Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 1-15731 | |
Entity Registrant Name | EVEREST RE GROUP, LTD. | |
Entity Central Index Key | 0001095073 | |
Entity Tax Identification Number | 98-0365432 | |
Entity Incorporation State Country Code | D0 | |
Entity Address Address Line 1 | Seon Place – 4 | |
Entity Address Address Line 2 | 141 Front Street | |
Entity Address Address Line 3 | PO Box HM 845 | |
Entity Address City Or Town | Hamilton | |
Entity Address Postal Zip Code | HM 19 | |
Entity Address Country | BM | |
City Area Code | 441 | |
Local Phone Number | 295-0006 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Security 12b Title | Common Shares, $0.01 par value | |
Trading Symbol | RE | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 40,782,128 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2019, $16,164,841 ; 2018, $15,406,572 ) | $ 16,566,133 | $ 15,225,263 |
Fixed maturities - available for sale, at fair value | 2,337 | |
Equity securities, at fair value | 906,230 | 716,639 |
Short-term investments (cost: 2019, $458,915 ; 2018, $241,010) | 458,954 | 240,987 |
Other invested assets (cost: 2019, $1,716,104 ; 2018, $1,591,745 ) | 1,716,104 | 1,591,745 |
Cash | 717,172 | 656,095 |
Total investments and cash | 20,364,593 | 18,433,066 |
Accrued investment income | 116,123 | 104,619 |
Premiums receivable | 2,393,769 | 2,183,183 |
Reinsurance receivables | 1,817,857 | 1,787,648 |
Funds held by reinsureds | 450,539 | 435,031 |
Deferred acquisition costs | 526,514 | 511,573 |
Prepaid reinsurance premiums | 484,268 | 343,343 |
Income taxes | 361,243 | 594,487 |
Other assets | 508,835 | 358,042 |
TOTAL ASSETS | 27,023,741 | 24,750,992 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 13,637,639 | 13,119,090 |
Future policy benefit reserve | 44,276 | 46,778 |
Unearned premium reserve | 2,896,161 | 2,517,612 |
Funds held under reinsurance treaties | 11,634 | 13,099 |
Other net payable to reinsurers | 371,807 | 218,439 |
Senior notes due 6/1/2044 | 397,044 | 396,954 |
Long term notes due 5/1/2067 | 236,733 | 236,659 |
Accrued interest on debt and borrowings | 7,821 | 3,093 |
Equity index put option liability | 8,563 | 11,958 |
Unsettled securities payable | 53,524 | 51,112 |
Other liabilities | 375,281 | 275,401 |
Total liabilities | 18,040,483 | 16,890,195 |
Commitments and contingencies (Note 9) | ||
SHAREHOLDERS' EQUITY: | ||
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | ||
Common shares, par value: $0.01; 200,000 shares authorized; (2019) 69,406 and (2018) 69,202 outstanding before treasury shares | 694 | 692 |
Additional paid-in capital | 2,206,326 | 2,188,777 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $43,886 at 2019 and $(20,697) at 2018 | 46,272 | (462,557) |
Treasury shares, at cost; 28,665 shares (2019) and 28,551 shares (2018) | (3,422,152) | (3,397,548) |
Retained earnings | 10,152,118 | 9,531,433 |
Total shareholders' equity | 8,983,258 | 7,860,797 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 27,023,741 | $ 24,750,992 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 16,164,841 | $ 15,406,572 |
Short-term investments, at cost | 458,915 | 241,010 |
Other invested assets, at cost | $ 1,716,104 | $ 1,591,745 |
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 | 69,406,000 | 69,202,000 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) | $ 43,886 | $ (20,697) |
Treasury shares | 28,665,000 | 28,551,000 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
REVENUES: | ||||
Premiums earned | $ 1,905,619 | $ 1,731,479 | $ 5,455,615 | $ 5,080,724 |
Net investment income | 181,058 | 161,363 | 501,062 | 440,979 |
Net realized capital gains (losses): | ||||
Other-than-temporary impairments on fixed maturity securities | (7,314) | (3,825) | (15,404) | (4,783) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | ||||
Other net realized capital gains (losses) | (5,629) | 58,629 | 124,965 | 50,462 |
Total net realized capital gains (losses) | (12,943) | 54,804 | 109,561 | 45,679 |
Net derivative gain (loss) | (189) | 2,225 | 3,395 | 5,485 |
Other income (expense) | (31,025) | (13,408) | (52,550) | (2,948) |
Total revenues | 2,042,520 | 1,936,463 | 6,017,083 | 5,569,919 |
CLAIMS AND EXPENSES: | ||||
Incurred losses and loss adjustment expenses | 1,371,924 | 1,251,858 | 3,515,104 | 3,650,349 |
Commission, brokerage, taxes and fees | 443,076 | 381,401 | 1,253,500 | 1,122,442 |
Other underwriting expenses | 118,158 | 97,942 | 321,976 | 287,325 |
Corporate expenses | 8,435 | 7,890 | 22,622 | 23,519 |
Interest, fees and bond issue cost amortization expense | 7,907 | 7,901 | 23,972 | 23,047 |
Total claims and expenses | 1,949,500 | 1,746,992 | 5,137,174 | 5,106,682 |
INCOME (LOSS) BEFORE TAXES | 93,020 | 189,471 | 879,909 | 463,237 |
Income tax expense (benefit) | (11,378) | (8,910) | 88,092 | (11,117) |
NET INCOME (LOSS) | 104,398 | 198,381 | 791,817 | 474,354 |
Other comprehensive income (loss), net of tax : | ||||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | 93,765 | (22,282) | 524,589 | (254,682) |
Reclassification adjustment for realized losses (gains) included in net income (loss) | (529) | 1,417 | (4,220) | (7,106) |
Total URA(D) on securities arising during the period | 93,236 | (20,865) | 520,369 | (261,788) |
Foreign currency translation adjustments | (3,426) | (5,930) | (15,206) | (51,883) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 1,363 | 1,816 | 3,665 | 5,446 |
Total benefit plan net gain (loss) for the period | 1,363 | 1,816 | 3,665 | 5,446 |
Total other comprehensive income (loss), net of tax | 91,173 | (24,979) | 508,828 | (308,225) |
COMPREHENSIVE INCOME (LOSS) | $ 195,571 | $ 173,402 | $ 1,300,645 | $ 166,129 |
EARNINGS PER COMMON SHARE: | ||||
Basic | $ 2.56 | $ 4.87 | $ 19.44 | $ 11.61 |
Diluted | $ 2.56 | $ 4.84 | $ 19.38 | $ 11.55 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2016 | $ 9,380,653 | ||||||
Net income (loss) | $ 482,751 | 482,751 | |||||
Balance at Dec. 31, 2017 | 8,340,736 | $ 691 | $ 2,165,768 | $ (160,891) | 9,657,412 | $ (3,322,244) | |
Balance, shares at Dec. 31, 2017 | 40,835,272 | ||||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | 1,201 | (1,201) | 1,201 | ||||
Issued during the period, net, shares | 143,362 | ||||||
Treasury shares acquired, shares | |||||||
Issued during the period, net | 1 | ||||||
Share-based compensation plans | (2,249) | ||||||
Net increase (decrease) during the period | (179,882) | ||||||
Net income (loss) | 215,186 | 215,186 | |||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (53,240) | ||||||
Purchase of treasury shares | |||||||
Balance at Mar. 31, 2018 | 8,320,552 | 692 | 2,163,519 | (341,974) | 9,820,559 | (3,322,244) | |
Balance, shares at Mar. 31, 2018 | 40,978,634 | ||||||
Balance at Dec. 31, 2017 | 8,340,736 | 691 | 2,165,768 | (160,891) | 9,657,412 | (3,322,244) | |
Balance, shares at Dec. 31, 2017 | 40,835,272 | ||||||
Net income (loss) | 275,973 | 275,973 | |||||
Balance at Jun. 30, 2018 | 8,208,613 | 692 | 2,172,701 | (445,338) | 9,828,106 | (3,347,548) | |
Balance, shares at Jun. 30, 2018 | 40,860,169 | ||||||
Balance at Dec. 31, 2017 | 8,340,736 | 691 | 2,165,768 | (160,891) | 9,657,412 | (3,322,244) | |
Balance, shares at Dec. 31, 2017 | 40,835,272 | ||||||
Net increase (decrease) during the period | (308,225) | ||||||
Net income (loss) | 474,354 | 474,354 | |||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (159,343) | ||||||
Balance at Sep. 30, 2018 | 8,289,045 | 692 | 2,182,594 | (470,317) | 9,973,624 | (3,397,548) | |
Balance, shares at Sep. 30, 2018 | 40,647,125 | ||||||
Balance at Dec. 31, 2017 | 8,340,736 | 691 | 2,165,768 | (160,891) | 9,657,412 | (3,322,244) | |
Balance, shares at Dec. 31, 2017 | 40,835,272 | ||||||
Net income (loss) | 89,041 | 89,041 | |||||
Balance at Dec. 31, 2018 | $ 7,860,797 | 692 | 2,188,777 | (462,557) | 9,531,433 | (3,397,548) | |
Balance, shares at Dec. 31, 2018 | 69,202,000 | 40,651,148 | |||||
Balance at Mar. 31, 2018 | $ 8,320,552 | 692 | 2,163,519 | (341,974) | 9,820,559 | (3,322,244) | |
Balance, shares at Mar. 31, 2018 | 40,978,634 | ||||||
Issued during the period, net, shares | (5,718) | ||||||
Treasury shares acquired, shares | (112,747) | ||||||
Issued during the period, net | |||||||
Share-based compensation plans | 9,182 | ||||||
Net increase (decrease) during the period | (103,364) | ||||||
Net income (loss) | 60,787 | 60,787 | |||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (53,240) | ||||||
Purchase of treasury shares | (25,304) | ||||||
Balance at Jun. 30, 2018 | 8,208,613 | 692 | 2,172,701 | (445,338) | 9,828,106 | (3,347,548) | |
Balance, shares at Jun. 30, 2018 | 40,860,169 | ||||||
Issued during the period, net, shares | 16,388 | ||||||
Treasury shares acquired, shares | (229,432) | ||||||
Issued during the period, net | |||||||
Share-based compensation plans | 9,893 | ||||||
Net increase (decrease) during the period | (24,979) | (24,979) | |||||
Net income (loss) | 198,381 | 198,381 | |||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (52,863) | (52,863) | |||||
Purchase of treasury shares | (50,000) | ||||||
Balance at Sep. 30, 2018 | 8,289,045 | 692 | 2,182,594 | (470,317) | 9,973,624 | (3,397,548) | |
Balance, shares at Sep. 30, 2018 | 40,647,125 | ||||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | |||||||
Balance at Dec. 31, 2018 | $ 7,860,797 | 692 | 2,188,777 | (462,557) | 9,531,433 | (3,397,548) | |
Balance, shares at Dec. 31, 2018 | 69,202,000 | 40,651,148 | |||||
Issued during the period, net, shares | 194,584 | ||||||
Treasury shares acquired, shares | (75,193) | ||||||
Issued during the period, net | 2 | ||||||
Share-based compensation plans | 767 | ||||||
Net increase (decrease) during the period | 246,446 | ||||||
Net income (loss) | $ 354,551 | 354,551 | |||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (57,137) | ||||||
Purchase of treasury shares | (16,153) | ||||||
Balance at Mar. 31, 2019 | 8,389,273 | 694 | 2,189,544 | (216,111) | 9,828,847 | (3,413,701) | |
Balance, shares at Mar. 31, 2019 | 40,770,539 | ||||||
Balance at Dec. 31, 2018 | $ 7,860,797 | 692 | 2,188,777 | (462,557) | 9,531,433 | (3,397,548) | |
Balance, shares at Dec. 31, 2018 | 69,202,000 | 40,651,148 | |||||
Net income (loss) | $ 687,419 | ||||||
Balance at Jun. 30, 2019 | 8,836,817 | 694 | 2,198,461 | (44,902) | 10,104,716 | (3,422,152) | |
Balance, shares at Jun. 30, 2019 | 40,740,502 | ||||||
Balance at Dec. 31, 2018 | $ 7,860,797 | 692 | 2,188,777 | (462,557) | 9,531,433 | (3,397,548) | |
Balance, shares at Dec. 31, 2018 | 69,202,000 | 40,651,148 | |||||
Net increase (decrease) during the period | $ 508,828 | ||||||
Net income (loss) | 791,817 | ||||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (171,131) | ||||||
Balance at Sep. 30, 2019 | $ 8,983,258 | 694 | 2,206,326 | 46,272 | 10,152,118 | (3,422,152) | |
Balance, shares at Sep. 30, 2019 | 69,406,000 | 40,780,469 | |||||
Balance at Mar. 31, 2019 | $ 8,389,273 | 694 | 2,189,544 | (216,111) | 9,828,847 | (3,413,701) | |
Balance, shares at Mar. 31, 2019 | 40,770,539 | ||||||
Issued during the period, net, shares | 9,403 | ||||||
Treasury shares acquired, shares | (39,440) | ||||||
Issued during the period, net | |||||||
Share-based compensation plans | 8,917 | ||||||
Net increase (decrease) during the period | 171,209 | ||||||
Net income (loss) | 332,868 | 332,868 | |||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (56,999) | ||||||
Purchase of treasury shares | (8,451) | ||||||
Balance at Jun. 30, 2019 | 8,836,817 | 694 | 2,198,461 | (44,902) | 10,104,716 | (3,422,152) | |
Balance, shares at Jun. 30, 2019 | 40,740,502 | ||||||
Issued during the period, net, shares | 39,967 | ||||||
Treasury shares acquired, shares | 0 | ||||||
Issued during the period, net | |||||||
Share-based compensation plans | 7,865 | ||||||
Net increase (decrease) during the period | 91,173 | 91,174 | |||||
Net income (loss) | 104,398 | 104,398 | |||||
Dividends declared ($1.40 per share in 2019 and $1.30 per share in 2018) | (56,995) | (56,995) | |||||
Purchase of treasury shares | |||||||
Balance at Sep. 30, 2019 | $ 8,983,258 | $ 694 | $ 2,206,326 | $ 46,272 | $ 10,152,118 | $ (3,422,152) | |
Balance, shares at Sep. 30, 2019 | 69,406,000 | 40,780,469 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||||||
Dividends declared | $ 1.4 | $ 1.4 | $ 1.4 | $ 1.3 | $ 1.3 | $ 1.3 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
Net income (loss) | $ 104,398 | $ 354,551 | $ 198,381 | $ 215,186 | $ 687,419 | $ 275,973 | $ 791,817 | $ 474,354 | $ 89,041 | $ 482,751 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Decrease (increase) in premiums receivable | (168,377) | (61,315) | (174,583) | (123,622) | (219,637) | (257,291) | (382,987) | (350,446) | ||
Decrease (increase) in funds held by reinsureds, net | 9,353 | 94,936 | (55,421) | (75,887) | (17,961) | (73,189) | (153,627) | (33,220) | ||
Decrease (increase) in reinsurance receivables | (42,891) | (430,839) | ||||||||
Decrease (increase) in income taxes | 91,856 | 56,006 | 180,126 | 43,116 | 168,360 | 57,916 | (265,065) | (114,077) | ||
Decrease (increase) in prepaid reinsurance premiums | (145,846) | (92,174) | ||||||||
Increase (decrease) in reserve for losses and loss adjustment expenses | 553,668 | 591,385 | ||||||||
Increase (decrease) in future policy benefit reserve | (2,502) | (3,143) | ||||||||
Increase (decrease) in unearned premiums | 388,597 | 364,299 | ||||||||
Increase (decrease) in other net payable to reinsurers | 160,306 | 79,219 | ||||||||
Increase (decrease) in losses in course of payment | (6,438) | 98,947 | ||||||||
Change in equity adjustments in limited partnerships | (104,987) | (88,377) | ||||||||
Distribution of limited partnership income | 62,359 | 69,078 | ||||||||
Change in other assets and liabilities, net | (37,449) | (251,472) | ||||||||
Non-cash compensation expense | 25,386 | 25,791 | ||||||||
Amortization of bond premium (accrual of bond discount) | 23,642 | 24,804 | ||||||||
Net realized capital (gains) losses | 12,943 | (54,804) | (109,561) | (45,679) | ||||||
Net cash provided by (used in) operating activities | 1,486,863 | 543,629 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Proceeds from fixed maturities matured/called - available for sale, at market value | 1,631,298 | 1,444,452 | ||||||||
Proceeds from fixed maturities sold - available for sale, at market value | 2,589,232 | 1,756,139 | ||||||||
Proceeds from fixed maturities sold - available for sale, at fair value | 2,706 | 1,751 | ||||||||
Proceeds from equity securities sold, at fair value | 185,157 | 785,819 | ||||||||
Distributions from other invested assets | 215,800 | 3,061,938 | ||||||||
Cost of fixed maturities acquired - available for sale, at market value | (5,039,728) | (3,358,333) | ||||||||
Cost of fixed maturities acquired - available for sale, at fair value | (4,381) | |||||||||
Cost of equity securities acquired, at fair value | (269,969) | (820,924) | ||||||||
Cost of other invested assets acquired | (299,480) | (3,244,817) | ||||||||
Net change in short-term investments | (213,048) | 535 | ||||||||
Net change in unsettled securities transactions | (13,770) | 100,647 | ||||||||
Net cash provided by (used in) investing activities | (1,211,802) | (277,174) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Common shares issued during the period for share-based compensation, net of expense | (7,836) | (7,763) | ||||||||
Purchase of treasury shares | (24,604) | (75,304) | ||||||||
Dividends paid to shareholders | (171,131) | (159,343) | ||||||||
Cost of shares withheld on settlements of share-based compensation awards | (12,473) | (15,259) | ||||||||
Net cash provided by (used in) financing activities | (216,044) | (257,669) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 2,060 | (4,092) | ||||||||
Net increase (decrease) in cash | 61,077 | 4,694 | ||||||||
Cash, beginning of period | $ 656,095 | $ 635,067 | $ 656,095 | $ 635,067 | 656,095 | 635,067 | 635,067 | |||
Cash, end of period | $ 717,172 | $ 639,761 | 717,172 | 639,761 | $ 656,095 | $ 635,067 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||
Income taxes paid (recovered) | (80,544) | (67,941) | ||||||||
Interest paid | 19,078 | 17,741 | ||||||||
NON-CASH TRANSACTIONS: | ||||||||||
Fixed maturities - available for sale, at market value | 143,656 | |||||||||
Short-term investments | 243,864 | |||||||||
Other invested assets | $ (387,520) |
General
General | 9 Months Ended |
Sep. 30, 2019 | |
General [Abstract] | |
General | 1. GENERAL Everest Re Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, “Company” means Group and its subsidiaries. During the fourth quarter of 2017, the Company established a new Irish insurance subsidiary, Everest Insurance (Ireland), designated activity company (“Ireland Insurance”), which writes insurance business mainly in the European markets. |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. BASIS OF PRESENTATION The unaudited consolidated financial statements of the Company as of September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2018 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results for the three and nine months ended September 30, 2019 and 2018 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2018, 2017 and 2016 included in the Company’s most recent Form 10-K filing. The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. 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 2019 presentation. Application of Recently Issued Accounting Standard Changes. 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, 2021 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% to 21% upon enactment of the Tax Cuts and Jobs Act (“TCJA”), to be reclassified as part of retained earnings in the consolidated balance sheets. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018, but early adoption is allowed. The Company decided to early adopt the guidance as of December 31, 2017. The adoption resulted in a reclass of $ 1,250 thousand between AOCI and retained earnings during the fourth quarter of 2017. As an accounting policy, the Company has adopted the aggregate portfolio approach for releasing disproportionate income tax effects from AOCI. 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, 2018. The adoption of ASU 2017-08 did not have a material impact on the Company’s 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. Leases . In February 2016, FASB issued ASU 2016-02 (and subsequently issued ASU 2018-11 in July, 2018) which outline new guidance on the accounting for leases. The new guidance requires the recognition of lease assets and lease liabilities on the balance sheets for most leases that were previously deemed operating leases and required only lease expense presentation in the statements of operations. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018. The Company adopted ASU 2016-02 effective January 1, 2019 and elected to utilize a cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company’s reporting for the comparative periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance. The Company also elected to apply the package of practical expedients applicable to the Company in the updated guidance for transition for leases in effect at adoption. The Company did not elect the hindsight practical expedient to determine the lease term of existing leases (e.g. The Company did not re-assess lease renewals, termination options nor purchase options in determining lease terms). The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $ 69,869 thousand as part of other assets and a lease liability of $ 77,270 thousand as part of other liabilities in the consolidated balance sheet at the time of adoption, as well as de-recognizing the liability for deferred rent that was required under the previous guidance. The cumulative effect adjustment to the opening balance of retained earnings was zero. The adoption of the updated guidance did not have a material effect on the Company’s results of operations or liquidity. 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. 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. |
Revisions To Financial Statemen
Revisions To Financial Statements | 9 Months Ended |
Sep. 30, 2019 | |
Revisions To Financial Statements [Abstract] | |
