Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 01, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
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 | 40,906,436 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 7,650,846 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2016, $13,932,613; 2015, $13,276,206) | $ 14,107,408 | $ 13,357,294 |
Fixed maturities - available for sale, at fair value | 2,102 | |
Equity securities - available for sale, at market value (cost: 2016, $129,553; 2015, $122,271) | 119,067 | 108,940 |
Equity securities - available for sale, at fair value | 1,010,085 | 1,337,733 |
Short-term investments | 431,478 | 799,684 |
Other invested assets (cost: 2016, $1,333,069; 2015, $786,994) | 1,333,129 | 786,994 |
Cash | 481,922 | 283,658 |
Total investments and cash | 17,483,089 | 16,676,405 |
Accrued investment income | 96,473 | 100,942 |
Premiums receivable | 1,485,990 | 1,483,090 |
Reinsurance receivables | 1,018,325 | 894,037 |
Funds held by reinsureds | 260,644 | 278,673 |
Deferred acquisition costs | 344,052 | 372,351 |
Prepaid reinsurance premiums | 191,768 | 164,971 |
Income taxes | 177,704 | 258,541 |
Other assets | 263,459 | 316,408 |
TOTAL ASSETS | 21,321,504 | 20,545,418 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 10,312,313 | 9,951,798 |
Future policy benefit reserve | 55,074 | 58,910 |
Unearned premium reserve | 1,577,546 | 1,613,390 |
Funds held under reinsurance treaties | 21,278 | 13,544 |
Commission reserves | 70,335 | 60,098 |
Other net payable to reinsurers | 190,986 | 173,087 |
Losses in course of payment | 67,107 | 112,170 |
4.868% Senior notes due 6/1/2044 | 396,714 | 396,594 |
6.6% Long term notes due 5/1/2067 | 236,462 | 236,364 |
Accrued interest on debt and borrowings | 3,537 | 3,537 |
Equity index put option liability | 22,059 | 40,705 |
Unsettled securities payable | 27,927 | 15,314 |
Other liabilities | 264,770 | 261,322 |
Total liabilities | 13,246,108 | 12,936,833 |
Commitments and contingencies (Note 15) | ||
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) 68,871 and (2015) 68,606 outstanding before treasury shares | 689 | 686 |
Additional paid-in capital | 2,140,783 | 2,103,638 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $8,240 at 2016 and ($15,863) at 2015 | (216,764) | (231,755) |
Treasury shares, at cost; 27,972 shares (2016) and 25,912 shares (2015) | (3,272,244) | (2,885,956) |
Retained earnings | 9,422,932 | 8,621,972 |
Total shareholders' equity | 8,075,396 | 7,608,585 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 21,321,504 | $ 20,545,418 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 13,932,613 | $ 13,276,206 |
Equity securities - available for sale, at market value, cost | 129,553 | 122,271 |
Other invested assets, at cost | $ 1,333,069 | $ 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 | 68,871,000 | 68,606,000 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) | $ 8,240 | $ (15,863) |
Treasury shares | 27,972,000 | 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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES: | |||
Premiums earned | $ 5,320,466 | $ 5,292,842 | $ 5,043,707 |
Net investment income | 473,085 | 473,473 | 530,485 |
Net realized capital gains (losses): | |||
Other-than-temporary impairments on fixed maturity securities | (31,595) | (102,199) | (39,502) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | |||
Other net realized capital gains (losses) | 24,379 | (81,948) | 123,548 |
Total net realized capital gains (losses) | (7,216) | (184,147) | 84,046 |
Net derivative gain (loss) | 18,647 | 6,317 | (11,599) |
Other income (expense) | (10,636) | 88,280 | 32,308 |
Total revenues | 5,794,346 | 5,676,765 | 5,678,947 |
CLAIMS AND EXPENSES: | |||
Incurred losses and loss adjustment expenses | 3,139,629 | 3,064,715 | 2,875,936 |
Commission, brokerage, taxes and fees | 1,188,692 | 1,183,646 | 1,121,145 |
Other underwriting expenses | 302,722 | 257,069 | 233,104 |
Corporate expenses | 27,231 | 23,254 | 23,421 |
Interest, fees and bond issue cost amortization expense | 36,228 | 36,191 | 38,533 |
Total claims and expenses | 4,694,502 | 4,564,875 | 4,292,139 |
INCOME (LOSS) BEFORE TAXES | 1,099,844 | 1,111,890 | 1,386,808 |
Income tax expense (benefit) | 103,500 | 134,021 | 187,652 |
NET INCOME (LOSS) | 996,344 | 977,869 | 1,199,156 |
Other comprehensive income (loss), net of tax : | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 57,629 | (274,127) | 704 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 15,118 | 93,688 | 21,392 |
Total URA(D) on securities arising during the period | 72,747 | (180,439) | 22,096 |
Foreign currency translation adjustments | (55,341) | (111,530) | (95,417) |
Benefit plan actuarial net gain (loss) for the period | (7,488) | 5,681 | (39,110) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,073 | 6,216 | 3,020 |
Total benefit plan net gain (loss) for the period | (2,415) | 11,897 | (36,090) |
Total other comprehensive income (loss), net of tax | 14,991 | (280,072) | (109,411) |
COMPREHENSIVE INCOME (LOSS) | $ 1,011,335 | $ 697,797 | $ 1,089,745 |
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO EVEREST RE GROUP: | |||
Basic | $ 23.85 | $ 22.29 | $ 26.16 |
Diluted | 23.68 | 22.10 | 25.91 |
Dividends declared | $ 4.7 | $ 4 | $ 3.2 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Common Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Deferred Income Taxes [Member] | Retained Earnings [Member] | Treasury Shares At Cost [Member] | Total |
Balance, beginning of period, shares at Dec. 31, 2013 | 47,543,132 | |||||
Issued during the period, shares | 371,359 | |||||
Treasury shares acquired, shares | (3,228,854) | |||||
Balance, beginning of period at Dec. 31, 2013 | $ 680 | $ 2,029,774 | $ 157,728 | $ 6,765,967 | $ (1,985,873) | |
Issued during the period, net | $ 3 | |||||
Share-based compensation plans | 39,033 | |||||
Net increase (decrease) during the period | (109,411) | $ (109,411) | ||||
NET INCOME (LOSS) | 1,199,156 | 1,199,156 | ||||
Dividends declared ($4.70 per share in 2016, $4.00 per share in 2015, and $3.20 per share in 2014) | (145,913) | (145,913) | ||||
Purchase of treasury shares | (500,024) | |||||
Balance, end of period, shares at Dec. 31, 2014 | 44,685,637 | |||||
Balance, end of period at Dec. 31, 2014 | $ 683 | 2,068,807 | 48,317 | 7,819,210 | (2,485,897) | 7,451,120 |
Issued during the period, shares | 270,477 | |||||
Treasury shares acquired, shares | (2,261,862) | |||||
Issued during the period, net | $ 3 | |||||
Share-based compensation plans | 34,831 | |||||
Net increase (decrease) during the period | (280,072) | (280,072) | ||||
NET INCOME (LOSS) | 977,869 | 977,869 | ||||
Dividends declared ($4.70 per share in 2016, $4.00 per share in 2015, and $3.20 per share in 2014) | (175,107) | $ (175,107) | ||||
Purchase of treasury shares | (400,059) | |||||
Balance, end of period, shares at Dec. 31, 2015 | 42,694,252 | 68,606,000 | ||||
Balance, end 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, shares | 264,313 | |||||
Treasury shares acquired, shares | (2,059,701) | |||||
Issued during the period, net | $ 3 | |||||
Share-based compensation plans | 37,145 | |||||
Net increase (decrease) during the period | 14,991 | 14,991 | ||||
NET INCOME (LOSS) | 996,344 | 996,344 | ||||
Dividends declared ($4.70 per share in 2016, $4.00 per share in 2015, and $3.20 per share in 2014) | (195,384) | $ (195,384) | ||||
Purchase of treasury shares | (386,288) | |||||
Balance, end of period, shares at Dec. 31, 2016 | 40,898,864 | 68,871,000 | ||||
Balance, end of period at Dec. 31, 2016 | $ 689 | $ 2,140,783 | $ (216,764) | $ 9,422,932 | $ (3,272,244) | $ 8,075,396 |
Consolidated Statements Of Cha6
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | |||
Dividends declared | $ 4.7 | $ 4 | $ 3.2 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME (LOSS) | $ 996,344 | $ 977,869 | $ 1,199,156 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in premiums receivable | (15,655) | (98,211) | 48,371 |
Decrease (increase) in funds held by reinsureds, net | 22,219 | (43,775) | (1,835) |
Decrease (increase) in reinsurance receivables | (202,950) | (265,103) | (210,648) |
Decrease (increase) in income taxes | 54,526 | (36,771) | 31,333 |
Decrease (increase) in prepaid reinsurance premiums | (32,455) | (21,819) | (78,130) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 545,967 | 394,167 | 195,524 |
Increase (decrease) in future policy benefit reserve | (3,836) | (910) | 308 |
Increase (decrease) in unearned premiums | (22,072) | (96,950) | 161,149 |
Increase (decrease) in other net payable to reinsurers | 26,200 | 43,727 | 28,308 |
Increase (decrease) in losses in course of payment | (45,933) | (43,964) | (174,206) |
Change in equity adjustments in limited partnerships | (37,939) | (12,965) | (39,464) |
Distribution of limited partnership income | 62,008 | 53,984 | 51,120 |
Change in other assets and liabilities, net | (56,204) | (8,934) | (142,635) |
Non-cash compensation expense | 26,398 | 21,237 | 21,197 |
Amortization of bond premium (accrual of bond discount) | 49,167 | 50,901 | 49,214 |
Amortization of underwriting discount on senior notes | 4 | 4 | 46 |
Net realized capital (gains) losses | 7,216 | 184,147 | (84,046) |
Net cash provided by (used in) operating activities | 1,373,005 | 1,096,634 | 1,054,762 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,919,808 | 2,144,930 | 2,142,693 |
Proceeds from fixed maturities matured/called - available for sale, at fair value | 875 | ||
Proceeds from fixed maturities sold - available for sale, at market value | 1,258,434 | 1,724,093 | 1,811,801 |
Proceeds from fixed maturities sold - available for sale, at fair value | 5,837 | 1,824 | 36,467 |
Proceeds from equity securities sold - available for sale, at market value | 6,423 | 28,936 | 16,901 |
Proceeds from equity securities sold - available for sale, at fair value | 723,359 | 614,044 | 584,069 |
Distributions from other invested assets | 4,823,484 | 57,201 | 115,482 |
Proceeds from sale of subsidiary (net of cash disposed) | 47,721 | 3,934 | |
Cost of fixed maturities acquired - available for sale, at market value | (4,061,896) | (4,718,303) | (4,672,633) |
Cost of fixed maturities acquired - available for sale, at fair value | (3,940) | (2,436) | (24,098) |
Cost of equity securities acquired - available for sale, at market value | (12,538) | (10,850) | (18,016) |
Cost of equity securities acquired - available for sale, at fair value | (346,929) | (556,889) | (446,457) |
Cost of other invested assets acquired | (5,396,001) | (286,599) | (224,740) |
Net change in short-term investments | 368,977 | 341,733 | (76,483) |
Net change in unsettled securities transactions | 9,388 | (22,719) | (4,433) |
Net cash provided by (used in) investing activities | (657,873) | (681,101) | (758,572) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Common shares issued during the period, net | 10,751 | 13,597 | 17,839 |
Purchase of treasury shares | (386,288) | (400,059) | (500,024) |
Net cost of senior notes maturing | (250,000) | ||
Proceeds from issuance of senior notes | 400,000 | ||
Dividends paid to shareholders | (195,384) | (175,107) | (145,913) |
Net cash provided by (used in) financing activities | (570,921) | (561,569) | (478,098) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 54,053 | (7,780) | 8,000 |
Net increase (decrease) in cash | 198,264 | (153,816) | (173,908) |
Cash, beginning of period | 283,658 | 437,474 | 611,382 |
Cash, end of period | 481,922 | 283,658 | 437,474 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid (recovered) | 42,636 | 164,856 | 153,455 |
Interest paid | $ 36,010 | $ 35,973 | $ 39,424 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Business and Basis of Presentation. Everest Re Group, Ltd. ("Group"), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, "Company" means Group and its subsidiaries. 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 July 1, 2016, the Company established a new Irish holding company, Everest Dublin Insurance Holdings Limited (Ireland) ("Everest Dublin Holdings"). 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 through August 24, 2016, 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 through July 13, 2015 are included within the Company's financial statements. Effective February 27, 2013, the Company established a new subsidiary, Mt. Logan Reinsurance Limited ("Mt. Logan Re"). Mt. Logan Re manages separate segregated accounts whose assets and capital relate mainly to third party external investors. The segregated account activities related to third party external investors are not included as part of the Company's financial statements. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group: Everest International Reinsurance, Ltd. ("Everest International"), Everest Global Services, Inc. ("Global Services"), Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., International Holdings, Everest Corporate Member Limited, Everest Service Company (UK), Ltd., Preferred International, Everest Reinsurance (Bermuda), Ltd. ("Bermuda Re"), Everest Re Advisors, Ltd., Everest Advisors (UK), Ltd., Everest Underwriting Group (Ireland), Limited ("Holdings Ireland"), Everest Insurance Company of Canada ("Everest Canada"), Premiere Insurance Underwriting Services ("Premiere"), Everest Dublin Holdings, Everest Dublin Insurance Limited, Everest Reinsurance Company (Ireland), designated activity company ("Ireland Re"), Everest Reinsurance Holdings, Inc. ("Holdings"), Heartland, Everest International Assurance, Ltd. (Bermuda) ("Everest Assurance"), Specialty Insurance Group, Inc. ("Specialty"), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC ("Specialty RPG"), Mt. McKinley, Mt. McKinley Managers, L.L.C., Workcare Southeast of Georgia, Inc., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company ("Everest Re"), Everest National Insurance Company ("Everest National"), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company ("Everest Indemnity"), Everest Denali, Everest Premier and Everest Security Insurance Company ("Everest Security"). All amounts are reported in U.S. dollars. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years' amounts to conform to the 2016 presentation. B. Investments. Fixed maturity and equity security investments available for sale, at market value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in shareholders' equity, net of income taxes in "accumulated other comprehensive income (loss)" in the consolidated balance sheets. Fixed maturity and equity securities carried at fair value reflect fair value re-measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss). The Company records changes in fair value for its fixed maturities available for sale, at market value through shareholders' equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. Fixed maturities carried at fair value represent a portfolio of convertible bond securities, which have characteristics similar to equity securities and at times, designated foreign denominated fixed maturity securities, which will be used to settle loss and loss adjustment reserves in the same currency. The Company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities. For equity securities, available for sale, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, an investment manager's valuation committee will estimate fair value, which is reviewed by the Company for reasonableness. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships, a private placement liquidity sweep facility and rabbi trusts. Cash contributions to and cash distributions from the sweep facility are reported gross in cash flows from investing activities in the Consolidated Statements of Cash Flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. C. Uncollectible Receivable Balances. The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management's assessment of the collectability of the outstanding balances. Such reserves are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2016 2015 Reinsurance receivables and premium receivables $ 23,360 $ 22,878 D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company's reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. Deferred acquisition costs amortized to income are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Deferred acquisition costs $ 1,188,692 $ 1,183,646 $ 1,121,145 E. Reserve for Losses and Loss Adjustment Expenses. The reserve for losses and loss adjustment expenses ("LAE") is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported ("IBNR") based on past experience. A provision is also included for certain potential liabilities relating to asbestos and environmental ("A&E") exposures, which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company's loss and LAE reserves represent management's best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance receivables and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. F. Future Policy Benefit Reserve. Liabilities for future policy benefits on annuity policies are carried at their accumulated values. Reserves for policy benefits include mortality claims in the process of settlement and IBNR claims. Actual experience in a particular period may fluctuate from expected results. G. Premium Revenues. Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. Such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium received on reinsurance coverages, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. Payout annuity premiums are recognized as revenue over the premium-paying period of the policies. H. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10 I. Income Taxes. Holdings and its wholly-owned subsidiaries file a consolidated U.S. federal income tax return. Foreign subsidiaries and branches of subsidiaries file local tax returns as required. Group and subsidiaries not included in Holdings' consolidated tax return file separate company U.S. federal income tax returns as required. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules. J. Foreign Currency. As a global entity, the Company transacts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in shareholders' equity, net of deferred taxes. The business units' base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in shareholder's equity. K. Earnings Per Common Share. Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. Net income (loss) attributable to Everest Re Group per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Years Ended December 31, (Dollars in thousands, except per share amounts) 2016 2015 2014 Net income (loss) per share: Numerator Net income (loss) $ 996,344 $ 977,869 $ 1,199,156 Less: dividends declared-common shares and nonvested common shares (195,384 ) (175,107 ) (145,913 ) Undistributed earnings 800,960 802,762 1,053,243 Percentage allocated to common shareholders (1) 98.9 % 98.9 % 99.0 % 792,415 794,309 1,042,423 Add: dividends declared-common shareholders 193,413 173,367 144,447 Numerator for basic and diluted earnings per common share $ 985,829 $ 967,676 $ 1,186,870 Denominator Denominator for basic earnings per weighted-average common shares 41,329 43,415 45,377 Effect of dilutive securities: Options 300 380 425 Denominator for diluted earnings per adjusted weighted-average common shares 41,628 43,795 45,802 Per common share net income (loss) Basic $ 23.85 $ 22.29 $ 26.16 Diluted $ 23.68 $ 22.10 $ 25.91 (1) 41,329 43,415 45,377 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 41,774 43,877 45,848 Percentage allocated to common shareholders 98.9 % 98.9 % 99.0 % (Some amounts may not reconcile due to rounding.) There were no All outstanding options expire on or between February 21, 2017 September 19, 2022 L. Segmentation. The Company, through its subsidiaries, operates in four M. Derivatives. The Company sold seven two The fair value of the equity index put options can be found in the Company's consolidated balance sheets as follows: (Dollars in thousands) Derivatives not designated as Location of fair value At December 31, hedging instruments in balance sheets 2016 2015 Equity index put option contracts Equity index put option liability $ 22,059 $ 40,705 Total $ 22,059 $ 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) Derivatives not designated as Location of gain (loss) in statements of For the Years Ended December 31, hedging instruments operations and comprehensive income (loss) 2016 2015 2014 Equity index put option contracts Net derivative gain (loss) $ 18,647 $ 6,317 $ (11,599 ) Total $ 18,647 $ 6,317 $ (11,599 ) N. Deposit Assets and Liabilities. In the normal course of its operations, the Company may enter into contracts that do not meet risk transfer provisions. Such contracts are accounted for using the deposit accounting method and are included in other liabilities in the Company's consolidated balance sheets. For such contracts, the Company originally records deposit liabilities for an amount equivalent to the assets received. Actuarial studies are used to estimate the final liabilities under such contracts with any change reflected in the consolidated statements of operations and comprehensive income (loss). O. Share-Based Compensation. Share-based compensation stock option, restricted share and performance share unit awards are fair valued at the grant date and expensed over the vesting period of the award. The tax benefit on the recorded expense is deferred until the time the award is exercised or vests (becomes unrestricted). See Note 16. P. Application of Recently Issued Accounting Guidance. Accounting for Share-Based Compensation. Disclosures about Short-Duration Contracts. Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share. Debt Issuance Costs. Consolidation. The following tables present certain financial statement line items as previously reported in 2015 and 2014, 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 Twelve Months Ended December 31, 2015 Twelve Months Ended December 31, 2014 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 $ 5,481,459 $ (188,617 ) $ 5,292,842 $ 5,169,135 $ (125,428 ) $ 5,043,707 Net investment income 473,825 (352 ) 473,473 530,570 (85 ) 530,485 Other income (expense) 60,435 27,845 88,280 18,437 13,871 32,308 Total revenues 5,837,889 (161,124 ) 5,676,765 5,790,589 (111,642 ) 5,678,947 CLAIMS AND EXPENSES: Incurred losses and loss adjustment expenses 3,101,915 (37,200 ) 3,064,715 2,906,534 (30,598 ) 2,875,936 Commission, brokerage, taxes and fees 1,202,036 (18,390 ) 1,183,646 1,135,586 (14,441 ) 1,121,145 Other underwriting expenses 265,984 (8,915 ) 257,069 240,400 (7,296 ) 233,104 Total claims and expenses 4,629,380 (64,505 ) 4,564,875 4,344,474 (52,335 ) 4,292,139 INCOME (LOSS) BEFORE TAXES 1,208,509 (96,619 ) 1,111,890 1,446,115 (59,307 ) 1,386,808 NET INCOME (LOSS) 1,074,488 (96,619 ) 977,869 1,258,463 (59,307 ) 1,199,156 Net income (loss) attributable to noncontrolling interests (96,619 ) 96,619 - (59,307 ) 59,307 - NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP 977,869 (977,869 ) - 1,199,156 (1,199,156 ) - CONSOLIDATED STATEMENT OF CASH FLOWS: Twelve Months Ended December 31, 2015 Twelve Months Ended December 31, 2014 Effect of Effect of adoption of adoption of As previously new accounting As previously new accounting (Dollars in thousands) reported policy As adopted reported policy As adopted CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 1,074,488 $ (96,619 ) $ 977,869 $ 1,258,463 $ (59,307 ) $ 1,199,156 Decrease (increase) in premiums receivable (93,837 ) (4,374 ) (98,211 ) 45,282 3,089 48,371 Decrease (increase) in funds held by reinsureds, net 31,225 (75,000 ) (43,775 ) (1,835 ) - (1,835 ) Decrease (increase) in reinsurance receivables (240,414 ) (24,689 ) (265,103 ) (186,014 ) (24,634 ) (210,648 ) Decrease (increase) in prepaid reinsurance premiums (14,486 ) (7,333 ) (21,819 ) (79,086 ) 956 (78,130 ) Increase (decrease) in other net payable to reinsurers 38,262 5,465 43,727 29,410 (1,102 ) 28,308 Change in other assets and liabilities, net 264 (9,198 ) (8,934 ) 35,419 (178,054 ) (142,635 ) Net cash provided by (used in) operating activities 1,308,382 (211,748 ) 1,096,634 1,313,821 (259,059 ) 1,054,762 CASH FLOWS FROM INVESTING ACTIVITIES: Net change in short-term investments (98,903 ) 440,636 341,733 (497,983 ) 421,500 (76,483 ) Net cash provided by (used in) investing activities (1,121,737 ) 440,636 (681,101 ) (1,180,072 ) 421,500 (758,572 ) CASH FLOWS FROM FINANCING ACTIVITIES: Third party investment in redeemable noncontrolling interest 266,848 (266,848 ) - 136,200 (136,200 ) - Subscription advances for third party redeemable noncontrolling interest 30,000 (30,000 ) - 40,000 (40,000 ) - Dividends paid on third party investment in redeemable noncontrolling interest (68,158 ) 68,158 - (10,334 ) 10,334 - Net cash provided by (used in) financing activities (332,879 ) (228,690 ) (561,569 ) (312,232 ) (165,866 ) (478,098 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH (7,582 ) (198 ) (7,780 ) 4,575 3,425 8,000 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investments | 2. 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 December 31, 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 $ 1,115,208 $ 20,410 $ (5,303 ) $ 1,130,315 $ - Obligations of U.S. states and political subdivisions 723,938 18,016 (11,970 ) 729,984 - Corporate securities 5,059,388 131,651 (35,758 ) 5,155,281 7,936 Asset-backed securities 488,824 1,110 (1,286 ) 488,648 - Mortgage-backed securities Commercial 308,827 1,983 (3,878 ) 306,932 - Agency residential 2,415,901 17,478 (27,910 ) 2,405,469 - Non-agency residential 642 44 (45 ) 641 - Foreign government securities 1,254,175 61,226 (57,241 ) 1,258,160 115 Foreign corporate securities 2,565,710 130,714 (64,446 ) 2,631,978 1,184 Total fixed maturity securities $ 13,932,613 $ 382,632 $ (207,837 ) $ 14,107,408 $ 9,235 Equity securities $ 129,553 $ 2,298 $ (12,784 ) $ 119,067 $ - 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 December 31, 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 $ 956,945 $ 966,970 $ 1,021,200 $ 1,036,016 Due after one year through five years 6,769,585 6,870,056 6,193,426 6,220,563 Due after five years through ten years 2,020,215 2,052,733 2,217,075 2,203,932 Due after ten years 971,674 1,015,959 795,103 841,836 Asset-backed securities 488,824 488,648 470,320 467,226 Mortgage-backed securities: Commercial 308,827 306,932 264,924 266,299 Agency residential 2,415,901 2,405,469 2,313,265 2,320,524 Non-agency residential 642 641 893 898 Total fixed maturity securities $ 13,932,613 $ 14,107,408 $ 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: Years Ended December 31, (Dollars in thousands) 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 $ 85,972 $ (197,231 ) Fixed maturity securities, other-than-temporary impairment 7,734 8,411 Equity securities 2,845 (5,215 ) Other invested assets 60 - Change in unrealized appreciation (depreciation), pre-tax 96,611 (194,035 ) Deferred tax benefit (expense) (22,075 ) 16,979 Deferred tax benefit (expense), other-than-temporary impairment (1,789 ) (3,383 ) Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity $ 72,747 $ (180,439 ) 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 December 31, 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 $ 638,740 $ (5,303 ) $ - $ - $ 638,740 $ (5,303 ) Obligations of U.S. states and political subdivisions 221,088 (11,486 ) 564 (484 ) 221,652 (11,970 ) Corporate securities 1,360,743 (24,023 ) 177,153 (11,735 ) 1,537,896 (35,758 ) Asset-backed securities 150,023 (565 ) 18,786 (721 ) 168,809 (1,286 ) Mortgage-backed securities Commercial 143,554 (3,223 ) 7,184 (655 ) 150,738 (3,878 ) Agency residential 1,618,372 (22,461 ) 189,665 (5,449 ) 1,808,037 (27,910 ) Non-agency residential - - 113 (45 ) 113 (45 ) Foreign government securities 360,289 (12,041 ) 236,820 (45,200 ) 597,109 (57,241 ) Foreign corporate securities 687,599 (12,769 ) 295,500 (51,677 ) 983,099 (64,446 ) Total fixed maturity securities $ 5,180,408 $ (91,871 ) $ 925,785 $ (115,966 ) $ 6,106,193 $ (207,837 ) Equity securities - - 105,507 (12,784 ) 105,507 (12,784 ) Total $ 5,180,408 $ (91,871 ) $ 1,031,292 $ (128,750 ) $ 6,211,700 $ (220,621 ) Duration of Unrealized Loss at December 31, 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 $ 178,281 $ (1,122 ) $ 78,153 $ (14,318 ) $ 256,434 $ (15,440 ) Due in one year through five years 2,123,113 (26,263 ) 538,130 (84,803 ) 2,661,243 (111,066 ) Due in five years through ten years 680,334 (22,555 ) 86,631 (8,754 ) 766,965 (31,309 ) Due after ten years 286,731 (15,682 ) 7,123 (1,221 ) 293,854 (16,903 ) Asset-backed securities 150,023 (565 ) 18,786 (721 ) 168,809 (1,286 ) Mortgage-backed securities 1,761,926 (25,684 ) 196,962 (6,149 ) 1,958,888 (31,833 ) Total fixed maturity securities $ 5,180,408 $ (91,871 ) $ 925,785 $ (115,966 ) $ 6,106,193 $ (207,837 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2016 were $ 6,211,700 220,621 1.1 91,871 85,078 115,966 112,132 no 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: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Fixed maturities $ 410,337 $ 433,097 $ 462,757 Equity securities 40,707 45,617 47,193 Short-term investments and cash 1,769 1,225 1,550 Other invested assets Limited partnerships 38,647 14,431 40,868 Other 2,852 1,804 3,619 Gross investment income before adjustments 494,312 496,174 555,988 Funds held interest income (expense) 7,853 10,767 9,471 Future policy benefit reserve income (expense) (1,633 ) (1,907 ) (1,686 ) Gross investment income 500,532 505,034 563,772 Investment expenses (27,447 ) (31,561 ) (33,287 ) Net investment income $ 473,085 $ 473,473 $ 530,485 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 $ 507,244 The Company's other invested assets at December 31, 2016 included $ 378,862 The components of net realized capital gains (losses) are presented in the table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Fixed maturity securities, market value: Other-than-temporary impairments $ (31,595 ) $ (102,199 ) $ (39,502 ) Gains (losses) from sales 6,918 (22,310 ) 4,408 Fixed maturity securities, fair value: Gains (losses) from sales (1,586 ) 24 (3,137 ) Gains (losses) from fair value adjustments 1,381 (44 ) (1,498 ) Equity securities, market value: Gains (losses) from sales 1,426 (6,702 ) 426 Equity securities, fair value: Gains (losses) from sales (13,442 ) (7,305 ) 156 Gains (losses) from fair value adjustments 57,686 (45,627 ) 123,196 Sale of Subsidiary (28,032 ) - - Other invested assets 18 - - Short-term investments gain (loss) 10 16 (3 ) Total net realized capital gains (losses) $ (7,216 ) $ (184,147 ) $ 84,046 The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) both fair value re-measurements and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis as displayed in the table above. The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component. The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Proceeds from sales of fixed maturity securities $ 1,264,271 $ 1,725,917 $ 1,848,268 Gross gains from sales 53,093 47,899 37,427 Gross losses from sales (47,761 ) (70,185 ) (36,156 ) Proceeds from sales of equity securities $ 729,782 $ 642,980 $ 600,970 Gross gains from sales 18,462 27,675 20,900 Gross losses from sales (30,478 ) (41,682 ) (20,318 ) Securities with a carrying value amount of $ 1,415,085 |
Reserve For Losses, LAE And Fut
Reserve For Losses, LAE And Future Policy Benefit Reserve | 12 Months Ended |
Dec. 31, 2016 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |
