566 $ - $ 6,125 $ 13,691 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Liabilities: Balance, beginning of period $ 41,729 $ 40,819 $ 40,705 $ 47,022 Total (gains) or losses (realized/unrealized) Included in earnings (6,510 ) 11,428 (5,486 ) 5,225 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 35,219 $ 52,247 $ 35,219 $ 52,247 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.) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Net Income (Loss) Per Common Share | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2016 2015 2016 2015 Net income (loss) per share: Numerator Net income (loss) $ 295,394 $ 88,553 $ 622,772 $ 620,588 Less: dividends declared-common shares and nonvested common shares (47,463 ) (41,698 ) (144,299 ) (125,905 ) Undistributed earnings 247,932 46,855 478,472 494,683 Percentage allocated to common shareholders (1) 98.9 % 99.0 % 98.9 % 98.9 % 245,248 46,364 473,372 489,434 Add: dividends declared-common shareholders 46,985 41,293 142,839 124,638 Numerator for basic and diluted earnings per common share $ 292,233 $ 87,657 $ 616,211 $ 614,072 Denominator Denominator for basic earnings per weighted-average common shares 41,101 43,361 41,626 43,728 Effect of dilutive securities: Options 284 367 305 392 Denominator for diluted earnings per adjusted weighted-average common shares 41,386 43,728 41,931 44,120 Per common share net income (loss) Basic $ 7.11 $ 2.02 $ 14.80 $ 14.04 Diluted $ 7.06 $ 2.00 $ 14.70 $ 13.92 (1) Basic weighted-average common shares outstanding 41,101 43,361 41,626 43,728 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 41,551 43,820 42,074 44,197 Percentage allocated to common shareholders 98.9 % 99.0 % 98.9 % 98.9 % (Some amounts may not reconcile due to rounding.) |
Contingencies (Tables)
Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At September 30, At December 31, (Dollars in thousands) 2016 2015 The Prudential $ 140,826 $ 142,427 Unaffiliated life insurance company 33,195 33,062 |
Other Comprehensive Income (L33
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 (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 $ (5,972 ) $ (2,079 ) $ (8,051 ) $ 295,311 $ (42,643 ) $ 252,668 URA(D) on securities - OTTI (1,836 ) 855 (981 ) 7,088 (1,470 ) 5,618 Reclassification of net realized losses (gains) included in net income (loss) (5,045 ) 1,823 (3,222 ) 38,734 (11,023 ) 27,711 Foreign currency translation adjustments 1,393 1,423 2,816 32,601 (14,962 ) 17,639 Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 1,951 (683 ) 1,268 6,076 (2,127 ) 3,949 Total other comprehensive income (loss) $ (9,510 ) $ 1,340 $ (8,170 ) $ 379,809 $ (72,224 ) $ 307,585 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (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 $ (105,356 ) $ 14,558 $ (90,798 ) $ (178,878 ) $ 29,004 $ (149,874 ) URA(D) on securities - OTTI (253 ) (8 ) (261 ) 8,954 (3,415 ) 5,539 Reclassification of net realized losses (gains) included in net income (loss) 29,235 (4,639 ) 24,596 82,967 (23,441 ) 59,526 Foreign currency translation adjustments (47,298 ) 14,793 (32,505 ) (104,542 ) 24,034 (80,508 ) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 2,393 (837 ) 1,556 7,336 (2,567 ) 4,769 Total other comprehensive income (loss) $ (121,279 ) $ 23,867 $ (97,412 ) $ (184,163 ) $ 23,615 $ (160,548 ) |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2016 2015 2016 2015 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ (5,045 ) $ 29,235 $ 38,734 $ 82,967 Other net realized capital gains (losses) 1,823 (4,639 ) (11,023 ) (23,441 ) Income tax expense (benefit) $ (3,222 ) $ 24,596 $ 27,711 $ 59,526 Net income (loss) Benefit plan net gain (loss) $ 1,951 $ 2,393 $ 6,076 $ 7,336 Other underwriting expenses (683 ) (837 ) (2,127 ) (2,567 ) Income tax expense (benefit) $ 1,268 $ 1,556 $ 3,949 $ 4,769 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Nine Months Ended Twelve Months Ended September 30, December 31, (Dollars in thousands) 2016 2015 Beginning balance of URA (D) on securities $ 42,811 $ 223,250 Current period change in URA (D) of investments - temporary 280,379 (185,467 ) Current period change in URA (D) of investments - non-credit OTTI 5,618 5,028 Ending balance of URA (D) on securities 328,808 42,811 Beginning balance of foreign currency translation adjustments (211,477 ) (99,947 ) Current period change in foreign currency translation adjustments 17,639 (111,530 ) Ending balance of foreign currency translation adjustments (193,838 ) (211,477 ) Beginning balance of benefit plan net gain (loss) (63,089 ) (74,986 ) Current period change in benefit plan net gain (loss) 3,949 11,897 Ending balance of benefit plan net gain (loss) (59,140 ) (63,089 ) Ending balance of accumulated other comprehensive income (loss) $ 75,830 $ (231,755 ) |
Credit Facilities (Tables)
Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Credit facility interest and fees incurred $ 35 $ 132 $ 618 $ 431 |
Wells Fargo Bank Group Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2016 At December 31, 2015 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 2,488 12/12/2016 600,000 2,488 12/12/2016 450,452 12/31/2016 447,178 12/31/2016 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 452,940 $ 800,000 $ 449,666 |
Citibank Bilateral Agreement [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2016 At December 31, 2015 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 300,000 $ 3,672 11/24/2016 $ 300,000 $ 3,672 11/24/2016 63,124 12/31/2016 67,783 12/31/2016 4,058 2/28/2017 179 8/30/2017 287 8/30/2017 316 12/31/2017 3,421 12/31/2017 - - 100,329 9/30/2020 99,521 12/31/2019 Total Citibank Bilateral Agreement $ 300,000 $ 174,891 $ 300,000 $ 171,471 |
Lloyd's of London Bank Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2016 At December 31, 2015 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 175,000 £ 164,961 12/31/2019 £ 175,000 £ 164,961 12/31/2019 - - - - Total Lloyd's Bank Credit Facility £ 175,000 £ 164,961 £ 175,000 £ 164,961 |
Senior Notes (Tables)
Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | September 30, 2016 December 31, 2015 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 $ 396,684 $ 423,660 $ 396,594 $ 381,204 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Interest expense incurred $ 4,868 $ 4,868 $ 14,604 $ 14,604 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date September 30, 2016 December 31, 2015 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 $ 236,438 $ 197,706 $ 236,364 $ 208,978 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Interest expense incurred $ 3,937 $ 3,937 $ 11,811 $ 11,811 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Nine Months Ended U.S. Reinsurance September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Gross written premiums $ 654,770 $ 601,570 $ 1,597,005 $ 1,615,276 Net written premiums 678,848 511,238 1,491,155 1,383,647 Premiums earned $ 519,160 $ 488,485 $ 1,478,974 $ 1,480,427 Incurred losses and LAE 276,272 225,944 732,306 699,575 Commission and brokerage 116,667 121,050 354,608 364,005 Other underwriting expenses 14,265 13,718 39,856 37,054 Underwriting gain (loss) $ 111,956 $ 127,773 $ 352,204 $ 379,793 Three Months Ended Nine Months Ended International September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Gross written premiums $ 348,812 $ 363,092 $ 925,028 $ 989,920 Net written premiums 316,207 318,478 799,908 896,872 Premiums earned $ 282,442 $ 291,396 $ 823,493 $ 935,228 Incurred losses and LAE 122,181 229,013 531,580 630,752 Commission and brokerage 78,384 70,894 209,348 226,321 Other underwriting expenses 11,030 9,128 26,822 25,292 Underwriting gain (loss) $ 70,847 $ (17,639 ) $ 55,743 $ 52,863 Three Months Ended Nine Months Ended Bermuda