Revisions To Financial Statements | 3. REVISIONS TO FINANCIAL STATEMENTS In preparing its current period financial statements, the Company identified errors in the handling of foreign exchange related to premium funds held from reinsureds. Although management determined that the impact of the foreign exchange differences were not material to prior period financial statements, the impact of recording the cumulative difference would have significantly impacted results within the current period. As a result, prior period balances have been revised in the applicable financial statements and corresponding footnotes to correct the foreign exchange adjustments. Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections. The prior period comparative financial statements that are presented herein have been revised. The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements. CONSOLIDATED BALANCE SHEETS December 31, 2018 December 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Premiums Receivable $ 2,218,283 $ ( 35,100) $ 2,183,183 $ 1,844,881 $ ( 25,106) $ 1,819,775 Funds held by reinsureds 445,040 ( 10,009) 435,031 292,927 ( 4,292) 288,635 Income taxes 592,385 2,102 594,487 299,438 902 300,340 TOTAL ASSETS $ 24,793,999 $ ( 43,007) $ 24,750,992 $ 23,591,792 $ ( 28,496) $ 23,563,296 SHAREHOLDERS' EQUITY: Retained earnings 9,574,440 ( 43,007) 9,531,433 9,685,908 ( 28,496) 9,657,412 Total shareholders' equity 7,903,804 ( 43,007) 7,860,797 8,369,232 ( 28,496) 8,340,736 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 24,793,999 $ ( 43,007) $ 24,750,992 $ 23,591,792 $ ( 28,496) $ 23,563,296 CONSOLIDATED BALANCE SHEETS June 30, 2019 March 31, 2019 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Premiums Receivable $ 2,389,943 $ ( 38,836) $ 2,351,107 $ 2,392,094 $ ( 29,831) $ 2,362,263 Funds held by reinsureds 498,043 ( 10,768) 487,275 432,736 ( 9,525) 423,211 Income taxes 358,457 2,261 360,718 475,851 2,000 477,851 TOTAL ASSETS $ 26,387,791 $ ( 47,343) $ 26,340,448 $ 25,630,507 $ ( 37,356) $ 25,593,151 SHAREHOLDERS' EQUITY: Retained earnings 10,152,059 ( 47,343) 10,104,716 9,866,203 ( 37,356) 9,828,847 Total stockholder's equity 8,884,160 ( 47,343) 8,836,817 8,426,629 ( 37,356) 8,389,273 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 26,387,791 $ ( 47,343) $ 26,340,448 $ 25,630,507 $ ( 37,356) $ 25,593,151 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Year Ended December 31, 2018 Year Ended December 31, 2017 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 9,060) $ ( 15,711) $ ( 24,771) $ ( 35,442) $ 14,227 $ ( 21,215) Total revenues $ 7,377,206 $ ( 15,711) $ 7,361,495 $ 6,608,071 $ 14,227 $ 6,622,298 INCOME (LOSS) BEFORE TAXES $ ( 226,471) $ ( 15,711) $ ( 242,182) $ 405,184 $ 14,227 $ 419,411 Income tax expense (benefit) ( 330,023) ( 1,200) ( 331,223) ( 63,784) 444 ( 63,340) NET INCOME (LOSS) $ 103,552 $ ( 14,511) $ 89,041 $ 468,968 $ 13,783 $ 482,751 COMPREHENSIVE INCOME (LOSS) $ ( 196,913) $ ( 14,511) $ ( 211,424) $ 526,091 $ 13,783 $ 539,874 EARNINGS PER COMMON SHARE: Basic $ 2.54 $ ( 0.36) $ 2.18 $ 11.43 $ 0.34 $ 11.77 Diluted $ 2.53 $ ( 0.36) $ 2.17 $ 11.36 $ 0.34 $ 11.70 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 7,977) $ ( 10,248) $ ( 18,225) $ ( 17,030) $ ( 4,495) $ ( 21,525) Total revenues $ 2,018,975 $ ( 10,248) $ 2,008,727 $ 3,979,058 $ ( 4,495) $ 3,974,563 INCOME (LOSS) BEFORE TAXES $ 382,593 $ ( 10,248) $ 372,345 $ 791,384 $ ( 4,495) $ 786,889 Income tax expense (benefit) 39,738 ( 261) 39,477 99,629 ( 159) 99,470 NET INCOME (LOSS) $ 342,855 $ ( 9,987) $ 332,868 $ 691,755 $ ( 4,336) $ 687,419 COMPREHENSIVE INCOME (LOSS) $ 514,064 $ ( 9,987) $ 504,077 $ 1,109,410 $ ( 4,336) $ 1,105,074 EARNINGS PER COMMON SHARE: Basic $ 8.42 $ ( 0.25) $ 8.17 $ 16.98 $ ( 0.10) $ 16.88 Diluted $ 8.39 $ ( 0.24) $ 8.15 $ 16.93 $ ( 0.11) $ 16.82 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2019 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 9,053) $ 5,753 $ ( 3,300) Total revenues $ 1,960,083 $ 5,753 $ 1,965,836 INCOME (LOSS) BEFORE TAXES $ 408,791 $ 5,753 $ 414,544 Income tax expense (benefit) 59,891 102 59,993 NET INCOME (LOSS) $ 348,900 $ 5,651 $ 354,551 COMPREHENSIVE INCOME (LOSS) $ 595,346 $ 5,651 $ 600,997 EARNINGS PER COMMON SHARE: Basic $ 8.57 $ 0.13 $ 8.70 Diluted $ 8.54 $ 0.13 $ 8.67 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 5,458) $ ( 7,950) $ ( 13,408) $ 9,642 $ ( 12,590) $ ( 2,948) Total revenues $ 1,944,413 $ ( 7,950) $ 1,936,463 $ 5,582,509 $ ( 12,590) $ 5,569,919 INCOME (LOSS) BEFORE TAXES $ 197,421 $ ( 7,950) $ 189,471 $ 475,827 $ ( 12,590) $ 463,237 Income tax expense (benefit) ( 8,192) ( 718) ( 8,910) ( 9,999) ( 1,118) ( 11,117) NET INCOME (LOSS) $ 205,613 $ ( 7,232) $ 198,381 $ 485,826 $ ( 11,472) $ 474,354 COMPREHENSIVE INCOME (LOSS) $ 180,634 $ ( 7,232) $ 173,402 $ 177,601 $ ( 11,472) $ 166,129 EARNINGS PER COMMON SHARE: Basic $ 5.04 $ ( 0.17) $ 4.87 $ 11.89 $ ( 0.28) $ 11.61 Diluted $ 5.02 $ ( 0.18) $ 4.84 $ 11.83 $ ( 0.28) $ 11.55 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ 3,036 $ ( 9,609) $ ( 6,573) $ 15,100 $ ( 4,640) $ 10,460 Total revenues $ 1,892,939 $ ( 9,609) $ 1,883,330 $ 3,638,096 $ ( 4,640) $ 3,633,456 INCOME (LOSS) BEFORE TAXES $ 60,763 $ ( 9,609) $ 51,154 $ 278,406 $ ( 4,640) $ 273,766 Income tax expense (benefit) ( 9,132) ( 501) ( 9,633) ( 1,807) ( 400) ( 2,207) NET INCOME (LOSS) $ 69,895 $ ( 9,108) $ 60,787 $ 280,213 $ ( 4,240) $ 275,973 COMPREHENSIVE INCOME (LOSS) $ ( 33,469) $ ( 9,108) $ ( 42,577) $ ( 3,033) $ ( 4,240) $ ( 7,273) EARNINGS PER COMMON SHARE: Basic $ 1.71 $ ( 0.22) $ 1.49 $ 6.85 $ ( 0.10) $ 6.75 Diluted $ 1.70 $ ( 0.22) $ 1.48 $ 6.81 $ ( 0.10) $ 6.71 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2018 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ 12,064 $ 4,969 $ 17,033 Total revenues $ 1,745,157 $ 4,969 $ 1,750,126 INCOME (LOSS) BEFORE TAXES $ 217,643 $ 4,969 $ 222,612 Income tax expense (benefit) 7,325 101 7,426 NET INCOME (LOSS) $ 210,318 $ 4,868 $ 215,186 COMPREHENSIVE INCOME (LOSS) $ 30,436 $ 4,868 $ 35,304 EARNINGS PER COMMON SHARE: Basic $ 5.14 $ 0.12 $ 5.26 Diluted $ 5.11 $ 0.12 $ 5.23 CONSOLIDATED STATEMENTS OF Year Ended December 31, 2018 Year Ended December 31, 2017 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,685,908 $ ( 28,496) $ 9,657,412 $ 9,422,932 $ ( 42,279) $ 9,380,653 Net income (loss) 103,552 ( 14,511) 89,041 468,968 13,783 482,751 Balance, end of period 9,574,440 ( 43,007) 9,531,433 9,685,908 ( 28,496) 9,657,412 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 7,903,804 $ ( 43,007) $ 7,860,797 $ 8,369,232 $ ( 28,496) $ 8,340,736 CONSOLIDATED STATEMENTS OF Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, January 1 $ 9,574,440 $ ( 43,007) $ 9,531,433 $ 9,574,440 $ ( 43,007) $ 9,531,433 Net income (loss) 348,900 5,651 354,551 348,900 5,651 354,551 Balance, March 31 9,866,203 ( 37,356) 9,828,847 9,866,203 ( 37,356) 9,828,847 Net income (loss) 342,855 ( 9,987) 332,868 Balance, June 30, 10,152,059 ( 47,343) 10,104,716 TOTAL STOCKHOLDER'S EQUITY, June 30 $ 8,884,160 $ ( 47,343) $ 8,836,817 $ 8,426,629 $ ( 37,356) $ 8,389,273 CONSOLIDATED STATEMENTS OF Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,860,842 $ ( 32,736) $ 9,828,106 $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 205,613 ( 7,232) 198,381 485,826 ( 11,472) 474,354 Balance, end of period 10,013,592 ( 39,968) 9,973,624 10,013,592 ( 39,968) 9,973,624 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,329,013 $ ( 39,968) $ 8,289,045 $ 8,329,013 $ ( 39,968) $ 8,289,045 CONSOLIDATED STATEMENTS OF Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,844,187 $ ( 23,628) $ 9,820,559 $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 69,895 ( 9,108) 60,787 280,213 ( 4,240) 275,973 Balance, end of period 9,860,842 ( 32,736) 9,828,106 9,860,842 ( 32,736) 9,828,106 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,241,349 $ ( 32,736) $ 8,208,613 $ 8,241,349 $ ( 32,736) $ 8,208,613 CONSOLIDATED STATEMENTS OF Three Months Ended March 31, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 210,318 4,868 215,186 Balance, end of period 9,844,187 ( 23,628) 9,820,559 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,344,180 $ ( 23,628) $ 8,320,552 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 Year Ended December 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 103,552 $ ( 14,511) $ 89,041 $ 468,968 $ 13,783 $ 482,751 Decrease (increase) in premiums receivable ( 392,981) 9,994 ( 382,987) ( 338,335) ( 12,111) ( 350,446) Decrease (increase) in funds held by reinsureds, net ( 159,344) 5,717 ( 153,627) ( 31,104) ( 2,116) ( 33,220) Decrease (increase) in income taxes ( 263,865) ( 1,200) ( 265,065) ( 114,521) 444 ( 114,077) CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 691,755 $ ( 4,336) $ 687,419 $ 348,900 $ 5,651 $ 354,551 Decrease (increase) in premiums receivable ( 178,319) 3,736 ( 174,583) ( 163,108) ( 5,269) ( 168,377) Decrease (increase) in funds held by reinsureds, net ( 56,180) 759 ( 55,421) 9,837 ( 484) 9,353 Decrease (increase) in income taxes 180,285 ( 159) 180,126 91,754 102 91,856 CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2018 Six Months Ended June 30, 2018 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 485,826 $ ( 11,472) $ 474,354 $ 280,213 $ ( 4,240) $ 275,973 Decrease (increase) in premiums receivable ( 264,556) 7,265 ( 257,291) ( 126,355) 2,733 ( 123,622) Decrease (increase) in funds held by reinsureds, net ( 78,514) 5,325 ( 73,189) ( 77,794) 1,907 ( 75,887) Decrease (increase) in income taxes 59,034 ( 1,118) 57,916 43,516 ( 400) 43,116 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2018 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 210,318 $ 4,868 $ 215,186 Decrease (increase) in premiums receivable ( 56,826) ( 4,489) ( 61,315) Decrease (increase) in funds held by reinsureds, net 95,416 ( 480) 94,936 Decrease (increase) in income taxes 55,905 101 56,006 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
Investments [Abstract] | |
Investments | 4. INVESTMENTS The amortized cost, market value and gross unrealized appreciation and depreciation of available for sale, fixed maturity, equity security investments, carried at market value and other-than-temporary impairments (“OTTI”) in accumulated other comprehensive income (“AOCI”) are as follows for the periods indicated: At September 30, 2019 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 $ 1,202,171 $ 39,053 $ ( 1,824) $ 1,239,400 $ - Obligations of U.S. states and political subdivisions 506,860 30,609 ( 98) 537,371 - Corporate securities 6,315,184 199,078 ( 38,925) 6,475,337 409 Asset-backed securities 864,311 3,293 ( 2,718) 864,886 - Mortgage-backed securities Commercial 728,348 39,643 ( 699) 767,292 - Agency residential 2,367,704 40,888 ( 6,976) 2,401,616 - Non-agency residential 8,047 38 ( 18) 8,067 - Foreign government securities 1,325,153 54,419 ( 36,009) 1,343,563 - Foreign corporate securities 2,847,063 129,449 ( 47,911) 2,928,601 465 Total fixed maturity securities $ 16,164,841 $ 536,470 $ ( 135,178) $ 16,566,133 $ 874 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 (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 September 30, 2019 At December 31, 2018 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,430,361 $ 1,444,393 $ 1,328,571 $ 1,330,534 Due after one year through five years 6,639,678 6,750,145 8,114,247 8,016,490 Due after five years through ten years 3,117,529 3,274,937 2,455,911 2,413,846 Due after ten years 1,008,863 1,054,797 789,575 791,113 Asset-backed securities 864,311 864,886 545,427 540,097 Mortgage-backed securities: Commercial 728,348 767,292 329,883 326,710 Agency residential 2,367,704 2,401,616 1,832,760 1,796,264 Non-agency residential 8,047 8,067 10,198 10,209 Total fixed maturity securities $. 16,164,841 $. 16,566,133 $. 15,406,572 $. 15,225,263 The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 103,173 $ ( 22,073) $ 584,333 $ ( 282,479) Fixed maturity securities, other-than-temporary impairment 72 72 ( 1,671) 339 Change in unrealized appreciation (depreciation), pre-tax 103,245 ( 22,001) 582,662 ( 282,140) Deferred tax benefit (expense) ( 9,984) 1,205 ( 62,415) 20,497 Deferred tax benefit (expense), other-than-temporary impairment ( 25) ( 69) 122 ( 145) Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ 93,236 $ ( 20,865) $ 520,369 $ ( 261,788) The Company frequently reviews all of its fixed maturity, available for sale securities for declines in market value and focuses its attention on securities whose fair value has fallen below 80% of their amortized cost at the time of review. The Company then assesses whether the decline in value is temporary or other-than-temporary. In making its assessment, the Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute an other-than-temporary impairment, but rather a temporary decline in market value. Temporary declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company determines that the decline is other-than-temporary and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the carrying value of the investment is written down to fair value. The fair value adjustment that is credit or foreign exchange related is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The fair value adjustment that is non-credit related is recorded as a component of other comprehensive income (loss), net of tax, and is included in accumulated other comprehensive income (loss) in the Company’s consolidated balance sheets. 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 September 30, 2019 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 $ 23,964 $ ( 20) $ 316,601 $ ( 1,804) $ 340,565 $ ( 1,824) Obligations of U.S. states and political subdivisions 6,672 ( 52) 3,518 ( 46) 10,190 ( 98) Corporate securities 524,855 ( 11,045) 526,975 ( 27,880) 1,051,830 ( 38,925) Asset-backed securities 337,232 ( 2,029) 175,138 ( 689) 512,370 ( 2,718) Mortgage-backed securities Commercial 4,944 - 47,201 ( 699) 52,145 ( 699) Agency residential 32,779 ( 95) 617,460 ( 6,881) 650,239 ( 6,976) Non-agency residential 3,200 ( 16) 2,381 ( 2) 5,581 ( 18) Foreign government securities 163,595 ( 4,794) 304,079 ( 31,215) 467,674 ( 36,009) Foreign corporate securities 235,652 ( 5,728) 491,150 ( 42,183) 726,802 ( 47,911) Total fixed maturity securities $ 1,332,893 $ ( 23,779) $ 2,484,503 $ ( 111,399) $ 3,817,396 $ ( 135,178) Duration of Unrealized Loss at September 30, 2019 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 $ 76,571 $ ( 1,341) $ 446,039 $ ( 22,077) $ 522,610 $ ( 23,418) Due in one year through five years 354,417 ( 6,986) 982,505 ( 55,581) 1,336,922 ( 62,567) Due in five years through ten years 330,090 ( 10,236) 118,854 ( 14,860) 448,944 ( 25,096) Due after ten years 193,660 ( 3,076) 94,925 ( 10,610) 288,585 ( 13,686) Asset-backed securities 337,232 ( 2,029) 175,138 ( 689) 512,370 ( 2,718) Mortgage-backed securities 40,923 ( 111) 667,042 ( 7,582) 707,965 ( 7,693) Total fixed maturity securities $ 1,332,893 $ ( 23,779) $ 2,484,503 $ ( 111,399) $ 3,817,396 $ ( 135,178) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at September 30, 2019 were $ 3,817,396 thousand and $ 135,178 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at September 30, 2019, did not exceed 0.9% of the overall market value of the Company’s fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $ 23,779 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, foreign government securities and asset-backed securities. Of these unrealized losses, $ 15,284 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $ 111,399 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to foreign and domestic corporate securities, foreign government securities, agency residential mortgage-backed securities and U.S. government agencies and corporations. Of these unrealized losses, $ 89,726 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments. The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity and equity securities, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated: Duration of Unrealized Loss at December 31, 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) 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 thousand and $ 367,898 thousand, respectively. The market value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2018, did not exceed 5.7% of the overall market value of the Company’s fixed maturity securities. The market value of the securities for the issuer with the second largest unrealized loss comprised less than 1.0% of the Company’s fixed maturity securities. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $ 120,838 thousand of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, foreign government securities and asset-backed securities. Of these unrealized losses, $ 74,729 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $ 247,060 thousand of unrealized losses related to fixed maturity securities in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, foreign government securities, agency residential mortgage-backed securities and U.S. government agencies and corporations. Of these unrealized losses, $ 230,560 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. There was no The components of net investment income are presented in the table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Fixed maturities $ 130,139 $ 119,513 $ 383,440 $ 343,019 Equity securities 4,147 5,380 12,250 18,879 Short-term investments and cash 3,899 5,005 13,497 8,829 Other invested assets Limited partnerships 43,758 38,342 100,298 83,719 Other 7,286 2,980 13,565 9,964 Gross investment income before adjustments 189,229 171,220 523,050 464,410 Funds held interest income (expense) 2,325 1,003 9,715 6,572 Future policy benefit reserve income (expense) ( 372) ( 431) ( 965) ( 999) Gross investment income 191,182 171,792 531,800 469,983 Investment expenses ( 10,124) ( 10,429) ( 30,738) ( 29,004) Net investment income $ 181,058 $ 161,363 $ 501,062 $ 440,979 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 $ 934,290 thousand in limited partnerships and private placement loans at September 30, 2019. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2026 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 thousand from other invested assets to fixed maturity securities, available for sale, at market value and has reclassified $ 243,864 thousand from other invested assets to short-term investments. As of September 30, 2019, the market value of investments in the facility consolidated within the Company’s balance sheets was $ 441,567 thousand. The components of net realized capital gains (losses) are presented in the table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Fixed maturity securities, market value: Other-than-temporary impairments $ ( 7,314) $ ( 3,825) $ ( 15,404) $ ( 4,783) Gains (losses) from sales 5,290 738 16,660 11,087 Fixed maturity securities, fair value: Gains (losses) from sales - ( 717) 356 ( 1,799) Gains (losses) from fair value adjustments - 584 13 1,542 Equity securities, fair value: Gains (losses) from sales ( 1,192) 9,507 2,541 7,984 Gains (losses) from fair value adjustments ( 12,008) 47,653 102,795 30,200 Other invested assets 2,098 913 2,341 1,497 Short-term investments gain (loss) 183 ( 49) 259 ( 49) Total net realized capital gains (losses) $ ( 12,943) $ 54,804 $ 109,561 $ 45,679 The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) both fair value re-measurements and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis as displayed in the table above. The Company had no other-than-temporary impaired securities where the impairment had both a credit and non-credit component. The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Proceeds from sales of fixed maturity securities $ 271,025 $ 531,452 $ 2,591,938 $ 1,757,890 Gross gains from sales 14,270 5,653 42,316 25,479 Gross losses from sales ( 8,980) ( 5,632) ( 25,300) ( 16,191) Proceeds from sales of equity securities $ 35,924 $ 209,437 $ 185,157 $ 785,819 Gross gains from sales 1,035 14,182 9,286 28,228 Gross losses from sales ( 2,227) ( 4,675) ( 6,745) ( 20,244) |
Reserve For Losses, LAE And Fut
Reserve For Losses, LAE And Future Policy Benefit Reserve | 9 Months Ended |
Sep. 30, 2019 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |
Reserve For Losses LAE And Future Policy Benefit Reserve | 5. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Activity in the reserve for losses and LAE is summarized for the periods indicated: Nine Months Ended September 30, (Dollars in thousands) 2019 2018 Gross reserves beginning of period $ 13,119,090 $ 11,884,321 Less reinsurance recoverables ( 1,619,641) ( 1,212,649) Net reserves beginning of period 11,499,449 10,671,672 Incurred related to: Current year 3,559,505 3,218,162 Prior years ( 44,401) 432,187 Total incurred losses and LAE 3,515,104 3,650,349 Paid related to: Current year 550,724 724,791 Prior years 2,406,753 2,730,015 Total paid losses and LAE 2,957,477 3,454,806 Foreign exchange/translation adjustment ( 52,125) ( 78,103) Net reserves end of period 12,004,952 10,789,112 Plus reinsurance recoverables 1,632,687 1,601,041 Gross reserves end of period $ 13,637,639 $ 12,390,153 (Some amounts may not reconcile due to rounding.) Incurred prior years losses decreased by $ 44,401 thousand for the nine months ended September 30, 2019 and increased by $ 432,187 thousand for the nine months ended September 30, 2018. The $ 44,401 thousand decrease for the nine months ended September 30, 2019, primarily related to reserve reductions associated with the early commutation of a multi-year contract. The increase for the nine months ended September 30, 2018 was mainly due to $ 532,156 thousand of adverse development on prior years catastrophe losses, primarily related to Hurricanes Harvey, Irma and Maria, as well as the 2017 California wildfires. The increase in loss estimates for Hurricanes Harvey, Irma and Maria was mostly driven by re-opened claims, loss inflation from higher than expected loss adjustment expenses and in particular, their impact on aggregate covers. This reserve increase was partially offset by $ 99,968 thousand of favorable development on prior years attritional losses which mainly related to U.S. and international property and casualty reinsurance business. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2019 | |