Reserve For Losses LAE And Future Policy Benefit Reserve | 3. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Reserves for losses and LAE. Activity in the reserve for losses and LAE is summarized for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 2014 Gross reserves at January 1 $ 9,951,798 $ 9,720,813 $ 9,673,240 Less reinsurance recoverables (881,503 ) (655,095 ) (478,151 ) Net reserves at January 1 9,070,295 9,065,718 9,195,089 Incurred related to: Current year 3,434,964 3,129,744 2,915,612 Prior years (295,335 ) (65,029 ) (39,676 ) Total incurred losses and LAE 3,139,629 3,064,715 2,875,936 Paid related to: Current year 745,642 690,030 755,880 Prior years 2,042,972 2,180,076 2,088,772 Total paid losses and LAE 2,788,614 2,870,106 2,844,652 Foreign exchange/translation adjustment (99,859 ) (190,032 ) (160,655 ) Net reserves at December 31 9,321,451 9,070,295 9,065,718 Plus reinsurance recoverables 990,862 881,503 655,095 Gross reserves at December 31 $ 10,312,313 $ 9,951,798 $ 9,720,813 Incurred prior years' reserves decreased by $ 295,335 65,029 39,676 468,749 53,909 60,000 16,720 43,280 173,414 The decrease for 2015 was attributable to favorable development in the reinsurance segments of $ 217,169 152,140 The decrease for 2014 was attributable to favorable development in the reinsurance segments of $ 202,418 137,769 24,973 The following is information about incurred and paid claims development as of December 31, 2016, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR) plus expected development on reported claims included within the net incurred claims amounts. Each of the Company's financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of catastrophes claims in any one accident year. The information about incurred and paid claims development for the years ended December 31, 2012 to December 31, 2015 is presented as supplementary information. These tables present five years of incurred and paid claims development as it is impracticable to retrospectively create the tables for ten years. For the reinsurance groups, for the years prior to 2012, the total of IBNR plus expected development on reported claims was not prepared on an accident year basis. The Company calculated these IBNR amounts in the aggregate for each business unit in total as of prior year end points in time. While business written in the United States would have been allocated to accident year for regulatory reporting purposes, business written outside of the United States would not have been similarly allocated. Attempting to allocate the non-U.S. business IBNR reserves to accident year currently for older year end valuations would require making assumptions and estimates which may not be in line with assumptions that would have been made at the time. A similar situation applies to insurance where the accumulation of the business lines reported in the regulatory filings are not consistent with the breakout of the tables presented below. As a result of not being able to present the information prior to 2012, prospectively an additional year will be added to the tables each reporting year until a ten year table is presented. The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impracticable to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident & Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group. The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims. The following tables present the ultimate loss and ALAE and the paid loss and ALAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business. U.S. Reinsurance Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 400,944 $ 395,674 $ 328,910 $ 324,870 $ 320,908 69,381 N/A 2013 310,899 388,247 385,498 388,157 147,320 N/A 2014 367,454 383,597 392,300 215,144 N/A 2015 326,321 354,224 248,529 N/A 2016 330,352 272,614 N/A $ 1,785,940 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 9,930 $ 38,398 $ 82,900 $ 143,370 $ 187,125 2013 14,814 48,891 108,736 170,781 2014 18,791 54,220 110,199 2015 19,882 53,592 2016 18,920 $ 540,617 All outstanding liabilities prior to 2012, net of reinsurance 1,103,846 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,349,169 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 4.6% 9.0% 14.6% 17.3% 13.6% U.S. Reinsurance Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 937,168 $ 723,126 $ 621,543 $ 608,568 $ 608,182 15,899 N/A 2013 621,644 547,741 494,573 455,623 8,005 N/A 2014 641,489 550,471 473,579 46,920 N/A 2015 679,170 543,978 113,327 N/A 2016 966,314 488,562 N/A $ 3,047,676 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 242,129 $ 401,879 $ 492,597 $ 528,903 $ 546,305 2013 234,163 322,603 381,281 405,331 2014 218,595 321,473 369,615 2015 226,198 327,261 2016 286,082 $ 1,934,594 All outstanding liabilities prior to 2012, net of reinsurance 70,472 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,183,554 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 39.6% 21.7% 12.8% 5.7% 2.9% International Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 222,381 $ 145,165 $ 134,433 $ 134,806 $ 118,381 19,893 N/A 2013 182,388 167,152 164,664 146,192 38,720 N/A 2014 194,110 187,335 170,072 66,586 N/A 2015 192,610 179,393 99,975 N/A 2016 183,120 135,120 N/A $ 797,159 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 18,968 $ 30,309 $ 46,356 $ 56,937 $ 66,755 2013 17,945 41,511 55,190 68,508 2014 25,854 45,309 63,412 2015 24,408 49,198 2016 26,582 $ 274,456 All outstanding liabilities prior to 2012, net of reinsurance 132,472 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 655,175 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 14.3% 12.9% 11.0% 9.0% 8.3% International Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 562,356 $ 516,568 $ 464,379 $ 468,016 $ 468,340 3,276 N/A 2013 493,798 446,011 409,911 402,109 5,153 N/A 2014 590,986 536,437 491,539 73,701 N/A 2015 563,857 439,133 68,845 N/A 2016 510,072 151,258 N/A $ 2,311,193 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 200,839 $ 327,627 $ 396,237 $ 420,097 $ 433,538 2013 135,240 272,527 326,747 357,358 2014 163,098 285,019 352,586 2015 145,406 267,899 2016 150,819 $ 1,562,200 All outstanding liabilities prior to 2012, net of reinsurance 135,170 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 884,163 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 34.4% 28.2% 14.0% 6.3% 2.9% Bermuda Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 277,335 $ 257,552 $ 238,136 $ 228,861 $ 236,554 69,097 N/A 2013 223,085 254,485 250,151 259,719 120,413 N/A 2014 205,404 239,078 257,310 163,951 N/A 2015 263,919 293,967 196,691 N/A 2016 282,729 208,938 N/A $ 1,330,278 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 12,975 $ 29,971 $ 52,026 $ 76,682 $ 103,489 2013 17,185 34,498 53,035 78,476 2014 13,846 25,272 43,582 2015 13,664 58,647 2016 45,134 $ 329,328 All outstanding liabilities prior to 2012, net of reinsurance 507,747 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,508,697 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 7.7% 8.7% 7.8% 10.1% 11.3% Bermuda Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 233,738 $ 177,683 $ 162,787 $ 158,711 $ 159,285 624 N/A 2013 203,306 147,275 129,687 120,904 1,207 N/A 2014 178,615 157,187 131,588 13,592 N/A 2015 187,738 157,662 45,387 N/A 2016 198,310 123,224 N/A $ 767,749 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 45,233 $ 84,680 $ 115,938 $ 141,516 $ 148,159 2013 31,315 67,966 106,936 114,050 2014 28,540 81,535 101,239 2015 32,687 72,186 2016 26,324 $ 461,959 All outstanding liabilities prior to 2012, net of reinsurance 44,730 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 350,520 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 21.4% 29.6% 21.8% 11.7% 4.2% Insurance Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 349,301 $ 351,107 $ 346,685 $ 347,989 $ 353,145 50,190 15,638 2013 393,201 393,103 392,539 392,829 101,156 21,168 2014 430,554 456,532 454,071 151,768 24,829 2015 518,706 527,109 282,784 25,939 2016 552,006 406,759 23,463 $ 2,279,161 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 33,162 $ 101,258 $ 157,834 $ 213,365 $ 246,294 2013 33,303 117,016 176,280 224,558 2014 41,182 124,865 201,545 2015 44,298 134,658 2016 54,710 $ 861,765 All outstanding liabilities prior to 2012, net of reinsurance 644,177 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,061,572 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 9.1% 18.9% 16.0% 13.9% 9.3% Insurance Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 106,229 $ 88,908 $ 81,682 $ 82,382 $ 81,957 52 N/A 2013 111,926 97,870 91,054 91,956 5 N/A 2014 131,505 123,487 119,781 1,044 N/A 2015 172,535 152,580 3,999 N/A 2016 300,127 82,989 N/A $ 746,400 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 56,498 $ 81,712 $ 80,405 $ 81,686 $ 81,830 2013 68,656 92,945 91,653 91,923 2014 81,766 115,913 118,085 2015 102,005 141,010 2016 162,060 $ 594,908 All outstanding liabilities prior to 2012, net of reinsurance 171 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 151,663 (Some amounts may not reconcile due to rounding.) Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 63.1% 27.5% -0.1% 0.9% 0.2% Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows. December 31, 2016 (Dollars in thousands) Net outstanding liabilities U.S. Reinsurance Casualty $ 2,349,169 U.S. Reinsurance Property 1,183,554 International Casualty 655,175 International Property 884,163 Bermuda Casualty 1,508,697 Bermuda Property 350,520 Insurance Casualty 2,061,572 Insurance Property 151,663 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 9,144,514 Reinsurance recoverable on unpaid claims U.S. Reinsurance Casualty 98,282 U.S. Reinsurance Property 84,224 International Casualty 83,912 International Property 79,044 Bermuda Casualty 10,135 Bermuda Property 101,210 Insurance Casualty 498,493 Insurance Property 35,562 Total reinsurance recoverable on unpaid claims 990,862 Insurance lines other than short-duration - Unallocated claims adjustment expenses 132,210 Other 44,727 176,937 Total gross liability for unpaid claims and claim adjustment expense $ 10,312,313 (Some amounts may not reconcile due to rounding.) Reserving Methodology The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known, and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments, and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Insurance and reinsurance loss and LAE reserves represent the Company's best estimate of its ultimate liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income (gain or loss) will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded. The detailed data required to evaluate ultimate losses for the Company's insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded into the Company's records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced claims staff handles individual loss reports and supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest's Underwriting, Claim, Reinsurance Accounting, and Internal Audit Departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits. The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 200 The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods, and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimate loss and LAE for each exposure group. Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year. Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time or which are more volatile. Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method. The reliability of the method depends on the accuracy of the selected a priori loss ratio. Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses for short tail lines at an earlier stage than for long tail lines. As a result, the Company utilizes, as well, exposure-based methods to estimate its ultimate losses for longer tail lines, especially for immature underwriting or accident years. For both short and long tail lines, the Company supplements these general approaches with analytically based judgments. Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor does the Company supplement the actuarially determined reserves for uncertainty. Carried reserves at each reporting date are the Company's best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are "rolled-forward" for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted. The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos. The Company's reserves include an estimate of the Company's ultimate liability for A&E claims. The Company's A&E liabilities emanate from Mt. McKinley's direct insurance business and Everest Re's assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago. There are significant uncertainties surrounding the Company's reserves for its A&E losses. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 2014 Gross basis: Beginning of period reserves $ 433,117 $ 476,205 $ 402,461 Incurred losses 73,336 40,000 142,233 Paid losses (65,342 ) (83,088 ) (68,489 ) End of period reserves $ 441,111 $ 433,117 $ 476,205 Net basis: Beginning of period reserves $ 319,620 $ 458,211 $ 386,677 Incurred losses 53,909 38,440 137,769 Paid losses (54,457 ) (177,031 ) (66,235 ) End of period reserves $ 319,072 $ 319,620 $ 458,211 On July 13, 2015, the Company sold Mt. McKinley, a Delaware domiciled insurance company and wholly-owned subsidiary of the Company to Clearwater Insurance Company, a Delaware domiciled insurance company. Concurrently with the closing, the Company entered into a retrocession treaty with an affiliate of Clearwater Insurance Company. Per the retrocession treaty, the Company retroceded 100 140,279 440,279 300,000 Reinsurance Receivables. Reinsurance receivables for both paid and recoverable on unpaid losses totaled $ 1,018,325 894,037 175,042 17.2 129,040 12.7 109,392 10.7 78,225 7.7 51,124 5.0 5 Future Policy Benefit Reserve. Activity in the reserve for future policy benefits is summarized for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 2014 Balance at beginning of year $ 58,910 $ 59,820 $ 59,512 Liabilities assumed 175 315 250 Adjustments to reserves 303 2,310 4,724 Benefits paid in the current year (4,315 ) (3,535 ) (4,667 ) Balance at end of year $ 55,074 $ 58,910 $ 59,820 (Some amounts may not reconcile due to rounding.) |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value [Abstract] | |
Fair Value | 4. 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 forty-two private placement securities, the investment manager's valuation committee valued the forty-two 86,536 two two 3,593 The Company internally manages a public equity portfolio which had a fair value at December 31, 2016 and 2015 of $ 256,041 253,575 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 The Company sold six 22,530 7 zero 3 445,627 2,238.83 no The Company sold one 6,706 25 zero 3 36,231 7,142.83 no At December 31, 2016 and 2015, the fair value for these equity put options was $ 22,059 40,705 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) December 31, 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 $ 1,130,315 $ - $ 1,130,315 $ - Obligations of U.S. States and political subdivisions 729,984 - 729,984 - Corporate securities 5,155,281 - 5,090,084 65,197 Asset-backed securities 488,648 - 488,648 - Mortgage-backed securities Commercial 306,932 - 306,932 - Agency residential 2,405,469 - 2,405,469 - Non-agency residential 641 - 641 - Foreign government securities 1,258,160 - 1,258,160 - Foreign corporate securities 2,631,978 - 2,629,440 2,538 Total fixed maturities, market value 14,107,408 - 14,039,673 67,735 Fixed maturities, fair value - - - - Equity securities, market value 119,067 105,507 13,560 - Equity securities, fair value 1,010,085 949,523 60,562 - Liabilities: Equity index put option contracts $ 22,059 $ - $ - $ 22,059 In addition, $ 18,801 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: December 31, 2016 December 31, 2015 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities CMBS Corporate Total Securities CMBS Corporate Total Beginning balance $ 3,933 $ - $ 1,593 $ 5,526 $ - $ 8,597 $ 7,166 $ 15,763 Total gains or (losses) (realized/unrealized) Included in earnings 100 - (1,193 ) (1,093 ) 4 - (9,480 ) (9,476 ) Included in other comprehensive income (loss) 41 16 - 57 (96 ) - 3,908 3,812 Purchases, issuances and settlements 63,054 (44 ) 2,138 65,148 3,626 - - 3,626 Transfers in and/or (out) of Level 3 (1,931 ) 28 - (1,903 ) 399 (8,597 ) (1 ) (8,199 ) Ending balance $ 65,197 $ - $ 2,538 $ 67,735 $ 3,933 $ - $ 1,593 $ 5,526 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 $ - $ - $ - $ - $ - $ - $ 9,721 $ 9,721 (Some amounts may not reconcile due to rounding.) The net transfers to/(from) level 3, fair value measurements using significant unobservable inputs were ($ 1,903 8,199 The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for equity index put option contracts, for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 Liabilities: Balance, beginning of period $ 40,705 $ 47,022 Total (gains) or losses (realized/unrealized) Included in earnings (18,646 ) (6,317 ) Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Balance, end of period $ 22,059 $ 40,705 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date $ - $ - (Some amounts may not reconcile due to rounding.) |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2016 | |
Credit Facilities [Abstract] | |
Credit Facilities | 5. CREDIT FACILITIES The Company has two 1,000,000 Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Credit facility fees incurred $ 793 $ 756 $ 659 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 800,000 four 800,000 200,000 an adjusted London Interbank Offered Rate ("LIBOR") plus a margin. prime commercial lending rate established by Wells Fargo Bank Federal Funds Rate plus 0.5 one month LIBOR Rate plus 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 5,584,382 The following table summarizes the outstanding letters of credit and/or borrowings for the periods indicated: (Dollars in thousands) At December 31, 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 - 600,000 2,488 12/12/2016 - 478,233 12/31/2017 - 447,178 12/31/2016 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 478,233 $ 800,000 $ 449,666 Bermuda Re Letter of Credit Facility Effective December 30, 2016, Bermuda Re renewed its letter of credit issuance facility with Citibank N.A. referred to as the "Bermuda Re Letter of Credit Facility", which commitment is reconfirmed annually with updated fees. The current renewal of the Bermuda Re Letter of Credit Facility provides for the issuance of up to $ 200,000 0.35 % per annum of the principal amount of issued standard letters of credit (expiry of 15 months or less) 0.45 % per annum of the principal amount of issued extended tenor letters of credit (expiry maximum of up to 60 months). 0.15 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2016 At December 31, 2015 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 4,058 2/28/2017 $ 300,000 $ 3,672 11/24/2016 3,672 11/24/2017 67,783 12/31/2016 69,404 12/31/2017 179 8/30/2017 269 8/30/2018 316 12/31/2017 1,163 12/31/2018 - 93,180 12/30/2020 99,521 12/31/2019 Total Citibank Bilateral Agreement $ 200,000 $ 171,746 $ 300,000 $ 171,471 Everest International Credit Facility Effective November 9, 2016, Everest International renewed its credit facility with Lloyd's of London Bank ("Everest International Credit Facility"). The current renewal of the Everest International Credit Facility has a four 140,000 0.1 0.35 The Everest International Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 5,326,009 70 25 25 5,584,382 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2016 At December 31, 2015 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 140,000 £ 130,606 12/31/2019 £ 175,000 £ 164,961 12/31/2019 - - - - Total Lloyd's Bank Credit Facility £ 140,000 £ 130,606 £ 175,000 £ 164,961 Holdings Credit Facility - Expired Effective August 15, 2011 150,000 |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2016 | |
Senior Notes [Abstract] | |
Senior Notes | 6. 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. December 31, 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 $ 396,714 $ 383,612 $ 396,594 $ 381,204 5.40% Senior notes 10/12/2004 10/15/2014 250,000 - - - - On June 5, 2014, Holdings issued $400,000 thousand of 30 year senior notes at 4.868%, which will mature on June 1, 2044. Interest will be paid semi-annually on June 1 and December 1 of each year. The proceeds from the issuance have been used in part to pay off the $ 250,000 5.40 October 15, 2014 Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Interest expense incurred $ 19,472 $ 19,472 $ 21,818 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 12 Months Ended |
Dec. 31, 2016 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 7. 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 December 31, 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 $ 236,462 $ 204,636 $ 236,364 $ 208,978 During the fixed rate interest period from May 3, 2007 May 14, 2017 6.6 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 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: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Interest expense incurred $ 15,749 $ 15,749 $ 15,749 |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 8. COLLATERALIZED 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 December 31, 2016, the total amount on deposit in trust accounts was $ 466,029 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 The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts. Years Ended December 31, Mt. Logan Re Segregated Accounts 2016 2015 2014 (Dollars in thousands) Ceded written premiums 197,537 234,001 138,362 Ceded earned premiums 191,568 226,385 139,317 Ceded losses and LAE 44,802 40,807 30,598 Assumed written premiums 14,563 15,421 13,889 Assumed earned premiums 14,563 15,421 13,889 Assumed losses and LAE - - - 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 55,536 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 |
Operating Lease Agreements
Operating Lease Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Operating Lease Agreements [Abstract] | |
Operating Lease Agreements | 9 OPERATING LEASE AGREEMENTS The future minimum rental commitments, exclusive of cost escalation clauses, at December 31, 2016, for all of the Company's operating leases with remaining non-cancelable terms in excess of one year are as follows: (Dollars in thousands) 2017 $ 14,818 2018 15,302 2019 15,801 2020 15,170 2021 6,307 Thereafter 23,769 Net commitments $ 91,168 (Some amounts may not reconcile due to rounding.) All of these leases, the expiration terms of which range from 2018 2027 17,663 15,986 15,519 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 10. INCOME TAXES Under Bermuda law, no income or capital gains taxes are imposed on Group and its Bermuda Subsidiaries. The Minister of Finance of Bermuda has assured Group and its Bermuda subsidiaries that, pursuant to The Exempted Undertakings Tax Protection Amendment Act of 2011, they will be exempt until 2035 from imposition of any such taxes. All of the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state and local taxes on corporations. Additionally, the income of the foreign branches of the Company's insurance operating companies, in particular the UK branch of Bermuda Re, is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5 no Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Current tax expense (benefit): U.S. $ 30,971 $ 90,486 $ 143,297 Non-U.S. 4,228 14,811 22,575 Total current tax expense (benefit) 35,199 105,297 165,872 Deferred tax expense (benefit): U.S. 70,995 28,724 21,780 Non-U.S. (2,694 ) - - Total deferred tax expense (benefit) 68,301 28,724 21,780 Total income tax expense (benefit) $ 103,500 $ 134,021 $ 187,652 (Some amounts may not reconcile due to rounding.) The weighted average expected tax provision has been calculated using the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction's applicable statutory tax rate. Reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate for the periods indicated is provided below: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ 208,821 $ 480,602 $ 294,386 $ 493,025 $ 228,194 $ 585,327 Net investment income 230,691 242,393 234,709 238,763 260,501 269,985 Net realized capital gains (losses) (16,465 ) 9,249 (159,268 ) (24,879 ) 78,006 6,040 Net derivative gain (loss) - 18,647 - 6,317 - (11,599 ) Corporate expenses (8,276 ) (18,955 ) (7,179 ) (16,075 ) (7,252 ) (16,169 ) Interest, fee and bond issue cost amortization expense (35,435 ) (793 ) (35,434 ) (756 ) (37,970 ) (563 ) Other income (expense) (5,536 ) (5,101 ) 27,706 60,574 (1,561 ) 38,869 Pre-tax income (loss) $ 373,801 $ 726,043 $ 354,920 $ 756,970 $ 519,918 $ 866,890 Expected tax provision at the applicable statutory rate(s) 130,830 2,387 124,221 14,848 181,972 21,279 Increase (decrease) in taxes resulting from: Tax exempt income (9,078 ) - (10,004 ) - (12,231 ) - Dividend received deduction (4,913 ) - (5,364 ) - (5,910 ) - Proration 1,931 - 2,160 - 1,835 - Tax audit settlement (18,644 ) - - - - - Other 1,840 (853 ) 8,197 (37 ) (588 ) 1,296 Total income tax provision $ 101,966 $ 1,534 $ 119,210 $ 14,811 $ 165,077 $ 22,575 (Some amounts may not reconcile due to rounding.) During 2016, the Internal Revenue Service ("IRS") completed its audit of the Company for the 2009 through 2013 tax years and issued a final Revenue Agent Report ("RAR"). The RAR reflected that the IRS owed the Company a net refund for the five 44,241 3,396 34,234 5,000 The Company has no reserve for uncertain tax positions. Deferred Income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values as measured by the U.S. tax laws and regulations. The principal items making up the net deferred income tax assets/ (liabilities) are as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 Deferred tax assets: Loss reserves $ 104,547 $ 169,771 Unearned premium reserves 37,573 40,624 Net unrealized losses on benefit plans 35,271 33,971 Unrealized foreign currency losses 27,410 - Benefit plan liability 14,576 18,747 Net operating loss carryforward 6,341 3,412 Uncollectible reinsurance reserves 5,534 5,534 Investment impairments 3,093 23,481 Deferred expenses 2,884 3,182 Foreign tax credits - 11,836 Alternative minimum tax credits - 7,604 Other assets 14,843 16,347 Total deferred tax assets 252,071 334,509 Deferred tax liabilities: Net fair value income 78,740 80,268 Deferred acquisition costs 26,652 33,227 Net unrealized investment gains 20,698 7,491 Partnership investments 11,912 6,006 Gain on tender of debt 10,958 16,437 Unrealized foreign currency gains - 3,778 Other liabilities 3,086 5,860 Total deferred tax liabilities 152,045 153,067 Net deferred tax assets 100,026 181,442 Less: Valuation allowance (3,846 ) (3,412 ) Total net deferred tax assets $ 96,181 $ 178,030 (Some amounts may not reconcile due to rounding.) At December 31, 2016, the Company has no 3,846 3,412 The Company has recorded tax benefits related to share-based compensation deductions for dividends on restricted stock, vesting of restricted stock and exercised stock options in 2016 and 2015, respectively of $ 7,458 8,064 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance [Abstract] | |
Reinsurance | 11. REINSURANCE The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances. The Company may hold partial collateral, including letters of credit and funds held, under these agreements. See also Note 1C, Note 3 and Note 8. Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Written premiums: Direct $ 1,819,588 $ 1,569,791 $ 1,227,645 Assumed 4,214,286 4,321,922 4,535,231 Ceded (762,969 ) (709,402 ) (630,446 ) Net written premiums $ 5,270,905 $ 5,182,311 $ 5,132,430 Premiums earned: Direct $ 1,694,702 $ 1,491,163 $ 1,183,498 Assumed 4,361,944 4,500,526 4,419,322 Ceded (736,180 ) (698,847 ) (559,113 ) Net premiums earned $ 5,320,466 $ 5,292,842 $ 5,043,707 Incurred losses and LAE: Direct $ 1,496,455 $ 1,268,896 $ 1,100,037 Assumed 2,121,902 2,152,633 2,160,663 Ceded (478,728 ) (356,814 ) (384,764 ) Net incurred losses and LAE $ 3,139,629 $ 3,064,715 $ 2,875,936 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 12. COMPREHENSIVE INCOME (LOSS) The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 65,645 $ (13,961 ) $ 51,684 $ (333,657 ) $ 54,502 $ (279,155 ) $ (4,278 ) $ 11,653 $ 7,375 URA(D) on securities - OTTI 7,734 (1,789 ) 5,945 8,411 (3,383 ) 5,028 (10,078 ) 3,407 (6,671 ) Reclassification of net realized losses (gains) included in net income (loss) 23,232 (8,114 ) 15,118 131,211 (37,523 ) 93,688 34,668 (13,276 ) 21,392 Foreign currency translation adjustments (53,802 ) (1,539 ) (55,341 ) (140,918 ) 29,388 (111,530 ) (111,145 ) 15,728 (95,417 ) Benefit plan actuarial net gain (loss) (11,520 ) 4,032 (7,488 ) 8,740 (3,059 ) 5,681 (60,169 ) 21,059 (39,110 ) Reclassification of benefit plan liability amortization included in net income (loss) 7,805 (2,732 ) 5,073 9,563 (3,347 ) 6,216 4,647 (1,627 ) 3,020 Total other comprehensive income (loss) $ 39,094 $ (24,103 ) $ 14,991 $ (316,650 ) $ 36,578 $ (280,072 ) $ (146,355 ) $ 36,944 $ (109,411 ) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Years Ended December 31, Affected line item within the statements of AOCI component 2016 2015 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 23,232 $ 131,211 Other net realized capital gains (losses) (8,114 ) (37,523 ) Income tax expense (benefit) $ 15,118 $ 93,688 Net income (loss) Benefit plan net gain (loss) $ 7,805 $ 9,563 Other underwriting expenses (2,732 ) (3,347 ) Income tax expense (benefit) $ 5,073 $ 6,216 Net income (loss) The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 Beginning balance of URA (D) on securities $ 42,811 $ 223,250 Current period change in URA (D) of investments - temporary 66,802 (185,467 ) Current period change in URA (D) of investments - non-credit OTTI 5,945 5,028 Ending balance of URA (D) on securities 115,558 42,811 Beginning balance of foreign currency translation adjustments (211,477 ) (99,947 ) Current period change in foreign currency translation adjustments (55,341 ) (111,530 ) Ending balance of foreign currency translation adjustments (266,818 ) (211,477 ) Beginning balance of benefit plan net gain (loss) (63,089 ) (74,986 ) Current period change in benefit plan net gain (loss) (2,415 ) 11,897 Ending balance of benefit plan net gain (loss) (65,504 ) (63,089 ) Ending balance of accumulated other comprehensive income (loss) $ (216,764 ) $ (231,755 ) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 13. EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plans. The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010. Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service. The Company's non-qualified defined benefit pension plan, affected in October 1995, provides compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations. Although not required to make contributions under IRS regulations, the following table summarizes the Company's contributions to the defined benefit pension plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Company contributions $ 30,821 $ 5,949 $ 16,484 The following table summarizes the Company's pension expense for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Pension expense $ 17,188 $ 22,682 $ 18,543 The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 Change in projected benefit obligation: Benefit obligation at beginning of year $ 254,022 $ 270,065 Service cost 10,924 12,511 Interest cost 9,485 10,759 Actuarial (gain)/loss 12,155 (18,595 ) Benefits paid (4,733 ) (20,718 ) Projected benefit obligation at end of year 281,853 254,022 Change in plan assets: Fair value of plan assets at beginning of year 135,087 157,090 Actual return on plan assets 10,331 (7,234 ) Actual contributions during the year 30,821 5,949 Benefits paid (4,733 ) (20,718 ) Fair value of plan assets at end of year 171,506 135,087 Funded status at end of year $ (110,348 ) $ (118,936 ) (Some amounts may not reconcile due to rounding.) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (2,371 ) (1,869 ) Other liabilities (due beyond one year) (107,977 ) (117,067 ) Net amount recognized in the consolidated balance sheets $ (110,348 ) $ (118,936 ) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Prior service cost $ - $ - Accumulated income (loss) (96,965 ) (91,920 ) Accumulated other comprehensive income (loss) $ (96,965 ) $ (91,920 ) (Some amounts may not reconcile due to rounding.) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2016 2015 Other comprehensive income (loss) at December 31, prior year $ (91,920 ) $ (102,692 ) Net gain (loss) arising during period (12,982 ) (259 ) Recognition of amortizations in net periodic benefit cost: Prior service cost - 21 Actuarial loss 7,937 11,011 Other comprehensive income (loss) at December 31, current year $ (96,965 ) $ (91,920 ) (Some amounts may not reconcile due to rounding.) Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Service cost $ 10,924 $ 12,511 $ 10,015 Interest cost 9,485 10,759 10,474 Expected return on assets (11,158 ) (11,620 ) (11,288 ) Amortization of actuarial loss from earlier periods 7,937 9,243 4,341 Amortization of unrecognized prior service cost - 21 49 Settlement - 1,768 4,953 Net periodic benefit cost $ 17,188 $ 22,682 $ 18,543 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year 5,045 (10,773 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 22,233 $ 11,909 (Some amounts may not reconcile due to rounding.) The estimated transition obligation, actuarial loss and prior service cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next year are $ 0 8,758 0 The weighted average discount rates used to determine net periodic benefit cost for 2016, 2015 and 2014 were 4.38 4.00 5.00 4.00 7.50 The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for years end 2016, 2015 and 2014 were 4.16 4.38 4.00 The following table summarizes the accumulated benefit obligation for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Qualified Plan $ 211,720 $ 188,702 Non-qualified Plan 21,123 17,756 Total $ 232,843 $ 206,458 (Some amounts may not reconcile due to rounding.) The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Qualified Plan Projected benefit obligation $ 254,320 $ 229,719 Fair value of plan assets 171,506 135,087 Non-qualified Plan Projected benefit obligation $ 27,534 $ 24,303 Fair value of plan assets - - The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Qualified Plan Accumulated benefit obligation $ 211,720 $ 188,702 Fair value of plan assets 171,506 135,087 Non-qualified Plan Accumulated benefit obligation $ 21,123 $ 17,756 Fair value of plan assets - - The following table displays the expected benefit payments in the periods indicated: (Dollars in thousands) 2017 $ 7,926 2018 10,069 2019 12,993 2020 10,732 2021 12,936 Next 5 years 72,113 Plan assets consist of shares in investment trusts with 78 13 7 2 70 30 The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2016 (Level 1) (Level 2) (Level 3) Assets: Cash $ - $ - $ - $ - Short-term investments, which approximates fair value (a) 3,665 3,665 - - Mutual funds, fair value Fixed income (b) 21,445 21,445 - - Equities (c) 122,213 122,213 - - Multi-strategy equity fund, fair value (d) 11,274 - - 11,274 Total $ 158,597 $ 147,323 $ - $ 11,274 (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50 50 (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90 10 (d) This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. 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: Cash $ - $ - $ - $ - Short-term investments, which approximates fair value (a) 4,034 4,034 - - Mutual funds, fair value Fixed income (b) 22,537 22,537 - - Equities (c) 86,505 86,505 - - Multi-strategy equity fund, fair value (d) 10,673 - - 10,673 Total $ 123,749 $ 113,076 $ - $ 10,673 (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% in U.S. securities and 50% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90% in U.S. equities and 10% in international equities. (d) This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. In addition, $ 12,909 11,338 The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturity investments, for the period indicated: Year Ended December 31, (Dollars in thousands) 2016 2015 Assets: Balance, beginning of period $ 10,673 $ 10,629 Actual return on plan assets: Realized gains (losses) relating to assets sold during the period 28 9 Unrealized gains (losses) relating to assets still held at the reporting date 517 12 Purchases and capital contributions - 161 Investment income earned on assets 189 - Sales and capital distributions (134 ) (138 ) Transfers in and/or (out) of Level 3 - - Balance, end of period $ 11,274 $ 10,673 The amount of total gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date $ 489 $ 3 (Some amounts may not reconcile due to rounding.) The Company does not expect to make any contributions to the qualified plan in 2017. The Company contributed $ 30,000 Defined Contribution Plans. The Company also maintains both qualified and non-qualified defined contribution plans ("Savings Plan" and "Non-Qualified Savings Plan", respectively) covering U.S. employees. Under the plans, the Company contributes up to a maximum 3 3 8 100 The following table presents the Company's incurred expenses related to these plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Incurred expenses $ 6,058 $ 5,468 $ 4,676 In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees. Each non-U.S. office (Brazil, Canada, London, Belgium, Singapore, Ireland, Zurich and Bermuda) maintains a separate plan for the non-U.S. employees working in that location. The Company contributes various amounts based on salary, age and/or years of service. The contributions as a percentage of salary for the branch offices range from 5.0 19.7 Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Incurred expenses $ 1,560 $ 1,423 $ 1,387 Post-Retirement Plan. The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010. This plan provides healthcare benefits for eligible retired employees (and their eligible dependants), who have elected coverage. The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company. The cost of these benefits is shared with the retiree. The Company accrues the post-retirement benefit expense during the period of the employee's service. The following medical cost trend rates were used to determine net periodic cost: a healthcare inflation rate for pre-Medicare claims of 6.7 4.5 6.2 4.5 The following medical cost trend rates were used to determine benefit obligations: a healthcare inflation rate for pre-Medicare claims of 7.5 4.5 7.5 4.5 Changes in the assumed healthcare cost trend can have a significant effect on the amounts reported for the healthcare plans. A one percent change in the rate would have the following effects on: Percentage Percentage Point Increase Point Decrease (Dollars in thousands) ($ Impact) ($ Impact) a. Effect on total service and interest cost components $ 541 $ (419 ) b. Effect on accumulated post-retirement benefit obligation 6,622 (5,158 ) The following table presents the post-retirement benefit expenses for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Post-retirement benefit expenses $ 2,293 $ 3,280 $ 3,196 The following table summarizes the status of this plan for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Change in projected benefit obligation: Benefit obligation at beginning of year $ 31,687 $ 36,506 Service cost 1,418 1,794 Interest cost 1,007 1,187 Amendments (794 ) - Actuarial (gain)/loss (668 ) (7,231 ) Benefits paid (579 ) (568 ) Benefit obligation at end of year 32,071 31,687 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 579 568 Benefits paid (579 ) (568 ) Fair value of plan assets at end of year - - Funded status at end of year $ (32,071 ) $ (31,687 ) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Other liabilities (due within one year) $ (614 ) $ (654 ) Other liabilities (due beyond one year) (31,457 ) (31,033 ) Net amount recognized in the consolidated balance sheets $ (32,071 ) $ (31,687 ) (Some amounts may not reconcile due to rounding.) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: At December 31, (Dollars in thousands) 2016 2015 Accumulated income (loss) $ (4,471 ) $ (5,139 ) Accumulated prior service credit (cost) 662 $ - Accumulated other comprehensive income (loss) $ (3,809 ) $ (5,139 ) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2016 2015 Other comprehensive income (loss) at December 31, prior year $ (5,139 ) $ (12,670 ) Net gain (loss) arising during period 668 7,231 Prior Service credit (cost) arising during period 794 - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - 300 Prior service cost (132 ) - Other comprehensive income (loss) at December 31, current year $ (3,809 ) $ (5,139 ) Net periodic benefit cost included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Service cost $ 1,418 $ 1,794 $ 1,619 Interest cost 1,007 1,187 1,320 Net loss recognition (132 ) 300 257 Net periodic cost $ 2,293 $ 3,280 $ 3,196 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year (1,330 ) (7,531 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 963 $ (4,251 ) (Some amounts may not reconcile due to rounding.) The estimated transition obligation, actuarial loss and prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are $ 0 132 131 The weighted average discount rates used to determine net periodic benefit cost for 2016, 2015 and 2014 were 4.38 4.00 5.00 The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2016, 2015 and 2014 were 4.16 4.38 4.00 The following table displays the expected benefit payments in the years indicated: (Dollars in thousands) 2017 $ 614 2018 706 2019 824 2020 951 2021 1,071 Next 5 years 7,804 |