September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Gross written premiums $ 245,995 $ 271,157 $ 612,657 $ 626,420 Net written premiums 229,373 251,678 562,128 557,453 Premiums earned $ 215,761 $ 222,240 $ 610,466 $ 616,241 Incurred losses and LAE 127,236 154,327 348,586 372,572 Commission and brokerage 59,605 52,980 169,413 151,356 Other underwriting expenses 8,785 9,457 26,290 27,045 Underwriting gain (loss) $ 20,135 $ 5,476 $ 66,177 $ 65,268 Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Gross written premiums $ 533,039 $ 489,124 $ 1,364,465 $ 1,173,012 Net written premiums 340,216 418,960 1,047,863 1,022,389 Premiums earned $ 354,111 $ 360,742 $ 966,268 $ 888,711 Incurred losses and LAE 260,479 262,328 732,261 662,052 Commission and brokerage 54,889 50,268 146,684 127,125 Other underwriting expenses 44,483 35,677 129,782 99,232 Underwriting gain (loss) $ (5,740 ) $ 12,469 $ (42,459 ) $ 302 |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Underwriting gain (loss) $ 197,198 $ 128,079 $ 431,665 $ 498,226 Net investment income 122,657 115,403 357,918 362,959 Net realized capital gains (losses) 380 (159,971 ) (41,221 ) (194,654 ) Net derivative gain (loss) 6,510 (11,428 ) 5,486 (5,225 ) Corporate expenses (6,400 ) (5,924 ) (21,403 ) (17,312 ) Interest, fee and bond issue cost amortization expense (8,893 ) (8,990 ) (27,194 ) (27,006 ) Other income (expense) 9,435 25,251 (20,998 ) 74,468 Income (loss) before taxes $ 320,887 $ 82,420 $ 684,253 $ 691,456 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 United Kingdom gross written premium $ 182,786 $ 212,039 $ 511,994 $ 565,143 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Retirement Benefits [Abstract] | |
Summary Of Pension Expense | Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 2,731 $ 3,203 $ 8,524 $ 9,398 Interest cost 2,371 2,758 7,093 7,926 Expected return on plan assets (2,789 ) (2,904 ) (7,757 ) (8,710 ) Amortization of prior service cost - 4 - 15 Amortization of net (income) loss 1,984 2,312 6,012 6,824 Net periodic benefit cost $ 4,297 $ 5,373 $ 13,872 $ 15,453 Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 354 $ 498 $ 1,230 $ 1,498 Interest cost 252 329 844 987 Amortization of prior service cost (33 ) - (33 ) - Amortization of net (income) loss - 76 96 497 Net periodic benefit cost $ 573 $ 903 $ 2,137 $ 2,982 |
Basis Of Presentation (Schedule
Basis Of Presentation (Schedule of Effect of Newly Adopted Accounting Policies, Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Short-term investments | $ 314,494 | $ 799,684 |
Total investments and cash | 17,539,588 | 16,676,405 |
Premiums receivable | 1,667,002 | 1,483,090 |
Reinsurance receivables | 965,427 | 894,037 |
Deferred acquisition costs | 349,317 | 372,351 |
Prepaid reinsurance premiums | 232,919 | 164,971 |
Other assets | 395,968 | 316,408 |
TOTAL ASSETS | 21,663,082 | 20,545,418 |
LIABILITIES: | ||
Funds held under reinsurance treaties | 23,567 | 13,544 |
Commission reserves | 93,733 | 60,098 |
Other net payable to reinsurers | 262,662 | 173,087 |
Other liabilities | 228,593 | 261,322 |
Total liabilities | 13,621,990 | 12,936,833 |
NONCONTROLLING INTERESTS: | ||
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | $ 21,663,082 | 20,545,418 |
As Previously Reported [Member] | ||
ASSETS: | ||
Short-term investments | 1,795,455 | |
Total investments and cash | 17,672,176 | |
Premiums receivable | 1,479,293 | |
Reinsurance receivables | 840,420 | |
Deferred acquisition costs | 373,072 | |
Prepaid reinsurance premiums | 157,424 | |
Other assets | 265,634 | |
TOTAL ASSETS | 21,426,175 | |
LIABILITIES: | ||
Funds held under reinsurance treaties | 88,544 | |
Commission reserves | 79,849 | |
Other net payable to reinsurers | 166,822 | |
Other liabilities | 291,322 | |
Total liabilities | 13,060,729 | |
NONCONTROLLING INTERESTS: | ||
Redeemable noncontrolling interest - Mt. Logan Re | 756,861 | |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | 21,426,175 | |
As Adopted [Member] | ||
ASSETS: | ||
Short-term investments | 799,684 | |
Total investments and cash | 16,676,405 | |
Premiums receivable | 1,483,090 | |
Reinsurance receivables | 894,037 | |
Deferred acquisition costs | 372,351 | |
Prepaid reinsurance premiums | 164,971 | |
Other assets | 321,818 | |
TOTAL ASSETS | 20,550,828 | |
LIABILITIES: | ||
Funds held under reinsurance treaties | 13,544 | |
Commission reserves | 60,098 | |
Other net payable to reinsurers | 173,087 | |
Other liabilities | 261,322 | |
Total liabilities | 12,942,243 | |
NONCONTROLLING INTERESTS: | ||
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | 20,550,828 | |
Effect Of Adoption Of New Accounting Policy [Member] | ||
ASSETS: | ||
Short-term investments | (995,771) | |
Total investments and cash | (995,771) | |
Premiums receivable | 3,797 | |
Reinsurance receivables | 53,617 | |
Deferred acquisition costs | (721) | |
Prepaid reinsurance premiums | 7,547 | |
Other assets | 56,184 | |
TOTAL ASSETS | (875,347) | |
LIABILITIES: | ||
Funds held under reinsurance treaties | (75,000) | |
Commission reserves | (19,751) | |
Other net payable to reinsurers | 6,265 | |
Other liabilities | (30,000) | |
Total liabilities | (118,486) | |
NONCONTROLLING INTERESTS: | ||
Redeemable noncontrolling interest - Mt. Logan Re | (756,861) | |
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | $ (875,347) |
Basis Of Presentation (Schedu40
Basis Of Presentation (Schedule of Effect of Newly Adopted Accounting Policies, Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
REVENUES: | ||||
Premiums earned | $ 1,371,474 | $ 1,362,864 | $ 3,879,201 | $ 3,920,607 |
Net investment income | 122,657 | 115,403 | 357,918 | 362,959 |
Other income (expense) | 9,435 | 25,251 | (20,998) | 74,468 |
Total revenues | 1,510,456 | 1,332,119 | 4,180,386 | 4,158,155 |
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 786,168 | 871,612 | 2,344,733 | 2,364,951 |
Commission, brokerage, taxes and fees | 309,545 | 295,193 | 880,053 | 868,807 |
Other underwriting expenses | 78,563 | 67,980 | 222,750 | 188,623 |
Total claims and expenses | 1,189,569 | 1,249,699 | 3,496,133 | 3,466,699 |
INCOME (LOSS) BEFORE TAXES | 320,887 | 82,420 | 684,253 | 691,456 |
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | $ 295,394 | 88,553 | $ 622,772 | 620,588 |
As Previously Reported [Member] | ||||
REVENUES: | ||||
Premiums earned | 1,413,640 | 4,053,115 | ||
Net investment income | 115,511 | 363,140 | ||
Other income (expense) | 17,413 | 59,561 | ||
Total revenues | 1,375,165 | 4,275,937 | ||
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 888,097 | 2,401,223 | ||
Commission, brokerage, taxes and fees | 300,048 | 882,132 | ||
Other underwriting expenses | 70,667 | 195,282 | ||
Total claims and expenses | 1,273,726 | 3,522,955 | ||
INCOME (LOSS) BEFORE TAXES | 101,439 | 752,982 | ||
NET INCOME (LOSS) | 107,572 | 682,114 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | (19,019) | (61,526) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | 88,553 | 620,588 | ||
As Adopted [Member] | ||||
REVENUES: | ||||
Premiums earned | 1,362,864 | 3,920,607 | ||
Net investment income | 115,403 | 362,959 | ||
Other income (expense) | 25,251 | 74,468 | ||
Total revenues | 1,332,119 | 4,158,155 | ||
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 871,612 | 2,364,951 | ||
Commission, brokerage, taxes and fees | 295,193 | 868,807 | ||
Other underwriting expenses | 67,980 | 188,623 | ||
Total claims and expenses | 1,249,699 | 3,466,699 | ||
INCOME (LOSS) BEFORE TAXES | 82,420 | 691,456 | ||
NET INCOME (LOSS) | 88,553 | 620,588 | ||
Effect Of Adoption Of New Accounting Policy [Member] | ||||
REVENUES: | ||||
Premiums earned | (50,776) | (132,508) | ||
Net investment income | (108) | (181) | ||
Other income (expense) | 7,838 | 14,907 | ||
