Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 01, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,417,452 | ||
Entity Common Stock, Shares Outstanding | 40,675,221 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2018, $15,406,572; 2017, $14,689,598) | $ 15,225,263 | $ 14,756,834 |
Fixed maturities - available for sale, at Fair value | 2,337 | |
Equity securities, at market value (cost: 2018, $0; 2017, $130,287) | 129,530 | |
Equity securities, at fair value | 716,639 | 963,572 |
Short-term investments (cost: 2018, $241,010; 2017, $509,682) | 240,987 | 509,682 |
Other invested assets (cost: 2018, $1,591,745; 2017, $1,628,753) | 1,591,745 | 1,631,850 |
Cash | 656,095 | 635,067 |
Total investments and cash | 18,433,066 | 18,626,535 |
Accrued investment income | 104,619 | 97,704 |
Premiums receivable | 2,218,283 | 1,844,881 |
Reinsurance receivables | 1,787,648 | 1,348,226 |
Funds held by reinsureds | 445,040 | 292,927 |
Deferred acquisition costs | 511,573 | 411,587 |
Prepaid reinsurance premiums | 343,343 | 288,211 |
Income taxes | 592,385 | 299,438 |
Other assets | 358,042 | 382,283 |
TOTAL ASSETS | 24,793,999 | 23,591,792 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 13,119,090 | 11,884,321 |
Future policy benefit reserve | 46,778 | 51,014 |
Unearned premium reserve | 2,517,612 | 2,000,556 |
Funds held under reinsurance treaties | 13,099 | 18,030 |
Other net payable to reinsurers | 218,439 | 218,017 |
Senior notes due 6/1/2044 | 396,954 | 396,834 |
Long term notes due 5/1/2067 | 236,659 | 236,561 |
Accrued interest on debt and borrowings | 3,093 | 2,727 |
Equity index put option liability | 11,958 | 12,477 |
Unsettled securities payable | 51,112 | 38,743 |
Other liabilities | 275,401 | 363,280 |
Total liabilities | 16,890,195 | 15,222,560 |
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; (2018) 69,202 and (2017) 69,044 outstanding before treasury shares | 692 | 691 |
Additional paid-in capital | 2,188,777 | 2,165,768 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($20,697) at 2018 and $9,356 at 2017 | (462,557) | (160,891) |
Treasury shares, at cost; 28,551 shares (2018) and 28,208 shares (2017) | (3,397,548) | (3,322,244) |
Retained earnings | 9,574,440 | 9,685,908 |
Total shareholders' equity | 7,903,804 | 8,369,232 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 24,793,999 | $ 23,591,792 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 15,406,572 | $ 14,689,598 |
Equity securities, at market value, cost | 0 | 130,287 |
Short-term investments, at cost | 241,010 | 509,682 |
Other invested assets, at cost | $ 1,591,745 | $ 1,628,753 |
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 | 69,202,000 | 69,044,000 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) | $ (20,697) | $ 9,356 |
Treasury shares | 28,551,000 | 28,208,000 |
4.868% Senior notes due 6/1/2044 [Member] | Senior Notes [Member] | ||
Debt instrument, maturity date | Jun. 1, 2044 | |
6.6 % Long Term Subordinated Notes [Member] | Subordinated Debt [Member] | ||
Debt instrument, maturity date | May 1, 2067 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES: | |||
Premiums earned | $ 6,931,699 | $ 5,937,840 | $ 5,320,466 |
Net investment income | 581,183 | 542,898 | 473,085 |
Net realized capital gains (losses): | |||
Other-than-temporary impairments on fixed maturity securities | (8,110) | (7,093) | (31,595) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | |||
Other net realized capital gains (losses) | (119,026) | 160,287 | 24,379 |
Total net realized capital gains (losses) | (127,136) | 153,194 | (7,216) |
Net derivative gain (loss) | 520 | 9,581 | 18,647 |
Other income (expense) | (9,060) | (35,442) | (10,636) |
Total revenues | 7,377,206 | 6,608,071 | 5,794,346 |
CLAIMS AND EXPENSES: | |||
Incurred losses and loss adjustment expenses | 5,651,403 | 4,522,581 | 3,139,629 |
Commission, brokerage, taxes and fees | 1,519,030 | 1,303,963 | 1,188,692 |
Other underwriting expenses | 371,541 | 318,817 | 302,722 |
Corporate expenses | 30,672 | 25,923 | 27,231 |
Interest, fees and bond issue cost amortization expense | 31,031 | 31,603 | 36,228 |
Total claims and expenses | 7,603,677 | 6,202,887 | 4,694,502 |
INCOME (LOSS) BEFORE TAXES | (226,471) | 405,184 | 1,099,844 |
Income tax expense (benefit) | (330,023) | (63,784) | 103,500 |
NET INCOME (LOSS) | 103,552 | 468,968 | 996,344 |
Other comprehensive income (loss), net of tax : | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (255,656) | (64,348) | 57,629 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 27,496 | (6,950) | 15,118 |
Total URA(D) on securities arising during the period | (228,160) | (71,298) | 72,747 |
Foreign currency translation adjustments | (76,816) | 121,917 | (55,341) |
Benefit plan actuarial net gain (loss) for the period | (510) | 1,027 | (7,488) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,021 | 5,477 | 5,073 |
Total benefit plan net gain (loss) for the period | 4,511 | 6,504 | (2,415) |
Total other comprehensive income (loss), net of tax | (300,465) | 57,123 | 14,991 |
COMPREHENSIVE INCOME (LOSS) | $ (196,913) | $ 526,091 | $ 1,011,335 |
EARNINGS PER COMMON SHARE: | |||
Basic | $ 2.54 | $ 11.43 | $ 23.85 |
Diluted | $ 2.53 | $ 11.36 | $ 23.68 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Common Shares Outstanding [Member] | Common Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Shares At Cost [Member] | Total |
Balance, beginning of period, shares at Dec. 31, 2015 | 42,694,252 | ||||||
Issued during the period, net, shares | 264,313 | ||||||
Treasury shares acquired, shares | (2,059,701) | ||||||
Balance, end of period, shares at Dec. 31, 2016 | 40,898,864 | ||||||
Balance, beginning of period at Dec. 31, 2015 | $ 686 | $ 2,103,638 | $ (231,755) | $ 8,621,972 | $ (2,885,956) | ||
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 ($5.30 per share in 2018, $5.05 per share in 2017 and $4.70 per share in 2016) | (195,384) | (195,384) | |||||
Purchase of treasury shares | (386,288) | ||||||
Balance, end of period at Dec. 31, 2016 | 689 | 2,140,783 | (216,764) | 9,422,932 | (3,272,244) | $ 8,075,396 | |
Issued during the period, net, shares | 172,901 | ||||||
Treasury shares acquired, shares | (236,493) | ||||||
Balance, end of period, shares at Dec. 31, 2017 | 40,835,272 | 69,044,000 | |||||
Issued during the period, net | 2 | ||||||
Share-based compensation plans | 24,985 | ||||||
Net increase (decrease) during the period | 57,123 | $ 57,123 | |||||
Net income (loss) | 468,968 | 468,968 | |||||
Dividends declared ($5.30 per share in 2018, $5.05 per share in 2017 and $4.70 per share in 2016) | (207,242) | (207,242) | |||||
Purchase of treasury shares | (50,000) | ||||||
Balance, end of period at Dec. 31, 2017 | 691 | 2,165,768 | (160,891) | 9,685,908 | (3,322,244) | 8,369,232 | |
Reclass due to early adoption of Accounting Standards Update 2018-02 | (1,250) | 1,250 | $ 1,250 | ||||
Issued during the period, net, shares | 158,055 | ||||||
Treasury shares acquired, shares | (342,179) | ||||||
Balance, end of period, shares at Dec. 31, 2018 | 40,651,148 | 69,202,000 | |||||
Issued during the period, net | 1 | ||||||
Share-based compensation plans | 23,009 | ||||||
Net increase (decrease) during the period | (300,465) | $ (300,465) | |||||
Net income (loss) | 103,552 | 103,552 | |||||
Dividends declared ($5.30 per share in 2018, $5.05 per share in 2017 and $4.70 per share in 2016) | (216,221) | (216,221) | |||||
Purchase of treasury shares | (75,304) | ||||||
Balance, end of period at Dec. 31, 2018 | $ 692 | $ 2,188,777 | (462,557) | 9,574,440 | $ (3,397,548) | $ 7,903,804 | |
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | $ (1,201) | $ 1,201 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | |||
Dividends declared | $ 5.3 | $ 5.05 | $ 4.7 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 103,552 | $ 468,968 | $ 996,344 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in premiums receivable | (392,981) | (338,335) | (15,655) |
Decrease (increase) in funds held by reinsureds, net | (159,344) | (31,104) | 22,219 |
Decrease (increase) in reinsurance receivables | (511,592) | (238,485) | (202,950) |
Decrease (increase) in income taxes | (263,865) | (114,521) | 54,526 |
Decrease (increase) in prepaid reinsurance premiums | (65,925) | (86,049) | (32,455) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 1,377,711 | 1,376,321 | 545,967 |
Increase (decrease) in future policy benefit reserve | (4,236) | (4,060) | (3,836) |
Increase (decrease) in unearned premiums | 542,023 | 401,174 | (22,072) |
Increase (decrease) in other net payable to reinsurers | 12,276 | 10,071 | 26,200 |
Increase (decrease) in losses in course of payment | 123,209 | (105,371) | (45,933) |
Change in equity adjustments in limited partnerships | (102,052) | (82,713) | (37,939) |
Distribution of limited partnership income | 84,623 | 50,825 | 62,008 |
Change in other assets and liabilities, net | (322,107) | (66,998) | (45,605) |
Non-cash compensation expense | 32,369 | 30,297 | 26,398 |
Amortization of bond premium (accrual of bond discount) | 29,272 | 45,867 | 49,167 |
Net realized capital (gains) losses | 127,136 | (153,194) | 7,216 |
Net cash provided by (used in) operating activities | 610,069 | 1,162,693 | 1,383,600 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,973,652 | 2,160,298 | 1,919,808 |
Proceeds from fixed maturities sold - available for sale, at market value | 3,148,428 | 2,401,844 | 1,258,434 |
Proceeds from fixed maturities sold - available for sale, at fair value | 1,751 | 5,837 | |
Proceeds from equity securities sold, at market value | 19,574 | 6,423 | |
Proceeds from equity securities sold, at fair value | 1,199,409 | 631,859 | 723,359 |
Distributions from other invested assets | 3,102,018 | 5,579,043 | 4,823,484 |
Proceeds from sale of subsidiary (net of cash disposed) | 47,721 | ||
Cost of fixed maturities acquired - available for sale, at market value | (5,909,504) | (5,131,098) | (4,061,896) |
Cost of fixed maturities acquired - available for sale, at fair value | (4,381) | (3,940) | |
Cost of equity securities acquired, at market value | (22,033) | (12,538) | |
Cost of equity securities acquired, at fair value | (921,937) | (438,641) | (346,929) |
Cost of other invested assets acquired | (3,370,455) | (5,829,271) | (5,396,001) |
Net change in short-term investments | 455,350 | (73,923) | 368,977 |
Net change in unsettled securities transactions | 46,048 | (30,229) | 9,388 |
Net cash provided by (used in) investing activities | (279,621) | (732,577) | (657,873) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Common shares issued during the period for share-based compensation, net of expense | (8,157) | (5,310) | 10,751 |
Purchase of treasury shares | (75,304) | (50,000) | (386,288) |
Dividends paid to shareholders | (216,221) | (207,242) | (195,384) |
Cost of shares withheld for taxes on settlements of share-based compensation awards | (16,912) | (12,906) | (10,595) |
Net cash provided by (used in) financing activities | (316,594) | (275,458) | (581,516) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 7,174 | (1,513) | 54,053 |
Net increase (decrease) in cash | 21,028 | 153,145 | 198,264 |
Cash, beginning of period | 635,067 | 481,922 | 283,658 |
Cash, end of period | 656,095 | 635,067 | 481,922 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid (recovered) | (65,064) | 53,743 | 42,636 |
Interest paid | 30,447 | $ 32,194 | $ 36,010 |
NON-CASH TRANSACTIONS: | |||
Fixed maturities - available for sale, at market value | 143,656 | ||
Short-term investments | 243,864 | ||
Other invested assets | $ (387,520) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 fourth quarter of 2017, the Company established a new Irish insurance subsidiary, Everest Insurance (Ireland), designated activity company ("Ireland Insurance"), which will write insurance business mainly in the European markets. 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 are used in the continued expansion of the Insurance operations. Effective August 24, 2016, the Company sold its wholly-owned subsidiary, Heartland Crop Insurance Company ("Heartland"), a managing agent for crop insurance, to CGB Diversified Services, Inc. ("CGB"). The operating results of Heartland through August 24, 2016, are included within the Company's financial statements. Effective July 1, 2016, the Company established a new Irish holding company, Everest Dublin Insurance Holdings Limited (Ireland) ("Everest Dublin Holdings"). 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"), Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd. ("International Holdings"), Everest Corporate Member Limited, Everest Service Company (UK), Ltd., Everest Preferred International Holdings, 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 Global Services, Inc. ("Global Services"), Everest Insurance Company of Canada ("Everest Canada"), Premiere Insurance Underwriting Services ("Premiere"), Everest Dublin Holdings, Ireland Insurance, 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 Managers, L.L.C., 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 Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. Effective January 1, 2016, the Company adopted Accounting Standards Update ("ASU") 2015-02, "Consolidation (Topic 810) Amendments to the Consolidation Analysis" issued by the United States Financial Accounting Standards Board ("FASB"), which changed the method in which the Company determines whether entities are consolidated by the Company. The adoption of this amended accounting guidance was implemented utilizing a full retrospective application for prior periods. The amended guidance includes changes in the identification of the primary beneficiary of companies considered to be VIEs. These changes resulted in the Company concluding that Mt. Logan Re, Ltd. (Bermuda) ("Mt. Logan Re") is a VIE given it has insufficient equity at risk and that each underlying separate segregated account is likewise a VIE. The Company has concluded that it is the primary beneficiary of Mt. Logan Re, but not of the underlying separate segregated accounts and therefore has deconsolidated these segregated accounts. This change had no impact to the net income or retained earnings of the Company. 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 2018 presentation. B. Investments. Fixed maturity 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. As of January 1, 2018, the Company carries all of its equity securities at fair value. For equity securities, 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, investment managers' valuation committees will estimate fair value and in many instances, these fair values are supported with opinions from qualified independent third parties. All fair value estimates from investment managers are 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, rabbi trusts and prior to July 1, 2018, a private placement liquidity sweep facility. Cash contributions to and cash distributions from the sweep facility were 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) 2018 2017 Reinsurance receivables and premium receivables $ 25,611 $ 23,473 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) 2018 2017 2016 Deferred acquisition costs $ 1,519,030 $ 1,303,963 $ 1,188,692 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, for 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. For reinsurance contracts, 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. 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 shareholders' 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) 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) 2018 2017 2016 Net income (loss) per share: Numerator Net income (loss) $ 103,552 $ 468,968 $ 996,344 Less: dividends declared-common shares and nonvested common shares (216,221 ) (207,242 ) (195,384 ) Undistributed earnings (112,669 ) 261,725 800,960 Percentage allocated to common shareholders (1) 99.0 % 98.9 % 98.9 % (111,490 ) 258,952 792,415 Add: dividends declared-common shareholders 214,088 205,182 193,413 Numerator for basic and diluted earnings per common share $ 102,598 $ 464,134 $ 985,829 Denominator Denominator for basic earnings per weighted-average common shares 40,388 40,595 41,329 Effect of dilutive securities: Options 198 248 300 Denominator for diluted earnings per adjusted weighted-average common shares 40,586 40,843 41,628 Per common share net income (loss) Basic $ 2.54 $ 11.43 $ 23.85 Diluted $ 2.53 $ 11.36 $ 23.68 (1) Basic weighted-average common shares outstanding 40,388 40,595 41,329 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,816 41,030 41,774 Percentage allocated to common shareholders 99.0 % 98.9 % 98.9 % (Some amounts may not reconcile due to rounding.) There were no All outstanding options expire on or between February 18, 2019 September 19, 2022 L. Segmentation. The Company, through its subsidiaries, operates in four M. Derivatives. The Company sold seven two One June 9, 2017 no The fair value of the equity index put options can be found in the Company's consolidated balance sheets as follows: (Dollars in thousands) Derivatives not designated as Location of fair value At December 31, hedging instruments in balance sheets 2018 2017 Equity index put option contracts Equity index put option liability $ 11,958 $ 12,477 Total $ 11,958 $ 12,477 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) 2018 2017 2016 Equity index put option contracts Net derivative gain (loss) $ 520 $ 9,581 $ 18,647 Total $ 520 $ 9,581 $ 18,647 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. Simplification of Disclosure Requirements. In August 2018, the Securities and Exchange Commission ("SEC") issued Final Rule Release #33-10532 ("the Rule") which addresses the simplification of the SEC's disclosure requirements for quarterly and annual financial reports. The main changes addressed by the Rule that are applicable to the Company are 1) elimination of the requirement to disclose dividend per share information on the face of the Statements of Operations and Comprehensive Income (Loss) and 2) a new requirement to disclose changes in equity by line item with subtotals for each interim reporting period on the Statements of Changes in Shareholders' Equity. The Rule became effective for all financial reports filed after November 5, 2018 (30 days after its publication in the Federal Register), except for the additional requirement for the Statements of Changes in Shareholders' Equity which can be implemented for first quarter 2019 reporting. The Company has adopted the portions of the Rule that became effective November 5, 2018. The portion of the Rule related to the new requirement for the Statements of Changes in Shareholders' Equity will be adopted by the Company in the first quarter of 2019. Accounting for Cloud Computing Arrangement. In August 2018, The Financial Accounting Standards Board ("FASB") issued ASU 2018-15, which outlines accounting for implementation costs of a cloud computing arrangement that is a service contract. This guidance requires that implementation costs of a cloud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Subtopic 350-40 regarding development of internal use software. In addition, any capitalized implementation costs should be amortized over the term of the hosting arrangement. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2018-15 on its financial statements. Accounting for Long Duration Contracts. In August 2018, FASB issued ASU 2018-12, which discusses changes to the recognition, measurement and presentation of long duration contracts. The main provisions of this guidance address the following: 1) In determining liability for future policy benefits, companies must review cash flow assumptions at least annually and the discount rate assumption at each reporting period date 2) Amortization of deferred acquisition costs has been simplified to be in constant level proportion to either premiums, gross profits or gross margins 3) Disaggregated roll forwards of beginning and ending liabilities for future policy benefits are required. The guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2018-12 on its financial statements. Accounting for Deferred Taxes in Accumulated Other Comprehensive Income (AOCI). In February 2018, FASB issued ASU 2018-02 which outlines guidance on the treatment of trapped deferred taxes contained within AOCI on the consolidated balance sheets. The new guidance allows the amount of trapped deferred taxes in AOCI, resulting from the change in the U.S. tax rate from 35 21 1,250 Accounting for Impact on Income Taxes due to Tax Reform. In December 2017, the SEC issued Staff Accounting Bulletin ("SAB") 118 which provides guidance on the application of FASB Accounting Standards Codification ("ASC") Topic 740, Income Taxes, due to the enactment of TCJA. SAB 118 became effective upon release. The Company has adopted the provisions of SAB 118 with respect to measuring the tax effects for the modifications to the determination of tax basis loss reserves. In 2018, the Company recorded adjustments to the amount of tax expense it recorded in 2017 with respect to the TCJA as estimated amounts were finalized, which did not have a material impact on the Company's financial statements. Amortization of Bond Premium. In March 2017, FASB issued ASU 2017-08 which outlines guidance on the amortization period for premium on callable debt securities. The new guidance requires that the premium on callable debt securities be amortized through the earliest call date rather than through the maturity date of the callable security. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The Company does not expect the adoption of ASU 2017-08 to have a material impact on its financial statements. Presentation and Disclosure of Net Periodic Benefit Costs. In March 2017, FASB issued ASU 2017-07 which outlines guidance on the presentation of net periodic costs of benefit plans. The new guidance requires that the service cost component of net periodic benefit costs be reported within the same line item of the statements of operations as other compensation costs are reported. Other components of net periodic benefit costs should be reported separately. Footnote disclosure is required to state within which line items of the statements of operations the components are reported. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2017-07 did not have a material impact on the Company's financial statements. Disclosure of Restricted Cash. In November 2016, FASB issued ASU 2016-18 and in August 2016, FASB issued ASU 2016-15 which outline guidance on the presentation in the statements of cash flows of changes in restricted cash. The new guidance requires that the statements of cash flows should reflect all changes in cash, cash equivalents and restricted cash in total and not segregated individually. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-18 and ASU 2016-15 did not have a material impact on the Company's financial statements. Intra-Entity Asset Transfers. In October 2016, FASB issued ASU 2016-16 which outlines guidance on the tax accounting for intra-entity asset sales and transfers, other than inventory. The new guidance requires that reporting entities recognize tax expense from the intra-entity transfer of an asset in the seller's tax jurisdiction at the time of transfer and recognize any deferred tax asset in the buyer's tax jurisdiction at the time of transfer. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-16 did not have a material impact on the Company's financial statements. Valuation of Financial Instruments. In June 2016, FASB issued ASU 2016-13 which outlines guidance on the valuation of and accounting for assets measured at amortized cost and available for sale debt securities. The carrying value of assets measured at amortized cost will now be presented as the amount expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation account). Available for sale debt securities will now record credit losses through an allowance for credit losses, which will be limited to the amount by which fair value is below amortized cost. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its financial statements. Accounting for Share-Based Compensation. In March 2016, the FASB issued ASU 2016-09, authoritative guidance regarding the accounting for share-based compensation. This guidance requires that the income tax effects resulting from the change in the value of share-based compensation awards between grant and settlement will be recorded as part of the consolidated statements of operations and comprehensive income/(loss). Previously, excess tax benefits have been recorded as part of the additional paid in capital within the consolidated balance sheets. The guidance is effective for annual reporting periods beginning after December 15, 2016 and interim periods within that annual reporting period. The Company has implemented this guidance prospectively as of January 1, 2017. The guidance also requires that the cost of employee taxes paid via shares withheld upon settlement of share-based compensation awards must be shown as a financing activity within the Statements of Cash Flows. The Company has implemented this guidance retrospectively as of January 1, 2017. The following table presents certain financial statement line items as previously reported in 2016, the effect of those line items due to treating the cost of shares withheld upon settlement of share-based compensation awards as a financing activity with the Statements of Cash Flows and the line items as currently reported within the financial statements. Consolidated Statements of Cash Flows: At December 31, 2016 Effect of adoption of As previously new accounting reported policy As adopted (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Change in other assets and liabilities, net $ (56,204 ) $ 10,595 $ (45,609 ) Net cash provided by (used in) operating activities 1,373,005 10,595 1,383,600 CASH FLOWS FROM FINANCING ACTIVITIES: Cost of shares withheld for taxes on settlements of share-based compensation awards - (10,595 ) (10,595 ) Net cash provided by (used in) financing activities (570,921 ) (10,595 ) (581,516 ) Leases. $75,000 Recognition and Measurement of Financial Instruments. In January 2016, the FASB issued ASU 2016-01 which outlines revised guidance on the accounting for equity investments. The new guidance states that all equity investments in unconsolidated entities will be measured at fair value, with the change in value being recorded through the income statement rather than being recorded within other comprehensive income. The updated guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-01 resulted in a cumulative change adjustment of $1,201 thousand between AOCI and retained earnings, which is disclosed separately within the consolidated statement of changes in shareholders' equity. Disclosures about Short-Duration Contracts. In May 2015, the FASB issued ASU 2015-09, authoritative guidance regarding required disclosures associated with short duration insurance contracts. The new disclosure requirements focus on information about initial claim estimates and subsequent claim estimate adjustment, methodologies in estimating claims and the timing, frequency and severity of claims related to short duration insurance contracts. This guidance is effective for annual reporting periods beginning after December 15, 2015 and interim reporting periods beginning after December 15, 2016. The Company implemented this guidance effective in the fourth quarter of 2016. Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share. In May 2015, the FASB issued ASU 2015-07, which removes the requirement to categorize, within the fair value hierarchy, investments for which fair values are estimated using the net asset value practical expedient provided by Accounting Standards Codification 820, Fair Value Measurement. The updated guidance is effective for annual reporting periods beginning after December 15, 2015. The Company implemented this guidance effective in the fourth quarter of 2016. The adoption did not have a material impact on the Company's financial statements. Debt Issuance Costs. In April 2015, The FASB issued ASU 2015–03, authoritative guidance on the presentation of debt issuance costs. This guidance requires that debt issuance costs be presented within the balance sheet as a reduction of the carrying value of the debt liability, rather than as a separate asset. This guidance is effective for annual reporting periods beginning after December 15, 2015 and related interim reporting periods. The Company implemented this guidance effective in the second quarter of 2016. The adoption did not have a material impact on the Company's financial statements. Consolidation. In February 2015, the FASB issued ASU 2015-02, authoritative guidance regarding consolidation of reporting entities. The new guidance focuses on the required evaluation of whether certain legal entities should be consolidated. This guidance is effective for annual and interim reporting periods beginning after December 15, 2015. Based upon this guidance, the Company has determined that the separate segregated accounts associated with Mt. Logan Re should not be consolidated. The Company implemented the guidance effective January 1, 2016. Revenue Recognition. In May 2014, the FASB issued ASU 2014-09 and in August 2015, FASB issued ASU 2015-14 which outline revised guidance on the recognition of revenue arising from contracts with customers. The new guidance states that reporting entities should apply certain steps to determine when revenue should be recognized, based upon fulfillment of performance obligations to complete contracts. The updated guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2014-09 and ASU 2015-14 did not have a material impact on the Company's financial statements. Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 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 $ 2,629,454 $ 16,781 $ (15,101 ) $ 2,631,134 $ - Obligations of U.S. states and political subdivisions 490,018 12,915 (2,839 ) 500,094 439 Corporate securities 5,538,582 48,465 (141,515 ) 5,445,532 1,688 Asset-backed securities 545,427 162 (5,492 ) 540,097 - Mortgage-backed securities Commercial 329,883 2,167 (5,340 ) 326,710 - Agency residential 1,832,760 7,325 (43,821 ) 1,796,264 - Non-agency residential 10,198 37 (26 ) 10,209 - Foreign government securities 1,335,328 34,743 (55,906 ) 1,314,165 98 Foreign corporate securities 2,694,922 63,994 (97,858 ) 2,661,058 320 Total fixed maturity securities $ 15,406,572 $ 186,589 $ (367,898 ) $ 15,225,263 $ 2,545 Equity securities $ - $ - $ - $ - $ - At December 31, 2017 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 $ 1,540,952 $ 9,816 $ (14,076 ) $ 1,536,692 $ - Obligations of U.S. states and political subdivisions 563,790 22,123 (444 ) 585,469 - Corporate securities 5,658,456 81,724 (41,175 ) 5,699,005 2,488 Asset-backed securities 532,473 869 (1,982 ) 531,360 - Mortgage-backed securities Commercial 235,794 616 (2,369 ) 234,041 - Agency residential 2,236,361 10,379 (35,838 ) 2,210,902 - Non-agency residential 497 41 (44 ) 494 - Foreign government securities 1,305,070 43,804 (34,847 ) 1,314,027 178 Foreign corporate securities 2,616,205 77,045 (48,406 ) 2,644,844 950 Total fixed maturity securities $ 14,689,598 $ 246,417 $ (179,181 ) $ 14,756,834 $ 3,616 Equity securities $ 130,287 $ 2,615 $ (3,372 ) $ 129,530 $ - (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 Effective January 1, 2018, the Company adopted ASU 2016-01, which requires equity investments in unconsolidated entities to be measured at fair value, with any change in value being recorded within net realized capital gains/(losses) as part of the consolidated statements of operations and comprehensive income (loss). Previously, changes in the market value had been recorded within AOCI as part of the consolidated balance sheets. Therefore, effective January 1, 2018, equity security investments no longer have an impact upon the AOCI balance. 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, 2018 At December 31, 2017 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,328,571 $ 1,330,534 $ 1,041,885 $ 1,050,094 Due after one year through five years 8,114,247 8,016,490 7,545,731 7,554,248 Due after five years through ten years 2,455,911 2,413,846 2,214,473 2,231,456 Due after ten years 789,575 791,113 882,384 944,239 Asset-backed securities 545,427 540,097 532,473 531,360 Mortgage-backed securities: Commercial 329,883 326,710 235,794 234,041 Agency residential 1,832,760 1,796,264 2,236,361 2,210,902 Non-agency residential 10,198 10,209 497 494 Total fixed maturity securities $ 15,406,572 $ 15,225,263 $ 14,689,598 $ 14,756,834 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) 2018 2017 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (247,497 ) $ (101,940 ) Fixed maturity securities, other-than-temporary impairment (1,071 ) (5,618 ) Equity securities - 9,730 Other invested assets - 3,037 Change in unrealized appreciation (depreciation), pre-tax (248,568 ) (94,791 ) Deferred tax benefit (expense) 20,543 21,905 Deferred tax benefit (expense), other-than-temporary impairment (135 ) 1,588 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity $ (228,160 ) $ (71,298 ) 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. Upon the adoption of ASU 2016-01 as of January 1, 2018, all equity investments in unconsolidated entities are recorded at fair value. Prior to the adoption of ASU 2016-01, the Company presented certain equity securities at market value. The majority of the Company's equity securities presented at market value prior to January 1, 2018 were primarily comprised of mutual fund investments whose underlying securities consisted of fixed maturity securities. When a fund's value reflected an unrealized loss, the Company assessed whether the decline in value was temporary or other-than-temporary. In making its assessment, the Company considered the composition of its portfolios and their related markets, reports received from the portfolio managers and discussions with portfolio managers. If the Company determined that the declines were temporary and it had the ability and intent to continue to hold the investments, then the declines were recorded as unrealized losses in accumulated other comprehensive income (loss). If declines were deemed to be other-than-temporary, then the carrying value of the investment was 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, 2018 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 $ 76,226 $ (158 ) $ 777,409 $ (14,943 ) $ 853,635 $ (15,101 ) Obligations of U.S. states and political subdivisions 71,559 (1,444 ) 38,105 (1,395 ) 109,664 (2,839 ) Corporate securities 2,513,463 (69,619 ) 1,683,729 (71,896 ) 4,197,192 (141,515 ) Asset-backed securities 230,285 (2,746 ) 245,300 (2,746 ) 475,585 (5,492 ) Mortgage-backed securities Commercial 71,167 (1,128 ) 154,201 (4,212 ) 225,368 (5,340 ) Agency residential 156,930 (975 ) 1,373,629 (42,846 ) 1,530,559 (43,821 ) Non-agency residential 10,174 (26 ) - - 10,174 (26 ) Foreign government securities 196,303 (9,719 ) 494,156 (46,187 ) 690,459 (55,906 ) Foreign corporate securities 939,808 (35,023 ) 782,405 (62,835 ) 1,722,213 (97,858 ) Total fixed maturity securities $ 4,265,915 $ (120,838 ) $ 5,548,934 $ (247,060 ) $ 9,814,849 $ (367,898 ) Equity securities - - - - - - Total $ 4,265,915 $ (120,838 ) $ 5,548,934 $ (247,060 ) $ 9,814,849 $ (367,898 ) Duration of Unrealized Loss at December 31, 2018 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 $ 454,239 $ (2,558 ) $ 427,513 $ (20,675 ) $ 881,752 $ (23,233 ) Due in one year through five years 2,014,704 (45,148 ) 2,764,981 (129,940 ) 4,779,685 (175,088 ) Due in five years through ten years 1,082,568 (51,300 ) 492,216 (34,210 ) 1,574,784 (85,510 ) Due after ten years 245,848 (16,957 ) 91,094 (12,431 ) 336,942 (29,388 ) Asset-backed securities 230,285 (2,746 ) 245,300 (2,746 ) 475,585 (5,492 ) Mortgage-backed securities 238,271 (2,129 ) 1,527,830 (47,058 ) 1,766,101 (49,187 ) Total fixed maturity securities $ 4,265,915 $ (120,838 ) $ 5,548,934 $ (247,060 ) $ 9,814,849 $ (367,898 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2018 were $ 9,814,849 367,898 5.7 120,838 74,729 247,060 230,560 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, 2017 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 $ 1,077,051 $ (8,380 ) $ 224,189 $ (5,696 ) $ 1,301,240 $ (14,076 ) Obligations of U.S. states and political subdivisions 4,400 (27 ) 37,886 (417 ) 42,286 (444 ) Corporate securities 1,779,292 (24,942 ) 700,098 (16,233 ) 2,479,390 (41,175 ) Asset-backed securities 301,316 (1,467 ) 72,780 (515 ) 374,096 (1,982 ) Mortgage-backed securities Commercial 101,821 (572 ) 64,272 (1,797 ) 166,093 (2,369 ) Agency residential 610,941 (4,836 ) 1,343,547 (31,002 ) 1,954,488 (35,838 ) Non-agency residential - - 69 (44 ) 69 (44 ) Foreign government securities 327,790 (12,811 ) 331,432 (22,036 ) 659,222 (34,847 ) Foreign corporate securities 691,865 (19,381 ) 450,860 (29,025 ) 1,142,725 (48,406 ) Total fixed maturity securities $ 4,894,476 $ (72,416 ) $ 3,225,133 $ (106,765 ) $ 8,119,609 $ (179,181 ) Equity securities - - 113,506 (3,372 ) 113,506 (3,372 ) Total $ 4,894,476 $ (72,416 ) $ 3,338,639 $ (110,137 ) $ 8,233,115 $ (182,553 ) Duration of Unrealized Loss at December 31, 2017 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 $ 247,927 $ (962 ) $ 206,113 $ (7,643 ) $ 454,040 $ (8,605 ) Due in one year through five years 2,930,977 (42,480 ) 1,200,414 (52,143 ) 4,131,391 (94,623 ) Due in five years through ten years 612,702 (20,154 ) 292,245 (12,680 ) 904,947 (32,834 ) Due after ten years 88,792 (1,945 ) 45,693 (941 ) 134,485 (2,886 ) Asset-backed securities 301,316 (1,467 ) 72,780 (515 ) 374,096 (1,982 ) Mortgage-backed securities 712,762 (5,408 ) 1,407,888 (32,843 ) 2,120,650 (38,251 ) Total fixed maturity securities $ 4,894,476 $ (72,416 ) $ 3,225,133 $ (106,765 ) $ 8,119,609 $ (179,181 ) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2017 were $ 8,233,115 182,553 8.9 72,416 68,107 106,765 103,739 no The components of net investment income are presented in the table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Fixed maturities $ 465,793 $ 427,379 $ 410,337 Equity securities 25,327 34,523 40,707 Short-term investments and cash 14,395 4,177 1,769 Other invested assets Limited partnerships 93,327 83,569 38,647 Other 16,960 10,125 2,852 Gross investment income before adjustments 615,802 559,773 494,312 Funds held interest income (expense) 6,300 11,874 7,853 Future policy benefit reserve income (expense) (1,419 ) (1,282 ) (1,633 ) Gross investment income 620,683 570,365 500,532 Investment expenses (39,500 ) (27,467 ) (27,447 ) Net investment income $ 581,183 $ 542,898 $ 473,085 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 $ 648,423 Beginning in the first quarter of 2016, the Company participated in a private placement liquidity sweep facility ("the facility"). The primary purpose of the facility is to enhance the Company's return on its short-term investments and cash positions. The facility invests in high quality, short-duration securities and permits daily liquidity. Through the second quarter of 2018, the Company's participation in the facility was classified within other invested assets on the Company's Balance Sheets. Starting in the third quarter of 2018, the Company has consolidated its participation in the facility. As a result of the consolidation of the underlying investments of the facility, effective July 1, 2018, the Company has reclassified $ 143,656 243,864 263,292 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) 2018 2017 2016 Fixed maturity securities, market value: Other-than-temporary impairments $ (8,110 ) $ (7,093 ) $ (31,595 ) Gains (losses) from sales (21,719 ) 17,714 6,918 Fixed maturity securities, fair value: Gains (losses) from sales (1,799 ) - (1,586 ) Gains (losses) from fair value adjustments 1,506 - 1,381 Equity securities, market value: Gains (losses) from sales - (3,424 ) 1,426 Equity securities, fair value: Gains (losses) from sales (29,941 ) 6,969 (13,442 ) Gains (losses) from fair value adjustments (68,832 ) 138,973 57,686 Sale of Subsidiary - - (28,032 ) Other invested assets 1,815 61 18 Short-term investments gain (loss) (56 ) (6 ) 10 Total net realized capital gains (losses) $ (127,136 ) $ 153,194 $ (7,216 ) 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) 2018 2017 2016 Proceeds from sales of fixed maturity securities $ 3,150,179 $ 2,401,844 $ 1,264,271 Gross gains from sales 33,996 58,589 53,093 Gross losses from sales (57,514 ) (40,875 ) (47,761 ) Proceeds from sales of equity securities $ 1,199,409 $ 651,433 $ 729,782 Gross gains from sales 31,718 24,809 18,462 Gross losses from sales (61,659 ) (21,264 ) (30,478 ) Securities with a carrying value amount of $ 1,471,451 |