Dividend Restrictions And Statu
Dividend Restrictions And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Dividend Restrictions And Statutory Financial Information | 14. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION Group and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain. These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets. Group and one of its primary operating subsidiaries, Bermuda Re, are regulated by Bermuda law and its other primary operating subsidiary, Everest Re, is regulated by Delaware law. Bermuda Re is subject to the Bermuda Solvency Capital Requirement ("BSCR") administered by the Bermuda Monetary Authority ("BMA") and Everest Re is subject to the Risk-Based Capital Model ("RBC") developed by the National Association of Insurance Commissioners ("NAIC"). These models represent the aggregate regulatory restrictions on net assets and statutory capital and surplus. Dividend Restrictions. Under Bermuda law, Group is prohibited from declaring or paying a dividend if such payment would reduce the realizable value of its assets to an amount less than the aggregate value of its liabilities and its issued share capital and share premium (additional paid-in capital) accounts. Group's ability to pay dividends and its operating expenses is dependent upon dividends from its subsidiaries. Under Bermuda law, Bermuda Re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio. As a long term insurer, Bermuda Re is also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in their long term business fund, as certified by their approved actuary, exceeds their liabilities for long term business by at least the $ 250 Prior approval of the BMA is required if Bermuda Re's dividend payments would exceed 25 Bermuda Re prepares its statutory financial statements in conformity with the accounting principles set forth in Bermuda in The Insurance Act 1978, amendments thereto and related regulations. The general business statutory capital and surplus of Bermuda Re was $ 2,702,624 2,632,411 682,876 621,643 698,834 Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10 523,547 Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department. Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual. The capital and statutory surplus of Everest Re was $ 3,635,121 3,210,891 523,547 498,455 357,298 There are certain regulatory and contractual restrictions on the ability of Holdings' operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance laws of the State of Delaware, where Holdings' direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds. Capital Restrictions. In Bermuda, Bermuda Re is subject to the BSCR administered by the BMA. No regulatory action is taken if an insurer's capital and surplus is equal to or in excess of their enhanced capital requirement determined by the BSCR model. In addition, the BMA has established a target capital level for each insurer, which is 120 In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital. As long as the total adjusted capital is 200 The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows: Bermuda Re (1) Everest Re (2) At December 31, At December 31, (Dollars in thousands) 2016 (3) 2015 (3) 2016 2015 Regulatory targeted capital $ - $ 2,079,005 $ 1,411,440 $ 1,355,668 Actual capital $ 2,702,624 $ 2,632,411 $ 3,635,121 $ 3,210,891 (1) Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. (2) Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. (3) The 2016 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2016 actual capital will exceed the targeted capital level. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. COMMITMENTS AND 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 December 31, (Dollars in thousands) 2016 2015 The Prudential Insurance Company of America $ 146,507 $ 142,427 Unaffiliated life insurance company $ 33,860 $ 33,062 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 16. SHARE-BASED COMPENSATION PLANS The Company has a 2010 Stock Incentive Plan ("2010 Employee Plan"), a 2009 Non-Employee Director Stock Option and Restricted Stock Plan ("2009 Director Plan") and a 2003 Non-Employee Director Equity Compensation Plan ("2003 Director Plan"). Under the 2010 Employee Plan, 4,000,000 2,629,771 no 37,439 34,957 500,000 362,714 Options and restricted shares granted under the 2010 Employee Plan and the 2002 Employee Plan vest at the earliest of 20 33 ten Performance Share Unit awards granted under the 2010 Employee Plan will vest 100 three 0 1.75 50 three 50 For share options, restricted shares and performance share units granted under the 2010 Employee Plan, the 2002 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, share-based compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) was $ 26,398 21,237 21,196 6,898 4,870 5,819 For the year ended December 31, 2016, a total of 173,546 186.015 182.095 194.165 212.120 11,130 186.015 No The Company recognizes, as an increase to additional paid-in capital, a realized income tax benefit from dividends, charged to retained earnings and paid to employees on equity classified non-vested equity shares. In addition, the amount recognized in additional paid-in capital for the realized income tax benefit from dividends on those awards is included in the pool of excess tax benefits available to absorb tax deficiencies on share-based payment awards. For the years ended December 31, 2016, 2015 and 2014, the Company recognized $ 597 446 401 A summary of the option activity under the Company's shareholder approved plans as of December 31, 2016, 2015 and 2014, and changes during the year then ended is presented in the following tables: Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2016 648,034 $ 85.61 Granted - - Exercised 187,940 87.31 Forfeited/Cancelled/Expired 5,100 88.25 Outstanding at December 31, 2016 454,994 84.88 3.7 $ 59,843 Exercisable at December 31, 2016 410,694 84.50 3.5 $ 54,169 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2015 888,184 $ 86.05 Granted - - Exercised 230,350 87.21 Forfeited/Cancelled/Expired 9,800 87.68 Outstanding at December 31, 2015 648,034 85.61 4.5 $ 64,352 Exercisable at December 31, 2015 495,334 84.94 4.1 $ 49,517 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2014 1,190,544 $ 85.44 Granted - - Exercised 286,120 83.53 Forfeited/Cancelled/Expired 16,240 85.73 Outstanding at December 31, 2014 888,184 86.05 5.2 $ 76,485 Exercisable at December 31, 2014 562,684 85.41 4.5 $ 48,812 There were no 19,876 21,434 21,202 16,408 6,480 The following table summarizes information about share options outstanding for the period indicated: At December 31, 2016 Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Number Remaining Average Number Average Range of Outstanding Contractual Exercise Exercisable Exercise Exercise Prices at 12/31/16 Life Price at 12/31/16 Price $ 71.7150 78.1700 90,880 2.1 $ 71.72 90,880 $ 71.72 $ 78.1800 85.6300 71,510 3.1 84.63 71,510 84.63 $ 85.6400 87.4700 109,240 4.1 86.62 109,240 86.62 $ 87.4800 110.1300 183,364 4.4 90.46 139,064 91.14 454,994 3.7 84.88 410,694 84.50 The following table summarizes the status of the Company's non-vested shares and changes for the periods indicated: Years Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Restricted (non-vested) Shares Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 435,336 $ 143.02 467,745 $ 120.84 429,041 $ 103.50 Granted 173,546 186.37 156,262 178.80 176,159 147.44 Vested 145,834 130.54 154,387 113.12 128,549 99.55 Forfeited 27,710 147.32 34,284 138.19 8,906 118.82 Outstanding at December 31, 435,338 164.21 435,336 143.02 467,745 120.84 As of December 31, 2016, there was $ 51,511 3.1 27,427 17,464 12,797 8,061 In addition to the 2010 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, Group issued 547 426 476 103 75 75 Since its 1995 initial public offering, the Company has issued to certain key employees of the Company 1,997,372 258,587 129,817 no 70,010 82,277 82,490 12,111 14,666 12,738 The following table summarized the status of the Company's non-vested performance share unit awards and changes for the period indicated: Year Ended December 31, 2016 2015 Weighted- Weighted- Average Average Grant Date Grant Date Performance Share Unit Awards Shares Fair Value Shares Fair Value Outstanding at January 1, 10,705 $ 178.84 - $ - Granted 11,130 186.02 10,705 178.84 Vested - - - - Forfeited - - - - Outstanding at December 31, 21,835 182.50 10,705 178.84 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. 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 brokers, surplus lines brokers and general agents 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: U.S. Reinsurance Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 2,125,792 $ 2,147,892 $ 2,154,530 Net written premiums 1,970,575 1,855,853 1,983,800 Premiums earned $ 2,072,155 $ 1,952,680 $ 1,986,769 Incurred losses and LAE 1,068,475 825,081 954,525 Commission and brokerage 465,953 493,261 466,291 Other underwriting expenses 54,107 50,087 45,583 Underwriting gain (loss) $ 483,620 $ 584,251 $ 520,370 International Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 1,230,683 $ 1,334,206 $ 1,603,566 Net written premiums 1,082,712 1,208,978 1,336,633 Premiums earned $ 1,119,121 $ 1,251,111 $ 1,310,903 Incurred losses and LAE 486,550 749,891 748,174 Commission and brokerage 283,447 298,180 306,229 Other underwriting expenses 35,512 34,303 34,598 Underwriting gain (loss) $ 313,612 $ 168,737 $ 221,902 Bermuda Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 890,375 $ 877,328 $ 786,408 Net written premiums 831,931 791,594 744,664 Premiums earned $ 837,964 $ 822,391 $ 715,736 Incurred losses and LAE 461,909 456,448 361,792 Commission and brokerage 233,989 215,992 198,848 Other underwriting expenses 36,331 36,017 34,923 Underwriting gain (loss) $ 105,735 $ 113,934 $ 120,173 Insurance Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 1,787,024 $ 1,532,287 $ 1,218,372 Net written premiums 1,385,687 1,325,886 1,067,333 Premiums earned $ 1,291,226 $ 1,266,660 $ 1,030,299 Incurred losses and LAE 1,122,695 1,033,295 811,445 Commission and brokerage 205,303 176,213 149,777 Other underwriting expenses 176,772 136,661 118,001 Underwriting gain (loss) $ (213,544 ) $ (79,509 ) $ (48,924 ) The following table reconciles the underwriting results for the operating segments to income before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Underwriting gain (loss) $ 689,423 $ 787,412 $ 813,522 Net investment income 473,085 473,473 530,485 Net realized capital gains (losses) (7,216 ) (184,147 ) 84,046 Net derivative gain (loss) 18,647 6,317 (11,599 ) Corporate expenses (27,231 ) (23,254 ) (23,421 ) Interest, fee and bond issue cost amortization expense (36,228 ) (36,191 ) (38,533 ) Other income (expense) (10,636 ) 88,280 32,308 Income (loss) before taxes $ 1,099,844 $ 1,111,890 $ 1,386,808 The Company produces business in the U.S., Bermuda and internationally. The net income deriving from and assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company's financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: Years Ended December 31, (Dollars in thousands) 2016 2015 2014 United Kingdom $ 688,598 $ 740,763 $ 676,490 Approximately 19.4 20.7 22.7 |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Dispositions [Abstract] | |
Dispositions | 18. DISPOSITIONS On August 24, 2016, the Company sold Heartland, its crop Managing General Agent to CGB for $ 49,000 12,942 On July 13, 2015, the Company closed its agreement to sell all of the outstanding shares of capital stock of Mt. McKinley, a Delaware domiciled insurance company and wholly-owned subsidiary of the Company to Clearwater Insurance Company, a Delaware domiciled insurance company. The Company received $ 20,156 Concurrently with the closing, the Company entered into a retrocession treaty with an affiliate of Clearwater Insurance Company. Per the retrocession treaty, the Company retroceded 100 140,279 100,451 440,279 300,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 20. UNAUDITED QUARTERLY FINANCIAL DATA Summarized quarterly financial data for the periods indicated: 2016 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,353,189 $ 1,363,351 $ 1,782,616 $ 1,534,719 Net written premiums 1,181,457 1,154,953 1,564,644 1,369,851 Premiums earned 1,218,867 1,288,860 1,371,474 1,441,265 Net investment income 102,524 132,737 122,657 115,167 Net realized capital gains (losses) (74,259 ) 32,658 380 34,005 Total claims and underwriting expenses 1,047,865 1,225,395 1,174,276 1,183,507 Net income (loss) 171,686 155,692 295,394 373,572 Earnings per common share attributable to Everest Re Group: Basic $ 4.03 $ 3.70 $ 7.11 $ 9.14 Diluted $ 4.00 $ 3.67 $ 7.06 $ 9.08 2015 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,418,025 $ 1,261,660 $ 1,724,943 $ 1,487,085 Net written premiums 1,224,289 1,135,718 1,500,355 1,321,949 Premiums earned 1,272,488 1,285,255 1,362,864 1,372,235 Net investment income 122,566 124,990 115,403 110,514 Net realized capital gains (losses) (10,505 ) (24,178 ) (159,971 ) 10,507 Total claims and underwriting expenses 1,056,990 1,130,606 1,234,785 1,083,049 Net income (loss) 322,978 209,057 88,553 357,281 Earnings per common share attributable to Everest Re Group: Basic $ 7.26 $ 4.72 $ 2.02 $ 8.32 Diluted $ 7.19 $ 4.68 $ 2.00 $ 8.26 |
Schedule I - Summary Of Investm
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties [Abstract] | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2016 Column A Column B Column C Column D Amount Shown in Market Balance (Dollars in thousands) Cost Value Sheet Fixed maturities-available for sale Bonds: U.S. government and government agencies $ 1,115,208 $ 1,130,315 $ 1,130,315 State, municipalities and political subdivisions 723,938 729,984 729,984 Foreign government securities 1,254,175 1,258,160 1,258,160 Foreign corporate securities 2,565,710 2,631,978 2,631,978 Public utilities 272,946 277,978 277,978 All other corporate bonds 5,255,468 5,345,900 5,345,900 Mortgage - backed securities: Commercial 308,827 306,932 306,932 Agency residential 2,415,901 2,405,469 2,405,469 Non-agency residential 642 641 641 Redeemable preferred stock 19,798 20,051 20,051 Total fixed maturities-available for sale 13,932,613 14,107,408 14,107,408 Fixed maturities - available for sale at fair value (1) - - - Equity securities - available for sale at market value 129,553 119,067 119,067 Equity securities - available for sale at fair value (1) 778,526 1,010,085 1,010,085 Short-term investments 431,478 431,478 431,478 Other invested assets 1,333,069 1,333,129 1,333,129 Cash 481,922 481,922 481,922 Total investments and cash $ 17,087,161 $ 17,483,089 $ 17,483,089 ( 1 ) Original cost does not reflect fair v alue adjustments, which have been realized through the statements of operations and comprehensive income (loss). |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2016 | |
Schedule II - Condensed Financial Information Of The Registrant [Abstract] | |
Schedule II - Condensed Financial Information Of The Registrant | SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS December 31, (Dollars and share amounts in thousands, except par value per share) 2016 2015 ASSETS: Fixed maturities - available for sale, at market value $ 2,178 $ 78,282 (amortized cost: 2016, $2,176; 2015, $78,153) Short-term investments - 18,288 Other invested assets (cost: 2016, $145,036; 2015, $0) 145,036 - Cash 2,034 740 Investment in subsidiaries, at equity in the underlying net assets 8,120,595 7,705,868 Accrued investment income 20 71 Receivable from subsidiaries 894 736 Other assets 60,603 56,314 TOTAL ASSETS $ 8,331,360 $ 7,860,299 LIABILITIES: Long term note payable - Affiliated $ 250,000 $ 250,000 Due to subsidiaries 1,020 1,068 Other liabilities 4,944 646 Total liabilities 255,964 251,714 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) 68,871 and (2015) 68,606 issued outstanding before treasury shares 689 686 Additional paid-in capital 2,140,783 2,103,638 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $8,240 at 2016 and ($15,863) at 2015 (216,764 ) (231,755 ) Treasury shares, at cost; 27,972 shares (2016) and 25,912 shares (2015) (3,272,244 ) (2,885,956 ) Retained earnings 9,422,932 8,621,972 Total shareholders' equity 8,075,396 7,608,585 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 8,331,360 $ 7,860,299 See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, 2016 2015 2014 (Dollars in thousands) REVENUES: Net investment income $ 879 $ 3,895 $ 824 Net realized capital gains (losses) 144 (3,057 ) 15 Other income (expense) 5,022 7,809 5,568 Net income (loss) of subsidiaries 1,012,315 989,462 1,208,192 Total revenues 1,018,360 998,109 1,214,599 EXPENSES: Interest expense - affiliated 4,300 4,300 - Other expenses 17,716 15,940 15,443 Total expenses 22,016 20,240 15,443 INCOME (LOSS) BEFORE TAXES 996,344 977,869 1,199,156 Income tax expense (benefit) - - - NET INCOME (LOSS) $ 996,344 $ 977,869 $ 1,199,156 Other comprehensive income (loss), net of tax: Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period 57,629 (274,127 ) 704 Reclassification adjustment for realized losses (gains) included in net income (loss) 15,118 93,688 21,392 Total URA(D) on securities arising during the period 72,747 (180,439 ) 22,096 Foreign currency translation adjustments (55,341 ) (111,530 ) (95,417 ) Benefit plan actuarial net gain (loss) for the period (7,488 ) 5,681 (39,110 ) Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 5,073 6,216 3,020 Total benefit plan net gain (loss) for the period (2,415 ) 11,897 (36,090 ) Total other comprehensive income (loss), net of tax 14,991 (280,072 ) (109,411 ) COMPREHENSIVE INCOME (LOSS) $ 1,011,335 $ 697,797 $ 1,089,745 See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, (Dollars in thousands) 2016 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 996,344 $ 977,869 $ 1,199,156 Adjustments to reconcile net income to net cash provided by operating activities: Equity in retained (earnings) deficit of subsidiaries (1,012,315 ) (989,462 ) (1,208,192 ) Dividends received from subsidiaries 690,000 590,000 690,000 Change in other assets and liabilities, net 66 (7,626 ) 14,470 Increase (decrease) in due to/from affiliates (206 ) 839 (2,520 ) Amortization of bond premium (accrual of bond discount) (56 ) 525 156 Realized capital losses (gains) (144 ) 3,057 (15 ) Non-cash compensation expense 2,311 1,841 1,828 Net cash provided by (used in) operating activities 676,000 577,043 694,883 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries (77,324 ) (60,600 ) (73,873 ) Proceeds from fixed maturities matured/called - available for sale, at market value 1,152 26,074 4,765 Proceeds from fixed maturities sold - available for sale, at market value 75,025 252,047 50,010 Distribution from other invested assets 757,399 - - Cost of fixed maturities acquired - available for sale, at market value - (532,480 ) (49,994 ) Cost of other invested assets acquired (902,435 ) - - Net change in short-term investments 18,288 279,462 (269,307 ) Net cash provided by (used in) investing activities (127,895 ) (35,497 ) (338,399 ) CASH FLOWS FROM FINANCING ACTIVITIES: Common shares issued during the period, net 34,861 32,962 37,208 Purchase of treasury shares (386,288 ) (400,059 ) (500,024 ) Proceeds from issuance of long term notes - affiliated - - 250,000 Dividends paid to shareholders (195,384 ) (175,107 ) (145,913 ) Net cash provided by (used in) financing activities (546,811 ) (542,204 ) (358,729 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH - - - Net increase (decrease) in cash 1,294 (658 ) (2,245 ) Cash, beginning of period 740 1,398 3,643 Cash, end of period $ 2,034 $ 740 $ 1,398 See notes to consolidated financial statements. SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES TO CONDENSED FINANCIAL INFORMATION 1.) The accompanying condensed financial information should be read in conjunction with the Consolidated Financial Statements and related Notes of Everest Re Group, Ltd. and its Subsidiaries. 2.) Everest Re Group, Ltd. entered into a $ 250,000 December 31, 2023 1.72 3.) Everest Re Group, Ltd. has invested funds in the segregated accounts of Mt. Logan Re, Ltd. ("Mt. Logan Re"), an affiliated entity. As of December 31, 2016 and 2015, Everest Re Group, Ltd. had investments in preferred shares of Mt. Logan Re, Ltd. segregated accounts of $ 55,536 50,000 Based upon ASU 2015-02, authoritative guidance regarding consolidation of reporting entities, the separate segregated accounts of Mt. Logan Re are no longer included as part of the consolidated financial statements of Everest Re Group, Ltd. and its subsidiaries. Therefore, for the condensed financial statements, the presentation of Everest Re Group, Ltd. investments and operating results related to Mt. Logan Re have been reclassified for the presented periods in accordance with the guidance. On the Condensed Balance Sheets, investments in Mt. Logan Re valued at $ 58,955 55,673 5,536 8,268 6,142 |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2016 | |
Schedule III - Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Reserve Incurred Geographic Area for Losses Loss and Amortization Deferred and Loss Unearned Net Loss of Deferred Other Net Acquisition Adjustment Premium Premiums Investment Adjustment Acquisition Operating Written (Dollars in thousands) Costs Expenses Reserves Earned Income Expenses Costs Expenses Premium December 31, 2016 Domestic $ 220,864 $ 6,604,867 $ 1,110,528 $ 3,363,381 $ 234,123 $ 2,191,170 $ 671,256 $ 230,879 $ 3,356,262 International 52,014 1,748,380 237,120 1,119,121 33,059 486,550 283,447 35,512 1,082,712 Bermuda 71,174 1,959,065 229,898 837,964 205,902 461,909 233,989 36,331 831,931 Total $ 344,052 $ 10,312,313 $ 1,577,546 $ 5,320,466 $ 473,085 $ 3,139,629 $ 1,188,692 $ 302,722 $ 5,270,905 December 31, 2015 Domestic $ 234,061 $ 6,114,129 $ 1,083,493 $ 3,219,340 $ 245,159 $ 1,858,376 $ 669,474 $ 186,748 $ 3,181,739 International 61,217 1,819,700 273,677 1,251,111 34,181 749,891 298,180 34,303 1,208,978 Bermuda 77,074 2,017,970 256,220 822,391 194,133 456,448 215,992 36,017 791,594 Total $ 372,351 $ 9,951,798 $ 1,613,390 $ 5,292,842 $ 473,473 $ 3,064,715 $ 1,183,646 $ 257,069 $ 5,182,311 December 31, 2014 Domestic $ 242,178 $ 6,041,129 $ 1,099,842 $ 3,017,068 $ 253,304 $ 1,765,970 $ 616,068 $ 163,584 $ 3,051,133 International 69,050 1,785,695 347,352 1,310,903 40,262 748,174 306,229 34,598 1,336,633 Bermuda 87,103 1,893,989 281,551 715,736 236,920 361,792 198,848 34,923 744,664 Total $ 398,331 $ 9,720,813 $ 1,728,745 $ 5,043,707 $ 530,485 $ 2,875,936 $ 1,121,145 $ 233,104 $ 5,132,430 (Some amounts may not reconcile due to rounding.) |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
Schedule IV - Reinsurance [Abstract] | |
Schedule IV - Reinsurance | SCHEDULE IV - REINSURANCE Column A Column B Column C Column D Column E Column F Ceded to Assumed Gross Other from Other Net Assumed (Dollars in thousands) Amount Companies Companies Amount to Net December 31, 2016 Total property and liability insurance premiums earned $ 1,694,702 $ 736,180 $ 4,361,944 $ 5,320,466 82.0 % December 31, 2015 Total property and liability insurance premiums earned $ 1,491,163 $ 698,847 $ 4,500,526 $ 5,292,842 85.0 % December 31, 2014 Total property and liability insurance premiums earned $ 1,183,498 $ 559,113 $ 4,419,322 $ 5,043,707 87.6 % |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Business And Basis Of Presentation | A. Business and Basis of Presentation. Everest Re Group, Ltd. ("Group"), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, "Company" means Group and its subsidiaries. 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 July 1, 2016, the Company established a new Irish holding company, Everest Dublin Insurance Holdings Limited (Ireland) ("Everest Dublin Holdings"). 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 through August 24, 2016, 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 through July 13, 2015 are included within the Company's financial statements. Effective February 27, 2013, the Company established a new subsidiary, Mt. Logan Reinsurance Limited ("Mt. Logan Re"). Mt. Logan Re manages separate segregated accounts whose assets and capital relate mainly to third party external investors. The segregated account activities related to third party external investors are not included as part of the Company's financial statements. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group: Everest International Reinsurance, Ltd. ("Everest International"), Everest Global Services, Inc. ("Global Services"), Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., International Holdings, Everest Corporate Member Limited, Everest Service Company (UK), Ltd., Preferred International, Everest Reinsurance (Bermuda), Ltd. ("Bermuda Re"), Everest Re Advisors, Ltd., Everest Advisors (UK), Ltd., Everest Underwriting Group (Ireland), Limited ("Holdings Ireland"), Everest Insurance Company of Canada ("Everest Canada"), Premiere Insurance Underwriting Services ("Premiere"), Everest Dublin Holdings, Everest Dublin Insurance Limited, Everest Reinsurance Company (Ireland), designated activity company ("Ireland Re"), Everest Reinsurance Holdings, Inc. ("Holdings"), Heartland, Everest International Assurance, Ltd. (Bermuda) ("Everest Assurance"), Specialty Insurance Group, Inc. ("Specialty"), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC ("Specialty RPG"), Mt. McKinley, Mt. McKinley Managers, L.L.C., Workcare Southeast of Georgia, Inc., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company ("Everest Re"), Everest National Insurance Company ("Everest National"), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company ("Everest Indemnity"), Everest Denali, Everest Premier and Everest Security Insurance Company ("Everest Security"). All amounts are reported in U.S. dollars. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years' amounts to conform to the 2016 presentation. |
Investments | B. Investments. Fixed maturity and equity security investments available for sale, at market value, reflect unrealized appreciation and depreciation, as a result of temporary changes in market value during the period, in shareholders' equity, net of income taxes in "accumulated other comprehensive income (loss)" in the consolidated balance sheets. Fixed maturity and equity securities carried at fair value reflect fair value re-measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income (loss). The Company records changes in fair value for its fixed maturities available for sale, at market value through shareholders' equity, net of taxes in accumulated other comprehensive income (loss) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. Fixed maturities carried at fair value represent a portfolio of convertible bond securities, which have characteristics similar to equity securities and at times, designated foreign denominated fixed maturity securities, which will be used to settle loss and loss adjustment reserves in the same currency. The Company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities. For equity securities, available for sale, at fair value, the Company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Unrealized losses on fixed maturities, which are deemed other-than-temporary and related to the credit quality of a security, are charged to net income (loss) as net realized capital losses. Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, an investment manager's valuation committee will estimate fair value, which is reviewed by the Company for reasonableness. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used to effect the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships, a private placement liquidity sweep facility and rabbi trusts. Cash contributions to and cash distributions from the sweep facility are reported gross in cash flows from investing activities in the Consolidated Statements of Cash Flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. |
Uncollectible Receivable Balances | C. Uncollectible Receivable Balances. The Company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management's assessment of the collectability of the outstanding balances. Such reserves are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2016 2015 Reinsurance receivables and premium receivables $ 23,360 $ 22,878 |
Deferred Acquisition Costs | D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company's reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. Deferred acquisition costs amortized to income are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Deferred acquisition costs $ 1,188,692 $ 1,183,646 $ 1,121,145 |
Reserve For Losses And Loss Adjustment Expenses | E. Reserve for Losses and Loss Adjustment Expenses. The reserve for losses and loss adjustment expenses ("LAE") is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported ("IBNR") based on past experience. A provision is also included for certain potential liabilities relating to asbestos and environmental ("A&E") exposures, which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company's loss and LAE reserves represent management's best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance receivables and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. |
Future Policy Benefit Reserve | F. Future Policy Benefit Reserve. Liabilities for future policy benefits on annuity policies are carried at their accumulated values. Reserves for policy benefits include mortality claims in the process of settlement and IBNR claims. Actual experience in a particular period may fluctuate from expected results. |
Premium Revenues | G. Premium Revenues. Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. Such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium received on reinsurance coverages, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. Payout annuity premiums are recognized as revenue over the premium-paying period of the policies. |
Prepaid Reinsurance Premiums | H. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10 |
Income Taxes | I. Income Taxes. Holdings and its wholly-owned subsidiaries file a consolidated U.S. federal income tax return. Foreign subsidiaries and branches of subsidiaries file local tax returns as required. Group and subsidiaries not included in Holdings' consolidated tax return file separate company U.S. federal income tax returns as required. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules. |
Foreign Currency | J. Foreign Currency. As a global entity, the Company transacts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in shareholders' equity, net of deferred taxes. The business units' base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in shareholder's equity. |
Earnings Per Common Share | K. Earnings Per Common Share. Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. Net income (loss) attributable to Everest Re Group per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Years Ended December 31, (Dollars in thousands, except per share amounts) 2016 2015 2014 Net income (loss) per share: Numerator Net income (loss) $ 996,344 $ 977,869 $ 1,199,156 Less: dividends declared-common shares and nonvested common shares (195,384 ) (175,107 ) (145,913 ) Undistributed earnings 800,960 802,762 1,053,243 Percentage allocated to common shareholders (1) 98.9 % 98.9 % 99.0 % 792,415 794,309 1,042,423 Add: dividends declared-common shareholders 193,413 173,367 144,447 Numerator for basic and diluted earnings per common share $ 985,829 $ 967,676 $ 1,186,870 Denominator Denominator for basic earnings per weighted-average common shares 41,329 43,415 45,377 Effect of dilutive securities: Options 300 380 425 Denominator for diluted earnings per adjusted weighted-average common shares 41,628 43,795 45,802 Per common share net income (loss) Basic $ 23.85 $ 22.29 $ 26.16 Diluted $ 23.68 $ 22.10 $ 25.91 (1) 41,329 43,415 45,377 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 41,774 43,877 45,848 Percentage allocated to common shareholders 98.9 % 98.9 % 99.0 % (Some amounts may not reconcile due to rounding.) There were no All outstanding options expire on or between February 21, 2017 September 19, 2022 |
Segmentation | L. Segmentation. The Company, through its subsidiaries, operates in four |
Derivatives | M. Derivatives. The Company sold seven equity index put option contracts, based on two indices, in 2001 and 2005, which remain outstanding. The Company sold these equity index put options as insurance products with the intent of achieving a profit. These equity index put option contracts meet the definition of a derivative under FASB guidance and the Company's position in these equity index put option contracts is unhedged. Accordingly, these equity index put option contracts are carried at fair value in the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). The fair value of the equity index put options can be found in the Company's consolidated balance sheets as follows: (Dollars in thousands) Derivatives not designated as Location of fair value At December 31, hedging instruments in balance sheets 2016 2015 Equity index put option contracts Equity index put option liability $ 22,059 $ 40,705 Total $ 22,059 $ 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) Derivatives not designated as Location of gain (loss) in statements of For the Years Ended December 31, hedging instruments operations and comprehensive income (loss) 2016 2015 2014 Equity index put option contracts Net derivative gain (loss) $ 18,647 $ 6,317 $ (11,599 ) Total $ 18,647 $ 6,317 $ (11,599 ) |
Deposit Assets And Liabilities | N. Deposit Assets and Liabilities. In the normal course of its operations, the Company may enter into contracts that do not meet risk transfer provisions. Such contracts are accounted for using the deposit accounting method and are included in other liabilities in the Company's consolidated balance sheets. For such contracts, the Company originally records deposit liabilities for an amount equivalent to the assets received. Actuarial studies are used to estimate the final liabilities under such contracts with any change reflected in the consolidated statements of operations and comprehensive income (loss). |
Share-Based Compensation | O. Share-Based Compensation. Share-based compensation stock option, restricted share and performance share unit awards are fair valued at the grant date and expensed over the vesting period of the award. The tax benefit on the recorded expense is deferred until the time the award is exercised or vests (becomes unrestricted). See Note 16. |