Total revenues | (43,046) | (117,782) | ||
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | (16,485) | (36,272) | ||
Commission, brokerage, taxes and fees | (4,855) | (13,325) | ||
Other underwriting expenses | (2,687) | (6,659) | ||
Total claims and expenses | (24,027) | (56,256) | ||
INCOME (LOSS) BEFORE TAXES | (19,019) | (61,526) | ||
NET INCOME (LOSS) | (19,019) | (61,526) | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 19,019 | 61,526 | ||
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | $ (88,553) | $ (620,588) |
Basis Of Presentation (Schedu41
Basis Of Presentation (Schedule of Effect of Newly Adopted Accounting Policies, Cash Flow) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Decrease (increase) in premiums receivable | $ (185,559) | $ (278,433) | |
Decrease (increase) in funds held by reinsureds, net | 46,134 | (41,745) | |
Decrease (increase) in reinsurance receivables | (87,807) | (232,472) | |
Decrease (increase) in prepaid reinsurance premiums | (66,147) | (67,406) | |
Increase (decrease) in other net payable to reinsurers | 85,493 | 70,103 | |
Change in other assets and liabilities, net | (164,782) | 21,994 | |
Net cash provided by (used in) operating activities | 950,731 | 801,841 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net change in short-term investments | 488,047 | 498,902 | |
Net cash provided by (used in) investing activities | (330,974) | (369,092) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net cash provided by (used in) financing activities | $ (518,210) | (440,990) | |
As Previously Reported [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 107,572 | 682,114 | |
Decrease (increase) in premiums receivable | (274,198) | ||
Decrease (increase) in funds held by reinsureds, net | 33,255 | ||
Decrease (increase) in reinsurance receivables | (202,329) | ||
Decrease (increase) in prepaid reinsurance premiums | (46,633) | ||
Increase (decrease) in other net payable to reinsurers | 67,550 | ||
Change in other assets and liabilities, net | 18,573 | ||
Net cash provided by (used in) operating activities | 987,544 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net change in short-term investments | 83,584 | ||
Net cash provided by (used in) investing activities | (784,410) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Third party investment in redeemable noncontrolling interest | 296,848 | ||
Dividends paid on third party investment in redeemable noncontrolling interest | (67,233) | ||
Net cash provided by (used in) financing activities | (211,375) | ||
As Adopted [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 88,553 | 620,588 | |
Decrease (increase) in premiums receivable | (278,433) | ||
Decrease (increase) in funds held by reinsureds, net | (41,745) | ||
Decrease (increase) in reinsurance receivables | (232,472) | ||
Decrease (increase) in prepaid reinsurance premiums | (67,406) | ||
Increase (decrease) in other net payable to reinsurers | 70,103 | ||
Change in other assets and liabilities, net | 21,994 | ||
Net cash provided by (used in) operating activities | 801,841 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net change in short-term investments | 498,902 | ||
Net cash provided by (used in) investing activities | (369,092) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net cash provided by (used in) financing activities | (440,990) | ||
Effect Of Adoption Of New Accounting Policy [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (19,019) | (61,526) | |
Decrease (increase) in premiums receivable | (4,235) | ||
Decrease (increase) in funds held by reinsureds, net | (75,000) | ||
Decrease (increase) in reinsurance receivables | (30,143) | ||
Decrease (increase) in prepaid reinsurance premiums | (20,773) | ||
Increase (decrease) in other net payable to reinsurers | 2,553 | ||
Change in other assets and liabilities, net | 3,421 | ||
Net cash provided by (used in) operating activities | (185,703) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net change in short-term investments | 415,318 | ||
Net cash provided by (used in) investing activities | 415,318 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Third party investment in redeemable noncontrolling interest | (296,848) | ||
Dividends paid on third party investment in redeemable noncontrolling interest | 67,233 | ||
Net cash provided by (used in) financing activities | $ (229,615) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
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 | $ 2,254,696 | $ 2,254,696 | $ 6,372,183 | ||
Gross unrealized losses on investments in unrealized loss position | 106,876 | 106,876 | 272,692 | ||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 24,586 | 24,586 | 139,624 | ||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 82,290 | 82,290 | 133,068 | ||
Gross unrealized depreciation | 0 | 0 | 0 | ||
Additional contractual commitments | $ 493,184 | $ 493,184 | |||
Sales Revenue, Net [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 5.00% | 5.00% | 5.00% | 5.00% | |
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 | ||||
Fixed Maturity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Aggregate market value of investments in unrealized loss position | $ 2,150,591 | $ 2,150,591 | 6,280,276 | ||
Gross unrealized losses on investments in unrealized loss position | 98,882 | 98,882 | 255,960 | ||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 24,586 | 24,586 | 139,624 | ||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 74,296 | $ 74,296 | $ 116,336 | ||
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.30% | 0.70% | |||
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 | $ 46,793 | ||||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 18,447 | ||||
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 | 39,037 | ||||
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 72,738 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 13,853,790 | $ 13,276,206 | |
Unrealized Appreciation | 511,205 | 337,048 | |
Unrealized Depreciation | (98,882) | (255,960) | |
Market Value | 14,266,113 | 13,357,294 | |
OTTI in AOCI | [1] | 8,588 | 1,501 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 848,171 | 805,273 | |
Unrealized Appreciation | 29,639 | 13,465 | |
Unrealized Depreciation | (708) | (1,861) | |
Market Value | 877,102 | 816,877 | |
Obligations Of U.S. States And Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 725,149 | 669,945 | |
Unrealized Appreciation | 40,657 | 34,020 | |
Unrealized Depreciation | (802) | (890) | |
Market Value | 765,004 | 703,075 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 5,052,073 | 4,817,014 | |
Unrealized Appreciation | 173,316 | 97,159 | |
Unrealized Depreciation | (17,817) | (109,310) | |
Market Value | 5,207,572 | 4,804,863 | |
OTTI in AOCI | [1] | 6,319 | 1,412 |
Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 492,224 | 470,320 | |
Unrealized Appreciation | 4,197 | 719 | |
Unrealized Depreciation | (678) | (3,813) | |
Market Value | 495,743 | 467,226 | |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 296,780 | 264,924 | |
Unrealized Appreciation | 6,923 | 4,750 | |
Unrealized Depreciation | (1,796) | (3,375) | |
Market Value | 301,907 | 266,299 | |
Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,461,073 | 2,313,265 | |
Unrealized Appreciation | 37,630 | 25,318 | |
Unrealized Depreciation | (3,352) | (18,059) | |
Market Value | 2,495,351 | 2,320,524 | |
Non-Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 722 | 893 | |
Unrealized Appreciation | 45 | 51 | |
Unrealized Depreciation | (45) | (46) | |
Market Value | 722 | 898 | |
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,313,243 | 1,256,983 | |
Unrealized Appreciation | 78,086 | 54,403 | |