Derivatives [Abstract] | |
Derivatives | 6. DERIVATIVES The Company sold seven equity index put option contracts, based on two indices, in 2001 and 2005. The Company sold these equity index put options as insurance products with the intent of achieving a profit. These equity index put option contracts meet the definition of a derivative under FASB guidance and the Company’s position in these equity index put option contracts is unhedged. Accordingly, these equity index put option contracts are carried at fair value in the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). Four of these contracts had expired prior to September 30, 2019 with no liabilities due under the terms of the expired contracts. The Company had two remaining equity index put option contracts at September 30, 2019, based on the Standard & Poor’s 500 (“S&P 500”) index. Based on historical index volatilities and trends and the September 30, 2019 S&P 500 index value, the Company estimates the probability that each equity index put option contract of the S&P 500 index falling below the strike price on the exercise date to be less than 1%. The theoretical maximum payouts under these equity index put option contracts would occur if on each of the exercise dates the S&P 500 index value were zero. At September 30, 2019, the present value of these theoretical maximum payouts using a 3% discount factor was $ 206,755 thousand. Conversely, if the contracts had all expired on September 30, 2019, with the S&P index at $ 2,976.74, there would have been no settlement amount. The Company has one equity index put option contract based on the FTSE 100 index. Based on historical index volatilities and trends and the September 30, 2019 FTSE 100 index value, the Company estimates the probability that the equity index put option contract of the FTSE 100 index will fall below the strike price on the exercise date to be less than 7%. The theoretical maximum payout under the equity index put option contract would occur if on the exercise date the FTSE 100 index value was zero. At September 30, 2019, the present value of the theoretical maximum payout using a 3% discount factor and current exchange rate was $ 40,130 thousand. Conversely, if the contract had expired on September 30, 2019, with the FTSE index at ₤, 7408.21, there would have been no settlement amount. At September 30, 2019 and December 31, 2018, the fair value for these equity put options was $, 8563 thousand and $ 11,958 thousand, respectively. The fair value of the equity index put options can be found in the Company’s consolidated balance sheets as follows: (Dollars in thousands) Derivatives not designated as Location of fair value At At hedging instruments in balance sheets September 30, 2019 December 31, 2018 Equity index put option contracts Equity index put option liability $ 8,563 $ 11,958 Total $ 8,563 $ 11,958 The change in fair value of the equity index put option contracts can be found in the Company’s statement of operations and comprehensive income (loss) as follows: (Dollars in thousands) For the Three Months Ended For Nine Months Ended Derivatives not designated as Location of gain (loss) in statements of September 30, September 30, hedging instruments operations and comprehensive income (loss) 2019 2018 2019 2018 Equity index put option contracts Net derivative gain (loss) $ ( 189) $ 2,225 $ 3,395 $ 5,485 Total $ ( 189) $ 2,225 $ 3,395 $ 5,485 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value [Abstract] | |
Fair Value | 7. 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 September 30, 2019, $ 630,784 thousand of fixed maturities, market value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, $ 480,181 thousand, were valued by investment managers’ valuation committees and a majority of these fair values were substantiated by valuations from independent third parties. The Company has procedures in place to review and evaluate these independent third party valuations. The remaining Level 3 fixed maturities of $ 150,603 thousand were valued at either par or amortized cost, which the Company believes approximates fair value. At December 31, 2018, $ 435,959 thousand of fixed maturities, market value and $ 2,337 thousand of fixed maturities, fair value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, $ 354,143 thousand and all of the $ 2,337 thousand of fixed maturities, fair value were valued by investment managers’ valuation committees and a majority of these fair values were substantiated by valuations from independent third parties. The remaining Level 3 fixed maturities of $ 80,663 thousand were fair valued by the Company at either par or amortized cost and $ 1,153 thousand were priced using a non-binding broker quote. The Company internally manages a public equity portfolio which had a fair value at September 30, 2019 and December 31, 2018 of $ 154,693 thousand and $ 124,228 thousand, respectively, and all prices were obtained from publicly published sources. 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’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) September 30, 2019 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,239,400 $ - $ 1,239,400 $ - Obligations of U.S. States and political subdivisions 537,371 - 537,371 - Corporate securities 6,475,337 - 5,887,290 588,047 Asset-backed securities 864,886 - 824,242 40,644 Mortgage-backed securities - Commercial 767,292 - 767,292 - Agency residential 2,401,616 - 2,401,616 - Non-agency residential 8,067 - 8,067 - Foreign government securities 1,343,563 - 1,343,563 - Foreign corporate securities 2,928,601 - 2,926,508 2,093 Total fixed maturities, market value 16,566,133 - 15,935,349 630,784 Fixed maturities, fair value - - - - Equity securities, fair value 906,230 814,833 91,397 - Liabilities: Equity index put option contracts $ 8,563 $ - $ - $ 8,563 There were no transfers between Level 1 and Level 2 for the nine months ended September 30, 2019. 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 In addition, $ 160,264 thousand and $ 117,662 thousand of investments within other invested assets on the consolidated balance sheets as September 30, 2019 and December 31, 2018, respectively, are not included within the fair value hierarchy tables as the assets are measured at NAV as a practical expedient to determine fair value. 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 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in thousands) Securities Securities Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities at market value $ 542,878 $ - $ 2,093 $ 544,971 $ 428,215 $ - $ 7,744 $ 435,959 Total gains or (losses) (realized/unrealized) Included in earnings 1,018 - - 1,018 3,348 - ( 119) 3,229 Included in other comprehensive income (loss) ( 1,314) 644 - ( 670) 1,130 644 - 1,774 Purchases, issuances and settlements 42,289 40,000 - 82,289 150,659 40,000 ( 5,532) 185,127 Transfers in and/or (out) of Level 3 3,176 - - 3,176 4,695 - - 4,695 Ending balance $ 588,047 $ 40,644 $ 2,093 $ 630,784 $ 588,047 $ 40,644 $ 2,093 $ 630,784 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, Market Value Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 381,215 $ 12,615 $ 393,830 $ 210,186 $ 6,952 $ 217,138 Total gains or (losses) (realized/unrealized) Included in earnings ( 1,937) ( 472) ( 2,409) ( 591) ( 882) ( 1,473) Included in other comprehensive income (loss) ( 449) - ( 449) ( 24) - ( 24) Purchases, issuances and settlements 50,290 18 50,308 219,548 4,341 223,889 Transfers in and/or (out) of Level 3 - - - - 1,750 1,750 Ending balance $ 429,119 $ 12,161 $ 441,280 $ 429,119 $ 12,161 $ 441,280 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 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ - $ - $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings - - 369 369 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - ( 2,706) ( 2,706) Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - 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 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ 3,192 $ 3,192 $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings ( 101) ( 101) ( 257) ( 257) Included in other comprehensive income (loss) ( 32) ( 32) - - Purchases, issuances and settlements ( 686) ( 686) 2,630 2,630 Transfers in and/or (out) of Level 3 - - - - Ending balance $ 2,373 $ 2,373 $ 2,373 $ 2,373 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 for fixed maturities, market value were $ 3,176 thousand and $ 4,695 thousand for the three and nine months ended September 30, 2019, respectively. The transfers during 2019 were related to securities that were priced using a recognized pricing service as of December 31, 2018. These securities were subsequently priced by investment managers as of September 30, 2019. The following table presents the activity under Level 3, fair value measurements using significant unobservable inputs for equity index put option contracts, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Liabilities: Balance, beginning of period $ 8,374 $ 9,218 $ 11,958 $ 12,477 Total (gains) or losses (realized/unrealized) Included in earnings 189 ( 2,225) ( 3,395) ( 5,485) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 8,563 $ 6,993 $ 8,563 $ 6,993 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 8. EARNINGS PER COMMON SHARE Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2019 2018 2019 2018 Net income (loss) per share: Numerator Net income (loss) $ 104,398 $ 198,381 $ 791,817 $ 474,354 Less: dividends declared-common shares and nonvested common shares ( 56,995) ( 52,863) ( 171,131) ( 159,343) Undistributed earnings 47,403 145,519 620,687 315,012 Percentage allocated to common shareholders (1) 98.9 % 99.0 % 98.9 % 98.9 % 46,869 144,024 613,847 311,695 Add: dividends declared-common shareholders 56,403 52,356 169,329 157,759 Numerator for basic and diluted earnings per common share $ 103,273 $ 196,379 $ 783,176 $ 469,454 Denominator Denominator for basic earnings per weighted-average common shares 40,287 40,350 40,289 40,441 Effect of dilutive securities: Options 125 192 131 206 Denominator for diluted earnings per adjusted weighted-average common shares 40,411 40,542 40,421 40,646 Per common share net income (loss) Basic $ 2.56 $ 4.87 $ 19.44 $ 11.61 Diluted $ 2.56 $ 4.84 $ 19.38 $ 11.55 (1) Basic weighted-average common shares outstanding 40,287 40,350 40,289 40,441 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,746 40,769 40,738 40,871 Percentage allocated to common shareholders 98.9 % 99.0 % 98.9 % 98.9 % (Some amounts may not reconcile due to rounding.) There were no anti-diluted options outstanding for the three and nine months ended September 30, 2019 and 2018. All outstanding options expire on or between February 24, 2020 September 19, 2022 |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 9. 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 September 30, At December 31, (Dollars in thousands) 2019 2018 The Prudential $ 141,608 $ 142,754 Unaffiliated life insurance company 34,394 34,717 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 10. OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 103,247 $ ( 9,529) $ 93,718 $ 587,930 $ ( 61,792) $ 526,138 URA(D) on securities - OTTI 72 ( 25) 47 ( 1,671) 122 ( 1,549) Reclassification of net realized losses (gains) included in net income (loss) ( 74) ( 455) ( 529) ( 3,597) ( 623) ( 4,220) Foreign currency translation adjustments ( 2,665) ( 761) ( 3,426) ( 13,890) ( 1,316) ( 15,206) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 1,726 ( 363) 1,363 4,640 ( 975) 3,665 Total other comprehensive income (loss) $ 102,306 $ ( 11,133) $ 91,173 $ 573,412 $ ( 64,584) $ 508,828 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ ( 24,248) $ 1,963 $ ( 22,285) $ ( 274,679) $ 19,803 $ ( 254,876) URA(D) on securities - OTTI 72 ( 69) 3 339 ( 145) 194 Reclassification of net realized losses (gains) included in net income (loss) 2,175 ( 758) 1,417 ( 7,800) 694 ( 7,106) Foreign currency translation adjustments ( 6,723) 793 ( 5,930) ( 58,580) 6,697 ( 51,883) Reclassification of benefit plan liability amortization included in net income (loss) 2,298 ( 482) 1,816 6,893 ( 1,447) 5,446 Total other comprehensive income (loss) $ ( 26,426) $ 1,447 $ ( 24,979) $ ( 333,827) $ 25,602 $ ( 308,225) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2019 2018 2019 2018 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ ( 74) $ 2,175 $ ( 3,597) $ ( 7,800) Other net realized capital gains (losses) ( 455) ( 758) ( 623) 694 Income tax expense (benefit) $ ( 529) $ 1,417 $ ( 4,220) $ ( 7,106) Net income (loss) Benefit plan net gain (loss) $ 1,726 $ 2,298 $ 4,640 $ 6,893 Other underwriting expenses ( 363) ( 482) ( 975) ( 1,447) Income tax expense (benefit) $ 1,363 $ 1,816 $ 3,665 $ 5,446 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: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Beginning balance of URA (D) on securities $ 247,741 $ ( 192,155) $ ( 179,392) $ 49,969 Change to beginning balance due to adoption of ASU 2016-01 - - - ( 1,201) Current period change in URA (D) of investments - temporary 93,190 ( 20,868) 521,919 ( 261,982) Current period change in URA (D) of investments - non-credit OTTI 47 3 ( 1,549) 194 Ending balance of URA (D) on securities 340,978 ( 213,020) 340,978 ( 213,020) Beginning balance of foreign currency translation adjustments ( 227,527) ( 184,884) ( 215,747) ( 138,931) Current period change in foreign currency translation adjustments ( 3,426) ( 5,930) ( 15,206) ( 51,883) Ending balance of foreign currency translation adjustments ( 230,953) ( 190,814) ( 230,953) ( 190,814) Beginning balance of benefit plan net gain (loss) ( 65,116) ( 68,299) ( 67,418) ( 71,929) Current period change in benefit plan net gain (loss) 1,363 1,816 3,665 5,446 Ending balance of benefit plan net gain (loss) ( 63,753) ( 66,483) ( 63,753) ( 66,483) Ending balance of accumulated other comprehensive income (loss) $ 46,272 $ ( 470,317) $ 46,272 $ ( 470,317) (Some amounts may not reconcile due to rounding.) |
Credit Facilities
Credit Facilities | 9 Months Ended |
Sep. 30, 2019 | |
Credit Facilities [Abstract] | |
Credit Facilities | 11. CREDIT FACILITIES The Company has two active credit facilities for a total commitment of up to $ 1,000,000 thousand and an additional credit facility for a total commitment of up to £ 30,000 thousand, providing for the issuance of letters of credit and/or unsecured revolving credit lines. The following table presents the interest and fees incurred in connection with the two credit facilities for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Credit facility interest and fees incurred $ 105 $ 105 $ 315 $ 315 The terms and outstanding amounts for each facility are discussed below: Group Credit Facility Effective May 26, 2016, Group, Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”) and Everest International Reinsurance, Ltd. (“Everest International”), both direct subsidiaries of Group, entered into a five year, $ 800,000 thousand senior credit facility with a syndicate of lenders, which amended and restated in its entirety the June 22, 2012, four year, $ 800,000 thousand senior credit facility. Both the May 26, 2016 and June 22, 2012 senior credit facilities, which have similar terms, are referred to as the “Group Credit Facility”. Wells Fargo Corporation (“Wells Fargo Bank”) is the administrative agent for the Group Credit Facility, which consists of two tranches. Tranche one provides up to $ 200,000 thousand of unsecured revolving credit for liquidity and general corporate purposes, and for the issuance of unsecured standby letters of credit. The interest on the revolving loans shall, at the Company’s option, be either (1) the Base Rate (as defined below) or (2) an adjusted London Interbank Offered Rate (“LIBOR”) plus a margin. The Base Rate is the higher of (a) the prime commercial lending rate established by Wells Fargo Bank, (b) the Federal Funds Rate plus 0.5% per annum or (c) the one month LIBOR Rate plus 1.0% per annum. The amount of margin and the fees payable for the Group Credit Facility depends on Group’s senior unsecured debt rating. Tranche two exclusively provides up to $ 600,000 thousand for the issuance of standby letters of credit on a collateralized basis. The Group Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 to 1 and to maintain a minimum net worth. Minimum net worth is an amount equal to the sum of $ 5,370,979 thousand plus 25% of consolidated net income for each of Group’s fiscal quarters, for which statements are available ending on or after March 31, 2016 and for which consolidated net income is positive, plus 25% of any increase in consolidated net worth during such period attributable to the issuance of ordinary and preferred shares, which at September 30, 2019, was $ 6,198,350 thousand. As of September 30, 2019, the Company was in compliance with all Group Credit Facility covenants. The following table summarizes the outstanding letters of credit and/or borrowings for the periods indicated: (Dollars in thousands) At September 30, 2019 At December 31, 2018 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 600,000 595,575 12/31/2019 600,000 558,818 12/31/2019 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 595,575 $ 800,000 $ 558,818 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 thousand of secured letters of credit to collateralize reinsurance obligations as a non-admitted reinsurer. The interest on drawn letters of credit shall be (A) 0.35% per annum of the principal amount of issued standard letters of credit (expiry of 15 months or less) and (B) 0.45% per annum of the principal amount of issued extended tenor letters of credit (expiry maximum of up to 60 months). The commitment fee on undrawn credit shall be 0.15% per annum. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At September 30, 2019 At December 31, 2018 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 3,672 11/24/2019 $ 200,000 $ 3,482 02/28/2019 74,243 12/31/2019 3,672 11/24/2019 3,482 02/29/2020 72,443 12/31/2019 173 12/16/2020 296 08/15/2020 122 12/20/2020 177 12/16/2020 2,993 12/31/2020 125 12/20/2020 547 08/15/2021 1,851 11/04/2022 39,027 09/30/2023 407 11/13/2022 - 59,293 12/30/2022 Total Citibank Bilateral Agreement $ 200,000 $ 124,259 $ 200,000 $ 141,746 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 year term and provides up to £ 30,000 thousand for the issuance of standby letters of credit on a collateralized basis. The Company pays a commitment fee of 0.1% per annum on the average daily amount of the remainder of (1) the aggregate amount available under the facility and (2) the aggregate amount of drawings outstanding under the facility. The Company pays a credit commission fee of 0.35% per annum on drawings outstanding under the facility. The Everest International Credit Facility requires Group to maintain a debt to capital ratio of not greater than 0.35 to 1 and to maintain a minimum net worth. Minimum net worth is an amount equal to the sum of $ 5,326,009 thousand ( 70% of consolidated net worth as of December 31, 2015), plus 25% of consolidated net income for each of Group’s fiscal quarters, for which statements are available ending on or after January 1, 2015 and for which net income is positive, plus 25% of any increase in consolidated net worth of Group during such period attributable to the issuance of ordinary and preferred shares, which at September 30, 2019, was $, 6189,098 thousand. As of September 30, 2019, the Company was in compliance with all Everest International Credit Facility requirements. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At September 30, 2019 At December 31, 2018 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 30,000 £ 24,845 12/31/2022 £ 30,000 £ 26,000 12/31/2022 - - - - Total Lloyd's Bank Credit Facility £ 30,000 £ 24,845 £ 30,000 £ 26,000 Federal Home Loan Bank Membership Effective August 15, 2019, Everest Reinsurance Company (“Everest Re”) became a member of the Federal Home Loan Banks (“FHLB”) organization, which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of June 30, 2019, Everest Re had admitted assets of $ 12,310,510 thousand which provides borrowing capacity of up to $ 1,231,051 thousand. Through September 30, 2019, Everest had no borrowings through the FLHB. |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 9 Months Ended |