Application Of Recently Issued Accounting Guidance | P. Application of Recently Issued Accounting Guidance. Accounting for Share-Based Compensation. Disclosures about Short-Duration Contracts. Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share. Debt Issuance Costs. Consolidation. The following tables present certain financial statement line items as previously reported in 2015 and 2014, 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 Twelve Months Ended December 31, 2015 Twelve Months Ended December 31, 2014 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 $ 5,481,459 $ (188,617 ) $ 5,292,842 $ 5,169,135 $ (125,428 ) $ 5,043,707 Net investment income 473,825 (352 ) 473,473 530,570 (85 ) 530,485 Other income (expense) 60,435 27,845 88,280 18,437 13,871 32,308 Total revenues 5,837,889 (161,124 ) 5,676,765 5,790,589 (111,642 ) 5,678,947 CLAIMS AND EXPENSES: Incurred losses and loss adjustment expenses 3,101,915 (37,200 ) 3,064,715 2,906,534 (30,598 ) 2,875,936 Commission, brokerage, taxes and fees 1,202,036 (18,390 ) 1,183,646 1,135,586 (14,441 ) 1,121,145 Other underwriting expenses 265,984 (8,915 ) 257,069 240,400 (7,296 ) 233,104 Total claims and expenses 4,629,380 (64,505 ) 4,564,875 4,344,474 (52,335 ) 4,292,139 INCOME (LOSS) BEFORE TAXES 1,208,509 (96,619 ) 1,111,890 1,446,115 (59,307 ) 1,386,808 NET INCOME (LOSS) 1,074,488 (96,619 ) 977,869 1,258,463 (59,307 ) 1,199,156 Net income (loss) attributable to noncontrolling interests (96,619 ) 96,619 - (59,307 ) 59,307 - NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP 977,869 (977,869 ) - 1,199,156 (1,199,156 ) - CONSOLIDATED STATEMENT OF CASH FLOWS: Twelve Months Ended December 31, 2015 Twelve Months Ended December 31, 2014 Effect of Effect of adoption of adoption of As previously new accounting As previously new accounting (Dollars in thousands) reported policy As adopted reported policy As adopted CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 1,074,488 $ (96,619 ) $ 977,869 $ 1,258,463 $ (59,307 ) $ 1,199,156 Decrease (increase) in premiums receivable (93,837 ) (4,374 ) (98,211 ) 45,282 3,089 48,371 Decrease (increase) in funds held by reinsureds, net 31,225 (75,000 ) (43,775 ) (1,835 ) - (1,835 ) Decrease (increase) in reinsurance receivables (240,414 ) (24,689 ) (265,103 ) (186,014 ) (24,634 ) (210,648 ) Decrease (increase) in prepaid reinsurance premiums (14,486 ) (7,333 ) (21,819 ) (79,086 ) 956 (78,130 ) Increase (decrease) in other net payable to reinsurers 38,262 5,465 43,727 29,410 (1,102 ) 28,308 Change in other assets and liabilities, net 264 (9,198 ) (8,934 ) 35,419 (178,054 ) (142,635 ) Net cash provided by (used in) operating activities 1,308,382 (211,748 ) 1,096,634 1,313,821 (259,059 ) 1,054,762 CASH FLOWS FROM INVESTING ACTIVITIES: Net change in short-term investments (98,903 ) 440,636 341,733 (497,983 ) 421,500 (76,483 ) Net cash provided by (used in) investing activities (1,121,737 ) 440,636 (681,101 ) (1,180,072 ) 421,500 (758,572 ) CASH FLOWS FROM FINANCING ACTIVITIES: Third party investment in redeemable noncontrolling interest 266,848 (266,848 ) - 136,200 (136,200 ) - Subscription advances for third party redeemable noncontrolling interest 30,000 (30,000 ) - 40,000 (40,000 ) - Dividends paid on third party investment in redeemable noncontrolling interest (68,158 ) 68,158 - (10,334 ) 10,334 - Net cash provided by (used in) financing activities (332,879 ) (228,690 ) (561,569 ) (312,232 ) (165,866 ) (478,098 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH (7,582 ) (198 ) (7,780 ) 4,575 3,425 8,000 |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables | Years Ended December 31, (Dollars in thousands) 2016 2015 Reinsurance receivables and premium receivables $ 23,360 $ 22,878 |
Schedule Of Deferred Acquisition Costs Amortized To Income | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Deferred acquisition costs $ 1,188,692 $ 1,183,646 $ 1,121,145 |
Net Income (Loss) Per Common Share | Years Ended December 31, (Dollars in thousands, except per share amounts) 2016 2015 2014 Net income (loss) per share: Numerator Net income (loss) $ 996,344 $ 977,869 $ 1,199,156 Less: dividends declared-common shares and nonvested common shares (195,384 ) (175,107 ) (145,913 ) Undistributed earnings 800,960 802,762 1,053,243 Percentage allocated to common shareholders (1) 98.9 % 98.9 % 99.0 % 792,415 794,309 1,042,423 Add: dividends declared-common shareholders 193,413 173,367 144,447 Numerator for basic and diluted earnings per common share $ 985,829 $ 967,676 $ 1,186,870 Denominator Denominator for basic earnings per weighted-average common shares 41,329 43,415 45,377 Effect of dilutive securities: Options 300 380 425 Denominator for diluted earnings per adjusted weighted-average common shares 41,628 43,795 45,802 Per common share net income (loss) Basic $ 23.85 $ 22.29 $ 26.16 Diluted $ 23.68 $ 22.10 $ 25.91 (1) 41,329 43,415 45,377 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 41,774 43,877 45,848 Percentage allocated to common shareholders 98.9 % 98.9 % 99.0 % (Some amounts may not reconcile due to rounding.) |
Fair Value Of The Equity Index Put Options | (Dollars in thousands) Derivatives not designated as Location of fair value At December 31, hedging instruments in balance sheets 2016 2015 Equity index put option contracts Equity index put option liability $ 22,059 $ 40,705 Total $ 22,059 $ 40,705 |
Change In Fair Value Of The Equity Index Put Option Contracts | (Dollars in thousands) Derivatives not designated as Location of gain (loss) in statements of For the Years Ended December 31, hedging instruments operations and comprehensive income (loss) 2016 2015 2014 Equity index put option contracts Net derivative gain (loss) $ 18,647 $ 6,317 $ (11,599 ) Total $ 18,647 $ 6,317 $ (11,599 ) |
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 Twelve Months Ended December 31, 2015 Twelve Months Ended December 31, 2014 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 $ 5,481,459 $ (188,617 ) $ 5,292,842 $ 5,169,135 $ (125,428 ) $ 5,043,707 Net investment income 473,825 (352 ) 473,473 530,570 (85 ) 530,485 Other income (expense) 60,435 27,845 88,280 18,437 13,871 32,308 Total revenues 5,837,889 (161,124 ) 5,676,765 5,790,589 (111,642 ) 5,678,947 CLAIMS AND EXPENSES: Incurred losses and loss adjustment expenses 3,101,915 (37,200 ) 3,064,715 2,906,534 (30,598 ) 2,875,936 Commission, brokerage, taxes and fees 1,202,036 (18,390 ) 1,183,646 1,135,586 (14,441 ) 1,121,145 Other underwriting expenses 265,984 (8,915 ) 257,069 240,400 (7,296 ) 233,104 Total claims and expenses 4,629,380 (64,505 ) 4,564,875 4,344,474 (52,335 ) 4,292,139 INCOME (LOSS) BEFORE TAXES 1,208,509 (96,619 ) 1,111,890 1,446,115 (59,307 ) 1,386,808 NET INCOME (LOSS) 1,074,488 (96,619 ) 977,869 1,258,463 (59,307 ) 1,199,156 Net income (loss) attributable to noncontrolling interests (96,619 ) 96,619 - (59,307 ) 59,307 - NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP 977,869 (977,869 ) - 1,199,156 (1,199,156 ) - |
Schedule of Effect of Newly Adopted Accounting Policies, Cash Flow | CONSOLIDATED STATEMENT OF CASH FLOWS: Twelve Months Ended December 31, 2015 Twelve Months Ended December 31, 2014 Effect of Effect of adoption of adoption of As previously new accounting As previously new accounting (Dollars in thousands) reported policy As adopted reported policy As adopted CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 1,074,488 $ (96,619 ) $ 977,869 $ 1,258,463 $ (59,307 ) $ 1,199,156 Decrease (increase) in premiums receivable (93,837 ) (4,374 ) (98,211 ) 45,282 3,089 48,371 Decrease (increase) in funds held by reinsureds, net 31,225 (75,000 ) (43,775 ) (1,835 ) - (1,835 ) Decrease (increase) in reinsurance receivables (240,414 ) (24,689 ) (265,103 ) (186,014 ) (24,634 ) (210,648 ) Decrease (increase) in prepaid reinsurance premiums (14,486 ) (7,333 ) (21,819 ) (79,086 ) 956 (78,130 ) Increase (decrease) in other net payable to reinsurers 38,262 5,465 43,727 29,410 (1,102 ) 28,308 Change in other assets and liabilities, net 264 (9,198 ) (8,934 ) 35,419 (178,054 ) (142,635 ) Net cash provided by (used in) operating activities 1,308,382 (211,748 ) 1,096,634 1,313,821 (259,059 ) 1,054,762 CASH FLOWS FROM INVESTING ACTIVITIES: Net change in short-term investments (98,903 ) 440,636 341,733 (497,983 ) 421,500 (76,483 ) Net cash provided by (used in) investing activities (1,121,737 ) 440,636 (681,101 ) (1,180,072 ) 421,500 (758,572 ) CASH FLOWS FROM FINANCING ACTIVITIES: Third party investment in redeemable noncontrolling interest 266,848 (266,848 ) - 136,200 (136,200 ) - Subscription advances for third party redeemable noncontrolling interest 30,000 (30,000 ) - 40,000 (40,000 ) - Dividends paid on third party investment in redeemable noncontrolling interest (68,158 ) 68,158 - (10,334 ) 10,334 - Net cash provided by (used in) financing activities (332,879 ) (228,690 ) (561,569 ) (312,232 ) (165,866 ) (478,098 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH (7,582 ) (198 ) (7,780 ) 4,575 3,425 8,000 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At December 31, 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 $ 1,115,208 $ 20,410 $ (5,303 ) $ 1,130,315 $ - Obligations of U.S. states and political subdivisions 723,938 18,016 (11,970 ) 729,984 - Corporate securities 5,059,388 131,651 (35,758 ) 5,155,281 7,936 Asset-backed securities 488,824 1,110 (1,286 ) 488,648 - Mortgage-backed securities Commercial 308,827 1,983 (3,878 ) 306,932 - Agency residential 2,415,901 17,478 (27,910 ) 2,405,469 - Non-agency residential 642 44 (45 ) 641 - Foreign government securities 1,254,175 61,226 (57,241 ) 1,258,160 115 Foreign corporate securities 2,565,710 130,714 (64,446 ) 2,631,978 1,184 Total fixed maturity securities $ 13,932,613 $ 382,632 $ (207,837 ) $ 14,107,408 $ 9,235 Equity securities $ 129,553 $ 2,298 $ (12,784 ) $ 119,067 $ - 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 December 31, 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 $ 956,945 $ 966,970 $ 1,021,200 $ 1,036,016 Due after one year through five years 6,769,585 6,870,056 6,193,426 6,220,563 Due after five years through ten years 2,020,215 2,052,733 2,217,075 2,203,932 Due after ten years 971,674 1,015,959 795,103 841,836 Asset-backed securities 488,824 488,648 470,320 467,226 Mortgage-backed securities: Commercial 308,827 306,932 264,924 266,299 Agency residential 2,415,901 2,405,469 2,313,265 2,320,524 Non-agency residential 642 641 893 898 Total fixed maturity securities $ 13,932,613 $ 14,107,408 $ 13,276,206 $ 13,357,294 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in thousands) 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 $ 85,972 $ (197,231 ) Fixed maturity securities, other-than-temporary impairment 7,734 8,411 Equity securities 2,845 (5,215 ) Other invested assets 60 - Change in unrealized appreciation (depreciation), pre-tax 96,611 (194,035 ) Deferred tax benefit (expense) (22,075 ) 16,979 Deferred tax benefit (expense), other-than-temporary impairment (1,789 ) (3,383 ) Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity $ 72,747 $ (180,439 ) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at December 31, 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 $ 638,740 $ (5,303 ) $ - $ - $ 638,740 $ (5,303 ) Obligations of U.S. states and political subdivisions 221,088 (11,486 ) 564 (484 ) 221,652 (11,970 ) Corporate securities 1,360,743 (24,023 ) 177,153 (11,735 ) 1,537,896 (35,758 ) Asset-backed securities 150,023 (565 ) 18,786 (721 ) 168,809 (1,286 ) Mortgage-backed securities Commercial 143,554 (3,223 ) 7,184 (655 ) 150,738 (3,878 ) Agency residential 1,618,372 (22,461 ) 189,665 (5,449 ) 1,808,037 (27,910 ) Non-agency residential - - 113 (45 ) 113 (45 ) Foreign government securities 360,289 (12,041 ) 236,820 (45,200 ) 597,109 (57,241 ) Foreign corporate securities 687,599 (12,769 ) 295,500 (51,677 ) 983,099 (64,446 ) Total fixed maturity securities $ 5,180,408 $ (91,871 ) $ 925,785 $ (115,966 ) $ 6,106,193 $ (207,837 ) Equity securities - - 105,507 (12,784 ) 105,507 (12,784 ) Total $ 5,180,408 $ (91,871 ) $ 1,031,292 $ (128,750 ) $ 6,211,700 $ (220,621 ) 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 December 31, 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 $ 178,281 $ (1,122 ) $ 78,153 $ (14,318 ) $ 256,434 $ (15,440 ) Due in one year through five years 2,123,113 (26,263 ) 538,130 (84,803 ) 2,661,243 (111,066 ) Due in five years through ten years 680,334 (22,555 ) 86,631 (8,754 ) 766,965 (31,309 ) Due after ten years 286,731 (15,682 ) 7,123 (1,221 ) 293,854 (16,903 ) Asset-backed securities 150,023 (565 ) 18,786 (721 ) 168,809 (1,286 ) Mortgage-backed securities 1,761,926 (25,684 ) 196,962 (6,149 ) 1,958,888 (31,833 ) Total fixed maturity securities $ 5,180,408 $ (91,871 ) $ 925,785 $ (115,966 ) $ 6,106,193 $ (207,837 ) 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 | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Fixed maturities $ 410,337 $ 433,097 $ 462,757 Equity securities 40,707 45,617 47,193 Short-term investments and cash 1,769 1,225 1,550 Other invested assets Limited partnerships 38,647 14,431 40,868 Other 2,852 1,804 3,619 Gross investment income before adjustments 494,312 496,174 555,988 Funds held interest income (expense) 7,853 10,767 9,471 Future policy benefit reserve income (expense) (1,633 ) (1,907 ) (1,686 ) Gross investment income 500,532 505,034 563,772 Investment expenses (27,447 ) (31,561 ) (33,287 ) Net investment income $ 473,085 $ 473,473 $ 530,485 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Fixed maturity securities, market value: Other-than-temporary impairments $ (31,595 ) $ (102,199 ) $ (39,502 ) Gains (losses) from sales 6,918 (22,310 ) 4,408 Fixed maturity securities, fair value: Gains (losses) from sales (1,586 ) 24 (3,137 ) Gains (losses) from fair value adjustments 1,381 (44 ) (1,498 ) Equity securities, market value: Gains (losses) from sales 1,426 (6,702 ) 426 Equity securities, fair value: Gains (losses) from sales (13,442 ) (7,305 ) 156 Gains (losses) from fair value adjustments 57,686 (45,627 ) 123,196 Sale of Subsidiary (28,032 ) - - Other invested assets 18 - - Short-term investments gain (loss) 10 16 (3 ) Total net realized capital gains (losses) $ (7,216 ) $ (184,147 ) $ 84,046 |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Proceeds from sales of fixed maturity securities $ 1,264,271 $ 1,725,917 $ 1,848,268 Gross gains from sales 53,093 47,899 37,427 Gross losses from sales (47,761 ) (70,185 ) (36,156 ) Proceeds from sales of equity securities $ 729,782 $ 642,980 $ 600,970 Gross gains from sales 18,462 27,675 20,900 Gross losses from sales (30,478 ) (41,682 ) (20,318 ) |
Reserve For Losses, LAE And F35
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | At December 31, (Dollars in thousands) 2016 2015 2014 Gross reserves at January 1 $ 9,951,798 $ 9,720,813 $ 9,673,240 Less reinsurance recoverables (881,503 ) (655,095 ) (478,151 ) Net reserves at January 1 9,070,295 9,065,718 9,195,089 Incurred related to: Current year 3,434,964 3,129,744 2,915,612 Prior years (295,335 ) (65,029 ) (39,676 ) Total incurred losses and LAE 3,139,629 3,064,715 2,875,936 Paid related to: Current year 745,642 690,030 755,880 Prior years 2,042,972 2,180,076 2,088,772 Total paid losses and LAE 2,788,614 2,870,106 2,844,652 Foreign exchange/translation adjustment (99,859 ) (190,032 ) (160,655 ) Net reserves at December 31 9,321,451 9,070,295 9,065,718 Plus reinsurance recoverables 990,862 881,503 655,095 Gross reserves at December 31 $ 10,312,313 $ 9,951,798 $ 9,720,813 |
Ultimate Loss and ALAE And Paid Loss And ALAE, Net Of Reinsurance | U.S. Reinsurance - Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 400,944 $ 395,674 $ 328,910 $ 324,870 $ 320,908 69,381 N/A 2013 310,899 388,247 385,498 388,157 147,320 N/A 2014 367,454 383,597 392,300 215,144 N/A 2015 326,321 354,224 248,529 N/A 2016 330,352 272,614 N/A $ 1,785,940 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 9,930 $ 38,398 $ 82,900 $ 143,370 $ 187,125 2013 14,814 48,891 108,736 170,781 2014 18,791 54,220 110,199 2015 19,882 53,592 2016 18,920 $ 540,617 All outstanding liabilities prior to 2012, net of reinsurance 1,103,846 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,349,169 (Some amounts may not reconcile due to rounding.) U.S. Reinsurance - Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 937,168 $ 723,126 $ 621,543 $ 608,568 $ 608,182 15,899 N/A 2013 621,644 547,741 494,573 455,623 8,005 N/A 2014 641,489 550,471 473,579 46,920 N/A 2015 679,170 543,978 113,327 N/A 2016 966,314 488,562 N/A $ 3,047,676 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 242,129 $ 401,879 $ 492,597 $ 528,903 $ 546,305 2013 234,163 322,603 381,281 405,331 2014 218,595 321,473 369,615 2015 226,198 327,261 2016 286,082 $ 1,934,594 All outstanding liabilities prior to 2012, net of reinsurance 70,472 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,183,554 (Some amounts may not reconcile due to rounding.) International - Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 222,381 $ 145,165 $ 134,433 $ 134,806 $ 118,381 19,893 N/A 2013 182,388 167,152 164,664 146,192 38,720 N/A 2014 194,110 187,335 170,072 66,586 N/A 2015 192,610 179,393 99,975 N/A 2016 183,120 135,120 N/A $ 797,159 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 18,968 $ 30,309 $ 46,356 $ 56,937 $ 66,755 2013 17,945 41,511 55,190 68,508 2014 25,854 45,309 63,412 2015 24,408 49,198 2016 26,582 $ 274,456 All outstanding liabilities prior to 2012, net of reinsurance 132,472 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 655,175 (Some amounts may not reconcile due to rounding.) International - Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 562,356 $ 516,568 $ 464,379 $ 468,016 $ 468,340 3,276 N/A 2013 493,798 446,011 409,911 402,109 5,153 N/A 2014 590,986 536,437 491,539 73,701 N/A 2015 563,857 439,133 68,845 N/A 2016 510,072 151,258 N/A $ 2,311,193 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 200,839 $ 327,627 $ 396,237 $ 420,097 $ 433,538 2013 135,240 272,527 326,747 357,358 2014 163,098 285,019 352,586 2015 145,406 267,899 2016 150,819 $ 1,562,200 All outstanding liabilities prior to 2012, net of reinsurance 135,170 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 884,163 (Some amounts may not reconcile due to rounding.) Bermuda - Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 277,335 $ 257,552 $ 238,136 $ 228,861 $ 236,554 69,097 N/A 2013 223,085 254,485 250,151 259,719 120,413 N/A 2014 205,404 239,078 257,310 163,951 N/A 2015 263,919 293,967 196,691 N/A 2016 282,729 208,938 N/A $ 1,330,278 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 12,975 $ 29,971 $ 52,026 $ 76,682 $ 103,489 2013 17,185 34,498 53,035 78,476 2014 13,846 25,272 43,582 2015 13,664 58,647 2016 45,134 $ 329,328 All outstanding liabilities prior to 2012, net of reinsurance 507,747 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,508,697 (Some amounts may not reconcile due to rounding.) Bermuda - Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 233,738 $ 177,683 $ 162,787 $ 158,711 $ 159,285 624 N/A 2013 203,306 147,275 129,687 120,904 1,207 N/A 2014 178,615 157,187 131,588 13,592 N/A 2015 187,738 157,662 45,387 N/A 2016 198,310 123,224 N/A $ 767,749 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 45,233 $ 84,680 $ 115,938 $ 141,516 $ 148,159 2013 31,315 67,966 106,936 114,050 2014 28,540 81,535 101,239 2015 32,687 72,186 2016 26,324 $ 461,959 All outstanding liabilities prior to 2012, net of reinsurance 44,730 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 350,520 (Some amounts may not reconcile due to rounding.) Insurance - Casualty Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 349,301 $ 351,107 $ 346,685 $ 347,989 $ 353,145 50,190 15,638 2013 393,201 393,103 392,539 392,829 101,156 21,168 2014 430,554 456,532 454,071 151,768 24,829 2015 518,706 527,109 282,784 25,939 2016 552,006 406,759 23,463 $ 2,279,161 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 33,162 $ 101,258 $ 157,834 $ 213,365 $ 246,294 2013 33,303 117,016 176,280 224,558 2014 41,182 124,865 201,545 2015 44,298 134,658 2016 54,710 $ 861,765 All outstanding liabilities prior to 2012, net of reinsurance 644,177 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,061,572 (Some amounts may not reconcile due to rounding.) Insurance - Property Business At December 31, 2016 Total of IBNR Liabilites Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Years Ended December 31, Development Cumulative 2012 2013 2014 2015 2016 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 106,229 $ 88,908 $ 81,682 $ 82,382 $ 81,957 52 N/A 2013 111,926 97,870 91,054 91,956 5 N/A 2014 131,505 123,487 119,781 1,044 N/A 2015 172,535 152,580 3,999 N/A 2016 300,127 82,989 N/A $ 746,400 (Some amounts may not reconcile due to rounding.) Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 56,498 $ 81,712 $ 80,405 $ 81,686 $ 81,830 2013 68,656 92,945 91,653 91,923 2014 81,766 115,913 118,085 2015 102,005 141,010 2016 162,060 $ 594,908 All outstanding liabilities prior to 2012, net of reinsurance 171 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 151,663 (Some amounts may not reconcile due to rounding.) |
Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance | U.S. Reinsurance - Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 4.6% 9.0% 14.6% 17.3% 13.6% U.S. Reinsurance - Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 39.6% 21.7% 12.8% 5.7% 2.9% International - Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 14.3% 12.9% 11.0% 9.0% 8.3% International - Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 34.4% 28.2% 14.0% 6.3% 2.9% Bermuda - Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 7.7% 8.7% 7.8% 10.1% 11.3% Bermuda - Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 21.4% 29.6% 21.8% 11.7% 4.2% Insurance - Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Casualty 9.1% 18.9% 16.0% 13.9% 9.3% Insurance - Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 Property 63.1% 27.5% -0.1% 0.9% 0.2% |
Reconciliation of the Net Incurred and Paid Claims Development | December 31, 2016 (Dollars in thousands) Net outstanding liabilities U.S. Reinsurance Casualty $ 2,349,169 U.S. Reinsurance Property 1,183,554 International Casualty 655,175 International Property 884,163 Bermuda Casualty 1,508,697 Bermuda Property 350,520 Insurance Casualty 2,061,572 Insurance Property 151,663 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 9,144,514 Reinsurance recoverable on unpaid claims U.S. Reinsurance Casualty 98,282 U.S. Reinsurance Property 84,224 International Casualty 83,912 International Property 79,044 Bermuda Casualty 10,135 Bermuda Property 101,210 Insurance Casualty 498,493 Insurance Property 35,562 Total reinsurance recoverable on unpaid claims 990,862 Insurance lines other than short-duration - Unallocated claims adjustment expenses 132,210 Other 44,727 176,937 Total gross liability for unpaid claims and claim adjustment expense $ 10,312,313 (Some amounts may not reconcile due to rounding.) |
Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis | At December 31, (Dollars in thousands) 2016 2015 2014 Gross basis: Beginning of period reserves $ 433,117 $ 476,205 $ 402,461 Incurred losses 73,336 40,000 142,233 Paid losses (65,342 ) (83,088 ) (68,489 ) End of period reserves $ 441,111 $ 433,117 $ 476,205 Net basis: Beginning of period reserves $ 319,620 $ 458,211 $ 386,677 Incurred losses 53,909 38,440 137,769 Paid losses (54,457 ) (177,031 ) (66,235 ) End of period reserves $ 319,072 $ 319,620 $ 458,211 |
Summary Of Activity In The Reserve For Future Policy Benefits | At December 31, (Dollars in thousands) 2016 2015 2014 Balance at beginning of year $ 58,910 $ 59,820 $ 59,512 Liabilities assumed 175 315 250 Adjustments to reserves 303 2,310 4,724 Benefits paid in the current year (4,315 ) (3,535 ) (4,667 ) Balance at end of year $ 55,074 $ 58,910 $ 59,820 (Some amounts may not reconcile due to rounding.) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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) December 31, 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 $ 1,130,315 $ - $ 1,130,315 $ - Obligations of U.S. States and political subdivisions 729,984 - 729,984 - Corporate securities 5,155,281 - 5,090,084 65,197 Asset-backed securities 488,648 - 488,648 - Mortgage-backed securities Commercial 306,932 - 306,932 - Agency residential 2,405,469 - 2,405,469 - Non-agency residential 641 - 641 - Foreign government securities 1,258,160 - 1,258,160 - Foreign corporate securities 2,631,978 - 2,629,440 2,538 Total fixed maturities, market value 14,107,408 - 14,039,673 67,735 Fixed maturities, fair value - - - - Equity securities, market value 119,067 105,507 13,560 - Equity securities, fair value 1,010,085 949,523 60,562 - Liabilities: Equity index put option contracts $ 22,059 $ - $ - $ 22,059 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 | December 31, 2016 December 31, 2015 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities CMBS Corporate Total Securities CMBS Corporate Total Beginning balance $ 3,933 $ - $ 1,593 $ 5,526 $ - $ 8,597 $ 7,166 $ 15,763 Total gains or (losses) (realized/unrealized) Included in earnings 100 - (1,193 ) (1,093 ) 4 - (9,480 ) (9,476 ) Included in other comprehensive income (loss) 41 16 - 57 (96 ) - 3,908 3,812 Purchases, issuances and settlements 63,054 (44 ) 2,138 65,148 3,626 - - 3,626 Transfers in and/or (out) of Level 3 (1,931 ) 28 - (1,903 ) 399 (8,597 ) (1 ) (8,199 ) Ending balance $ 65,197 $ - $ 2,538 $ 67,735 $ 3,933 $ - $ 1,593 $ 5,526 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 $ - $ - $ - $ - $ - $ - $ 9,721 $ 9,721 (Some amounts may not reconcile due to rounding.) |
Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts | Years Ended December 31, (Dollars in thousands) 2016 2015 Liabilities: Balance, beginning of period $ 40,705 $ 47,022 Total (gains) or losses (realized/unrealized) Included in earnings (18,646 ) (6,317 ) Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Balance, end of period $ 22,059 $ 40,705 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date $ - $ - (Some amounts may not reconcile due to rounding.) |
Credit Facilities (Tables)
Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Credit facility fees incurred $ 793 $ 756 $ 659 |
Wells Fargo Bank Group Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At December 31, 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 - 600,000 2,488 12/12/2016 - 478,233 12/31/2017 - 447,178 12/31/2016 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 478,233 $ 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 December 31, 2016 At December 31, 2015 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 4,058 2/28/2017 $ 300,000 $ 3,672 11/24/2016 3,672 11/24/2017 67,783 12/31/2016 69,404 12/31/2017 179 8/30/2017 269 8/30/2018 316 12/31/2017 1,163 12/31/2018 - 93,180 12/30/2020 99,521 12/31/2019 Total Citibank Bilateral Agreement $ 200,000 $ 171,746 $ 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 December 31, 2016 At December 31, 2015 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 140,000 £ 130,606 12/31/2019 £ 175,000 £ 164,961 12/31/2019 - - - - Total Lloyd's Bank Credit Facility £ 140,000 £ 130,606 £ 175,000 £ 164,961 |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | December 31, 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 $ 396,714 $ 383,612 $ 396,594 $ 381,204 5.40% Senior notes 10/12/2004 10/15/2014 250,000 - - - - |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Interest expense incurred $ 19,472 $ 19,472 $ 21,818 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date December 31, 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 $ 236,462 $ 204,636 $ 236,364 $ 208,978 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Interest expense incurred $ 15,749 $ 15,749 $ 15,749 |
Collateralized Reinsurance An40
Collateralized Reinsurance And Trust Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Years Ended December 31, Mt. Logan Re Segregated Accounts 2016 2015 2014 (Dollars in thousands) Ceded written premiums 197,537 234,001 138,362 Ceded earned premiums 191,568 226,385 139,317 Ceded losses and LAE 44,802 40,807 30,598 Assumed written premiums 14,563 15,421 13,889 Assumed earned premiums 14,563 15,421 13,889 Assumed losses and LAE - - - |
Operating Lease Agreements (Tab
Operating Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Lease Agreements [Abstract] | |
Future Minimum Rental Commitments | (Dollars in thousands) 2017 $ 14,818 2018 15,302 2019 15,801 2020 15,170 2021 6,307 Thereafter 23,769 Net commitments $ 91,168 (Some amounts may not reconcile due to rounding.) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Components Of The Provision | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Current tax expense (benefit): U.S. $ 30,971 $ 90,486 $ 143,297 Non-U.S. 4,228 14,811 22,575 Total current tax expense (benefit) 35,199 105,297 165,872 Deferred tax expense (benefit): U.S. 70,995 28,724 21,780 Non-U.S. (2,694 ) - - Total deferred tax expense (benefit) 68,301 28,724 21,780 Total income tax expense (benefit) $ 103,500 $ 134,021 $ 187,652 (Some amounts may not reconcile due to rounding.) |
Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ 208,821 $ 480,602 $ 294,386 $ 493,025 $ 228,194 $ 585,327 Net investment income 230,691 242,393 234,709 238,763 260,501 269,985 Net realized capital gains (losses) (16,465 ) 9,249 (159,268 ) (24,879 ) 78,006 6,040 Net derivative gain (loss) - 18,647 - 6,317 - (11,599 ) Corporate expenses (8,276 ) (18,955 ) (7,179 ) (16,075 ) (7,252 ) (16,169 ) Interest, fee and bond issue cost amortization expense (35,435 ) (793 ) (35,434 ) (756 ) (37,970 ) (563 ) Other income (expense) (5,536 ) (5,101 ) 27,706 60,574 (1,561 ) 38,869 Pre-tax income (loss) $ 373,801 $ 726,043 $ 354,920 $ 756,970 $ 519,918 $ 866,890 Expected tax provision at the applicable statutory rate(s) 130,830 2,387 124,221 14,848 181,972 21,279 Increase (decrease) in taxes resulting from: Tax exempt income (9,078 ) - (10,004 ) - (12,231 ) - Dividend received deduction (4,913 ) - (5,364 ) - (5,910 ) - Proration 1,931 - 2,160 - 1,835 - Tax audit settlement (18,644 ) - - - - - Other 1,840 (853 ) 8,197 (37 ) (588 ) 1,296 Total income tax provision $ 101,966 $ 1,534 $ 119,210 $ 14,811 $ 165,077 $ 22,575 (Some amounts may not reconcile due to rounding.) |
Net Deferred Income Tax Assets | Years Ended December 31, (Dollars in thousands) 2016 2015 Deferred tax assets: Loss reserves $ 104,547 $ 169,771 Unearned premium reserves 37,573 40,624 Net unrealized losses on benefit plans 35,271 33,971 Unrealized foreign currency losses 27,410 - Benefit plan liability 14,576 18,747 Net operating loss carryforward 6,341 3,412 Uncollectible reinsurance reserves 5,534 5,534 Investment impairments 3,093 23,481 Deferred expenses 2,884 3,182 Foreign tax credits - 11,836 Alternative minimum tax credits - 7,604 Other assets 14,843 16,347 Total deferred tax assets 252,071 334,509 Deferred tax liabilities: Net fair value income 78,740 80,268 Deferred acquisition costs 26,652 33,227 Net unrealized investment gains 20,698 7,491 Partnership investments 11,912 6,006 Gain on tender of debt 10,958 16,437 Unrealized foreign currency gains - 3,778 Other liabilities 3,086 5,860 Total deferred tax liabilities 152,045 153,067 Net deferred tax assets 100,026 181,442 Less: Valuation allowance (3,846 ) (3,412 ) Total net deferred tax assets $ 96,181 $ 178,030 (Some amounts may not reconcile due to rounding.) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reinsurance [Abstract] | |
Premiums Written And Earned And Incurred Losses And LAE | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Written premiums: Direct $ 1,819,588 $ 1,569,791 $ 1,227,645 Assumed 4,214,286 4,321,922 4,535,231 Ceded (762,969 ) (709,402 ) (630,446 ) Net written premiums $ 5,270,905 $ 5,182,311 $ 5,132,430 Premiums earned: Direct $ 1,694,702 $ 1,491,163 $ 1,183,498 Assumed 4,361,944 4,500,526 4,419,322 Ceded (736,180 ) (698,847 ) (559,113 ) Net premiums earned $ 5,320,466 $ 5,292,842 $ 5,043,707 Incurred losses and LAE: Direct $ 1,496,455 $ 1,268,896 $ 1,100,037 Assumed 2,121,902 2,152,633 2,160,663 Ceded (478,728 ) (356,814 ) (384,764 ) Net incurred losses and LAE $ 3,139,629 $ 3,064,715 $ 2,875,936 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Years Ended December 31, 2016 2015 2014 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 65,645 $ (13,961 ) $ 51,684 $ (333,657 ) $ 54,502 $ (279,155 ) $ (4,278 ) $ 11,653 $ 7,375 URA(D) on securities - OTTI 7,734 (1,789 ) 5,945 8,411 (3,383 ) 5,028 (10,078 ) 3,407 (6,671 ) Reclassification of net realized losses (gains) included in net income (loss) 23,232 (8,114 ) 15,118 131,211 (37,523 ) 93,688 34,668 (13,276 ) 21,392 Foreign currency translation adjustments (53,802 ) (1,539 ) (55,341 ) (140,918 ) 29,388 (111,530 ) (111,145 ) 15,728 (95,417 ) Benefit plan actuarial net gain (loss) (11,520 ) 4,032 (7,488 ) 8,740 (3,059 ) 5,681 (60,169 ) 21,059 (39,110 ) Reclassification of benefit plan liability amortization included in net income (loss) 7,805 (2,732 ) 5,073 9,563 (3,347 ) 6,216 4,647 (1,627 ) 3,020 Total other comprehensive income (loss) $ 39,094 $ (24,103 ) $ 14,991 $ (316,650 ) $ 36,578 $ (280,072 ) $ (146,355 ) $ 36,944 $ (109,411 ) |
Reclassification From Accumulated Other Comprehensive Income | Years Ended December 31, Affected line item within the statements of AOCI component 2016 2015 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 23,232 $ 131,211 Other net realized capital gains (losses) (8,114 ) (37,523 ) Income tax expense (benefit) $ 15,118 $ 93,688 Net income (loss) Benefit plan net gain (loss) $ 7,805 $ 9,563 Other underwriting expenses (2,732 ) (3,347 ) Income tax expense (benefit) $ 5,073 $ 6,216 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Years Ended December 31, (Dollars in thousands) 2016 2015 Beginning balance of URA (D) on securities $ 42,811 $ 223,250 Current period change in URA (D) of investments - temporary 66,802 (185,467 ) Current period change in URA (D) of investments - non-credit OTTI 5,945 5,028 Ending balance of URA (D) on securities 115,558 42,811 Beginning balance of foreign currency translation adjustments (211,477 ) (99,947 ) Current period change in foreign currency translation adjustments (55,341 ) (111,530 ) Ending balance of foreign currency translation adjustments (266,818 ) (211,477 ) Beginning balance of benefit plan net gain (loss) (63,089 ) (74,986 ) Current period change in benefit plan net gain (loss) (2,415 ) 11,897 Ending balance of benefit plan net gain (loss) (65,504 ) (63,089 ) Ending balance of accumulated other comprehensive income (loss) $ (216,764 ) $ (231,755 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Contributions To Defined Benefit Pension Plans | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Company contributions $ 30,821 $ 5,949 $ 16,484 |
Summary Of Pension Expense | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Pension expense $ 17,188 $ 22,682 $ 18,543 |
Summary Of Accumulated Benefit Obligation | At December 31, (Dollars in thousands) 2016 2015 Qualified Plan $ 211,720 $ 188,702 Non-qualified Plan 21,123 17,756 Total $ 232,843 $ 206,458 (Some amounts may not reconcile due to rounding.) |
Projected Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2016 2015 Qualified Plan Projected benefit obligation $ 254,320 $ 229,719 Fair value of plan assets 171,506 135,087 Non-qualified Plan Projected benefit obligation $ 27,534 $ 24,303 Fair value of plan assets - - |
Accumulated Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2016 2015 Qualified Plan Accumulated benefit obligation $ 211,720 $ 188,702 Fair value of plan assets 171,506 135,087 Non-qualified Plan Accumulated benefit obligation $ 21,123 $ 17,756 Fair value of plan assets - - |
Fair Value Measurements Using Significant Unobservable Inputs For Fixed Maturity Investments | Year Ended December 31, (Dollars in thousands) 2016 2015 Assets: Balance, beginning of period $ 10,673 $ 10,629 Actual return on plan assets: Realized gains (losses) relating to assets sold during the period 28 9 Unrealized gains (losses) relating to assets still held at the reporting date 517 12 Purchases and capital contributions - 161 Investment income earned on assets 189 - Sales and capital distributions (134 ) (138 ) Transfers in and/or (out) of Level 3 - - Balance, end of period $ 11,274 $ 10,673 The amount of total gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date $ 489 $ 3 (Some amounts may not reconcile due to rounding.) |
Incurred Expenses Related To Defined Contribution Plans For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Incurred expenses $ 6,058 $ 5,468 $ 4,676 |
Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Incurred expenses $ 1,560 $ 1,423 $ 1,387 |