Unrealized Depreciation | (35,267) | (52,205) | |
Market Value | 1,356,062 | 1,259,181 | |
OTTI in AOCI | [1] | 169 | 53 |
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,664,355 | 2,677,589 | |
Unrealized Appreciation | 140,712 | 107,163 | |
Unrealized Depreciation | (38,417) | (66,401) | |
Market Value | 2,766,650 | 2,718,351 | |
OTTI in AOCI | [1] | 2,100 | 36 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 126,729 | 122,271 | |
Unrealized Appreciation | 4,561 | 3,401 | |
Unrealized Depreciation | (7,994) | (16,732) | |
Market Value | $ 123,296 | $ 108,940 | |
[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 | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 13,853,790 | $ 13,276,206 |
Fixed maturity securities - available for sale, Market Value | 14,266,113 | 13,357,294 |
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 | 883,400 | 1,021,200 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 6,732,880 | 6,193,426 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 1,981,191 | 2,217,075 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 1,005,520 | 795,103 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 900,635 | 1,036,016 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 6,906,682 | 6,220,563 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 2,059,270 | 2,203,932 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 1,105,803 | 841,836 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 492,224 | 470,320 |
Fixed maturity securities - available for sale, Market Value | 495,743 | 467,226 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 296,780 | 264,924 |
Fixed maturity securities - available for sale, Market Value | 301,907 | 266,299 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,461,073 | 2,313,265 |
Fixed maturity securities - available for sale, Market Value | 2,495,351 | 2,320,524 |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 722 | 893 |
Fixed maturity securities - available for sale, Market Value | $ 722 | $ 898 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ (12,853) | $ (76,374) | $ 341,133 | $ (86,957) |
Deferred tax benefit (expense) | (256) | 9,919 | (53,666) | 5,563 |
Deferred tax benefit (expense), other-than-temporary impairment | 855 | (8) | (1,470) | (3,415) |
Total URA(D) on securities arising during the period | (12,254) | (66,463) | 285,997 | (84,809) |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | (13,544) | (71,706) | 324,147 | (89,616) |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | (1,836) | (253) | 7,088 | 8,954 |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 2,527 | $ (4,415) | $ 9,898 | $ (6,295) |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | $ 1,169,468 | $ 4,928,451 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (24,586) | (139,624) |
Fixed maturity securities, Greater than 12 months, Market Value | 1,085,228 | 1,443,732 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (82,290) | (133,068) |
Fixed maturity securities, Total, Market Value | 2,254,696 | 6,372,183 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (106,876) | (272,692) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 1,169,468 | 4,928,451 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (24,586) | (139,624) |
Fixed maturity securities, Greater than 12 months, Market Value | 981,123 | 1,351,825 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (74,296) | (116,336) |
Fixed maturity securities, Total, Market Value | 2,150,591 | 6,280,276 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (98,882) | (255,960) |
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 | 61,979 | 539,177 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (708) | (1,855) |
Fixed maturity securities, Greater than 12 months, Market Value | 692 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (6) | |
Fixed maturity securities, Total, Market Value | 61,979 | 539,869 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (708) | (1,861) |
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 | 72,100 | 6,434 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (391) | (84) |
Fixed maturity securities, Greater than 12 months, Market Value | 633 | 4,917 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (411) | (806) |
Fixed maturity securities, Total, Market Value | 72,733 | 11,351 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (802) | (890) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 338,999 | 1,818,331 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (4,413) | (74,161) |
Fixed maturity securities, Greater than 12 months, Market Value | 250,068 | 440,682 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (13,404) | (35,149) |
Fixed maturity securities, Total, Market Value | 589,067 | 2,259,013 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (17,817) | (109,310) |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 3,948 | 348,545 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (12) | (2,510) |
Fixed maturity securities, Greater than 12 months, Market Value | 41,121 | 67,230 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (666) | (1,303) |
Fixed maturity securities, Total, Market Value | 45,069 | 415,775 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (678) | (3,813) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 39,238 | 145,490 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (1,443) | (3,375) |
Fixed maturity securities, Greater than 12 months, Market Value | 5,699 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (353) | |
Fixed maturity securities, Total, Market Value | 44,937 | 145,490 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,796) | (3,375) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 355,554 | 1,021,390 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (1,114) | (10,014) |
Fixed maturity securities, Greater than 12 months, Market Value | 206,611 | 326,449 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,238) | (8,045) |
Fixed maturity securities, Total, Market Value | 562,165 | 1,347,839 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (3,352) | (18,059) |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 152 | |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (2) | |
Fixed maturity securities, Greater than 12 months, Market Value | 125 | 38 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (45) | (44) |
Fixed maturity securities, Total, Market Value | 125 | 190 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (45) | (46) |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 111,041 | 227,384 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (9,496) | (21,996) |
Fixed maturity securities, Greater than 12 months, Market Value | 206,591 | 216,428 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (25,771) | (30,209) |
Fixed maturity securities, Total, Market Value | 317,632 | 443,812 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (35,267) | (52,205) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 186,609 | 821,548 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (7,009) | (25,627) |
Fixed maturity securities, Greater than 12 months, Market Value | 270,275 | 295,389 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (31,408) | (40,774) |
Fixed maturity securities, Total, Market Value | 456,884 | 1,116,937 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (38,417) | (66,401) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Greater than 12 months, Market Value | 104,105 | 91,907 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (7,994) | (16,732) |
Fixed maturity securities, Total, Market Value | 104,105 | 91,907 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (7,994) | $ (16,732) |
Investments (Summary Of Aggre47