Sep. 30, 2019 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 12. 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 September 30, 2019, the total amount on deposit in trust accounts was $ 867,357 thousand. 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% of the voting common shares are owned by Group. Separate segregated accounts for Mt. Logan Re began being established effective July 1, 2013 and non-voting, redeemable preferred shares have been issued to capitalize the segregated accounts. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally. 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. Three Months Ended Nine Months Ended September 30, September 30, Mt. Logan Re Segregated Accounts 2019 2018 2019 2018 (Dollars in thousands) Ceded written premiums 97,391 73,015 237,841 203,445 Ceded earned premiums 79,560 65,982 220,200 192,820 Ceded losses and LAE 79,499 28,982 164,914 189,505 Assumed written premiums 9,867 4,793 14,900 9,440 Assumed earned premiums 9,867 4,793 14,900 9,440 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 $ 993,036 thousand and $ 1,156,853 thousand at September 30, 2019 and December 31, 2018, respectively. Of this amount, Group had investments recorded at $ 45,748 thousand and $ 45,625 thousand at September 30, 2019 and December 31, 2018, respectively, in the segregated accounts. 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 thousand of casualty reserves held by Bermuda Re related to accident years 2002 through 2015. As consideration for entering the agreement, the Company transferred cash of $ 252,000 thousand to the Mt. Logan Re segregated account. The maximum liability to be retroceded under the agreement will be $ 319,000 thousand. The Company will retain liability for any amounts exceeding the maximum liability. On April 24, 2014, the Company entered into two collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover specified named storm and earthquake events. The first agreement provides up to $ 250,000 thousand of reinsurance coverage from named storms in specified states of the Southeastern United States. The second agreement provides up to $ 200,000 thousand of reinsurance coverage from named storms in specified states of the Southeast, Mid-Atlantic and Northeast regions of the United States and Puerto Rico as well as reinsurance coverage from earthquakes in specified states of the Southeast, Mid-Atlantic, Northeast and West regions of the United States, Puerto Rico and British Columbia. These reinsurance agreements expired in 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 thousand of reinsurance coverage from earthquakes in the United States, Puerto Rico and Canada. 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 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. The second agreement provides up to $ 325,000 thousand of reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. On April 13, 2017 the Company entered into six collateralized reinsurance agreements with Kilimanjaro to provide the Company with annual aggregate catastrophe reinsurance coverage. The initial three agreements are four year reinsurance contracts which cover named storm and earthquake events. These agreements provide up to $ 225,000 thousand, $ 400,000 thousand and $ 325,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. The subsequent three agreements are five year reinsurance contracts which cover named storm and earthquake events. These agreements provide up to $ 50,000 thousand, $ 75,000 thousand and $ 175,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico and Canada. On April 30, 2018 the Company entered into four 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 two agreements are four year reinsurance contracts which provide up to $ 62,500 thousand and $ 200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The remaining two agreements are five year reinsurance contracts which provide up to $ 62,500 thousand and $ 200,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. 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. 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 thousand of notes (“Series 2014-1 Notes”). The $ 450,000 thousand of Series 2014-1 Notes were fully redeemed on April 30, 2018 and are no longer outstanding. On November 18, 2014, Kilimanjaro issued $ 500,000 thousand of notes (“Series 2014-2 Notes”). On December 1, 2015, Kilimanjaro issued $ 625,000 thousand of notes (“Series 2015-1 Notes). On April 13, 2017, Kilimanjaro issued $ 950,000 thousand of notes (“Series 2017-1 Notes) and $ 300,000 thousand of notes (“Series 2017-2 Notes). On April 30, 2018, Kilimanjaro issued $ 262,500 thousand of notes (“Series 2018-1 Notes”) and $ 262,500 thousand of notes (“Series 2018-2 Notes”). The proceeds from the issuance of the Notes listed above are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in US government money market funds with a rating of at least “AAAm” by Standard & Poor’s. |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2019 | |
Senior Notes [Abstract] | |
Senior Notes | 13. SENIOR NOTES The table below displays Holdings’ outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. September 30, 2019 December 31, 2018 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 $ 397,044 $ 450,984 $ 396,954 $ 396,968 On June 5, 2014, Holdings issued $ 400,000 thousand of 30 year senior notes at 4.868%, which will mature on June 1, 2044. Interest will be paid semi-annually on June 1 and December 1 of each year. Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars In thousands 2019 2018 2019 2018 Interest expense incurred $ 4,868 $ 4,868 $ 14,604 $ 14,604 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 9 Months Ended |
Sep. 30, 2019 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 14. LONG TERM SUBORDINATED NOTES The table below displays Holdings’ outstanding fixed to floating rate long term subordinated notes. Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. Maturity Date September 30, 2019 December 31, 2018 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 $ 236,733 $ 214,853 $ 236,659 $ 200,390 During the fixed rate interest period from May 3, 2007 May 14, 2017 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007. During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one ten 4.54%. Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. Effective upon the maturity of the Company’s 5.40% senior notes on October 15, 2014, the Company’s 4.868% senior notes, due on June 1, 2044, have become the Company’s long term indebtedness that ranks senior to the long term subordinated notes. On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes. Upon expiration of the tender offer, the Company had reduced its outstanding debt by $ 161,441 thousand. Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Interest expense incurred $ 2,881 $ 2,875 $ 8,892 $ 7,968 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 15. LEASES Effective January 1, 2019, the Company adopted ASU 2016-02 and ASU 2018-11 which outline new guidance on the accounting for leases. The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease. Supplemental information related to operating leases is as follows for the periods indicated: Three Months Ended Nine Months Ended (Dollars in thousands) September 30, September 30, Lease expense incurred: 2019 2019 Operating lease cost $ 5,384 $ 16,602 At September 30, (Dollars in thousands) 2019 Operating lease right of use assets $ 58,754 Operating lease liabilities 65,138 Nine Months Ended September 30, (Dollars in thousands) 2019 Operating cash flows from operating leases $ ( 14,665) At September 30, 2019 Weighted average remaining operating lease term 6.0 years Weighted average discount rate on operating leases 4.48 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) Remainder of 2019 $ 4,869 2020 19,383 2021 10,648 2022 10,390 2023 9,937 2024 9,549 Thereafter 17,037 Undiscounted lease payments 81,813 Less: present value adjustment 16,675 Total operating lease liability $ 65,138 On July 2, 2019, the Company entered into a lease agreement to relocate its corporate offices from Liberty Corner, New Jersey to a corporate complex in Warren, New Jersey. The new lease, which covers approximately 315,000 square feet of office space, will be effective October 1, 2019 and runs through 2036. The initial base rent payment of the lease will be approximately $ 650 thousand per month or $ 7,800 thousand per year. The Company expects to relocate the existing operations and employees of the Liberty Corner, New Jersey facility to the new corporate complex during 2021. The amount of operating lease liabilities is not separately presented in the consolidated financial statements but is included in other liabilities. Disclosures regarding minimum lease payments under previous lease accounting guidance can be found in the Company’s 2018 Form 10-K. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16. SEGMENT REPORTING The U.S. Reinsurance operation writes property and casualty reinsurance and specialty lines of business, including Marine, Aviation, Surety and Accident and Health (“A&H”) business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S. The International operation writes non-U.S. property and casualty reinsurance through Everest 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: Three Months Ended Nine Months Ended U.S. Reinsurance September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 852,679 $ 940,839 $ 2,258,589 $ 2,237,170 Net written premiums 754,477 845,743 1,931,024 1,957,877 Premiums earned $ 646,265 $ 670,663 $ 1,893,516 $ 1,837,932 Incurred losses and LAE 380,960 440,070 1,052,789 1,494,916 Commission and brokerage 215,813 156,500 555,517 432,532 Other underwriting expenses 19,150 16,250 50,468 48,608 Underwriting gain (loss) $ 30,342 $ 57,843 $ 234,742 $ ( 138,124) Three Months Ended Nine Months Ended International September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 442,294 $ 362,651 $ 1,215,209 $ 1,128,399 Net written premiums 407,897 348,785 1,141,319 1,049,249 Premiums earned $ 372,344 $ 342,238 $ 1,083,354 $ 1,049,637 Incurred losses and LAE 411,011 310,400 878,118 738,830 Commission and brokerage 83,420 81,439 253,015 255,704 Other underwriting expenses 11,331 10,191 29,847 31,116 Underwriting gain (loss) $ ( 133,418) $ ( 59,792) $ ( 77,626) $ 23,987 Three Months Ended Nine Months Ended Bermuda September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 441,699 $ 377,916 $ 1,204,512 $ 1,163,042 Net written premiums 421,339 358,758 1,140,609 1,108,962 Premiums earned $ 402,190 $ 299,815 $ 1,095,208 $ 972,647 Incurred losses and LAE 258,650 211,718 674,994 591,328 Commission and brokerage 71,865 76,611 230,581 238,416 Other underwriting expenses 13,351 10,752 36,716 31,647 Underwriting gain (loss) $ 58,324 $ 734 $ 152,917 $ 111,256 Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 666,602 $ 517,258 $ 2,018,727 $ 1,668,181 Net written premiums 484,844 385,487 1,491,286 1,241,269 Premiums earned $ 484,820 $ 418,763 $ 1,383,537 $ 1,220,508 Incurred losses and LAE 321,303 289,670 909,203 825,275 Commission and brokerage 71,978 66,851 214,387 195,790 Other underwriting expenses 74,326 60,749 204,945 175,954 Underwriting gain (loss) $ 17,213 $ 1,493 $ 55,002 $ 23,489 The following table reconciles the underwriting results for the operating segments to income before taxes as reported in the consolidated statements of operations and comprehensive income (loss) for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Underwriting gain (loss) $ ( 27,539) $ 278 $ 365,035 $ 20,608 Net investment income 181,058 161,363 501,062 440,979 Net realized capital gains (losses) ( 12,943) 54,804 109,561 45,679 Net derivative gain (loss) ( 189) 2,225 3,395 5,485 Corporate expenses ( 8,435) ( 7,890) ( 22,622) ( 23,519) Interest, fee and bond issue cost amortization expense ( 7,907) ( 7,901) ( 23,972) ( 23,047) Other income (expense) ( 31,025) ( 13,408) ( 52,550) ( 2,948) Income (loss) before taxes $ 93,020 $ 189,471 $ 879,909 $ 463,237 The Company produces business in the U.S., Bermuda and internationally. The net income deriving from and assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company’s financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 United Kingdom gross written premium $ 272,297 $ 246,580 $ 743,294 $ 681,911 No other country represented more than 5% of the Company’s revenues. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2019 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 17. SHARE-BASED COMPENSATION PLANS For the three months ended September 30, 2019, 40,345 share-based compensation awards were granted on September 18, 2019, with a fair value of $ 260.555 per share. |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | 18. RETIREMENT BENEFITS 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. Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Service cost $ 2,064 $ 2,977 $ 6,616 $ 8,931 Interest cost 2,928 2,585 8,788 7,754 Expected return on plan assets ( 4,492) ( 3,670) ( 14,523) ( 11,011) Amortization of net (income) loss 1,909 2,237 5,111 6,710 FAS 88 settlement charge 102 - 309 - Net periodic benefit cost $ 2,511 $ 4,129 $ 6,301 $ 12,384 Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Service cost $ 245 $ 446 $ 818 $ 1,339 Interest cost 245 307 835 920 Amortization of prior service cost ( 144) ( 33) ( 433) ( 98) Amortization of net (income) loss ( 39) 94 ( 39) 282 Net periodic benefit cost $ 307 $ 814 $ 1,181 $ 2,443 The service cost component of net periodic benefit costs is included within other underwriting expenses on the consolidated statement of operations and comprehensive income (loss). In accordance with ASU 2017-07, other staff compensation costs are also primarily recorded within this line item. The Company did not make any contributions to the qualified pension benefit plan for the three and nine months ended September 30, 2019. For the three and nine months ended September 30, 2018, the Company contributed $ 77,000 thousand to the qualified pension benefit plan. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 19. INCOME TAXES The Company is domiciled in Bermuda and has significant subsidiaries and/or branches in Canada, Ireland, Singapore, Switzerland, the United Kingdom, and the United States. The Company’s Bermuda domiciled subsidiaries are exempt from income taxation under Bermuda law until 2035. The Company’s non-Bermudian subsidiaries and branches are subject to income taxation at varying rates in their respective domiciles. The Company generally applies the estimated Annualized Effective Tax Rate (“AETR”) approach for calculating its tax provision for interim periods as prescribed by ASC 740-270, Interim Reporting. Under the AETR approach, the estimated annualized effective tax rate is applied to the interim year-to-date pre-tax income/loss to determine the income tax expense or benefit for the year-to-date period. If the AETR approach produces a year-to-date tax benefit which exceeds the amount which is estimated to be recoverable for the full year, then the tax benefit for the interim reporting period will be limited as prescribed under ASC 740-270 to the estimated recoverable based on the year-to-date result. The tax expense or benefit for the quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company’s annual pre-tax income/loss and annualized effective tax rate. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. In October 2019, Typhoon Hagibis made landfall in Japan. Additionally, wildfires are currently impacting California. Due to the recentness of these events, the Company is unable to estimate the amount of losses at this time. However, the Company anticipates that the losses from these events will adversely impact fourth quarter 2019 financial statements. |
Revisions To Financial Statem_2
Revisions To Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revisions To Financial Statements [Abstract] | |
Schedule of Prior Period Financial Statements | CONSOLIDATED BALANCE SHEETS December 31, 2018 December 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Premiums Receivable $ 2,218,283 $ ( 35,100) $ 2,183,183 $ 1,844,881 $ ( 25,106) $ 1,819,775 Funds held by reinsureds 445,040 ( 10,009) 435,031 292,927 ( 4,292) 288,635 Income taxes 592,385 2,102 594,487 299,438 902 300,340 TOTAL ASSETS $ 24,793,999 $ ( 43,007) $ 24,750,992 $ 23,591,792 $ ( 28,496) $ 23,563,296 SHAREHOLDERS' EQUITY: Retained earnings 9,574,440 ( 43,007) 9,531,433 9,685,908 ( 28,496) 9,657,412 Total shareholders' equity 7,903,804 ( 43,007) 7,860,797 8,369,232 ( 28,496) 8,340,736 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 24,793,999 $ ( 43,007) $ 24,750,992 $ 23,591,792 $ ( 28,496) $ 23,563,296 CONSOLIDATED BALANCE SHEETS June 30, 2019 March 31, 2019 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) ASSETS: Premiums Receivable $ 2,389,943 $ ( 38,836) $ 2,351,107 $ 2,392,094 $ ( 29,831) $ 2,362,263 Funds held by reinsureds 498,043 ( 10,768) 487,275 432,736 ( 9,525) 423,211 Income taxes 358,457 2,261 360,718 475,851 2,000 477,851 TOTAL ASSETS $ 26,387,791 $ ( 47,343) $ 26,340,448 $ 25,630,507 $ ( 37,356) $ 25,593,151 SHAREHOLDERS' EQUITY: Retained earnings 10,152,059 ( 47,343) 10,104,716 9,866,203 ( 37,356) 9,828,847 Total stockholder's equity 8,884,160 ( 47,343) 8,836,817 8,426,629 ( 37,356) 8,389,273 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 26,387,791 $ ( 47,343) $ 26,340,448 $ 25,630,507 $ ( 37,356) $ 25,593,151 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Year Ended December 31, 2018 Year Ended December 31, 2017 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 9,060) $ ( 15,711) $ ( 24,771) $ ( 35,442) $ 14,227 $ ( 21,215) Total revenues $ 7,377,206 $ ( 15,711) $ 7,361,495 $ 6,608,071 $ 14,227 $ 6,622,298 INCOME (LOSS) BEFORE TAXES $ ( 226,471) $ ( 15,711) $ ( 242,182) $ 405,184 $ 14,227 $ 419,411 Income tax expense (benefit) ( 330,023) ( 1,200) ( 331,223) ( 63,784) 444 ( 63,340) NET INCOME (LOSS) $ 103,552 $ ( 14,511) $ 89,041 $ 468,968 $ 13,783 $ 482,751 COMPREHENSIVE INCOME (LOSS) $ ( 196,913) $ ( 14,511) $ ( 211,424) $ 526,091 $ 13,783 $ 539,874 EARNINGS PER COMMON SHARE: Basic $ 2.54 $ ( 0.36) $ 2.18 $ 11.43 $ 0.34 $ 11.77 Diluted $ 2.53 $ ( 0.36) $ 2.17 $ 11.36 $ 0.34 $ 11.70 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 7,977) $ ( 10,248) $ ( 18,225) $ ( 17,030) $ ( 4,495) $ ( 21,525) Total revenues $ 2,018,975 $ ( 10,248) $ 2,008,727 $ 3,979,058 $ ( 4,495) $ 3,974,563 INCOME (LOSS) BEFORE TAXES $ 382,593 $ ( 10,248) $ 372,345 $ 791,384 $ ( 4,495) $ 786,889 Income tax expense (benefit) 39,738 ( 261) 39,477 99,629 ( 159) 99,470 NET INCOME (LOSS) $ 342,855 $ ( 9,987) $ 332,868 $ 691,755 $ ( 4,336) $ 687,419 COMPREHENSIVE INCOME (LOSS) $ 514,064 $ ( 9,987) $ 504,077 $ 1,109,410 $ ( 4,336) $ 1,105,074 EARNINGS PER COMMON SHARE: Basic $ 8.42 $ ( 0.25) $ 8.17 $ 16.98 $ ( 0.10) $ 16.88 Diluted $ 8.39 $ ( 0.24) $ 8.15 $ 16.93 $ ( 0.11) $ 16.82 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2019 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 9,053) $ 5,753 $ ( 3,300) Total revenues $ 1,960,083 $ 5,753 $ 1,965,836 INCOME (LOSS) BEFORE TAXES $ 408,791 $ 5,753 $ 414,544 Income tax expense (benefit) 59,891 102 59,993 NET INCOME (LOSS) $ 348,900 $ 5,651 $ 354,551 COMPREHENSIVE INCOME (LOSS) $ 595,346 $ 5,651 $ 600,997 EARNINGS PER COMMON SHARE: Basic $ 8.57 $ 0.13 $ 8.70 Diluted $ 8.54 $ 0.13 $ 8.67 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ ( 5,458) $ ( 7,950) $ ( 13,408) $ 9,642 $ ( 12,590) $ ( 2,948) Total revenues $ 1,944,413 $ ( 7,950) $ 1,936,463 $ 5,582,509 $ ( 12,590) $ 5,569,919 INCOME (LOSS) BEFORE TAXES $ 197,421 $ ( 7,950) $ 189,471 $ 475,827 $ ( 12,590) $ 463,237 Income tax expense (benefit) ( 8,192) ( 718) ( 8,910) ( 9,999) ( 1,118) ( 11,117) NET INCOME (LOSS) $ 205,613 $ ( 7,232) $ 198,381 $ 485,826 $ ( 11,472) $ 474,354 COMPREHENSIVE INCOME (LOSS) $ 180,634 $ ( 7,232) $ 173,402 $ 177,601 $ ( 11,472) $ 166,129 EARNINGS PER COMMON SHARE: Basic $ 5.04 $ ( 0.17) $ 4.87 $ 11.89 $ ( 0.28) $ 11.61 Diluted $ 5.02 $ ( 0.18) $ 4.84 $ 11.83 $ ( 0.28) $ 11.55 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 INCOME (LOSS): As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ 3,036 $ ( 9,609) $ ( 6,573) $ 15,100 $ ( 4,640) $ 10,460 Total revenues $ 1,892,939 $ ( 9,609) $ 1,883,330 $ 3,638,096 $ ( 4,640) $ 3,633,456 INCOME (LOSS) BEFORE TAXES $ 60,763 $ ( 9,609) $ 51,154 $ 278,406 $ ( 4,640) $ 273,766 Income tax expense (benefit) ( 9,132) ( 501) ( 9,633) ( 1,807) ( 400) ( 2,207) NET INCOME (LOSS) $ 69,895 $ ( 9,108) $ 60,787 $ 280,213 $ ( 4,240) $ 275,973 COMPREHENSIVE INCOME (LOSS) $ ( 33,469) $ ( 9,108) $ ( 42,577) $ ( 3,033) $ ( 4,240) $ ( 7,273) EARNINGS PER COMMON SHARE: Basic $ 1.71 $ ( 0.22) $ 1.49 $ 6.85 $ ( 0.10) $ 6.75 Diluted $ 1.70 $ ( 0.22) $ 1.48 $ 6.81 $ ( 0.10) $ 6.71 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2018 AND COMPREHENSIVE INCOME (LOSS): As Previously Impact of Reported Revisions As Revised (Dollars in thousands) Revenues: Other income (expense) $ 12,064 $ 4,969 $ 17,033 Total revenues $ 1,745,157 $ 4,969 $ 1,750,126 INCOME (LOSS) BEFORE TAXES $ 217,643 $ 4,969 $ 222,612 Income tax expense (benefit) 7,325 101 7,426 NET INCOME (LOSS) $ 210,318 $ 4,868 $ 215,186 COMPREHENSIVE INCOME (LOSS) $ 30,436 $ 4,868 $ 35,304 EARNINGS PER COMMON SHARE: Basic $ 5.14 $ 0.12 $ 5.26 Diluted $ 5.11 $ 0.12 $ 5.23 CONSOLIDATED STATEMENTS OF Year Ended December 31, 2018 Year Ended December 31, 2017 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,685,908 $ ( 28,496) $ 9,657,412 $ 9,422,932 $ ( 42,279) $ 9,380,653 Net income (loss) 103,552 ( 14,511) 89,041 468,968 13,783 482,751 Balance, end of period 9,574,440 ( 43,007) 9,531,433 9,685,908 ( 28,496) 