Reserve For Losses, LAE And Fut
Reserve For Losses, LAE And Future Policy Benefit Reserve | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Gross reserves at January 1 $ 11,884,321 $ 10,312,313 $ 9,951,798 Less reinsurance recoverables (1,212,649 ) (990,862 ) (881,503 ) Net reserves at January 1 10,671,672 9,321,451 9,070,295 Incurred related to: Current year 5,264,327 4,815,967 3,434,964 Prior years 387,076 (293,386 ) (295,335 ) Total incurred losses and LAE 5,651,403 4,522,581 3,139,629 Paid related to: Current year 1,700,765 1,280,605 745,642 Prior years 3,011,175 2,062,634 2,042,972 Total paid losses and LAE 4,711,940 3,343,239 2,788,614 Foreign exchange/translation adjustment (111,686 ) 170,879 (99,859 ) Net reserves at December 31 11,499,449 10,671,672 9,321,451 Plus reinsurance recoverables 1,619,641 1,212,649 990,862 Gross reserves at December 31 $ 13,119,090 $ 11,884,321 $ 10,312,313 Current year incurred losses were $ 5,264,327 4,815,967 $3,434,964 16.7% 406,992 Incurred prior years' reserves increased by $ 387,076 293,386 295,335 561,197 174,121 The decrease for 2017 was attributable to favorable development in the reinsurance segments of $ 238,378 37,137 55,007 The decrease for 2016 was attributable to favorable development in the reinsurance segments of $ 468,749 60,000 16,720 43,280 173,414 unfavorable development in the insurance segment primarily related to run-off construction liability and umbrella program business. The following is information about incurred and paid claims development as of December 31, 2018, 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, 2017 is presented as supplementary information. These tables present seven 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, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 401,071 $ 395,957 $ 329,314 $ 325,429 $ 321,461 $ 321,479 $ 326,806 10,999 N/A 2013 311,025 388,483 385,863 388,568 372,805 365,605 19,447 N/A 2014 367,551 383,763 392,514 375,608 365,466 39,295 N/A 2015 326,374 354,296 346,420 347,972 64,286 N/A 2016 330,366 345,836 347,112 126,677 N/A 2017 337,211 383,183 205,494 N/A 2018 424,578 306,262 N/A $ 2,560,722 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 10,024 $ 38,586 $ 83,172 $ 143,722 $ 187,522 $ 218,966 $ 273,144 2013 14,885 49,047 108,956 171,047 211,503 286,865 2014 18,841 54,321 110,327 164,664 256,790 2015 19,920 53,639 107,033 206,455 2016 18,929 58,309 136,547 2017 25,802 87,654 2018 44,519 $ 1,291,974 All outstanding liabilities prior to 2012, net of reinsurance 766,701 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,035,448 (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 6 7 Casualty 6.0% 10.9% 16.7% 19.7% 16.7% 15.4% 16.6% U.S. Reinsurance – Property Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 937,847 $ 724,114 $ 622,599 $ 609,592 $ 609,221 $ 605,617 $ 588,422 447 N/A 2013 622,319 548,468 495,300 456,379 449,359 445,910 388 N/A 2014 641,682 550,695 474,136 438,584 432,638 563 N/A 2015 679,227 544,371 488,878 463,808 9,543 N/A 2016 966,373 791,526 763,544 26,165 N/A 2017 1,583,224 1,370,879 80,155 N/A 2018 2,510,226 1,018,868 N/A $ 6,575,427 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 242,393 $ 402,441 $ 493,375 $ 529,745 $ 547,202 $ 564,014 $ 566,019 2013 234,591 323,178 381,893 405,980 420,329 426,444 2014 218,743 321,677 370,142 396,142 406,522 2015 226,256 327,633 389,474 417,755 2016 286,110 552,068 641,815 2017 570,824 946,466 2018 923,030 $ 4,328,051 All outstanding liabilities prior to 2012, net of reinsurance 44,374 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,291,749 (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 6 7 Property 41.1% 26.9% 13.0% 5.9% 2.9% 2.2% 0.3% International – Casualty Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 222,133 $ 144,930 $ 134,301 $ 134,537 $ 117,757 $ 119,753 118,521 12,511 N/A 2013 182,248 166,761 164,076 145,345 142,454 140,933 22,458 N/A 2014 193,655 186,565 169,129 167,361 167,300 38,937 N/A 2015 192,112 178,898 173,427 176,819 50,962 N/A 2016 182,864 180,313 194,754 82,359 N/A 2017 190,450 212,683 112,439 N/A 2018 213,696 139,575 N/A $ 1,224,708 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 18,951 $ 30,257 $ 46,283 $ 56,773 $ 66,611 $ 77,658 $ 84,250 2013 17,931 41,532 54,912 68,095 76,594 87,864 2014 25,920 45,022 62,968 74,571 87,331 2015 24,324 49,039 70,370 83,888 2016 26,556 51,325 73,376 2017 26,751 65,352 2018 42,745 $ 524,806 All outstanding liabilities prior to 2012, net of reinsurance 134,507 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 834,410 (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 6 7 Casualty 15.0% 14.1% 11.4% 8.1% 7.3% 8.6% 5.6% Interrnational – Property Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 560,846 $ 513,661 $ 460,161 $ 464,190 $ 464,468 $ 465,344 464,331 1,684 N/A 2013 488,693 439,340 403,169 394,940 394,770 394,293 2,327 N/A 2014 585,885 528,957 482,816 427,469 419,651 4,077 N/A 2015 560,099 427,930 426,695 415,349 5,363 N/A 2016 525,694 495,804 473,262 6,494 N/A 2017 898,568 735,824 63,579 N/A 2018 900,443 283,147 N/A $ 3,803,153 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 199,774 $ 325,557 $ 393,284 $ 417,136 $ 430,438 $ 441,346 $ 445,139 2013 133,577 268,313 321,289 351,447 365,252 371,349 2014 160,761 279,587 345,699 376,890 388,877 2015 143,474 259,981 328,818 364,391 2016 154,471 284,995 375,090 2017 275,487 481,665 2018 331,806 $ 2,758,317 All outstanding liabilities prior to 2012, net of reinsurance 71,452 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,116,288 (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 6 7 Property 36.8% 28.7% 16.0% 7.1% 3.1% 2.0% 0.8% Bermuda – Casualty Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 281,244 $ 259,000 $ 238,059 $ 227,918 $ 234,498 $ 234,752 $ 239,750 41,516 N/A 2013 225,224 255,280 249,831 258,408 247,754 236,753 59,324 N/A 2014 208,813 241,109 258,275 254,844 243,331 89,698 N/A 2015 272,058 299,304 305,728 309,221 116,863 N/A 2016 290,327 348,318 358,604 165,626 N/A 2017 349,666 401,587 273,964 N/A 2018 465,351 407,072 N/A $ 2,254,597 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 12,858 $ 24,498 $ 50,981 $ 75,262 $ 101,357 $ 129,265 $ 148,732 2013 16,852 33,681 51,906 76,711 102,137 124,532 2014 13,555 24,904 42,751 67,476 93,245 2015 13,827 59,746 93,949 128,983 2016 46,440 84,942 123,837 2017 30,073 70,228 2018 26,304 $ 715,862 All outstanding liabilities prior to 2012, net of reinsurance 396,191 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,934,926 (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 6 7 Casualty 7.1% 9.5% 9.4% 10.6% 10.7% 10.6% 8.1% Bermuda – Property Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 235,647 $ 178,542 $ 163,046 $ 158,650 $ 159,011 $ 159,810 $ 158,772 44 N/A 2013 205,875 148,275 130,693 121,612 121,024 120,638 93 N/A 2014 180,617 158,678 132,743 129,395 129,403 1,345 N/A 2015 190,578 156,407 143,576 149,560 5,773 N/A 2016 204,475 173,515 183,022 14,247 N/A 2017 397,639 326,371 68,179 N/A 2018 417,933 211,999 N/A $ 1,485,698 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 45,230 $ 84,263 $ 115,420 $ 141,232 $ 147,802 $ 150,694 $ 152,352 2013 31,476 68,081 107,590 114,644 116,653 117,649 2014 28,654 82,208 101,831 121,289 123,600 2015 32,878 72,123 109,036 132,327 2016 26,771 76,426 128,948 2017 39,296 130,013 2018 76,805 $ 861,694 All outstanding liabilities prior to 2012, net of reinsurance 35,767 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 659,771 (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 6 7 Property 18.9% 28.9% 24.2% 13.5% 2.7% 1.4% 1.0% Insurance – Casualty Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 349,247 $ 351,052 $ 346,636 $ 347,954 $ 353,113 $ 343,717 $ 346,604 26,417 15,746 2013 393,165 393,076 392,513 392,818 351,105 344,070 24,697 21,314 2014 430,475 456,454 453,994 460,074 396,313 48,264 25,112 2015 518,596 526,974 534,548 540,769 160,787 26,729 2016 552,091 554,468 578,911 211,614 31,120 2017 615,187 601,464 309,285 33,822 2018 701,774 526,090 27,224 $ 3,509,905 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 33,158 $ 101,253 $ 157,822 $ 213,349 $ 246,274 $ 271,891 $ 294,202 2013 33,301 117,013 176,273 224,548 260,075 285,680 2014 41,181 124,856 201,527 256,586 297,317 2015 44,296 134,644 218,475 291,468 2016 54,707 164,012 268,510 2017 53,869 171,978 2018 63,379 $ 1,672,535 All outstanding liabilities prior to 2012, net of reinsurance 354,740 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,192,111 (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 6 7 Casualty 9.2% 19.7% 17.3% 14.2% 10.0% 7.4% 6.4% Insurance – Property Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 106,216 $ 88,892 $ 81,671 $ 82,369 $ 81,945 $ 81,729 $ 81,906 103 N/A 2013 111,910 97,831 91,017 91,921 92,011 92,171 499 N/A 2014 131,473 123,455 119,753 119,296 119,105 464 N/A 2015 172,467 152,521 143,558 146,356 695 N/A 2016 300,481 273,901 278,813 1,185 N/A 2017 523,669 485,125 27,538 N/A 2018 416,396 86,295 N/A $ 1,619,872 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 56,497 $ 81,700 $ 80,394 $ 81,674 $ 81,818 $ 81,609 $ 81,747 2013 68,649 92,914 91,618 91,888 91,498 91,537 2014 81,755 115,890 118,060 118,043 118,375 2015 101,975 140,960 142,089 144,823 2016 161,993 248,555 270,765 2017 206,334 408,176 2018 254,270 $ 1,369,694 All outstanding liabilities prior to 2012, net of reinsurance 330 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 250,508 (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 6 7 Property 63.4% 30.8% 3.2% 1.0% 0.1% 0.1% 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, 2018 (Dollars in thousands) Net outstanding liabilities U.S. Reinsurance Casualty $ 2,035,448 U.S. Reinsurance Property 2,291,749 International Casualty 834,410 International Property 1,116,288 Bermuda Casualty 1,934,926 Bermuda Property 659,771 Insurance Casualty 2,192,111 Insurance Property 250,508 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 11,315,210 Reinsurance recoverable on unpaid claims U.S. Reinsurance Casualty 395,446 U.S. Reinsurance Property 232,957 International Casualty 100,335 International Property 99,430 Bermuda Casualty (25 ) Bermuda Property 143,752 Insurance Casualty 520,754 Insurance Property 126,992 Total reinsurance recoverable on unpaid claims 1,619,641 Insurance lines other than short-duration - Unallocated claims adjustment expenses 144,554 Other 39,685 184,239 Total gross liability for unpaid claims and claim adjustment expense $ 13,119,090 (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) 2018 2017 2016 Gross basis: Beginning of period reserves $ 448,994 $ 441,111 $ 433,117 Incurred losses (2,473 ) 90,009 73,336 Paid losses (99,026 ) (82,126 ) (65,342 ) End of period reserves $ 347,495 $ 448,994 $ 441,111 Net basis: Beginning of period reserves $ 318,081 $ 319,072 $ 319,620 Incurred losses - 37,137 53,909 Paid losses (56,624 ) (38,128 ) (54,457 ) End of period reserves $ 261,456 $ 318,081 $ 319,072 In 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 $ 1,787,648 1,348,226 683,775 38.3 125,519 7.0 122,050 6.8 103,052 5.8 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) 2018 2017 2016 Balance at beginning of year $ 51,014 $ 55,074 $ 58,910 Liabilities assumed 110 115 175 Adjustments to reserves 806 (437 ) 303 Benefits paid in the current year (5,151 ) (3,738 ) (4,315 ) Balance at end of year $ 46,778 $ 51,014 $ 55,074 (Some amounts may not reconcile due to rounding.) |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
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. At December 31, 2018, $ 435,959 2,337 354,143 2,337 80,663 1,153 165,173 $51,965 The Company internally manages a public equity portfolio which had a fair value at December 31, 2018 and December 31, 2017 of $ 124,228 386,241 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 or receive fair values from investment managers. 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 has five 2 zero 3 412,550 2,506.85 no The Company has one 24 zero 3 40,058 6,728.13 no At December 31, 2018 and 2017, the fair value for these equity put options was $ 11,958 12,477 The Company's liability for equity index put options is categorized as level 3 since there is no active market for these 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, 2018 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 2,631,134 $ - $ 2,631,134 $ - Obligations of U.S. States and political subdivisions 500,094 - 500,094 - Corporate securities 5,445,532 - 5,017,317 428,215 Asset-backed securities 540,097 - 540,097 - Mortgage-backed securities Commercial 326,710 - 326,710 - Agency residential 1,796,264 - 1,796,264 - Non-agency residential 10,209 - 10,209 - Foreign government securities 1,314,165 - 1,314,165 - Foreign corporate securities 2,661,058 - 2,653,314 7,744 Total fixed maturities, market value 15,225,263 - 14,789,304 435,959 Fixed maturities, fair value 2,337 - - 2,337 Equity securities, fair value 716,639 674,433 42,206 - Liabilities: Equity index put option contracts $ 11,958 $ - $ - $ 11,958 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, 2017 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,536,692 $ - $ 1,536,692 $ - Obligations of U.S. States and political subdivisions 585,469 - 585,469 - Corporate securities 5,699,005 - 5,488,819 210,186 Asset-backed securities 531,360 - 531,360 - Mortgage-backed securities Commercial 234,041 - 234,041 - Agency residential 2,210,902 - 2,210,902 - Non-agency residential 494 - 494 - Foreign government securities 1,314,027 - 1,314,027 - Foreign corporate securities 2,644,844 - 2,637,892 6,952 Total fixed maturities, market value 14,756,834 - 14,539,696 217,138 Equity securities, market value 129,530 113,506 16,024 - Equity securities, fair value 963,572 941,739 21,833 - Liabilities: Equity index put option contracts $ 12,477 $ - $ - $ 12,477 In addition, $ 117,662 79,505 The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs by asset type, for the periods indicated: Total Fixed Maturities, Market Value December 31, 2018 December 31, 2017 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 210,186 $ 6,952 $ 217,138 $ 65,197 $ 2,538 $ 67,735 Total gains or (losses) (realized/unrealized) Included in earnings (92 ) (660 ) (752 ) 1,655 356 2,011 Included in other comprehensive income (loss) 1,091 - 1,091 (992 ) 46 (946 ) Purchases, issuances and settlements 215,838 (298 ) 215,540 144,326 4,800 149,126 Transfers in and/or (out) of Level 3 1,192 1,750 2,942 - (788 ) (788 ) Ending balance $ 428,215 $ 7,744 $ 435,959 $ 210,186 $ 6,952 $ 217,138 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value December 31, 2018 December 31, 2017 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ - $ - $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings (293 ) (293 ) - - Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements 2,630 2,630 - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 2,337 $ 2,337 $ - $ - The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) The net transfers to/(from) level 3, fair value measurements using significant unobservable inputs were $ 2,942 788 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) 2018 2017 Liabilities: Balance, beginning of period $ 12,477 $ 22,059 Total (gains) or losses (realized/unrealized) Included in earnings (520 ) (9,581 ) Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Balance, end of period $ 11,958 $ 12,477 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, 2018 | |
Credit Facilities [Abstract] | |
Credit Facilities | 5. CREDIT FACILITIES The Company has two 1,000,000 30,000 Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Credit facility fees incurred $ 420 $ 420 $ 793 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 two 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 5,994,924 The following table summarizes the outstanding letters of credit and/or borrowings for the periods indicated: (Dollars in thousands) At December 31, 2018 At December 31, 2017 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 600,000 558,818 12/31/2019 600,000 538,214 12/31/2018 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 558,818 $ 800,000 $ 538,214 Bermuda Re Letter of Credit Facility Effective December 10, 2018, 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 0.45 % per annum of the principal amount of issued extended tenor letters of credit (expiry maximum of up to 60 0.15 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2018 At December 31, 2017 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 3,482 2/28/2019 $ 250,000 $ 3,297 2/28/2018 3,672 11/24/2019 3,672 11/24/2018 72,443 12/31/2019 73,626 12/31/2018 296 8/15/2020 344 8/30/2019 177 12/16/2020 93,855 12/30/2021 125 12/20/2020 - 1,851 11/4/2022 - 407 11/13/2022 - 59,293 12/30/2022 - Total Citibank Bilateral Agreement $ 200,000 $ 141,746 $ 250,000 $ 174,794 Everest International Credit Facility Effective November 9, 2018, Everest International renewed its credit facility with Lloyds Bank plc ("Everest International Credit Facility"). The current renewal of the Everest International Credit Facility has a four 30,000 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 5,985,672 The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2018 At December 31, 2017 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 30,000 £ 26,000 12/31/2022 £ 145,000 £ - - - - - Total Lloyd's Bank Credit Facility £ 30,000 £ 26,000 £ 145,000 £ - |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 December 31, 2017 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value Senior notes 06/05/2014 06/01/2044 400,000 $ 396,954 $ 396,968 $ 396,834 $ 420,340 On June 5, 2014 400,000 30 4.868 June 1, 2044 Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Interest expense incurred $ 19,472 $ 19,472 $ 19,472 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 December 31, 2017 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value Long term subordinated notes 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 236,659 $ 200,390 $ 236,561 $ 233,072 During the fixed rate interest period from May 3, 2007 May 14, 2017 6.6 November 15, 2007 3 238.5 ten 5.0 Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100 May 1, 2047 5.40 October 15, 2014 4.868 June 1, 2044 On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes. Upon expiration of the tender offer, the Company had reduced its outstanding debt by $ 161,441 Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Interest expense incurred $ 10,926 $ 11,498 $ 15,749 |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, the total amount on deposit in trust accounts was $ 772,497 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 2018 2017 2016 (Dollars in thousands) Ceded written premiums 242,755 228,514 197,537 Ceded earned premiums 247,334 226,505 191,568 Ceded losses and LAE 311,274 323,664 44,802 Assumed written premiums 10,582 11,984 14,563 Assumed earned premiums 10,582 11,984 14,563 Assumed losses and LAE - - - Each segregated account is permitted to assume net risk exposures equal to the amount of its available posted collateral, which in the aggregate was $ 1,156,853 837,202 45,625 50,373 Effective April 1, 2018, the Company entered into a retroactive reinsurance transaction with one of the Mt. Logan Re segregated accounts to retrocede $ 269,198 2002 2015 252,000 319,000 On April 24, 2014, the Company entered into two 250,000 200,000 April, 2018 On November 18, 2014, the Company entered into a collateralized reinsurance agreement with Kilimanjaro 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 collateralized reinsurance agreements with Kilimanjaro to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The first agreement provides up to $ 300,000 325,000 On April 13, 2017 the Company entered into six three four 225,000 400,000 325,000 three five 50,000 75,000 175,000 On April 30, 2018 the Company entered into four two four 62,500 200,000 two five 62,500 200,000 Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from covered events, as well as, the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses. Currently, none of the published insured loss estimates for the 2017 catastrophe events have exceeded the single event retentions under the terms of the agreements that would result in a recovery. In addition, the aggregation of the to-date published insured loss estimates for the 2017 covered events have not exceeded the aggregated retentions for recovery. However, if the published estimates for insured losses for the covered 2017 events increase, the aggregate losses may exceed the aggregate event retentions under the agreements resulting in a recovery. Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,000 450,000 500,000 625,000 950,000 300,000 262,500 262,500 |
Operating Lease Agreements
Operating Lease Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Operating Lease Agreements [Abstract] | |
Operating Lease Agreements | 9 . OPERATING LEASE AGREEMENTS The future minimum rental commitments, exclusive of cost escalation clauses, at December 31, 2018, for all of the Company's operating leases with remaining non-cancelable terms in excess of one year are as follows: (Dollars in thousands) 2019 $ 18,992 2020 18,365 2021 9,469 2022 9,180 2023 8,919 Thereafter 26,916 Net commitments $ 91,841 (Some amounts may not reconcile due to rounding.) All of these leases, the expiration terms of which range from 2019 2032 22,883 19,490 17,663 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
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 8,246 21 35 Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Current tax expense (benefit): U.S. $ (38,625 ) $ (117,173 ) $ 30,971 Non-U.S. 6,497 2,849 4,228 Total current tax expense (benefit) (32,128 ) (114,324 ) 35,199 Deferred tax expense (benefit): U.S. (297,798 ) 49,763 70,995 Non-U.S. (97 ) 777 (2,694 ) Total deferred tax expense (benefit) (297,895 ) 50,540 68,301 Total income tax expense (benefit) $ (330,023 ) $ (63,784 ) $ 103,500 (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) 2018 2017 2016 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ (1,407,020 ) $ 796,745 $ (516,167 ) $ 308,646 $ 208,821 $ 480,602 Net investment income 283,569 297,614 255,310 287,588 230,691 242,393 Net realized capital gains (losses) (90,033 ) (37,103 ) 148,099 5,095 (16,465 ) 9,249 Net derivative gain (loss) - 520 - 9,581 - 18,647 Corporate expenses (11,035 ) (19,637 ) (7,394 ) (18,529 ) (8,276 ) (18,955 ) Interest, fee and bond issue cost amortization expense (30,611 ) (420 ) (31,183 ) (420 ) (35,435 ) (793 ) Other income (expense) (177 ) (8,883 ) 30,325 (65,767 ) (5,536 ) (5,101 ) Pre-tax income (loss) $ (1,255,307 ) $ 1,028,836 $ (121,010 ) $ 526,194 $ 373,801 $ 726,043 Expected tax provision at the applicable statutory rate(s) (263,712 ) 9,647 (42,355 ) 6,843 130,830 2,387 Increase (decrease) in taxes resulting from: Tax exempt income (3,824 ) - (8,488 ) - (9,078 ) - Dividend received deduction (1,520 ) - (4,639 ) - (4,913 ) - Proration 1,150 - 1,760 - 1,931 - Affiliated preferred stock dividends 6,517 - 10,861 - 10,861 - Creditable foreign premium tax (13,475 ) - (7,515 ) - (6,134 ) - Tax audit settlement (2,094 ) - (11,516 ) - (18,644 ) - U.S. rate differential on carryback of net operation losses to PY (43,734 ) - - - - - U.S. rate differential on deferred tax 2017 return to provision (28,411 ) - - - - - Share based compensation tax benefits formerly in APIC (3,333 ) (120 ) (6,716 ) (235 ) - - Impact of U.S. tax reform - - 8,246 - - - Impact of prior year accounting adjustment - - (8,986 ) - - - Change in uncertain tax positions 8,434 - - - - - Other 7,579 (3,127 ) 1,938 (2,982 ) (2,887 ) (853 ) Total income tax provision $ (336,423 ) $ 6,400 $ (67,410 ) $ 3,626 $ 101,966 $ 1,534 (Some amounts may not reconcile due to rounding.) Reconciliation of the beginning and ending unrecognized tax benefits, for the periods indicated, is as follows: (Dollars in thousands) 2018 2017 2016 Balance at January 1 $ - $ - $ - Additions based on tax positions related to the current year - - - Additions for tax positions of prior years 8,434 - - Reductions for tax positions of prior years - - - Settlements with taxing authorities - - - Lapses of applicable statutes of limitations - - - Balance at December 31 $ 8,434 $ - $ - At December 31, 2018, the Company's unrecognized tax benefits, excluding interest and penalties, that would impact the effective tax rate were $ 8,434 Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2018, the Company accrued $ 0 12 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 Company received the expected net tax refund for $ 43,682 1,252 The Company's 2014 and subsequent U.S. tax years are open to audit by the IRS and, in 2018, the IRS opened an audit of the 2014 tax year. To date, the Company has not received any notices of proposed adjustments. The Company did propose affirmative beneficial tax return adjustments to the IRS at the start of the audit. In total, the Company expects a net tax refund of $ 35,087 1,539 For tax year 2015, the total amount expected to be refunded from the IRS is $ 44,611 668 For tax year 2016, the total amount expected to be refunded from the IRS is $ 48,268 267 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) 2018 2017 Deferred tax assets: Foreign Tax Credits $ 167,685 $ 15,914 Net operating loss carryforward 105,787 9,645 Loss reserves 64,135 52,649 Unearned premium reserves 63,309 55,034 Net unrealized losses on benefit plans 17,921 19,120 Unrealized foreign currency losses 12,596 1,550 Net unrealized investment losses 10,815 - Net fair value losses 7,196 - Uncollectible reinsurance reserves 3,142 3,320 Deferred expenses 1,992 1,759 Investment impairments 1,291 1,144 Benefit plan liability - 10,417 Alternative minimum tax credits - 363 Other assets 9,529 10,494 Total deferred tax assets 465,398 181,409 Deferred tax liabilities: Deferred acquisition costs 74,736 64,997 Partnership investments 14,936 2,149 Benefit plan asset 3,600 - Net fair value income - 58,983 Net unrealized investment gains - 11,576 Gain on tender of debt - 3,287 Other liabilities 3,868 2,174 Total deferred tax liabilities 97,140 143,165 Net deferred tax assets 368,258 38,244 Less: Valuation allowance (9,309 ) (9,560 ) Total net deferred tax assets $ 358,949 $ 28,684 (Some amounts may not reconcile due to rounding.) At December 31, 2018, the Company has $ 167,685 0 96,564 2038 Management believes that it is more likely than not that the Company will realize the majority of its deferred tax assets, however, a valuation allowance of $ 9,309 9,560 In performing our assessment of the recoverability of the deferred tax asset pursuant to ASC 740, the Company considered tax laws governing the utilization of the net operating loss and foreign tax credit carryforwards and other deferred tax assets in each applicable jurisdiction. Under U.S. tax law, a company generally must use its net operating loss carryforwards before it can use its foreign tax credit carryforwards. The Company evaluated all negative and positive evidence impacting the realization of its deferred tax assets as of December 31, 2018 in the U.S. tax jurisdiction. Evidence considered in the analysis included the Company's ability to carryback net operating losses generated in 2017 and 2018. In addition, the Company implemented planning actions during 2018 and early 2019 to increase its planned U.S. source and foreign source income to better enable it to utilize its U.S. deferred tax assets and tax attributes. As of December 31, 2018, based on all available evidence, the Company has concluded it is more likely than not that the U.S. net operating loss and foreign tax credit carryforwards will be utilized prior to expiration and, thus, no valuation allowance has been established in the U.S. jurisdiction. As a result of the TCJA, the Company recognized an $ 8,246 During 2018, the Company completed its accounting, including interpretation of additional guidance issued by the IRS and U.S. Department of the Treasury, and recognized an income tax benefit of $ 28,411 Effective January 1, 2017, the Company adopted ASU 2016-09 which provided new guidance on the treatment of the tax effects of share based compensation transactions. ASU 2016-09 required that the income tax effects of restricted stock vestings and stock option exercises resulting from the change in value of share based compensation awards between the grant date and settlement (vesting/exercise) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss). Per the new guidance, the Company recorded excess tax benefits of $ 3,453 6,951 In years prior to 2017, the Company recorded tax benefits related to restricted stock vestings and stock option exercises as part of additional paid-in capital in the shareholders' equity section of the consolidated balance sheets. The adoption of ASU 2016-09 did not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of additional paid-in capital in the shareholders' equity section of the consolidated balance sheets in all years. The tax benefits related to the payment of dividends on restricted stock were $ 403 626 597 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Written premiums: Direct $ 2,240,951 $ 2,083,555 $ 1,819,588 Assumed 6,234,203 5,090,367 4,214,286 Ceded (1,060,726 ) (929,261 ) (762,969 ) Net written premiums $ 7,414,428 $ 6,244,661 $ 5,270,905 Premiums earned: Direct $ 2,129,320 $ 1,825,705 $ 1,694,702 Assumed 5,807,332 4,945,522 4,361,944 Ceded (1,004,953 ) (833,387 ) (736,180 ) Net premiums earned $ 6,931,699 $ 5,937,840 $ 5,320,466 Incurred losses and LAE: Direct $ 1,372,589 $ 1,311,682 $ 1,496,455 Assumed 5,046,947 3,909,816 2,121,902 Ceded (768,133 ) (698,917 ) (478,728 ) Net incurred losses and LAE $ 5,651,403 $ 4,522,581 $ 3,139,629 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 (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 $ (275,511 ) $ 21,061 $ (254,450 ) $ (81,915 ) $ 21,597 $ (60,318 ) $ 65,645 $ (13,961 ) $ 51,684 URA(D) on securities - OTTI (1,071 ) (135 ) (1,206 ) (5,618 ) 1,588 (4,030 ) 7,734 (1,789 ) 5,945 Reclassification of net realized losses (gains) included in net income (loss) 28,014 (518 ) 27,496 (7,258 ) 308 (6,950 ) 23,232 (8,114 ) 15,118 Foreign currency translation adjustments (86,520 ) 9,704 (76,816 ) 142,054 (20,137 ) 121,917 (53,802 ) (1,539 ) (55,341 ) Benefit plan actuarial net gain (loss) (646 ) 136 (510 ) 1,300 (273 ) 1,027 (11,520 ) 4,032 (7,488 ) Reclassification of benefit plan liability amortization included in net income (loss) 6,356 (1,335 ) 5,021 8,426 (2,949 ) 5,477 7,805 (2,732 ) 5,073 Total other comprehensive income (loss) $ (329,378 ) $ 28,913 $ (300,465 ) $ 56,989 $ 134 $ 57,123 $ 39,094 $ (24,103 ) $ 14,991 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 2018 2017 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 28,014 $ (7,258 ) Other net realized capital gains (losses) (518 ) 308 Income tax expense (benefit) $ 27,496 $ (6,950 ) Net income (loss) Benefit plan net gain (loss) $ 6,356 $ 8,426 Other underwriting expenses (1,335 ) (2,949 ) Income tax expense (benefit) $ 5,021 $ 5,477 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) 2018 2017 Beginning balance of URA (D) on securities $ 49,969 $ 115,558 Change to beginning balance due to adoption of ASU 2016-01 (1,201 ) - Current period change in URA (D) of investments - temporary (226,954 ) (67,268 ) Current period change in URA (D) of investments - non-credit OTTI (1,206 ) (4,030 ) Reclass due to early adoption of ASU 2018-02 - 5,709 Ending balance of URA (D) on securities (179,392 ) 49,969 Beginning balance of foreign currency translation adjustments (138,931 ) (266,818 ) Current period change in foreign currency translation adjustments (76,816 ) 121,917 Reclass due to early adoption of ASU 2018-02 - 5,970 Ending balance of foreign currency translation adjustments (215,747 ) (138,931 ) Beginning balance of benefit plan net gain (loss) (71,929 ) (65,504 ) Current period change in benefit plan net gain (loss) 4,511 6,504 Reclass due to early adoption of ASU 2018-02 - (12,929 ) Ending balance of benefit plan net gain (loss) (67,418 ) (71,929 ) Ending balance of accumulated other comprehensive income (loss) $ (462,557 ) $ (160,891 ) (Some amounts may not reconcile due to rounding.) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [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 provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations. Effective January 1, 2018, participants of the Company's non-qualified defined benefit pension plan may no longer accrue additional service benefits. 