Changes In The Assumed Healthcare Cost Trend | Percentage Percentage Point Increase Point Decrease (Dollars in thousands) ($ Impact) ($ Impact) a. Effect on total service and interest cost components $ 541 $ (419 ) b. Effect on accumulated post-retirement benefit obligation 6,622 (5,158 ) |
Post-Retirement Benefit Expenses | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Post-retirement benefit expenses $ 2,293 $ 3,280 $ 3,196 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in thousands) 2016 2015 Change in projected benefit obligation: Benefit obligation at beginning of year $ 254,022 $ 270,065 Service cost 10,924 12,511 Interest cost 9,485 10,759 Actuarial (gain)/loss 12,155 (18,595 ) Benefits paid (4,733 ) (20,718 ) Projected benefit obligation at end of year 281,853 254,022 Change in plan assets: Fair value of plan assets at beginning of year 135,087 157,090 Actual return on plan assets 10,331 (7,234 ) Actual contributions during the year 30,821 5,949 Benefits paid (4,733 ) (20,718 ) Fair value of plan assets at end of year 171,506 135,087 Funded status at end of year $ (110,348 ) $ (118,936 ) (Some amounts may not reconcile due to rounding.) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2016 2015 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (2,371 ) (1,869 ) Other liabilities (due beyond one year) (107,977 ) (117,067 ) Net amount recognized in the consolidated balance sheets $ (110,348 ) $ (118,936 ) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2016 2015 Prior service cost $ - $ - Accumulated income (loss) (96,965 ) (91,920 ) Accumulated other comprehensive income (loss) $ (96,965 ) $ (91,920 ) (Some amounts may not reconcile due to rounding.) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2016 2015 Other comprehensive income (loss) at December 31, prior year $ (91,920 ) $ (102,692 ) Net gain (loss) arising during period (12,982 ) (259 ) Recognition of amortizations in net periodic benefit cost: Prior service cost - 21 Actuarial loss 7,937 11,011 Other comprehensive income (loss) at December 31, current year $ (96,965 ) $ (91,920 ) (Some amounts may not reconcile due to rounding.) |
Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Service cost $ 10,924 $ 12,511 $ 10,015 Interest cost 9,485 10,759 10,474 Expected return on assets (11,158 ) (11,620 ) (11,288 ) Amortization of actuarial loss from earlier periods 7,937 9,243 4,341 Amortization of unrecognized prior service cost - 21 49 Settlement - 1,768 4,953 Net periodic benefit cost $ 17,188 $ 22,682 $ 18,543 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year 5,045 (10,773 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 22,233 $ 11,909 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2017 $ 7,926 2018 10,069 2019 12,993 2020 10,732 2021 12,936 Next 5 years 72,113 |
Fair Value Measurement Levels For Qualified Plan Assets | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2016 (Level 1) (Level 2) (Level 3) Assets: Cash $ - $ - $ - $ - Short-term investments, which approximates fair value (a) 3,665 3,665 - - Mutual funds, fair value Fixed income (b) 21,445 21,445 - - Equities (c) 122,213 122,213 - - Multi-strategy equity fund, fair value (d) 11,274 - - 11,274 Total $ 158,597 $ 147,323 $ - $ 11,274 (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% in U.S. securities and 50% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90% in U.S. equities and 10% in international equities. (d) This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. 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: Cash $ - $ - $ - $ - Short-term investments, which approximates fair value (a) 4,034 4,034 - - Mutual funds, fair value Fixed income (b) 22,537 22,537 - - Equities (c) 86,505 86,505 - - Multi-strategy equity fund, fair value (d) 10,673 - - 10,673 Total $ 123,749 $ 113,076 $ - $ 10,673 (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 50% in U.S. securities and 50% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 90% in U.S. equities and 10% in international equities. (d) This category consists of a privately held fund of U.S. and international equity funds and may include currency hedges for the foreign funds. The fair value is provided by the external investment manager. |
Other Benefits Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | At December 31, (Dollars in thousands) 2016 2015 Change in projected benefit obligation: Benefit obligation at beginning of year $ 31,687 $ 36,506 Service cost 1,418 1,794 Interest cost 1,007 1,187 Amendments (794 ) - Actuarial (gain)/loss (668 ) (7,231 ) Benefits paid (579 ) (568 ) Benefit obligation at end of year 32,071 31,687 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 579 568 Benefits paid (579 ) (568 ) Fair value of plan assets at end of year - - Funded status at end of year $ (32,071 ) $ (31,687 ) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2016 2015 Other liabilities (due within one year) $ (614 ) $ (654 ) Other liabilities (due beyond one year) (31,457 ) (31,033 ) Net amount recognized in the consolidated balance sheets $ (32,071 ) $ (31,687 ) (Some amounts may not reconcile due to rounding.) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2016 2015 Accumulated income (loss) $ (4,471 ) $ (5,139 ) Accumulated prior service credit (cost) 662 $ - Accumulated other comprehensive income (loss) $ (3,809 ) $ (5,139 ) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2016 2015 Other comprehensive income (loss) at December 31, prior year $ (5,139 ) $ (12,670 ) Net gain (loss) arising during period 668 7,231 Prior Service credit (cost) arising during period 794 - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - 300 Prior service cost (132 ) - Other comprehensive income (loss) at December 31, current year $ (3,809 ) $ (5,139 ) |
Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Service cost $ 1,418 $ 1,794 $ 1,619 Interest cost 1,007 1,187 1,320 Net loss recognition (132 ) 300 257 Net periodic cost $ 2,293 $ 3,280 $ 3,196 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year (1,330 ) (7,531 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 963 $ (4,251 ) (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2017 $ 614 2018 706 2019 824 2020 951 2021 1,071 Next 5 years 7,804 |
Dividend Restrictions And Sta46
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Regulatory Targeted Capital And The Actual Statutory Capital | Bermuda Re (1) Everest Re (2) At December 31, At December 31, (Dollars in thousands) 2016 (3) 2015 (3) 2016 2015 Regulatory targeted capital $ - $ 2,079,005 $ 1,411,440 $ 1,355,668 Actual capital $ 2,702,624 $ 2,632,411 $ 3,635,121 $ 3,210,891 (1) (2) (3) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At December 31, (Dollars in thousands) 2016 2015 The Prudential Insurance Company of America $ 146,507 $ 142,427 Unaffiliated life insurance company $ 33,860 $ 33,062 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation Plans [Abstract] | |
Company's Shareholder Approved Plans | Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2016 648,034 $ 85.61 Granted 0 0 Exercised 0 0 Forfeited/Cancelled/Expired 0 0 Outstanding at December 31, 2016 648,034 0 0.0 $ 0 Exercisable at December 31, 2016 0 0 0.0 $ 0 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2015 888,184 $ 86.05 Granted - 0 Exercised 230,350 87.21 Forfeited/Cancelled/Expired 9,800 87.68 Outstanding at December 31, 2015 648,034 85.61 4.5 $ 64,352 Exercisable at December 31, 2015 495,334 84.94 4.1 $ 49,517 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2014 1,190,544 $ 85.44 Granted 0 0 Exercised 286,120 83.53 Forfeited/Cancelled/Expired 16,240 85.73 Outstanding at December 31, 2014 888,184 86.05 5.2 $ 76,485 Exercisable at December 31, 2014 562,684 85.41 4.5 $ 48,812 |
Share Options Outstanding And Exercisable | At December 31, 2016 Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Number Remaining Average Number Average Range of Outstanding Contractual Exercise Exercisable Exercise Exercise Prices at 12/31/16 Life Price at 12/31/16 Price $ 71.7150 78.1700 90,880 2.1 $ 71.72 90,880 $ 71.72 $ 78.1800 85.6300 71,510 3.1 84.63 71,510 84.63 $ 85.6400 87.4700 109,240 4.1 86.62 109,240 86.62 $ 87.4800 110.1300 183,364 4.4 90.46 139,064 91.14 454,994 3.7 84.88 410,694 84.50 |
Summary Of Company's Non-Vested Shares And Changes | Years Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Restricted (non-vested) Shares Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 435,336 $ 143.02 467,745 $ 120.84 429,041 $ 103.50 Granted 173,546 186.37 156,262 178.80 176,159 147.44 Vested 145,834 130.54 154,387 113.12 128,549 99.55 Forfeited 27,710 147.32 34,284 138.19 8,906 118.82 Outstanding at December 31, 435,338 164.21 435,336 143.02 467,745 120.84 |
Company's Non-Vested Performance Share Unit Awards | Year Ended December 31, 2016 2015 Weighted- Weighted- Average Average Grant Date Grant Date Performance Share Unit Awards Shares Fair Value Shares Fair Value Outstanding at January 1, 10,705 $ 178.84 - $ - Granted 11,130 186.02 10,705 178.84 Vested - - - - Forfeited - - - - Outstanding at December 31, 21,835 182.50 10,705 178.84 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | U.S. Reinsurance Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 2,125,792 $ 2,147,892 $ 2,154,530 Net written premiums 1,970,575 1,855,853 1,983,800 Premiums earned $ 2,072,155 $ 1,952,680 $ 1,986,769 Incurred losses and LAE 1,068,475 825,081 954,525 Commission and brokerage 465,953 493,261 466,291 Other underwriting expenses 54,107 50,087 45,583 Underwriting gain (loss) $ 483,620 $ 584,251 $ 520,370 International Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 1,230,683 $ 1,334,206 $ 1,603,566 Net written premiums 1,082,712 1,208,978 1,336,633 Premiums earned $ 1,119,121 $ 1,251,111 $ 1,310,903 Incurred losses and LAE 486,550 749,891 748,174 Commission and brokerage 283,447 298,180 306,229 Other underwriting expenses 35,512 34,303 34,598 Underwriting gain (loss) $ 313,612 $ 168,737 $ 221,902 Bermuda Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 890,375 $ 877,328 $ 786,408 Net written premiums 831,931 791,594 744,664 Premiums earned $ 837,964 $ 822,391 $ 715,736 Incurred losses and LAE 461,909 456,448 361,792 Commission and brokerage 233,989 215,992 198,848 Other underwriting expenses 36,331 36,017 34,923 Underwriting gain (loss) $ 105,735 $ 113,934 $ 120,173 Insurance Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Gross written premiums $ 1,787,024 $ 1,532,287 $ 1,218,372 Net written premiums 1,385,687 1,325,886 1,067,333 Premiums earned $ 1,291,226 $ 1,266,660 $ 1,030,299 Incurred losses and LAE 1,122,695 1,033,295 811,445 Commission and brokerage 205,303 176,213 149,777 Other underwriting expenses 176,772 136,661 118,001 Underwriting gain (loss) $ (213,544 ) $ (79,509 ) $ (48,924 ) |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 Underwriting gain (loss) $ 689,423 $ 787,412 $ 813,522 Net investment income 473,085 473,473 530,485 Net realized capital gains (losses) (7,216 ) (184,147 ) 84,046 Net derivative gain (loss) 18,647 6,317 (11,599 ) Corporate expenses (27,231 ) (23,254 ) (23,421 ) Interest, fee and bond issue cost amortization expense (36,228 ) (36,191 ) (38,533 ) Other income (expense) (10,636 ) 88,280 32,308 Income (loss) before taxes $ 1,099,844 $ 1,111,890 $ 1,386,808 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Years Ended December 31, (Dollars in thousands) 2016 2015 2014 United Kingdom $ 688,598 $ 740,763 $ 676,490 |
Unaudited Quarterly Financial50
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Unaudited Quarterly Financial Data [Abstract] | |
Summary Of Quarterly Financial Data | 2016 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,353,189 $ 1,363,351 $ 1,782,616 $ 1,534,719 Net written premiums 1,181,457 1,154,953 1,564,644 1,369,851 Premiums earned 1,218,867 1,288,860 1,371,474 1,441,265 Net investment income 102,524 132,737 122,657 115,167 Net realized capital gains (losses) (74,259 ) 32,658 380 34,005 Total claims and underwriting expenses 1,047,865 1,225,395 1,174,276 1,183,507 Net income (loss) 171,686 155,692 295,394 373,572 Earnings per common share attributable to Everest Re Group: Basic $ 4.03 $ 3.70 $ 7.11 $ 9.14 Diluted $ 4.00 $ 3.67 $ 7.06 $ 9.08 2015 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,418,025 $ 1,261,660 $ 1,724,943 $ 1,487,085 Net written premiums 1,224,289 1,135,718 1,500,355 1,321,949 Premiums earned 1,272,488 1,285,255 1,362,864 1,372,235 Net investment income 122,566 124,990 115,403 110,514 Net realized capital gains (losses) (10,505 ) (24,178 ) (159,971 ) 10,507 Total claims and underwriting expenses 1,056,990 1,130,606 1,234,785 1,083,049 Net income (loss) 322,978 209,057 88,553 357,281 Earnings per common share attributable to Everest Re Group: Basic $ 7.26 $ 4.72 $ 2.02 $ 8.32 Diluted $ 7.19 $ 4.68 $ 2.00 $ 8.26 |
Summary Of Significant Accoun51
Summary Of Significant Accounting Policies (Narrative) (Details) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)segmentitemshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Minimum percent of prepaid reinsurance premiums for any foreign reinsurers that were collateralized | 10.00% | ||
Number of Operating Segments | segment | 4 | ||
Equity index put option contracts sold | item | 7 | ||
Derivatives, number of indices | item | 2 | ||
Deferred acquisition costs | $ | $ 344,052 | $ 372,351 | |
Supplementary Insurance Information, Amortization of Deferred Policy Acquisition Costs | $ | $ 1,188,692 | $ 1,183,646 | $ 1,121,145 |
Anti-dilutive options | shares | 0 | 0 | 0 |
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Options expiration date | Feb. 21, 2017 | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Options expiration date | Sep. 19, 2022 |
Summary Of Significant Accoun52
Summary Of Significant Accounting Policies (Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Reinsurance receivables and premium receivables | $ 23,360 | $ 22,878 |
Summary Of Significant Accoun53
Summary Of Significant Accounting Policies (Schedule Of Deferred Acquisition Costs Amortized To Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Deferred acquisition costs | $ 1,188,692 | $ 1,183,646 | $ 1,121,145 |
Summary Of Significant Accoun54
Summary Of Significant Accounting Policies (Net Income (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |||||||||||
Net income (loss) | $ 373,572 | $ 295,394 | $ 155,692 | $ 171,686 | $ 357,281 | $ 88,553 | $ 209,057 | $ 322,978 | $ 996,344 | $ 977,869 | $ 1,199,156 |
Less: dividends declared-common shares and nonvested common shares | (195,384) | (175,107) | (145,913) | ||||||||
Undistributed earnings | $ 800,960 | $ 802,762 | $ 1,053,243 | ||||||||
Percentage allocated to common shareholders | 98.90% | 98.90% | 99.00% | ||||||||
Net income (loss) available to common stockholders, total | $ 792,415 | $ 794,309 | $ 1,042,423 | ||||||||
Add: dividends declared-common shareholders | 193,413 | 173,367 | 144,447 | ||||||||
Numerator for basic and diluted earnings per common share | $ 985,829 | $ 967,676 | $ 1,186,870 | ||||||||
Denominator for basic earnings per weighted-average common shares | 41,329 | 43,415 | 45,377 | ||||||||
Effect of dilutive securities: Options | 300 | 380 | 425 | ||||||||
Denominator for diluted earnings per adjusted weighted-average common shares | 41,628 | 43,795 | 45,802 | ||||||||
Basic | $ 9.14 | $ 7.11 | $ 3.70 | $ 4.03 | $ 8.32 | $ 2.02 | $ 4.72 | $ 7.26 | $ 23.85 | $ 22.29 | $ 26.16 |
Diluted | $ 9.08 | $ 7.06 | $ 3.67 | $ 4 | $ 8.26 | $ 2 | $ 4.68 | $ 7.19 | $ 23.68 | $ 22.10 | $ 25.91 |
Basic weighted-average common shares outstanding | 41,329 | 43,415 | 45,377 | ||||||||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 41,774 | 43,877 | 45,848 |
Summary Of Significant Accoun55
Summary Of Significant Accounting Policies (Fair Value Of The Equity Index Put Options) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Option Indexed to Issuer's Equity [Line Items] | ||
Equity index put option liability | $ 22,059 | $ 40,705 |
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 | $ 22,059 | $ 40,705 |
Summary Of Significant Accoun56
Summary Of Significant Accounting Policies (Changes In Fair Value Of The Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Option Indexed to Issuer's Equity [Line Items] | |||
Net derivative gain (loss) | $ 18,647 | $ 6,317 | $ (11,599) |
Derivatives Not Designated As Hedging Instruments [Member] | Equity Index Put Option Contracts [Member] | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Net derivative gain (loss) | $ 18,647 | $ 6,317 | $ (11,599) |
Summary Of Signigicant Accounti
Summary Of Signigicant Accounting Policies (Schedule of Effect of Newly Adopted Accounting Policies, Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Short-term investments | $ 431,478 | $ 799,684 |
Total investments and cash | 17,483,089 | 16,676,405 |
Premiums receivable | 1,485,990 | 1,483,090 |
Reinsurance receivables | 1,018,325 | 894,037 |
Deferred acquisition costs | 344,052 | 372,351 |
Prepaid reinsurance premiums | 191,768 | 164,971 |
Other assets | 263,459 | 316,408 |
TOTAL ASSETS | 21,321,504 | 20,545,418 |
LIABILITIES: | ||
Funds held under reinsurance treaties | 21,278 | 13,544 |
Commission reserves | 70,335 | 60,098 |
Other net payable to reinsurers | 190,986 | 173,087 |
Other liabilities | 264,770 | 261,322 |
Total liabilities | 13,246,108 | 12,936,833 |
NONCONTROLLING INTERESTS: | ||
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | 21,321,504 | 20,545,418 |
New Accounting Pronouncements Early Adoption Effect [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 | |
New Accounting Pronouncements Early Adoption Effect [Member] | 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 | |
New Accounting Pronouncements Early Adoption Effect [Member] | 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) | |
Parent Company [Member] | ||
ASSETS: | ||
Short-term investments | 18,288 | |
Other assets | 60,603 | 56,314 |
TOTAL ASSETS | 8,331,360 | 7,860,299 |
LIABILITIES: | ||
Other liabilities | 4,944 | 646 |
Total liabilities | 255,964 | 251,714 |
NONCONTROLLING INTERESTS: | ||
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | $ 8,331,360 | $ 7,860,299 |
Summary Of Significant Accoun58
Summary Of Significant Accounting Policies (Schedule of Effect of Newly Adopted Accounting Policies, Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES: | |||||||||||
Premiums earned | $ 1,441,265 | $ 1,371,474 | $ 1,288,860 | $ 1,218,867 | $ 1,372,235 | $ 1,362,864 | $ 1,285,255 | $ 1,272,488 | $ 5,320,466 | $ 5,292,842 | $ 5,043,707 |
Net investment income | 115,167 | 122,657 | 132,737 | 102,524 | 110,514 | 115,403 | 124,990 | 122,566 | 473,085 | 473,473 | 530,485 |
Other income (expense) | (10,636) | 88,280 | 32,308 | ||||||||
Total revenues | 5,794,346 | 5,676,765 | 5,678,947 | ||||||||
CLAIMS AND EXPENSES: | |||||||||||
Incurred losses and loss adjustment expenses | 3,139,629 | 3,064,715 | 2,875,936 | ||||||||
Commission, brokerage, taxes and fees | 1,188,692 | 1,183,646 | 1,121,145 | ||||||||
Other underwriting expenses | 302,722 | 257,069 | 233,104 | ||||||||
Total claims and expenses | 1,183,507 | 1,174,276 | 1,225,395 | 1,047,865 | 1,083,049 | 1,234,785 | 1,130,606 | 1,056,990 | 4,694,502 | 4,564,875 | 4,292,139 |
INCOME (LOSS) BEFORE TAXES | 1,099,844 | 1,111,890 | 1,386,808 | ||||||||
NET INCOME (LOSS) | $ 373,572 | $ 295,394 | $ 155,692 | $ 171,686 | $ 357,281 | $ 88,553 | $ 209,057 | $ 322,978 | 996,344 | 977,869 | 1,199,156 |
Parent Company [Member] | |||||||||||
REVENUES: | |||||||||||
Net investment income | 879 | 3,895 | 824 | ||||||||
Other income (expense) | 5,022 | 7,809 | 5,568 | ||||||||
Total revenues | 1,018,360 | 998,109 | 1,214,599 | ||||||||
CLAIMS AND EXPENSES: | |||||||||||
Total claims and expenses | 22,016 | 20,240 | 15,443 | ||||||||
INCOME (LOSS) BEFORE TAXES | 996,344 | 977,869 | 1,199,156 | ||||||||
NET INCOME (LOSS) | $ 996,344 | 977,869 | 1,199,156 | ||||||||
New Accounting Pronouncements Early Adoption Effect [Member] | |||||||||||
REVENUES: | |||||||||||
Premiums earned | 5,292,842 | 5,043,707 | |||||||||
Net investment income | 473,473 | 530,485 | |||||||||
Other income (expense) | 88,280 | 32,308 | |||||||||
Total revenues | 5,676,765 | 5,678,947 | |||||||||
CLAIMS AND EXPENSES: | |||||||||||
Incurred losses and loss adjustment expenses | 3,064,715 | 2,875,936 | |||||||||
Commission, brokerage, taxes and fees | 1,183,646 | 1,121,145 | |||||||||
Other underwriting expenses | 257,069 | 233,104 | |||||||||
Total claims and expenses | 4,564,875 | 4,292,139 | |||||||||
INCOME (LOSS) BEFORE TAXES | 1,111,890 | 1,386,808 | |||||||||
NET INCOME (LOSS) | 977,869 | 1,199,156 | |||||||||
New Accounting Pronouncements Early Adoption Effect [Member] | As Previously Reported [Member] | |||||||||||
REVENUES: | |||||||||||
Premiums earned | 5,481,459 | 5,169,135 | |||||||||
Net investment income | 473,825 | 530,570 | |||||||||
Other income (expense) | 60,435 | 18,437 | |||||||||
Total revenues | 5,837,889 | 5,790,589 | |||||||||
CLAIMS AND EXPENSES: | |||||||||||
Incurred losses and loss adjustment expenses | 3,101,915 | 2,906,534 | |||||||||
Commission, brokerage, taxes and fees | 1,202,036 | 1,135,586 | |||||||||
Other underwriting expenses | 265,984 | 240,400 | |||||||||
Total claims and expenses | 4,629,380 | 4,344,474 | |||||||||
INCOME (LOSS) BEFORE TAXES | 1,208,509 | 1,446,115 | |||||||||
NET INCOME (LOSS) | 1,074,488 | 1,258,463 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (96,619) | (59,307) | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | 977,869 | 1,199,156 | |||||||||
New Accounting Pronouncements Early Adoption Effect [Member] | Effect Of Adoption Of New Accounting Policy [Member] | |||||||||||
REVENUES: | |||||||||||
Premiums earned | (188,617) | (125,428) | |||||||||
Net investment income | (352) | (85) | |||||||||
Other income (expense) | 27,845 | 13,871 | |||||||||
Total revenues | (161,124) | (111,642) | |||||||||
CLAIMS AND EXPENSES: | |||||||||||
Incurred losses and loss adjustment expenses | (37,200) | (30,598) | |||||||||
Commission, brokerage, taxes and fees | (18,390) | (14,441) | |||||||||
Other underwriting expenses | (8,915) | (7,296) | |||||||||
Total claims and expenses | (64,505) | (52,335) | |||||||||
INCOME (LOSS) BEFORE TAXES | (96,619) | (59,307) | |||||||||
NET INCOME (LOSS) | (96,619) | (59,307) | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 96,619 | 59,307 | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP | $ (977,869) | $ (1,199,156) |
Summary Of Significant Accoun59
Summary Of Significant Accounting Policies (Schedule of Effect of Newly Adopted Accounting Policies, Cash Flow) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ 373,572 | $ 295,394 | $ 155,692 | $ 171,686 | $ 357,281 | $ 88,553 | $ 209,057 | $ 322,978 | $ 996,344 | $ 977,869 | $ 1,199,156 |
Decrease (increase) in premiums receivable | (15,655) | (98,211) | 48,371 | ||||||||
Decrease (increase) in funds held by reinsureds, net | 22,219 | (43,775) | (1,835) | ||||||||
Decrease (increase) in reinsurance receivables | (202,950) | (265,103) | (210,648) | ||||||||
Decrease (increase) in prepaid reinsurance premiums | (32,455) | (21,819) | (78,130) | ||||||||
Increase (decrease) in other net payable to reinsurers | 26,200 | 43,727 | 28,308 | ||||||||
Change in other assets and liabilities, net | (56,204) | (8,934) | (142,635) | ||||||||
Net cash provided by (used in) operating activities | 1,373,005 | 1,096,634 | 1,054,762 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Net change in short-term investments | 368,977 | 341,733 | (76,483) | ||||||||
Net cash provided by (used in) investing activities | (657,873) | (681,101) | (758,572) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net cash provided by (used in) financing activities | (570,921) | (561,569) | (478,098) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 54,053 | (7,780) | 8,000 | ||||||||
Parent Company [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | 996,344 | 977,869 | 1,199,156 | ||||||||
Change in other assets and liabilities, net | 66 | (7,626) | 14,470 | ||||||||
Net cash provided by (used in) operating activities | 676,000 | 577,043 | 694,883 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Net change in short-term investments | 18,288 | 279,462 | (269,307) | ||||||||
Net cash provided by (used in) investing activities | (127,895) | (35,497) | (338,399) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net cash provided by (used in) financing activities | (546,811) | (542,204) | (358,729) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||||||||||
New Accounting Pronouncements Early Adoption Effect [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | 977,869 | 1,199,156 | |||||||||
Decrease (increase) in premiums receivable | (98,211) | 48,371 | |||||||||
Decrease (increase) in funds held by reinsureds, net | (43,775) | (1,835) | |||||||||
Decrease (increase) in reinsurance receivables | (265,103) | (210,648) | |||||||||
Decrease (increase) in prepaid reinsurance premiums | (21,819) | (78,130) | |||||||||
Increase (decrease) in other net payable to reinsurers | 43,727 | 28,308 | |||||||||
Change in other assets and liabilities, net | (8,934) | (142,635) | |||||||||
Net cash provided by (used in) operating activities | 1,096,634 | 1,054,762 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Net change in short-term investments | 341,733 | (76,483) | |||||||||
Net cash provided by (used in) investing activities | (681,101) | (758,572) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net cash provided by (used in) financing activities | (561,569) | (478,098) | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (7,780) | 8,000 | |||||||||
New Accounting Pronouncements Early Adoption Effect [Member] | As Previously Reported [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | 1,074,488 | 1,258,463 | |||||||||
Decrease (increase) in premiums receivable | (93,837) | 45,282 | |||||||||
Decrease (increase) in funds held by reinsureds, net | 31,225 | (1,835) | |||||||||
Decrease (increase) in reinsurance receivables | (240,414) | (186,014) | |||||||||
Decrease (increase) in prepaid reinsurance premiums | (14,486) | (79,086) | |||||||||
Increase (decrease) in other net payable to reinsurers | 38,262 | 29,410 | |||||||||
Change in other assets and liabilities, net | 264 | 35,419 | |||||||||
Net cash provided by (used in) operating activities | 1,308,382 | 1,313,821 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Net change in short-term investments | (98,903) | (497,983) | |||||||||
Net cash provided by (used in) investing activities | (1,121,737) | (1,180,072) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Third party investment in redeemable noncontrolling interest | 266,848 | 136,200 | |||||||||
Subscription Advances For Third Party Redeemable Noncontrolling Interest | 30,000 | 40,000 | |||||||||
Dividends paid on third party investment in redeemable noncontrolling interest | (68,158) | (10,334) | |||||||||
Net cash provided by (used in) financing activities | (332,879) | (312,232) | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (7,582) | 4,575 | |||||||||
New Accounting Pronouncements Early Adoption Effect [Member] | Effect Of Adoption Of New Accounting Policy [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | (96,619) | (59,307) | |||||||||
Decrease (increase) in premiums receivable | (4,374) | 3,089 | |||||||||
Decrease (increase) in funds held by reinsureds, net | (75,000) | ||||||||||
Decrease (increase) in reinsurance receivables | (24,689) | (24,634) | |||||||||
Decrease (increase) in prepaid reinsurance premiums | (7,333) | 956 | |||||||||
Increase (decrease) in other net payable to reinsurers | 5,465 | (1,102) | |||||||||
Change in other assets and liabilities, net | (9,198) | (178,054) | |||||||||
Net cash provided by (used in) operating activities | (211,748) | (259,059) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Net change in short-term investments | 440,636 | 421,500 | |||||||||
Net cash provided by (used in) investing activities | 440,636 | 421,500 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Third party investment in redeemable noncontrolling interest | (266,848) | (136,200) | |||||||||
Subscription Advances For Third Party Redeemable Noncontrolling Interest | (30,000) | (40,000) | |||||||||
Dividends paid on third party investment in redeemable noncontrolling interest | 68,158 | 10,334 | |||||||||
Net cash provided by (used in) financing activities | (228,690) | (165,866) | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | $ (198) | $ 3,425 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | 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 | $ 6,211,700 | $ 6,372,183 |
Gross unrealized losses on investments in unrealized loss position | 220,621 | 272,692 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 91,871 | 139,624 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 128,750 | 133,068 |
Additional contractual commitments | 507,244 | |
Other invested assets | 1,333,129 | $ 786,994 |
Securities with a carrying value | $ 1,415,085 | |
Sales Revenue, Net [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 1.10% | 0.70% |
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 | |
Parent Company [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other invested assets | $ 145,036 | |
Investment Grade [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 85,078 | |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | 6,106,193 | $ 6,280,276 |
Gross unrealized losses on investments in unrealized loss position | 207,837 | 255,960 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 91,871 | 139,624 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 115,966 | 116,336 |
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 | 112,132 | 72,738 |
Sub-prime and Alt-A Loans [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross unrealized depreciation | 0 | $ 0 |
Private Placement Liquidity Sweep [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other invested assets | $ 378,862 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 13,932,613 | $ 13,276,206 | |
Unrealized Appreciation | 382,632 | 337,048 | |
Unrealized Depreciation | (207,837) | (255,960) | |
Market Value | 14,107,408 | 13,357,294 | |
OTTI in AOCI | [1] | 9,235 | 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 | 1,115,208 | 805,273 | |
Unrealized Appreciation | 20,410 | 13,465 | |
Unrealized Depreciation | (5,303) | (1,861) | |
Market Value | 1,130,315 | 816,877 | |
Obligations Of U.S. States And Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 723,938 | 669,945 | |
Unrealized Appreciation | 18,016 | 34,020 | |
Unrealized Depreciation | (11,970) | (890) | |
Market Value | 729,984 | 703,075 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 5,059,388 | 4,817,014 | |
Unrealized Appreciation | 131,651 | 97,159 | |
Unrealized Depreciation | (35,758) | (109,310) | |
Market Value | 5,155,281 | 4,804,863 | |
OTTI in AOCI | [1] | 7,936 | 1,412 |
Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 488,824 | 470,320 | |
Unrealized Appreciation | 1,110 | 719 | |
Unrealized Depreciation | (1,286) | (3,813) | |
Market Value | 488,648 | 467,226 | |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 308,827 | 264,924 | |
Unrealized Appreciation | 1,983 | 4,750 | |
Unrealized Depreciation | (3,878) | (3,375) | |
Market Value | 306,932 | 266,299 | |
Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,415,901 | 2,313,265 | |
Unrealized Appreciation | 17,478 | 25,318 | |
Unrealized Depreciation | (27,910) | (18,059) | |
Market Value | 2,405,469 | 2,320,524 | |
Non-Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 642 | 893 | |
Unrealized Appreciation | 44 | 51 | |
Unrealized Depreciation | (45) | (46) | |
Market Value | 641 | 898 | |
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,254,175 | 1,256,983 | |
Unrealized Appreciation | 61,226 | 54,403 | |
Unrealized Depreciation | (57,241) | (52,205) | |
Market Value | 1,258,160 | 1,259,181 | |
OTTI in AOCI | [1] | 115 | 53 |
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,565,710 | 2,677,589 | |
Unrealized Appreciation | 130,714 | 107,163 | |
Unrealized Depreciation | (64,446) | (66,401) | |
Market Value | 2,631,978 | 2,718,351 | |
OTTI in AOCI | [1] | 1,184 | 36 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 129,553 | 122,271 | |
Unrealized Appreciation | 2,298 | 3,401 | |
Unrealized Depreciation | (12,784) | (16,732) | |
Market Value | $ 119,067 | $ 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 13,932,613 | $ 13,276,206 |
Fixed maturity securities - available for sale, Market Value | 14,107,408 | 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 | 956,945 | 1,021,200 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 6,769,585 | 6,193,426 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 2,020,215 | 2,217,075 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 971,674 | 795,103 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 966,970 | 1,036,016 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 6,870,056 | 6,220,563 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 2,052,733 | 2,203,932 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 1,015,959 | 841,836 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 488,824 | 470,320 |
Fixed maturity securities - available for sale, Market Value | 488,648 | 467,226 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 308,827 | 264,924 |
Fixed maturity securities - available for sale, Market Value | 306,932 | 266,299 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,415,901 | 2,313,265 |
Fixed maturity securities - available for sale, Market Value | 2,405,469 | 2,320,524 |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 642 | 893 |
Fixed maturity securities - available for sale, Market Value | $ 641 | $ 898 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Deferred tax benefit (expense) | $ (68,301) | $ (28,724) | $ (21,780) |
Total URA(D) on securities arising during the period | 72,747 | (180,439) | $ 22,096 |
Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 96,611 | (194,035) | |
Deferred tax benefit (expense) | (22,075) | 16,979 | |
Deferred tax benefit (expense), other-than-temporary impairment | (1,789) | (3,383) | |
Total URA(D) on securities arising during the period | 72,747 | (180,439) | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 85,972 | (197,231) | |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 7,734 | 8,411 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 2,845 | $ (5,215) | |
Other Invested Assets [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ 60 |
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | $ 5,180,408 | $ 4,928,451 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (91,871) | (139,624) |
Fixed maturity securities, Greater than 12 months, Market Value | 1,031,292 | 1,443,732 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (128,750) | (133,068) |
Fixed maturity securities, Total, Market Value | 6,211,700 | 6,372,183 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (220,621) | (272,692) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 5,180,408 | 4,928,451 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (91,871) | (139,624) |
Fixed maturity securities, Greater than 12 months, Market Value | 925,785 | 1,351,825 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (115,966) | (116,336) |
Fixed maturity securities, Total, Market Value | 6,106,193 | 6,280,276 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (207,837) | (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 | 638,740 | 539,177 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (5,303) | (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 | 638,740 | 539,869 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,303) | (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 | 221,088 | 6,434 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (11,486) | (84) |
Fixed maturity securities, Greater than 12 months, Market Value | 564 | 4,917 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (484) | (806) |