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 1,169,468 | $ 4,928,451 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (24,586) | (139,624) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,085,228 | 1,443,732 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (82,290) | (133,068) |
Fixed maturity securities, Total, Market Value | 2,254,696 | 6,372,183 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (106,876) | (272,692) |
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 | 1,169,468 | 4,928,451 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (24,586) | (139,624) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 981,123 | 1,351,825 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (74,296) | (116,336) |
Fixed maturity securities, Total, Market Value | 2,150,591 | 6,280,276 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (98,882) | (255,960) |
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 | 31,407 | 29,737 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (1,070) | (1,840) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 68,847 | 74,615 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (10,108) | (13,440) |
Fixed maturity securities, Total, Market Value | 100,254 | 104,352 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (11,178) | (15,280) |
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 | 400,970 | 2,328,805 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (14,735) | (62,329) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 545,307 | 651,228 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (52,699) | (59,993) |
Fixed maturity securities, Total, Market Value | 946,277 | 2,980,033 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (67,434) | (122,322) |
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 | 251,409 | 969,139 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (5,661) | (52,725) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 101,451 | 206,538 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (6,829) | (28,018) |
Fixed maturity securities, Total, Market Value | 352,860 | 1,175,677 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (12,490) | (80,743) |
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 | 86,942 | 85,193 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (551) | (6,829) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 11,962 | 25,727 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,358) | (5,493) |
Fixed maturity securities, Total, Market Value | 98,904 | 110,920 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,909) | (12,322) |
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 | 3,948 | 348,545 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (12) | (2,510) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 41,121 | 67,230 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (666) | (1,303) |
Fixed maturity securities, Total, Market Value | 45,069 | 415,775 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (678) | (3,813) |
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 | 394,792 | 1,167,032 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (2,557) | (13,391) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 212,435 | 326,487 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,636) | (8,089) |
Fixed maturity securities, Total, Market Value | 607,227 | 1,493,519 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (5,193) | $ (21,480) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 129,242 | $ 119,625 | $ 374,571 | $ 379,015 |
Funds held interest income (expense) | 1,538 | 2,569 | 5,818 | 8,162 |
Future policy benefit reserve income (expense) | (517) | (300) | (1,243) | (1,402) |
Gross investment income | 130,263 | 121,894 | 379,146 | 385,775 |
Investment expenses | (7,606) | (6,491) | (21,228) | (22,816) |
Net investment income | 122,657 | 115,403 | 357,918 | 362,959 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 100,752 | 108,134 | 306,128 | 326,970 |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 9,905 | 11,090 | 31,967 | 35,783 |
Short-Term Investments And Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 475 | 273 | 1,220 | 903 |
Limited Partnerships [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 17,077 | 370 | 33,922 | 13,993 |
Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 1,033 | $ (242) | $ 1,334 | $ 1,366 |
Investments (Summary Of Compo49
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | $ (867) | $ (20,445) | $ (31,130) | $ (62,701) |
Sale of Subsidiary | (28,032) | (28,032) | ||
Total net realized capital gains (losses) | 380 | (159,971) | (41,221) | (194,654) |
Fixed Maturity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | (867) | (20,445) | (31,130) | (62,701) |
Gains (losses) from sales | 5,912 | (5,218) | (7,670) | (15,812) |
Fixed Maturity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (1) | (17) | (1,855) | 25 |
Gains (losses) from fair value adjustments | 42 | 1,381 | 56 | |
Equity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (3,573) | 65 | (4,455) | |
Equity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 5,850 | (13,646) | (10,266) | (13,041) |
Gains (losses) from fair value adjustments | 17,475 | (117,087) | 36,284 | (98,741) |
Short-Term Investments And Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | $ 1 | $ 15 | $ 2 | $ 15 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 293,998 | $ 414,538 | $ 890,349 | $ 1,147,824 |
Gross gains from sales | 15,028 | 11,826 | 32,674 | 37,525 |
Gross losses from sales | (9,117) | (17,061) | (42,199) | (53,312) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | 112,451 | 156,593 | 542,715 | 461,812 |
Gross gains from sales | 7,308 | 5,250 | 14,040 | 18,890 |
Gross losses from sales | $ (1,458) | $ (22,469) | $ (24,241) | $ (36,386) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2016USD ($)itemsecurity | Dec. 31, 2005security | Dec. 31, 2001security | |
Derivative [Line Items] | |||
Number of equity index put option contracts | 7 | 7 | 7 |
Number of equity indices | item | 2 | ||
Standard & Poor's 500 Index [Member] | |||
Derivative [Line Items] | |||
Number of equity index put option contracts | security | 6 | ||
Theoretical maximum payout occurs based on index value | $ 0 | ||
Discount factor | 3.00% | ||
Present value of theoretical maximum payouts | $ 442,320,000 | ||
Settlement amount if contracts had expired | $ 0 | ||
Equity Index If Contracts Had Expired | item | 2,168.27 | ||
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 | $ 28,920,000 | ||
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 | 8.00% | ||
FTSE 100 Index [Member] | |||
Derivative [Line Items] | |||
Number of equity index put option contracts | security | 1 | ||
Theoretical maximum payout occurs based on index value | $ 0 | ||
Discount factor | 3.00% | ||
Present value of theoretical maximum payouts | $ 39,170,000 | ||
Settlement amount if contracts had expired | $ 0 | ||
Equity Index If Contracts Had Expired | item | 6,899.33 | ||
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 | $ 6,299,000 | ||
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 | 28.00% |
Derivatives (Summary Of The Fai
Derivatives (Summary Of The Fair Value Of The Equity Index Put Options) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Option Indexed to Issuer's Equity [Line Items] | |||||
Equity index put option liability | $ 35,219 | $ 35,219 | $ 40,705 | ||
Net derivative gain (loss) | 6,510 | $ (11,428) | 5,486 | $ (5,225) | |
Equity Index Put Option Contracts [Member] | Derivatives Not Designated As Hedging Instruments [Member] | |||||
Option Indexed to Issuer's Equity [Line Items] | |||||
Equity index put option liability | 35,219 | 35,219 | $ 40,705 | ||