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) 2018 2017 2016 Company contributions $ 77,743 $ 10,534 $ 30,821 The following table summarizes the Company's pension expense for the periods indicated: Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Pension expense $ 9,728 $ 16,299 $ 17,188 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) 2018 2017 Change in projected benefit obligation: Benefit obligation at beginning of year $ 316,202 $ 281,853 Service cost 9,801 10,949 Interest cost 10,290 10,034 Actuarial (gain)/loss (29,966 ) 24,679 Curtailment - (6,209 ) Benefits paid (6,084 ) (5,104 ) Projected benefit obligation at end of year 300,244 316,202 Change in plan assets: Fair value of plan assets at beginning of year 210,267 171,506 Actual return on plan assets (21,395 ) 33,331 Actual contributions during the year 77,743 10,534 Administrative expenses paid - - Benefits paid (6,084 ) (5,104 ) Fair value of plan assets at end of year 260,531 210,267 Funded status at end of year $ (39,713 ) $ (105,935 ) (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) 2018 2017 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (7,530 ) (3,871 ) Other liabilities (due beyond one year) (32,182 ) (102,065 ) Net amount recognized in the consolidated balance sheets $ (39,713 ) $ (105,935 ) (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) 2018 2017 Accumulated income (loss) $ (88,580 ) $ (86,788 ) Accumulated other comprehensive income (loss) $ (88,580 ) $ (86,788 ) (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) 2018 2017 Other comprehensive income (loss) at December 31, prior year $ (86,788 ) $ (96,965 ) Net gain (loss) arising during period (8,631 ) (4,398 ) Recognition of amortizations in net periodic benefit cost: Actuarial loss 6,839 8,366 Curtailment loss recognized - 6,209 Other comprehensive income (loss) at December 31, current year $ (88,580 ) $ (86,788 ) (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) 2018 2017 2016 Service cost $ 9,801 $ 10,949 $ 10,924 Interest cost 10,290 10,034 9,485 Expected return on assets (17,202 ) (13,050 ) (11,158 ) Amortization of actuarial loss from earlier periods 6,839 8,366 7,937 Net periodic benefit cost $ 9,728 $ 16,299 $ 17,188 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year 1,792 (10,177 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 11,520 $ 6,122 (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 8,107 0 The weighted average discount rates used to determine net periodic benefit cost for 2018, 2017 and 2016 were 3.62 4.16 4.38 4.00 7.00 7.50 The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for years end 2018, 2017 and 2016 were 4.27 3.62 4.16 The following table summarizes the accumulated benefit obligation for the periods indicated: At December 31, (Dollars in thousands) 2018 2017 Qualified Plan $ 237,855 $ 245,430 Non-qualified Plan 24,472 24,482 Total $ 262,327 $ 269,912 (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) 2018 2017 Qualified Plan Projected benefit obligation $ 275,772 $ 291,720 Fair value of plan assets 260,531 210,267 Non-qualified Plan Projected benefit obligation $ 24,472 $ 24,482 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) 2018 2017 Qualified Plan Accumulated benefit obligation $ - $ 245,430 Fair value of plan assets - 210,267 Non-qualified Plan Accumulated benefit obligation $ 24,472 $ 24,482 Fair value of plan assets - - The following table displays the expected benefit payments in the periods indicated: (Dollars in thousands) 2019 14,772 2020 13,087 2021 11,137 2022 12,104 2023 12,779 Next 5 years 79,289 Plan assets consist of shares in investment trusts with 59 32 8 1 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, 2018 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 2,872 $ 2,872 $ - $ - Mutual funds, fair value Fixed income (b) 82,633 82,633 - - Equities (c) 154,935 154,935 - - Total $ 240,440 $ 240,440 $ - $ - (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 70 30 (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 50 50 There were no transfers between Level 1 and Level 2 for the twelve months ended December 31, 2018. Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2017 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 1,031 $ 1,031 $ - $ - Mutual funds, fair value Fixed income (b) 23,361 23,361 - - Equities (c) 159,578 159,578 - - Total $ 183,970 $ 183,970 $ - $ - (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 In addition, $ 20,091 26,297 The Company contributed $ 77,000 10,000 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) 2018 2017 2016 Incurred expenses $ 9,301 $ 7,167 $ 6,058 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. In the current year, the contributions as a percentage of salary for the branch offices ranged from 3.4 48.4 Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Incurred expenses $ 2,057 $ 1,849 $ 1,560 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. A medical cost trend rate of 7.25 4.50 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 $ 577 $ (436 ) b. Effect on accumulated post-retirement benefit obligation 5,987 (4,643 ) The following table presents the post-retirement benefit expenses for the periods indicated: Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Post-retirement benefit expenses $ 1,829 $ 2,814 $ 2,293 The following table summarizes the status of this plan for the periods indicated: At December 31, (Dollars in thousands) 2018 2017 Change in projected benefit obligation: Benefit obligation at beginning of year $ 34,717 $ 32,071 Service cost 1,312 1,570 Interest cost 999 1,184 Amendments - (3,526 ) Actuarial (gain)/loss (7,985 ) 4,038 Benefits paid (561 ) (619 ) Benefit obligation at end of year 28,483 34,717 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 561 619 Benefits paid (561 ) (619 ) Fair value of plan assets at end of year - - Funded status at end of year $ (28,483 ) $ (34,717 ) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2018 2017 Other liabilities (due within one year) $ (608 ) $ (655 ) Other liabilities (due beyond one year) (27,875 ) (34,062 ) Net amount recognized in the consolidated balance sheets $ (28,483 ) $ (34,717 ) (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) 2018 2017 Accumulated income (loss) $ (238 ) $ (8,317 ) Accumulated prior service credit (cost) 3,480 4,057 Accumulated other comprehensive income (loss) $ 3,242 $ (4,260 ) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2018 2017 Other comprehensive income (loss) at December 31, prior year $ (4,260 ) $ (3,809 ) Net gain (loss) arising during period 7,985 (4,038 ) Prior Service credit (cost) arising during period - 3,526 Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) 94 192 Prior service cost (577 ) (131 ) Other comprehensive income (loss) at December 31, current year $ 3,242 $ (4,260 ) Net periodic benefit cost included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Service cost $ 1,312 $ 1,570 $ 1,418 Interest cost 999 1,184 1,007 Prior service credit recognition (577 ) (131 ) (132 ) Net gain recognition 94 192 - Net periodic cost $ 1,829 $ 2,814 $ 2,293 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year (7,502 ) 451 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (5,673 ) $ 3,265 (Some amounts may not reconcile due to rounding.) The estimated transition obligation, actuarial loss and prior service credit that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are $ 0 0 577 The weighted average discount rates used to determine net periodic benefit cost for 2018, 2017 and 2016 were 3.62 4.16 4.38 The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2018, 2017 and 2016 were 4.27 3.62 4.16 The following table displays the expected benefit payments in the years indicated: (Dollars in thousands) 2019 $ 608 2020 663 2021 740 2022 852 2023 944 Next 5 years 6,469 |
Dividend Restrictions And Statu
Dividend Restrictions And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
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 statutory capital and surplus of Bermuda Re was $ 3,061,136 3,085,882 865,225 582,128 666,155 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 10 365,059 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 $ 3,650,594 3,391,852 1,317,991 391,419 523,547 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) 2018 (3) 2017 2018 2017 Regulatory targeted capital $ - $ 2,368,620 $ 2,172,958 $ 2,076,892 Actual capital $ 3,061,136 $ 3,085,882 $ 3,650,594 $ 3,391,852 (1) Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. (2) Regulatory targeted capital represents 200 (3) The 2018 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2018 actual capital will exceed the targeted capital level. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 The Prudential Insurance Company of America $ 142,754 $ 144,618 Unaffiliated life insurance company 34,717 34,444 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2018 | |
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 2,476,261 no 37,439 34,957 500,000 336,214 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 $ 32,369 30,297 26,398 7,401 14,824 6,898 For the year ended December 31, 2018, a total of 173,065 242.39 226.95 218.065 215.2175 13,325 242.39 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, 2018, 2017 and 2016, the Company recognized $ 403 626 597 A summary of the option activity under the Company's shareholder approved plans as of December 31, 2018, 2017 and 2016, 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, 2018 360,364 $ 84.10 Granted - - Exercised 81,200 84.99 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2018 279,164 83.84 1.9 $ 37,386 Exercisable at December 31, 2018 279,164 83.84 1.9 $ 37,386 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2017 454,994 $ 84.88 Granted - - Exercised 94,630 87.84 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2017 360,364 84.10 2.7 $ 49,428 Exercisable at December 31, 2017 360,364 84.10 2.7 $ 49,428 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 There were no 11,737 14,130 19,876 6,902 2,311 The following table summarizes information about share options outstanding for the period indicated: At December 31, 2018 Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Number Remaining Average Number Average Range of Outstanding Contractual Exercise Exercisable Exercise Exercise Prices at 12/31/18 Life Price at 12/31/18 Price $ 71.7150 57,770 0.1 $ 71.72 57,770 $ 71.72 $ 78.1800 51,300 1.1 84.63 51,300 84.63 $ 85.6400 73,140 2.2 86.62 73,140 86.62 $ 87.4800 89.4100 91,000 3.1 88.32 91,000 88.32 $ 89.4200 5,954 2.5 91.99 5,954 91.99 279,164 1.9 83.84 279,164 83.84 The following table summarizes the status of the Company's non-vested shares and changes for the periods indicated: Years Ended December 31, 2018 2017 2016 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, 421,261 $ 194.01 435,338 $ 164.21 435,336 $ 143.02 Granted 173,065 240.59 160,185 234.01 173,546 186.37 Vested 141,982 178.31 152,397 151.80 145,834 130.54 Forfeited 37,937 212.48 21,865 187.82 27,710 147.32 Outstanding at December 31, 414,407 217.15 421,261 194.01 435,338 164.21 As of December 31, 2018, there was $ 60,439 3.2 25,317 23,134 19,037 6,267 In addition to the 2010 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, Group issued 480 404 547 113 94 103 Since its 1995 initial public offering, the Company has issued to certain key employees of the Company 2,304,122 318,389 156,317 no 65,974 60,453 70,010 14,202 14,240 12,111 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, 2018 2017 2016 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Performance Share Unit Awards Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 33,454 $ - 21,223 $ - 10,705 $ - Granted 13,325 242.39 11,245 234.03 11,130 186.02 Increase/(Decrease) on vesting units due to performance (267 ) - 986 - 894 - Vested 12,435 242.39 - - - - Forfeited 1,695 - - - 1,506 - Outstanding at December 31, 32,382 - 33,454 - 21,223 - The Company acquired 5,214 1,264 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
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., Canada and Europe. 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) 2018 2017 2016 Gross written premiums $ 3,014,338 $ 2,592,972 $ 2,125,792 Net written premiums 2,642,182 2,245,422 1,970,575 Premiums earned $ 2,528,991 $ 2,181,160 $ 2,072,155 Incurred losses and LAE 2,784,181 1,632,795 1,068,475 Commission and brokerage 568,374 462,487 465,953 Other underwriting expenses 60,266 55,881 54,107 Underwriting gain (loss) $ (883,830 ) $ 29,997 $ 483,620 International Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Gross written premiums $ 1,543,946 $ 1,316,701 $ 1,230,683 Net written premiums 1,458,745 1,229,597 1,082,712 Premiums earned $ 1,439,882 $ 1,202,043 $ 1,119,121 Incurred losses and LAE 992,704 1,059,640 486,550 Commission and brokerage 364,010 287,688 283,447 Other underwriting expenses 39,042 38,844 35,512 Underwriting gain (loss) $ 44,126 $ (184,129 ) $ 313,612 Bermuda Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Gross written premiums $ 1,666,317 $ 1,205,001 $ 890,375 Net written premiums 1,605,526 1,139,082 831,931 Premiums earned $ 1,324,198 $ 1,093,250 $ 837,964 Incurred losses and LAE 808,717 735,292 461,909 Commission and brokerage 319,197 303,707 233,989 Other underwriting expenses 43,566 38,011 36,331 Underwriting gain (loss) $ 152,718 $ 16,240 $ 105,735 Insurance Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Gross written premiums $ 2,250,552 $ 2,059,248 $ 1,787,024 Net written premiums 1,707,975 1,630,560 1,385,687 Premiums earned $ 1,638,628 $ 1,461,387 $ 1,291,226 Incurred losses and LAE 1,065,801 1,094,854 1,122,695 Commission and brokerage 267,449 250,081 205,303 Other underwriting expenses 228,667 186,081 176,772 Underwriting gain (loss) $ 76,711 $ (69,629 ) $ (213,544 ) 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) 2018 2017 2016 Underwriting gain (loss) $ (610,275 ) $ (207,521 ) $ 689,423 Net investment income 581,183 542,898 473,085 Net realized capital gains (losses) (127,136 ) 153,194 (7,216 ) Net derivative gain (loss) 520 9,581 18,647 Corporate expenses (30,672 ) (25,923 ) (27,231 ) Interest, fee and bond issue cost amortization expense (31,031 ) (31,603 ) (36,228 ) Other income (expense) (9,060 ) (35,442 ) (10,636 ) Income (loss) before taxes $ (226,471 ) $ 405,184 $ 1,099,844 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) 2018 2017 2016 United Kingdom $ 914,612 $ 730,826 $ 688,598 Approximately 19.7 20.4 19.4 |
Disposition
Disposition | 12 Months Ended |
Dec. 31, 2018 | |
Disposition [Abstract] | |
Disposition | 18. DISPOSITIONS On August 24, 2016, the Company sold Heartland, its crop Managing General Agent to CGB for $ 49,000 12,942 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 20. UNAUDITED QUARTERLY FINANCIAL DATA Summarized quarterly financial data for the periods indicated: 2018 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,931,607 $ 2,066,521 $ 2,198,664 $ 2,278,361 Net written premiums 1,672,206 1,746,378 1,938,773 2,057,071 Premiums earned 1,619,427 1,729,818 1,731,479 1,850,975 Net investment income 138,294 141,322 161,363 140,204 Net realized capital gains (losses) (24,901 ) 15,776 54,804 (172,815 ) Total claims and underwriting expenses 1,511,100 1,817,815 1,731,201 2,481,858 Net income (loss) 210,318 69,895 205,613 (382,274 ) Earnings per common share attributable to Everest Re Group: Basic $ 5.14 $ 1.71 $ 5.04 $ (9.50 ) Diluted $ 5.11 $ 1.70 $ 5.02 $ (9.50 ) 2017 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,600,944 $ 1,601,649 $ 2,044,902 $ 1,926,427 Net written premiums 1,413,814 1,339,133 1,798,089 1,693,625 Premiums earned 1,312,097 1,369,681 1,598,875 1,657,187 Net investment income 122,289 134,508 136,973 149,128 Net realized capital gains (losses) 52,728 25,268 41,535 33,663 Total claims and underwriting expenses 1,128,944 1,240,100 2,616,340 1,159,977 Net income (loss) 291,643 245,674 (639,374 ) 571,025 Earnings per common share attributable to Everest Re Group: Basic $ 7.12 $ 5.98 $ (15.73 ) $ 13.92 Diluted $ 7.07 $ 5.95 $ (15.73 ) $ 13.85 |
Schedule I - Summary Of Investm
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 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 $ 2,629,454 $ 2,631,134 $ 2,631,134 State, municipalities and political subdivisions 490,018 500,094 500,094 Foreign government securities 1,335,328 1,314,165 1,314,165 Foreign corporate securities 2,694,922 2,661,058 2,661,058 Public utilities 287,784 283,903 283,903 All other corporate bonds 5,792,179 5,698,522 5,698,522 Mortgage - backed securities: Commercial 329,883 326,710 326,710 Agency residential 1,832,760 1,796,264 1,796,264 Non-agency residential 10,198 10,209 10,209 Redeemable preferred stock 4,046 3,204 3,204 Total fixed maturities-available for sale 15,406,572 15,225,263 15,225,263 Fixed maturities - available for sale at fair value 2,337 2,337 2,337 Equity securities - at fair value (1) 766,102 716,639 716,639 Short-term investments 241,010 240,987 240,987 Other invested assets 1,591,745 1,591,745 1,591,745 Cash 656,095 656,095 656,095 Total investments and cash $ 18,663,861 $ 18,433,066 $ 18,433,066 (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 Financi
Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 ASSETS: Fixed maturities - available for sale, at market value $ 76,170 $ 100,697 (amortized cost: 2018, $ 76,274 100,703 Other invested assets (cost: 2018, $ 91 102,559 91 102,559 Cash 198 3,275 Investment in subsidiaries, at equity in the underlying net assets 7,776,940 8,356,791 Accrued investment income 277 394 Receivable from subsidiaries 6,726 7,361 Other assets 44,737 49,829 TOTAL ASSETS $ 7,905,139 $ 8,620,906 LIABILITIES: Long term note payable - Affiliated $ - $ 250,000 Due to subsidiaries 1,065 1,017 Other liabilities 270 657 Total liabilities 1,335 251,674 SHAREHOLDERS' EQUITY: Preferred shares, par value: $ 0.01 50,000 no shares issued outstanding - - Common shares, par value: $ 0.01 200,000 (2018) 69,202 69,044 issued outstanding 692 691 Additional paid-in capital 2,188,777 2,165,768 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($ 20,697 9,356 (462,557 ) (160,891 ) Treasury shares, at cost; 28,551 28,208 (3,397,548 ) (3,322,244 ) Retained earnings 9,574,440 9,685,908 Total shareholders' equity 7,903,804 8,369,232 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 7,905,139 $ 8,620,906 See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, 2018 2017 2016 (Dollars in thousands) REVENUES: Net investment income $ 3,790 $ 1,344 $ 879 Net realized capital gains (losses) (57 ) 80 144 Other income (expense) (5,298 ) (6,873 ) 5,022 Net income (loss) of subsidiaries 127,369 495,496 1,012,315 Total revenues 125,804 490,048 1,018,360 EXPENSES: Interest expense - affiliated 4,085 4,300 4,300 Other expenses 18,167 16,780 17,716 Total expenses 22,252 21,080 22,016 INCOME (LOSS) BEFORE TAXES 103,552 468,968 996,344 Income tax expense (benefit) - - - NET INCOME (LOSS) $ 103,552 $ 468,968 $ 996,344 Other comprehensive income (loss), net of tax: Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period (255,656 ) (64,348 ) 57,629 Reclassification adjustment for realized losses (gains) included in net income (loss) 27,496 (6,950 ) 15,118 Total URA(D) on securities arising during the period (228,160 ) (71,298 ) 72,747 Foreign currency translation adjustments (76,816 ) 121,917 (55,341 ) Benefit plan actuarial net gain (loss) for the period (510 ) 1,027 (7,488 ) Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 5,021 5,477 5,073 Total benefit plan net gain (loss) for the period 4,511 6,504 (2,415 ) Total other comprehensive income (loss), net of tax (300,465 ) 57,123 14,991 COMPREHENSIVE INCOME (LOSS) $ (196,913 ) $ 526,091 $ 1,011,335 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) 2018 2017 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 103,552 $ 468,968 $ 996,344 Adjustments to reconcile net income to net cash provided by operating activities: Equity in retained (earnings) deficit of subsidiaries (127,369 ) (495,496 ) (1,012,315 ) Dividends received from Bermuda Re 750,000 400,000 650,000 Dividends received from Everest International 200,000 - 40,000 Dividends received from Mt. Logan Re - 25,000 - Change in other assets and liabilities, net 4,823 6,107 66 Increase (decrease) in due to/from affiliates 683 (6,470 ) (206 ) Amortization of bond premium (accrual of bond discount) (577 ) 12 (56 ) Realized capital losses (gains) 57 (80 ) (144 ) Non-cash compensation expense 2,740 3,448 2,311 Net cash provided by (used in) operating activities 933,909 401,489 676,000 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries (542,965 ) (109,815 ) (77,324 ) Proceeds from fixed maturities matured/called - available for sale, at market value 93 696 1,152 Proceeds from fixed maturities sold - available for sale, at market value 24,856 90,154 75,025 Distribution from other invested assets 1,026,297 546,414 757,399 Cost of fixed maturities acquired - available for sale, at market value - (189,308 ) - Cost of other invested assets acquired (923,828 ) (503,937 ) (902,435 ) Net change in short-term investments - - 18,288 Net cash provided by (used in) investing activities (415,547 ) (165,796 ) (127,895 ) CASH FLOWS FROM FINANCING ACTIVITIES: Common shares issued during the period, net 20,086 22,790 34,861 Purchase of treasury shares (75,304 ) (50,000 ) (386,288 ) Dividends paid to shareholders (216,221 ) (207,242 ) (195,384 ) Cost of repayment of long term note - affiliated (250,000 ) - - Net cash provided by (used in) financing activities (521,439 ) (234,452 ) (546,811 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH - - - Net increase (decrease) in cash (3,077 ) 1,241 1,294 Cash, beginning of period 3,275 2,034 740 Cash, end of period $ 198 $ 3,275 $ 2,034 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 3.) Everest Re Group, Ltd. has invested funds in the segregated accounts of Mt. Logan Re, Ltd. ("Mt. Logan Re"), an affiliated entity. On the Condensed Balance Sheets, investments in Mt. Logan Re valued at $ 45,625 50,373 4,695 6,352 5,536 |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 Domestic $ 334,818 $ 8,154,003 $ 1,695,208 $ 4,167,619 $ 287,002 $ 3,849,982 $ 835,823 $ 288,933 $ 4,350,157 International 54,253 2,209,202 261,611 1,439,882 34,965 992,704 364,010 39,042 1,458,745 Bermuda 122,502 2,755,885 560,793 1,324,198 259,216 808,717 319,197 43,566 1,605,526 Total $ 511,573 $ 13,119,090 $ 2,517,612 $ 6,931,699 $ 581,183 $ 5,651,403 $ 1,519,030 $ 371,541 $ 7,414,428 December 31, 2017 Domestic $ 289,636 $ 7,254,043 $ 1,460,291 $ 3,642,547 $ 259,621 $ 2,727,649 $ 712,568 $ 241,962 $ 3,875,982 International 53,186 2,175,500 253,626 1,202,043 32,407 1,059,640 287,688 38,844 1,229,597 Bermuda 68,765 2,454,778 286,639 1,093,250 250,870 735,292 303,707 38,011 1,139,082 Total $ 411,587 $ 11,884,321 $ 2,000,556 $ 5,937,840 $ 542,898 $ 4,522,581 $ 1,303,963 $ 318,817 $ 6,244,661 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 |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 Total property and liability insurance premiums earned $ 2,129,320 $ 1,004,953 $ 5,807,332 $ 6,931,699 83.8 % December 31, 2017 Total property and liability insurance premiums earned $ 1,825,705 $ 833,387 $ 4,945,522 $ 5,937,840 83.3 % December 31, 2016 Total property and liability insurance premiums earned $ 1,694,702 $ 736,180 $ 4,361,944 $ 5,320,466 82.0 % |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
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 fourth quarter of 2017, the Company established a new Irish insurance subsidiary, Everest Insurance (Ireland), designated activity company ("Ireland Insurance"), which will write insurance business mainly in the European markets. 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 are used in the continued expansion of the Insurance operations. Effective August 24, 2016, the Company sold its wholly-owned subsidiary, Heartland Crop Insurance Company ("Heartland"), a managing agent for crop insurance, to CGB Diversified Services, Inc. ("CGB"). The operating results of Heartland through August 24, 2016, are included within the Company's financial statements. Effective July 1, 2016, the Company established a new Irish holding company, Everest Dublin Insurance Holdings Limited (Ireland) ("Everest Dublin Holdings"). 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"), Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd. ("International Holdings"), Everest Corporate Member Limited, Everest Service Company (UK), Ltd., Everest Preferred International Holdings, 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 Global Services, Inc. ("Global Services"), Everest Insurance Company of Canada ("Everest Canada"), Premiere Insurance Underwriting Services ("Premiere"), Everest Dublin Holdings, Ireland Insurance, 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 Managers, L.L.C., 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 Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. Effective January 1, 2016, the Company adopted Accounting Standards Update ("ASU") 2015-02, "Consolidation (Topic 810) Amendments to the Consolidation Analysis" issued by the United States Financial Accounting Standards Board ("FASB"), which changed the method in which the Company determines whether entities are consolidated by the Company. The adoption of this amended accounting guidance was implemented utilizing a full retrospective application for prior periods. The amended guidance includes changes in the identification of the primary beneficiary of companies considered to be VIEs. These changes resulted in the Company concluding that Mt. Logan Re, Ltd. (Bermuda) ("Mt. Logan Re") is a VIE given it has insufficient equity at risk and that each underlying separate segregated account is likewise a VIE. The Company has concluded that it is the primary beneficiary of Mt. Logan Re, but not of the underlying separate segregated accounts and therefore has deconsolidated these segregated accounts. This change had no impact to the net income or retained earnings of the Company. 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 2018 presentation. |
Investments | B. Investments. Fixed maturity 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. As of January 1, 2018, the Company carries all of its equity securities at fair value. For equity securities, 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, investment managers' valuation committees will estimate fair value and in many instances, these fair values are supported with opinions from qualified independent third parties. All fair value estimates from investment managers are 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, rabbi trusts and prior to July 1, 2018, a private placement liquidity sweep facility. Cash contributions to and cash distributions from the sweep facility were 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) 2018 2017 Reinsurance receivables and premium receivables $ 25,611 $ 23,473 |
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) 2018 2017 2016 Deferred acquisition costs $ 1,519,030 $ 1,303,963 $ 1,188,692 |
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, for 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. For reinsurance contracts, 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. |
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 shareholders' 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) 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) 2018 2017 2016 Net income (loss) per share: Numerator Net income (loss) $ 103,552 $ 468,968 $ 996,344 Less: dividends declared-common shares and nonvested common shares (216,221 ) (207,242 ) (195,384 ) Undistributed earnings (112,669 ) 261,725 800,960 Percentage allocated to common shareholders (1) 99.0 % 98.9 % 98.9 % (111,490 ) 258,952 792,415 Add: dividends declared-common shareholders 214,088 205,182 193,413 Numerator for basic and diluted earnings per common share $ 102,598 $ 464,134 $ 985,829 Denominator Denominator for basic earnings per weighted-average common shares 40,388 40,595 41,329 Effect of dilutive securities: Options 198 248 300 Denominator for diluted earnings per adjusted weighted-average common shares 40,586 40,843 41,628 Per common share net income (loss) Basic $ 2.54 $ 11.43 $ 23.85 Diluted $ 2.53 $ 11.36 $ 23.68 (1) Basic weighted-average common shares outstanding 40,388 40,595 41,329 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,816 41,030 41,774 Percentage allocated to common shareholders 99.0 % 98.9 % 98.9 % (Some amounts may not reconcile due to rounding.) There were no All outstanding options expire on or between February 18, 2019 September 19, 2022 |
Segmentation | L. Segmentation. The Company, through its subsidiaries, operates in four |
Derivatives | M. Derivatives. The Company sold seven two One June 9, 2017 no The fair value of the equity index put options can be found in the Company's consolidated balance sheets as follows: (Dollars in thousands) Derivatives not designated as Location of fair value At December 31, hedging instruments in balance sheets 2018 2017 Equity index put option contracts Equity index put option liability $ 11,958 $ 12,477 Total $ 11,958 $ 12,477 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) 2018 2017 2016 Equity index put option contracts Net derivative gain (loss) $ 520 $ 9,581 $ 18,647 Total $ 520 $ 9,581 $ 18,647 |
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 | 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. Simplification of Disclosure Requirements. In August 2018, the Securities and Exchange Commission ("SEC") issued Final Rule Release #33-10532 ("the Rule") which addresses the simplification of the SEC's disclosure requirements for quarterly and annual financial reports. The main changes addressed by the Rule that are applicable to the Company are 1) elimination of the requirement to disclose dividend per share information on the face of the Statements of Operations and Comprehensive Income (Loss) and 2) a new requirement to disclose changes in equity by line item with subtotals for each interim reporting period on the Statements of Changes in Shareholders' Equity. The Rule became effective for all financial reports filed after November 5, 2018 (30 days after its publication in the Federal Register), except for the additional requirement for the Statements of Changes in Shareholders' Equity which can be implemented for first quarter 2019 reporting. The Company has adopted the portions of the Rule that became effective November 5, 2018. The portion of the Rule related to the new requirement for the Statements of Changes in Shareholders' Equity will be adopted by the Company in the first quarter of 2019. Accounting for Cloud Computing Arrangement. In August 2018, The Financial Accounting Standards Board ("FASB") issued ASU 2018-15, which outlines accounting for implementation costs of a cloud computing arrangement that is a service contract. This guidance requires that implementation costs of a cloud computing arrangement that is a service contract must be capitalized and expensed in accordance with the existing provisions provided in Subtopic 350-40 regarding development of internal use software. In addition, any capitalized implementation costs should be amortized over the term of the hosting arrangement. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2018-15 on its financial statements. Accounting for Long Duration Contracts. In August 2018, FASB issued ASU 2018-12, which discusses changes to the recognition, measurement and presentation of long duration contracts. The main provisions of this guidance address the following: 1) In determining liability for future policy benefits, companies must review cash flow assumptions at least annually and the discount rate assumption at each reporting period date 2) Amortization of deferred acquisition costs has been simplified to be in constant level proportion to either premiums, gross profits or gross margins 3) Disaggregated roll forwards of beginning and ending liabilities for future policy benefits are required. The guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2018-12 on its financial statements. Accounting for Deferred Taxes in Accumulated Other Comprehensive Income (AOCI). In February 2018, FASB issued ASU 2018-02 which outlines guidance on the treatment of trapped deferred taxes contained within AOCI on the consolidated balance sheets. The new guidance allows the amount of trapped deferred taxes in AOCI, resulting from the change in the U.S. tax rate from 35 21 1,250 Accounting for Impact on Income Taxes due to Tax Reform. In December 2017, the SEC issued Staff Accounting Bulletin ("SAB") 118 which provides guidance on the application of FASB Accounting Standards Codification ("ASC") Topic 740, Income Taxes, due to the enactment of TCJA. SAB 118 became effective upon release. The Company has adopted the provisions of SAB 118 with respect to measuring the tax effects for the modifications to the determination of tax basis loss reserves. In 2018, the Company recorded adjustments to the amount of tax expense it recorded in 2017 with respect to the TCJA as estimated amounts were finalized, which did not have a material impact on the Company's financial statements. Amortization of Bond Premium. In March 2017, FASB issued ASU 2017-08 which outlines guidance on the amortization period for premium on callable debt securities. The new guidance requires that the premium on callable debt securities be amortized through the earliest call date rather than through the maturity date of the callable security. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The Company does not expect the adoption of ASU 2017-08 to have a material impact on its financial statements. Presentation and Disclosure of Net Periodic Benefit Costs. In March 2017, FASB issued ASU 2017-07 which outlines guidance on the presentation of net periodic costs of benefit plans. The new guidance requires that the service cost component of net periodic benefit costs be reported within the same line item of the statements of operations as other compensation costs are reported. Other components of net periodic benefit costs should be reported separately. Footnote disclosure is required to state within which line items of the statements of operations the components are reported. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2017-07 did not have a material impact on the Company's financial statements. Disclosure of Restricted Cash. In November 2016, FASB issued ASU 2016-18 and in August 2016, FASB issued ASU 2016-15 which outline guidance on the presentation in the statements of cash flows of changes in restricted cash. The new guidance requires that the statements of cash flows should reflect all changes in cash, cash equivalents and restricted cash in total and not segregated individually. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-18 and ASU 2016-15 did not have a material impact on the Company's financial statements. Intra-Entity Asset Transfers. In October 2016, FASB issued ASU 2016-16 which outlines guidance on the tax accounting for intra-entity asset sales and transfers, other than inventory. The new guidance requires that reporting entities recognize tax expense from the intra-entity transfer of an asset in the seller's tax jurisdiction at the time of transfer and recognize any deferred tax asset in the buyer's tax jurisdiction at the time of transfer. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-16 did not have a material impact on the Company's financial statements. Valuation of Financial Instruments. In June 2016, FASB issued ASU 2016-13 which outlines guidance on the valuation of and accounting for assets measured at amortized cost and available for sale debt securities. The carrying value of assets measured at amortized cost will now be presented as the amount expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation account). Available for sale debt securities will now record credit losses through an allowance for credit losses, which will be limited to the amount by which fair value is below amortized cost. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its financial statements. Accounting for Share-Based Compensation. In March 2016, the FASB issued ASU 2016-09, authoritative guidance regarding the accounting for share-based compensation. This guidance requires that the income tax effects resulting from the change in the value of share-based compensation awards between grant and settlement will be recorded as part of the consolidated statements of operations and comprehensive income/(loss). Previously, excess tax benefits have been recorded as part of the additional paid in capital within the consolidated balance sheets. The guidance is effective for annual reporting periods beginning after December 15, 2016 and interim periods within that annual reporting period. The Company has implemented this guidance prospectively as of January 1, 2017. The guidance also requires that the cost of employee taxes paid via shares withheld upon settlement of share-based compensation awards must be shown as a financing activity within the Statements of Cash Flows. The Company has implemented this guidance retrospectively as of January 1, 2017. The following table presents certain financial statement line items as previously reported in 2016, the effect of those line items due to treating the cost of shares withheld upon settlement of share-based compensation awards as a financing activity with the Statements of Cash Flows and the line items as currently reported within the financial statements. Consolidated Statements of Cash Flows: At December 31, 2016 Effect of adoption of As previously new accounting reported policy As adopted (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Change in other assets and liabilities, net $ (56,204 ) $ 10,595 $ (45,609 ) Net cash provided by (used in) operating activities 1,373,005 10,595 1,383,600 CASH FLOWS FROM FINANCING ACTIVITIES: Cost of shares withheld for taxes on settlements of share-based compensation awards - (10,595 ) (10,595 ) Net cash provided by (used in) financing activities (570,921 ) (10,595 ) (581,516 ) Leases. $75,000 Recognition and Measurement of Financial Instruments. In January 2016, the FASB issued ASU 2016-01 which outlines revised guidance on the accounting for equity investments. The new guidance states that all equity investments in unconsolidated entities will be measured at fair value, with the change in value being recorded through the income statement rather than being recorded within other comprehensive income. The updated guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2016-01 resulted in a cumulative change adjustment of $1,201 thousand between AOCI and retained earnings, which is disclosed separately within the consolidated statement of changes in shareholders' equity. Disclosures about Short-Duration Contracts. In May 2015, the FASB issued ASU 2015-09, authoritative guidance regarding required disclosures associated with short duration insurance contracts. The new disclosure requirements focus on information about initial claim estimates and subsequent claim estimate adjustment, methodologies in estimating claims and the timing, frequency and severity of claims related to short duration insurance contracts. This guidance is effective for annual reporting periods beginning after December 15, 2015 and interim reporting periods beginning after December 15, 2016. The Company implemented this guidance effective in the fourth quarter of 2016. Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share. In May 2015, the FASB issued ASU 2015-07, which removes the requirement to categorize, within the fair value hierarchy, investments for which fair values are estimated using the net asset value practical expedient provided by Accounting Standards Codification 820, Fair Value Measurement. The updated guidance is effective for annual reporting periods beginning after December 15, 2015. The Company implemented this guidance effective in the fourth quarter of 2016. The adoption did not have a material impact on the Company's financial statements. Debt Issuance Costs. In April 2015, The FASB issued ASU 2015–03, authoritative guidance on the presentation of debt issuance costs. This guidance requires that debt issuance costs be presented within the balance sheet as a reduction of the carrying value of the debt liability, rather than as a separate asset. This guidance is effective for annual reporting periods beginning after December 15, 2015 and related interim reporting periods. The Company implemented this guidance effective in the second quarter of 2016. The adoption did not have a material impact on the Company's financial statements. Consolidation. In February 2015, the FASB issued ASU 2015-02, authoritative guidance regarding consolidation of reporting entities. The new guidance focuses on the required evaluation of whether certain legal entities should be consolidated. This guidance is effective for annual and interim reporting periods beginning after December 15, 2015. Based upon this guidance, the Company has determined that the separate segregated accounts associated with Mt. Logan Re should not be consolidated. The Company implemented the guidance effective January 1, 2016. Revenue Recognition. In May 2014, the FASB issued ASU 2014-09 and in August 2015, FASB issued ASU 2015-14 which outline revised guidance on the recognition of revenue arising from contracts with customers. The new guidance states that reporting entities should apply certain steps to determine when revenue should be recognized, based upon fulfillment of performance obligations to complete contracts. The updated guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2014-09 and ASU 2015-14 did not have a material impact on the Company's financial statements. Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables | Years Ended December 31, (Dollars in thousands) 2018 2017 Reinsurance receivables and premium receivables $ 25,611 $ 23,473 |