9,657,412 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 7,903,804 $ ( 43,007) $ 7,860,797 $ 8,369,232 $ ( 28,496) $ 8,340,736 CONSOLIDATED STATEMENTS OF Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, January 1 $ 9,574,440 $ ( 43,007) $ 9,531,433 $ 9,574,440 $ ( 43,007) $ 9,531,433 Net income (loss) 348,900 5,651 354,551 348,900 5,651 354,551 Balance, March 31 9,866,203 ( 37,356) 9,828,847 9,866,203 ( 37,356) 9,828,847 Net income (loss) 342,855 ( 9,987) 332,868 Balance, June 30, 10,152,059 ( 47,343) 10,104,716 TOTAL STOCKHOLDER'S EQUITY, June 30 $ 8,884,160 $ ( 47,343) $ 8,836,817 $ 8,426,629 $ ( 37,356) $ 8,389,273 CONSOLIDATED STATEMENTS OF Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,860,842 $ ( 32,736) $ 9,828,106 $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 205,613 ( 7,232) 198,381 485,826 ( 11,472) 474,354 Balance, end of period 10,013,592 ( 39,968) 9,973,624 10,013,592 ( 39,968) 9,973,624 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,329,013 $ ( 39,968) $ 8,289,045 $ 8,329,013 $ ( 39,968) $ 8,289,045 CONSOLIDATED STATEMENTS OF Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,844,187 $ ( 23,628) $ 9,820,559 $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 69,895 ( 9,108) 60,787 280,213 ( 4,240) 275,973 Balance, end of period 9,860,842 ( 32,736) 9,828,106 9,860,842 ( 32,736) 9,828,106 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,241,349 $ ( 32,736) $ 8,208,613 $ 8,241,349 $ ( 32,736) $ 8,208,613 CONSOLIDATED STATEMENTS OF Three Months Ended March 31, 2018 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, beginning of period $ 9,685,908 $ ( 28,496) $ 9,657,412 Net income (loss) 210,318 4,868 215,186 Balance, end of period 9,844,187 ( 23,628) 9,820,559 TOTAL STOCKHOLDER'S EQUITY, END OF PERIOD $ 8,344,180 $ ( 23,628) $ 8,320,552 CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 Year Ended December 31, 2017 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 103,552 $ ( 14,511) $ 89,041 $ 468,968 $ 13,783 $ 482,751 Decrease (increase) in premiums receivable ( 392,981) 9,994 ( 382,987) ( 338,335) ( 12,111) ( 350,446) Decrease (increase) in funds held by reinsureds, net ( 159,344) 5,717 ( 153,627) ( 31,104) ( 2,116) ( 33,220) Decrease (increase) in income taxes ( 263,865) ( 1,200) ( 265,065) ( 114,521) 444 ( 114,077) CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 Three Months Ended March 31, 2019 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 691,755 $ ( 4,336) $ 687,419 $ 348,900 $ 5,651 $ 354,551 Decrease (increase) in premiums receivable ( 178,319) 3,736 ( 174,583) ( 163,108) ( 5,269) ( 168,377) Decrease (increase) in funds held by reinsureds, net ( 56,180) 759 ( 55,421) 9,837 ( 484) 9,353 Decrease (increase) in income taxes 180,285 ( 159) 180,126 91,754 102 91,856 CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2018 Six Months Ended June 30, 2018 As Previously Impact of As Previously Impact of Reported Revisions As Revised Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 485,826 $ ( 11,472) $ 474,354 $ 280,213 $ ( 4,240) $ 275,973 Decrease (increase) in premiums receivable ( 264,556) 7,265 ( 257,291) ( 126,355) 2,733 ( 123,622) Decrease (increase) in funds held by reinsureds, net ( 78,514) 5,325 ( 73,189) ( 77,794) 1,907 ( 75,887) Decrease (increase) in income taxes 59,034 ( 1,118) 57,916 43,516 ( 400) 43,116 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2018 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 210,318 $ 4,868 $ 215,186 Decrease (increase) in premiums receivable ( 56,826) ( 4,489) ( 61,315) Decrease (increase) in funds held by reinsureds, net 95,416 ( 480) 94,936 Decrease (increase) in income taxes 55,905 101 56,006 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At September 30, 2019 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 $ 1,202,171 $ 39,053 $ ( 1,824) $ 1,239,400 $ - Obligations of U.S. states and political subdivisions 506,860 30,609 ( 98) 537,371 - Corporate securities 6,315,184 199,078 ( 38,925) 6,475,337 409 Asset-backed securities 864,311 3,293 ( 2,718) 864,886 - Mortgage-backed securities Commercial 728,348 39,643 ( 699) 767,292 - Agency residential 2,367,704 40,888 ( 6,976) 2,401,616 - Non-agency residential 8,047 38 ( 18) 8,067 - Foreign government securities 1,325,153 54,419 ( 36,009) 1,343,563 - Foreign corporate securities 2,847,063 129,449 ( 47,911) 2,928,601 465 Total fixed maturity securities $ 16,164,841 $ 536,470 $ ( 135,178) $ 16,566,133 $ 874 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 (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 September 30, 2019 At December 31, 2018 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,430,361 $ 1,444,393 $ 1,328,571 $ 1,330,534 Due after one year through five years 6,639,678 6,750,145 8,114,247 8,016,490 Due after five years through ten years 3,117,529 3,274,937 2,455,911 2,413,846 Due after ten years 1,008,863 1,054,797 789,575 791,113 Asset-backed securities 864,311 864,886 545,427 540,097 Mortgage-backed securities: Commercial 728,348 767,292 329,883 326,710 Agency residential 2,367,704 2,401,616 1,832,760 1,796,264 Non-agency residential 8,047 8,067 10,198 10,209 Total fixed maturity securities $. 16,164,841 $. 16,566,133 $. 15,406,572 $. 15,225,263 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ 103,173 $ ( 22,073) $ 584,333 $ ( 282,479) Fixed maturity securities, other-than-temporary impairment 72 72 ( 1,671) 339 Change in unrealized appreciation (depreciation), pre-tax 103,245 ( 22,001) 582,662 ( 282,140) Deferred tax benefit (expense) ( 9,984) 1,205 ( 62,415) 20,497 Deferred tax benefit (expense), other-than-temporary impairment ( 25) ( 69) 122 ( 145) Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ 93,236 $ ( 20,865) $ 520,369 $ ( 261,788) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at September 30, 2019 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 $ 23,964 $ ( 20) $ 316,601 $ ( 1,804) $ 340,565 $ ( 1,824) Obligations of U.S. states and political subdivisions 6,672 ( 52) 3,518 ( 46) 10,190 ( 98) Corporate securities 524,855 ( 11,045) 526,975 ( 27,880) 1,051,830 ( 38,925) Asset-backed securities 337,232 ( 2,029) 175,138 ( 689) 512,370 ( 2,718) Mortgage-backed securities Commercial 4,944 - 47,201 ( 699) 52,145 ( 699) Agency residential 32,779 ( 95) 617,460 ( 6,881) 650,239 ( 6,976) Non-agency residential 3,200 ( 16) 2,381 ( 2) 5,581 ( 18) Foreign government securities 163,595 ( 4,794) 304,079 ( 31,215) 467,674 ( 36,009) Foreign corporate securities 235,652 ( 5,728) 491,150 ( 42,183) 726,802 ( 47,911) Total fixed maturity securities $ 1,332,893 $ ( 23,779) $ 2,484,503 $ ( 111,399) $ 3,817,396 $ ( 135,178) 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) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at September 30, 2019 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 $ 76,571 $ ( 1,341) $ 446,039 $ ( 22,077) $ 522,610 $ ( 23,418) Due in one year through five years 354,417 ( 6,986) 982,505 ( 55,581) 1,336,922 ( 62,567) Due in five years through ten years 330,090 ( 10,236) 118,854 ( 14,860) 448,944 ( 25,096) Due after ten years 193,660 ( 3,076) 94,925 ( 10,610) 288,585 ( 13,686) Asset-backed securities 337,232 ( 2,029) 175,138 ( 689) 512,370 ( 2,718) Mortgage-backed securities 40,923 ( 111) 667,042 ( 7,582) 707,965 ( 7,693) Total fixed maturity securities $ 1,332,893 $ ( 23,779) $ 2,484,503 $ ( 111,399) $ 3,817,396 $ ( 135,178) 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) |
Summary Of Components Of Net Investment Income | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Fixed maturities $ 130,139 $ 119,513 $ 383,440 $ 343,019 Equity securities 4,147 5,380 12,250 18,879 Short-term investments and cash 3,899 5,005 13,497 8,829 Other invested assets Limited partnerships 43,758 38,342 100,298 83,719 Other 7,286 2,980 13,565 9,964 Gross investment income before adjustments 189,229 171,220 523,050 464,410 Funds held interest income (expense) 2,325 1,003 9,715 6,572 Future policy benefit reserve income (expense) ( 372) ( 431) ( 965) ( 999) Gross investment income 191,182 171,792 531,800 469,983 Investment expenses ( 10,124) ( 10,429) ( 30,738) ( 29,004) Net investment income $ 181,058 $ 161,363 $ 501,062 $ 440,979 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Fixed maturity securities, market value: Other-than-temporary impairments $ ( 7,314) $ ( 3,825) $ ( 15,404) $ ( 4,783) Gains (losses) from sales 5,290 738 16,660 11,087 Fixed maturity securities, fair value: Gains (losses) from sales - ( 717) 356 ( 1,799) Gains (losses) from fair value adjustments - 584 13 1,542 Equity securities, fair value: Gains (losses) from sales ( 1,192) 9,507 2,541 7,984 Gains (losses) from fair value adjustments ( 12,008) 47,653 102,795 30,200 Other invested assets 2,098 913 2,341 1,497 Short-term investments gain (loss) 183 ( 49) 259 ( 49) Total net realized capital gains (losses) $ ( 12,943) $ 54,804 $ 109,561 $ 45,679 |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Proceeds from sales of fixed maturity securities $ 271,025 $ 531,452 $ 2,591,938 $ 1,757,890 Gross gains from sales 14,270 5,653 42,316 25,479 Gross losses from sales ( 8,980) ( 5,632) ( 25,300) ( 16,191) Proceeds from sales of equity securities $ 35,924 $ 209,437 $ 185,157 $ 785,819 Gross gains from sales 1,035 14,182 9,286 28,228 Gross losses from sales ( 2,227) ( 4,675) ( 6,745) ( 20,244) |
Reserve For Losses, LAE And F_2
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Nine Months Ended September 30, (Dollars in thousands) 2019 2018 Gross reserves beginning of period $ 13,119,090 $ 11,884,321 Less reinsurance recoverables ( 1,619,641) ( 1,212,649) Net reserves beginning of period 11,499,449 10,671,672 Incurred related to: Current year 3,559,505 3,218,162 Prior years ( 44,401) 432,187 Total incurred losses and LAE 3,515,104 3,650,349 Paid related to: Current year 550,724 724,791 Prior years 2,406,753 2,730,015 Total paid losses and LAE 2,957,477 3,454,806 Foreign exchange/translation adjustment ( 52,125) ( 78,103) Net reserves end of period 12,004,952 10,789,112 Plus reinsurance recoverables 1,632,687 1,601,041 Gross reserves end of period $ 13,637,639 $ 12,390,153 (Some amounts may not reconcile due to rounding.) |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivatives [Abstract] | |
Summary Of The Fair Value Of The Equity Index Put Options | (Dollars in thousands) Derivatives not designated as Location of fair value At At hedging instruments in balance sheets September 30, 2019 December 31, 2018 Equity index put option contracts Equity index put option liability $ 8,563 $ 11,958 Total $ 8,563 $ 11,958 (Dollars in thousands) For the Three Months Ended For Nine Months Ended Derivatives not designated as Location of gain (loss) in statements of September 30, September 30, hedging instruments operations and comprehensive income (loss) 2019 2018 2019 2018 Equity index put option contracts Net derivative gain (loss) $ ( 189) $ 2,225 $ 3,395 $ 5,485 Total $ ( 189) $ 2,225 $ 3,395 $ 5,485 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value [Abstract] | |
Fair Value Measurement Levels For All Assets And Liabilities | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) September 30, 2019 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,239,400 $ - $ 1,239,400 $ - Obligations of U.S. States and political subdivisions 537,371 - 537,371 - Corporate securities 6,475,337 - 5,887,290 588,047 Asset-backed securities 864,886 - 824,242 40,644 Mortgage-backed securities - Commercial 767,292 - 767,292 - Agency residential 2,401,616 - 2,401,616 - Non-agency residential 8,067 - 8,067 - Foreign government securities 1,343,563 - 1,343,563 - Foreign corporate securities 2,928,601 - 2,926,508 2,093 Total fixed maturities, market value 16,566,133 - 15,935,349 630,784 Fixed maturities, fair value - - - - Equity securities, fair value 906,230 814,833 91,397 - Liabilities: Equity index put option contracts $ 8,563 $ - $ - $ 8,563 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 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in thousands) Securities Securities Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities at market value $ 542,878 $ - $ 2,093 $ 544,971 $ 428,215 $ - $ 7,744 $ 435,959 Total gains or (losses) (realized/unrealized) Included in earnings 1,018 - - 1,018 3,348 - ( 119) 3,229 Included in other comprehensive income (loss) ( 1,314) 644 - ( 670) 1,130 644 - 1,774 Purchases, issuances and settlements 42,289 40,000 - 82,289 150,659 40,000 ( 5,532) 185,127 Transfers in and/or (out) of Level 3 3,176 - - 3,176 4,695 - - 4,695 Ending balance $ 588,047 $ 40,644 $ 2,093 $ 630,784 $ 588,047 $ 40,644 $ 2,093 $ 630,784 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, Market Value Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Corporate Foreign Corporate Foreign (Dollars in thousands) Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 381,215 $ 12,615 $ 393,830 $ 210,186 $ 6,952 $ 217,138 Total gains or (losses) (realized/unrealized) Included in earnings ( 1,937) ( 472) ( 2,409) ( 591) ( 882) ( 1,473) Included in other comprehensive income (loss) ( 449) - ( 449) ( 24) - ( 24) Purchases, issuances and settlements 50,290 18 50,308 219,548 4,341 223,889 Transfers in and/or (out) of Level 3 - - - - 1,750 1,750 Ending balance $ 429,119 $ 12,161 $ 441,280 $ 429,119 $ 12,161 $ 441,280 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 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ - $ - $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings - - 369 369 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - ( 2,706) ( 2,706) Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - 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 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ 3,192 $ 3,192 $ - $ - Total gains or (losses) (realized/unrealized) Included in earnings ( 101) ( 101) ( 257) ( 257) Included in other comprehensive income (loss) ( 32) ( 32) - - Purchases, issuances and settlements ( 686) ( 686) 2,630 2,630 Transfers in and/or (out) of Level 3 - - - - Ending balance $ 2,373 $ 2,373 $ 2,373 $ 2,373 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Fair Value Measurements Using Significant Unobservable Inputs For Equity Index Put Option Contracts | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Liabilities: Balance, beginning of period $ 8,374 $ 9,218 $ 11,958 $ 12,477 Total (gains) or losses (realized/unrealized) Included in earnings 189 ( 2,225) ( 3,395) ( 5,485) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Balance, end of period $ 8,563 $ 6,993 $ 8,563 $ 6,993 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Net Income (Loss) Per Common Share | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2019 2018 2019 2018 Net income (loss) per share: Numerator Net income (loss) $ 104,398 $ 198,381 $ 791,817 $ 474,354 Less: dividends declared-common shares and nonvested common shares ( 56,995) ( 52,863) ( 171,131) ( 159,343) Undistributed earnings 47,403 145,519 620,687 315,012 Percentage allocated to common shareholders (1) 98.9 % 99.0 % 98.9 % 98.9 % 46,869 144,024 613,847 311,695 Add: dividends declared-common shareholders 56,403 52,356 169,329 157,759 Numerator for basic and diluted earnings per common share $ 103,273 $ 196,379 $ 783,176 $ 469,454 Denominator Denominator for basic earnings per weighted-average common shares 40,287 40,350 40,289 40,441 Effect of dilutive securities: Options 125 192 131 206 Denominator for diluted earnings per adjusted weighted-average common shares 40,411 40,542 40,421 40,646 Per common share net income (loss) Basic $ 2.56 $ 4.87 $ 19.44 $ 11.61 Diluted $ 2.56 $ 4.84 $ 19.38 $ 11.55 (1) Basic weighted-average common shares outstanding 40,287 40,350 40,289 40,441 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,746 40,769 40,738 40,871 Percentage allocated to common shareholders 98.9 % 99.0 % 98.9 % 98.9 % (Some amounts may not reconcile due to rounding.) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At September 30, At December 31, (Dollars in thousands) 2019 2018 The Prudential $ 141,608 $ 142,754 Unaffiliated life insurance company 34,394 34,717 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ 103,247 $ ( 9,529) $ 93,718 $ 587,930 $ ( 61,792) $ 526,138 URA(D) on securities - OTTI 72 ( 25) 47 ( 1,671) 122 ( 1,549) Reclassification of net realized losses (gains) included in net income (loss) ( 74) ( 455) ( 529) ( 3,597) ( 623) ( 4,220) Foreign currency translation adjustments ( 2,665) ( 761) ( 3,426) ( 13,890) ( 1,316) ( 15,206) Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 1,726 ( 363) 1,363 4,640 ( 975) 3,665 Total other comprehensive income (loss) $ 102,306 $ ( 11,133) $ 91,173 $ 573,412 $ ( 64,584) $ 508,828 Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - temporary $ ( 24,248) $ 1,963 $ ( 22,285) $ ( 274,679) $ 19,803 $ ( 254,876) URA(D) on securities - OTTI 72 ( 69) 3 339 ( 145) 194 Reclassification of net realized losses (gains) included in net income (loss) 2,175 ( 758) 1,417 ( 7,800) 694 ( 7,106) Foreign currency translation adjustments ( 6,723) 793 ( 5,930) ( 58,580) 6,697 ( 51,883) Reclassification of benefit plan liability amortization included in net income (loss) 2,298 ( 482) 1,816 6,893 ( 1,447) 5,446 Total other comprehensive income (loss) $ ( 26,426) $ 1,447 $ ( 24,979) $ ( 333,827) $ 25,602 $ ( 308,225) |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended Nine Months Ended September 30, September 30, Affected line item within the statements of AOCI component 2019 2018 2019 2018 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ ( 74) $ 2,175 $ ( 3,597) $ ( 7,800) Other net realized capital gains (losses) ( 455) ( 758) ( 623) 694 Income tax expense (benefit) $ ( 529) $ 1,417 $ ( 4,220) $ ( 7,106) Net income (loss) Benefit plan net gain (loss) $ 1,726 $ 2,298 $ 4,640 $ 6,893 Other underwriting expenses ( 363) ( 482) ( 975) ( 1,447) Income tax expense (benefit) $ 1,363 $ 1,816 $ 3,665 $ 5,446 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Beginning balance of URA (D) on securities $ 247,741 $ ( 192,155) $ ( 179,392) $ 49,969 Change to beginning balance due to adoption of ASU 2016-01 - - - ( 1,201) Current period change in URA (D) of investments - temporary 93,190 ( 20,868) 521,919 ( 261,982) Current period change in URA (D) of investments - non-credit OTTI 47 3 ( 1,549) 194 Ending balance of URA (D) on securities 340,978 ( 213,020) 340,978 ( 213,020) Beginning balance of foreign currency translation adjustments ( 227,527) ( 184,884) ( 215,747) ( 138,931) Current period change in foreign currency translation adjustments ( 3,426) ( 5,930) ( 15,206) ( 51,883) Ending balance of foreign currency translation adjustments ( 230,953) ( 190,814) ( 230,953) ( 190,814) Beginning balance of benefit plan net gain (loss) ( 65,116) ( 68,299) ( 67,418) ( 71,929) Current period change in benefit plan net gain (loss) 1,363 1,816 3,665 5,446 Ending balance of benefit plan net gain (loss) ( 63,753) ( 66,483) ( 63,753) ( 66,483) Ending balance of accumulated other comprehensive income (loss) $ 46,272 $ ( 470,317) $ 46,272 $ ( 470,317) (Some amounts may not reconcile due to rounding.) |
Credit Facilities (Tables)
Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Credit facility interest and fees incurred $ 105 $ 105 $ 315 $ 315 |
Wells Fargo Bank Group Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2019 At December 31, 2018 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 600,000 595,575 12/31/2019 600,000 558,818 12/31/2019 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 595,575 $ 800,000 $ 558,818 |
Citibank Bilateral Agreement [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At September 30, 2019 At December 31, 2018 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 3,672 11/24/2019 $ 200,000 $ 3,482 02/28/2019 74,243 12/31/2019 3,672 11/24/2019 3,482 02/29/2020 72,443 12/31/2019 173 12/16/2020 296 08/15/2020 122 12/20/2020 177 12/16/2020 2,993 12/31/2020 125 12/20/2020 547 08/15/2021 1,851 11/04/2022 39,027 09/30/2023 407 11/13/2022 - 59,293 12/30/2022 Total Citibank Bilateral Agreement $ 200,000 $ 124,259 $ 200,000 $ 141,746 |
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 September 30, 2019 At December 31, 2018 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 30,000 £ 24,845 12/31/2022 £ 30,000 £ 26,000 12/31/2022 - - - - Total Lloyd's Bank Credit Facility £ 30,000 £ 24,845 £ 30,000 £ 26,000 |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Three Months Ended Nine Months Ended September 30, September 30, Mt. Logan Re Segregated Accounts 2019 2018 2019 2018 (Dollars in thousands) Ceded written premiums 97,391 73,015 237,841 203,445 Ceded earned premiums 79,560 65,982 220,200 192,820 Ceded losses and LAE 79,499 28,982 164,914 189,505 Assumed written premiums 9,867 4,793 14,900 9,440 Assumed earned premiums 9,867 4,793 14,900 9,440 Assumed losses and LAE - - - - |
Senior Notes (Tables)
Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | September 30, 2019 December 31, 2018 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 $ 397,044 $ 450,984 $ 396,954 $ 396,968 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars In thousands 2019 2018 2019 2018 Interest expense incurred $ 4,868 $ 4,868 $ 14,604 $ 14,604 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date September 30, 2019 December 31, 2018 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 $ 236,733 $ 214,853 $ 236,659 $ 200,390 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Interest expense incurred $ 2,881 $ 2,875 $ 8,892 $ 7,968 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Three Months Ended Nine Months Ended (Dollars in thousands) September 30, September 30, Lease expense incurred: 2019 2019 Operating lease cost $ 5,384 $ 16,602 At September 30, (Dollars in thousands) 2019 Operating lease right of use assets $ 58,754 Operating lease liabilities 65,138 Nine Months Ended September 30, (Dollars in thousands) 2019 Operating cash flows from operating leases $ ( 14,665) At September 30, 2019 Weighted average remaining operating lease term 6.0 years Weighted average discount rate on operating leases 4.48 % |
Maturities of Lease Liabilities | (Dollars in thousands) Remainder of 2019 $ 4,869 2020 19,383 2021 10,648 2022 10,390 2023 9,937 2024 9,549 Thereafter 17,037 Undiscounted lease payments 81,813 Less: present value adjustment 16,675 Total operating lease liability $ 65,138 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Nine Months Ended U.S. Reinsurance September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 852,679 $ 940,839 $ 2,258,589 $ 2,237,170 Net written premiums 754,477 845,743 1,931,024 1,957,877 Premiums earned $ 646,265 $ 670,663 $ 1,893,516 $ 1,837,932 Incurred losses and LAE 380,960 440,070 1,052,789 1,494,916 Commission and brokerage 215,813 156,500 555,517 432,532 Other underwriting expenses 19,150 16,250 50,468 48,608 Underwriting gain (loss) $ 30,342 $ 57,843 $ 234,742 $ ( 138,124) Three Months Ended Nine Months Ended International September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 442,294 $ 362,651 $ 1,215,209 $ 1,128,399 Net written premiums 407,897 348,785 1,141,319 1,049,249 Premiums earned $ 372,344 $ 342,238 $ 1,083,354 $ 1,049,637 Incurred losses and LAE 411,011 310,400 878,118 738,830 Commission and brokerage 83,420 81,439 253,015 255,704 Other underwriting expenses 11,331 10,191 29,847 31,116 Underwriting gain (loss) $ ( 133,418) $ ( 59,792) $ ( 77,626) $ 23,987 Three Months Ended Nine Months Ended Bermuda September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 441,699 $ 377,916 $ 1,204,512 $ 1,163,042 Net written premiums 421,339 358,758 1,140,609 1,108,962 Premiums earned $ 402,190 $ 299,815 $ 1,095,208 $ 972,647 Incurred losses and LAE 258,650 211,718 674,994 591,328 Commission and brokerage 71,865 76,611 230,581 238,416 Other underwriting expenses 13,351 10,752 36,716 31,647 Underwriting gain (loss) $ 58,324 $ 734 $ 152,917 $ 111,256 Three Months Ended Nine Months Ended Insurance September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Gross written premiums $ 666,602 $ 517,258 $ 2,018,727 $ 1,668,181 Net written premiums 484,844 385,487 1,491,286 1,241,269 Premiums earned $ 484,820 $ 418,763 $ 1,383,537 $ 1,220,508 Incurred losses and LAE 321,303 289,670 909,203 825,275 Commission and brokerage 71,978 66,851 214,387 195,790 Other underwriting expenses 74,326 60,749 204,945 175,954 Underwriting gain (loss) $ 17,213 $ 1,493 $ 55,002 $ 23,489 |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Underwriting gain (loss) $ ( 27,539) $ 278 $ 365,035 $ 20,608 Net investment income 181,058 161,363 501,062 440,979 Net realized capital gains (losses) ( 12,943) 54,804 109,561 45,679 Net derivative gain (loss) ( 189) 2,225 3,395 5,485 Corporate expenses ( 8,435) ( 7,890) ( 22,622) ( 23,519) Interest, fee and bond issue cost amortization expense ( 7,907) ( 7,901) ( 23,972) ( 23,047) Other income (expense) ( 31,025) ( 13,408) ( 52,550) ( 2,948) Income (loss) before taxes $ 93,020 $ 189,471 $ 879,909 $ 463,237 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 United Kingdom gross written premium $ 272,297 $ 246,580 $ 743,294 $ 681,911 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Defined Benefit Pension Plan [Member] | |
Net Periodic Benefit Cost For U.S. Employees | Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Service cost $ 2,064 $ 2,977 $ 6,616 $ 8,931 Interest cost 2,928 2,585 8,788 7,754 Expected return on plan assets ( 4,492) ( 3,670) ( 14,523) ( 11,011) Amortization of net (income) loss 1,909 2,237 5,111 6,710 FAS 88 settlement charge 102 - 309 - Net periodic benefit cost $ 2,511 $ 4,129 $ 6,301 $ 12,384 |
Post-Retirement Plan [Member] | |
Net Periodic Benefit Cost For U.S. Employees | Other Benefits Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2019 2018 2019 2018 Service cost $ 245 $ 446 $ 818 $ 1,339 Interest cost 245 307 835 920 Amortization of prior service cost ( 144) ( 33) ( 433) ( 98) Amortization of net (income) loss ( 39) 94 ( 39) 282 Net periodic benefit cost $ 307 $ 814 $ 1,181 $ 2,443 |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Jan. 01, 2019 | |
Basis Of Presentation [Abstract] | |||||
U.S. tax rate | 35.00% | 21.00% | |||
Reclass due to early adoption of Accounting Standards Update 2018-02 | $ 1,250,000 | ||||
Cumulative change due to ASU | $ (1,201,000) | $ 0 | |||
Operating lease right of use assets | $ 58,754,000 | 69,869,000 | |||
Operating lease liabilities | $ 65,138,000 | $ 77,270,000 |
Revisions To Financial Statem_3
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS: | ||||||||
Premiums receivable | $ 2,393,769 | $ 2,351,107 | $ 2,362,263 | $ 2,183,183 | $ 1,819,775 | |||
Funds held by reinsureds | 450,539 | 487,275 | 423,211 | 435,031 | 288,635 | |||
Income taxes | 361,243 | 360,718 | 477,851 | 594,487 | 300,340 | |||
TOTAL ASSETS | 27,023,741 | 26,340,448 | 25,593,151 | 24,750,992 | 23,563,296 | |||
SHAREHOLDERS' EQUITY: | ||||||||
Retained earnings | 10,152,118 | 10,104,716 | 9,828,847 | 9,531,433 | 9,657,412 | |||
Total shareholders' equity | 8,983,258 | 8,836,817 | 8,389,273 | 7,860,797 | $ 8,289,045 | $ 8,208,613 | $ 8,320,552 | 8,340,736 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 27,023,741 | 26,340,448 | 25,593,151 | 24,750,992 | 23,563,296 | |||
As Previously Reported [Member] | ||||||||
ASSETS: | ||||||||
Premiums receivable | 2,389,943 | 2,392,094 | 2,218,283 | 1,844,881 | ||||
Funds held by reinsureds | 498,043 | 432,736 | 445,040 | 292,927 | ||||
Income taxes | 358,457 | 475,851 | 592,385 | 299,438 | ||||
TOTAL ASSETS | 26,387,791 | 25,630,507 | 24,793,999 | 23,591,792 | ||||
SHAREHOLDERS' EQUITY: | ||||||||
Retained earnings | 10,152,059 | 9,866,203 | 9,574,440 | 9,685,908 | ||||
Total shareholders' equity | 8,884,160 | 8,426,629 | 7,903,804 | 8,329,013 | 8,241,349 | 8,344,180 | 8,369,232 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 26,387,791 | 25,630,507 | 24,793,999 | 23,591,792 | ||||
Impact of Revisions [Member] | ||||||||
ASSETS: | ||||||||
Premiums receivable | (38,836) | (29,831) | (35,100) | (25,106) | ||||
Funds held by reinsureds | (10,768) | (9,525) | (10,009) | (4,292) | ||||
Income taxes | 2,261 | 2,000 | 2,102 | 902 | ||||
TOTAL ASSETS | (47,343) | (37,356) | (43,007) | (28,496) | ||||
SHAREHOLDERS' EQUITY: | ||||||||
Retained earnings | (47,343) | (37,356) | (43,007) | (28,496) | ||||
Total shareholders' equity | (47,343) | (37,356) | (43,007) | $ (39,968) | $ (32,736) | $ (23,628) | (28,496) | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ (47,343) | $ (37,356) | $ (43,007) | $ (28,496) |
Revisions To Financial Statem_4
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Operations And Comprehensive Income (Loss)) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES: | ||||||||||||
Other income (expense) | $ (31,025) | $ (18,225) | $ (3,300) | $ (13,408) | $ (6,573) | $ 17,033 | $ (21,525) | $ 10,460 | $ (52,550) | $ (2,948) | $ (24,771) | $ (21,215) |
Total revenues | 2,042,520 | 2,008,727 | 1,965,836 | 1,936,463 | 1,883,330 | 1,750,126 | 3,974,563 | 3,633,456 | 6,017,083 | 5,569,919 | 7,361,495 | 6,622,298 |
INCOME (LOSS) BEFORE TAXES | 93,020 | 372,345 | 414,544 | 189,471 | 51,154 | 222,612 | 786,889 | 273,766 | 879,909 | 463,237 | (242,182) | 419,411 |
Income tax expense (benefit) | (11,378) | 39,477 | 59,993 | (8,910) | (9,633) | 7,426 | 99,470 | (2,207) | 88,092 | (11,117) | (331,223) | (63,340) |
NET INCOME (LOSS) | 104,398 | 332,868 | 354,551 | 198,381 | 60,787 | 215,186 | 687,419 | 275,973 | 791,817 | 474,354 | 89,041 | 482,751 |
COMPREHENSIVE INCOME (LOSS) | $ 195,571 | $ 504,077 | $ 600,997 | $ 173,402 | $ (42,577) | $ 35,304 | $ 1,105,074 | $ (7,273) | $ 1,300,645 | $ 166,129 | $ (211,424) | $ 539,874 |
EARNINGS PER COMMON SHARE: | ||||||||||||
Basic | $ 2.56 | $ 8.17 | $ 8.70 | $ 4.87 | $ 1.49 | $ 5.26 | $ 16.88 | $ 6.75 | $ 19.44 | $ 11.61 | $ 2.18 | $ 11.77 |
Diluted | $ 2.56 | $ 8.15 | $ 8.67 | $ 4.84 | $ 1.48 | $ 5.23 | $ 16.82 | $ 6.71 | $ 19.38 | $ 11.55 | $ 2.17 | $ 11.70 |
As Previously Reported [Member] | ||||||||||||
REVENUES: | ||||||||||||
Other income (expense) | $ (7,977) | $ (9,053) | $ (5,458) | $ 3,036 | $ 12,064 | $ (17,030) | $ 15,100 | $ 9,642 | $ (9,060) | $ (35,442) | ||
Total revenues | 2,018,975 | 1,960,083 | 1,944,413 | 1,892,939 | 1,745,157 | 3,979,058 | 3,638,096 | 5,582,509 | 7,377,206 | 6,608,071 | ||
INCOME (LOSS) BEFORE TAXES | 382,593 | 408,791 | 197,421 | 60,763 | 217,643 | 791,384 | 278,406 | 475,827 | (226,471) | 405,184 | ||
Income tax expense (benefit) | 39,738 | 59,891 | (8,192) | (9,132) | 7,325 | 99,629 | (1,807) | (9,999) | (330,023) | (63,784) | ||
NET INCOME (LOSS) | 342,855 | 348,900 | 205,613 | 69,895 | 210,318 | 691,755 | 280,213 | 485,826 | 103,552 | 468,968 | ||
COMPREHENSIVE INCOME (LOSS) | $ 514,064 | $ 595,346 | $ 180,634 | $ (33,469) | $ 30,436 | $ 1,109,410 | $ (3,033) | $ 177,601 | $ (196,913) | $ 526,091 | ||
EARNINGS PER COMMON SHARE: | ||||||||||||
Basic | $ 8.42 | $ 8.57 | $ 5.04 | $ 1.71 | $ 5.14 | $ 16.98 | $ 6.85 | $ 11.89 | $ 2.54 | $ 11.43 | ||
Diluted | $ 8.39 | $ 8.54 | $ 5.02 | $ 1.70 | $ 5.11 | $ 16.93 | $ 6.81 | $ 11.83 | $ 2.53 | $ 11.36 | ||
Impact of Revisions [Member] | ||||||||||||
REVENUES: | ||||||||||||
Other income (expense) | $ (10,248) | $ 5,753 | $ (7,950) | $ (9,609) | $ 4,969 | $ (4,495) | $ (4,640) | $ (12,590) | $ (15,711) | $ 14,227 | ||
Total revenues | (10,248) | 5,753 | (7,950) | (9,609) | 4,969 | (4,495) | (4,640) | (12,590) | (15,711) | 14,227 | ||
INCOME (LOSS) BEFORE TAXES | (10,248) | 5,753 | (7,950) | (9,609) | 4,969 | (4,495) | (4,640) | (12,590) | (15,711) | 14,227 | ||
Income tax expense (benefit) | (261) | 102 | (718) | (501) | 101 | (159) | (400) | (1,118) | (1,200) | 444 | ||
NET INCOME (LOSS) | (9,987) | 5,651 | (7,232) | (9,108) | 4,868 | (4,336) | (4,240) | (11,472) | (14,511) | 13,783 | ||
COMPREHENSIVE INCOME (LOSS) | $ (9,987) | $ 5,651 | $ (7,232) | $ (9,108) | $ 4,868 | $ (4,336) | $ (4,240) | $ (11,472) | $ (14,511) | $ 13,783 | ||
EARNINGS PER COMMON SHARE: | ||||||||||||
Basic | $ (0.25) | $ 0.13 | $ (0.17) | $ (0.22) | $ 0.12 | $ (0.10) | $ (0.10) | $ (0.28) | $ (0.36) | $ 0.34 | ||
Diluted | $ (0.24) | $ 0.13 | $ (0.18) | $ (0.22) | $ 0.12 | $ (0.11) | $ (0.10) | $ (0.28) | $ (0.36) | $ 0.34 |
Revisions To Financial Statem_5
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Stockholder's Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Balance | $ 8,836,817 | $ 8,389,273 | $ 7,860,797 | $ 8,208,613 | $ 8,320,552 | $ 8,340,736 | $ 7,860,797 | $ 8,340,736 | $ 7,860,797 | $ 8,340,736 | $ 8,340,736 | |
Net income (loss) | 104,398 | 332,868 | 354,551 | 198,381 | 60,787 | 215,186 | 687,419 | 275,973 | 791,817 | 474,354 | 89,041 | $ 482,751 |
Balance | 8,983,258 | 8,836,817 | 8,389,273 | 8,289,045 | 8,208,613 | 8,320,552 | 8,836,817 | 8,208,613 | 8,983,258 | 8,289,045 | 7,860,797 | 8,340,736 |
Retained Earnings [Member] | ||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Balance | 10,104,716 | 9,828,847 | 9,531,433 | 9,828,106 | 9,820,559 | 9,657,412 | 9,531,433 | 9,657,412 | 9,531,433 | 9,657,412 | 9,657,412 | 9,380,653 |
Net income (loss) | 104,398 | 332,868 | 354,551 | 198,381 | 60,787 | 215,186 | 275,973 | 474,354 | 89,041 | 482,751 | ||
Balance | 10,152,118 | 10,104,716 | 9,828,847 | 9,973,624 | 9,828,106 | 9,820,559 | 10,104,716 | 9,828,106 | 10,152,118 | 9,973,624 | 9,531,433 | 9,657,412 |
As Previously Reported [Member] | ||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Balance | 8,884,160 | 8,426,629 | 7,903,804 | 8,241,349 | 8,344,180 | 8,369,232 | 7,903,804 | 8,369,232 | 7,903,804 | 8,369,232 | 8,369,232 | |
Net income (loss) | 342,855 | 348,900 | 205,613 | 69,895 | 210,318 | 691,755 | 280,213 | 485,826 | 103,552 | 468,968 | ||
Balance | 8,884,160 | 8,426,629 | 8,329,013 | 8,241,349 | 8,344,180 | 8,884,160 | 8,241,349 | 8,329,013 | 7,903,804 | 8,369,232 | ||
As Previously Reported [Member] | Retained Earnings [Member] | ||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Balance | 10,152,059 | 9,866,203 | 9,574,440 | 9,860,842 | 9,844,187 | 9,685,908 | 9,574,440 | 9,685,908 | 9,574,440 | 9,685,908 | 9,685,908 | 9,422,932 |
Net income (loss) | 342,855 | 348,900 | 205,613 | 69,895 | 210,318 | 280,213 | 485,826 | 103,552 | 468,968 | |||
Balance | 10,152,059 | 9,866,203 | 10,013,592 | 9,860,842 | 9,844,187 | 10,152,059 | 9,860,842 | 10,013,592 | 9,574,440 | 9,685,908 | ||
Impact of Revisions [Member] | ||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Balance | (47,343) | (37,356) | (43,007) | (32,736) | (23,628) | (28,496) | (43,007) | (28,496) | (43,007) | (28,496) | (28,496) | |
Net income (loss) | (9,987) | 5,651 | (7,232) | (9,108) | 4,868 | (4,336) | (4,240) | (11,472) | (14,511) | 13,783 | ||
Balance | (47,343) | (37,356) | (39,968) | (32,736) | (23,628) | (47,343) | (32,736) | (39,968) | (43,007) | (28,496) | ||
Impact of Revisions [Member] | Retained Earnings [Member] | ||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Balance | $ (47,343) | (37,356) | (43,007) | (32,736) | (23,628) | (28,496) | (43,007) | (28,496) | $ (43,007) | (28,496) | (28,496) | (42,279) |
Net income (loss) | (9,987) | 5,651 | (7,232) | (9,108) | 4,868 | (9,987) | (4,240) | (11,472) | (14,511) | 13,783 | ||
Balance | $ (47,343) | $ (37,356) | $ (39,968) | $ (32,736) | $ (23,628) | $ (47,343) | $ (32,736) | $ (39,968) | $ (43,007) | $ (28,496) |
Revisions To Financial Statem_6
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income (loss) | $ 104,398 | $ 332,868 | $ 354,551 | $ 198,381 | $ 60,787 | $ 215,186 | $ 687,419 | $ 275,973 | $ 791,817 | $ 474,354 | $ 89,041 | $ 482,751 |
Decrease (increase) in premiums receivable | (168,377) | (61,315) | (174,583) | (123,622) | (219,637) | (257,291) | (382,987) | (350,446) | ||||
Decrease (increase) in funds held by reinsureds, net | 9,353 | 94,936 | (55,421) | (75,887) | (17,961) | (73,189) | (153,627) | (33,220) | ||||
Decrease (increase) in income taxes | 91,856 | 56,006 | 180,126 | 43,116 | $ 168,360 | 57,916 | (265,065) | (114,077) | ||||
As Previously Reported [Member] | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income (loss) | 342,855 | 348,900 | 205,613 | 69,895 | 210,318 | 691,755 | 280,213 | 485,826 | 103,552 | 468,968 | ||
Decrease (increase) in premiums receivable | (163,108) | (56,826) | (178,319) | (126,355) | (264,556) | (392,981) | (338,335) | |||||
Decrease (increase) in funds held by reinsureds, net | 9,837 | 95,416 | (56,180) | (77,794) | (78,514) | (159,344) | (31,104) | |||||
Decrease (increase) in income taxes | 91,754 | 55,905 | 180,285 | 43,516 | 59,034 | (263,865) | (114,521) | |||||
Impact of Revisions [Member] | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income (loss) | $ (9,987) | 5,651 | $ (7,232) | $ (9,108) | 4,868 | (4,336) | (4,240) | (11,472) | (14,511) | 13,783 | ||
Decrease (increase) in premiums receivable | (5,269) | (4,489) | 3,736 | 2,733 | 7,265 | 9,994 | (12,111) | |||||
Decrease (increase) in funds held by reinsureds, net | (484) | (480) | 759 | 1,907 | 5,325 | 5,717 | (2,116) | |||||
Decrease (increase) in income taxes | $ 102 | $ 101 | $ (159) | $ (400) | $ (1,118) | $ (1,200) | $ 444 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
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% | ||
Additional contractual commitments | $ 934,290,000 | ||
Contractual commitments, investment period expiration date | Jan. 1, 2026 | ||
Reclassification of other invested assets to fixed maturity securities | $ 143,656,000 | ||
Reclassification of other invested assets to short-term investments | 243,864,000 | ||
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate market value of investments in unrealized loss position | $ 3,817,396,000 | $ 9,814,849,000 | |
Gross unrealized losses on investments in unrealized loss position | 135,178,000 | 367,898,000 | |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 23,779,000 | 120,838,000 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 111,399,000 | 247,060,000 | |
Gross unrealized depreciation | $ 367,898,000 | ||
Market value of investments | $ 15,225,263,000 | $ 16,566,133,000 | |
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | |||
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 | 1.00% | ||
Fixed Maturity Securities [Member] | US Government Securities [Member] | Sales Revenue, Net [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.90% | 5.70% | |
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 | $ 15,284,000 | $ 74,729,000 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 89,726,000 | 230,560,000 | |
Sub-prime and Alt-A Loans [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross unrealized depreciation | 0 | $ 0 | |
Private Placement Liquidity Sweep [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Market value of investments | $ 441,567,000 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 16,164,841 | |
Unrealized Appreciation | 536,470 | |
Unrealized Depreciation | (135,178) | |
OTTI in AOCI | 874 | |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 16,164,841 | $ 15,406,572 |
Unrealized Appreciation | 536,470 | 186,589 |
Unrealized Depreciation | (135,178) | (367,898) |
Market Value | 16,566,133 | 15,225,263 |
OTTI in AOCI | 874 | 2,545 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,202,171 | 2,629,454 |
Unrealized Appreciation | 39,053 | 16,781 |
Unrealized Depreciation | (1,824) | (15,101) |
Market Value | 1,239,400 | 2,631,134 |
OTTI in AOCI | ||
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 506,860 | 490,018 |
Unrealized Appreciation | 30,609 | 12,915 |
Unrealized Depreciation | (98) | (2,839) |
Market Value | 537,371 | 500,094 |
OTTI in AOCI | 439 | |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,315,184 | 5,538,582 |
Unrealized Appreciation | 199,078 | 48,465 |
Unrealized Depreciation | (38,925) | (141,515) |
Market Value | 6,475,337 | 5,445,532 |
OTTI in AOCI | 409 | 1,688 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 864,311 | 545,427 |
Unrealized Appreciation | 3,293 | 162 |
Unrealized Depreciation | (2,718) | (5,492) |
Market Value | 864,886 | 540,097 |
OTTI in AOCI | ||
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 728,348 | 329,883 |
Unrealized Appreciation | 39,643 | 2,167 |
Unrealized Depreciation | (699) | (5,340) |
Market Value | 767,292 | 326,710 |
OTTI in AOCI | ||
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,367,704 | 1,832,760 |
Unrealized Appreciation | 40,888 | 7,325 |
Unrealized Depreciation | (6,976) | (43,821) |
Market Value | 2,401,616 | 1,796,264 |
OTTI in AOCI | ||
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,047 | 10,198 |
Unrealized Appreciation | 38 | 37 |
Unrealized Depreciation | (18) | (26) |
Market Value | 8,067 | 10,209 |
OTTI in AOCI | ||
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,325,153 | 1,335,328 |
Unrealized Appreciation | 54,419 | 34,743 |
Unrealized Depreciation | (36,009) | (55,906) |
Market Value | 1,343,563 | 1,314,165 |
OTTI in AOCI | 98 | |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,847,063 | 2,694,922 |
Unrealized Appreciation | 129,449 | 63,994 |
Unrealized Depreciation | (47,911) | (97,858) |
Market Value | 2,928,601 | 2,661,058 |
OTTI in AOCI | $ 465 | $ 320 |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 16,164,841 | $ 15,406,572 |
Fixed maturity securities - available for sale, Market Value | 16,566,133 | 15,225,263 |
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 | 1,430,361 | 1,328,571 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 6,639,678 | 8,114,247 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 3,117,529 | 2,455,911 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 1,008,863 | 789,575 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 1,444,393 | 1,330,534 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 6,750,145 | 8,016,490 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 3,274,937 | 2,413,846 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 1,054,797 | 791,113 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 864,311 | 545,427 |
Fixed maturity securities - available for sale, Market Value | 864,886 | 540,097 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 728,348 | 329,883 |
Fixed maturity securities - available for sale, Market Value | 767,292 | 326,710 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,367,704 | 1,832,760 |