Net derivative gain (loss) | $ 6,510 | $ (11,428) | $ 5,486 | $ (5,225) |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016USD ($)securityitem | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)securityitem | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)security | Dec. 31, 2005security | Dec. 31, 2001security | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Fair value of public equity portfolio | $ 265,577 | $ 265,577 | $ 253,575 | ||||
Number of equity index put option contracts | 7 | 7 | 7 | 7 | |||
Derivatives, Number Of Indices | item | 2 | ||||||
Transfers between level 1 and 2 | $ 0 | $ 0 | |||||
Transfers from level 3 | $ 2,015 | $ 3,543 | $ 2,015 | $ (4,541) | |||
Unavailability Of Prices [Member] | Private Placement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Number of securities | security | 28 | 28 | 2 | ||||
Available-for-sale Securities | $ 59,289 | $ 59,289 | $ 3,593 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 14,266,113 | $ 13,357,294 |
Fixed maturities, fair value | 3,982 | 2,102 |
Equity securities, market value | 123,296 | 108,940 |
Equity securities, fair value | 1,090,734 | 1,337,733 |
Equity index put option contracts | 35,219 | 40,705 |
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 | 104,105 | 91,907 |
Equity securities, fair value | 1,025,025 | 1,275,666 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 14,202,959 | 13,351,768 |
Fixed maturities, fair value | 3,982 | 2,102 |
Equity securities, market value | 19,191 | 17,033 |
Equity securities, fair value | 65,709 | 62,067 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 63,154 | 5,526 |
Equity index put option contracts | 35,219 | 40,705 |
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 | 877,102 | 816,877 |
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 | 877,102 | 816,877 |
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 765,004 | 703,075 |
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 | 765,004 | 703,075 |
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 5,207,572 | 4,804,863 |
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 5,151,277 | 4,800,930 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 56,295 | 3,933 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 495,743 | 467,226 |
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 | 495,743 | 467,226 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 301,907 | 266,299 |
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 | 298,042 | 266,299 |
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 | 3,865 | |
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,495,351 | 2,320,524 |
Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,495,351 | 2,320,524 |
Non-Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 722 | 898 |
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 | 722 | 898 |
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,356,062 | 1,259,181 |
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 | 1,356,062 | 1,259,181 |
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,766,650 | 2,718,351 |
Foreign Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,763,656 | 2,716,758 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 2,994 | $ 1,593 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 34,431 | $ 9,795 | $ 5,526 | $ 15,763 |
Total gains or (losses) (realized/unrealized) Included in earnings | 15 | 54 | (992) | 173 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (1,371) | (1,424) | 21 | (1,355) |
Purchases, issuances and settlements | 28,064 | 1,723 | 56,584 | 3,651 |
Transfers in and/or (out) of Level 3 | 2,015 | 3,543 | 2,015 | (4,541) |
Ending balance | 63,154 | 13,691 | 63,154 | 13,691 |
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 | (997) | |||
Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 32,410 | 1,958 | 3,933 | |
Total gains or (losses) (realized/unrealized) Included in earnings | (12) | (8) | (22) | (4) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (48) | (137) | (81) | (139) |
Purchases, issuances and settlements | 25,877 | 1,723 | 54,397 | 3,651 |
Transfers in and/or (out) of Level 3 | (1,932) | 4,030 | (1,932) | 4,058 |
Ending balance | 56,295 | 7,566 | 56,295 | 7,566 |
Commercial Mortgage-Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 8,597 | |||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (38) | (38) | ||
Purchases, issuances and settlements | (44) | (44) | ||
Transfers in and/or (out) of Level 3 | 3,947 | 3,947 | (8,597) | |
Ending balance | 3,865 | 3,865 | ||
Foreign Corporate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | 2,021 | 7,837 | 1,593 | 7,166 |
Total gains or (losses) (realized/unrealized) Included in earnings | 27 | 62 | (970) | 177 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (1,285) | (1,287) | 140 | (1,216) |
Purchases, issuances and settlements | 2,231 | 2,231 | ||
Transfers in and/or (out) of Level 3 | (487) | (2) | ||
Ending balance | $ 2,994 | $ 6,125 | 2,994 | $ 6,125 |
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 | $ (997) |
Fair Value (Fair Value Measur56
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value [Abstract] | ||||
Balance, beginning of period | $ 41,729 | $ 40,819 | $ 40,705 | $ 47,022 |
Total (gains) or losses (realized/unrealized) Included in earnings | (6,510) | 11,428 | (5,486) | 5,225 |
Total (gains) or losses (realized/unrealized) Included in other comprehensive income (loss) | ||||
Purchases, issuances and settlements | ||||
Transfers in and/or (out) of Level 3 | ||||
Balance, end of period | 35,219 | 52,247 | 35,219 | 52,247 |
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 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Common Share [Abstract] | ||||
Net income (loss) | $ 295,394 | $ 88,553 | $ 622,772 | $ 620,588 |
Less: dividends declared-common shares and nonvested common shares | (47,463) | (41,698) | (144,299) | (125,905) |
Undistributed earnings | $ 247,932 | $ 46,855 | $ 478,472 | $ 494,683 |
Percentage allocated to common shareholders | 98.90% | 99.00% | 98.90% | 98.90% |
Net income (loss) available to common stockholders, total | $ 245,248 | $ 46,364 | $ 473,372 | $ 489,434 |
Add: dividends declared-common shareholders | 46,985 | 41,293 | 142,839 | 124,638 |
Numerator for basic and diluted earnings per common share | $ 292,233 | $ 87,657 | $ 616,211 | $ 614,072 |
Denominator for basic earnings per weighted-average common shares | 41,101 | 43,361 | 41,626 | 43,728 |
Effect of dilutive securities: Options | 284 | 367 | 305 | 392 |
Denominator for diluted earnings per adjusted weighted-average common shares | 41,386 | 43,728 | 41,931 | 44,120 |
Basic | $ 7.11 | $ 2.02 | $ 14.80 | $ 14.04 |
Diluted | $ 7.06 | $ 2 | $ 14.70 | $ 13.92 |
Basic weighted-average common shares outstanding | 41,101 | 43,361 | 41,626 | 43,728 |
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 41,551 | 43,820 | 42,074 | 44,197 |
Contingencies (Summary Of Estim
Contingencies (Summary Of Estimated Cost To Replace Annuities For Contingent Liability) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
The Prudential [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 140,826 | $ 142,427 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 33,195 | $ 33,062 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Comprehensive Income (Loss) [Abstract] | ||||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Before Tax | $ (5,972) | $ (105,356) | $ 295,311 | $ (178,878) |
URA (D) on securities - OTTI, Before Tax | (1,836) | (253) | 7,088 | 8,954 |
Reclassification on net realized losses (gains) included in net income (loss), Before Tax | (5,045) | 29,235 | 38,734 | 82,967 |
Foreign currency translation adjustments, Before Tax | 1,393 | (47,298) | 32,601 | (104,542) |