Schedule Of Deferred Acquisition Costs Amortized To Income | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Deferred acquisition costs $ 1,519,030 $ 1,303,963 $ 1,188,692 |
Net Income (Loss) Per Common Share | Years Ended December 31, (Dollars in thousands, except per share amounts) 2018 2017 2016 Net income (loss) per share: Numerator Net income (loss) $ 103,552 $ 468,968 $ 996,344 Less: dividends declared-common shares and nonvested common shares (216,221 ) (207,242 ) (195,384 ) Undistributed earnings (112,669 ) 261,725 800,960 Percentage allocated to common shareholders (1) 99.0 % 98.9 % 98.9 % (111,490 ) 258,952 792,415 Add: dividends declared-common shareholders 214,088 205,182 193,413 Numerator for basic and diluted earnings per common share $ 102,598 $ 464,134 $ 985,829 Denominator Denominator for basic earnings per weighted-average common shares 40,388 40,595 41,329 Effect of dilutive securities: Options 198 248 300 Denominator for diluted earnings per adjusted weighted-average common shares 40,586 40,843 41,628 Per common share net income (loss) Basic $ 2.54 $ 11.43 $ 23.85 Diluted $ 2.53 $ 11.36 $ 23.68 (1) Basic weighted-average common shares outstanding 40,388 40,595 41,329 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,816 41,030 41,774 Percentage allocated to common shareholders 99.0 % 98.9 % 98.9 % (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 2018 2017 Equity index put option contracts Equity index put option liability $ 11,958 $ 12,477 Total $ 11,958 $ 12,477 |
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) 2018 2017 2016 Equity index put option contracts Net derivative gain (loss) $ 520 $ 9,581 $ 18,647 Total $ 520 $ 9,581 $ 18,647 |
Accounting Standards Update 2016-02 [Member] | |
Schedule of Effect of Newly Adopted Accounting Policies, Cash Flow | Consolidated Statements of Cash Flows: At December 31, 2016 Effect of adoption of As previously new accounting reported policy As adopted (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Change in other assets and liabilities, net $ (56,204 ) $ 10,595 $ (45,609 ) Net cash provided by (used in) operating activities 1,373,005 10,595 1,383,600 CASH FLOWS FROM FINANCING ACTIVITIES: Cost of shares withheld for taxes on settlements of share-based compensation awards - (10,595 ) (10,595 ) Net cash provided by (used in) financing activities (570,921 ) (10,595 ) (581,516 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At December 31, 2018 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 $ 2,629,454 $ 16,781 $ (15,101 ) $ 2,631,134 $ - Obligations of U.S. states and political subdivisions 490,018 12,915 (2,839 ) 500,094 439 Corporate securities 5,538,582 48,465 (141,515 ) 5,445,532 1,688 Asset-backed securities 545,427 162 (5,492 ) 540,097 - Mortgage-backed securities Commercial 329,883 2,167 (5,340 ) 326,710 - Agency residential 1,832,760 7,325 (43,821 ) 1,796,264 - Non-agency residential 10,198 37 (26 ) 10,209 - Foreign government securities 1,335,328 34,743 (55,906 ) 1,314,165 98 Foreign corporate securities 2,694,922 63,994 (97,858 ) 2,661,058 320 Total fixed maturity securities $ 15,406,572 $ 186,589 $ (367,898 ) $ 15,225,263 $ 2,545 Equity securities $ - $ - $ - $ - $ - At December 31, 2017 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 $ 1,540,952 $ 9,816 $ (14,076 ) $ 1,536,692 $ - Obligations of U.S. states and political subdivisions 563,790 22,123 (444 ) 585,469 - Corporate securities 5,658,456 81,724 (41,175 ) 5,699,005 2,488 Asset-backed securities 532,473 869 (1,982 ) 531,360 - Mortgage-backed securities Commercial 235,794 616 (2,369 ) 234,041 - Agency residential 2,236,361 10,379 (35,838 ) 2,210,902 - Non-agency residential 497 41 (44 ) 494 - Foreign government securities 1,305,070 43,804 (34,847 ) 1,314,027 178 Foreign corporate securities 2,616,205 77,045 (48,406 ) 2,644,844 950 Total fixed maturity securities $ 14,689,598 $ 246,417 $ (179,181 ) $ 14,756,834 $ 3,616 Equity securities $ 130,287 $ 2,615 $ (3,372 ) $ 129,530 $ - (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. |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At December 31, 2018 At December 31, 2017 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,328,571 $ 1,330,534 $ 1,041,885 $ 1,050,094 Due after one year through five years 8,114,247 8,016,490 7,545,731 7,554,248 Due after five years through ten years 2,455,911 2,413,846 2,214,473 2,231,456 Due after ten years 789,575 791,113 882,384 944,239 Asset-backed securities 545,427 540,097 532,473 531,360 Mortgage-backed securities: Commercial 329,883 326,710 235,794 234,041 Agency residential 1,832,760 1,796,264 2,236,361 2,210,902 Non-agency residential 10,198 10,209 497 494 Total fixed maturity securities $ 15,406,572 $ 15,225,263 $ 14,689,598 $ 14,756,834 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in thousands) 2018 2017 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ (247,497 ) $ (101,940 ) Fixed maturity securities, other-than-temporary impairment (1,071 ) (5,618 ) Equity securities - 9,730 Other invested assets - 3,037 Change in unrealized appreciation (depreciation), pre-tax (248,568 ) (94,791 ) Deferred tax benefit (expense) 20,543 21,905 Deferred tax benefit (expense), other-than-temporary impairment (135 ) 1,588 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders' equity $ (228,160 ) $ (71,298 ) |
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, 2018 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 $ 76,226 $ (158 ) $ 777,409 $ (14,943 ) $ 853,635 $ (15,101 ) Obligations of U.S. states and political subdivisions 71,559 (1,444 ) 38,105 (1,395 ) 109,664 (2,839 ) Corporate securities 2,513,463 (69,619 ) 1,683,729 (71,896 ) 4,197,192 (141,515 ) Asset-backed securities 230,285 (2,746 ) 245,300 (2,746 ) 475,585 (5,492 ) Mortgage-backed securities Commercial 71,167 (1,128 ) 154,201 (4,212 ) 225,368 (5,340 ) Agency residential 156,930 (975 ) 1,373,629 (42,846 ) 1,530,559 (43,821 ) Non-agency residential 10,174 (26 ) - - 10,174 (26 ) Foreign government securities 196,303 (9,719 ) 494,156 (46,187 ) 690,459 (55,906 ) Foreign corporate securities 939,808 (35,023 ) 782,405 (62,835 ) 1,722,213 (97,858 ) Total fixed maturity securities $ 4,265,915 $ (120,838 ) $ 5,548,934 $ (247,060 ) $ 9,814,849 $ (367,898 ) Equity securities - - - - - - Total $ 4,265,915 $ (120,838 ) $ 5,548,934 $ (247,060 ) $ 9,814,849 $ (367,898 ) Duration of Unrealized Loss at December 31, 2017 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 $ 1,077,051 $ (8,380 ) $ 224,189 $ (5,696 ) $ 1,301,240 $ (14,076 ) Obligations of U.S. states and political subdivisions 4,400 (27 ) 37,886 (417 ) 42,286 (444 ) Corporate securities 1,779,292 (24,942 ) 700,098 (16,233 ) 2,479,390 (41,175 ) Asset-backed securities 301,316 (1,467 ) 72,780 (515 ) 374,096 (1,982 ) Mortgage-backed securities Commercial 101,821 (572 ) 64,272 (1,797 ) 166,093 (2,369 ) Agency residential 610,941 (4,836 ) 1,343,547 (31,002 ) 1,954,488 (35,838 ) Non-agency residential - - 69 (44 ) 69 (44 ) Foreign government securities 327,790 (12,811 ) 331,432 (22,036 ) 659,222 (34,847 ) Foreign corporate securities 691,865 (19,381 ) 450,860 (29,025 ) 1,142,725 (48,406 ) Total fixed maturity securities $ 4,894,476 $ (72,416 ) $ 3,225,133 $ (106,765 ) $ 8,119,609 $ (179,181 ) Equity securities - - 113,506 (3,372 ) 113,506 (3,372 ) Total $ 4,894,476 $ (72,416 ) $ 3,338,639 $ (110,137 ) $ 8,233,115 $ (182,553 ) |
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, 2018 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 $ 454,239 $ (2,558 ) $ 427,513 $ (20,675 ) $ 881,752 $ (23,233 ) Due in one year through five years 2,014,704 (45,148 ) 2,764,981 (129,940 ) 4,779,685 (175,088 ) Due in five years through ten years 1,082,568 (51,300 ) 492,216 (34,210 ) 1,574,784 (85,510 ) Due after ten years 245,848 (16,957 ) 91,094 (12,431 ) 336,942 (29,388 ) Asset-backed securities 230,285 (2,746 ) 245,300 (2,746 ) 475,585 (5,492 ) Mortgage-backed securities 238,271 (2,129 ) 1,527,830 (47,058 ) 1,766,101 (49,187 ) Total fixed maturity securities $ 4,265,915 $ (120,838 ) $ 5,548,934 $ (247,060 ) $ 9,814,849 $ (367,898 ) Duration of Unrealized Loss at December 31, 2017 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 $ 247,927 $ (962 ) $ 206,113 $ (7,643 ) $ 454,040 $ (8,605 ) Due in one year through five years 2,930,977 (42,480 ) 1,200,414 (52,143 ) 4,131,391 (94,623 ) Due in five years through ten years 612,702 (20,154 ) 292,245 (12,680 ) 904,947 (32,834 ) Due after ten years 88,792 (1,945 ) 45,693 (941 ) 134,485 (2,886 ) Asset-backed securities 301,316 (1,467 ) 72,780 (515 ) 374,096 (1,982 ) Mortgage-backed securities 712,762 (5,408 ) 1,407,888 (32,843 ) 2,120,650 (38,251 ) Total fixed maturity securities $ 4,894,476 $ (72,416 ) $ 3,225,133 $ (106,765 ) $ 8,119,609 $ (179,181 ) |
Summary Of Components Of Net Investment Income | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Fixed maturities $ 465,793 $ 427,379 $ 410,337 Equity securities 25,327 34,523 40,707 Short-term investments and cash 14,395 4,177 1,769 Other invested assets Limited partnerships 93,327 83,569 38,647 Other 16,960 10,125 2,852 Gross investment income before adjustments 615,802 559,773 494,312 Funds held interest income (expense) 6,300 11,874 7,853 Future policy benefit reserve income (expense) (1,419 ) (1,282 ) (1,633 ) Gross investment income 620,683 570,365 500,532 Investment expenses (39,500 ) (27,467 ) (27,447 ) Net investment income $ 581,183 $ 542,898 $ 473,085 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Fixed maturity securities, market value: Other-than-temporary impairments $ (8,110 ) $ (7,093 ) $ (31,595 ) Gains (losses) from sales (21,719 ) 17,714 6,918 Fixed maturity securities, fair value: Gains (losses) from sales (1,799 ) - (1,586 ) Gains (losses) from fair value adjustments 1,506 - 1,381 Equity securities, market value: Gains (losses) from sales - (3,424 ) 1,426 Equity securities, fair value: Gains (losses) from sales (29,941 ) 6,969 (13,442 ) Gains (losses) from fair value adjustments (68,832 ) 138,973 57,686 Sale of Subsidiary - - (28,032 ) Other invested assets 1,815 61 18 Short-term investments gain (loss) (56 ) (6 ) 10 Total net realized capital gains (losses) $ (127,136 ) $ 153,194 $ (7,216 ) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Proceeds from sales of fixed maturity securities $ 3,150,179 $ 2,401,844 $ 1,264,271 Gross gains from sales 33,996 58,589 53,093 Gross losses from sales (57,514 ) (40,875 ) (47,761 ) Proceeds from sales of equity securities $ 1,199,409 $ 651,433 $ 729,782 Gross gains from sales 31,718 24,809 18,462 Gross losses from sales (61,659 ) (21,264 ) (30,478 ) |
Reserve For Losses, LAE And F_2
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Gross reserves at January 1 $ 11,884,321 $ 10,312,313 $ 9,951,798 Less reinsurance recoverables (1,212,649 ) (990,862 ) (881,503 ) Net reserves at January 1 10,671,672 9,321,451 9,070,295 Incurred related to: Current year 5,264,327 4,815,967 3,434,964 Prior years 387,076 (293,386 ) (295,335 ) Total incurred losses and LAE 5,651,403 4,522,581 3,139,629 Paid related to: Current year 1,700,765 1,280,605 745,642 Prior years 3,011,175 2,062,634 2,042,972 Total paid losses and LAE 4,711,940 3,343,239 2,788,614 Foreign exchange/translation adjustment (111,686 ) 170,879 (99,859 ) Net reserves at December 31 11,499,449 10,671,672 9,321,451 Plus reinsurance recoverables 1,619,641 1,212,649 990,862 Gross reserves at December 31 $ 13,119,090 $ 11,884,321 $ 10,312,313 |
Ultimate Loss and ALAE And Paid Loss And ALAE, Net Of Reinsurance | U.S. Reinsurance – Casualty Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 401,071 $ 395,957 $ 329,314 $ 325,429 $ 321,461 $ 321,479 $ 326,806 10,999 N/A 2013 311,025 388,483 385,863 388,568 372,805 365,605 19,447 N/A 2014 367,551 383,763 392,514 375,608 365,466 39,295 N/A 2015 326,374 354,296 346,420 347,972 64,286 N/A 2016 330,366 345,836 347,112 126,677 N/A 2017 337,211 383,183 205,494 N/A 2018 424,578 306,262 N/A $ 2,560,722 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 10,024 $ 38,586 $ 83,172 $ 143,722 $ 187,522 $ 218,966 $ 273,144 2013 14,885 49,047 108,956 171,047 211,503 286,865 2014 18,841 54,321 110,327 164,664 256,790 2015 19,920 53,639 107,033 206,455 2016 18,929 58,309 136,547 2017 25,802 87,654 2018 44,519 $ 1,291,974 All outstanding liabilities prior to 2012, net of reinsurance 766,701 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,035,448 (Some amounts may not reconcile due to rounding.) U.S. Reinsurance – Property Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 937,847 $ 724,114 $ 622,599 $ 609,592 $ 609,221 $ 605,617 $ 588,422 447 N/A 2013 622,319 548,468 495,300 456,379 449,359 445,910 388 N/A 2014 641,682 550,695 474,136 438,584 432,638 563 N/A 2015 679,227 544,371 488,878 463,808 9,543 N/A 2016 966,373 791,526 763,544 26,165 N/A 2017 1,583,224 1,370,879 80,155 N/A 2018 2,510,226 1,018,868 N/A $ 6,575,427 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 242,393 $ 402,441 $ 493,375 $ 529,745 $ 547,202 $ 564,014 $ 566,019 2013 234,591 323,178 381,893 405,980 420,329 426,444 2014 218,743 321,677 370,142 396,142 406,522 2015 226,256 327,633 389,474 417,755 2016 286,110 552,068 641,815 2017 570,824 946,466 2018 923,030 $ 4,328,051 All outstanding liabilities prior to 2012, net of reinsurance 44,374 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,291,749 (Some amounts may not reconcile due to rounding.) International – Casualty Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 222,133 $ 144,930 $ 134,301 $ 134,537 $ 117,757 $ 119,753 118,521 12,511 N/A 2013 182,248 166,761 164,076 145,345 142,454 140,933 22,458 N/A 2014 193,655 186,565 169,129 167,361 167,300 38,937 N/A 2015 192,112 178,898 173,427 176,819 50,962 N/A 2016 182,864 180,313 194,754 82,359 N/A 2017 190,450 212,683 112,439 N/A 2018 213,696 139,575 N/A $ 1,224,708 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 18,951 $ 30,257 $ 46,283 $ 56,773 $ 66,611 $ 77,658 $ 84,250 2013 17,931 41,532 54,912 68,095 76,594 87,864 2014 25,920 45,022 62,968 74,571 87,331 2015 24,324 49,039 70,370 83,888 2016 26,556 51,325 73,376 2017 26,751 65,352 2018 42,745 $ 524,806 All outstanding liabilities prior to 2012, net of reinsurance 134,507 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 834,410 (Some amounts may not reconcile due to rounding.) International – Property Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 560,846 $ 513,661 $ 460,161 $ 464,190 $ 464,468 $ 465,344 464,331 1,684 N/A 2013 488,693 439,340 403,169 394,940 394,770 394,293 2,327 N/A 2014 585,885 528,957 482,816 427,469 419,651 4,077 N/A 2015 560,099 427,930 426,695 415,349 5,363 N/A 2016 525,694 495,804 473,262 6,494 N/A 2017 898,568 735,824 63,579 N/A 2018 900,443 283,147 N/A $ 3,803,153 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 199,774 $ 325,557 $ 393,284 $ 417,136 $ 430,438 $ 441,346 $ 445,139 2013 133,577 268,313 321,289 351,447 365,252 371,349 2014 160,761 279,587 345,699 376,890 388,877 2015 143,474 259,981 328,818 364,391 2016 154,471 284,995 375,090 2017 275,487 481,665 2018 331,806 $ 2,758,317 All outstanding liabilities prior to 2012, net of reinsurance 71,452 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,116,288 (Some amounts may not reconcile due to rounding.) Bermuda – Casualty Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 281,244 $ 259,000 $ 238,059 $ 227,918 $ 234,498 $ 234,752 $ 239,750 41,516 N/A 2013 225,224 255,280 249,831 258,408 247,754 236,753 59,324 N/A 2014 208,813 241,109 258,275 254,844 243,331 89,698 N/A 2015 272,058 299,304 305,728 309,221 116,863 N/A 2016 290,327 348,318 358,604 165,626 N/A 2017 349,666 401,587 273,964 N/A 2018 465,351 407,072 N/A $ 2,254,597 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 12,858 $ 24,498 $ 50,981 $ 75,262 $ 101,357 $ 129,265 $ 148,732 2013 16,852 33,681 51,906 76,711 102,137 124,532 2014 13,555 24,904 42,751 67,476 93,245 2015 13,827 59,746 93,949 128,983 2016 46,440 84,942 123,837 2017 30,073 70,228 2018 26,304 $ 715,862 All outstanding liabilities prior to 2012, net of reinsurance 396,191 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,934,926 (Some amounts may not reconcile due to rounding.) Bermuda – Property Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 235,647 $ 178,542 $ 163,046 $ 158,650 $ 159,011 $ 159,810 $ 158,772 44 N/A 2013 205,875 148,275 130,693 121,612 121,024 120,638 93 N/A 2014 180,617 158,678 132,743 129,395 129,403 1,345 N/A 2015 190,578 156,407 143,576 149,560 5,773 N/A 2016 204,475 173,515 183,022 14,247 N/A 2017 397,639 326,371 68,179 N/A 2018 417,933 211,999 N/A $ 1,485,698 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 45,230 $ 84,263 $ 115,420 $ 141,232 $ 147,802 $ 150,694 $ 152,352 2013 31,476 68,081 107,590 114,644 116,653 117,649 2014 28,654 82,208 101,831 121,289 123,600 2015 32,878 72,123 109,036 132,327 2016 26,771 76,426 128,948 2017 39,296 130,013 2018 76,805 $ 861,694 All outstanding liabilities prior to 2012, net of reinsurance 35,767 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 659,771 (Some amounts may not reconcile due to rounding.) Insurance – Casualty Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 349,247 $ 351,052 $ 346,636 $ 347,954 $ 353,113 $ 343,717 $ 346,604 26,417 15,746 2013 393,165 393,076 392,513 392,818 351,105 344,070 24,697 21,314 2014 430,475 456,454 453,994 460,074 396,313 48,264 25,112 2015 518,596 526,974 534,548 540,769 160,787 26,729 2016 552,091 554,468 578,911 211,614 31,120 2017 615,187 601,464 309,285 33,822 2018 701,774 526,090 27,224 $ 3,509,905 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 33,158 $ 101,253 $ 157,822 $ 213,349 $ 246,274 $ 271,891 $ 294,202 2013 33,301 117,013 176,273 224,548 260,075 285,680 2014 41,181 124,856 201,527 256,586 297,317 2015 44,296 134,644 218,475 291,468 2016 54,707 164,012 268,510 2017 53,869 171,978 2018 63,379 $ 1,672,535 All outstanding liabilities prior to 2012, net of reinsurance 354,740 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,192,111 (Some amounts may not reconcile due to rounding.) Insurance – Property Business At December 31, 2018 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 2017 2018 on Reported Number of Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Reported Claims (Dollars in thousands) 2012 $ 106,216 $ 88,892 $ 81,671 $ 82,369 $ 81,945 $ 81,729 $ 81,906 103 N/A 2013 111,910 97,831 91,017 91,921 92,011 92,171 499 N/A 2014 131,473 123,455 119,753 119,296 119,105 464 N/A 2015 172,467 152,521 143,558 146,356 695 N/A 2016 300,481 273,901 278,813 1,185 N/A 2017 523,669 485,125 27,538 N/A 2018 416,396 86,295 N/A $ 1,619,872 (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 2017 2018 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 56,497 $ 81,700 $ 80,394 $ 81,674 $ 81,818 $ 81,609 $ 81,747 2013 68,649 92,914 91,618 91,888 91,498 91,537 2014 81,755 115,890 118,060 118,043 118,375 2015 101,975 140,960 142,089 144,823 2016 161,993 248,555 270,765 2017 206,334 408,176 2018 254,270 $ 1,369,694 All outstanding liabilities prior to 2012, net of reinsurance 330 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 250,508 (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 6 7 Casualty 6.0% 10.9% 16.7% 19.7% 16.7% 15.4% 16.6% U.S. Reinsurance – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 Property 41.1% 26.9% 13.0% 5.9% 2.9% 2.2% 0.3% International – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 Casualty 15.0% 14.1% 11.4% 8.1% 7.3% 8.6% 5.6% International – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 Property 36.8% 28.7% 16.0% 7.1% 3.1% 2.0% 0.8% Bermuda – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 Casualty 7.1% 9.5% 9.4% 10.6% 10.7% 10.6% 8.1% Bermuda – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 Property 18.9% 28.9% 24.2% 13.5% 2.7% 1.4% 1.0% Insurance – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 Casualty 9.2% 19.7% 17.3% 14.2% 10.0% 7.4% 6.4% Insurance – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 Property 63.4% 30.8% 3.2% 1.0% 0.1% 0.1% 0.2% |
Reconciliation of the Net Incurred and Paid Claims Development | December 31, 2018 (Dollars in thousands) Net outstanding liabilities U.S. Reinsurance Casualty $ 2,035,448 U.S. Reinsurance Property 2,291,749 International Casualty 834,410 International Property 1,116,288 Bermuda Casualty 1,934,926 Bermuda Property 659,771 Insurance Casualty 2,192,111 Insurance Property 250,508 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 11,315,210 Reinsurance recoverable on unpaid claims U.S. Reinsurance Casualty 395,446 U.S. Reinsurance Property 232,957 International Casualty 100,335 International Property 99,430 Bermuda Casualty (25 ) Bermuda Property 143,752 Insurance Casualty 520,754 Insurance Property 126,992 Total reinsurance recoverable on unpaid claims 1,619,641 Insurance lines other than short-duration - Unallocated claims adjustment expenses 144,554 Other 39,685 184,239 Total gross liability for unpaid claims and claim adjustment expense $ 13,119,090 (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) 2018 2017 2016 Gross basis: Beginning of period reserves $ 448,994 $ 441,111 $ 433,117 Incurred losses (2,473 ) 90,009 73,336 Paid losses (99,026 ) (82,126 ) (65,342 ) End of period reserves $ 347,495 $ 448,994 $ 441,111 Net basis: Beginning of period reserves $ 318,081 $ 319,072 $ 319,620 Incurred losses - 37,137 53,909 Paid losses (56,624 ) (38,128 ) (54,457 ) End of period reserves $ 261,456 $ 318,081 $ 319,072 |
Summary Of Activity In The Reserve For Future Policy Benefits | At December 31, (Dollars in thousands) 2018 2017 2016 Balance at beginning of year $ 51,014 $ 55,074 $ 58,910 Liabilities assumed 110 115 175 Adjustments to reserves 806 (437 ) 303 Benefits paid in the current year (5,151 ) (3,738 ) (4,315 ) Balance at end of year $ 46,778 $ 51,014 $ 55,074 (Some amounts may not reconcile due to rounding.) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 2,631,134 $ - $ 2,631,134 $ - Obligations of U.S. States and political subdivisions 500,094 - 500,094 - Corporate securities 5,445,532 - 5,017,317 428,215 Asset-backed securities 540,097 - 540,097 - Mortgage-backed securities Commercial 326,710 - 326,710 - Agency residential 1,796,264 - 1,796,264 - Non-agency residential 10,209 - 10,209 - Foreign government securities 1,314,165 - 1,314,165 - Foreign corporate securities 2,661,058 - 2,653,314 7,744 Total fixed maturities, market value 15,225,263 - 14,789,304 435,959 Fixed maturities, fair value 2,337 - - 2,337 Equity securities, fair value 716,639 674,433 42,206 - Liabilities: Equity index put option contracts $ 11,958 $ - $ - $ 11,958 Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2017 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,536,692 $ - $ 1,536,692 $ - Obligations of U.S. States and political subdivisions 585,469 - 585,469 - Corporate securities 5,699,005 - 5,488,819 210,186 Asset-backed securities 531,360 - 531,360 - Mortgage-backed securities Commercial 234,041 - 234,041 - Agency residential 2,210,902 - 2,210,902 - Non-agency residential 494 - 494 - Foreign government securities 1,314,027 - 1,314,027 - Foreign corporate securities 2,644,844 - 2,637,892 6,952 Total fixed maturities, market value 14,756,834 - 14,539,696 217,138 Equity securities, market value 129,530 113,506 16,024 - Equity securities, fair value 963,572 941,739 21,833 - Liabilities: Equity index put option contracts $ 12,477 $ - $ - $ 12,477 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value December 31, 2018 December 31, 2017 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 210,186 $ 6,952 $ 217,138 $ 65,197 $ 2,538 $ 67,735 Total gains or (losses) (realized/unrealized) Included in earnings (92 ) (660 ) (752 ) 1,655 356 2,011 Included in other comprehensive income (loss) 1,091 - 1,091 (992 ) 46 (946 ) Purchases, issuances and settlements 215,838 (298 ) 215,540 144,326 4,800 149,126 Transfers in and/or (out) of Level 3 1,192 1,750 2,942 - (788 ) (788 ) Ending balance $ 428,215 $ 7,744 $ 435,959 $ 210,186 $ 6,952 $ 217,138 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value December 31, 2018 December 31, 2017 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at fair value $ - $ - $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings (293 ) (293 ) - - Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements 2,630 2,630 - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 2,337 $ 2,337 $ - $ - The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts | Years Ended December 31, (Dollars in thousands) 2018 2017 Liabilities: Balance, beginning of period $ 12,477 $ 22,059 Total (gains) or losses (realized/unrealized) Included in earnings (520 ) (9,581 ) Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Balance, end of period $ 11,958 $ 12,477 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, 2018 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Credit facility fees incurred $ 420 $ 420 $ 793 |
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, 2018 At December 31, 2017 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 600,000 558,818 12/31/2019 600,000 538,214 12/31/2018 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 558,818 $ 800,000 $ 538,214 |
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, 2018 At December 31, 2017 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 3,482 2/28/2019 $ 250,000 $ 3,297 2/28/2018 3,672 11/24/2019 3,672 11/24/2018 72,443 12/31/2019 73,626 12/31/2018 296 8/15/2020 344 8/30/2019 177 12/16/2020 93,855 12/30/2021 125 12/20/2020 - 1,851 11/4/2022 - 407 11/13/2022 - 59,293 12/30/2022 - Total Citibank Bilateral Agreement $ 200,000 $ 141,746 $ 250,000 $ 174,794 |
Lloyds Bank plc Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At December 31, 2018 At December 31, 2017 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 30,000 £ 26,000 12/31/2022 £ 145,000 £ - - - - - Total Lloyd's Bank Credit Facility £ 30,000 £ 26,000 £ 145,000 £ - |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | December 31, 2018 December 31, 2017 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value Senior notes 06/05/2014 06/01/2044 400,000 $ 396,954 $ 396,968 $ 396,834 $ 420,340 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Interest expense incurred $ 19,472 $ 19,472 $ 19,472 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date December 31, 2018 December 31, 2017 Original Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Market Value Sheet Amount Market Value Long term subordinated notes 04/26/2007 $ 400,000 05/15/2037 05/01/2067 $ 236,659 $ 200,390 $ 236,561 $ 233,072 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Interest expense incurred $ 10,926 $ 11,498 $ 15,749 |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Years Ended December 31, Mt. Logan Re Segregated Accounts 2018 2017 2016 (Dollars in thousands) Ceded written premiums 242,755 228,514 197,537 Ceded earned premiums 247,334 226,505 191,568 Ceded losses and LAE 311,274 323,664 44,802 Assumed written premiums 10,582 11,984 14,563 Assumed earned premiums 10,582 11,984 14,563 Assumed losses and LAE - - - |
Operating Lease Agreements (Tab
Operating Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Operating Lease Agreements [Abstract] | |
Future Minimum Rental Commitments | (Dollars in thousands) 2019 $ 18,992 2020 18,365 2021 9,469 2022 9,180 2023 8,919 Thereafter 26,916 Net commitments $ 91,841 (Some amounts may not reconcile due to rounding.) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Components Of The Provision | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Current tax expense (benefit): U.S. $ (38,625 ) $ (117,173 ) $ 30,971 Non-U.S. 6,497 2,849 4,228 Total current tax expense (benefit) (32,128 ) (114,324 ) 35,199 Deferred tax expense (benefit): U.S. (297,798 ) 49,763 70,995 Non-U.S. (97 ) 777 (2,694 ) Total deferred tax expense (benefit) (297,895 ) 50,540 68,301 Total income tax expense (benefit) $ (330,023 ) $ (63,784 ) $ 103,500 (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) 2018 2017 2016 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ (1,407,020 ) $ 796,745 $ (516,167 ) $ 308,646 $ 208,821 $ 480,602 Net investment income 283,569 297,614 255,310 287,588 230,691 242,393 Net realized capital gains (losses) (90,033 ) (37,103 ) 148,099 5,095 (16,465 ) 9,249 Net derivative gain (loss) - 520 - 9,581 - 18,647 Corporate expenses (11,035 ) (19,637 ) (7,394 ) (18,529 ) (8,276 ) (18,955 ) Interest, fee and bond issue cost amortization expense (30,611 ) (420 ) (31,183 ) (420 ) (35,435 ) (793 ) Other income (expense) (177 ) (8,883 ) 30,325 (65,767 ) (5,536 ) (5,101 ) Pre-tax income (loss) $ (1,255,307 ) $ 1,028,836 $ (121,010 ) $ 526,194 $ 373,801 $ 726,043 Expected tax provision at the applicable statutory rate(s) (263,712 ) 9,647 (42,355 ) 6,843 130,830 2,387 Increase (decrease) in taxes resulting from: Tax exempt income (3,824 ) - (8,488 ) - (9,078 ) - Dividend received deduction (1,520 ) - (4,639 ) - (4,913 ) - Proration 1,150 - 1,760 - 1,931 - Affiliated preferred stock dividends 6,517 - 10,861 - 10,861 - Creditable foreign premium tax (13,475 ) - (7,515 ) - (6,134 ) - Tax audit settlement (2,094 ) - (11,516 ) - (18,644 ) - U.S. rate differential on carryback of net operation losses to PY (43,734 ) - - - - - U.S. rate differential on deferred tax 2017 return to provision (28,411 ) - - - - - Share based compensation tax benefits formerly in APIC (3,333 ) (120 ) (6,716 ) (235 ) - - Impact of U.S. tax reform - - 8,246 - - - Impact of prior year accounting adjustment - - (8,986 ) - - - Change in uncertain tax positions 8,434 - - - - - Other 7,579 (3,127 ) 1,938 (2,982 ) (2,887 ) (853 ) Total income tax provision $ (336,423 ) $ 6,400 $ (67,410 ) $ 3,626 $ 101,966 $ 1,534 (Some amounts may not reconcile due to rounding.) |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | (Dollars in thousands) 2018 2017 2016 Balance at January 1 $ - $ - $ - Additions based on tax positions related to the current year - - - Additions for tax positions of prior years 8,434 - - Reductions for tax positions of prior years - - - Settlements with taxing authorities - - - Lapses of applicable statutes of limitations - - - Balance at December 31 $ 8,434 $ - $ - |
Net Deferred Income Tax Assets | Years Ended December 31, (Dollars in thousands) 2018 2017 Deferred tax assets: Foreign Tax Credits $ 167,685 $ 15,914 Net operating loss carryforward 105,787 9,645 Loss reserves 64,135 52,649 Unearned premium reserves 63,309 55,034 Net unrealized losses on benefit plans 17,921 19,120 Unrealized foreign currency losses 12,596 1,550 Net unrealized investment losses 10,815 - Net fair value losses 7,196 - Uncollectible reinsurance reserves 3,142 3,320 Deferred expenses 1,992 1,759 Investment impairments 1,291 1,144 Benefit plan liability - 10,417 Alternative minimum tax credits - 363 Other assets 9,529 10,494 Total deferred tax assets 465,398 181,409 Deferred tax liabilities: Deferred acquisition costs 74,736 64,997 Partnership investments 14,936 2,149 Benefit plan asset 3,600 - Net fair value income - 58,983 Net unrealized investment gains - 11,576 Gain on tender of debt - 3,287 Other liabilities 3,868 2,174 Total deferred tax liabilities 97,140 143,165 Net deferred tax assets 368,258 38,244 Less: Valuation allowance (9,309 ) (9,560 ) Total net deferred tax assets $ 358,949 $ 28,684 (Some amounts may not reconcile due to rounding.) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Reinsurance [Abstract] | |
Premiums Written And Earned And Incurred Losses And LAE | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Written premiums: Direct $ 2,240,951 $ 2,083,555 $ 1,819,588 Assumed 6,234,203 5,090,367 4,214,286 Ceded (1,060,726 ) (929,261 ) (762,969 ) Net written premiums $ 7,414,428 $ 6,244,661 $ 5,270,905 Premiums earned: Direct $ 2,129,320 $ 1,825,705 $ 1,694,702 Assumed 5,807,332 4,945,522 4,361,944 Ceded (1,004,953 ) (833,387 ) (736,180 ) Net premiums earned $ 6,931,699 $ 5,937,840 $ 5,320,466 Incurred losses and LAE: Direct $ 1,372,589 $ 1,311,682 $ 1,496,455 Assumed 5,046,947 3,909,816 2,121,902 Ceded (768,133 ) (698,917 ) (478,728 ) Net incurred losses and LAE $ 5,651,403 $ 4,522,581 $ 3,139,629 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Years Ended December 31, 2018 2017 2016 (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 $ (275,511 ) $ 21,061 $ (254,450 ) $ (81,915 ) $ 21,597 $ (60,318 ) $ 65,645 $ (13,961 ) $ 51,684 URA(D) on securities - OTTI (1,071 ) (135 ) (1,206 ) (5,618 ) 1,588 (4,030 ) 7,734 (1,789 ) 5,945 Reclassification of net realized losses (gains) included in net income (loss) 28,014 (518 ) 27,496 (7,258 ) 308 (6,950 ) 23,232 (8,114 ) 15,118 Foreign currency translation adjustments (86,520 ) 9,704 (76,816 ) 142,054 (20,137 ) 121,917 (53,802 ) (1,539 ) (55,341 ) Benefit plan actuarial net gain (loss) (646 ) 136 (510 ) 1,300 (273 ) 1,027 (11,520 ) 4,032 (7,488 ) Reclassification of benefit plan liability amortization included in net income (loss) 6,356 (1,335 ) 5,021 8,426 (2,949 ) 5,477 7,805 (2,732 ) 5,073 Total other comprehensive income (loss) $ (329,378 ) $ 28,913 $ (300,465 ) $ 56,989 $ 134 $ 57,123 $ 39,094 $ (24,103 ) $ 14,991 |