Fixed maturity securities - available for sale, Market Value | 2,401,616 | 1,796,264 |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 8,047 | 10,198 |
Fixed maturity securities - available for sale, Market Value | $ 8,067 | $ 10,209 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 103,245 | $ (22,001) | $ 582,662 | $ (282,140) |
Deferred tax benefit (expense) | (9,984) | 1,205 | (62,415) | 20,497 |
Deferred tax benefit (expense), other-than-temporary impairment | (25) | (69) | 122 | (145) |
Total URA(D) on securities arising during the period | 93,236 | (20,865) | 520,369 | (261,788) |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | 103,173 | (22,073) | 584,333 | (282,479) |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Change in unrealized appreciation (depreciation), pre-tax | $ 72 | $ 72 | $ (1,671) | $ 339 |
Investments (Summary Of Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 1,332,893 | $ 4,265,915 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (23,779) | (120,838) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,484,503 | 5,548,934 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (111,399) | (247,060) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,817,396 | 9,814,849 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (135,178) | (367,898) |
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, Duration of Unrealized Loss, Less than 12 months, Market Value | 23,964 | 76,226 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (20) | (158) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 316,601 | 777,409 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,804) | (14,943) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 340,565 | 853,635 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,824) | (15,101) |
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 6,672 | 71,559 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (52) | (1,444) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 3,518 | 38,105 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (46) | (1,395) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 10,190 | 109,664 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (98) | (2,839) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 524,855 | 2,513,463 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (11,045) | (69,619) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 526,975 | 1,683,729 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (27,880) | (71,896) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,051,830 | 4,197,192 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (38,925) | (141,515) |
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 | 337,232 | 230,285 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (2,029) | (2,746) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 175,138 | 245,300 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (689) | (2,746) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 512,370 | 475,585 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (2,718) | (5,492) |
Commercial 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 | 4,944 | 71,167 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,128) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 47,201 | 154,201 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (699) | (4,212) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 52,145 | 225,368 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (699) | (5,340) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 32,779 | 156,930 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (95) | (975) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 617,460 | 1,373,629 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (6,881) | (42,846) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 650,239 | 1,530,559 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (6,976) | (43,821) |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 3,200 | 10,174 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (16) | (26) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,381 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 5,581 | 10,174 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (18) | (26) |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 163,595 | 196,303 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (4,794) | (9,719) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 304,079 | 494,156 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (31,215) | (46,187) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 467,674 | 690,459 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (36,009) | (55,906) |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 235,652 | 939,808 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (5,728) | (35,023) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 491,150 | 782,405 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (42,183) | (62,835) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 726,802 | 1,722,213 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (47,911) | $ (97,858) |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 1,332,893 | $ 4,265,915 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (23,779) | (120,838) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,484,503 | 5,548,934 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (111,399) | (247,060) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,817,396 | 9,814,849 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (135,178) | (367,898) |
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 | 76,571 | 454,239 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,341) | (2,558) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 446,039 | 427,513 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (22,077) | (20,675) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 522,610 | 881,752 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (23,418) | (23,233) |
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 | 354,417 | 2,014,704 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (6,986) | (45,148) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 982,505 | 2,764,981 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (55,581) | (129,940) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,336,922 | 4,779,685 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (62,567) | (175,088) |
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 | 330,090 | 1,082,568 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (10,236) | (51,300) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 118,854 | 492,216 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (14,860) | (34,210) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 448,944 | 1,574,784 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (25,096) | (85,510) |
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 | 193,660 | 245,848 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (3,076) | (16,957) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 94,925 | 91,094 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (10,610) | (12,431) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 288,585 | 336,942 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (13,686) | (29,388) |
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 | 337,232 | 230,285 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (2,029) | (2,746) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 175,138 | 245,300 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (689) | (2,746) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 512,370 | 475,585 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (2,718) | (5,492) |
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 | 40,923 | 238,271 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (111) | (2,129) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 667,042 | 1,527,830 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (7,582) | (47,058) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 707,965 | 1,766,101 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (7,693) | $ (49,187) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 189,229 | $ 171,220 | $ 523,050 | $ 464,410 |
Funds held interest income (expense) | 2,325 | 1,003 | 9,715 | 6,572 |
Future policy benefit reserve income (expense) | (372) | (431) | (965) | (999) |
Gross investment income | 191,182 | 171,792 | 531,800 | 469,983 |
Investment expenses | (10,124) | (10,429) | (30,738) | (29,004) |
Net investment income | 181,058 | 161,363 | 501,062 | 440,979 |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 130,139 | 119,513 | 383,440 | 343,019 |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 4,147 | 5,380 | 12,250 | 18,879 |
Short Term Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 3,899 | 5,005 | 13,497 | 8,829 |
Limited Partnerships [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | 43,758 | 38,342 | 100,298 | 83,719 |
Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gross investment income before adjustments | $ 7,286 | $ 2,980 | $ 13,565 | $ 9,964 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | $ (7,314) | $ (3,825) | $ (15,404) | $ (4,783) |
Total net realized capital gains (losses) | (12,943) | 54,804 | 109,561 | 45,679 |
Fixed Maturity Securities [Member] | Market Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairments | (7,314) | (3,825) | (15,404) | (4,783) |
Gains (losses) from sales | 5,290 | 738 | 16,660 | 11,087 |
Fixed Maturity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (717) | 356 | (1,799) | |
Gains (losses) from fair value adjustments | 584 | 13 | 1,542 | |
Equity Securities [Member] | Fair Value [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | (1,192) | 9,507 | 2,541 | 7,984 |
Gains (losses) from fair value adjustments | (12,008) | 47,653 | 102,795 | 30,200 |
Other Invested Assets [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | 2,098 | 913 | 2,341 | 1,497 |
Short-Term Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from sales | $ 183 | $ (49) | $ 259 | $ (49) |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | $ 271,025 | $ 531,452 | $ 2,591,938 | $ 1,757,890 |
Gross gains from sales | 14,270 | 5,653 | 42,316 | 25,479 |
Gross losses from sales | (8,980) | (5,632) | (25,300) | (16,191) |
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities | 35,924 | 209,437 | 185,157 | 785,819 |
Gross gains from sales | 1,035 | 14,182 | 9,286 | 28,228 |
Gross losses from sales | $ (2,227) | $ (4,675) | $ (6,745) | $ (20,244) |
Reserve For Losses, LAE And F_3
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Increase (decrease) in insurance business | $ (44,401) | $ 432,187 |
Partial offset, related to favorable development on reserves | 99,968 | |
Catastrophe Losses [Member] | ||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Increase (decrease) in insurance business | $ (44,401) | $ 532,156 |
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 | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Abstract] | ||
Gross reserves beginning of period | $ 13,119,090 | $ 11,884,321 |
Less reinsurance recoverables | (1,619,641) | (1,212,649) |
Net reserves beginning of period | 11,499,449 | 10,671,672 |
Incurred related to: Current year | 3,559,505 | 3,218,162 |
Incurred related to: Prior years | (44,401) | 432,187 |
Total incurred losses and LAE | 3,515,104 | 3,650,349 |
Paid related to: Current year | 550,724 | 724,791 |
Paid related to: Prior years | 2,406,753 | 2,730,015 |
Total paid losses and LAE | 2,957,477 | 3,454,806 |
Foreign exchange/translation adjustment | (52,125) | (78,103) |
Net reserves end of period | 12,004,952 | 10,789,112 |
Plus reinsurance recoverables | 1,632,687 | 1,601,041 |
Gross reserves end of period | $ 13,637,639 | $ 12,390,153 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 9 Months Ended | 60 Months Ended | ||
Sep. 30, 2019USD ($)GBP (£)Item | Dec. 31, 2005Item | Dec. 31, 2018USD ($) | Dec. 31, 2001Item | |
Derivative [Line Items] | ||||
Number of equity indices | Item | 2 | |||
Number of equity index put option contracts | Item | 7 | 7 | ||
Number of equity index put option contracts expired | Item | 4 | |||
Equity index put option liability | $ 8,563,000 | $ 11,958,000 | ||
Equity Index Put Option Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative expiration date | Jun. 9, 2017 | |||
Equity index put option liability | $ 0 | |||
Equity Index Put Option Contracts [Member] | Fair Value [Member] | ||||
Derivative [Line Items] | ||||
Equity index put option liability | 8,563,000 | $ 11,958,000 | ||
Standard & Poor's 500 Index [Member] | ||||
Derivative [Line Items] | ||||
Theoretical maximum payout occurs based on index value | $ 0 | |||
Discount factor | 3.00% | |||
Present value of theoretical maximum payouts | $ 206,755,000 | |||
Settlement amount if contracts had expired | $ 0 | |||
Equity index if contracts had expired | 2,976.74 | |||
Standard & Poor's 500 Index [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 1.00% | |||
FTSE 100 Index [Member] | ||||
Derivative [Line Items] | ||||
Number of equity index put option contracts | Item | 1 | |||
Theoretical maximum payout occurs based on index value | $ 0 | |||
Discount factor | 3.00% | |||
Present value of theoretical maximum payouts | $ 40,130,000 | |||
Settlement amount if contracts had expired | $ 0 | |||
Equity index if contracts had expired | £ | 7,408.21 | |||
FTSE 100 Index [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 7.00% |
Derivatives (Summary Of The Fai
Derivatives (Summary Of The Fair Value Of The Equity Index Put Options) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Option Indexed to Issuer's Equity [Line Items] | |||||
Equity index put option liability | $ 8,563 | $ 8,563 | $ 11,958 | ||
Net derivative gain (loss) | (189) | $ 2,225 | 3,395 | $ 5,485 | |
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 | 8,563 | 8,563 | $ 11,958 | ||
Net derivative gain (loss) | $ (189) | $ 2,225 | $ 3,395 | $ 5,485 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value of public equity portfolio | $ 154,693,000 | $ 154,693,000 | $ 124,228,000 | ||
Other invested assets | 508,835,000 | 508,835,000 | 358,042,000 | ||
Transfers between level 1 and 2 | 0 | 0 | |||
Accounting Standards Update 2015-07 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Other invested assets | 160,264,000 | 160,264,000 | 117,662,000 | ||
Market Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Transfers from level 3 | 3,176,000 | 4,695,000 | $ 1,750,000 | ||
Fair Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Transfers from level 3 | |||||
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] | Market Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Available-for-sale Securities | 630,784,000 | 630,784,000 | 435,959,000 | ||
Transfers from level 3 | 3,176,000 | 4,695,000 | |||
Fixed Maturities [Member] | Market Value [Member] | Investment Manager's Valuation Committee Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Available-for-sale Securities | 480,181,000 | 480,181,000 | 354,143,000 | ||
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 | $ 150,603,000 | $ 150,603,000 | $ 80,663,000 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 16,566,133 | $ 15,225,263 |
Fixed maturities, fair value | 2,337 | |
Equity securities, fair value | 906,230 | 716,639 |
Equity index put option contracts | 8,563 | 11,958 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, fair value | ||
Equity securities, fair value | 814,833 | 674,433 |
Equity index put option contracts | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, fair value | ||
Equity securities, fair value | 91,397 | 42,206 |
Equity index put option contracts | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, fair value | 2,337 | |
Equity securities, fair value | ||
Equity index put option contracts | 8,563 | 11,958 |
Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 16,566,133 | 15,225,263 |
Fixed Maturity Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Fixed Maturity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 15,935,349 | 14,789,304 |
Fixed Maturity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 630,784 | 435,959 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,239,400 | 2,631,134 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,239,400 | 2,631,134 |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 537,371 | 500,094 |
Obligations Of U.S. States And Political Subdivisions [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
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 | 537,371 | 500,094 |
Obligations Of U.S. States And Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 6,475,337 | 5,445,532 |
Corporate Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 5,887,290 | 5,017,317 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 588,047 | 428,215 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 864,886 | 540,097 |
Asset-Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
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 | 824,242 | 540,097 |
Asset-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 40,644 | |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 767,292 | 326,710 |
Commercial Mortgage-Backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
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 | 767,292 | 326,710 |
Commercial Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,401,616 | 1,796,264 |
Agency Residential [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Agency Residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,401,616 | 1,796,264 |
Agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Non-Agency Residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 8,067 | 10,209 |
Non-Agency Residential [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
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 | 8,067 | 10,209 |
Non-Agency Residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 1,343,563 | 1,314,165 |
Foreign Government Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
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 | 1,343,563 | 1,314,165 |
Foreign Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 2,928,601 | 2,661,058 |
Foreign Corporate Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | ||
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 | 2,926,508 | 2,653,314 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 2,093 | $ 7,744 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
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] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance fixed maturities | 544,971 | 393,830 | 435,959 | 217,138 |
Total gains or (losses) (realized/unrealized) Included in earnings | 1,018 | (2,409) | 3,229 | (1,473) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (670) | (449) | 1,774 | (24) |
Purchases, issuances and settlements | 82,289 | 50,308 | 185,127 | 223,889 |
Transfers in and/or (out) of Level 3 | 3,176 | 4,695 | 1,750 | |
Ending balance | 630,784 | 441,280 | 630,784 | 441,280 |
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 | 542,878 | 381,215 | 428,215 | 210,186 |
Total gains or (losses) (realized/unrealized) Included in earnings | 1,018 | (1,937) | 3,348 | (591) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (1,314) | (449) | 1,130 | (24) |
Purchases, issuances and settlements | 42,289 | 50,290 | 150,659 | 219,548 |
Transfers in and/or (out) of Level 3 | 3,176 | 4,695 | ||
Ending balance | 588,047 | 429,119 | 588,047 | 429,119 |
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] | Asset Backed 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 | ||||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 644 | 644 | ||
Purchases, issuances and settlements | 40,000 | 40,000 | ||
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 40,644 | 40,644 | ||
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 | 2,093 | 12,615 | 7,744 | 6,952 |
Total gains or (losses) (realized/unrealized) Included in earnings | (472) | (119) | (882) | |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||||
Purchases, issuances and settlements | 18 | (5,532) | 4,341 | |
Transfers in and/or (out) of Level 3 | 1,750 | |||
Ending balance | 2,093 | 12,161 | 2,093 | 12,161 |
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 | 3,192 | 2,337 | ||
Total gains or (losses) (realized/unrealized) Included in earnings | (101) | 369 | (257) | |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (32) | |||
Purchases, issuances and settlements | (686) | (2,706) | 2,630 | |
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 2,373 | 2,373 | ||
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 | 3,192 | 2,337 | ||
Total gains or (losses) (realized/unrealized) Included in earnings | (101) | 369 | (257) | |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (32) | |||
Purchases, issuances and settlements | (686) | (2,706) | 2,630 | |
Transfers in and/or (out) of Level 3 | ||||
Ending balance | 2,373 | 2,373 | ||
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value [Abstract] | ||||
Balance, beginning of period | $ 8,374 | $ 9,218 | $ 11,958 | $ 12,477 |