Reclassification of benefit plan liability amortization included in net income (loss), Before Tax | 1,951 | 2,393 | 6,076 | 7,336 |
Total other comprehensive income (loss), Before Tax | (9,510) | (121,279) | 379,809 | (184,163) |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Tax Effect | (2,079) | 14,558 | (42,643) | 29,004 |
URA (D) on securities - OTTI, Tax Effect | 855 | (8) | (1,470) | (3,415) |
Reclassification of net realized losses (gains) included in net income (loss), Tax Effect | 1,823 | (4,639) | (11,023) | (23,441) |
Foreign currency translation adjustments, Tax Effect | 1,423 | 14,793 | (14,962) | 24,034 |
Reclassification of benefit plan liability amortization included in net income (loss), Tax Effect | (683) | (837) | (2,127) | (2,567) |
Total other comprehensive income (loss), Tax Effect | 1,340 | 23,867 | (72,224) | 23,615 |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Net of Tax | (8,051) | (90,798) | 252,668 | (149,874) |
URA (D) on securities - OTTI, Net of Tax | (981) | (261) | 5,618 | 5,539 |
Reclassification on net realized losses (gains) included in net income (loss), Net of Tax | (3,222) | 24,596 | 27,711 | 59,526 |
Foreign currency translation adjustments, Net of Tax | 2,816 | (32,505) | 17,639 | (80,508) |
Benefit plan actuarial net gain (loss), Net of Tax | ||||
Reclassification of benefit plan liability amortization included in net income (loss), Net of Tax | 1,268 | 1,556 | 3,949 | 4,769 |
Total other comprehensive income (loss), net of tax | $ (8,170) | $ (97,412) | $ 307,585 | $ (160,548) |
Other Comprehensive Income (L61
Other Comprehensive Income (Loss) (Reclassified From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other net realized capital gains (losses) | $ 1,247 | $ (139,526) | $ (10,091) | $ (131,953) |
Other underwriting expenses | 78,563 | 67,980 | 222,750 | 188,623 |
Income tax expense (benefit) | 25,493 | (6,133) | 61,481 | 70,868 |
NET INCOME (LOSS) | 295,394 | 88,553 | 622,772 | 620,588 |
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) | (5,045) | 29,235 | 38,734 | 82,967 |
Income tax expense (benefit) | 1,823 | (4,639) | (11,023) | (23,441) |
NET INCOME (LOSS) | (3,222) | 24,596 | 27,711 | 59,526 |
Benefit Plan Liabilities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other underwriting expenses | 1,951 | 2,393 | 6,076 | 7,336 |
Income tax expense (benefit) | (683) | (837) | (2,127) | (2,567) |
NET INCOME (LOSS) | $ 1,268 | $ 1,556 | $ 3,949 | $ 4,769 |
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 | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Other Comprehensive Income (Loss) [Abstract] | |||||
Beginning balance of URA (D) on securities | $ 42,811 | $ 223,250 | $ 223,250 | ||
Current period change in URA(D) of investments - temporary | 280,379 | (185,467) | |||
Current period change in URA (D) of investments - non-credit OTTI | 5,618 | 5,028 | |||
Ending balance of URA (D) on securities | $ 328,808 | 328,808 | 42,811 | ||
Beginning balance of foreign currency translation adjustments | (211,477) | (99,947) | (99,947) | ||
Current period change in foreign currency translation adjustments | 17,639 | (111,530) | |||
Ending balance of foreign currency translation adjustments | (193,838) | (193,838) | (211,477) | ||
Beginning balance of benefit plan net gain (loss) | (63,089) | (74,986) | (74,986) | ||
Current period change in benefit plan net gain (loss) | 1,268 | $ 1,556 | 3,949 | $ 4,769 | 11,897 |
Ending balance of benefit plan net gain (loss) | (59,140) | (59,140) | (63,089) | ||
Ending balance of accumulated other comprehensive income (loss) | $ 75,830 | $ 75,830 | $ (231,755) |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) £ in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016GBP (£)item | Dec. 31, 2014 | Sep. 30, 2016USD ($)item | Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | |
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 | 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 | 0.35 | |||
Line of credit facility, required minimum net worth | $ 5,370,979 | ||||
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 | 5,488,121 | ||||
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 | 800,000 | ||||
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 | ||||
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 | ||||
Everest International Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, required minimum debt-to-capital ratio | 0.35 | 0.35 | |||
Line of credit facility, required minimum net worth | $ 5,215,784 | ||||
Consolidated net worth, percentage | 70.00% | ||||
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 | $ 5,631,071 | ||||
Lloyd's of London Bank Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, term of credit facility | 4 years | ||||
Line of credit facility, commitment | £ | £ 175,000 | £ 175,000 | |||
Percentage commitment fee per annum | 0.10% | ||||
Per annum commitment fee on undrawn credit | 0.35% |
Credit Facilities (Summary Of C
Credit Facilities (Summary Of Costs Incurred Connection With Credit Facilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Credit Facilities [Abstract] | ||||
Credit facility interest and fees incurred | $ 35 | $ 132 | $ 618 | $ 431 |
Credit Facilities (Summary Of O
Credit Facilities (Summary Of Outstanding Letters Of Credit And/Or Borrowings) (Details) £ in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016GBP (£) | Dec. 31, 2015GBP (£) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
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 | 2,488 | 2,488 | ||
Date of Expiry | Dec. 12, 2016 | Dec. 12, 2016 | ||
Wells Fargo Bank Group Credit Facility Tranche Two Issuance Two [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 450,452 | 447,178 | ||
Date of Expiry | Dec. 31, 2016 | Dec. 31, 2016 | ||
Wells Fargo Bank Group Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | 800,000 | 800,000 | ||
In Use | 452,940 | 449,666 | ||
Citibank Bilateral Letter Of Credit Agreement One [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | 300,000 | 300,000 | ||
In Use | 3,672 | 3,672 | ||
Date of Expiry | Nov. 24, 2016 | Nov. 24, 2016 | ||
Citibank Bilateral Letter Of Credit Agreement Two [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 63,124 | 67,783 | ||
Date of Expiry | Dec. 31, 2016 | Dec. 31, 2016 | ||
Citibank Bilateral Letter Of Credit Agreement Three [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 4,058 | 179 | ||
Date of Expiry | Feb. 28, 2017 | Aug. 30, 2017 | ||
Citibank Bilateral Letter Of Credit Agreement Four [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 287 | 316 | ||
Date of Expiry | Aug. 30, 2017 | Dec. 31, 2017 | ||
Citibank Bilateral Letter Of Credit Agreement Five [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 3,421 | |||
Date of Expiry | Dec. 31, 2017 | |||
Citibank Bilateral Letter Of Credit Agreement Six [Member] | ||||
Line of Credit Facility [Line Items] | ||||
In Use | 100,329 | 99,521 | ||
Date of Expiry | Sep. 30, 2020 | Dec. 31, 2019 | ||
Citibank Bilateral Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | 300,000 | 300,000 | ||
In Use | $ 174,891 | $ 171,471 | ||
Lloyd's Bank PLC [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | £ | £ 175,000 | £ 175,000 | ||
In Use | £ | £ 164,961 | £ 164,961 | ||
Date of Expiry | Dec. 31, 2019 | Dec. 31, 2019 | ||
Lloyd's of London Bank Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment | £ | £ 175,000 | £ 175,000 | ||
In Use | £ | £ 164,961 | £ 164,961 |
Reinsurance And Trust Agreeme66
Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Dec. 01, 2015USD ($)item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)item | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Effects of Reinsurance [Line Items] | |||||
Amount on deposit in trust accounts | $ 472,283 | ||||