Reclassification From Accumulated Other Comprehensive Income | Years Ended December 31, Affected line item within the statements of AOCI component 2018 2017 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 28,014 $ (7,258 ) Other net realized capital gains (losses) (518 ) 308 Income tax expense (benefit) $ 27,496 $ (6,950 ) Net income (loss) Benefit plan net gain (loss) $ 6,356 $ 8,426 Other underwriting expenses (1,335 ) (2,949 ) Income tax expense (benefit) $ 5,021 $ 5,477 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) 2018 2017 Beginning balance of URA (D) on securities $ 49,969 $ 115,558 Change to beginning balance due to adoption of ASU 2016-01 (1,201 ) - Current period change in URA (D) of investments - temporary (226,954 ) (67,268 ) Current period change in URA (D) of investments - non-credit OTTI (1,206 ) (4,030 ) Reclass due to early adoption of ASU 2018-02 - 5,709 Ending balance of URA (D) on securities (179,392 ) 49,969 Beginning balance of foreign currency translation adjustments (138,931 ) (266,818 ) Current period change in foreign currency translation adjustments (76,816 ) 121,917 Reclass due to early adoption of ASU 2018-02 - 5,970 Ending balance of foreign currency translation adjustments (215,747 ) (138,931 ) Beginning balance of benefit plan net gain (loss) (71,929 ) (65,504 ) Current period change in benefit plan net gain (loss) 4,511 6,504 Reclass due to early adoption of ASU 2018-02 - (12,929 ) Ending balance of benefit plan net gain (loss) (67,418 ) (71,929 ) Ending balance of accumulated other comprehensive income (loss) $ (462,557 ) $ (160,891 ) (Some amounts may not reconcile due to rounding.) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Contributions To Defined Benefit Pension Plans | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Company contributions $ 77,743 $ 10,534 $ 30,821 |
Summary Of Accumulated Benefit Obligation | At December 31, (Dollars in thousands) 2018 2017 Qualified Plan $ 237,855 $ 245,430 Non-qualified Plan 24,472 24,482 Total $ 262,327 $ 269,912 (Some amounts may not reconcile due to rounding.) |
Projected Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2018 2017 Qualified Plan Projected benefit obligation $ 275,772 $ 291,720 Fair value of plan assets 260,531 210,267 Non-qualified Plan Projected benefit obligation $ 24,472 $ 24,482 Fair value of plan assets - - |
Accumulated Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2018 2017 Qualified Plan Accumulated benefit obligation $ - $ 245,430 Fair value of plan assets - 210,267 Non-qualified Plan Accumulated benefit obligation $ 24,472 $ 24,482 Fair value of plan assets - - |
Incurred Expenses Related To Defined Contribution Plans For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Incurred expenses $ 9,301 $ 7,167 $ 6,058 |
Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Incurred expenses $ 2,057 $ 1,849 $ 1,560 |
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 $ 577 $ (436 ) b. Effect on accumulated post-retirement benefit obligation 5,987 (4,643 ) |
Post-Retirement Benefit Expenses | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Post-retirement benefit expenses $ 1,829 $ 2,814 $ 2,293 |
Defined Benefit Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Pension Expenses | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Pension expense $ 9,728 $ 16,299 $ 17,188 |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in thousands) 2018 2017 Change in projected benefit obligation: Benefit obligation at beginning of year $ 316,202 $ 281,853 Service cost 9,801 10,949 Interest cost 10,290 10,034 Actuarial (gain)/loss (29,966 ) 24,679 Curtailment - (6,209 ) Benefits paid (6,084 ) (5,104 ) Projected benefit obligation at end of year 300,244 316,202 Change in plan assets: Fair value of plan assets at beginning of year 210,267 171,506 Actual return on plan assets (21,395 ) 33,331 Actual contributions during the year 77,743 10,534 Administrative expenses paid - - Benefits paid (6,084 ) (5,104 ) Fair value of plan assets at end of year 260,531 210,267 Funded status at end of year $ (39,713 ) $ (105,935 ) (Some amounts may not reconcile due to rounding.) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2018 2017 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) (7,530 ) (3,871 ) Other liabilities (due beyond one year) (32,182 ) (102,065 ) Net amount recognized in the consolidated balance sheets $ (39,713 ) $ (105,935 ) (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) 2018 2017 Accumulated income (loss) $ (88,580 ) $ (86,788 ) Accumulated other comprehensive income (loss) $ (88,580 ) $ (86,788 ) (Some amounts may not reconcile due to rounding.) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2018 2017 Other comprehensive income (loss) at December 31, prior year $ (86,788 ) $ (96,965 ) Net gain (loss) arising during period (8,631 ) (4,398 ) Recognition of amortizations in net periodic benefit cost: Actuarial loss 6,839 8,366 Curtailment loss recognized - 6,209 Other comprehensive income (loss) at December 31, current year $ (88,580 ) $ (86,788 ) (Some amounts may not reconcile due to rounding.) |
Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Service cost $ 9,801 $ 10,949 $ 10,924 Interest cost 10,290 10,034 9,485 Expected return on assets (17,202 ) (13,050 ) (11,158 ) Amortization of actuarial loss from earlier periods 6,839 8,366 7,937 Net periodic benefit cost $ 9,728 $ 16,299 $ 17,188 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year 1,792 (10,177 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 11,520 $ 6,122 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2019 14,772 2020 13,087 2021 11,137 2022 12,104 2023 12,779 Next 5 years 79,289 |
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, 2018 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 2,872 $ 2,872 $ - $ - Mutual funds, fair value Fixed income (b) 82,633 82,633 - - Equities (c) 154,935 154,935 - - Total $ 240,440 $ 240,440 $ - $ - (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. Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2017 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 1,031 $ 1,031 $ - $ - Mutual funds, fair value Fixed income (b) 23,361 23,361 - - Equities (c) 159,578 159,578 - - Total $ 183,970 $ 183,970 $ - $ - (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. |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary Of Status Of Plan | At December 31, (Dollars in thousands) 2018 2017 Change in projected benefit obligation: Benefit obligation at beginning of year $ 34,717 $ 32,071 Service cost 1,312 1,570 Interest cost 999 1,184 Amendments - (3,526 ) Actuarial (gain)/loss (7,985 ) 4,038 Benefits paid (561 ) (619 ) Benefit obligation at end of year 28,483 34,717 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 561 619 Benefits paid (561 ) (619 ) Fair value of plan assets at end of year - - Funded status at end of year $ (28,483 ) $ (34,717 ) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2018 2017 Other liabilities (due within one year) $ (608 ) $ (655 ) Other liabilities (due beyond one year) (27,875 ) (34,062 ) Net amount recognized in the consolidated balance sheets $ (28,483 ) $ (34,717 ) (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) 2018 2017 Accumulated income (loss) $ (238 ) $ (8,317 ) Accumulated prior service credit (cost) 3,480 4,057 Accumulated other comprehensive income (loss) $ 3,242 $ (4,260 ) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2018 2017 Other comprehensive income (loss) at December 31, prior year $ (4,260 ) $ (3,809 ) Net gain (loss) arising during period 7,985 (4,038 ) Prior Service credit (cost) arising during period - 3,526 Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) 94 192 Prior service cost (577 ) (131 ) Other comprehensive income (loss) at December 31, current year $ 3,242 $ (4,260 ) |
Net Periodic Benefit Cost For U.S. Employees | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Service cost $ 1,312 $ 1,570 $ 1,418 Interest cost 999 1,184 1,007 Prior service credit recognition (577 ) (131 ) (132 ) Net gain recognition 94 192 - Net periodic cost $ 1,829 $ 2,814 $ 2,293 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year (7,502 ) 451 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (5,673 ) $ 3,265 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2019 $ 608 2020 663 2021 740 2022 852 2023 944 Next 5 years 6,469 |
Dividend Restrictions And Sta_2
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 (3) 2017 2018 2017 Regulatory targeted capital $ - $ 2,368,620 $ 2,172,958 $ 2,076,892 Actual capital $ 3,061,136 $ 3,085,882 $ 3,650,594 $ 3,391,852 (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 2018 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2018 actual capital will exceed the targeted capital level. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At December 31, (Dollars in thousands) 2018 2017 The Prudential Insurance Company of America $ 142,754 $ 144,618 Unaffiliated life insurance company 34,717 34,444 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 360,364 $ 84.10 Granted - - Exercised 81,200 84.99 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2018 279,164 83.84 1.9 $ 37,386 Exercisable at December 31, 2018 279,164 83.84 1.9 $ 37,386 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2017 454,994 $ 84.88 Granted - - Exercised 94,630 87.84 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2017 360,364 84.10 2.7 $ 49,428 Exercisable at December 31, 2017 360,364 84.10 2.7 $ 49,428 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 |
Share Options Outstanding And Exercisable | At December 31, 2018 Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Number Remaining Average Number Average Range of Outstanding Contractual Exercise Exercisable Exercise Exercise Prices at 12/31/18 Life Price at 12/31/18 Price $ 71.7150 57,770 0.1 $ 71.72 57,770 $ 71.72 $ 78.1800 51,300 1.1 84.63 51,300 84.63 $ 85.6400 73,140 2.2 86.62 73,140 86.62 $ 87.4800 89.4100 91,000 3.1 88.32 91,000 88.32 $ 89.4200 5,954 2.5 91.99 5,954 91.99 279,164 1.9 83.84 279,164 83.84 |
Summary Of Company's Non-Vested Shares And Changes | Years Ended December 31, 2018 2017 2016 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, 421,261 $ 194.01 435,338 $ 164.21 435,336 $ 143.02 Granted 173,065 240.59 160,185 234.01 173,546 186.37 Vested 141,982 178.31 152,397 151.80 145,834 130.54 Forfeited 37,937 212.48 21,865 187.82 27,710 147.32 Outstanding at December 31, 414,407 217.15 421,261 194.01 435,338 164.21 |
Company's Non-Vested Performance Share Unit Awards | Year Ended December 31, 2018 2017 2016 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Performance Share Unit Awards Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 33,454 $ - 21,223 $ - 10,705 $ - Granted 13,325 242.39 11,245 234.03 11,130 186.02 Increase/(Decrease) on vesting units due to performance (267 ) - 986 - 894 - Vested 12,435 242.39 - - - - Forfeited 1,695 - - - 1,506 - Outstanding at December 31, 32,382 - 33,454 - 21,223 - |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | U.S. Reinsurance Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Gross written premiums $ 3,014,338 $ 2,592,972 $ 2,125,792 Net written premiums 2,642,182 2,245,422 1,970,575 Premiums earned $ 2,528,991 $ 2,181,160 $ 2,072,155 Incurred losses and LAE 2,784,181 1,632,795 1,068,475 Commission and brokerage 568,374 462,487 465,953 Other underwriting expenses 60,266 55,881 54,107 Underwriting gain (loss) $ (883,830 ) $ 29,997 $ 483,620 International Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Gross written premiums $ 1,543,946 $ 1,316,701 $ 1,230,683 Net written premiums 1,458,745 1,229,597 1,082,712 Premiums earned $ 1,439,882 $ 1,202,043 $ 1,119,121 Incurred losses and LAE 992,704 1,059,640 486,550 Commission and brokerage 364,010 287,688 283,447 Other underwriting expenses 39,042 38,844 35,512 Underwriting gain (loss) $ 44,126 $ (184,129 ) $ 313,612 Bermuda Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Gross written premiums $ 1,666,317 $ 1,205,001 $ 890,375 Net written premiums 1,605,526 1,139,082 831,931 Premiums earned $ 1,324,198 $ 1,093,250 $ 837,964 Incurred losses and LAE 808,717 735,292 461,909 Commission and brokerage 319,197 303,707 233,989 Other underwriting expenses 43,566 38,011 36,331 Underwriting gain (loss) $ 152,718 $ 16,240 $ 105,735 Insurance Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Gross written premiums $ 2,250,552 $ 2,059,248 $ 1,787,024 Net written premiums 1,707,975 1,630,560 1,385,687 Premiums earned $ 1,638,628 $ 1,461,387 $ 1,291,226 Incurred losses and LAE 1,065,801 1,094,854 1,122,695 Commission and brokerage 267,449 250,081 205,303 Other underwriting expenses 228,667 186,081 176,772 Underwriting gain (loss) $ 76,711 $ (69,629 ) $ (213,544 ) |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Underwriting gain (loss) $ (610,275 ) $ (207,521 ) $ 689,423 Net investment income 581,183 542,898 473,085 Net realized capital gains (losses) (127,136 ) 153,194 (7,216 ) Net derivative gain (loss) 520 9,581 18,647 Corporate expenses (30,672 ) (25,923 ) (27,231 ) Interest, fee and bond issue cost amortization expense (31,031 ) (31,603 ) (36,228 ) Other income (expense) (9,060 ) (35,442 ) (10,636 ) Income (loss) before taxes $ (226,471 ) $ 405,184 $ 1,099,844 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Years Ended December 31, (Dollars in thousands) 2018 2017 2016 United Kingdom $ 914,612 $ 730,826 $ 688,598 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Unaudited Quarterly Financial Data [Abstract] | |
Summary Of Quarterly Financial Data | 2018 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,931,607 $ 2,066,521 $ 2,198,664 $ 2,278,361 Net written premiums 1,672,206 1,746,378 1,938,773 2,057,071 Premiums earned 1,619,427 1,729,818 1,731,479 1,850,975 Net investment income 138,294 141,322 161,363 140,204 Net realized capital gains (losses) (24,901 ) 15,776 54,804 (172,815 ) Total claims and underwriting expenses 1,511,100 1,817,815 1,731,201 2,481,858 Net income (loss) 210,318 69,895 205,613 (382,274 ) Earnings per common share attributable to Everest Re Group: Basic $ 5.14 $ 1.71 $ 5.04 $ (9.50 ) Diluted $ 5.11 $ 1.70 $ 5.02 $ (9.50 ) 2017 (Dollars in thousands, except per share amounts) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Operating data: Gross written premiums $ 1,600,944 $ 1,601,649 $ 2,044,902 $ 1,926,427 Net written premiums 1,413,814 1,339,133 1,798,089 1,693,625 Premiums earned 1,312,097 1,369,681 1,598,875 1,657,187 Net investment income 122,289 134,508 136,973 149,128 Net realized capital gains (losses) 52,728 25,268 41,535 33,663 Total claims and underwriting expenses 1,128,944 1,240,100 2,616,340 1,159,977 Net income (loss) 291,643 245,674 (639,374 ) 571,025 Earnings per common share attributable to Everest Re Group: Basic $ 7.12 $ 5.98 $ (15.73 ) $ 13.92 Diluted $ 7.07 $ 5.95 $ (15.73 ) $ 13.85 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2018USD ($)segmentitem | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)itemshares | Jan. 01, 2019USD ($) | |
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 | |||
Derivative liability | $ 11,958 | $ 12,477 | $ 11,958 | |
Anti-dilutive options | shares | 0 | |||
U.S. tax rate | 21.00% | 35.00% | ||
Reclass due to early adoption of Accounting Standards Update 2018-02 | $ 1,250 | |||
Expired Derivative [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of derivatives | item | 1 | 1 | ||
Derivative maturity date | Jun. 9, 2017 | |||
Derivative liability | $ 0 | $ 0 | ||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Options expiration date | Sep. 19, 2022 | |||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated lease liabilities | $ 75,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Reinsurance receivables and premium receivables | $ 25,611 | $ 23,473 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Deferred Acquisition Costs Amortized To Income) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Deferred acquisition costs | $ 1,519,030 | $ 1,303,963 | $ 1,188,692 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Net Income (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | ||||||||||||
Net income (loss) | $ (382,274) | $ 205,613 | $ 69,895 | $ 210,318 | $ 571,025 | $ (639,374) | $ 245,674 | $ 291,643 | $ 103,552 | $ 468,968 | $ 996,344 | |
Less: dividends declared-common shares and nonvested common shares | (216,221) | (207,242) | (195,384) | |||||||||
Undistributed earnings | $ (112,669) | $ 261,725 | $ 800,960 | |||||||||
Percentage allocated to common shareholders | 99.00% | 98.90% | 98.90% | |||||||||
Net income (loss) available to common stockholders, total | $ (111,490) | $ 258,952 | $ 792,415 | |||||||||
Add: dividends declared-common shareholders | 214,088 | 205,182 | 193,413 | |||||||||
Numerator for basic and diluted earnings per common share | $ 102,598 | $ 464,134 | $ 985,829 | |||||||||
Denominator for basic earnings per weighted-average common shares | 40,388 | 40,595 | 41,329 | |||||||||
Effect of dilutive securities: Options | 198 | 248 | 300 | |||||||||
Denominator for diluted earnings per adjusted weighted-average common shares | 40,586 | 40,843 | 41,628 | |||||||||
Basic | $ (9.50) | $ 5.04 | $ 1.71 | $ 5.14 | $ 13.92 | $ (15.73) | $ 5.98 | $ 7.12 | $ 2.54 | $ 11.43 | $ 23.85 | |
Diluted | $ (9.50) | $ 5.02 | $ 1.70 | $ 5.11 | $ 13.85 | $ (15.73) | $ 5.95 | $ 7.07 | $ 2.53 | $ 11.36 | $ 23.68 | |
Basic weighted-average common shares outstanding | 40,388 | 40,595 | 41,329 | |||||||||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 40,816 | 41,030 | 41,774 | |||||||||
Anti-dilutive options | 0 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Fair Value Of The Equity Index Put Options) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Option Indexed to Issuer's Equity [Line Items] | ||
Equity index put option liability | $ 11,958 | $ 12,477 |
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 | $ 11,958 | $ 12,477 |
Summary Of Significant Accoun_9
Summary Of Significant Accounting Policies (Change In Fair Value Of The Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Option Indexed to Issuer's Equity [Line Items] | |||
Net derivative gain (loss) | $ 520 | $ 9,581 | $ 18,647 |
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) | $ 520 | $ 9,581 | $ 18,647 |
Summary Of Significant Accou_10
Summary Of Significant Accounting Policies (Schedule of Effect of Newly Adopted Accounting Policies, Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Change in other assets and liabilities, net | $ (322,107) | $ (66,998) | $ (45,605) |
Net cash provided by (used in) operating activities | 610,069 | 1,162,693 | 1,383,600 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cost of shares withheld for taxes on settlements of share-based compensation awards | (16,912) | (12,906) | (10,595) |
Net cash provided by (used in) financing activities | $ (316,594) | $ (275,458) | (581,516) |
Accounting Standards Update 2016-02 [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Change in other assets and liabilities, net | (45,609) | ||
Net cash provided by (used in) operating activities | 1,383,600 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cost of shares withheld for taxes on settlements of share-based compensation awards | (10,595) | ||
Net cash provided by (used in) financing activities | (581,516) | ||
As Previously Reported [Member] | Accounting Standards Update 2016-02 [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Change in other assets and liabilities, net | (56,204) | ||
Net cash provided by (used in) operating activities | 1,373,005 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net cash provided by (used in) financing activities | (570,921) | ||
Effect Of Adoption Of New Accounting Policy [Member] | Accounting Standards Update 2016-02 [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Change in other assets and liabilities, net | 10,595 | ||
Net cash provided by (used in) operating activities | 10,595 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cost of shares withheld for taxes on settlements of share-based compensation awards | (10,595) | ||
Net cash provided by (used in) financing activities | $ (10,595) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 9,814,849 | $ 8,233,115 | |
Gross unrealized losses on investments in unrealized loss position | 367,898 | 182,553 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 120,838 | 72,416 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 247,060 | $ 110,137 | |
Additional contractual commitments | 648,423 | ||
Reclassification of other invested assets to fixed maturity securities | $ 143,656 | ||
Reclassification of other invested assets to short-term investments | $ 243,864 | ||
Securities with a carrying value | $ 1,471,451 | ||
Sales Revenue, Net [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 5.70% | 8.90% | |
Minimum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Limited partnership financial reporting lag time, months | 1 month | ||
Maximum [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Limited partnership financial reporting lag time, months | 3 months | ||
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate market value of investments in unrealized loss position | $ 9,814,849 | $ 8,119,609 | |
Gross unrealized losses on investments in unrealized loss position | 367,898 | 179,181 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 120,838 | 72,416 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 247,060 | 106,765 | |
Market value of investments | 15,225,263 | 14,756,834 | |
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 | 74,729 | 68,107 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 230,560 | 103,739 | |
Sub-prime and Alt-A Loans [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross unrealized depreciation | $ 0 | ||
Private Placement Liquidity Sweep [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Market value of investments | $ 263,292 |
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, 2018 | Dec. 31, 2017 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 15,406,572 | $ 14,689,598 | |
Unrealized Appreciation | 186,589 | 246,417 | |
Unrealized Depreciation | (367,898) | (179,181) | |
Market Value | 15,225,263 | 14,756,834 | |
OTTI in AOCI | [1] | 2,545 | 3,616 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,629,454 | 1,540,952 | |
Unrealized Appreciation | 16,781 | 9,816 | |
Unrealized Depreciation | (15,101) | (14,076) | |
Market Value | 2,631,134 | 1,536,692 | |
Obligations Of U.S. States And Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 490,018 | 563,790 | |
Unrealized Appreciation | 12,915 | 22,123 | |
Unrealized Depreciation | (2,839) | (444) | |
Market Value | 500,094 | 585,469 | |
OTTI in AOCI | [1] | 439 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 5,538,582 | 5,658,456 | |
Unrealized Appreciation | 48,465 | 81,724 | |
Unrealized Depreciation | (141,515) | (41,175) | |
Market Value | 5,445,532 | 5,699,005 | |
OTTI in AOCI | [1] | 1,688 | 2,488 |
Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 545,427 | 532,473 | |
Unrealized Appreciation | 162 | 869 | |
Unrealized Depreciation | (5,492) | (1,982) | |
Market Value | 540,097 | 531,360 | |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 329,883 | 235,794 | |
Unrealized Appreciation | 2,167 | 616 | |
Unrealized Depreciation | (5,340) | (2,369) | |
Market Value | 326,710 | 234,041 | |
Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,832,760 | 2,236,361 | |
Unrealized Appreciation | 7,325 | 10,379 | |
Unrealized Depreciation | (43,821) | (35,838) | |
Market Value | 1,796,264 | 2,210,902 | |
Non-Agency Residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 10,198 | 497 | |
Unrealized Appreciation | 37 | 41 | |
Unrealized Depreciation | (26) | (44) | |
Market Value | 10,209 | 494 | |
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,335,328 | 1,305,070 | |
Unrealized Appreciation | 34,743 | 43,804 | |
Unrealized Depreciation | (55,906) | (34,847) | |
Market Value | 1,314,165 | 1,314,027 | |
OTTI in AOCI | [1] | 98 | 178 |
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,694,922 | 2,616,205 | |
Unrealized Appreciation | 63,994 | 77,045 | |
Unrealized Depreciation | (97,858) | (48,406) | |
Market Value | 2,661,058 | 2,644,844 | |
OTTI in AOCI | [1] | $ 320 | 950 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 130,287 | ||
Unrealized Appreciation | 2,615 | ||
Unrealized Depreciation | (3,372) | ||
Market Value | $ 129,530 | ||
[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, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 15,406,572 | $ 14,689,598 |
Fixed maturity securities - available for sale, Market Value | 15,225,263 | 14,756,834 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Due in one year or less, Amortized Cost | 1,328,571 | 1,041,885 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 8,114,247 | 7,545,731 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 2,455,911 | 2,214,473 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 789,575 | 882,384 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 1,330,534 | 1,050,094 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 8,016,490 | 7,554,248 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 2,413,846 | 2,231,456 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 791,113 | 944,239 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 545,427 | 532,473 |
Fixed maturity securities - available for sale, Market Value | 540,097 | 531,360 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 329,883 | 235,794 |
Fixed maturity securities - available for sale, Market Value | 326,710 | 234,041 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 1,832,760 | 2,236,361 |
Fixed maturity securities - available for sale, Market Value | 1,796,264 | 2,210,902 |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 10,198 | 497 |
Fixed maturity securities - available for sale, Market Value | $ 10,209 | $ 494 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Deferred tax benefit (expense) | $ 297,895 | $ (50,540) | $ (68,301) |
Total URA(D) on securities arising during the period | (228,160) | (71,298) | $ 72,747 |
Amortized Cost [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | (248,568) | (94,791) | |
Deferred tax benefit (expense) | 20,543 | 21,905 | |
Deferred tax benefit (expense), other-than-temporary impairment | (135) | 1,588 | |
Total URA(D) on securities arising during the period | (228,160) | (71,298) | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | (247,497) | (101,940) | |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (1,071) | (5,618) | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | 9,730 | ||
Other Invested Assets [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ 3,037 |
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, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | $ 4,265,915 | $ 4,894,476 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (120,838) | (72,416) |
Fixed maturity securities, Greater than 12 months, Market Value | 5,548,934 | 3,338,639 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (247,060) | (110,137) |
Fixed maturity securities, Total, Market Value | 9,814,849 | 8,233,115 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (367,898) | (182,553) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 4,265,915 | 4,894,476 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (120,838) | (72,416) |
Fixed maturity securities, Greater than 12 months, Market Value | 5,548,934 | 3,225,133 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (247,060) | (106,765) |
Fixed maturity securities, Total, Market Value | 9,814,849 | 8,119,609 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (367,898) | (179,181) |
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 | 76,226 | 1,077,051 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (158) | (8,380) |
Fixed maturity securities, Greater than 12 months, Market Value | 777,409 | 224,189 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (14,943) | (5,696) |
Fixed maturity securities, Total, Market Value | 853,635 | 1,301,240 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (15,101) | (14,076) |
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 | 71,559 | 4,400 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (1,444) | (27) |
Fixed maturity securities, Greater than 12 months, Market Value | 38,105 | 37,886 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,395) | (417) |
Fixed maturity securities, Total, Market Value | 109,664 | 42,286 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (2,839) | (444) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 2,513,463 | 1,779,292 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (69,619) | (24,942) |
Fixed maturity securities, Greater than 12 months, Market Value | 1,683,729 | 700,098 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (71,896) | (16,233) |
Fixed maturity securities, Total, Market Value | 4,197,192 | 2,479,390 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (141,515) | (41,175) |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 230,285 | 301,316 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (2,746) | (1,467) |
Fixed maturity securities, Greater than 12 months, Market Value | 245,300 | 72,780 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,746) | (515) |
Fixed maturity securities, Total, Market Value | 475,585 | 374,096 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,492) | (1,982) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 71,167 | 101,821 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (1,128) | (572) |
Fixed maturity securities, Greater than 12 months, Market Value | 154,201 | 64,272 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (4,212) | (1,797) |
Fixed maturity securities, Total, Market Value | 225,368 | 166,093 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,340) | (2,369) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 156,930 | 610,941 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (975) | (4,836) |
Fixed maturity securities, Greater than 12 months, Market Value | 1,373,629 | 1,343,547 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (42,846) | (31,002) |
Fixed maturity securities, Total, Market Value | 1,530,559 | 1,954,488 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (43,821) | (35,838) |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 10,174 | |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (26) | |
Fixed maturity securities, Greater than 12 months, Market Value | 69 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (44) | |
Fixed maturity securities, Total, Market Value | 10,174 | 69 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (26) | (44) |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 196,303 | 327,790 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (9,719) | (12,811) |
Fixed maturity securities, Greater than 12 months, Market Value | 494,156 | 331,432 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (46,187) | (22,036) |
Fixed maturity securities, Total, Market Value | 690,459 | 659,222 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (55,906) | (34,847) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Less than 12 months, Market Value | 939,808 | 691,865 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (35,023) | (19,381) |
Fixed maturity securities, Greater than 12 months, Market Value | 782,405 | 450,860 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (62,835) | (29,025) |
Fixed maturity securities, Total, Market Value | 1,722,213 | 1,142,725 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (97,858) | (48,406) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Greater than 12 months, Market Value | 113,506 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (3,372) | |
Fixed maturity securities, Total, Market Value | 113,506 | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (3,372) |
Investments (Summary Of Aggre_2
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, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 4,265,915 | $ 4,894,476 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (120,838) | (72,416) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 5,548,934 | 3,338,639 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (247,060) | (110,137) |
Fixed maturity securities, Total, Market Value | 9,814,849 | 8,233,115 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (367,898) | (182,553) |
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 | 4,265,915 | 4,894,476 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (120,838) | (72,416) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 5,548,934 | 3,225,133 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (247,060) | (106,765) |
Fixed maturity securities, Total, Market Value | 9,814,849 | 8,119,609 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (367,898) | (179,181) |
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 | 454,239 | 247,927 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (2,558) | (962) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 427,513 | 206,113 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (20,675) | (7,643) |
Fixed maturity securities, Total, Market Value | 881,752 | 454,040 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (23,233) | (8,605) |
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 | 2,014,704 | 2,930,977 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (45,148) | (42,480) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,764,981 | 1,200,414 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (129,940) | (52,143) |
Fixed maturity securities, Total, Market Value | 4,779,685 | 4,131,391 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (175,088) | (94,623) |
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 | 1,082,568 | 612,702 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (51,300) | (20,154) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 492,216 | 292,245 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (34,210) | (12,680) |
Fixed maturity securities, Total, Market Value | 1,574,784 | 904,947 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (85,510) | (32,834) |
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 | 245,848 | 88,792 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (16,957) | (1,945) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 91,094 | 45,693 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (12,431) | (941) |
Fixed maturity securities, Total, Market Value | 336,942 | 134,485 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (29,388) | (2,886) |
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 | 230,285 | 301,316 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (2,746) | (1,467) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 245,300 | 72,780 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,746) | (515) |
Fixed maturity securities, Total, Market Value | 475,585 | 374,096 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,492) | (1,982) |
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 | 238,271 | 712,762 |
Fixed maturity securities, Duration of Unrealized loss, less than 12 months, Gross Unrealized Depreciation | (2,129) | (5,408) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,527,830 | 1,407,888 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (47,058) | (32,843) |
Fixed maturity securities, Total, Market Value | 1,766,101 | 2,120,650 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (49,187) | $ (38,251) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 615,802 | $ 559,773 | $ 494,312 |
Funds held interest income (expense) | 6,300 | 11,874 | 7,853 |
Future policy benefit reserve income (expense) | (1,419) | (1,282) | (1,633) |
Gross investment income | 620,683 | 570,365 | 500,532 |
Investment expenses | (39,500) | (27,467) | (27,447) |
Net investment income | 581,183 | 542,898 | 473,085 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 465,793 | 427,379 | 410,337 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 25,327 | 34,523 | 40,707 |
Short-Term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 14,395 | 4,177 | 1,769 |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 93,327 | 83,569 | 38,647 |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 16,960 | $ 10,125 | $ 2,852 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | $ (8,110) | $ (7,093) | $ (31,595) | ||||||||
Total net realized capital gains (losses) | $ (172,815) | $ 54,804 | $ 15,776 | $ (24,901) | $ 33,663 | $ 41,535 | $ 25,268 | $ 52,728 | (127,136) | 153,194 | (7,216) |
Fixed Maturity Securities [Member] | Market Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Other-than-temporary impairments | (8,110) | (7,093) | (31,595) | ||||||||
Gains (losses) from sales | (21,719) | 17,714 | 6,918 | ||||||||
Fixed Maturity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | (1,799) | (1,586) | |||||||||
Gains (losses) from fair value adjustments | 1,506 | 1,381 | |||||||||