Fixed maturity securities, Total, Market Value | 221,652 | 11,351 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (11,970) | (890) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 1,360,743 | 1,818,331 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (24,023) | (74,161) |
Fixed maturity securities, Greater than 12 months, Market Value | 177,153 | 440,682 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (11,735) | (35,149) |
Fixed maturity securities, Total, Market Value | 1,537,896 | 2,259,013 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (35,758) | (109,310) |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 150,023 | 348,545 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (565) | (2,510) |
Fixed maturity securities, Greater than 12 months, Market Value | 18,786 | 67,230 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (721) | (1,303) |
Fixed maturity securities, Total, Market Value | 168,809 | 415,775 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,286) | (3,813) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 143,554 | 145,490 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (3,223) | (3,375) |
Fixed maturity securities, Greater than 12 months, Market Value | 7,184 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (655) | |
Fixed maturity securities, Total, Market Value | 150,738 | 145,490 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (3,878) | (3,375) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 1,618,372 | 1,021,390 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (22,461) | (10,014) |
Fixed maturity securities, Greater than 12 months, Market Value | 189,665 | 326,449 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (5,449) | (8,045) |
Fixed maturity securities, Total, Market Value | 1,808,037 | 1,347,839 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (27,910) | (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 | 113 | 38 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (45) | (44) |
Fixed maturity securities, Total, Market Value | 113 | 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 | 360,289 | 227,384 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (12,041) | (21,996) |
Fixed maturity securities, Greater than 12 months, Market Value | 236,820 | 216,428 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (45,200) | (30,209) |
Fixed maturity securities, Total, Market Value | 597,109 | 443,812 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (57,241) | (52,205) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 687,599 | 821,548 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (12,769) | (25,627) |
Fixed maturity securities, Greater than 12 months, Market Value | 295,500 | 295,389 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (51,677) | (40,774) |
Fixed maturity securities, Total, Market Value | 983,099 | 1,116,937 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (64,446) | (66,401) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Greater than 12 months, Market Value | 105,507 | 91,907 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (12,784) | (16,732) |
Fixed maturity securities, Total, Market Value | 105,507 | 91,907 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (12,784) | $ (16,732) |
Investments (Summary Of Aggre65
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 5,180,408 | $ 4,928,451 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (91,871) | (139,624) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,031,292 | 1,443,732 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (128,750) | (133,068) |
Fixed maturity securities, Total, Market Value | 6,211,700 | 6,372,183 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (220,621) | (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 | 5,180,408 | 4,928,451 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (91,871) | (139,624) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 925,785 | 1,351,825 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (115,966) | (116,336) |
Fixed maturity securities, Total, Market Value | 6,106,193 | 6,280,276 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (207,837) | (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 | 178,281 | 29,737 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (1,122) | (1,840) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 78,153 | 74,615 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (14,318) | (13,440) |
Fixed maturity securities, Total, Market Value | 256,434 | 104,352 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (15,440) | (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 | 2,123,113 | 2,328,805 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (26,263) | (62,329) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 538,130 | 651,228 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (84,803) | (59,993) |
Fixed maturity securities, Total, Market Value | 2,661,243 | 2,980,033 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (111,066) | (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 | 680,334 | 969,139 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (22,555) | (52,725) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 86,631 | 206,538 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (8,754) | (28,018) |
Fixed maturity securities, Total, Market Value | 766,965 | 1,175,677 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (31,309) | (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 | 286,731 | 85,193 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (15,682) | (6,829) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 7,123 | 25,727 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,221) | (5,493) |
Fixed maturity securities, Total, Market Value | 293,854 | 110,920 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (16,903) | (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 | 150,023 | 348,545 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (565) | (2,510) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 18,786 | 67,230 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (721) | (1,303) |
Fixed maturity securities, Total, Market Value | 168,809 | 415,775 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,286) | (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 | 1,761,926 | 1,167,032 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (25,684) | (13,391) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 196,962 | 326,487 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (6,149) | (8,089) |
Fixed maturity securities, Total, Market Value | 1,958,888 | 1,493,519 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (31,833) | $ (21,480) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 494,312 | $ 496,174 | $ 555,988 |
Funds held interest income (expense) | 7,853 | 10,767 | 9,471 |
Future policy benefit reserve income (expense) | (1,633) | (1,907) | (1,686) |
Gross investment income | 500,532 | 505,034 | 563,772 |
Investment expenses | (27,447) | (31,561) | (33,287) |
Net investment income | 473,085 | 473,473 | 530,485 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 410,337 | 433,097 | 462,757 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 40,707 | 45,617 | 47,193 |
Short-Term Investments And Cash [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 1,769 | 1,225 | 1,550 |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 38,647 | 14,431 | 40,868 |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 2,852 | $ 1,804 | $ 3,619 |
Investments (Summary Of Compo67
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | $ (31,595) | $ (102,199) | $ (39,502) | ||||||||
Total net realized capital gains (losses) | $ 34,005 | $ 380 | $ 32,658 | $ (74,259) | $ 10,507 | $ (159,971) | $ (24,178) | $ (10,505) | (7,216) | (184,147) | 84,046 |
Fixed Maturity Securities [Member] | Market Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | (31,595) | (102,199) | (39,502) | ||||||||
Gains (losses) from sales | 6,918 | (22,310) | 4,408 | ||||||||
Fixed Maturity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | (1,586) | 24 | (3,137) | ||||||||
Gains (losses) from fair value adjustments | 1,381 | (44) | (1,498) | ||||||||
Equity Securities [Member] | Market Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 1,426 | (6,702) | 426 | ||||||||
Equity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | (13,442) | (7,305) | 156 | ||||||||
Gains (losses) from fair value adjustments | 57,686 | (45,627) | 123,196 | ||||||||
Sale of Subsidiary | (28,032) | ||||||||||
Short-Term Investments And Cash [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 10 | $ 16 | $ (3) | ||||||||
Other Invested Assets [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | $ 18 |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 1,264,271 | $ 1,725,917 | $ 1,848,268 |
Gross gains from sales | 53,093 | 47,899 | 37,427 |
Gross losses from sales | (47,761) | (70,185) | (36,156) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 729,782 | 642,980 | 600,970 |
Gross gains from sales | 18,462 | 27,675 | 20,900 |
Gross losses from sales | $ (30,478) | $ (41,682) | $ (20,318) |
Reserve For Losses, LAE And F69
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) $ in Thousands | Jul. 13, 2015USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Increase (decrease) in reinsurance business | $ 468,749 | $ 217,169 | $ 202,418 | ||
Increase (decrease) in insurance business | (295,335) | (65,029) | (39,676) | ||
Partially offset, related to development on A&E reserves | 173,414 | ||||
Reinsurance receivables | $ 1,018,325 | 894,037 | |||
Reinsurance receivable, percent | 5.00% | ||||
Contracts of insurance and reinsurance received claims during the past three years, in years | 20 years | ||||
Case reserve established by the Company on direct excess insurance claims | $ 10,312,313 | 9,951,798 | 9,720,813 | $ 9,673,240 | |
Liabilites retroceded, percentage | 100.00% | ||||
Business acquisition, cost of acquired entity and operations, cash paid | $ 140,279 | ||||
Maximum liability retroceded | 440,279 | ||||
Total amount of liabilities retroceded | 300,000 | ||||
Number of exposure groupings | item | 200 | ||||
Construction Liability, Umbrella, and Workers Compenstion Reserves [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Increase (decrease) in insurance business | 152,140 | 24,973 | |||
Explosion, Port Of Tianjin, China [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Partially offset, related to development on A&E reserves | $ 43,280 | ||||
Explosion, Port Of Tianjin, China [Member] | Estimated [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Increase (decrease) in reinsurance business | $ 60,000 | ||||
Explosion, Port Of Tianjin, China [Member] | Projected [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Increase (decrease) in reinsurance business | 16,720 | ||||
Resolution Group Reinsurance (Barbados) Limited [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Reinsurance receivables | $ 175,042 | ||||
Reinsurance receivable, percent | 17.20% | ||||
Zurich Vericherungs Gesellschaft [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Reinsurance receivables | $ 109,392 | ||||
Reinsurance receivable, percent | 10.70% | ||||
C. V. Starr [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Reinsurance receivables | $ 129,040 | ||||
Reinsurance receivable, percent | 12.70% | ||||
Mt. Logan Re [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Reinsurance receivables | $ 78,225 | ||||
Reinsurance receivable, percent | 7.70% | ||||
Federal Crop Insurance Company [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Reinsurance receivables | $ 51,124 | ||||
Reinsurance receivable, percent | 5.00% | ||||
A&E [Member] | |||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | |||||
Partially offset, related to development on A&E reserves | $ 53,909 | $ 137,769 | |||
Business acquisition, cost of acquired entity and operations, cash paid | $ 100,451 |
Reserve For Losses, LAE And F70
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | ||||
Gross reserves at January 1 | $ 9,951,798 | $ 9,720,813 | $ 9,673,240 | |
Less reinsurance recoverable | 990,862 | 881,503 | 655,095 | $ 478,151 |
Net reserves at January 1 | 9,070,295 | 9,065,718 | 9,195,089 | |
Incurred related to: Current year | 3,434,964 | 3,129,744 | 2,915,612 | |
Incurred related to: Prior years | (295,335) | (65,029) | (39,676) | |
Total incurred losses and LAE | 3,139,629 | 3,064,715 | 2,875,936 | |
Paid related to: Current year | 745,642 | 690,030 | 755,880 | |
Paid related to: Prior years | 2,042,972 | 2,180,076 | 2,088,772 | |
Total paid losses and LAE | 2,788,614 | 2,870,106 | 2,844,652 | |
Foreign exchange/translation adjustment | (99,859) | (190,032) | (160,655) | |
Net reserves at December 31 | 9,321,451 | 9,070,295 | 9,065,718 | |
Plus reinsurance recoverable | 990,862 | 881,503 | 655,095 | |
Gross reserves at December 31 | $ 10,312,313 | $ 9,951,798 | $ 9,720,813 |
Reserve For Losses, LAE And F71
Reserve For Losses, LAE And Future Policy Benefit Reserve (Ultimate Loss and ALAE And Paid Loss And ALAE, Net Of Reinsurance) (Details) item in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Liability for claims and claim adjustments expenses, net of reinsurance | $ 9,144,514 | ||||
U.S. Reinsurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,785,940 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 540,617 | ||||
All outstanding liabilities prior to 2012, net of reinsurance | 1,103,846 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 2,349,169 | ||||
U.S. Reinsurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 3,047,676 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,934,594 | ||||
All outstanding liabilities prior to 2012, net of reinsurance | 70,472 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 1,183,554 | ||||
International [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 797,159 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 274,456 | ||||
All outstanding liabilities prior to 2012, net of reinsurance | 132,472 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 655,175 | ||||
International [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,311,193 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,562,200 | ||||
All outstanding liabilities prior to 2012, net of reinsurance | 135,170 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 884,163 | ||||
Bermuda [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,330,278 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 329,328 | ||||
All outstanding liabilities prior to 2012, net of reinsurance | 507,747 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 1,508,697 | ||||
Bermuda [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 767,749 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 461,959 | ||||
All outstanding liabilities prior to 2012, net of reinsurance | 44,730 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 350,520 | ||||
Insurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,279,161 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 861,765 | ||||
All outstanding liabilities prior to 2012, net of reinsurance | 644,177 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 2,061,572 | ||||
Insurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 746,400 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 594,908 | ||||
All outstanding liabilities prior to 2012, net of reinsurance | 171 | ||||
Liability for claims and claim adjustments expenses, net of reinsurance | 151,663 | ||||
2012 [Member] | U.S. Reinsurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 320,908 | $ 324,870 | $ 328,910 | $ 395,674 | $ 400,944 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 69,381 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,016 | 2,015 | 2,014 | 2,013 | 2,012 |
2012 [Member] | U.S. Reinsurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 608,182 | 608,568 | 621,543 | 723,126 | 937,168 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 15,899 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,016 | 2,015 | 2,014 | 2,013 | 2,012 |
2012 [Member] | International [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 118,381 | 134,806 | 134,433 | 145,165 | 222,381 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 19,893 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,016 | 2,015 | 2,014 | 2,013 | 2,012 |
2012 [Member] | International [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 468,340 | 468,016 | 464,379 | 516,568 | 562,356 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 3,276 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,016 | 2,015 | 2,014 | 2,013 | 2,012 |
2012 [Member] | Bermuda [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 236,554 | 228,861 | 238,136 | 257,552 | 277,335 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 69,097 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,016 | 2,015 | 2,014 | 2,013 | 2,012 |
2012 [Member] | Bermuda [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 159,285 | 158,711 | 162,787 | 177,683 | 233,738 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 624 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,016 | 2,015 | 2,014 | 2,013 | 2,012 |
2012 [Member] | Insurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 353,145 | 347,989 | 346,685 | 351,107 | 349,301 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 50,190 | ||||
Cumulative Number of Reported Claims | item | 15,638 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 2,016 | 2,015 | 2,014 | 2,013 | 2,012 |
2012 [Member] | Insurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 81,957 | 82,382 | 81,682 | 88,908 | 106,229 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 52 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,016 | 2,015 | 2,014 | 2,013 | $ 2,012 |
2013 [Member] | U.S. Reinsurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 388,157 | 385,498 | 388,247 | 310,899 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 147,320 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 170,781 | 108,736 | 48,891 | 14,814 | |
2013 [Member] | U.S. Reinsurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 455,623 | 494,573 | 547,741 | 621,644 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 8,005 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 405,331 | 381,281 | 322,603 | 234,163 | |
2013 [Member] | International [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 146,192 | 164,664 | 167,152 | 182,388 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 38,720 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 68,508 | 55,190 | 41,511 | 17,945 | |
2013 [Member] | International [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 402,109 | 409,911 | 446,011 | 493,798 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,153 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 357,358 | 326,747 | 272,527 | 135,240 | |
2013 [Member] | Bermuda [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 259,719 | 250,151 | 254,485 | 223,085 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 120,413 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 78,476 | 53,035 | 34,498 | 17,185 | |
2013 [Member] | Bermuda [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 120,904 | 129,687 | 147,275 | 203,306 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,207 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 114,050 | 106,936 | 67,966 | 31,315 | |
2013 [Member] | Insurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 392,829 | 392,539 | 393,103 | 393,201 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 101,156 | ||||
Cumulative Number of Reported Claims | item | 21,168 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 224,558 | 176,280 | 117,016 | 33,303 | |
2013 [Member] | Insurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 91,956 | 91,054 | 97,870 | 111,926 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 91,923 | 91,653 | 92,945 | $ 68,656 | |
2014 [Member] | U.S. Reinsurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 392,300 | 383,597 | 367,454 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 215,144 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 110,199 | 54,220 | 18,791 | ||
2014 [Member] | U.S. Reinsurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 473,579 | 550,471 | 641,489 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 46,920 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 369,615 | 321,473 | 218,595 | ||
2014 [Member] | International [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 170,072 | 187,335 | 194,110 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 66,586 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 63,412 | 45,309 | 25,854 | ||
2014 [Member] | International [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 491,539 | 536,437 | 590,986 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 73,701 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 352,586 | 285,019 | 163,098 | ||
2014 [Member] | Bermuda [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 257,310 | 239,078 | 205,404 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 163,951 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 43,582 | 25,272 | 13,846 | ||
2014 [Member] | Bermuda [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 131,588 | 157,187 | 178,615 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 13,592 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 101,239 | 81,535 | 28,540 | ||
2014 [Member] | Insurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 454,071 | 456,532 | 430,554 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 151,768 | ||||
Cumulative Number of Reported Claims | item | 24,829 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 201,545 | 124,865 | 41,182 | ||
2014 [Member] | Insurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 119,781 | 123,487 | 131,505 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,044 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 118,085 | 115,913 | $ 81,766 | ||
2015 [Member] | U.S. Reinsurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 354,224 | 326,321 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 248,529 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 53,592 | 19,882 | |||
2015 [Member] | U.S. Reinsurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 543,978 | 679,170 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 113,327 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 327,261 | 226,198 | |||
2015 [Member] | International [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 179,393 | 192,610 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 99,975 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 49,198 | 24,408 | |||
2015 [Member] | International [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 439,133 | 563,857 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 68,845 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 267,899 | 145,406 | |||
2015 [Member] | Bermuda [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 293,967 | 263,919 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 196,691 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 58,647 | 13,664 | |||
2015 [Member] | Bermuda [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 157,662 | 187,738 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 45,387 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 72,186 | 32,687 | |||
2015 [Member] | Insurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 527,109 | 518,706 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 282,784 | ||||
Cumulative Number of Reported Claims | item | 25,939 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 134,658 | 44,298 | |||
2015 [Member] | Insurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 152,580 | 172,535 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 3,999 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 141,010 | $ 102,005 | |||
2016 [Member] | U.S. Reinsurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 330,352 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 272,614 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 18,920 | ||||
2016 [Member] | U.S. Reinsurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 966,314 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 488,562 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 286,082 | ||||
2016 [Member] | International [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 183,120 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 135,120 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 26,582 | ||||
2016 [Member] | International [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 510,072 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 151,258 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 150,819 | ||||
2016 [Member] | Bermuda [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 282,729 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 208,938 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 45,134 | ||||
2016 [Member] | Bermuda [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 198,310 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 123,224 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 26,324 | ||||
2016 [Member] | Insurance [Member] | Casualty [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 552,006 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 406,759 | ||||
Cumulative Number of Reported Claims | item | 23,463 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 54,710 | ||||
2016 [Member] | Insurance [Member] | Property Business [Member] | |||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 300,127 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 82,989 | ||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 162,060 |
Reserve For Losses, LAE And F72
Reserve For Losses, LAE And Future Policy Benefit Reserve (Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Casualty [Member] | U.S. Reinsurance [Member] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 4.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 9.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 14.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 17.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 13.60% |
Casualty [Member] | International [Member] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 14.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 12.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 11.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 9.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 8.30% |
Casualty [Member] | Bermuda [Member] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 7.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 8.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 7.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 10.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 11.30% |
Casualty [Member] | Insurance [Member] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 9.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 18.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 16.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 13.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 9.30% |
Property Business [Member] | U.S. Reinsurance [Member] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 39.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 21.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 12.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 5.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 2.90% |
Property Business [Member] | International [Member] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 34.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 28.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 14.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 6.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 2.90% |
Property Business [Member] | Bermuda [Member] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 21.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 29.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 21.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 11.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 4.20% |
Property Business [Member] | Insurance [Member] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 63.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 27.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | (0.10%) |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 0.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 0.20% |
Reserve For Losses, LAE And F73
Reserve For Losses, LAE And Future Policy Benefit Reserve (Reconciliation of the Net Incurred and Paid Claims Development) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | $ 9,144,514 | |||
Total reinsurance recoverable on unpaid claims | 990,862 | |||
Insurance lines other than short-duration | ||||
Unallocated claims adjustment expenses | 132,210 | |||
Other | 44,727 | |||
Total other rxpenses | 176,937 | |||
Total gross liability for unpaid claims and claim adjustment expense | 10,312,313 | $ 9,951,798 | $ 9,720,813 | $ 9,673,240 |
U.S. Reinsurance [Member] | Casualty [Member] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 2,349,169 | |||
Total reinsurance recoverable on unpaid claims | 98,282 | |||
U.S. Reinsurance [Member] | Property Business [Member] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 1,183,554 | |||
Total reinsurance recoverable on unpaid claims | 84,224 | |||
International [Member] | Casualty [Member] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 655,175 | |||
Total reinsurance recoverable on unpaid claims | 83,912 | |||
International [Member] | Property Business [Member] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 884,163 | |||
Total reinsurance recoverable on unpaid claims | 79,044 | |||
Bermuda [Member] | Casualty [Member] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 1,508,697 | |||
Total reinsurance recoverable on unpaid claims | 10,135 | |||
Bermuda [Member] | Property Business [Member] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 350,520 | |||
Total reinsurance recoverable on unpaid claims | 101,210 | |||
Insurance [Member] | Casualty [Member] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 2,061,572 | |||
Total reinsurance recoverable on unpaid claims | 498,493 | |||
Insurance [Member] | Property Business [Member] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 151,663 | |||
Total reinsurance recoverable on unpaid claims | $ 35,562 |
Reserve For Losses, LAE And F74
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Incurred Losses With Respect To A&E Reserves On Both Gross And Net Of Reinsurance Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |||
Gross basis: Beginning of period reserves | $ 433,117 | $ 476,205 | $ 402,461 |
Gross basis: Incurred losses | 73,336 | 40,000 | 142,233 |
Gross basis: Paid losses | (65,342) | (83,088) | (68,489) |
Gross basis: End of period reserves | 441,111 | 433,117 | 476,205 |
Net basis: Beginning of period reserves | 319,620 | 458,211 | 386,677 |
Net basis: Incurred losses | 53,909 | 38,440 | 137,769 |
Net basis: Paid losses | (54,457) | (177,031) | (66,235) |
Net basis: End of period reserves | $ 319,072 | $ 319,620 | $ 458,211 |
Reserve For Losses, LAE And F75
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Future Policy Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |||
Balance at beginning of year | $ 58,910 | $ 59,820 | $ 59,512 |
Liabilities assumed | 175 | 315 | 250 |
Adjustments to reserves | 303 | 2,310 | 4,724 |
Benefits paid in the current year | (4,315) | (3,535) | (4,667) |
Balance at end of year | $ 55,074 | $ 58,910 | $ 59,820 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)security | Dec. 31, 2016GBP (£)security | Dec. 31, 2016USD ($)security | Dec. 31, 2005security | Dec. 31, 2001security | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value of public equity portfolio | $ 253,575,000 | $ 256,041,000 | ||||
Number of equity index put option contracts | security | 7 | 7 | ||||
Derivatives, Number Of Indices | item | 2 | |||||
other invested assets | 316,408,000 | 263,459,000 | ||||
Transfers between level 1 and 2 | $ 0 | |||||
Transfers from level 3 | $ (1,903,000) | $ (8,199,000) | ||||
Private Placement [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Number of equity index put option contracts | security | 2 | 42 | 42 | |||
Unavailability Of Prices [Member] | Private Placement [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale Securities | $ 3,593,000 | $ 86,536,000 | ||||
Standard & Poor's 500 Index [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Number of equity index put option contracts | security | 6 | 6 | ||||
Theoretical maximum payout occurs based on index value | $ 0 | |||||
Fair Value of equity put options | 22,530,000 | |||||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 7.00% | |||||
Discount factor | 3.00% | |||||
Present value of theoretical maximum payouts | 445,627,000 | |||||
Settlement amount if contracts had expired | 0 | |||||
Equity Index | $ 2,238.83 | |||||
FTSE 100 Index [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Number of equity index put option contracts | security | 1 | 1 | ||||
Theoretical maximum payout occurs based on index value | $ 0 | |||||
Fair Value of equity put options | 6,706,000 | |||||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 25.00% | |||||
Discount factor | 3.00% | |||||
Present value of theoretical maximum payouts | 36,231,000 | |||||
Settlement amount if contracts had expired | 0 | |||||
Equity Index | £ | £ 7,142.83 | |||||
Parent Company [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
other invested assets | 56,314,000 | 60,603,000 | ||||
Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair Value of equity put options | $ 40,705,000 | 22,059,000 | ||||
Fair Value [Member] | Investments [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
other invested assets | $ 18,801,000 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 14,107,408 | $ 13,357,294 |
Fixed maturities, fair value | 2,102 | |
Equity securities, market value | 119,067 | 108,940 |
Equity securities, fair value | 1,010,085 | 1,337,733 |
Equity index put option contracts | 22,059 | 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 | 105,507 | 91,907 |
Equity securities, fair value | 949,523 | 1,275,666 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 14,039,673 | 13,351,768 |
Fixed maturities, fair value | 2,102 | |
Equity securities, market value | 13,560 | 17,033 |
Equity securities, fair value | 60,562 | 62,067 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 67,735 | 5,526 |
Equity index put option contracts | 22,059 | 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 | 1,130,315 | 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 | 1,130,315 | 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 | 729,984 | 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 | 729,984 | 703,075 |
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 5,155,281 | 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 | 5,090,084 | 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 | 65,197 | 3,933 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 488,648 | 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 | 488,648 | 467,226 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 306,932 | 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 | 306,932 | 266,299 |
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,405,469 | 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 | 2,405,469 | 2,320,524 |
Non-Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 641 | 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 | 641 | 898 |
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,258,160 | 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 | 1,258,160 | 1,259,181 |