Preferred shares invested | |||||
Kilimanjaro Re Limited [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Number of collateralized reinsurance agreements | item | 2 | 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 | $ 300,000 | $ 250,000 | |||
Catastrophe reinsurance bonds funded amount | 625,000 | 450,000 | |||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance coverage amount | $ 325,000 | $ 200,000 | |||
Catastrophe reinsurance bonds funded amount | $ 500,000 | ||||
Mt. Logan Re [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Percentage of voting common shares owned by Group | 100.00% | ||||
Assumed net risk exposures | $ 932,243 | 798,548 | |||
Preferred shares invested | $ 55,636 | $ 50,000 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - 4.868% Senior notes due 6/1/2044 [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
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 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 396,684,000 | $ 396,594,000 |
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% |
Date issued | Jun. 5, 2014 | |
Date due | Jun. 1, 2044 | |
Principal amounts | $ 400,000,000 | |
Consolidated balance sheet amount | 396,684,000 | $ 396,594,000 |
Market value | $ 423,660,000 | $ 381,204,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Senior Notes [Abstract] | ||||
Interest expense incurred | $ 4,868 | $ 4,868 | $ 14,604 | $ 14,604 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
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) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 236,438,000 | $ 236,364,000 |
Long Term Subordinated Notes [Member] | ||
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 | $ 236,438,000 | $ 236,364,000 |
Market value | $ 197,706,000 | $ 208,978,000 |
Scheduled [Member] | Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 | |
Final [Member] | Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 1, 2067 |
Long Term Subordinated Notes 72
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Long Term Subordinated Notes [Abstract] | ||||
Interest expense incurred | $ 3,937 | $ 3,937 | $ 11,811 | $ 11,811 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Premiums earned | $ 1,371,474 | $ 1,362,864 | $ 3,879,201 | $ 3,920,607 |
Incurred losses and LAE | 786,168 | 871,612 | 2,344,733 | 2,364,951 |
Commission and brokerage | 309,545 | 295,193 | 880,053 | 868,807 |
Other underwriting expenses | 78,563 | 67,980 | 222,750 | 188,623 |
U.S. Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 654,770 | 601,570 | 1,597,005 | 1,615,276 |
Net written premiums | 678,848 | 511,238 | 1,491,155 | 1,383,647 |
Premiums earned | 519,160 | 488,485 | 1,478,974 | 1,480,427 |
Incurred losses and LAE | 276,272 | 225,944 | 732,306 | 699,575 |
Commission and brokerage | 116,667 | 121,050 | 354,608 | 364,005 |
Other underwriting expenses | 14,265 | 13,718 | 39,856 | 37,054 |
Underwriting gain (loss) | 111,956 | 127,773 | 352,204 | 379,793 |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 348,812 | 363,092 | 925,028 | 989,920 |
Net written premiums | 316,207 | 318,478 | 799,908 | 896,872 |
Premiums earned | 282,442 | 291,396 | 823,493 | 935,228 |
Incurred losses and LAE | 122,181 | 229,013 | 531,580 | 630,752 |
Commission and brokerage | 78,384 | 70,894 | 209,348 | 226,321 |
Other underwriting expenses | 11,030 | 9,128 | 26,822 | 25,292 |
Underwriting gain (loss) | 70,847 | (17,639) | 55,743 | 52,863 |
Bermuda [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 245,995 | 271,157 | 612,657 | 626,420 |
Net written premiums | 229,373 | 251,678 | 562,128 | 557,453 |
Premiums earned | 215,761 | 222,240 | 610,466 | 616,241 |
Incurred losses and LAE | 127,236 | 154,327 | 348,586 | 372,572 |
Commission and brokerage | 59,605 | 52,980 | 169,413 | 151,356 |
Other underwriting expenses | 8,785 | 9,457 | 26,290 | 27,045 |
Underwriting gain (loss) | 20,135 | 5,476 | 66,177 | 65,268 |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | 533,039 | 489,124 | 1,364,465 | 1,173,012 |
Net written premiums | 340,216 | 418,960 | 1,047,863 | 1,022,389 |
Premiums earned | 354,111 | 360,742 | 966,268 | 888,711 |
Incurred losses and LAE | 260,479 | 262,328 | 732,261 | 662,052 |
Commission and brokerage | 54,889 | 50,268 | 146,684 | 127,125 |
Other underwriting expenses | 44,483 | 35,677 | 129,782 | 99,232 |
Underwriting gain (loss) | $ (5,740) | $ 12,469 | $ (42,459) | $ 302 |
Segment Reporting (Schedule O74
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net investment income | $ 122,657 | $ 115,403 | $ 357,918 | $ 362,959 |
Net realized capital gains (losses) | 380 | (159,971) | (41,221) | (194,654) |
Net derivative gain (loss) | 6,510 | (11,428) | 5,486 | (5,225) |
Corporate expenses | (6,400) | (5,924) | (21,403) | (17,312) |
Interest, fee and bond issue cost amortization expense | (8,893) | (8,990) | (27,194) | (27,006) |
Other income (expense) | 9,435 | 25,251 | (20,998) | 74,468 |
INCOME (LOSS) BEFORE TAXES | 320,887 | 82,420 | 684,253 | 691,456 |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Underwriting gain (loss) | 197,198 | 128,079 | 431,665 | 498,226 |
Net investment income | 122,657 | 115,403 | 357,918 | 362,959 |
Net realized capital gains (losses) | 380 | (159,971) | (41,221) | (194,654) |
Net derivative gain (loss) | 6,510 | (11,428) | 5,486 | (5,225) |
Corporate expenses | (6,400) | (5,924) | (21,403) | (17,312) |
Interest, fee and bond issue cost amortization expense | (8,893) | (8,990) | (27,194) | (27,006) |
Other income (expense) | 9,435 | 25,251 | (20,998) | 74,468 |
INCOME (LOSS) BEFORE TAXES | $ 320,887 | $ 82,420 | $ 684,253 | $ 691,456 |
Segment Reporting (Schedule O75
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
United Kingdom Gross Written Premium [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premium | $ 182,786 | $ 212,039 | $ 511,994 | $ 565,143 |
Sales Revenue, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration Risk, Percentage | 5.00% | 5.00% | 5.00% | 5.00% |
Share-Based Compensation Plans
Share-Based Compensation Plans (Narrative) (Details) - Restricted Shares [Member] | 3 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options, granted | shares | 5,566 |
Share-based compensation awards, per option fair value | $ / shares | $ 194.165 |
Retirement Benefits (Summary Of
Retirement Benefits (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension contributions | $ 30,000 | $ 0 | $ 30,000 | $ 0 |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2,731 | 3,203 | 8,524 | 9,398 |
Interest cost | 2,371 | 2,758 | 7,093 | 7,926 |
Expected return on plan assets | (2,789) | (2,904) | (7,757) | (8,710) |
Amortization of prior service cost | 4 | 15 | ||
Amortization of net (income) loss | 1,984 | 2,312 | 6,012 | 6,824 |
Net periodic benefit cost | 4,297 | 5,373 | 13,872 | 15,453 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 354 | 498 | 1,230 | 1,498 |
Interest cost | 252 | 329 | 844 | 987 |
Amortization of prior service cost | (33) | (33) | ||
Amortization of net (income) loss | 76 | 96 | 497 | |
Net periodic benefit cost | $ 573 | $ 903 | $ 2,137 | $ 2,982 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Disposition [Abstract] | |
Sale of Heartland Crop Insurance, Inc. | $ 49,000 |
After-tax loss on sale of Heartland | $ 12,942 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands | 1 Months Ended |
Oct. 31, 2016USD ($) | |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Estimated loss | $ 3,000,000 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Estimated loss | 9,000,000 |
Parent Company [Member] | Minimum [Member] | |
Subsequent Event [Line Items] | |
Estimated loss | 75,000 |
Parent Company [Member] | Maximum [Member] | |
Subsequent Event [Line Items] | |
Estimated loss | $ 200,000 |