Equity Securities [Member] | Market Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | (3,424) | 1,426 | |||||||||
Equity Securities [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | (29,941) | 6,969 | (13,442) | ||||||||
Gains (losses) from fair value adjustments | (68,832) | 138,973 | 57,686 | ||||||||
Sale of Subsidiary | (28,032) | ||||||||||
Other Invested Assets [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | 1,815 | 61 | 18 | ||||||||
Short-Term Investments [Member] | Fair Value [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Gains (losses) from sales | $ (56) | $ (6) | $ 10 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 3,150,179 | $ 2,401,844 | $ 1,264,271 |
Gross gains from sales | 33,996 | 58,589 | 53,093 |
Gross losses from sales | (57,514) | (40,875) | (47,761) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 1,199,409 | 651,433 | 729,782 |
Gross gains from sales | 31,718 | 24,809 | 18,462 |
Gross losses from sales | $ (61,659) | $ (21,264) | $ (30,478) |
Reserve For Losses, LAE And F_3
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Current year losses | $ 5,264,327 | $ 4,815,967 | $ 3,434,964 | |
Increase in premiums earned | 16.70% | |||
Increase (decrease) in insurance business | $ 387,076 | (293,386) | (295,335) | |
Reinsurance recoverable for paid and unpaid losses | $ 1,787,648 | 1,348,226 | ||
Partially offset, related to development on A&E reserves | 173,414 | |||
Contracts of insurance and reinsurance received claims during the past three years, in years | 20 years | |||
Business acquisition, cost of acquired entity and operations, cash paid | $ 140,279 | |||
Liabilites retroceded, percentage | 100.00% | |||
Maximum liability retroceded | $ 440,279 | |||
Total amount of liabilities retroceded | 300,000 | |||
Number of exposure groupings | item | 200 | |||
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Concentration risk, percentage | 5.00% | |||
Property and Short-Tail Business [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Increase (decrease) in reinsurance business | 238,378 | |||
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 | |||
Catastrophe Losses [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Increase (decrease) in insurance business | $ 561,197 | |||
Workers Compensation [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Increase (decrease) in insurance business | 55,007 | |||
Mt. Logan Re [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Increase (decrease) in reinsurance business | 406,992 | |||
Reinsurance recoverable for paid and unpaid losses | $ 683,775 | |||
Mt. Logan Re [Member] | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Concentration risk, percentage | 38.30% | |||
Resolution Group Reinsurance (Barbados) Limited [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Reinsurance recoverable for paid and unpaid losses | $ 103,052 | |||
Resolution Group Reinsurance (Barbados) Limited [Member] | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Concentration risk, percentage | 5.80% | |||
Zurich Vericherungs Gesellschaft [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Reinsurance recoverable for paid and unpaid losses | $ 122,050 | |||
Zurich Vericherungs Gesellschaft [Member] | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Concentration risk, percentage | 6.80% | |||
Munich Reinsurance Company [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Reinsurance recoverable for paid and unpaid losses | $ 125,519 | |||
Munich Reinsurance Company [Member] | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Concentration risk, percentage | 7.00% | |||
A&E [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Increase (decrease) in reinsurance business | $ (468,749) | |||
Partially offset, related to development on A&E reserves | $ 174,121 | $ 37,137 |
Reserve For Losses, LAE And F_4
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | ||||
Gross reserves at beginning of period | $ 11,884,321 | $ 10,312,313 | $ 9,951,798 | |
Less reinsurance recoverable | (1,619,641) | (1,212,649) | (990,862) | $ (881,503) |
Net reserves at beginning of period | 10,671,672 | 9,321,451 | 9,070,295 | |
Incurred related to: Current year | 5,264,327 | 4,815,967 | 3,434,964 | |
Incurred related to: Prior years | 387,076 | (293,386) | (295,335) | |
Total incurred losses and LAE | 5,651,403 | 4,522,581 | 3,139,629 | |
Paid related to: Current year | 1,700,765 | 1,280,605 | 745,642 | |
Paid related to: Prior years | 3,011,175 | 2,062,634 | 2,042,972 | |
Total paid losses and LAE | 4,711,940 | 3,343,239 | 2,788,614 | |
Foreign exchange/translation adjustment | (111,686) | 170,879 | (99,859) | |
Net reserves at end of period | 11,499,449 | 10,671,672 | 9,321,451 | |
Plus reinsurance recoverable | 1,619,641 | 1,212,649 | 990,862 | |
Gross reserves at end of period | $ 13,119,090 | $ 11,884,321 | $ 10,312,313 |
Reserve For Losses, LAE And F_5
Reserve For Losses, LAE And Future Policy Benefit Reserve (Ultimate Loss and ALAE And Paid Loss And ALAE, Net Of Reinsurance) (Details) $ in Thousands | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Claims Development [Line Items] | |||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 11,315,210 | ||||||
U.S. Reinsurance [Member] | Casualty [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,560,722 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,291,974 | $ 2,012 | $ 2,012 | ||||
All outstanding liabilities prior to 2012, net of reinsurance | 766,701 | ||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 2,035,448 | ||||||
U.S. Reinsurance [Member] | Casualty [Member] | 2012 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 326,806 | $ 321,479 | $ 321,461 | $ 325,429 | $ 329,314 | 395,957 | 401,071 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 10,999 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 273,144 | 218,966 | 187,522 | 143,722 | 83,172 | 38,586 | 10,024 |
U.S. Reinsurance [Member] | Casualty [Member] | 2013 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 365,605 | 372,805 | 388,568 | 385,863 | 388,483 | 311,025 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 19,447 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 286,865 | 211,503 | 171,047 | 108,956 | 49,047 | 14,885 | |
U.S. Reinsurance [Member] | Casualty [Member] | 2014 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 365,466 | 375,608 | 392,514 | 383,763 | 367,551 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 39,295 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 256,790 | 164,664 | 110,327 | 54,321 | 18,841 | ||
U.S. Reinsurance [Member] | Casualty [Member] | 2015 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 347,972 | 346,420 | 354,296 | 326,374 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 64,286 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 206,455 | 107,033 | 53,639 | 19,920 | |||
U.S. Reinsurance [Member] | Casualty [Member] | 2016 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 347,112 | 345,836 | 330,366 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 126,677 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 136,547 | 58,309 | 18,929 | ||||
U.S. Reinsurance [Member] | Casualty [Member] | 2017 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 383,183 | 337,211 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 205,494 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 87,654 | 25,802 | |||||
U.S. Reinsurance [Member] | Casualty [Member] | 2018 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 424,578 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 306,262 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 44,519 | ||||||
U.S. Reinsurance [Member] | Property Business [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 6,575,427 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 4,328,051 | ||||||
All outstanding liabilities prior to 2012, net of reinsurance | 44,374 | 2,012 | 2,012 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 2,291,749 | ||||||
U.S. Reinsurance [Member] | Property Business [Member] | 2012 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 588,422 | 605,617 | 609,221 | 609,592 | 622,599 | 724,114 | 937,847 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 447 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 566,019 | 564,014 | 547,202 | 529,745 | 493,375 | 402,441 | 242,393 |
U.S. Reinsurance [Member] | Property Business [Member] | 2013 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 445,910 | 449,359 | 456,379 | 495,300 | 548,468 | 622,319 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 388 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 426,444 | 420,329 | 405,980 | 381,893 | 323,178 | 234,591 | |
U.S. Reinsurance [Member] | Property Business [Member] | 2014 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 432,638 | 438,584 | 474,136 | 550,695 | 641,682 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 563 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 406,522 | 396,142 | 370,142 | 321,677 | 218,743 | ||
U.S. Reinsurance [Member] | Property Business [Member] | 2015 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 463,808 | 488,878 | 544,371 | 679,227 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 9,543 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 417,755 | 389,474 | 327,633 | 226,256 | |||
U.S. Reinsurance [Member] | Property Business [Member] | 2016 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 763,544 | 791,526 | 966,373 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 26,165 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 641,815 | 552,068 | 286,110 | ||||
U.S. Reinsurance [Member] | Property Business [Member] | 2017 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,370,879 | 1,583,224 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 80,155 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 946,466 | 570,824 | |||||
U.S. Reinsurance [Member] | Property Business [Member] | 2018 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,510,226 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,018,868 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 923,030 | ||||||
International [Member] | Casualty [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,224,708 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 524,806 | ||||||
All outstanding liabilities prior to 2012, net of reinsurance | 134,507 | 2,012 | 2,012 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 834,410 | ||||||
International [Member] | Casualty [Member] | 2012 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 118,521 | 119,753 | 117,757 | 134,537 | 134,301 | 144,930 | 222,133 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 12,511 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 84,250 | 77,658 | 66,611 | 56,773 | 46,283 | 30,257 | 18,951 |
International [Member] | Casualty [Member] | 2013 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 140,933 | 142,454 | 145,345 | 164,076 | 166,761 | 182,248 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 22,458 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 87,864 | 76,594 | 68,095 | 54,912 | 41,532 | 17,931 | |
International [Member] | Casualty [Member] | 2014 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 167,300 | 167,361 | 169,129 | 186,565 | 193,655 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 38,937 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 87,331 | 74,571 | 62,968 | 45,022 | 25,920 | ||
International [Member] | Casualty [Member] | 2015 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 176,819 | 173,427 | 178,898 | 192,112 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 50,962 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 83,888 | 70,370 | 49,039 | 24,324 | |||
International [Member] | Casualty [Member] | 2016 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 194,754 | 180,313 | 182,864 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 82,359 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 73,376 | 51,325 | 26,556 | ||||
International [Member] | Casualty [Member] | 2017 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 212,683 | 190,450 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 112,439 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 65,352 | 26,751 | |||||
International [Member] | Casualty [Member] | 2018 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 213,696 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 139,575 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 42,745 | ||||||
International [Member] | Property Business [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 3,803,153 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,758,317 | ||||||
All outstanding liabilities prior to 2012, net of reinsurance | 71,452 | 2,012 | 2,012 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,116,288 | ||||||
International [Member] | Property Business [Member] | 2012 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 464,331 | 465,344 | 464,468 | 464,190 | 460,161 | 513,661 | 560,846 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,684 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 445,139 | 441,346 | 430,438 | 417,136 | 393,284 | 325,557 | 199,774 |
International [Member] | Property Business [Member] | 2013 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 394,293 | 394,770 | 394,940 | 403,169 | 439,340 | 488,693 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 2,327 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 371,349 | 365,252 | 351,447 | 321,289 | 268,313 | 133,577 | |
International [Member] | Property Business [Member] | 2014 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 419,651 | 427,469 | 482,816 | 528,957 | 585,885 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 4,077 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 388,877 | 376,890 | 345,699 | 279,587 | 160,761 | ||
International [Member] | Property Business [Member] | 2015 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 415,349 | 426,695 | 427,930 | 560,099 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,363 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 364,391 | 328,818 | 259,981 | 143,474 | |||
International [Member] | Property Business [Member] | 2016 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 473,262 | 495,804 | 525,694 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 6,494 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 375,090 | 284,995 | 154,471 | ||||
International [Member] | Property Business [Member] | 2017 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 735,824 | 898,568 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 63,579 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 481,665 | 275,487 | |||||
International [Member] | Property Business [Member] | 2018 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 900,443 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 283,147 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 331,806 | ||||||
Bermuda [Member] | Casualty [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,254,597 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 715,862 | ||||||
All outstanding liabilities prior to 2012, net of reinsurance | 396,191 | 2,012 | 2,012 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,934,926 | ||||||
Bermuda [Member] | Casualty [Member] | 2012 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 239,750 | 234,752 | 234,498 | 227,918 | 238,059 | 259,000 | 281,244 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 41,516 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 148,732 | 129,265 | 101,357 | 75,262 | 50,981 | 24,498 | 12,858 |
Bermuda [Member] | Casualty [Member] | 2013 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 236,753 | 247,754 | 258,408 | 249,831 | 255,280 | 225,224 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 59,324 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 124,532 | 102,137 | 76,711 | 51,906 | 33,681 | 16,852 | |
Bermuda [Member] | Casualty [Member] | 2014 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 243,331 | 254,844 | 258,275 | 241,109 | 208,813 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 89,698 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 93,245 | 67,476 | 42,751 | 24,904 | 13,555 | ||
Bermuda [Member] | Casualty [Member] | 2015 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 309,221 | 305,728 | 299,304 | 272,058 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 116,863 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 128,983 | 93,949 | 59,746 | 13,827 | |||
Bermuda [Member] | Casualty [Member] | 2016 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 358,604 | 348,318 | 290,327 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 165,626 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 123,837 | 84,942 | 46,440 | ||||
Bermuda [Member] | Casualty [Member] | 2017 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 401,587 | 349,666 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 273,964 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 70,228 | 30,073 | |||||
Bermuda [Member] | Casualty [Member] | 2018 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 465,351 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 407,072 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 26,304 | ||||||
Bermuda [Member] | Property Business [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,485,698 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 861,694 | ||||||
All outstanding liabilities prior to 2012, net of reinsurance | 35,767 | 2,012 | 2,012 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 659,771 | ||||||
Bermuda [Member] | Property Business [Member] | 2012 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 158,772 | 159,810 | 159,011 | 158,650 | 163,046 | 178,542 | 235,647 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 44 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 152,352 | 150,694 | 147,802 | 141,232 | 115,420 | 84,263 | 45,230 |
Bermuda [Member] | Property Business [Member] | 2013 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 120,638 | 121,024 | 121,612 | 130,693 | 148,275 | 205,875 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 93 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 117,649 | 116,653 | 114,644 | 107,590 | 68,081 | 31,476 | |
Bermuda [Member] | Property Business [Member] | 2014 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 129,403 | 129,395 | 132,743 | 158,678 | 180,617 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,345 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 123,600 | 121,289 | 101,831 | 82,208 | 28,654 | ||
Bermuda [Member] | Property Business [Member] | 2015 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 149,560 | 143,576 | 156,407 | 190,578 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,773 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 132,327 | 109,036 | 72,123 | 32,878 | |||
Bermuda [Member] | Property Business [Member] | 2016 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 183,022 | 173,515 | 204,475 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 14,247 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 128,948 | 76,426 | 26,771 | ||||
Bermuda [Member] | Property Business [Member] | 2017 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 326,371 | 397,639 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 68,179 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 130,013 | 39,296 | |||||
Bermuda [Member] | Property Business [Member] | 2018 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 417,933 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 211,999 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 76,805 | ||||||
Insurance [Member] | Casualty [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 3,509,905 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,672,535 | ||||||
All outstanding liabilities prior to 2012, net of reinsurance | 354,740 | 2,012 | 2,012 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 2,192,111 | ||||||
Insurance [Member] | Casualty [Member] | 2012 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 346,604 | 343,717 | 353,113 | 347,954 | 346,636 | 351,052 | 349,247 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 26,417 | ||||||
Cumulative Number of Reported Claims | item | 15,746 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 294,202 | 271,891 | 246,274 | 213,349 | 157,822 | 101,253 | 33,158 |
Insurance [Member] | Casualty [Member] | 2013 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 344,070 | 351,105 | 392,818 | 392,513 | 393,076 | 393,165 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 24,697 | ||||||
Cumulative Number of Reported Claims | item | 21,314 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 285,680 | 260,075 | 224,548 | 176,273 | 117,013 | 33,301 | |
Insurance [Member] | Casualty [Member] | 2014 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 396,313 | 460,074 | 453,994 | 456,454 | 430,475 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 48,264 | ||||||
Cumulative Number of Reported Claims | item | 25,112 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 297,317 | 256,586 | 201,527 | 124,856 | 41,181 | ||
Insurance [Member] | Casualty [Member] | 2015 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 540,769 | 534,548 | 526,974 | 518,596 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 160,787 | ||||||
Cumulative Number of Reported Claims | item | 26,729 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 291,468 | 218,475 | 134,644 | 44,296 | |||
Insurance [Member] | Casualty [Member] | 2016 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 578,911 | 554,468 | 552,091 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 211,614 | ||||||
Cumulative Number of Reported Claims | item | 31,120 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 268,510 | 164,012 | 54,707 | ||||
Insurance [Member] | Casualty [Member] | 2017 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 601,464 | 615,187 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 309,285 | ||||||
Cumulative Number of Reported Claims | item | 33,822 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 171,978 | 53,869 | |||||
Insurance [Member] | Casualty [Member] | 2018 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 701,774 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 526,090 | ||||||
Cumulative Number of Reported Claims | item | 27,224 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 63,379 | ||||||
Insurance [Member] | Property Business [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,619,872 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,369,694 | ||||||
All outstanding liabilities prior to 2012, net of reinsurance | 330 | 2,012 | 2,012 | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 250,508 | ||||||
Insurance [Member] | Property Business [Member] | 2012 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 81,906 | 81,729 | 81,945 | 82,369 | 81,671 | 88,892 | 106,216 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 103 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 81,747 | 81,609 | 81,818 | 81,674 | 80,394 | 81,700 | $ 56,497 |
Insurance [Member] | Property Business [Member] | 2013 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 92,171 | 92,011 | 91,921 | 91,017 | 97,831 | 111,910 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 499 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 91,537 | 91,498 | 91,888 | 91,618 | 92,914 | $ 68,649 | |
Insurance [Member] | Property Business [Member] | 2014 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 119,105 | 119,296 | 119,753 | 123,455 | 131,473 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 464 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 118,375 | 118,043 | 118,060 | 115,890 | $ 81,755 | ||
Insurance [Member] | Property Business [Member] | 2015 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 146,356 | 143,558 | 152,521 | 172,467 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 695 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 144,823 | 142,089 | 140,960 | $ 101,975 | |||
Insurance [Member] | Property Business [Member] | 2016 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 278,813 | 273,901 | 300,481 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,185 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 270,765 | 248,555 | $ 161,993 | ||||
Insurance [Member] | Property Business [Member] | 2017 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 485,125 | 523,669 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 27,538 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 408,176 | $ 206,334 | |||||
Insurance [Member] | Property Business [Member] | 2018 [Member] | |||||||
Claims Development [Line Items] | |||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 416,396 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 86,295 | ||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 254,270 |
Reserve For Losses, LAE And F_6
Reserve For Losses, LAE And Future Policy Benefit Reserve (Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance) (Details) | Dec. 31, 2018 |
U.S. Reinsurance [Member] | Casualty [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 6.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 10.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 16.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 19.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 16.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 15.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 16.60% |
U.S. Reinsurance [Member] | Property Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 41.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 26.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 13.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 5.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 2.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 2.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 0.30% |
International [Member] | Casualty [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 15.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 14.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 11.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 8.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 7.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 8.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 5.60% |
International [Member] | Property Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 36.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 28.70% |
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 | 7.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 3.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 2.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 0.80% |
Bermuda [Member] | Casualty [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 7.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 9.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 9.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 10.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 10.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 10.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 8.10% |
Bermuda [Member] | Property Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 18.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 28.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 24.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 13.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 2.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 1.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 1.00% |
Insurance [Member] | Casualty [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 9.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 19.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 17.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 14.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 10.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 7.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 6.40% |
Insurance [Member] | Property Business [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 63.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 30.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 3.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 1.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 0.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 0.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 0.20% |
Reserve For Losses, LAE And F_7
Reserve For Losses, LAE And Future Policy Benefit Reserve (Reconciliation of the Net Incurred and Paid Claims Development) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 1,619,641 | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 11,315,210 | |||
Total reinsurance recoverable on unpaid claims | 1,619,641 | |||
Insurance lines other than short-duration | ||||
Unallocated claims adjustment expenses | 144,554 | |||
Other | 39,685 | |||
Total expenses | 184,239 | |||
Total gross liability for unpaid claims and claim adjustment expense | 13,119,090 | $ 11,884,321 | $ 10,312,313 | $ 9,951,798 |
U.S. Reinsurance [Member] | Casualty [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 395,446 | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 2,035,448 | |||
Total reinsurance recoverable on unpaid claims | 395,446 | |||
U.S. Reinsurance [Member] | Property Business [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 232,957 | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 2,291,749 | |||
Total reinsurance recoverable on unpaid claims | 232,957 | |||
International [Member] | Casualty [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 100,335 | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 834,410 | |||
Total reinsurance recoverable on unpaid claims | 100,335 | |||
International [Member] | Property Business [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 99,430 | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 1,116,288 | |||
Total reinsurance recoverable on unpaid claims | 99,430 | |||
Bermuda [Member] | Casualty [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | (25) | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 1,934,926 | |||
Total reinsurance recoverable on unpaid claims | (25) | |||
Bermuda [Member] | Property Business [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 143,752 | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 659,771 | |||
Total reinsurance recoverable on unpaid claims | 143,752 | |||
Insurance [Member] | Casualty [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 520,754 | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 2,192,111 | |||
Total reinsurance recoverable on unpaid claims | 520,754 | |||
Insurance [Member] | Property Business [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 126,992 | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 250,508 | |||
Total reinsurance recoverable on unpaid claims | $ 126,992 |
Reserve For Losses, LAE And F_8
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |||
Gross basis: Beginning of period reserves | $ 448,994 | $ 441,111 | $ 433,117 |
Gross basis: Incurred losses | (2,473) | 90,009 | 73,336 |
Gross basis: Paid losses | (99,026) | (82,126) | (65,342) |
Gross basis: End of period reserves | 347,495 | 448,994 | 441,111 |
Net basis: Beginning of period reserves | 318,081 | 319,072 | 319,620 |
Net basis: Incurred losses | 37,137 | 53,909 | |
Net basis: Paid losses | (56,624) | (38,128) | (54,457) |
Net basis: End of period reserves | $ 261,456 | $ 318,081 | $ 319,072 |
Reserve For Losses, LAE And F_9
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |||
Balance at beginning of year | $ 51,014 | $ 55,074 | $ 58,910 |
Liabilities assumed | 110 | 115 | 175 |
Adjustments to reserves | 806 | (437) | 303 |
Benefits paid in the current year | (5,151) | (3,738) | (4,315) |
Balance at end of year | $ 46,778 | $ 51,014 | $ 55,074 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2018GBP (£)security | Dec. 31, 2018USD ($)security | Dec. 31, 2005security | Dec. 31, 2001security | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value of public equity portfolio | $ 386,241,000 | $ 124,228,000 | ||||
Number of equity index put option contracts | security | 7 | 7 | ||||
Derivatives, Number Of Indices | item | 2 | |||||
Equity index put option liability | 12,477,000 | 11,958,000 | ||||
Other invested assets | 382,283,000 | 358,042,000 | ||||
Transfers between level 1 and 2 | 0 | |||||
Transfers from level 3 | $ 2,942,000 | (788,000) | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Equity index put option liability | 12,477,000 | $ 11,958,000 | ||||
Unavailability Of Prices [Member] | Private Placement [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale Securities | 165,173,000 | |||||
Standard & Poor's 500 Index [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Number of equity index put option contracts | security | 5 | 5 | ||||
Theoretical maximum payout occurs based on index value | $ 0 | |||||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 2.00% | |||||
Discount factor | 3.00% | |||||
Present value of theoretical maximum payouts | 412,550,000 | |||||
Settlement amount if contracts had expired | 0 | |||||
Equity Index | $ 2,506.85 | |||||
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 | |||||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 24.00% | |||||
Discount factor | 3.00% | |||||
Present value of theoretical maximum payouts | 40,058,000 | |||||
Settlement amount if contracts had expired | 0 | |||||
Equity Index | £ | £ 6,728.13 | |||||
Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair Value of equity put options | 12,477,000 | 11,958,000 | ||||
Transfers from level 3 | ||||||
Fair Value [Member] | Amortized Cost [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Other invested assets | 79,505,000 | 117,662,000 | ||||
Par Value [Member] | Private Placement [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale Securities | $ 51,965,000 | |||||
Fixed Maturities [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale Securities | 435,959,000 | |||||
Fixed Maturities [Member] | Investment Manager's Valuation Committee Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale Securities | 354,143,000 | |||||
Fixed Maturities [Member] | Non-Binding Broker Quote [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale Securities | 1,153,000 | |||||
Fixed Maturities [Member] | Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale Securities | 2,337,000 | |||||
Fixed Maturities [Member] | Fair Value [Member] | Investment Manager's Valuation Committee Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale Securities | 2,337,000 | |||||
Fixed Maturities [Member] | Par Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Available-for-sale Securities | $ 80,663,000 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 15,225,263 | $ 14,756,834 |
Fixed maturities, fair value | 2,337 | |
Equity securities, market value | 129,530 | |
Equity securities, fair value | 716,639 | 963,572 |
Equity index put option contracts | 11,958 | 12,477 |
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 | 113,506 | |
Equity securities, fair value | 674,433 | 941,739 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 14,789,304 | 14,539,696 |
Equity securities, market value | 16,024 | |
Equity securities, fair value | 42,206 | 21,833 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 435,959 | 217,138 |
Fixed maturities, fair value | 2,337 | |
Equity index put option contracts | 11,958 | 12,477 |
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 | 2,631,134 | 1,536,692 |
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 | 2,631,134 | 1,536,692 |
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 500,094 | 585,469 |
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 | 500,094 | 585,469 |
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 5,445,532 | 5,699,005 |
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 5,017,317 | 5,488,819 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 428,215 | 210,186 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 540,097 | 531,360 |
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 | 540,097 | 531,360 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 326,710 | 234,041 |
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 | 326,710 | 234,041 |
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,796,264 | 2,210,902 |
Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,796,264 | 2,210,902 |
Non-Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 10,209 | 494 |
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 | 10,209 | 494 |
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,314,165 | 1,314,027 |
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 | 1,314,165 | 1,314,027 |
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,661,058 | 2,644,844 |