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,631,978 | 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 | 2,629,440 | 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 | $ 2,538 | $ 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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 5,526 | $ 15,763 |
Total gains or (losses) (realized/unrealized) Included in earnings | (1,093) | (9,476) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 57 | 3,812 |
Purchases, issuances and settlements | 65,148 | 3,626 |
Transfers in and/or (out) of Level 3 | (1,903) | (8,199) |
Ending balance | 67,735 | 5,526 |
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 | 9,721 | |
Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 3,933 | |
Total gains or (losses) (realized/unrealized) Included in earnings | 100 | 4 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 41 | (96) |
Purchases, issuances and settlements | 63,054 | 3,626 |
Transfers in and/or (out) of Level 3 | (1,931) | 399 |
Ending balance | 65,197 | 3,933 |
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 | ||
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) | 16 | |
Purchases, issuances and settlements | (44) | |
Transfers in and/or (out) of Level 3 | 28 | (8,597) |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 1,593 | 7,166 |
Total gains or (losses) (realized/unrealized) Included in earnings | (1,193) | (9,480) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 3,908 | |
Purchases, issuances and settlements | 2,138 | |
Transfers in and/or (out) of Level 3 | (1) | |
Ending balance | 2,538 | 1,593 |
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 | $ 9,721 |
Fair Value (Fair Value Measur79
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value [Abstract] | ||
Balance, beginning of period | $ 40,705 | $ 47,022 |
Total (gains) or losses (realized/unrealized) Included in earnings | (18,646) | (6,317) |
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 | 22,059 | 40,705 |
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 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) £ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016GBP (£)item | Dec. 31, 2015GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 09, 2015GBP (£) | Jun. 22, 2012USD ($) | Jul. 27, 2007USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, number of facilities | item | 2 | ||||||
Line of credit facility, commitment | $ 1,000,000 | ||||||
Wells Fargo Bank Group Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, term of credit facility | 5 years | ||||||
Line of credit facility, commitment | $ 800,000 | $ 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 | 5,584,382 | ||||||
Wells Fargo Bank Group Credit Facility [Member] | Federal Funds [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, spread on variable rate basis | 0.50% | ||||||
Wells Fargo Bank Group Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, spread on variable rate basis | 1.00% | ||||||
Wells Fargo Bank Group Credit Facility [Member] | Interest Rate Base Rate Option 1 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument Description Of Variable Rate Basis | an adjusted London Interbank Offered Rate ("LIBOR") plus a margin. | ||||||
Wells Fargo Bank Group Credit Facility [Member] | Interest Rate Base Rate Option 1(a) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument Description Of Variable Rate Basis | prime commercial lending rate established by Wells Fargo Bank | ||||||
Wells Fargo Bank Group Credit Facility [Member] | Interest Rate Base Rate Option 1(b) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument Description Of Variable Rate Basis | Federal Funds Rate plus 0.5 | ||||||
Wells Fargo Bank Group Credit Facility [Member] | Interest Rate Base Rate Option 1(c) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument Description Of Variable Rate Basis | one month LIBOR Rate plus 1.0 | ||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, term of credit facility | 4 years | ||||||
Line of credit facility, commitment | 200,000 | 200,000 | $ 800,000 | ||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, commitment | 600,000 | ||||||
Citibank Holdings Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, initiation date | Aug. 15, 2011 | ||||||
Line of credit facility, term of credit facility | 3 years | ||||||
Line of credit facility, commitment | 150,000 | ||||||
Citibank Bilateral Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, commitment | $ 200,000 | $ 300,000 | |||||
Per annum commitment fee on undrawn credit | 0.15% | ||||||
Citibank Bilateral Agreement [Member] | Interest Rate Base Rate Option 1(a) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, term of credit facility | 15 months | ||||||
Debt Instrument Description Of Variable Rate Basis | % per annum of the principal amount of issued standard letters of credit (expiry of 15 months or less) | ||||||
Percentage of interest on the principal amount of letters of credit issued | 0.35% | ||||||
Citibank Bilateral Agreement [Member] | Interest Rate Base Rate Option 1(b) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, term of credit facility | 60 months | ||||||
Debt Instrument Description Of Variable Rate Basis | % per annum of the principal amount of issued extended tenor letters of credit (expiry maximum of up to 60 months). | ||||||
Percentage of interest on the principal amount of issued extended tenor letters of credit | 0.45% | ||||||
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 | $ 5,326,009 | ||||||
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 | $ 5,584,382 | ||||||
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 | £ | £ 140,000 | £ 175,000 | £ 140,000 | ||||
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Credit Facilities [Abstract] | |||
Credit facility fees incurred | $ 793 | $ 756 | $ 659 |
Credit Facilities (Summary Of O
Credit Facilities (Summary Of Outstanding Letters Of Credit And/Or Borrowings) (Details) £ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016GBP (£) | Dec. 31, 2015GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 09, 2015GBP (£) | Jun. 22, 2012USD ($) | Jul. 27, 2007USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Commitment | $ 1,000,000 | ||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000 | $ 200,000 | $ 800,000 | ||||
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 | ||||||
Date of Expiry | Dec. 12, 2016 | ||||||
Wells Fargo Bank Group Credit Facility Tranche Two Issuance Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 478,233 | 447,178 | |||||
Date of Expiry | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Wells Fargo Bank Group Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 800,000 | 800,000 | $ 800,000 | ||||
In Use | 478,233 | 449,666 | |||||
Citibank Bilateral Letter Of Credit Agreement One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000 | 300,000 | |||||
In Use | 4,058 | 3,672 | |||||
Date of Expiry | Feb. 28, 2017 | Nov. 24, 2016 | |||||
Citibank Bilateral Letter Of Credit Agreement Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 3,672 | 67,783 | |||||
Date of Expiry | Nov. 24, 2017 | Dec. 31, 2016 | |||||
Citibank Bilateral Letter Of Credit Agreement Three [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 69,404 | 179 | |||||
Date of Expiry | Dec. 31, 2017 | Aug. 30, 2017 | |||||
Citibank Bilateral Letter Of Credit Agreement Four [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 269 | 316 | |||||
Date of Expiry | Aug. 30, 2018 | Dec. 31, 2017 | |||||
Citibank Bilateral Letter Of Credit Agreement Five [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 1,163 | ||||||
Date of Expiry | Dec. 31, 2018 | ||||||
Citibank Bilateral Letter Of Credit Agreement Six [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 93,180 | 99,521 | |||||
Date of Expiry | Dec. 30, 2020 | Dec. 31, 2019 | |||||
Citibank Bilateral Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000 | 300,000 | |||||
In Use | $ 171,746 | $ 171,471 | |||||
Lloyd's Bank PLC [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | £ | £ 140,000 | £ 175,000 | |||||
In Use | £ | £ 130,606 | £ 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 | £ | £ 140,000 | £ 175,000 | £ 140,000 | ||||
In Use | £ | £ 130,606 | £ 164,961 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
4.868% Senior notes due 6/1/2044 [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Jun. 5, 2014 | |
Principal amounts | $ 400,000,000 | |
Debt Instrument, Term | 30 years | |
Debt instrument, stated interest rate | 4.868% | 4.868% |
Date due | Jun. 1, 2044 | |
5.4% Senior notes due 10/15/2014 [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Oct. 12, 2004 | |
Principal amounts | $ 250,000,000 | |
Debt instrument, stated interest rate | 5.40% | |
Date due | Oct. 15, 2014 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 396,714,000 | $ 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 | 396,714,000 | $ 396,594,000 |
Market value | $ 383,612,000 | $ 381,204,000 |
5.4% Senior notes due 10/15/2014 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 5.40% | |
Date issued | Oct. 12, 2004 | |
Date due | Oct. 15, 2014 | |
Principal amounts | $ 250,000,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Senior Notes [Abstract] | |||
Interest expense incurred | $ 19,472 | $ 19,472 | $ 21,818 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | Mar. 19, 2009 | Dec. 31, 2016 | Dec. 31, 2015 |
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 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 ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 236,462,000 | $ 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 | $ 236,462,000 | $ 236,364,000 |
Market value | 204,636,000 | 208,978,000 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 250,000,000 | $ 250,000,000 |
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 88
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Long Term Subordinated Notes [Abstract] | |||
Interest expense incurred | $ 15,749 | $ 15,749 | $ 15,749 |
Collateralized Reinsurance An89
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Dec. 01, 2015USD ($)item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Effects of Reinsurance [Line Items] | ||||||
Amount on deposit in trust accounts | $ 466,029 | |||||
Percentage of voting common shares owned by Group | 100.00% | |||||
Assumed net risk exposures | $ 932,243 | $ 798,548 | ||||
Preferred shares invested | ||||||
Reinsurance coverage amount | 762,969 | 709,402 | $ 630,446 | |||
Redeemable Preferred Stock [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Assumed net risk exposures | $ 55,536 | $ 50,000 | ||||
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 | |||||
Catastrophe reinsurance bonds funded amount | $ 625,000 | $ 500,000 | $ 450,000 | |||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | 300,000 | 250,000 | ||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Reinsurance coverage amount | $ 325,000 | $ 200,000 |
Collateralized Reinsurance An90
Collateralized Reinsurance And Trust Agreements (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | $ 762,969 | $ 709,402 | $ 630,446 |
Assumed written premiums | 4,214,286 | 4,321,922 | 4,535,231 |
Mt. Logan Re Segregated Accounts [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 197,537 | 234,001 | 138,362 |
Ceded earned premiums | 191,568 | 226,385 | 139,317 |
Ceded losses and LAE | 44,802 | 40,807 | 30,598 |
Assumed written premiums | 14,563 | 15,421 | 13,889 |
Assumed earned premiums | $ 14,563 | $ 15,421 | $ 13,889 |
Operating Lease Agreements (Nar
Operating Lease Agreements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | |||
Rental expense | $ 17,663 | $ 15,986 | $ 15,519 |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease expiration year | 2,018 | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease expiration year | 2,027 |
Operating Lease Agreements (Fut
Operating Lease Agreements (Future Minimum Rental Commitments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Lease Agreements [Abstract] | |
2,017 | $ 14,818 |
2,018 | 15,302 |
2,019 | 15,801 |
2,020 | 15,170 |
2,021 | 6,307 |
Thereafter | 23,769 |
Net commitments | $ 91,168 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Accrual withholding taxes percent | 5.00% | ||
Accrual Withholding Taxes | $ 0 | ||
Tax benefits related to share-based compensation | 7,458 | $ 8,064 | |
Foreign tax credits | 0 | 11,836 | |
Alternative minimum tax credits | 7,604 | ||
Net operating loss carryforward | $ 6,341 | 3,412 | |
2009 Through 2013 IRS Audit [Member] | |||
Income Tax Contingency [Line Items] | |||
IRS audit period | 5 years | ||
IRS net refund | $ 44,241 | $ 34,234 | $ 34,234 |
Interest on net refund | 3,396 | ||
Minimum amount of net refund that needs to be reviewed and approved | $ 5,000 |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
U.S. | $ 30,971 | $ 90,486 | $ 143,297 |
Non-U.S. | 4,228 | 14,811 | 22,575 |
Total current tax expense (benefit) | 35,199 | 105,297 | 165,872 |
U.S. | 70,995 | 28,724 | 21,780 |
Non-U.S. | (2,694) | ||
Total deferred tax expense (benefit) | 68,301 | 28,724 | 21,780 |
Total income tax expense (benefit) | $ 103,500 | $ 134,021 | $ 187,652 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||||||||||
Net investment income | $ 115,167 | $ 122,657 | $ 132,737 | $ 102,524 | $ 110,514 | $ 115,403 | $ 124,990 | $ 122,566 | $ 473,085 | $ 473,473 | $ 530,485 |
Net realized capital gains (losses) | $ 34,005 | $ 380 | $ 32,658 | $ (74,259) | $ 10,507 | $ (159,971) | $ (24,178) | $ (10,505) | (7,216) | (184,147) | 84,046 |
Net derivative gain (loss) | 18,647 | 6,317 | (11,599) | ||||||||
Corporate expenses | (27,231) | (23,254) | (23,421) | ||||||||
Interest, fee and bond issue cost amortization expense | (36,228) | (36,191) | (38,533) | ||||||||
Other income (expense) | (10,636) | 88,280 | 32,308 | ||||||||
INCOME (LOSS) BEFORE TAXES | 1,099,844 | 1,111,890 | 1,386,808 | ||||||||
Total income tax expense (benefit) | 103,500 | 134,021 | 187,652 | ||||||||
U.S. [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Underwriting gain (loss) | 208,821 | 294,386 | 228,194 | ||||||||
Net investment income | 230,691 | 234,709 | 260,501 | ||||||||
Net realized capital gains (losses) | (16,465) | (159,268) | 78,006 | ||||||||
Corporate expenses | 8,276 | 7,179 | 7,252 | ||||||||
Interest, fee and bond issue cost amortization expense | (35,435) | (35,434) | (37,970) | ||||||||
Other income (expense) | (5,536) | 27,706 | (1,561) | ||||||||
INCOME (LOSS) BEFORE TAXES | 373,801 | 354,920 | 519,918 | ||||||||
Expected tax provision at the applicable statutory rate(s) | 130,830 | 124,221 | 181,972 | ||||||||
Increase (decrease) in tax resulting from: Tax exempt income | (9,078) | (10,004) | (12,231) | ||||||||
Increase (decrease) in tax resulting from: Dividend received deduction | (4,913) | (5,364) | (5,910) | ||||||||
Increase (decrease) in tax resulting from: Proration | 1,931 | 2,160 | 1,835 | ||||||||
Increase (decrease) in tax resulting from: Tax audit settlement | (18,644) | ||||||||||
Increase (decrease) in taxes resulting from: Other | 1,840 | 8,197 | (588) | ||||||||
Total income tax expense (benefit) | 101,966 | 119,210 | 165,077 | ||||||||
Non-U.S. [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Underwriting gain (loss) | 480,602 | 493,025 | 585,327 | ||||||||
Net investment income | 242,393 | 238,763 | 269,985 | ||||||||
Net realized capital gains (losses) | 9,249 | (24,879) | 6,040 | ||||||||
Net derivative gain (loss) | 18,647 | 6,317 | (11,599) | ||||||||
Corporate expenses | 18,955 | 16,075 | 16,169 | ||||||||
Interest, fee and bond issue cost amortization expense | (793) | (756) | (563) | ||||||||
Other income (expense) | (5,101) | 60,574 | 38,869 | ||||||||
INCOME (LOSS) BEFORE TAXES | 726,043 | 756,970 | 866,890 | ||||||||
Expected tax provision at the applicable statutory rate(s) | 2,387 | 14,848 | 21,279 | ||||||||
Increase (decrease) in taxes resulting from: Other | (853) | (37) | 1,296 | ||||||||
Total income tax expense (benefit) | 1,534 | 14,811 | 22,575 | ||||||||
Parent Company [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Net investment income | 879 | 3,895 | 824 | ||||||||
Net realized capital gains (losses) | 144 | (3,057) | 15 | ||||||||
Interest, fee and bond issue cost amortization expense | (4,300) | (4,300) | |||||||||
Other income (expense) | 5,022 | 7,809 | 5,568 | ||||||||
INCOME (LOSS) BEFORE TAXES | 996,344 | 977,869 | 1,199,156 | ||||||||
Total income tax expense (benefit) |
Income Taxes (Net Deferred Inco
Income Taxes (Net Deferred Income Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Loss reserve | $ 104,547 | $ 169,771 |
Unearned premium reserve | 37,573 | 40,624 |
Net unrecognized losses on benefit plans | 35,271 | 33,971 |
Benefit plan liability | 14,576 | 18,747 |
Net operating loss carryforward | 6,341 | 3,412 |
Unrealized foreign currency losses | 27,410 | |
Uncollectible reinsurance reserve | 5,534 | 5,534 |
Investment impairments | 3,093 | 23,481 |
Deferred expenses | 2,884 | 3,182 |
Foreign tax credits | 0 | 11,836 |
Alternative minimum tax credits | 7,604 | |
Other assets | 14,843 | 16,347 |
Total deferred tax assets | 252,071 | 334,509 |
Net fair value income | 78,740 | 80,268 |
Deferred acquisition costs | 26,652 | 33,227 |
Net unrealized investment gains | 20,698 | 7,491 |
Partnership investments | 11,912 | 6,006 |
Gain on tender of debt | 10,958 | 16,437 |
Unrealized foreign currency gains | 3,778 | |
Other liabilities | 3,086 | 5,860 |
Total deferred tax liabilities | 152,045 | 153,067 |
Net deferred tax assets | 100,026 | 181,442 |
Less: Valuation allowance | (3,846) | (3,412) |
Total net deferred tax assets | $ 96,181 | $ 178,030 |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance [Abstract] | |||||||||||
Written premiums: Direct | $ 1,819,588 | $ 1,569,791 | $ 1,227,645 | ||||||||
Written premiums: Assumed | 4,214,286 | 4,321,922 | 4,535,231 | ||||||||
Written premiums: Ceded | (762,969) | (709,402) | (630,446) | ||||||||
Net written premiums | $ 1,369,851 | $ 1,564,644 | $ 1,154,953 | $ 1,181,457 | $ 1,321,949 | $ 1,500,355 | $ 1,135,718 | $ 1,224,289 | 5,270,905 | 5,182,311 | 5,132,430 |
Premiums earned: Direct | 1,694,702 | 1,491,163 | 1,183,498 | ||||||||
Premiums earned: Assumed | 4,361,944 | 4,500,526 | 4,419,322 | ||||||||
Premium earned: Ceded | (736,180) | (698,847) | (559,113) | ||||||||
Net premiums earned | $ 1,441,265 | $ 1,371,474 | $ 1,288,860 | $ 1,218,867 | $ 1,372,235 | $ 1,362,864 | $ 1,285,255 | $ 1,272,488 | 5,320,466 | 5,292,842 | 5,043,707 |
Incurred losses and LAE: Direct | 1,496,455 | 1,268,896 | 1,100,037 | ||||||||
Incurred losses and LAE: Assumed | 2,121,902 | 2,152,633 | 2,160,663 | ||||||||
Incurred losses and LAE: Ceded | (478,728) | (356,814) | (384,764) | ||||||||
Net incurred losses and LAE | $ 3,139,629 | $ 3,064,715 | $ 2,875,936 |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Comprehensive Income (Loss) [Abstract] | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Before Tax | $ 65,645 | $ (333,657) | $ (4,278) |
URA (D) on securities - OTTI, Before Tax | 7,734 | 8,411 | (10,078) |
Reclassification on net realized losses (gains) included in net income (loss), Before Tax | 23,232 | 131,211 | 34,668 |
Foreign currency translation adjustments, Before Tax | (53,802) | (140,918) | (111,145) |
Benefit plan actuarial net gain (loss), Before Tax | (11,520) | 8,740 | (60,169) |
Reclassification of benefit plan liability amortization included in net income (loss), Before Tax | 7,805 | 9,563 | 4,647 |
Total other comprehensive income (loss), Before Tax | 39,094 | (316,650) | (146,355) |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Tax Effect | (13,961) | 54,502 | 11,653 |
URA (D) on securities - OTTI, Tax Effect | (1,789) | (3,383) | 3,407 |
Reclassification of net realized losses (gains) included in net income (loss), Tax Effect | (8,114) | (37,523) | (13,276) |
Foreign currency translation adjustments, Tax Effect | (1,539) | 29,388 | 15,728 |
Benefit plan actuarial net gain (loss), Tax Effect | 4,032 | (3,059) | 21,059 |
Reclassification of benefit plan liability amortization included in net income (loss), Tax Effect | (2,732) | (3,347) | (1,627) |
Total other comprehensive income (loss), Tax Effect | (24,103) | 36,578 | 36,944 |
Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary, Net of Tax | 51,684 | (279,155) | 7,375 |
URA (D) on securities - OTTI, Net of Tax | 5,945 | 5,028 | (6,671) |
Reclassification on net realized losses (gains) included in net income (loss), Net of Tax | 15,118 | 93,688 | 21,392 |
Foreign currency translation adjustments, Net of Tax | (55,341) | (111,530) | (95,417) |
Benefit plan actuarial net gain (loss), Net of Tax | (7,488) | 5,681 | (39,110) |
Reclassification of benefit plan liability amortization included in net income (loss), Net of Tax | 5,073 | 6,216 | 3,020 |
Total other comprehensive income (loss), net of tax | $ 14,991 | $ (280,072) | $ (109,411) |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassified From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other net realized capital gains (losses) | $ 24,379 | $ (81,948) | $ 123,548 | ||||||||
Other underwriting expenses | 302,722 | 257,069 | 233,104 | ||||||||
Income tax expense (benefit) | 103,500 | 134,021 | 187,652 | ||||||||
NET INCOME (LOSS) | $ 373,572 | $ 295,394 | $ 155,692 | $ 171,686 | $ 357,281 | $ 88,553 | $ 209,057 | $ 322,978 | 996,344 | 977,869 | 1,199,156 |
Parent Company [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax expense (benefit) | |||||||||||
NET INCOME (LOSS) | 996,344 | 977,869 | $ 1,199,156 | ||||||||
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) | 23,232 | 131,211 | |||||||||
Income tax expense (benefit) | (8,114) | (37,523) | |||||||||
NET INCOME (LOSS) | 15,118 | 93,688 | |||||||||
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 | 7,805 | 9,563 | |||||||||
Income tax expense (benefit) | (2,732) | (3,347) | |||||||||
NET INCOME (LOSS) | $ 5,073 | $ 6,216 |
Comprehensive Income (Loss) 100
Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Comprehensive Income (Loss) [Abstract] | |||
Beginning balance of URA (D) on securities | $ 42,811 | $ 223,250 | |
Current period change in URA(D) of investments - temporary | 66,802 | (185,467) | |
Current period change in URA (D) of investments - non-credit OTTI | 5,945 | 5,028 | |
Ending balance of URA (D) on securities | 115,558 | 42,811 | $ 223,250 |
Beginning balance of foreign currency translation adjustments | (211,477) | (99,947) | |
Current period change in foreign currency translation adjustments | (55,341) | (111,530) | |
Ending balance of foreign currency translation adjustments | (266,818) | (211,477) | (99,947) |
Beginning balance of benefit plan net gain (loss) | (63,089) | (74,986) | |
Current period change in benefit plan net gain (loss) | (2,415) | 11,897 | (36,090) |
Ending balance of benefit plan net gain (loss) | (65,504) | (63,089) | $ (74,986) |
Ending balance of accumulated other comprehensive income (loss) | $ (216,764) | $ (231,755) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | $ 0 | ||
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 8,758 | ||
Estimated prior service cost amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | $ 0 | ||
Weighted average discount rate used to determine net periodic benefit cost | 4.38% | 4.00% | 5.00% |
Rate of compensation increase to determine the net periodic benefit cost | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 4.16% | 4.38% | 4.00% |
Private equity limited partnerships | $ 12,909 | $ 11,338 | |
Defined contribution plans, employer contribution plans, employer contribution percentage, maximum | 3.00% | ||
Defined contribution plans, employer contribution percentage, for new hires, minimum | 3.00% | ||
Defined contribution plans, employer contribution percentage, for new hires, maximum | 8.00% | ||
Vested contribution after three years, percentage | 100.00% | ||
Defined contribution plans vesting period, years | 3 years | ||
Defined contribution plan employer contribution percentage for branch offices, minimum | 5.00% | ||
Defined contribution plan employer contribution percentage for branch offices, maximum | 19.70% | ||
Company contributions | $ 30,821 | $ 5,949 | $ 16,484 |
Pre-Medicare Claims [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Healthcare inflation rate | 6.70% | ||
Healthcare inflation rate decreased | 4.50% | ||
Post-Medicare Claims [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Healthcare inflation rate | 6.20% | ||
Healthcare inflation rate decreased | 4.50% | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 78.00% | ||
Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 13.00% | ||
Limited Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 7.00% | ||
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 2.00% | ||
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation percentage | 70.00% | ||
Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation percentage | 30.00% | ||
Other Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | $ 0 | ||
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 132 | ||
Estimated prior service cost amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | $ (131) | ||
Weighted average discount rate used to determine net periodic benefit cost | 4.38% | 4.00% | 5.00% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 4.16% | 4.38% | 4.00% |
Benefit Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 30,000 | ||
Healthcare inflation rate | 7.50% | ||
Benefit Obligations [Member] | Pre-Medicare Claims [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Healthcare inflation rate | 7.50% | ||
Benefit Obligations [Member] | Post-Medicare Claims [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Healthcare inflation rate decreased | 4.50% |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Contributions To Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Company contributions | $ 30,821 | $ 5,949 | $ 16,484 |
Employee Benefit Plans (Summ103
Employee Benefit Plans (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Pension expense | $ 17,188 | $ 22,682 | $ 18,543 |
Employee Benefit Plans (Summ104
Employee Benefit Plans (Summary Of Status Of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 254,022 | $ 270,065 | |
Service cost | 10,924 | 12,511 | $ 10,015 |
Interest cost | 9,485 | 10,759 | 10,474 |
Actuarial (gain)/loss | 12,155 | (18,595) | |
Benefits paid | (4,733) | (20,718) | |
Projected benefit obligation at end of year | 281,853 | 254,022 | 270,065 |
Balance, beginning of period | 135,087 | 157,090 | |
Actual return on plan assets | 10,331 | (7,234) | |
Actual contributions during the year | 30,821 | 5,949 | |
Benefits paid | (4,733) | (20,718) | |
Balance, end of period | 171,506 | 135,087 | 157,090 |
Funded status at end of year | (110,348) | (118,936) | |
Other Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 31,687 | 36,506 | |
Service cost | 1,418 | 1,794 | 1,619 |
Interest cost | 1,007 | 1,187 | 1,320 |
Amendments | (794) | ||
Actuarial (gain)/loss | (668) | (7,231) | |
Benefits paid | 579 | 568 | |
Projected benefit obligation at end of year | 32,071 | 31,687 | 36,506 |
Balance, beginning of period | |||
Actual contributions during the year | 579 | 568 | |
Benefits paid | (579) | (568) | |
Balance, end of period | |||
Funded status at end of year | $ (32,071) | $ (31,687) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (due beyond one year) | ||
Other liabilities (due within one year) | (2,371) | (1,869) |
Other liabilities (due beyond one year) | (107,977) | (117,067) |
Net amount recognized in the consolidated balance sheets | (110,348) | (118,936) |
Other Benefits Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities (due within one year) | (614) | (654) |
Other liabilities (due beyond one year) | (31,457) | (31,033) |
Net amount recognized in the consolidated balance sheets | $ (32,071) | $ (31,687) |
Employee Benefit Plans (Amou106
Employee Benefit Plans (Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated prior service credit (cost) | |||
Accumulated income (loss) | (96,965) | (91,920) | |
Accumulated other comprehensive income (loss) | (96,965) | (91,920) | $ (102,692) |
Other Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated prior service credit (cost) | 662 | ||
Accumulated income (loss) | (4,471) | (5,139) | |
Accumulated other comprehensive income (loss) | $ (3,809) | $ (5,139) | $ (12,670) |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | $ (91,920) | $ (102,692) |
Net gain (loss) arising during period | (12,982) | (259) |
Actuarial loss (gain) | 7,937 | 11,011 |
Prior service cost | 21 | |
Other comprehensive income (loss) at December 31, current year | (96,965) | (91,920) |
Other Benefits Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | (5,139) | (12,670) |
Net gain (loss) arising during period | 668 | 7,231 |
Prior Service credit (cost) arising during period | 794 | |
Actuarial loss (gain) | 300 | |
Prior service cost | (132) | |
Other comprehensive income (loss) at December 31, current year | $ (3,809) | $ (5,139) |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost For U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of unrecognized prior service cost | $ 0 | ||
Net periodic benefit cost | 17,188 | $ 22,682 | $ 18,543 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 10,924 | 12,511 | 10,015 |
Interest cost | 9,485 | 10,759 | 10,474 |
Expected return on plan assets | (11,158) | (11,620) | (11,288) |
Amortization of actuarial loss from earlier periods | 7,937 | 9,243 | 4,341 |
Amortization of unrecognized prior service cost | 21 | 49 | |
Settlement | 1,768 | 4,953 | |
Net periodic benefit cost | 17,188 | 22,682 | 18,543 |
Other comprehensive income (loss) attributable to change from prior year | 5,045 | (10,773) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 22,233 | 11,909 | |
Other Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,418 | 1,794 | 1,619 |
Interest cost | 1,007 | 1,187 | 1,320 |
Amortization of unrecognized prior service cost | (131) | ||
Settlement | (132) | 300 | 257 |
Net periodic benefit cost | 2,293 | 3,280 | $ 3,196 |
Other comprehensive income (loss) attributable to change from prior year | (1,330) | (7,531) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 963 | $ (4,251) |
Employee Benefit Plans (Summ109
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 232,843 | $ 206,458 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 211,720 | 188,702 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 21,123 | $ 17,756 |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 254,320 | $ 229,719 |
Fair value of plan assets | 171,506 | 135,087 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 27,534 | 24,303 |
Fair value of plan assets |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 211,720 | $ 188,702 |
Fair value of plan assets | 171,506 | 135,087 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 21,123 | 17,756 |
Fair value of plan assets |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 614 |
2,018 | 706 |
2,019 | 824 |
2,020 | 951 |
2,021 | 1,071 |
Next 5 years | 7,804 |
Other Benefits Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 7,926 |
2,018 | 10,069 |
2,019 | 12,993 |
2,020 | 10,732 |
2,021 | 12,936 |
Next 5 years | $ 72,113 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Measurement Levels For Qualified Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | $ 3,665 | $ 4,034 |
Multi-strategy equity fund, fair value | 11,274 | 10,673 |
Total | $ 158,597 | $ 123,749 |
Percent of fixed income funds in US securities | 50.00% | 50.00% |
Percent of fixed income funds in international securities | 50.00% | 50.00% |
Percent of equities mutual funds in US equities | 90.00% | 90.00% |
Percent of equities mutual funds in international equities | 10.00% | 10.00% |
Cash Managed By Employee Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash | ||
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 21,445 | 22,537 |
Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 122,213 | 86,505 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | 3,665 | 4,034 |
Multi-strategy equity fund, fair value | ||
Total | 147,323 | 113,076 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Cash Managed By Employee Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 21,445 | 22,537 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 122,213 | 86,505 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | ||
Multi-strategy equity fund, fair value | ||
Total | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash Managed By Employee Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash | ||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Significant Other Observable Inputs (Level 2) [Member] | Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | ||
Multi-strategy equity fund, fair value | 11,274 | 10,673 |
Total | 11,274 | 10,673 |
Significant Unobservable Inputs (Level 3) [Member] | Cash Managed By Employee Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash | ||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value |
Employee Benefit Plans (Fair114
Employee Benefit Plans (Fair Value Measurements Using Significant Unobservable Inputs For Fixed Maturity Investments) (Details) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, beginning of period | $ 10,673 | $ 10,629 |
Realized gains (losses) relating to assets sold during the period | 28 | 9 |
Unrealized gains (losses) relating to assets still held at the reporting date | 517 | 12 |
Purchases and capital contributions | 161 | |
Investment income earned on assets | 189 | |
Sales and capital distributions | (134) | (138) |
Transfers in and/or (out) of Level 3 | ||
Balance, end of period | 11,274 | 10,673 |
The amount of total gains (losses) for the period included in changes in net assets attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | $ 489 | $ 3 |
Employee Benefit Plans (Incurre
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefits and Share-based Compensation [Abstract] | |||
Incurred expenses | $ 6,058 | $ 5,468 | $ 4,676 |
Employee Benefit Plans (Incu116
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefits and Share-based Compensation [Abstract] | |||
Incurred expenses | $ 1,560 | $ 1,423 | $ 1,387 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In The Assumed Healthcare Cost Trend) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Employee Benefits and Share-based Compensation [Abstract] | |
Effect on total service and interest cost components, Percentage Point Increase | $ 541 |
Effect on total service and interest cost components, Percentage Point Decrease | (419) |
Effect on accumulated post-retirement benefit obligation, Percentage Point Increase | 6,622 |
Effect on accumulated post-retirement benefit obligation, Percentage Point Decrease | $ (5,158) |
Employee Benefit Plans (Post-Re
Employee Benefit Plans (Post-Retirement Benefit Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Post-retirement benefit expenses | $ 2,293 | $ 3,280 | $ 3,196 |
Dividend Restrictions And St119
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Minimum solvency margin | $ 250 | ||
Prior approval of the Bermuda Monetary Authority is required for dividend payments, if percentage exceeds in prior-year end total statutory capital | 25.00% | ||
Dividend payment restrictions, period in months | 12 months | ||
Dividend payment restrictions, percentage of statutory surplus required | 10.00% | ||
Available for payment of dividends in 2016 without need for prior regulatory approval | $ 523,547 | ||
Target capital level, percent of the enhanced capital requirement | 120.00% | ||
Minimum percent of total adjusted capital | 200.00% | ||
Everest Re [Member] | |||
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Statutory capital and surplus | $ 3,635,121 | $ 3,210,891 | |
Statutory net income(loss) | 523,547 | 498,455 | $ 357,298 |
Bermuda Re [Member] | |||
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Statutory capital and surplus | 2,702,624 | 2,632,411 | |
Statutory net income(loss) | $ 682,876 | $ 621,643 | $ 698,834 |
Dividend Restrictions And St120