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 | 2,653,314 | 2,637,892 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 7,744 | $ 6,952 |
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, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers in and/or (out) of Level 3 | $ 2,942 | $ (788) |
Market Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 217,138 | 67,735 |
Total gains or (losses) (realized/unrealized) Included in earnings | (752) | 2,011 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 1,091 | (946) |
Purchases, issuances and settlements | 215,540 | 149,126 |
Transfers in and/or (out) of Level 3 | 2,942 | (788) |
Ending balance | 435,959 | 217,138 |
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 | ||
Market Value [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 210,186 | 65,197 |
Total gains or (losses) (realized/unrealized) Included in earnings | (92) | 1,655 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 1,091 | (992) |
Purchases, issuances and settlements | 215,838 | 144,326 |
Transfers in and/or (out) of Level 3 | 1,192 | |
Ending balance | 428,215 | 210,186 |
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 | ||
Market Value [Member] | Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 6,952 | 2,538 |
Total gains or (losses) (realized/unrealized) Included in earnings | (660) | 356 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 46 | |
Purchases, issuances and settlements | (298) | 4,800 |
Transfers in and/or (out) of Level 3 | 1,750 | (788) |
Ending balance | 7,744 | 6,952 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||
Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | ||
Total gains or (losses) (realized/unrealized) Included in earnings | (293) | |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | 2,630 | |
Transfers in and/or (out) of Level 3 | ||
Ending balance | 2,337 | |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||
Fair Value [Member] | Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | ||
Total gains or (losses) (realized/unrealized) Included in earnings | (293) | |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | 2,630 | |
Transfers in and/or (out) of Level 3 | ||
Ending balance | 2,337 | |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date |
Fair Value (Fair Value Measur_2
Fair Value (Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value [Abstract] | ||
Balance, beginning of period | $ 12,477 | $ 22,059 |
Total (gains) or losses (realized/unrealized) Included in earnings | (520) | (9,581) |
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 | 11,958 | 12,477 |
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 | May 26, 2016USD ($) | Jun. 22, 2012USD ($) | Dec. 31, 2018GBP (£)item | Dec. 31, 2018USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2017USD ($) | Nov. 09, 2016GBP (£) |
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, number of facilities | item | 2 | ||||||
Line of credit facility, commitment | £ 30,000 | $ 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 | 4 years | |||||
Line of credit facility, commitment | $ 800,000 | $ 800,000 | $ 800,000 | $ 800,000 | |||
Number of tranches | item | 2 | ||||||
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 | 5,994,924 | ||||||
Wells Fargo Bank Group Credit Facility [Member] | Interest Rate Base Rate Option 1 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
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] | |||||||
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] | |||||||
Description of variable rate basis | 0.5</font>% per annum" id="sjs-D23">Federal Funds Rate plus <font class="_mt">0.5</font>% per annum | ||||||
Wells Fargo Bank Group Credit Facility [Member] | Interest Rate Base Rate Option 1(c) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Description of variable rate basis | 1.0</font>% per annum" id="sjs-D26">one month LIBOR Rate plus <font class="_mt">1.0</font>% per annum | ||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, commitment | 200,000 | 200,000 | |||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | 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 Tranche One [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 Tranche Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, commitment | 600,000 | ||||||
Citibank Holdings Credit Facility [Member] | Interest Rate Base Rate Option 1(a) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum term allowed to execute issued letters of credit | 15 months | ||||||
Citibank Bilateral Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, commitment | $ 200,000 | $ 250,000 | |||||
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] | |||||||
Description of variable rate basis | 15</font> months or less)" id="sjs-D48">% per annum of the principal amount of issued standard letters of credit (expiry of <font class="_mt">15</font> 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] | |||||||
Description of variable rate basis | 60</font> months)." id="sjs-D52">% per annum of the principal amount of issued extended tenor letters of credit (expiry maximum of up to <font class="_mt">60</font> months). | ||||||
Percentage of interest on the principal amount of issued extended tenor letters of credit | 0.45% | ||||||
Maximum term allowed to execute issued letters of credit | 60 months | ||||||
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 | $ 5,985,672 | ||||||
Lloyds Bank plc Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, term of credit facility | 4 years | ||||||
Line of credit facility, commitment | £ | £ 30,000 | £ 145,000 | £ 30,000 | ||||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Credit Facilities [Abstract] | |||
Credit facility fees incurred | $ 420 | $ 420 | $ 793 |
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, 2018GBP (£) | Dec. 31, 2017GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 09, 2016GBP (£) | May 26, 2016USD ($) | Jun. 22, 2012USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Commitment | £ 30,000 | $ 1,000,000 | |||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000 | $ 200,000 | |||||
Wells Fargo Bank Group Credit Facility Tranche Two Issuance One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 600,000 | 600,000 | |||||
In Use | 558,818 | 538,214 | |||||
Date of Expiry | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 600,000 | ||||||
Wells Fargo Bank Group Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 800,000 | 800,000 | $ 800,000 | $ 800,000 | |||
In Use | 558,818 | 538,214 | |||||
Citibank Bilateral Letter Of Credit Agreement One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000 | 250,000 | |||||
In Use | 3,482 | 3,297 | |||||
Date of Expiry | Feb. 28, 2019 | Feb. 28, 2018 | |||||
Citibank Bilateral Letter Of Credit Agreement Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 3,672 | 3,672 | |||||
Date of Expiry | Nov. 24, 2019 | Nov. 24, 2018 | |||||
Citibank Bilateral Letter Of Credit Agreement Three [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 72,443 | 73,626 | |||||
Date of Expiry | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Citibank Bilateral Letter Of Credit Agreement Four [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 296 | 344 | |||||
Date of Expiry | Aug. 15, 2020 | Aug. 30, 2019 | |||||
Citibank Bilateral Letter Of Credit Agreement Five [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 177 | 93,855 | |||||
Date of Expiry | Dec. 16, 2020 | Dec. 30, 2021 | |||||
Citibank Bilateral Letter Of Credit Agreement Six [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 125 | ||||||
Date of Expiry | Dec. 20, 2020 | ||||||
Citibank Bilateral Letter Of Credit Agreement Seven [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 1,851 | ||||||
Date of Expiry | Nov. 4, 2022 | ||||||
Citibank Bilateral Letter Of Credit Agreement Eight [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 407 | ||||||
Date of Expiry | Nov. 13, 2022 | ||||||
Citibank Bilateral Letter Of Credit Agreement Nine [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 59,293 | ||||||
Date of Expiry | Dec. 30, 2022 | ||||||
Citibank Bilateral Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000 | 250,000 | |||||
In Use | $ 141,746 | $ 174,794 | |||||
Lloyds Bank PLC [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | £ | £ 30,000 | £ 145,000 | |||||
In Use | £ | £ 26,000 | ||||||
Date of Expiry | Dec. 31, 2022 | ||||||
Lloyds Bank plc Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | £ | £ 30,000 | £ 145,000 | £ 30,000 | ||||
In Use | £ | £ 26,000 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - 4.868% Senior notes due 6/1/2044 [Member] | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Date issued | Jun. 5, 2014 |
Debt instrument face amount | $ 400,000,000 |
Debt instrument, term | 30 years |
Debt instrument, stated interest rate | 4.868% |
Debt instrument, maturity date | Jun. 1, 2044 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 396,954,000 | $ 396,834,000 |
4.868% Senior notes due 6/1/2044 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Date issued | Jun. 5, 2014 | |
Date due | Jun. 1, 2044 | |
Principal Amounts | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 396,954,000 | 396,834,000 |
Market Value | $ 396,968,000 | $ 420,340,000 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Senior Notes [Abstract] | |||
Interest expense incurred | $ 19,472 | $ 19,472 | $ 19,472 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | Mar. 19, 2009 | Dec. 31, 2018 | Feb. 14, 2019 |
6.6 % Long Term Subordinated Notes [Member] | Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, stated interest rate | 6.60% | ||
Debt instrument, maturity date | May 1, 2067 | ||
Interest payment commencement date | Nov. 15, 2007 | ||
Basis spread on variable rate | 2.385% | ||
Percentage of principal amount required for redemption | 100.00% | ||
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | ||
Redemption date | May 1, 2047 | ||
Outstanding debt reduction | $ 161,441 | ||
6.6 % Long Term Subordinated Notes [Member] | Senior Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest payment date | May 3, 2007 | ||
6.6 % Long Term Subordinated Notes [Member] | Senior Notes [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest payment date | May 14, 2017 | ||
5.4% Senior notes due 10/15/2014 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, stated interest rate | 5.40% | ||
Debt instrument, 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% | ||
Debt instrument, maturity date | Jun. 1, 2044 | ||
Subsequent Event [Member] | 6.6 % Long Term Subordinated Notes [Member] | Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Reset quarterly interest rate | 5.00% |
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, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 236,659,000 | $ 236,561,000 |
Senior Notes [Member] | 4.868% Senior notes due 6/1/2044 [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Jun. 5, 2014 | |
Principal Amounts | $ 400,000,000 | |
Maturity Date | Jun. 1, 2044 | |
Market Value | $ 396,968,000 | 420,340,000 |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Principal Amounts | $ 400,000,000 | |
Maturity Date | May 1, 2067 | |
Consolidated balance sheet amount | $ 236,659,000 | 236,561,000 |
Market Value | $ 200,390,000 | $ 233,072,000 |
Scheduled [Member] | Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 |
Long Term Subordinated Notes _2
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Long Term Subordinated Notes [Abstract] | |||
Interest expense incurred | $ 10,926 | $ 11,498 | $ 15,749 |
Collateralized Reinsurance An_3
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Apr. 30, 2018USD ($)item | Apr. 01, 2018USD ($) | Apr. 13, 2017USD ($)item | Dec. 01, 2015USD ($) | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Effects of Reinsurance [Line Items] | |||||||||
Amount on deposit in trust accounts | $ 772,497 | ||||||||
Percentage of voting common shares owned by Group | 100.00% | ||||||||
Assumed net risk exposures | $ 1,156,853 | $ 837,202 | |||||||
Preferred shares | |||||||||
Reinsurance coverage amount | 1,060,726 | 929,261 | $ 762,969 | ||||||
Redeemable Preferred Stock [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Assumed net risk exposures | $ 45,625 | $ 50,373 | |||||||
Kilimanjaro Re Limited [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Number of collateralized reinsurance agreements | item | 6 | 2 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Number of collateralized reinsurance agreements | item | 4 | ||||||||
Reinsurance coverage amount | $ 500,000 | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 Through 3 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Number of collateralized reinsurance agreements | item | 3 | ||||||||
Reinsurance contract term | 4 years | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 And 2 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Number of collateralized reinsurance agreements | item | 2 | ||||||||
Reinsurance contract term | 4 years | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 And 4 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Number of collateralized reinsurance agreements | item | 2 | ||||||||
Reinsurance contract term | 5 years | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 Through 6 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Number of collateralized reinsurance agreements | item | 3 | ||||||||
Reinsurance contract term | 5 years | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 1 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Reinsurance coverage amount | $ 62,500 | $ 225,000 | $ 300,000 | $ 250,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 2 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Reinsurance coverage amount | 200,000 | 400,000 | 325,000 | 200,000 | |||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 3 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Reinsurance coverage amount | 62,500 | 325,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Reinsurance coverage amount | 200,000 | 50,000 | |||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 5 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Reinsurance coverage amount | 75,000 | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 6 [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Reinsurance coverage amount | 175,000 | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2014-1 Notes [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Catastrophe reinsurance bonds funded amount | $ 450,000 | ||||||||
Catastrophe Reinsurance Bonds Redeemed Amount | 450,000 | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2014-2 Notes [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Catastrophe reinsurance bonds funded amount | $ 500,000 | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2015-1 Notes [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Catastrophe reinsurance bonds funded amount | $ 625,000 | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2017-1 Notes [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Catastrophe reinsurance bonds funded amount | 950,000 | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2017-2 Notes [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Catastrophe reinsurance bonds funded amount | $ 300,000 | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2018-1 Notes [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Catastrophe reinsurance bonds funded amount | 262,500 | ||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2018-2 Notes [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Catastrophe reinsurance bonds funded amount | $ 262,500 | ||||||||
Mt. Logan Re [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Retrocede amount | $ 269,198 | ||||||||
Cash transferred | 252,000 | ||||||||
Liability retroceded | $ 319,000 | ||||||||
Reinsurance agreements expriation date | Apr. 1, 2018 | ||||||||
Mt. Logan Re [Member] | Minimum [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Accident year | 2,002 | ||||||||
Mt. Logan Re [Member] | Maximum [Member] | |||||||||
Effects of Reinsurance [Line Items] | |||||||||
Accident year | 2,015 |
Collateralized Reinsurance An_4
Collateralized Reinsurance And Trust Agreements (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | $ 1,060,726 | $ 929,261 | $ 762,969 |
Assumed written premiums | 6,234,203 | 5,090,367 | 4,214,286 |
Mt. Logan Re Segregated Accounts [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 242,755 | 228,514 | 197,537 |
Ceded earned premiums | 247,334 | 226,505 | 191,568 |
Ceded losses and LAE | 311,274 | 323,664 | 44,802 |
Assumed written premiums | 10,582 | 11,984 | 14,563 |
Assumed earned premiums | 10,582 | 11,984 | 14,563 |
Assumed losses and LAE |
Operating Lease Agreements (Nar
Operating Lease Agreements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Rental expense | $ 22,883 | $ 19,490 | $ 17,663 |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease expiration year | 2,019 | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease expiration year | 2,032 |
Operating Lease Agreements (Fut
Operating Lease Agreements (Future Minimum Rental Commitments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Lease Agreements [Abstract] | |
2,019 | $ 18,992 |
2,020 | 18,365 |
2,021 | 9,469 |
2,022 | 9,180 |
2,023 | 8,919 |
Thereafter | 26,916 |
Net commitments | $ 91,841 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
U.S. tax rate | 21.00% | 35.00% | |
Accrual withholding taxes percent | 5.00% | ||
Accrual Withholding Taxes | $ 0 | ||
Unrecognized tax benefits that would impact the effective tax rate | 8,434 | ||
Accrued interest and penalties | $ 0 | ||
Possible change in balance, period | 12 months | ||
Deferred Tax Assets, Valuation Allowance | $ 9,309 | $ 9,560 | |
Foreign tax credits | 167,685 | 15,914 | |
US NOL carryforward | 96,564 | ||
Alternative minimum tax credits | 0 | 363 | |
Expense (benefit) from TCJA | 28,411 | ||
Tax Year 2014 [Member] | |||
Income Tax Contingency [Line Items] | |||
Net refund | 35,087 | ||
Interest on net refund | 1,539 | ||
Tax Year 2015 [Member] | |||
Income Tax Contingency [Line Items] | |||
Net refund | 44,611 | ||
Interest on net refund | 668 | ||
Tax Year 2016 [Member] | |||
Income Tax Contingency [Line Items] | |||
Net refund | 48,268 | ||
Interest on net refund | 267 | ||
ASU 2016-02 [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax benefits related to restricted stock vestings and stock options exercises | 3,453 | 6,951 | |
Tax benefits related to payment of dividends on restricted stock | 403 | 626 | $ 597 |
Internal Revenue Service (IRS) [Member] | Tax Years 2009 through 2013 [Member] | |||
Income Tax Contingency [Line Items] | |||
Net refund | 43,682 | ||
Interest on net refund | 1,252 | ||
Tax Cut and Jobs Act [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax expense | $ 8,246 | ||
Accrual Withholding Taxes | $ 8,246 |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
U.S. | $ (38,625) | $ (117,173) | $ 30,971 |
Non-U.S. | 6,497 | 2,849 | 4,228 |
Total current tax expense (benefit) | (32,128) | (114,324) | 35,199 |
U.S. | (297,798) | 49,763 | 70,995 |
Non-U.S. | (97) | 777 | (2,694) |
Total deferred tax expense (benefit) | (297,895) | 50,540 | 68,301 |
Total income tax expense (benefit) | $ (330,023) | $ (63,784) | $ 103,500 |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||||||||||
Net investment income | $ 140,204 | $ 161,363 | $ 141,322 | $ 138,294 | $ 149,128 | $ 136,973 | $ 134,508 | $ 122,289 | $ 581,183 | $ 542,898 | $ 473,085 |
Net realized capital gains (losses) | $ (172,815) | $ 54,804 | $ 15,776 | $ (24,901) | $ 33,663 | $ 41,535 | $ 25,268 | $ 52,728 | (127,136) | 153,194 | (7,216) |
Net derivative gain (loss) | 520 | 9,581 | 18,647 | ||||||||
Corporate expenses | (30,672) | (25,923) | (27,231) | ||||||||
Interest, fee and bond issue cost amortization expense | (31,031) | (31,603) | (36,228) | ||||||||
Other income (expense) | (9,060) | (35,442) | (10,636) | ||||||||
INCOME (LOSS) BEFORE TAXES | (226,471) | 405,184 | 1,099,844 | ||||||||
Total income tax expense (benefit) | (330,023) | (63,784) | 103,500 | ||||||||
Domestic [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Underwriting gain (loss) | (1,407,020) | (516,167) | 208,821 | ||||||||
Net investment income | 283,569 | 255,310 | 230,691 | ||||||||
Net realized capital gains (losses) | (90,033) | 148,099 | (16,465) | ||||||||
Corporate expenses | (11,035) | (7,394) | (8,276) | ||||||||
Interest, fee and bond issue cost amortization expense | (30,611) | (31,183) | (35,435) | ||||||||
Other income (expense) | (177) | 30,325 | (5,536) | ||||||||
INCOME (LOSS) BEFORE TAXES | (1,255,307) | (121,010) | 373,801 | ||||||||
Expected tax provision at the applicable statutory rate(s) | (263,712) | (42,355) | 130,830 | ||||||||
Increase (decrease) in tax resulting from: Tax exempt income | (3,824) | (8,488) | (9,078) | ||||||||
Increase (decrease) in tax resulting from: Dividend received deduction | (1,520) | (4,639) | (4,913) | ||||||||
Increase (decrease) in tax resulting from: Proration | 1,150 | 1,760 | 1,931 | ||||||||
Increase (decrease) in tax resulting from: Affiliated preferred stock dividends | 6,517 | 10,861 | 10,861 | ||||||||
Increase (decrease) in tax resulting from: Creditable foreign premium tax | (13,475) | (7,515) | (6,134) | ||||||||
Increase (decrease) in tax resulting from: Tax audit settlement | (2,094) | (11,516) | (18,644) | ||||||||
Increase (decrease) in tax resulting from: U.S. rate differential on carryback of net operation losses to PY | (43,734) | ||||||||||
Increase (decrease) in tax resulting from: U.S. rate differential on deferred tax 2017 return to provision | (28,411) | ||||||||||
Increase (decrease) in tax resulting from: Share based compensation tax benefits formerly in APIC | (3,333) | (6,716) | |||||||||
Increase (decrease) in tax resulting from: Impact of U.S. tax reform | 8,246 | ||||||||||
Increase (decrease) in tax resulting from: Impact of prior year accounting adjustment | (8,986) | ||||||||||
Increase (decrease) in tax resulting from: Change in uncertain tax positions | 8,434 | ||||||||||
Increase (decrease) in taxes resulting from: Other | 7,579 | 1,938 | (2,887) | ||||||||
Total income tax expense (benefit) | (336,423) | (67,410) | 101,966 | ||||||||
Non-U.S. [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Underwriting gain (loss) | 796,745 | 308,646 | 480,602 | ||||||||
Net investment income | 297,614 | 287,588 | 242,393 | ||||||||
Net realized capital gains (losses) | (37,103) | 5,095 | 9,249 | ||||||||
Net derivative gain (loss) | 520 | 9,581 | 18,647 | ||||||||
Corporate expenses | (19,637) | (18,529) | (18,955) | ||||||||
Interest, fee and bond issue cost amortization expense | (420) | (420) | (793) | ||||||||
Other income (expense) | (8,883) | (65,767) | (5,101) | ||||||||
INCOME (LOSS) BEFORE TAXES | 1,028,836 | 526,194 | 726,043 | ||||||||
Expected tax provision at the applicable statutory rate(s) | 9,647 | 6,843 | 2,387 | ||||||||
Increase (decrease) in tax resulting from: Share based compensation tax benefits formerly in APIC | (120) | (235) | |||||||||
Increase (decrease) in taxes resulting from: Other | (3,127) | (2,982) | (853) | ||||||||
Total income tax expense (benefit) | $ 6,400 | $ 3,626 | $ 1,534 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Balance at January 1 | |||
Additions based on tax positions related to the current year | |||
Additions for tax positions of prior years | 8,434 | ||
Reductions for tax positions of prior years | |||
Settlements with taxing authorities | |||
Lapses of applicable statutes of limitations | |||
Balance at December 31 | $ 8,434 |
Income Taxes (Net Deferred Inco
Income Taxes (Net Deferred Income Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Abstract] | ||
Foreign tax credits | $ 167,685 | $ 15,914 |
Net operating loss carryforward | 105,787 | 9,645 |
Loss reserve | 64,135 | 52,649 |
Unearned premium reserve | 63,309 | 55,034 |
Net unrealized losses on benefit plans | 17,921 | 19,120 |
Unrealized foreign currency losses | 12,596 | 1,550 |
Net unrealized investment losses | 10,815 | |
Net fair value losses | 7,196 | |
Uncollectible reinsurance reserve | 3,142 | 3,320 |
Deferred expenses | 1,992 | 1,759 |
Investment impairments | 1,291 | 1,144 |
Benefit plan liability | 10,417 | |
Alternative minimum tax credits | 0 | 363 |
Other assets | 9,529 | 10,494 |
Total deferred tax assets | 465,398 | 181,409 |
Deferred acquisition costs | 74,736 | 64,997 |
Partnership investments | 14,936 | 2,149 |
Benefit plan asset | 3,600 | |
Net fair value income | 58,983 | |
Net unrealized investment gains | 11,576 | |
Gain on tender of debt | 3,287 | |
Other liabilities | 3,868 | 2,174 |
Total deferred tax liabilities | 97,140 | 143,165 |
Net deferred tax assets | 368,258 | 38,244 |
Less: Valuation allowance | (9,309) | (9,560) |
Total net deferred tax assets | $ 358,949 | $ 28,684 |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reinsurance [Abstract] | |||||||||||
Written premiums: Direct | $ 2,240,951 | $ 2,083,555 | $ 1,819,588 | ||||||||
Written premiums: Assumed | 6,234,203 | 5,090,367 | 4,214,286 | ||||||||
Written premiums: Ceded | (1,060,726) | (929,261) | (762,969) | ||||||||
Net written premiums | $ 2,057,071 | $ 1,938,773 | $ 1,746,378 | $ 1,672,206 | $ 1,693,625 | $ 1,798,089 | $ 1,339,133 | $ 1,413,814 | 7,414,428 | 6,244,661 | 5,270,905 |
Premiums earned: Direct | 2,129,320 | 1,825,705 | 1,694,702 | ||||||||
Premiums earned: Assumed | 5,807,332 | 4,945,522 | 4,361,944 | ||||||||
Premium earned: Ceded | (1,004,953) | (833,387) | (736,180) | ||||||||
Net premiums earned | $ 1,850,975 | $ 1,731,479 | $ 1,729,818 | $ 1,619,427 | $ 1,657,187 | $ 1,598,875 | $ 1,369,681 | $ 1,312,097 | 6,931,699 | 5,937,840 | 5,320,466 |
Incurred losses and LAE: Direct | 1,372,589 | 1,311,682 | 1,496,455 | ||||||||
Incurred losses and LAE: Assumed | 5,046,947 | 3,909,816 | 2,121,902 | ||||||||
Incurred losses and LAE: Ceded | (768,133) | (698,917) | (478,728) | ||||||||
Net incurred losses and LAE | $ 5,651,403 | $ 4,522,581 | $ 3,139,629 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification, Tax Effect | $ 134 | ||
Total, Before Tax | $ (329,378) | 56,989 | $ 39,094 |
Total, Tax Effect | 28,913 | (24,103) | |
Total, Net of Tax | (300,465) | 57,123 | 14,991 |
URA(D) On Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (275,511) | (81,915) | 65,645 |
Tax Effect | 21,061 | 21,597 | (13,961) |
Net of Tax | (254,450) | (60,318) | 51,684 |
Reclassification, Before Tax | 28,014 | (7,258) | 23,232 |
Reclassification, Tax Effect | (518) | 308 | (8,114) |
Reclassification, Net of Tax | 27,496 | (6,950) | 15,118 |
Total, Net of Tax | (1,206) | (4,030) | |
URA(D) On Securities OTTI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (1,071) | (5,618) | 7,734 |
Tax Effect | (135) | 1,588 | (1,789) |
Net of Tax | (1,206) | (4,030) | 5,945 |
Total, Net of Tax | (226,954) | (67,268) | |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (86,520) | 142,054 | (53,802) |
Tax Effect | 9,704 | (20,137) | (1,539) |
Net of Tax | (76,816) | 121,917 | (55,341) |
Total, Net of Tax | (76,816) | 121,917 | |
Benefit Plan Net Actuarial Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (646) | 1,300 | (11,520) |
Tax Effect | 136 | (273) | 4,032 |
Net of Tax | (510) | 1,027 | (7,488) |
Reclassification, Before Tax | 6,356 | 8,426 | 7,805 |
Reclassification, Tax Effect | (1,335) | (2,949) | (2,732) |
Reclassification, Net of Tax | 5,021 | 5,477 | $ 5,073 |
Total, Net of Tax | $ 4,511 | $ 6,504 |
Comprehensive Income (Loss) (Re
Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax expense (benefit) | $ (330,023) | $ (63,784) | $ 103,500 | ||||||||
NET INCOME (LOSS) | $ (382,274) | $ 205,613 | $ 69,895 | $ 210,318 | $ 571,025 | $ (639,374) | $ 245,674 | $ 291,643 | 103,552 | 468,968 | $ 996,344 |
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) | 28,014 | (7,258) | |||||||||
Income tax expense (benefit) | (518) | 308 | |||||||||
NET INCOME (LOSS) | 27,496 | (6,950) | |||||||||
Benefit Plan Net Actuarial Gain (Loss) [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other underwriting expenses | 6,356 | 8,426 | |||||||||
Income tax expense (benefit) | (1,335) | (2,949) | |||||||||
NET INCOME (LOSS) | $ 5,021 | $ 5,477 |
Comprehensive Income (Loss) (_2
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | $ 8,369,232 | $ 8,075,396 | |
Current period change | (300,465) | 57,123 | $ 14,991 |
Balance, end of period | 7,903,804 | 8,369,232 | 8,075,396 |
URA(D) On Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | 49,969 | 115,558 | |
Current period change | (1,206) | (4,030) | |
Balance, end of period | (179,392) | 49,969 | 115,558 |
URA(D) On Securities OTTI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Current period change | (226,954) | (67,268) | |
Cumulative change due to ASU 2016-01 | (1,201) | ||
URA(D) On Securities OTTI [Member] | Reclass due to early adoption of ASU 2018-02 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Current period change | 5,709 | ||
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (138,931) | (266,818) | |
Current period change | (76,816) | 121,917 | |
Balance, end of period | (215,747) | (138,931) | (266,818) |
Foreign Currency Translation Adjustment [Member] | Reclass due to early adoption of ASU 2018-02 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Current period change | 5,970 | ||
Benefit Plan Net Actuarial Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (71,929) | (65,504) | |
Current period change | 4,511 | 6,504 | |
Balance, end of period | (67,418) | (71,929) | (65,504) |
Benefit Plan Net Actuarial Gain (Loss) [Member] | Reclass due to early adoption of ASU 2018-02 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Current period change | (12,929) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (160,891) | (216,764) | (231,755) |
Current period change | (300,465) | 57,123 | 14,991 |
Cumulative change due to ASU 2016-01 | (1,201) | ||
Balance, end of period | $ (462,557) | $ (160,891) | $ (216,764) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
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 plan employer contribution percentage for branch offices, minimum | 3.40% | ||
Defined contribution plan employer contribution percentage for branch offices, maximum | 48.40% | ||
Company contributions | $ 77,743 | $ 10,534 | $ 30,821 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | 0 | ||
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 8,107 | ||
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 | 3.62% | 4.16% | 4.38% |
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 | 7.00% | 7.50% | 7.50% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 4.27% | 3.62% | 4.16% |
Defined Benefit Pension Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 59.00% | ||
Defined Benefit Pension Plan [Member] | Fixed Maturities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 32.00% | ||
Defined Benefit Pension Plan [Member] | Limited Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 8.00% | ||
Defined Benefit Pension Plan [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets consist of shares in investment trusts, percentage | 1.00% | ||
Defined Benefit Pension Plan [Member] | Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation percentage | 70.00% | ||
Defined Benefit Pension Plan [Member] | Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation percentage | 30.00% | ||
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated transition obligation amortized from accumulated other comprehensive income into net public benefit cost over the next year | $ 0 | ||
Estimated actuarial loss amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | 0 | ||
Estimated prior service cost amortized from accumulated other comprehensive income into net periodic benefit cost over the next year | $ (577) | $ (131) | $ (132) |
Weighted average discount rate used to determine net periodic benefit cost | 3.62% | 4.16% | 4.38% |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 4.27% | 3.62% | 4.16% |
Company contributions | $ 561 | $ 619 | |
Healthcare inflation rate | 7.25% | ||
Healthcare inflation rate decreased | 4.50% | ||
Qualified Plan [Member] | Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Private equity limited partnerships | $ 20,091 | 26,297 | |
Company contributions | $ 77,000 | $ 10,000 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Contributions To Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Company contributions | $ 77,743 | $ 10,534 | $ 30,821 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Pension expense | $ 9,728 | $ 16,299 | $ 17,188 |
Employee Benefit Plans (Summa_3
Employee Benefit Plans (Summary Of Status Of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 77,743 | $ 10,534 | $ 30,821 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 316,202 | 281,853 | |
Service cost | 9,801 | 10,949 | 10,924 |
Interest cost | 10,290 | 10,034 | 9,485 |
Actuarial (gain)/loss | (29,966) | 24,679 | |
Curtailment | (6,209) | ||
Benefits paid | (6,084) | (5,104) | |
Projected benefit obligation at end of year | 300,244 | 316,202 | 281,853 |
Fair value of plan assets at beginning of year | 210,267 | 171,506 | |
Actual return on plan assets | (21,395) | 33,331 | |
Actual contributions during the year | 77,743 | 10,534 | |
Administrative expenses paid | |||
Benefits paid | (6,084) | (5,104) | |
Fair value of plan assets at end of year | 260,531 | 210,267 | 171,506 |
Funded status at end of year | (39,713) | (105,935) | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 34,717 | 32,071 | |
Service cost | 1,312 | 1,570 | 1,418 |
Interest cost | 999 | 1,184 | 1,007 |
Amendments | (3,526) | ||
Actuarial (gain)/loss | (7,985) | 4,038 | |
Benefits paid | (561) | (619) | |
Projected benefit obligation at end of year | 28,483 | 34,717 | 32,071 |
Fair value of plan assets at beginning of year | |||
Employer contributions | 561 | 619 | |
Benefits paid | (561) | (619) | |
Fair value of plan assets at end of year | |||
Funded status at end of year | $ (28,483) | $ (34,717) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (due beyond one year) | ||
Other liabilities (due within one year) | (7,530) | (3,871) |
Other liabilities (due beyond one year) | (32,182) | (102,065) |
Net amount recognized in the consolidated balance sheets | (39,713) | (105,935) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities (due within one year) | (608) | (655) |
Other liabilities (due beyond one year) | (27,875) | (34,062) |
Net amount recognized in the consolidated balance sheets | $ (28,483) | $ (34,717) |
Employee Benefit Plans (Amoun_2
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | $ (88,580) | $ (86,788) | |
Accumulated other comprehensive income (loss) | (88,580) | (86,788) | $ (96,965) |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated prior service credit (cost) | 3,480 | 4,057 | |
Accumulated income (loss) | (238) | (8,317) | |
Accumulated other comprehensive income (loss) | $ 3,242 | $ (4,260) | $ (3,809) |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | $ (86,788) | $ (96,965) |
Net gain (loss) arising during period | (8,631) | (4,398) |
Actuarial loss | 6,839 | 8,366 |
Curtailment loss recognized | 6,209 | |
Other comprehensive income (loss) at December 31, current year | (88,580) | (86,788) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | (4,260) | (3,809) |
Net gain (loss) arising during period | 7,985 | (4,038) |
Prior Service credit (cost) arising during period | 3,526 | |
Actuarial loss | 94 | 192 |
Prior service cost | (577) | (131) |
Other comprehensive income (loss) at December 31, current year | $ 3,242 | $ (4,260) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $ 9,728 | $ 16,299 | $ 17,188 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 9,801 | 10,949 | 10,924 |
Interest cost | 10,290 | 10,034 | 9,485 |
Prior service credit recognition | 0 | ||
Expected return on plan assets | (17,202) | (13,050) | (11,158) |
Amortization of actuarial loss from earlier periods | 6,839 | 8,366 | 7,937 |
Net periodic benefit cost | 9,728 | 16,299 | 17,188 |
Other comprehensive income (loss) attributable to change from prior year | 1,792 | (10,177) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 11,520 | 6,122 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,312 | 1,570 | 1,418 |
Interest cost | 999 | 1,184 | 1,007 |
Prior service credit recognition | (577) | (131) | (132) |
Expected return on plan assets | 94 | 192 | |
Net periodic benefit cost | 1,829 | 2,814 | $ 2,293 |
Other comprehensive income (loss) attributable to change from prior year | (7,502) | 451 | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (5,673) | $ 3,265 |
Employee Benefit Plans (Summa_4
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 262,327 | $ 269,912 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 237,855 | 245,430 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 24,472 | $ 24,482 |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 275,772 | $ 291,720 |
Fair value of plan assets | 260,531 | 210,267 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 24,472 | 24,482 |