Dividend Restrictions And Statutory Financial Information (Regulatory Targeted Capital And The Actual Statutory Capital) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum Percent Of Total Adjusted Capital | 200.00% | ||
Everest Re [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Regulatory targeted capital | [1] | $ 1,411,440 | $ 1,355,668 |
Actual capital | [1] | 3,635,121 | 3,210,891 |
Bermuda Re [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Regulatory targeted capital | [2],[3] | 2,079,005 | |
Actual capital | [2],[3] | $ 2,702,624 | $ 2,632,411 |
[1] | Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. | ||
[2] | Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. | ||
[3] | The 2016 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2016 actual capital will exceed the targeted capital level. |
Commitments And Contingencie121
Commitments And Contingencies (Summary Of Estimated Cost To Replace Annuities For Contingent Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
The Prudential [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 146,507 | $ 142,427 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 33,860 | $ 33,062 |
Share-Based Compensation Pla122
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 16, 2016 | Sep. 08, 2016 | May 18, 2016 | Feb. 24, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common shares, authorized | 200,000,000 | 200,000,000 | |||||
Vesting period, years | 3 years | ||||||
Share units | 0 | 0 | 0 | ||||
Share-based compensation expense | $ 26,398 | $ 21,237 | $ 21,196 | ||||
Expiration period, in years | 10 years | ||||||
Income tax benefit recorded | $ 6,898 | 4,870 | 5,819 | ||||
Additional paid-in capital due to tax benefit from dividends on restricted shares | 597 | 446 | 401 | ||||
Aggregate intrinsic value of options exercised | 19,876 | 21,434 | 21,202 | ||||
Cash received from the exercised share options | 16,408 | ||||||
Tax benefit realized from the options exercised | 6,480 | ||||||
Unrecognized compensation cost | 51,511 | ||||||
Tax benefit from stock options vested | 8,061 | ||||||
Fair value of shares vested | $ 27,427 | 17,464 | 12,797 | ||||
Unrecognized compensation cost expected to be recognized over a weighted-average period, years | 3 years 1 month 6 days | ||||||
Aggregate value of issuances | $ 103 | $ 75 | $ 75 | ||||
Employee Plans, 1995 And 2002 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share units | 0 | ||||||
2010 Employee Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common shares, authorized | 4,000,000 | ||||||
Remaining shares | 2,629,771 | ||||||
Percentage of options and restricted shares granted | 20.00% | ||||||
Vesting period, years | 5 years | ||||||
2009 Director Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common shares, authorized | 37,439 | ||||||
Remaining shares | 34,957 | ||||||
2003 Director Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common shares, authorized | 500,000 | ||||||
Remaining shares | 362,714 | ||||||
Percentage of options and restricted shares granted | 33.00% | ||||||
Vesting period, years | 3 years | ||||||
1995 Director Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period, years | 2 years | ||||||
Key Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted shares issued | 1,997,372 | ||||||
Restricted shares cancelled | 258,587 | ||||||
Non-Employee Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common shares, issued | 547 | 426 | 476 | ||||
Restricted shares issued | 129,817 | ||||||
Restricted shares cancelled | 0 | ||||||
Common stock acquired | 70,010 | 82,277 | 82,490 | ||||
Common stock, value | $ 12,111 | $ 14,666 | $ 12,738 | ||||
Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant-date fair value of options granted | $ 212.120 | $ 194.165 | $ 182.095 | $ 186.015 | |||
Share units | 173,546 | 173,546 | 173,546 | 173,546 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 212.120 | $ 194.165 | $ 182.095 | $ 186.015 | |||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share units | 11,130 | ||||||
Share-based compensation awards, exercise price | $ 186.015 | ||||||
Performance Shares [Member] | 2010 Employee Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of options and restricted shares granted | 100.00% | ||||||
Vesting period, years | 3 years | ||||||
Performance Shares [Member] | 2010 Employee Plan [Member] | Growth In Book Value [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance share unit valuation growth, percentage | 50.00% | ||||||
Performance Shares [Member] | 2010 Employee Plan [Member] | Operating Return on Equity [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period, years | 3 years | ||||||
Performance share unit valuation growth, percentage | 50.00% | ||||||
Performance Shares [Member] | 2010 Employee Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of stock per unit awarded | 1.75 | ||||||
Performance Shares [Member] | 2010 Employee Plan [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of stock per unit awarded | 0 |
Share-Based Compensation Pla123
Share-Based Compensation Plans (Company's Shareholder Approved Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-Based Compensation Plans [Abstract] | |||
Outstanding at January 1, Shares | 648,034 | 888,184 | 1,190,544 |
Exercised, Shares | 187,940 | 230,350 | 286,120 |
Forfeited/Cancelled/Expired, Shares | 5,100 | 9,800 | 16,240 |
Outstanding at December 31, Shares | 454,994 | 648,034 | 888,184 |
Exercisable at December 31, Shares | 410,694 | 495,334 | 562,684 |
Outstanding at January 1, Weighted-Average Exercise Price/Share | $ 85.61 | $ 86.05 | $ 85.44 |
Exercised, Weighted- Average Exercise Price/Share | 87.31 | 87.21 | 83.53 |
Forfeited/Cancelled/Expired, Weighted- Average Exercise Price/Share | 88.25 | 87.68 | 85.73 |
Outstanding at December 31, Weighted-Average Exercise Price/Share | 84.88 | 85.61 | 86.05 |
Exercisable at December 31, Weighted-Average Exercise Price/Share | $ 84.50 | $ 84.94 | $ 85.41 |
Outstanding at December 31, Weighted-Average Remaining Contractual Term | 3 years 8 months 12 days | 4 years 6 months | 5 years 2 months 12 days |
Exercisable at December 31, Weighted-Average Remaining Contractual Term | 3 years 6 months | 4 years 1 month 6 days | 4 years 6 months |
Outstanding at December 31, Average Intrinsic Value | $ 59,843 | $ 64,352 | $ 76,485 |
Exercisable at December 31, Average Intrinsic Value | $ 54,169 | $ 49,517 | $ 48,812 |
Share-Based Compensation Pla124
Share-Based Compensation Plans (Share Options Outstanding And Exercisable) (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number Outstanding | shares | 454,994 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 3 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 84.88 |
Options Exercisable, Number Exercisable | shares | 410,694 |
Options Exercisable, Weighted-Average Exercise Price | $ 84.50 |
$71.7150 - $78.1700 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Ranges of Exercise Prices, Lower range limit | 71.7150 |
Ranges of Exercise Prices, Upper range limit | $ 78.1700 |
Options Outstanding, Number Outstanding | shares | 90,880 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 2 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 71.72 |
Options Exercisable, Number Exercisable | shares | 90,880 |
Options Exercisable, Weighted-Average Exercise Price | $ 71.72 |
$78.1800 - $85.6300 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Ranges of Exercise Prices, Lower range limit | 78.1800 |
Ranges of Exercise Prices, Upper range limit | $ 85.6300 |
Options Outstanding, Number Outstanding | shares | 71,510 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 3 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 84.63 |
Options Exercisable, Number Exercisable | shares | 71,510 |
Options Exercisable, Weighted-Average Exercise Price | $ 84.63 |
$85.6400 - $87.4700 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Ranges of Exercise Prices, Lower range limit | 85.6400 |
Ranges of Exercise Prices, Upper range limit | $ 87.4700 |
Options Outstanding, Number Outstanding | shares | 109,240 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 4 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 86.62 |
Options Exercisable, Number Exercisable | shares | 109,240 |
Options Exercisable, Weighted-Average Exercise Price | $ 86.62 |
$87.4800 - $110.1300 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Ranges of Exercise Prices, Lower range limit | 87.4800 |
Ranges of Exercise Prices, Upper range limit | $ 110.1300 |
Options Outstanding, Number Outstanding | shares | 183,364 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 4 years 4 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 90.46 |
Options Exercisable, Number Exercisable | shares | 139,064 |
Options Exercisable, Weighted-Average Exercise Price | $ 91.14 |
Share-Based Compensation Pla125
Share-Based Compensation Plans (Summary Of Company's Non-Vested Shares And Changes) (Details) - Restricted Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, Shares | 435,336 | 467,745 | 429,041 |
Granted - Shares | 173,546 | 156,262 | 176,159 |
Vested, Shares | 145,834 | 154,387 | 128,549 |
Forfeited, Shares | 27,710 | 34,284 | 8,906 |
Outstanding at December 31, Shares | 435,338 | 435,336 | 467,745 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | $ 143.02 | $ 120.84 | $ 103.50 |
Granted, Weighted Average Grant Date Fair Value | 186.37 | 178.80 | 147.44 |
Vested, Weighted Average Grant Date Fair Value | 130.54 | 113.12 | 99.55 |
Forfeited, Weighted Average Grant Date Fair Value | 147.32 | 138.19 | 118.82 |
Outstanding at December 31, Weighted Average Grant Date Fair Value | $ 164.21 | $ 143.02 | $ 120.84 |
Share-Based Compensation Pla126
Share-Based Compensation Plans (Company's Non-Vested Performance Share Unit Awards) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at January 1, Shares | 10,705 | |
Granted - Shares | 11,130 | 10,705 |
Vested, Shares | ||
Forfeited, Shares | ||
Outstanding at December 31, Shares | 21,835 | 10,705 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | $ 178.84 | |
Granted, Weighted Average Grant Date Fair Value | 186.02 | 178.84 |
Vested, Weighted Average Grant Date Fair Value | ||
Forfeited, Weighted Average Grant Date Fair Value | ||
Outstanding at December 31, Weighted Average Grant Date Fair Value | $ 182.50 | $ 178.84 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | $ 1,819,588 | $ 1,569,791 | $ 1,227,645 | ||||||||
Net written premiums | $ 1,369,851 | $ 1,564,644 | $ 1,154,953 | $ 1,181,457 | $ 1,321,949 | $ 1,500,355 | $ 1,135,718 | $ 1,224,289 | 5,270,905 | 5,182,311 | 5,132,430 |
Premiums earned | $ 1,441,265 | $ 1,371,474 | $ 1,288,860 | $ 1,218,867 | $ 1,372,235 | $ 1,362,864 | $ 1,285,255 | $ 1,272,488 | 5,320,466 | 5,292,842 | 5,043,707 |
Incurred losses and LAE | 3,139,629 | 3,064,715 | 2,875,936 | ||||||||
Commission and brokerage | 1,188,692 | 1,183,646 | 1,121,145 | ||||||||
Other underwriting expenses | 302,722 | 257,069 | 233,104 | ||||||||
U.S. Reinsurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 2,125,792 | 2,147,892 | 2,154,530 | ||||||||
Net written premiums | 1,970,575 | 1,855,853 | 1,983,800 | ||||||||
Premiums earned | 2,072,155 | 1,952,680 | 1,986,769 | ||||||||
Incurred losses and LAE | 1,068,475 | 825,081 | 954,525 | ||||||||
Commission and brokerage | 465,953 | 493,261 | 466,291 | ||||||||
Other underwriting expenses | 54,107 | 50,087 | 45,583 | ||||||||
Underwriting gain (loss) | 483,620 | 584,251 | 520,370 | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 1,230,683 | 1,334,206 | 1,603,566 | ||||||||
Net written premiums | 1,082,712 | 1,208,978 | 1,336,633 | ||||||||
Premiums earned | 1,119,121 | 1,251,111 | 1,310,903 | ||||||||
Incurred losses and LAE | 486,550 | 749,891 | 748,174 | ||||||||
Commission and brokerage | 283,447 | 298,180 | 306,229 | ||||||||
Other underwriting expenses | 35,512 | 34,303 | 34,598 | ||||||||
Underwriting gain (loss) | 313,612 | 168,737 | 221,902 | ||||||||
Bermuda [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 890,375 | 877,328 | 786,408 | ||||||||
Net written premiums | 831,931 | 791,594 | 744,664 | ||||||||
Premiums earned | 837,964 | 822,391 | 715,736 | ||||||||
Incurred losses and LAE | 461,909 | 456,448 | 361,792 | ||||||||
Commission and brokerage | 233,989 | 215,992 | 198,848 | ||||||||
Other underwriting expenses | 36,331 | 36,017 | 34,923 | ||||||||
Underwriting gain (loss) | 105,735 | 113,934 | 120,173 | ||||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 1,787,024 | 1,532,287 | 1,218,372 | ||||||||
Net written premiums | 1,385,687 | 1,325,886 | 1,067,333 | ||||||||
Premiums earned | 1,291,226 | 1,266,660 | 1,030,299 | ||||||||
Incurred losses and LAE | 1,122,695 | 1,033,295 | 811,445 | ||||||||
Commission and brokerage | 205,303 | 176,213 | 149,777 | ||||||||
Other underwriting expenses | 176,772 | 136,661 | 118,001 | ||||||||
Underwriting gain (loss) | $ (213,544) | $ (79,509) | $ (48,924) |
Segment Reporting (Schedule 128
Segment Reporting (Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Net investment income | $ 115,167 | $ 122,657 | $ 132,737 | $ 102,524 | $ 110,514 | $ 115,403 | $ 124,990 | $ 122,566 | $ 473,085 | $ 473,473 | $ 530,485 |
Net realized capital gains (losses) | $ 34,005 | $ 380 | $ 32,658 | $ (74,259) | $ 10,507 | $ (159,971) | $ (24,178) | $ (10,505) | (7,216) | (184,147) | 84,046 |
Net derivative gain (loss) | 18,647 | 6,317 | (11,599) | ||||||||
Corporate expenses | 27,231 | 23,254 | 23,421 | ||||||||
Interest, fee and bond issue cost amortization expense | (36,228) | (36,191) | (38,533) | ||||||||
Other income (expense) | (10,636) | 88,280 | 32,308 | ||||||||
INCOME (LOSS) BEFORE TAXES | 1,099,844 | 1,111,890 | 1,386,808 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Underwriting gain (loss) | 689,423 | 787,412 | 813,522 | ||||||||
Net investment income | 473,085 | 473,473 | 530,485 | ||||||||
Net realized capital gains (losses) | (7,216) | (184,147) | 84,046 | ||||||||
Net derivative gain (loss) | 18,647 | 6,317 | (11,599) | ||||||||
Corporate expenses | 27,231 | 23,254 | 23,421 | ||||||||
Interest, fee and bond issue cost amortization expense | (36,228) | (36,191) | (38,533) | ||||||||
Other income (expense) | (10,636) | 88,280 | 32,308 | ||||||||
INCOME (LOSS) BEFORE TAXES | $ 1,099,844 | $ 1,111,890 | $ 1,386,808 |
Segment Reporting (Schedule 129
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 1,819,588 | $ 1,569,791 | $ 1,227,645 |
Percentage Threshold Of Company Revenue Not Exceeded By Any Other Country | 19.40% | 20.70% | 22.70% |
United Kingdom Gross Written Premium [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 688,598 | $ 740,763 | $ 676,490 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) - USD ($) | Aug. 24, 2016 | Jul. 13, 2015 |
Liabilites retroceded, percentage | 100.00% | |
Cash consideration | $ 140,279,000 | |
Maximum liability retroceded | 440,279,000 | |
Total amount of liabilities retroceded | 300,000,000 | |
Heartland Crop [Member] | ||
Proceeds from sale of business | $ 49,000,000 | |
After-tax loss on sale | $ 12,942,000 | |
Mt. Mckinley [Member] | ||
Proceeds from sale of business | $ 20,156,000 | |
Liabilites retroceded, percentage | 100.00% | |
Cash consideration | $ 140,279,000 | |
Maximum liability retroceded | 440,279,000 | |
Total amount of liabilities retroceded | 300,000,000 | |
A&E [Member] | ||
Cash consideration | $ 100,451,000 |
Unaudited Quarterly Financia131
Unaudited Quarterly Financial Data (Summary Of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unaudited Quarterly Financial Data [Abstract] | |||||||||||
Gross written premiums | $ 1,534,719 | $ 1,782,616 | $ 1,363,351 | $ 1,353,189 | $ 1,487,085 | $ 1,724,943 | $ 1,261,660 | $ 1,418,025 | |||
Net written premiums | 1,369,851 | 1,564,644 | 1,154,953 | 1,181,457 | 1,321,949 | 1,500,355 | 1,135,718 | 1,224,289 | $ 5,270,905 | $ 5,182,311 | $ 5,132,430 |
Premiums earned | 1,441,265 | 1,371,474 | 1,288,860 | 1,218,867 | 1,372,235 | 1,362,864 | 1,285,255 | 1,272,488 | 5,320,466 | 5,292,842 | 5,043,707 |
Net investment income | 115,167 | 122,657 | 132,737 | 102,524 | 110,514 | 115,403 | 124,990 | 122,566 | 473,085 | 473,473 | 530,485 |
Net realized capital gains (losses) | 34,005 | 380 | 32,658 | (74,259) | 10,507 | (159,971) | (24,178) | (10,505) | (7,216) | (184,147) | 84,046 |
Total claims and underwriting expenses | 1,183,507 | 1,174,276 | 1,225,395 | 1,047,865 | 1,083,049 | 1,234,785 | 1,130,606 | 1,056,990 | 4,694,502 | 4,564,875 | 4,292,139 |
NET INCOME (LOSS) | 373,572 | 295,394 | 155,692 | 171,686 | 357,281 | 88,553 | 209,057 | 322,978 | 996,344 | 977,869 | 1,199,156 |
Net income (loss) | $ 373,572 | $ 295,394 | $ 155,692 | $ 171,686 | $ 357,281 | $ 88,553 | $ 209,057 | $ 322,978 | $ 996,344 | $ 977,869 | $ 1,199,156 |
Basic | $ 9.14 | $ 7.11 | $ 3.70 | $ 4.03 | $ 8.32 | $ 2.02 | $ 4.72 | $ 7.26 | $ 23.85 | $ 22.29 | $ 26.16 |
Diluted | $ 9.08 | $ 7.06 | $ 3.67 | $ 4 | $ 8.26 | $ 2 | $ 4.68 | $ 7.19 | $ 23.68 | $ 22.10 | $ 25.91 |
Schedule I - Summary Of Inve132
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) $ in Thousands | Dec. 31, 2016USD ($) | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | $ 17,087,161 | |
Total investments and cash, Market Value | 17,483,089 | |
Total investments and cash, Amount Shown in Balance Sheet | 17,483,089 | |
Total Fixed Maturities-Available For Sale [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 13,932,613 | |
Total investments and cash, Market Value | 14,107,408 | |
Total investments and cash, Amount Shown in Balance Sheet | 14,107,408 | |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 1,115,208 | |
Total investments and cash, Market Value | 1,130,315 | |
Total investments and cash, Amount Shown in Balance Sheet | 1,130,315 | |
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 723,938 | |
Total investments and cash, Market Value | 729,984 | |
Total investments and cash, Amount Shown in Balance Sheet | 729,984 | |
Foreign Government Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 1,254,175 | |
Total investments and cash, Market Value | 1,258,160 | |
Total investments and cash, Amount Shown in Balance Sheet | 1,258,160 | |
Foreign Corporate Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 2,565,710 | |
Total investments and cash, Market Value | 2,631,978 | |
Total investments and cash, Amount Shown in Balance Sheet | 2,631,978 | |
Public Utilities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 272,946 | |
Total investments and cash, Market Value | 277,978 | |
Total investments and cash, Amount Shown in Balance Sheet | 277,978 | |
All Other Corporate Bonds [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 5,255,468 | |
Total investments and cash, Market Value | 5,345,900 | |
Total investments and cash, Amount Shown in Balance Sheet | 5,345,900 | |
Commercial Mortgage-Backed Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 308,827 | |
Total investments and cash, Market Value | 306,932 | |
Total investments and cash, Amount Shown in Balance Sheet | 306,932 | |
Agency Residential [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 2,415,901 | |
Total investments and cash, Market Value | 2,405,469 | |
Total investments and cash, Amount Shown in Balance Sheet | 2,405,469 | |
Non-Agency Residential [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 642 | |
Total investments and cash, Market Value | 641 | |
Total investments and cash, Amount Shown in Balance Sheet | 641 | |
Redeemable Preferred Stock [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 19,798 | |
Total investments and cash, Market Value | 20,051 | |
Total investments and cash, Amount Shown in Balance Sheet | 20,051 | |
Fixed Maturities - Available For Sale At Fair Value [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | [1] | |
Total investments and cash, Market Value | [1] | |
Total investments and cash, Amount Shown in Balance Sheet | [1] | |
Equity Securities - Available For Sale At Market Value [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 129,553 | |
Total investments and cash, Market Value | 119,067 | |
Total investments and cash, Amount Shown in Balance Sheet | 119,067 | |
Equity Securities - Available For Sale At Fair Value [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 778,526 | [1] |
Total investments and cash, Market Value | 1,010,085 | [1] |
Total investments and cash, Amount Shown in Balance Sheet | 1,010,085 | [1] |
Short-Term Investments And Cash [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 431,478 | |
Total investments and cash, Market Value | 431,478 | |
Total investments and cash, Amount Shown in Balance Sheet | 431,478 | |
Other Invested Assets [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 1,333,069 | |
Total investments and cash, Market Value | 1,333,129 | |
Total investments and cash, Amount Shown in Balance Sheet | 1,333,129 | |
Cash [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 481,922 | |
Total investments and cash, Market Value | 481,922 | |
Total investments and cash, Amount Shown in Balance Sheet | $ 481,922 | |
[1] | Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss). |
Schedule II - Condensed Fina133
Schedule II - Condensed Financial Information Of The Registrant (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Other assets | $ 263,459,000 | $ 316,408,000 | |
Other income (expense) | (10,636,000) | 88,280,000 | $ 32,308,000 |
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Other assets | 60,603,000 | 56,314,000 | |
Other income (expense) | $ 5,022,000 | 7,809,000 | 5,568,000 |
Parent Company [Member] | Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 250,000,000 | ||
Maturity Date | Dec. 31, 2023 | ||
Debt instrument, stated interest rate | 1.72% | ||
Mt. Logan Re Segregated Accounts [Member] | Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Investments in preferred shares | $ 55,536,000 | 50,000,000 | |
Other assets | 58,955,000 | 55,673,000 | |
Other income (expense) | $ 5,536,000 | $ 8,268,000 | $ 6,142,000 |
Schedule II - Condensed Fina134
Schedule II - Condensed Financial Information Of The Registrant (Condensed Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Fixed maturities, market value | $ 14,107,408 | $ 13,357,294 | |
Short-term investments | 431,478 | 799,684 | |
Other invested assets | 1,333,129 | 786,994 | |
Cash | 481,922 | 283,658 | |
Accrued investment income | 96,473 | 100,942 | |
Other assets | 263,459 | 316,408 | |
TOTAL ASSETS | 21,321,504 | 20,545,418 | |
Long term note payable - Affiliated | 236,462 | 236,364 | |
Accrued interest and debt borrowings | 3,537 | 3,537 | |
Other liabilities | 264,770 | 261,322 | |
Total liabilities | 13,246,108 | 12,936,833 | |
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) 68,871 and (2015) 68,606 issued before treasury shares | 689 | 686 | |
Additional paid-in capital | 2,140,783 | 2,103,638 | |
Accumulated other comprehensive income (loss), net of deferred income | (216,764) | (231,755) | |
Treasury shares, at cost; 27,972 shares (2016) and 25,912 shares (2015) | (3,272,244) | (2,885,956) | |
Retained earnings | 9,422,932 | 8,621,972 | |
Total shareholders' equity | 8,075,396 | 7,608,585 | $ 7,451,120 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 21,321,504 | 20,545,418 | |
Fixed maturities - available for sale, at market value, amortized cost | 13,932,613 | 13,276,206 | |
Other invested assets, at cost | $ 1,333,069 | $ 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 | 68,871,000 | 68,606,000 | |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ 8,240 | $ (15,863) | |
Treasury shares, at cost | 27,972,000 | 25,912,000 | |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Fixed maturities, market value | $ 2,178 | $ 78,282 | |
Short-term investments | 18,288 | ||
Other invested assets | 145,036 | ||
Cash | 2,034 | 740 | |
Investment in subsidiaries, at equity in the underlying net assets | 8,120,595 | 7,705,868 | |
Accrued investment income | 20 | 71 | |
Receivable from subsidiaries | 894 | 736 | |
Other assets | 60,603 | 56,314 | |
TOTAL ASSETS | 8,331,360 | 7,860,299 | |
Long term note payable - Affiliated | 250,000 | 250,000 | |
Due to subsidiaries | 1,020 | 1,068 | |
Other liabilities | 4,944 | 646 | |
Total liabilities | 255,964 | 251,714 | |
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | 0 | 0 | |
Common shares, par value: $0.01; 200,000 shares authorized; (2016) 68,871 and (2015) 68,606 issued before treasury shares | 689 | 686 | |
Additional paid-in capital | 2,140,783 | 2,103,638 | |
Accumulated other comprehensive income (loss), net of deferred income | (216,764) | (231,755) | |
Treasury shares, at cost; 27,972 shares (2016) and 25,912 shares (2015) | (3,272,244) | (2,885,956) | |
Retained earnings | 9,422,932 | 8,621,972 | |
Total shareholders' equity | 8,075,396 | 7,608,585 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 8,331,360 | 7,860,299 | |
Fixed maturities - available for sale, at market value, amortized cost | 2,176 | 78,153 | |
Other invested assets, at cost | $ 145,036 | $ 0 | |
Preferred shares, par value | $ 0.01 | $ 0.01 | |
Preferred shares, authorized | 50,000,000 | 50,000,000 | |
Preferred shares, issued | 0 | 0 | |
Preferred shares, outstanding | 0 | 0 | |
Common shares, par value | $ 0.01 | $ 0.01 | |
Common shares, authorized | 200,000,000 | 200,000,000 | |
Common shares, issued | 68,871,000 | 68,606,000 | |
Common shares, outstanding | 0 | 68,606,000 | |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ 8,240 | $ (15,863) | |
Treasury shares, at cost | 27,972,000 | 25,912,000 |
Schedule II - Condensed Fina135
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | $ 115,167 | $ 122,657 | $ 132,737 | $ 102,524 | $ 110,514 | $ 115,403 | $ 124,990 | $ 122,566 | $ 473,085 | $ 473,473 | $ 530,485 |
Net realized capital gains (losses) | 34,005 | 380 | 32,658 | (74,259) | 10,507 | (159,971) | (24,178) | (10,505) | (7,216) | (184,147) | 84,046 |
Other income (expense) | (10,636) | 88,280 | 32,308 | ||||||||
Total revenues | 5,794,346 | 5,676,765 | 5,678,947 | ||||||||
Interest expense - affiliated | 36,228 | 36,191 | 38,533 | ||||||||
Total expenses | 1,183,507 | 1,174,276 | 1,225,395 | 1,047,865 | 1,083,049 | 1,234,785 | 1,130,606 | 1,056,990 | 4,694,502 | 4,564,875 | 4,292,139 |
INCOME (LOSS) BEFORE TAXES | 1,099,844 | 1,111,890 | 1,386,808 | ||||||||
Income tax expense (benefit) | 103,500 | 134,021 | 187,652 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 373,572 | $ 295,394 | $ 155,692 | $ 171,686 | $ 357,281 | $ 88,553 | $ 209,057 | $ 322,978 | 996,344 | 977,869 | 1,199,156 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 57,629 | (274,127) | 704 | ||||||||
Reclassification adjustment for realized losses (gains) included in net income (loss) | (15,118) | (93,688) | (21,392) | ||||||||
Total URA(D) on securities arising during the period | 72,747 | (180,439) | 22,096 | ||||||||
Foreign currency translation adjustments | (55,341) | (111,530) | (95,417) | ||||||||
Benefit plan actuarial net gain (loss) for the period | (7,488) | 5,681 | (39,110) | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,073 | 6,216 | 3,020 | ||||||||
Total benefit plan net gain (loss) for the period | (2,415) | 11,897 | (36,090) | ||||||||
Total other comprehensive income (loss), net of tax | 14,991 | (280,072) | (109,411) | ||||||||
COMPREHENSIVE INCOME (LOSS) | 1,011,335 | 697,797 | 1,089,745 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | 879 | 3,895 | 824 | ||||||||
Net realized capital gains (losses) | 144 | (3,057) | 15 | ||||||||
Other income (expense) | 5,022 | 7,809 | 5,568 | ||||||||
Net income (loss) of subsidiaries | 1,012,315 | 989,462 | 1,208,192 | ||||||||
Total revenues | 1,018,360 | 998,109 | 1,214,599 | ||||||||
Interest expense - affiliated | 4,300 | 4,300 | |||||||||
Other expenses | 17,716 | 15,940 | 15,443 | ||||||||
Total expenses | 22,016 | 20,240 | 15,443 | ||||||||
INCOME (LOSS) BEFORE TAXES | 996,344 | 977,869 | 1,199,156 | ||||||||
Income tax expense (benefit) | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 996,344 | 977,869 | 1,199,156 | ||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 57,629 | (274,127) | 704 | ||||||||
Reclassification adjustment for realized losses (gains) included in net income (loss) | (15,118) | (93,688) | (21,392) | ||||||||
Total URA(D) on securities arising during the period | 72,747 | (180,439) | 22,096 | ||||||||
Foreign currency translation adjustments | (55,341) | (111,530) | (95,417) | ||||||||
Benefit plan actuarial net gain (loss) for the period | (7,488) | 5,681 | (39,110) | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,073 | 6,216 | 3,020 | ||||||||
Total benefit plan net gain (loss) for the period | (2,415) | 11,897 | (36,090) | ||||||||
Total other comprehensive income (loss), net of tax | 14,991 | (280,072) | (109,411) | ||||||||
COMPREHENSIVE INCOME (LOSS) | $ 1,011,335 | $ 697,797 | $ 1,089,745 |
Schedule II - Condensed Fina136
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
NET INCOME (LOSS) | $ 373,572 | $ 295,394 | $ 155,692 | $ 171,686 | $ 357,281 | $ 88,553 | $ 209,057 | $ 322,978 | $ 996,344 | $ 977,869 | $ 1,199,156 |
Change in other assets and liabilities, net | (56,204) | (8,934) | (142,635) | ||||||||
Amortization of bond premium (accrual of bond discount) | 49,167 | 50,901 | 49,214 | ||||||||
Realized capital losses (gains) | (34,005) | $ (380) | $ (32,658) | 74,259 | (10,507) | $ 159,971 | $ 24,178 | 10,505 | 7,216 | 184,147 | (84,046) |
Non-cash compensation expense | 26,398 | 21,237 | 21,197 | ||||||||
Net cash provided by (used in) operating activities | 1,373,005 | 1,096,634 | 1,054,762 | ||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 1,258,434 | 1,724,093 | 1,811,801 | ||||||||
Distributions from other invested assets | 4,823,484 | 57,201 | 115,482 | ||||||||
Cost of fixed maturities acquired - available for sale, at market value | (4,061,896) | (4,718,303) | (4,672,633) | ||||||||
Cost of other invested assets acquired | (5,396,001) | (286,599) | (224,740) | ||||||||
Net change in short-term investments | 368,977 | 341,733 | (76,483) | ||||||||
Net cash provided by (used in) investing activities | (657,873) | (681,101) | (758,572) | ||||||||
Common shares issued during the period, net | 10,751 | 13,597 | 17,839 | ||||||||
Purchase of treasury shares | (386,288) | (400,059) | (500,024) | ||||||||
Dividends paid to shareholders | (195,384) | (175,107) | (145,913) | ||||||||
Net cash provided by (used in) financing activities | (570,921) | (561,569) | (478,098) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 54,053 | (7,780) | 8,000 | ||||||||
Net increase (decrease) in cash | 198,264 | (153,816) | (173,908) | ||||||||
Cash, beginning of period | 283,658 | 437,474 | 283,658 | 437,474 | 611,382 | ||||||
Cash, end of period | 481,922 | 283,658 | 481,922 | 283,658 | 437,474 | ||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
NET INCOME (LOSS) | 996,344 | 977,869 | 1,199,156 | ||||||||
Equity in retained (earnings) deficit of subsidiaries | (1,012,315) | (989,462) | (1,208,192) | ||||||||
Dividends received from subsidiaries | 690,000 | 590,000 | 690,000 | ||||||||
Change in other assets and liabilities, net | 66 | (7,626) | 14,470 | ||||||||
Increase (decrease) in due to/from affiliates | (206) | 839 | (2,520) | ||||||||
Amortization of bond premium (accrual of bond discount) | (56) | 525 | 156 | ||||||||
Realized capital losses (gains) | (144) | 3,057 | (15) | ||||||||
Non-cash compensation expense | 2,311 | 1,841 | 1,828 | ||||||||
Net cash provided by (used in) operating activities | 676,000 | 577,043 | 694,883 | ||||||||
Additional investment in subsidiaries | (77,324) | (60,600) | (73,873) | ||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,152 | 26,074 | 4,765 | ||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 75,025 | 252,047 | 50,010 | ||||||||
Distributions from other invested assets | 757,399 | ||||||||||
Cost of fixed maturities acquired - available for sale, at market value | (532,480) | (49,994) | |||||||||
Cost of other invested assets acquired | (902,435) | ||||||||||
Net change in short-term investments | 18,288 | 279,462 | (269,307) | ||||||||
Net cash provided by (used in) investing activities | (127,895) | (35,497) | (338,399) | ||||||||
Common shares issued during the period, net | 34,861 | 32,962 | 37,208 | ||||||||
Purchase of treasury shares | (386,288) | (400,059) | (500,024) | ||||||||
Proceeds from issuance of long term notes- affiliated | 250,000 | ||||||||||
Dividends paid to shareholders | (195,384) | (175,107) | (145,913) | ||||||||
Net cash provided by (used in) financing activities | (546,811) | (542,204) | (358,729) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||||||||||
Net increase (decrease) in cash | 1,294 | (658) | (2,245) | ||||||||
Cash, beginning of period | $ 740 | $ 1,398 | 740 | 1,398 | 3,643 | ||||||
Cash, end of period | $ 2,034 | $ 740 | $ 2,034 | $ 740 | $ 1,398 |
Schedule III - Supplementary137
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | $ 344,052 | $ 372,351 | $ 398,331 |
Reverse for Losses and Loss Adjustment Expenses | 10,312,313 | 9,951,798 | 9,720,813 |
Unearned Premium Reserves | 1,577,546 | 1,613,390 | 1,728,745 |
Premiums Earned | 5,320,466 | 5,292,842 | 5,043,707 |
Net Investment Income | 473,085 | 473,473 | 530,485 |
Incurred Loss and Loss Adjustment Expenses | 3,139,629 | 3,064,715 | 2,875,936 |
Amortization of Deferred Acquisition Costs | 1,188,692 | 1,183,646 | 1,121,145 |
Other Operating Expenses | 302,722 | 257,069 | 233,104 |
Net Written Premium | 5,270,905 | 5,182,311 | 5,132,430 |
U.S. [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 220,864 | 234,061 | 242,178 |
Reverse for Losses and Loss Adjustment Expenses | 6,604,867 | 6,114,129 | 6,041,129 |
Unearned Premium Reserves | 1,110,528 | 1,083,493 | 1,099,842 |
Premiums Earned | 3,363,381 | 3,219,340 | 3,017,068 |
Net Investment Income | 234,123 | 245,159 | 253,304 |
Incurred Loss and Loss Adjustment Expenses | 2,191,170 | 1,858,376 | 1,765,970 |
Amortization of Deferred Acquisition Costs | 671,256 | 669,474 | 616,068 |
Other Operating Expenses | 230,879 | 186,748 | 163,584 |
Net Written Premium | 3,356,262 | 3,181,739 | 3,051,133 |
International [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 52,014 | 61,217 | 69,050 |
Reverse for Losses and Loss Adjustment Expenses | 1,748,380 | 1,819,700 | 1,785,695 |
Unearned Premium Reserves | 237,120 | 273,677 | 347,352 |
Premiums Earned | 1,119,121 | 1,251,111 | 1,310,903 |
Net Investment Income | 33,059 | 34,181 | 40,262 |
Incurred Loss and Loss Adjustment Expenses | 486,550 | 749,891 | 748,174 |
Amortization of Deferred Acquisition Costs | 283,447 | 298,180 | 306,229 |
Other Operating Expenses | 35,512 | 34,303 | 34,598 |
Net Written Premium | 1,082,712 | 1,208,978 | 1,336,633 |
Bermuda [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 71,174 | 77,074 | 87,103 |
Reverse for Losses and Loss Adjustment Expenses | 1,959,065 | 2,017,970 | 1,893,989 |
Unearned Premium Reserves | 229,898 | 256,220 | 281,551 |
Premiums Earned | 837,964 | 822,391 | 715,736 |
Net Investment Income | 205,902 | 194,133 | 236,920 |
Incurred Loss and Loss Adjustment Expenses | 461,909 | 456,448 | 361,792 |
Amortization of Deferred Acquisition Costs | 233,989 | 215,992 | 198,848 |
Other Operating Expenses | 36,331 | 36,017 | 34,923 |
Net Written Premium | $ 831,931 | $ 791,594 | $ 744,664 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||
Gross Amount | $ 1,694,702 | $ 1,491,163 | $ 1,183,498 | ||||||||
Ceded to Other Companies | 736,180 | 698,847 | 559,113 | ||||||||
Assumed from Other Companies | 4,361,944 | 4,500,526 | 4,419,322 | ||||||||
Net Amount | $ 1,441,265 | $ 1,371,474 | $ 1,288,860 | $ 1,218,867 | $ 1,372,235 | $ 1,362,864 | $ 1,285,255 | $ 1,272,488 | 5,320,466 | 5,292,842 | 5,043,707 |
Total Property And Liability Insurance Premiums Earned [Member] | |||||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||
Gross Amount | 1,694,702 | 1,491,163 | 1,183,498 | ||||||||
Ceded to Other Companies | 736,180 | 698,847 | 559,113 | ||||||||
Assumed from Other Companies | 4,361,944 | 4,500,526 | 4,419,322 | ||||||||
Net Amount | $ 5,320,466 | $ 5,292,842 | $ 5,043,707 | ||||||||
Assumed to Net | 82.00% | 85.00% | 82.00% | 85.00% | 87.60% |