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, 2018 | Dec. 31, 2017 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 245,430 | |
Fair value of plan assets | 210,267 | |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 24,472 | 24,482 |
Fair value of plan assets |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 14,772 |
2,020 | 13,087 |
2,021 | 11,137 |
2,022 | 12,104 |
2,023 | 12,779 |
Next 5 years | 79,289 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 608 |
2,020 | 663 |
2,021 | 740 |
2,022 | 852 |
2,023 | 944 |
Next 5 years | $ 6,469 |
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, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | $ 2,872 | $ 1,031 |
Total | 240,440 | 183,970 |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 82,633 | 23,361 |
Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 154,935 | 159,578 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | 2,872 | 1,031 |
Total | 240,440 | 183,970 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 82,633 | 23,361 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 154,935 | 159,578 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | ||
Total | ||
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 | ||
Total | ||
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 | ||
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percent of fixed income funds in US securities | 70.00% | 50.00% |
Percent of fixed income funds in international securities | 30.00% | 50.00% |
Percent of equities mutual funds in US equities | 50.00% | 90.00% |
Percent of equities mutual funds in international equities | 50.00% | 10.00% |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Benefits and Share-based Compensation [Abstract] | |||
Incurred expenses | $ 9,301 | $ 7,167 | $ 6,058 |
Employee Benefit Plans (Incur_2
Employee Benefit Plans (Incurred Expenses Related To Defined Contribution Plans For Non-U.S. Employees) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Benefits and Share-based Compensation [Abstract] | |||
Incurred expenses | $ 2,057 | $ 1,849 | $ 1,560 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes In The Assumed Healthcare Cost Trend) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Employee Benefits and Share-based Compensation [Abstract] | |
Effect on total service and interest cost components, Percentage Point Increase | $ 577 |
Effect on total service and interest cost components, Percentage Point Decrease | (436) |
Effect on accumulated post-retirement benefit obligation, Percentage Point Increase | 5,987 |
Effect on accumulated post-retirement benefit obligation, Percentage Point Decrease | $ (4,643) |
Employee Benefit Plans (Post-Re
Employee Benefit Plans (Post-Retirement Benefit Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Post-retirement benefit expenses | $ 1,829 | $ 2,814 | $ 2,293 |
Dividend Restrictions And Sta_3
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 365,059 | ||
Target capital level, percent of the enhanced capital requirement | 120.00% | ||
Minimum percent of total adjusted capital | 200.00% | ||
Bermuda Re [Member] | |||
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Statutory capital and surplus | $ 3,061,136 | $ 3,085,882 | |
Statutory net income(loss) | 865,225 | 582,128 | $ 666,155 |
Everest Re [Member] | |||
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Statutory capital and surplus | 3,650,594 | 3,391,852 | |
Statutory net income(loss) | $ 1,317,991 | $ 391,419 | $ 523,547 |
Dividend Restrictions And Sta_4
Dividend Restrictions And Statutory Financial Information (Regulatory Targeted Capital And The Actual Statutory Capital) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Minimum percent of total adjusted capital | 200.00% | |||
Bermuda Re [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Regulatory targeted capital | [1] | $ 2,368,620 | ||
Actual capital | [1] | $ 3,061,136 | [2] | 3,085,882 |
Everest Re [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Regulatory targeted capital | [3] | 2,172,958 | 2,076,892 | |
Actual capital | [3] | $ 3,650,594 | $ 3,391,852 | |
[1] | Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. | |||
[2] | The 2018 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2018 actual capital will exceed the targeted capital level. | |||
[3] | Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. |
Commitments And Contingencies_2
Commitments And Contingencies (Summary Of Estimated Cost To Replace Annuities For Contingent Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
The Prudential Insurance Company of America [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 142,754 | $ 144,618 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 34,717 | $ 34,444 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 13, 2018 | Sep. 13, 2018 | May 15, 2018 | Feb. 21, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
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 | $ 32,369 | $ 30,297 | $ 26,398 | ||||
Expiration period, in years | 10 years | ||||||
Income tax benefit recorded | $ 7,401 | 14,824 | 6,898 | ||||
Additional paid-in capital due to tax benefit from dividends on restricted shares | 403 | 626 | 597 | ||||
Aggregate intrinsic value of options exercised | 11,737 | 14,130 | 19,876 | ||||
Cash received from the exercised share options | 6,902 | ||||||
Tax benefit realized from the options exercised | 2,311 | ||||||
Unrecognized compensation cost | 60,439 | ||||||
Tax benefit from stock options vested | 6,267 | ||||||
Fair value of shares vested | $ 25,317 | 23,134 | 19,037 | ||||
Unrecognized compensation cost expected to be recognized over a weighted-average period, years | 3 years 2 months 12 days | ||||||
Aggregate value of issuances | $ 113 | $ 94 | $ 103 | ||||
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 | 2,476,261 | ||||||
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 | 336,214 | ||||||
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 | 2,304,122 | ||||||
Restricted shares cancelled | 318,389 | ||||||
Non-Employee Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common shares, issued | 480 | 404 | 547 | ||||
Restricted shares issued | 156,317 | ||||||
Restricted shares cancelled | 0 | ||||||
Common stock acquired for net-share settlement | 65,974 | 60,453 | 70,010 | ||||
Common stock values of shares acquired for net-share settlement | $ 14,202 | $ 14,240 | $ 12,111 | ||||
Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant-date fair value of options granted | $ 215.2175 | $ 218.065 | $ 226.950 | $ 242.390 | |||
Share units | 173,065 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 215.2175 | $ 218.065 | $ 226.950 | $ 242.390 | |||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share units | 13,325 | 0 | |||||
Share-based compensation awards, exercise price | $ 242.390 | ||||||
Common stock acquired for net-share settlement | 5,214 | ||||||
Common stock values of shares acquired for net-share settlement | $ 1,264 | ||||||
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 Plan_3
Share-Based Compensation Plans (Company's Shareholder Approved Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-Based Compensation Plans [Abstract] | |||
Outstanding at January 1, Shares | 360,364 | 454,994 | 648,034 |
Exercised, Shares | 81,200 | 94,630 | 187,940 |
Forfeited/Cancelled/Expired, Shares | 5,100 | ||
Outstanding at December 31, Shares | 279,164 | 360,364 | 454,994 |
Exercisable at December 31, Shares | 279,164 | 360,364 | 410,694 |
Outstanding at January 1, Weighted-Average Exercise Price/Share | $ 84.10 | $ 84.88 | $ 85.61 |
Exercised, Weighted- Average Exercise Price/Share | 84.99 | 87.84 | 87.31 |
Forfeited/Cancelled/Expired, Weighted- Average Exercise Price/Share | 88.25 | ||
Outstanding at December 31, Weighted-Average Exercise Price/Share | 83.84 | 84.10 | 84.88 |
Exercisable at December 31, Weighted-Average Exercise Price/Share | $ 83.84 | $ 84.10 | $ 84.50 |
Outstanding at December 31, Weighted-Average Remaining Contractual Term | 1 year 10 months 24 days | 2 years 8 months 12 days | 3 years 8 months 12 days |
Exercisable at December 31, Weighted-Average Remaining Contractual Term | 1 year 10 months 24 days | 2 years 8 months 12 days | 3 years 6 months |
Outstanding at December 31, Aggregate Intrinsic Value | $ 37,386 | $ 49,428 | $ 59,843 |
Exercisable at December 31, Aggregate Intrinsic Value | $ 37,386 | $ 49,428 | $ 54,169 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Share Options Outstanding And Exercisable) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number Outstanding | shares | 279,164 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 1 year 10 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 83.84 |
Options Exercisable, Number Exercisable | shares | 279,164 |
Options Exercisable, Weighted-Average Exercise Price | $ 83.84 |
$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 |
Options Outstanding, Number Outstanding | shares | 57,770 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 71.72 |
Options Exercisable, Number Exercisable | shares | 57,770 |
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 |
Options Outstanding, Number Outstanding | shares | 51,300 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 1 year 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 84.63 |
Options Exercisable, Number Exercisable | shares | 51,300 |
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 |
Options Outstanding, Number Outstanding | shares | 73,140 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 2 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 86.62 |
Options Exercisable, Number Exercisable | shares | 73,140 |
Options Exercisable, Weighted-Average Exercise Price | $ 86.62 |
$87.4800 - $89.4100 [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 | $ 89.4100 |
Options Outstanding, Number Outstanding | shares | 91,000 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 3 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 88.32 |
Options Exercisable, Number Exercisable | shares | 91,000 |
Options Exercisable, Weighted-Average Exercise Price | $ 88.32 |
$89.4200 - $110.1300 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Ranges of Exercise Prices, Lower range limit | $ 89.4200 |
Options Outstanding, Number Outstanding | shares | 5,954 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 2 years 6 months |
Options Outstanding, Weighted Average Exercise Price | $ 91.99 |
Options Exercisable, Number Exercisable | shares | 5,954 |
Options Exercisable, Weighted-Average Exercise Price | $ 91.99 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans (Summary Of Company's Non-Vested Shares And Changes) (Details) - Restricted Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, Shares | 421,261 | 435,338 | 435,336 |
Granted - Shares | 173,065 | 160,185 | 173,546 |
Vested, Shares | 141,982 | 152,397 | 145,834 |
Forfeited, Shares | 37,937 | 21,865 | 27,710 |
Outstanding at December 31, Shares | 414,407 | 421,261 | 435,338 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | $ 194.01 | $ 164.21 | $ 143.02 |
Granted, Weighted Average Grant Date Fair Value | 240.59 | 234.01 | 186.37 |
Vested, Weighted Average Grant Date Fair Value | 178.31 | 151.80 | 130.54 |
Forfeited, Weighted Average Grant Date Fair Value | 212.48 | 187.82 | 147.32 |
Outstanding at December 31, Weighted Average Grant Date Fair Value | $ 217.15 | $ 194.01 | $ 164.21 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans (Company's Non-Vested Performance Share Unit Awards) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, Shares | 33,454 | 21,223 | 10,705 |
Granted - Shares | 13,325 | 11,245 | 11,130 |
Increase/(Decrease) on vesting units due to performance, Shares | (267) | 986 | 894 |
Vested, Shares | 12,435 | ||
Forfeited, Shares | 1,695 | 1,506 | |
Outstanding at December 31, Shares | 32,382 | 33,454 | 21,223 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | |||
Granted, Weighted Average Grant Date Fair Value | $ 242.39 | 234.03 | 186.02 |
Vested, Weighted Average Grant Date Fair Value | 242.39 | ||
Forfeited, Weighted Average Grant Date Fair Value | |||
Outstanding at December 31, Weighted Average Grant Date Fair Value |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting [Abstract] | |||
Percentage Threshold Of Company Revenue Not Exceeded By Any Other Country | 19.70% | 20.40% | 19.40% |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | $ 2,240,951 | $ 2,083,555 | $ 1,819,588 | ||||||||
Net written premiums | $ 2,057,071 | $ 1,938,773 | $ 1,746,378 | $ 1,672,206 | $ 1,693,625 | $ 1,798,089 | $ 1,339,133 | $ 1,413,814 | 7,414,428 | 6,244,661 | 5,270,905 |
Premiums earned | $ 1,850,975 | $ 1,731,479 | $ 1,729,818 | $ 1,619,427 | $ 1,657,187 | $ 1,598,875 | $ 1,369,681 | $ 1,312,097 | 6,931,699 | 5,937,840 | 5,320,466 |
Incurred losses and LAE | 5,651,403 | 4,522,581 | 3,139,629 | ||||||||
Commission and brokerage | 1,519,030 | 1,303,963 | 1,188,692 | ||||||||
Other underwriting expenses | 371,541 | 318,817 | 302,722 | ||||||||
U.S. Reinsurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 3,014,338 | 2,592,972 | 2,125,792 | ||||||||
Net written premiums | 2,642,182 | 2,245,422 | 1,970,575 | ||||||||
Premiums earned | 2,528,991 | 2,181,160 | 2,072,155 | ||||||||
Incurred losses and LAE | 2,784,181 | 1,632,795 | 1,068,475 | ||||||||
Commission and brokerage | 568,374 | 462,487 | 465,953 | ||||||||
Other underwriting expenses | 60,266 | 55,881 | 54,107 | ||||||||
Underwriting gain (loss) | (883,830) | 29,997 | 483,620 | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 1,543,946 | 1,316,701 | 1,230,683 | ||||||||
Net written premiums | 1,458,745 | 1,229,597 | 1,082,712 | ||||||||
Premiums earned | 1,439,882 | 1,202,043 | 1,119,121 | ||||||||
Incurred losses and LAE | 992,704 | 1,059,640 | 486,550 | ||||||||
Commission and brokerage | 364,010 | 287,688 | 283,447 | ||||||||
Other underwriting expenses | 39,042 | 38,844 | 35,512 | ||||||||
Underwriting gain (loss) | 44,126 | (184,129) | 313,612 | ||||||||
Bermuda [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 1,666,317 | 1,205,001 | 890,375 | ||||||||
Net written premiums | 1,605,526 | 1,139,082 | 831,931 | ||||||||
Premiums earned | 1,324,198 | 1,093,250 | 837,964 | ||||||||
Incurred losses and LAE | 808,717 | 735,292 | 461,909 | ||||||||
Commission and brokerage | 319,197 | 303,707 | 233,989 | ||||||||
Other underwriting expenses | 43,566 | 38,011 | 36,331 | ||||||||
Underwriting gain (loss) | 152,718 | 16,240 | 105,735 | ||||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross written premiums | 2,250,552 | 2,059,248 | 1,787,024 | ||||||||
Net written premiums | 1,707,975 | 1,630,560 | 1,385,687 | ||||||||
Premiums earned | 1,638,628 | 1,461,387 | 1,291,226 | ||||||||
Incurred losses and LAE | 1,065,801 | 1,094,854 | 1,122,695 | ||||||||
Commission and brokerage | 267,449 | 250,081 | 205,303 | ||||||||
Other underwriting expenses | 228,667 | 186,081 | 176,772 | ||||||||
Underwriting gain (loss) | $ 76,711 | $ (69,629) | $ (213,544) |
Segment Reporting (Schedule O_2
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Net investment income | $ 140,204 | $ 161,363 | $ 141,322 | $ 138,294 | $ 149,128 | $ 136,973 | $ 134,508 | $ 122,289 | $ 581,183 | $ 542,898 | $ 473,085 |
Net realized capital gains (losses) | $ (172,815) | $ 54,804 | $ 15,776 | $ (24,901) | $ 33,663 | $ 41,535 | $ 25,268 | $ 52,728 | (127,136) | 153,194 | (7,216) |
Net derivative gain (loss) | 520 | 9,581 | 18,647 | ||||||||
Corporate expenses | (30,672) | (25,923) | (27,231) | ||||||||
Interest, fee and bond issue cost amortization expense | (31,031) | (31,603) | (36,228) | ||||||||
Other income (expense) | (9,060) | (35,442) | (10,636) | ||||||||
INCOME (LOSS) BEFORE TAXES | (226,471) | 405,184 | 1,099,844 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Underwriting gain (loss) | (610,275) | (207,521) | 689,423 | ||||||||
Net investment income | 581,183 | 542,898 | 473,085 | ||||||||
Net realized capital gains (losses) | (127,136) | 153,194 | (7,216) | ||||||||
Net derivative gain (loss) | 520 | 9,581 | 18,647 | ||||||||
Corporate expenses | (30,672) | (25,923) | (27,231) | ||||||||
Interest, fee and bond issue cost amortization expense | (31,031) | (31,603) | (36,228) | ||||||||
Other income (expense) | (9,060) | (35,442) | (10,636) | ||||||||
INCOME (LOSS) BEFORE TAXES | $ (226,471) | $ 405,184 | $ 1,099,844 |
Segment Reporting (Schedule O_3
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 2,240,951 | $ 2,083,555 | $ 1,819,588 |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | $ 914,612 | $ 730,826 | $ 688,598 |
Disposition (Narrative) (Detail
Disposition (Narrative) (Details) - Heartland Crop [Member] $ in Thousands | Aug. 24, 2016USD ($) |
Proceeds from sale of business | $ 49,000 |
After-tax loss on sale | $ 12,942 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data (Summary Of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unaudited Quarterly Financial Data [Abstract] | |||||||||||
Gross written premiums | $ 2,278,361 | $ 2,198,664 | $ 2,066,521 | $ 1,931,607 | $ 1,926,427 | $ 2,044,902 | $ 1,601,649 | $ 1,600,944 | |||
Net written premiums | 2,057,071 | 1,938,773 | 1,746,378 | 1,672,206 | 1,693,625 | 1,798,089 | 1,339,133 | 1,413,814 | $ 7,414,428 | $ 6,244,661 | $ 5,270,905 |
Premiums earned | 1,850,975 | 1,731,479 | 1,729,818 | 1,619,427 | 1,657,187 | 1,598,875 | 1,369,681 | 1,312,097 | 6,931,699 | 5,937,840 | 5,320,466 |
Net investment income | 140,204 | 161,363 | 141,322 | 138,294 | 149,128 | 136,973 | 134,508 | 122,289 | 581,183 | 542,898 | 473,085 |
Net realized capital gains (losses) | (172,815) | 54,804 | 15,776 | (24,901) | 33,663 | 41,535 | 25,268 | 52,728 | (127,136) | 153,194 | (7,216) |
Total claims and underwriting expenses | 2,481,858 | 1,731,201 | 1,817,815 | 1,511,100 | 1,159,977 | 2,616,340 | 1,240,100 | 1,128,944 | 7,603,677 | 6,202,887 | 4,694,502 |
Net income (loss) | $ (382,274) | $ 205,613 | $ 69,895 | $ 210,318 | $ 571,025 | $ (639,374) | $ 245,674 | $ 291,643 | $ 103,552 | $ 468,968 | $ 996,344 |
Basic | $ (9.50) | $ 5.04 | $ 1.71 | $ 5.14 | $ 13.92 | $ (15.73) | $ 5.98 | $ 7.12 | $ 2.54 | $ 11.43 | $ 23.85 |
Diluted | $ (9.50) | $ 5.02 | $ 1.70 | $ 5.11 | $ 13.85 | $ (15.73) | $ 5.95 | $ 7.07 | $ 2.53 | $ 11.36 | $ 23.68 |
Schedule I - Summary Of Inves_2
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) $ in Thousands | Dec. 31, 2018USD ($) | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | $ 18,663,861 | |
Total investments and cash, Market Value | 18,433,066 | |
Total investments and cash, Amount Shown in Balance Sheet | 18,433,066 | |
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 | 15,406,572 | |
Total investments and cash, Market Value | 15,225,263 | |
Total investments and cash, Amount Shown in Balance Sheet | 15,225,263 | |
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 | 2,629,454 | |
Total investments and cash, Market Value | 2,631,134 | |
Total investments and cash, Amount Shown in Balance Sheet | 2,631,134 | |
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 | 490,018 | |
Total investments and cash, Market Value | 500,094 | |
Total investments and cash, Amount Shown in Balance Sheet | 500,094 | |
Foreign Government Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 1,335,328 | |
Total investments and cash, Market Value | 1,314,165 | |
Total investments and cash, Amount Shown in Balance Sheet | 1,314,165 | |
Foreign Corporate Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 2,694,922 | |
Total investments and cash, Market Value | 2,661,058 | |
Total investments and cash, Amount Shown in Balance Sheet | 2,661,058 | |
Public Utilities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 287,784 | |
Total investments and cash, Market Value | 283,903 | |
Total investments and cash, Amount Shown in Balance Sheet | 283,903 | |
All Other Corporate Bonds [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 5,792,179 | |
Total investments and cash, Market Value | 5,698,522 | |
Total investments and cash, Amount Shown in Balance Sheet | 5,698,522 | |
Commercial Mortgage-Backed Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 329,883 | |
Total investments and cash, Market Value | 326,710 | |
Total investments and cash, Amount Shown in Balance Sheet | 326,710 | |
Agency Residential [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 1,832,760 | |
Total investments and cash, Market Value | 1,796,264 | |
Total investments and cash, Amount Shown in Balance Sheet | 1,796,264 | |
Non-Agency Residential [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 10,198 | |
Total investments and cash, Market Value | 10,209 | |
Total investments and cash, Amount Shown in Balance Sheet | 10,209 | |
Redeemable Preferred Stock [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 4,046 | |
Total investments and cash, Market Value | 3,204 | |
Total investments and cash, Amount Shown in Balance Sheet | 3,204 | |
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 | 2,337 | |
Total investments and cash, Market Value | 2,337 | |
Total investments and cash, Amount Shown in Balance Sheet | 2,337 | |
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 | 766,102 | [1] |
Total investments and cash, Market Value | 716,639 | [1] |
Total investments and cash, Amount Shown in Balance Sheet | 716,639 | [1] |
Short-Term Investments [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 241,010 | |
Total investments and cash, Market Value | 240,987 | |
Total investments and cash, Amount Shown in Balance Sheet | 240,987 | |
Other Invested Assets [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 1,591,745 | |
Total investments and cash, Market Value | 1,591,745 | |
Total investments and cash, Amount Shown in Balance Sheet | 1,591,745 | |
Cash [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Total investments and cash, Cost | 656,095 | |
Total investments and cash, Market Value | 656,095 | |
Total investments and cash, Amount Shown in Balance Sheet | $ 656,095 | |
[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 Finan_2
Schedule II - Condensed Financial Information Of The Registrant (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Other assets | $ 358,042,000 | $ 382,283,000 | ||
Other income (expense) | (9,060,000) | (35,442,000) | $ (10,636,000) | |
Parent Company [Member] | ||||
Debt Instrument [Line Items] | ||||
Other assets | 44,737,000 | 49,829,000 | ||
Other income (expense) | $ (5,298,000) | (6,873,000) | 5,022,000 | |
Parent Company [Member] | Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | $ 250,000,000 | |||
Maturity Date | Dec. 31, 2023 | |||
Parent Company [Member] | Mt. Logan Re Segregated Accounts [Member] | ||||
Debt Instrument [Line Items] | ||||
Other assets | $ 45,625,000 | 50,373,000 | ||
Other income (expense) | $ (4,695,000) | $ (6,352,000) | $ 5,536,000 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information Of The Registrant (Condensed Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Fixed maturities, market value | $ 15,225,263 | $ 14,756,834 | |
Other invested assets | 1,591,745 | 1,631,850 | |
Cash | 656,095 | 635,067 | |
Accrued investment income | 104,619 | 97,704 | |
Other assets | 358,042 | 382,283 | |
TOTAL ASSETS | 24,793,999 | 23,591,792 | |
Long term note payable - Affiliated | 236,659 | 236,561 | |
Accrued interest and debt borrowings | 3,093 | 2,727 | |
Other liabilities | 275,401 | 363,280 | |
Total liabilities | 16,890,195 | 15,222,560 | |
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued or outstanding | |||
Common shares, par value: $0.01; 200,000 shares authorized; (2017) 69,044 and (2016) 68,871 issued before treasury shares | 692 | 691 | |
Additional paid-in capital | 2,188,777 | 2,165,768 | |
Accumulated other comprehensive income (loss), net of deferred income | (462,557) | (160,891) | |
Treasury shares, at cost; | (3,397,548) | (3,322,244) | |
Retained earnings | 9,574,440 | 9,685,908 | |
Total shareholders' equity | 7,903,804 | 8,369,232 | $ 8,075,396 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 24,793,999 | 23,591,792 | |
Fixed maturities - available for sale, at market value, amortized cost | 15,406,572 | 14,689,598 | |
Other invested assets, at cost | $ 1,591,745 | $ 1,628,753 | |
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 | 69,202,000 | 69,044,000 | |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ (28,913) | $ 24,103 | |
Treasury shares, at cost | 28,551,000 | 28,208,000 | |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Fixed maturities, market value | $ 76,170 | $ 100,697 | |
Other invested assets | 91 | 102,559 | |
Cash | 198 | 3,275 | |
Investment in subsidiaries, at equity in the underlying net assets | 7,776,940 | 8,356,791 | |
Accrued investment income | 277 | 394 | |
Receivable from subsidiaries | 6,726 | 7,361 | |
Other assets | 44,737 | 49,829 | |
TOTAL ASSETS | 7,905,139 | 8,620,906 | |
Long term note payable - Affiliated | 250,000 | ||
Due to subsidiaries | 1,065 | 1,017 | |
Other liabilities | 270 | 657 | |
Total liabilities | 1,335 | 251,674 | |
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued or outstanding | |||
Common shares, par value: $0.01; 200,000 shares authorized; (2017) 69,044 and (2016) 68,871 issued before treasury shares | 692 | 691 | |
Additional paid-in capital | 2,188,777 | 2,165,768 | |
Accumulated other comprehensive income (loss), net of deferred income | (462,557) | (160,891) | |
Treasury shares, at cost; | (3,397,548) | (3,322,244) | |
Retained earnings | 9,574,440 | 9,685,908 | |
Total shareholders' equity | 7,903,804 | 8,369,232 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 7,905,139 | 8,620,906 | |
Fixed maturities - available for sale, at market value, amortized cost | 76,274 | 100,703 | |
Other invested assets, at cost | $ 91 | $ 102,559 | |
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 | 69,202,000 | ||
Common shares, outstanding | 69,202,000 | 69,044,000 | |
Accumulated other comprehensive income (loss), deferred income tax expense (benefit) | $ (20,697) | $ 9,356 | |
Treasury shares, at cost | 28,551,000 | 28,208,000 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | $ 140,204 | $ 161,363 | $ 141,322 | $ 138,294 | $ 149,128 | $ 136,973 | $ 134,508 | $ 122,289 | $ 581,183 | $ 542,898 | $ 473,085 |
Net realized capital gains (losses) | (172,815) | 54,804 | 15,776 | (24,901) | 33,663 | 41,535 | 25,268 | 52,728 | (127,136) | 153,194 | (7,216) |
Other income (expense) | (9,060) | (35,442) | (10,636) | ||||||||
Total revenues | 7,377,206 | 6,608,071 | 5,794,346 | ||||||||
Interest expense - affiliated | 31,031 | 31,603 | 36,228 | ||||||||
Total expenses | 2,481,858 | 1,731,201 | 1,817,815 | 1,511,100 | 1,159,977 | 2,616,340 | 1,240,100 | 1,128,944 | 7,603,677 | 6,202,887 | 4,694,502 |
INCOME (LOSS) BEFORE TAXES | (226,471) | 405,184 | 1,099,844 | ||||||||
Income tax expense (benefit) | (330,023) | (63,784) | 103,500 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (382,274) | $ 205,613 | $ 69,895 | $ 210,318 | $ 571,025 | $ (639,374) | $ 245,674 | $ 291,643 | 103,552 | 468,968 | 996,344 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (255,656) | (64,348) | 57,629 | ||||||||
Reclassification on net realized losses (gains) included in net income (loss), Net of Tax | 27,496 | (6,950) | 15,118 | ||||||||
Total URA(D) on securities arising during the period | (228,160) | (71,298) | 72,747 | ||||||||
Foreign currency translation adjustments | (76,816) | 121,917 | (55,341) | ||||||||
Benefit plan actuarial net gain (loss) for the period | (510) | 1,027 | (7,488) | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,021 | 5,477 | 5,073 | ||||||||
Total benefit plan net gain (loss) for the period | 4,511 | 6,504 | (2,415) | ||||||||
Total other comprehensive income (loss), net of tax | (300,465) | 57,123 | 14,991 | ||||||||
COMPREHENSIVE INCOME (LOSS) | (196,913) | 526,091 | 1,011,335 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net investment income | 3,790 | 1,344 | 879 | ||||||||
Net realized capital gains (losses) | (57) | 80 | 144 | ||||||||
Other income (expense) | (5,298) | (6,873) | 5,022 | ||||||||
Net income (loss) of subsidiaries | 127,369 | 495,496 | 1,012,315 | ||||||||
Total revenues | 125,804 | 490,048 | 1,018,360 | ||||||||
Interest expense - affiliated | 4,085 | 4,300 | 4,300 | ||||||||
Other expenses | 18,167 | 16,780 | 17,716 | ||||||||
Total expenses | 22,252 | 21,080 | 22,016 | ||||||||
INCOME (LOSS) BEFORE TAXES | 103,552 | 468,968 | 996,344 | ||||||||
Income tax expense (benefit) | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 103,552 | 468,968 | 996,344 | ||||||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (255,656) | (64,348) | 57,629 | ||||||||
Reclassification on net realized losses (gains) included in net income (loss), Net of Tax | 27,496 | (6,950) | 15,118 | ||||||||
Total URA(D) on securities arising during the period | (228,160) | (71,298) | 72,747 | ||||||||
Foreign currency translation adjustments | (76,816) | 121,917 | (55,341) | ||||||||
Benefit plan actuarial net gain (loss) for the period | (510) | 1,027 | (7,488) | ||||||||
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 5,021 | 5,477 | 5,073 | ||||||||
Total benefit plan net gain (loss) for the period | 4,511 | 6,504 | (2,415) | ||||||||
Total other comprehensive income (loss), net of tax | (300,465) | 57,123 | 14,991 | ||||||||
COMPREHENSIVE INCOME (LOSS) | $ (196,913) | $ 526,091 | $ 1,011,335 |
Schedule II - Condensed Finan_5
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | $ (382,274) | $ 205,613 | $ 69,895 | $ 210,318 | $ 571,025 | $ (639,374) | $ 245,674 | $ 291,643 | $ 103,552 | $ 468,968 | $ 996,344 |
Change in other assets and liabilities, net | (322,107) | (66,998) | (45,605) | ||||||||
Amortization of bond premium (accrual of bond discount) | 29,272 | 45,867 | 49,167 | ||||||||
Realized capital losses (gains) | 172,815 | $ (54,804) | $ (15,776) | 24,901 | (33,663) | $ (41,535) | $ (25,268) | (52,728) | 127,136 | (153,194) | 7,216 |
Non-cash compensation expense | 32,369 | 30,297 | 26,398 | ||||||||
Net cash provided by (used in) operating activities | 610,069 | 1,162,693 | 1,383,600 | ||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 3,148,428 | 2,401,844 | 1,258,434 | ||||||||
Distributions from other invested assets | 3,102,018 | 5,579,043 | 4,823,484 | ||||||||
Cost of fixed maturities acquired - available for sale, at market value | (5,909,504) | (5,131,098) | (4,061,896) | ||||||||
Cost of other invested assets acquired | (3,370,455) | (5,829,271) | (5,396,001) | ||||||||
Net change in short-term investments | 455,350 | (73,923) | 368,977 | ||||||||
Net cash provided by (used in) investing activities | (279,621) | (732,577) | (657,873) | ||||||||
Common shares issued during the period, net | (8,157) | (5,310) | 10,751 | ||||||||
Purchase of treasury shares | (75,304) | (50,000) | (386,288) | ||||||||
Dividends paid to shareholders | (216,221) | (207,242) | (195,384) | ||||||||
Net cash provided by (used in) financing activities | (316,594) | (275,458) | (581,516) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 7,174 | (1,513) | 54,053 | ||||||||
Net increase (decrease) in cash | 21,028 | 153,145 | 198,264 | ||||||||
Cash, beginning of period | 635,067 | 481,922 | 635,067 | 481,922 | 283,658 | ||||||
Cash, end of period | 656,095 | 635,067 | 656,095 | 635,067 | 481,922 | ||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 103,552 | 468,968 | 996,344 | ||||||||
Equity in retained (earnings) deficit of subsidiaries | (127,369) | (495,496) | (1,012,315) | ||||||||
Change in other assets and liabilities, net | 4,823 | 6,107 | 66 | ||||||||
Increase (decrease) in due to/from affiliates | 683 | (6,470) | (206) | ||||||||
Amortization of bond premium (accrual of bond discount) | (577) | 12 | (56) | ||||||||
Realized capital losses (gains) | 57 | (80) | (144) | ||||||||
Non-cash compensation expense | 2,740 | 3,448 | 2,311 | ||||||||
Net cash provided by (used in) operating activities | 933,909 | 401,489 | 676,000 | ||||||||
Additional investment in subsidiaries | (542,965) | (109,815) | (77,324) | ||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 93 | 696 | 1,152 | ||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 24,856 | 90,154 | 75,025 | ||||||||
Distributions from other invested assets | 1,026,297 | 546,414 | 757,399 | ||||||||
Cost of fixed maturities acquired - available for sale, at market value | (189,308) | ||||||||||
Cost of other invested assets acquired | (923,828) | (503,937) | (902,435) | ||||||||
Net change in short-term investments | 18,288 | ||||||||||
Net cash provided by (used in) investing activities | (415,547) | (165,796) | (127,895) | ||||||||
Common shares issued during the period, net | 20,086 | 22,790 | 34,861 | ||||||||
Purchase of treasury shares | (75,304) | (50,000) | (386,288) | ||||||||
Dividends paid to shareholders | (216,221) | (207,242) | (195,384) | ||||||||
Cost of repayment of long term note - affiliated | (250,000) | ||||||||||
Net cash provided by (used in) financing activities | (521,439) | (234,452) | (546,811) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||||||||||
Net increase (decrease) in cash | (3,077) | 1,241 | 1,294 | ||||||||
Cash, beginning of period | $ 3,275 | $ 2,034 | 3,275 | 2,034 | 740 | ||||||
Cash, end of period | $ 198 | $ 3,275 | 198 | 3,275 | 2,034 | ||||||
Parent Company [Member] | Everest International [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends received from subsidiaries | 200,000 | 40,000 | |||||||||
Parent Company [Member] | Mt. Logan Re [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends received from subsidiaries | 25,000 | ||||||||||
Bermuda Re [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends received from subsidiaries | $ 750,000 | $ 400,000 | $ 650,000 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | $ 511,573 | $ 411,587 | $ 344,052 |
Reverse for Losses and Loss Adjustment Expenses | 13,119,090 | 11,884,321 | 10,312,313 |
Unearned Premium Reserves | 2,517,612 | 2,000,556 | 1,577,546 |
Premiums Earned | 6,931,699 | 5,937,840 | 5,320,466 |
Net Investment Income | 581,183 | 542,898 | 473,085 |
Incurred Loss and Loss Adjustment Expenses | 5,651,403 | 4,522,581 | 3,139,629 |
Amortization of Deferred Acquisition Costs | 1,519,030 | 1,303,963 | 1,188,692 |
Other Operating Expenses | 371,541 | 318,817 | 302,722 |
Net Written Premium | 7,414,428 | 6,244,661 | 5,270,905 |
Domestic [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 334,818 | 289,636 | 220,864 |
Reverse for Losses and Loss Adjustment Expenses | 8,154,003 | 7,254,043 | 6,604,867 |
Unearned Premium Reserves | 1,695,208 | 1,460,291 | 1,110,528 |
Premiums Earned | 4,167,619 | 3,642,547 | 3,363,381 |
Net Investment Income | 287,002 | 259,621 | 234,123 |
Incurred Loss and Loss Adjustment Expenses | 3,849,982 | 2,727,649 | 2,191,170 |
Amortization of Deferred Acquisition Costs | 835,823 | 712,568 | 671,256 |
Other Operating Expenses | 288,933 | 241,962 | 230,879 |
Net Written Premium | 4,350,157 | 3,875,982 | 3,356,262 |
International [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 54,253 | 53,186 | 52,014 |
Reverse for Losses and Loss Adjustment Expenses | 2,209,202 | 2,175,500 | 1,748,380 |
Unearned Premium Reserves | 261,611 | 253,626 | 237,120 |
Premiums Earned | 1,439,882 | 1,202,043 | 1,119,121 |
Net Investment Income | 34,965 | 32,407 | 33,059 |
Incurred Loss and Loss Adjustment Expenses | 992,704 | 1,059,640 | 486,550 |
Amortization of Deferred Acquisition Costs | 364,010 | 287,688 | 283,447 |
Other Operating Expenses | 39,042 | 38,844 | 35,512 |
Net Written Premium | 1,458,745 | 1,229,597 | 1,082,712 |
Bermuda Country [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 122,502 | 68,765 | 71,174 |
Reverse for Losses and Loss Adjustment Expenses | 2,755,885 | 2,454,778 | 1,959,065 |
Unearned Premium Reserves | 560,793 | 286,639 | 229,898 |
Premiums Earned | 1,324,198 | 1,093,250 | 837,964 |
Net Investment Income | 259,216 | 250,870 | 205,902 |
Incurred Loss and Loss Adjustment Expenses | 808,717 | 735,292 | 461,909 |
Amortization of Deferred Acquisition Costs | 319,197 | 303,707 | 233,989 |
Other Operating Expenses | 43,566 | 38,011 | 36,331 |
Net Written Premium | $ 1,605,526 | $ 1,139,082 | $ 831,931 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||
Gross Amount | $ 2,129,320 | $ 1,825,705 | $ 1,694,702 | ||||||||
Ceded to Other Companies | 1,004,953 | 833,387 | 736,180 | ||||||||
Assumed from Other Companies | 5,807,332 | 4,945,522 | 4,361,944 | ||||||||
Net Amount | $ 1,850,975 | $ 1,731,479 | $ 1,729,818 | $ 1,619,427 | $ 1,657,187 | $ 1,598,875 | $ 1,369,681 | $ 1,312,097 | 6,931,699 | 5,937,840 | 5,320,466 |
Total Property And Liability Insurance Premiums Earned [Member] | |||||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||
Gross Amount | 2,129,320 | 1,825,705 | 1,694,702 | ||||||||
Ceded to Other Companies | 1,004,953 | 833,387 | 736,180 | ||||||||
Assumed from Other Companies | 5,807,332 | 4,945,522 | 4,361,944 | ||||||||
Net Amount | $ 6,931,699 | $ 5,937,840 | $ 5,320,466 | ||||||||
Assumed to Net | 83.80% | 83.30% | 83.80% | 83.30% | 82.00% |