Total (gains) or losses (realized/unrealized) Included in earnings | 189 | (2,225) | (3,395) | (5,485) |
Total (gains) or losses (realized/unrealized) Included in other comprehensive income (loss) | ||||
Transfers in and/or (out) of Level 3 | ||||
Purchases, issuances and settlements | ||||
Balance, end of period | 8,563 | 6,993 | 8,563 | 6,993 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive options | 0 | 0 | 0 | 0 |
Minimum [Member] | ||||
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||||
Options expiration date | February 24, 2020 | |||
Maximum [Member] | ||||
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||||
Options expiration date | September 19, 2022 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule Of Net Income (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Common Share [Abstract] | ||||||||||||
Net income (loss) | $ 104,398 | $ 332,868 | $ 354,551 | $ 198,381 | $ 60,787 | $ 215,186 | $ 687,419 | $ 275,973 | $ 791,817 | $ 474,354 | $ 89,041 | $ 482,751 |
Less: dividends declared-common shares and nonvested common shares | (56,995) | (52,863) | (171,131) | (159,343) | ||||||||
Undistributed earnings | $ 47,403 | $ 145,519 | $ 620,687 | $ 315,012 | ||||||||
Percentage allocated to common shareholders | 98.90% | 99.00% | 98.90% | 98.90% | ||||||||
Net income (loss) available to common stockholders, total | $ 46,869 | $ 144,024 | $ 613,847 | $ 311,695 | ||||||||
Add: dividends declared-common shareholders | 56,403 | 52,356 | 169,329 | 157,759 | ||||||||
Numerator for basic and diluted earnings per common share | $ 103,273 | $ 196,379 | $ 783,176 | $ 469,454 | ||||||||
Denominator for basic earnings per weighted-average common shares | 40,287,000 | 40,350,000 | 40,289,000 | 40,441,000 | ||||||||
Effect of dilutive securities: Options | 125,000 | 192,000 | 131,000 | 206,000 | ||||||||
Denominator for diluted earnings per adjusted weighted-average common shares | 40,411,000 | 40,542,000 | 40,421,000 | 40,646,000 | ||||||||
Basic | $ 2.56 | $ 8.17 | $ 8.70 | $ 4.87 | $ 1.49 | $ 5.26 | $ 16.88 | $ 6.75 | $ 19.44 | $ 11.61 | $ 2.18 | $ 11.77 |
Diluted | $ 2.56 | $ 8.15 | $ 8.67 | $ 4.84 | $ 1.48 | $ 5.23 | $ 16.82 | $ 6.71 | $ 19.38 | $ 11.55 | $ 2.17 | $ 11.70 |
Basic weighted-average common shares outstanding | 40,287,000 | 40,350,000 | 40,289 | 40,441,000 | ||||||||
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 40,746,000 | 40,769,000 | 40,738 | 40,871,000 |
Commitments And Contingencies_2
Commitments And Contingencies (Summary Of Estimated Cost To Replace Annuities For Contingent Liability) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
The Prudential [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 141,608 | $ 142,754 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 34,394 | $ 34,717 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total, Before Tax | $ 102,306 | $ (26,426) | $ 573,412 | $ (333,827) |
Total, Tax Effect | (11,133) | 1,447 | (64,584) | 25,602 |
Total, Net of Tax | 91,173 | (24,979) | 508,828 | (308,225) |
URA(D) On Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | 103,247 | (24,248) | 587,930 | (274,679) |
Tax Effect | (9,529) | 1,963 | (61,792) | 19,803 |
Net of Tax | 93,718 | (22,285) | 526,138 | (254,876) |
Reclassification, Before Tax | (74) | 2,175 | (3,597) | (7,800) |
Reclassification, Tax Effect | (455) | (758) | (623) | 694 |
Reclassification, Net of Tax | (529) | 1,417 | (4,220) | (7,106) |
Total, Net of Tax | 93,190 | (20,868) | 521,919 | (261,982) |
URA(D) On Securities OTTI [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | 72 | 72 | (1,671) | 339 |
Tax Effect | (25) | (69) | 122 | (145) |
Net of Tax | 47 | 3 | (1,549) | 194 |
Total, Net of Tax | 47 | 3 | (1,549) | 194 |
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | (2,665) | (6,723) | (13,890) | (58,580) |
Tax Effect | (761) | 793 | (1,316) | 6,697 |
Net of Tax | (3,426) | (5,930) | (15,206) | (51,883) |
Total, Net of Tax | (3,426) | (5,930) | (15,206) | (51,883) |
Benefit Plan Net Actuarial Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Before Tax | ||||
Tax Effect | ||||
Net of Tax | ||||
Reclassification, Before Tax | 1,726 | 2,298 | 4,640 | 6,893 |
Reclassification, Tax Effect | (363) | (482) | (975) | (1,447) |
Reclassification, Net of Tax | 1,363 | 1,816 | 3,665 | 5,446 |
Total, Net of Tax | $ 1,363 | $ 1,816 | $ 3,665 | $ 5,446 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income tax expense (benefit) | $ 11,378 | $ (39,477) | $ (59,993) | $ 8,910 | $ 9,633 | $ (7,426) | $ (99,470) | $ 2,207 | $ (88,092) | $ 11,117 | $ 331,223 | $ 63,340 |
NET INCOME (LOSS) | 104,398 | $ 332,868 | $ 354,551 | 198,381 | $ 60,787 | $ 215,186 | $ 687,419 | $ 275,973 | 791,817 | 474,354 | $ 89,041 | $ 482,751 |
URA(D) On Securities [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other net realized capital gains (losses) | (74) | 2,175 | (3,597) | (7,800) | ||||||||
Income tax expense (benefit) | (455) | (758) | (623) | 694 | ||||||||
NET INCOME (LOSS) | (529) | 1,417 | (4,220) | (7,106) | ||||||||
Benefit Plan Net Actuarial Gain (Loss) [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other underwriting expenses | 1,726 | 2,298 | 4,640 | 6,893 | ||||||||
Income tax expense (benefit) | (363) | (482) | (975) | (1,447) | ||||||||
NET INCOME (LOSS) | $ 1,363 | $ 1,816 | $ 3,665 | $ 5,446 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Balance | $ 8,836,817,000 | $ 8,389,273,000 | $ 7,860,797,000 | $ 8,208,613,000 | $ 8,320,552,000 | $ 8,340,736,000 | $ 7,860,797,000 | $ 8,340,736,000 | |||
Current period change | 91,173,000 | (24,979,000) | 508,828,000 | (308,225,000) | |||||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | $ 0 | $ 1,201,000 | |||||||||
Balance | 8,983,258,000 | 8,836,817,000 | 8,389,273,000 | 8,289,045,000 | 8,208,613,000 | 8,320,552,000 | 8,983,258,000 | 8,289,045,000 | |||
URA(D) On Securities [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Balance | 247,741,000 | (179,392,000) | (192,155,000) | 49,969,000 | (179,392,000) | 49,969,000 | |||||
Current period change | 93,190,000 | (20,868,000) | 521,919,000 | (261,982,000) | |||||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | (1,201,000) | ||||||||||
Balance | 340,978,000 | 247,741,000 | (213,020,000) | (192,155,000) | 340,978,000 | (213,020,000) | |||||
URA(D) On Securities OTTI [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Current period change | 47,000 | 3,000 | (1,549,000) | 194,000 | |||||||
Foreign Currency Translation Adjustment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Balance | (227,527,000) | (215,747,000) | (184,884,000) | (138,931,000) | (215,747,000) | (138,931,000) | |||||
Current period change | (3,426,000) | (5,930,000) | (15,206,000) | (51,883,000) | |||||||
Balance | (230,953,000) | (227,527,000) | (190,814,000) | (184,884,000) | (230,953,000) | (190,814,000) | |||||
Benefit Plan Net Actuarial Gain (Loss) [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Balance | (65,116,000) | (67,418,000) | (68,299,000) | (71,929,000) | (67,418,000) | (71,929,000) | |||||
Current period change | 1,363,000 | 1,816,000 | 3,665,000 | 5,446,000 | |||||||
Balance | (63,753,000) | (65,116,000) | (66,483,000) | (68,299,000) | (63,753,000) | (66,483,000) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Balance | (44,902,000) | (216,111,000) | (462,557,000) | (445,338,000) | (341,974,000) | (160,891,000) | (462,557,000) | (160,891,000) | |||
Current period change | 91,174,000 | 171,209,000 | 246,446,000 | (24,979,000) | (103,364,000) | (179,882,000) | |||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-01 | $ (1,201,000) | ||||||||||
Balance | $ 46,272,000 | $ (44,902,000) | $ (216,111,000) | $ (470,317,000) | $ (445,338,000) | $ (341,974,000) | $ 46,272,000 | $ (470,317,000) |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) | May 26, 2019 | Jun. 22, 2012USD ($) | Sep. 30, 2019GBP (£)ItemRate | Dec. 31, 2005 | Sep. 30, 2019USD ($)Rate | Jun. 30, 2019USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018USD ($) | May 26, 2016USD ($) |
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, number of facilities | Item | 2 | ||||||||
Line of credit facility, commitment | £ 30,000,000 | $ 1,000,000,000 | |||||||
Maximum percentage of admitted assets allowed for borrowing base | 10.00% | 10.00% | |||||||
Admitted assets for FHLB | $ 12,310,510,000 | ||||||||
Borrowings from FHLB | $ 0 | ||||||||
Maximum amount available under FHLB | 1,231,051,000 | ||||||||
Wells Fargo Bank Group Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, commitment | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | |||||
Line of credit facility, term of credit facility | 5 years | 4 years | |||||||
Line of credit facility, required minimum debt-to-capital ratio | Rate | 35.00% | 35.00% | |||||||
Line of credit facility, required minimum net worth | $ 5,370,979,000 | ||||||||
Percentage amount of consolidated net income required to be reserved to maintain compliance with facility covenants | 25.00% | ||||||||
Percentage amount of increase in consolidated net worth from new issuance required to be reserved to maintain compliance with facility covenants | 25.00% | ||||||||
Increase in reserves due to new issuance during the period required to maintain compliance with facility covenants | 6,198,350,000 | ||||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, commitment | 200,000,000 | 200,000,000 | |||||||
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 | 600,000,000 | 600,000,000 | |||||||
Citibank Bilateral Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, commitment | 200,000,000 | $ 200,000,000 | |||||||
Percentage of interest on the principal amount of letters of credit issued | 0.35% | ||||||||
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 | ||||||||
Per annum commitment fee on undrawn credit | 0.15% | ||||||||
Lloyds Bank plc Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, commitment | £ | £ 30,000,000 | £ 30,000,000 | |||||||
Line of credit facility, term of credit facility | 4 years | ||||||||
Line of credit facility, required minimum net worth | 5,326,009,000 | ||||||||
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 | $ 6,189,098,000 | ||||||||
Percentage commitment fee per annum | 0.10% | ||||||||
Per annum commitment fee on undrawn credit | 0.35% |
Credit Facilities (Summary Of C
Credit Facilities (Summary Of Costs Incurred Connection With Credit Facilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Credit Facilities [Abstract] | ||||
Credit facility interest and fees incurred | $ 105 | $ 105 | $ 315 | $ 315 |
Credit Facilities (Summary Of O
Credit Facilities (Summary Of Outstanding Letters Of Credit And/Or Borrowings) (Details) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019GBP (£) | Dec. 31, 2018GBP (£) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | May 26, 2016USD ($) | Jun. 22, 2012USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Commitment | £ 30,000,000 | $ 1,000,000,000 | ||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | 200,000,000 | $ 200,000,000 | ||||
In Use | ||||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | 600,000,000 | 600,000,000 | ||||
In Use | 595,575,000 | 558,818,000 | ||||
Date of Expiry | Dec. 31, 2019 | Dec. 31, 2019 | ||||
Wells Fargo Bank Group Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | 800,000,000 | 800,000,000 | $ 800,000,000 | $ 800,000,000 | ||
In Use | 595,575,000 | 558,818,000 | ||||
Citibank Bilateral Letter Of Credit Agreement One [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | 200,000,000 | 200,000,000 | ||||
In Use | 3,672,000 | 3,482,000 | ||||
Date of Expiry | Nov. 24, 2019 | Feb. 28, 2019 | ||||
Citibank Bilateral Letter Of Credit Agreement Two [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | 74,243,000 | 3,672,000 | ||||
Date of Expiry | Dec. 31, 2019 | Nov. 24, 2019 | ||||
Citibank Bilateral Letter Of Credit Agreement Three [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | 3,482,000 | 72,443,000 | ||||
Date of Expiry | Feb. 29, 2020 | Dec. 31, 2019 | ||||
Citibank Bilateral Letter Of Credit Agreement Four [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | 173,000 | 296,000 | ||||
Date of Expiry | Dec. 16, 2020 | Aug. 15, 2020 | ||||
Citibank Bilateral Letter Of Credit Agreement Five [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | 122,000 | 177,000 | ||||
Date of Expiry | Dec. 20, 2020 | Dec. 16, 2020 | ||||
Citibank Bilateral Letter Of Credit Agreement Six [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | 2,993,000 | 125,000 | ||||
Date of Expiry | Dec. 31, 2020 | Dec. 20, 2020 | ||||
Citibank Bilateral Letter Of Credit Agreement Seven [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | 547,000 | 1,851,000 | ||||
Date of Expiry | Aug. 15, 2021 | Nov. 4, 2022 | ||||
Citibank Bilateral Letter Of Credit Agreement Eight [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | 39,027,000 | 407,000 | ||||
Date of Expiry | Sep. 30, 2023 | Nov. 13, 2022 | ||||
Citibank Bilateral Letter Of Credit Agreement Nine [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | 59,293,000 | |||||
Date of Expiry | Dec. 30, 2022 | |||||
Citibank Bilateral Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | 200,000,000 | 200,000,000 | ||||
In Use | $ 124,259,000 | $ 141,746,000 | ||||
Lloyds Bank PLC [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | £ | £ 30,000,000 | £ 30,000,000 | ||||
In Use | £ | £ 24,845,000 | £ 26,000,000 | ||||
Date of Expiry | Dec. 31, 2022 | Dec. 31, 2022 | ||||
Lloyd's Bank Issuance One [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | £ | ||||||
In Use | £ | ||||||
Lloyds Bank plc Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | £ | 30,000,000 | 30,000,000 | ||||
In Use | £ | £ 24,845,000 | £ 26,000,000 |
Collateralized Reinsurance An_3
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Apr. 30, 2018USD ($)Item | Apr. 01, 2018USD ($) | Apr. 13, 2017USD ($)Item | Dec. 01, 2015USD ($)Item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)Item | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Effects of Reinsurance [Line Items] | |||||||||||
Amount on deposit in trust accounts | $ 867,357 | $ 867,357 | |||||||||
Preferred shares | |||||||||||
Reinsurance coverage amount | 97,391 | $ 73,015 | $ 237,841 | $ 203,445 | |||||||
Catastrophe Reinsurance Agreement 3 [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Reinsurance coverage amount | $ 325,000 | ||||||||||
Catastrophe Reinsurance Agreement 4 [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Reinsurance coverage amount | 50,000 | ||||||||||
Catastrophe Reinsurance Agreement 5 [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Reinsurance coverage amount | 75,000 | ||||||||||
Catastrophe Reinsurance Agreement 6 [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Reinsurance coverage amount | $ 175,000 | ||||||||||
Catastrophe Reinsurance Series 2015-1 Notes [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Catastrophe reinsurance bonds funded amount | $ 625,000 | ||||||||||
Kilimanjaro Re Limited [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Number of collateralized reinsurance agreements | Item | 6 | 2 | 2 | ||||||||
Reinsurance agreements expiration date | Apr. 1, 2018 | ||||||||||
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 | ||||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Reinsurance coverage amount | 200,000 | ||||||||||
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 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] | |||||||||||
Percentage of voting common shares owned by Group | 100.00% | ||||||||||
Assumed net risk exposures | $ 993,036 | 1,156,853 | |||||||||
Preferred shares | $ 45,748 | $ 45,748 | $ 45,625 | ||||||||
Retrocede amount | $ 269,198 | ||||||||||
Cash transferred | $ 252,000 | ||||||||||
Mt. Logan Re [Member] | Minimum [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Accident year | 2002 | ||||||||||
Mt. Logan Re [Member] | Maximum [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Accident year | 2015 | ||||||||||
Liability retroceded | $ 319,000 |
Collateralized Reinsurance An_4
Collateralized Reinsurance And Trust Agreements (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Effects of Reinsurance [Line Items] | ||||
Ceded written premiums | $ 97,391 | $ 73,015 | $ 237,841 | $ 203,445 |
Ceded earned premiums | 79,560 | 65,982 | 220,200 | 192,820 |
Ceded losses and LAE | 79,499 | 28,982 | 164,914 | 189,505 |
Assumed written premiums | 9,867 | 4,793 | 14,900 | 9,440 |
Assumed earned premiums | 9,867 | 4,793 | 14,900 | 9,440 |
Assumed losses and LAE |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - 4.868% Senior notes due 6/1/2044 [Member] | 9 Months Ended |
Sep. 30, 2019USD ($) | |
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 ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 397,044,000 | $ 396,954,000 |
Senior Notes [Member] | 4.868% Senior notes due 6/1/2044 [Member] | ||
Debt Instrument [Line Items] | ||
Date issued | Jun. 5, 2014 | |
Date due | Jun. 1, 2044 | |
Principal Amounts | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 397,044,000 | 396,954,000 |
Market Value | $ 450,984,000 | $ 396,968,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Senior Notes [Abstract] | ||||
Interest expense incurred | $ 4,868 | $ 4,868 | $ 14,604 | $ 14,604 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Debt Instrument [Line Items] | |
Redemption date | May 1, 2047 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years |
Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Percentage of principal amount required for redemption | 100.00% |
Outstanding debt reduction | $ 161,441 |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [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 |
Reset quarterly interest rate | 4.54% |
Basis spread on variable rate | 2.385% |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest payment date | May 3, 2007 |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Interest payment date | May 14, 2017 |
Senior Notes [Member] | 6.6 % Long Term Subordinated Notes [Member] | |
Debt Instrument [Line Items] | |
Right to defer interest on one or more occasions for up to number of consecutive years | 1 year |
Senior Notes [Member] | 5.4% Senior notes due 10/15/2014 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, stated interest rate | 5.40% |
Debt instrument, maturity date | Oct. 15, 2014 |
Senior Notes [Member] | 4.868% Senior notes due 6/1/2044 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, stated interest rate | 4.868% |
Debt instrument, maturity date | Jun. 1, 2044 |
Long Term Subordinated Notes (S
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 236,733 | $ 236,659 |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Principal Amounts | $ 400,000 | |
Maturity Date | May 1, 2067 | |
Consolidated balance sheet amount | $ 236,733 | 236,659 |
Market Value | $ 214,853 | $ 200,390 |
Scheduled [Member] | Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 | |
Final [Member] | Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 1, 2067 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Long Term Subordinated Notes [Abstract] | ||||
Interest expense incurred | $ 2,881 | $ 2,875 | $ 8,892 | $ 7,968 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | Jul. 02, 2019USD ($)ft² |
Lease [Line Items] | |
Area of property | ft² | 315,000 |
Annual lease expense | $ 7,800 |
Monthly lease expense | $ 650 |
Leases (Supplemental Informatio
Leases (Supplemental Information Relating to Operating Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | |||
Lease expense incurred: Operating lease cost | $ 5,384 | $ 16,602 | |
Operating lease right of use assets | 58,754 | 58,754 | $ 69,869 |
Operating lease liabilities | $ 65,138 | 65,138 | $ 77,270 |
Operating cash flows from operating leases | $ 14,665 | ||
Weighted average remaining operating lease term | 6 years | 6 years | |
Weighted average discount rate on operating leases | 4.48% | 4.48% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Remainder of 2019 | $ 4,869 | |
2020 | 19,383 | |
2021 | 10,648 | |
2022 | 10,390 | |
2023 | 9,937 | |
2024 | 9,549 | |
Thereafter | 17,037 | |
Undiscounted lease payments | 81,813 | |
Less: present value adjustment | 16,675 | |
Total operating lease liability | $ 65,138 | $ 77,270 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Premiums earned | $ 1,905,619 | $ 1,731,479 | $ 5,455,615 | $ 5,080,724 |
Incurred losses and LAE | 1,371,924 | 1,251,858 | 3,515,104 | 3,650,349 |
Commission and brokerage | 443,076 | 381,401 | 1,253,500 | 1,122,442 |
Other underwriting expenses | 118,158 | 97,942 | 321,976 | 287,325 |
Underwriting gain (loss) | (27,539) | 278 | 365,035 | 20,608 |
U.S. Reinsurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 852,679 | 940,839 | 2,258,589 | 2,237,170 |
Net written premiums | 754,477 | 845,743 | 1,931,024 | 1,957,877 |
Premiums earned | 646,265 | 670,663 | 1,893,516 | 1,837,932 |
Incurred losses and LAE | 380,960 | 440,070 | 1,052,789 | 1,494,916 |
Commission and brokerage | 215,813 | 156,500 | 555,517 | 432,532 |
Other underwriting expenses | 19,150 | 16,250 | 50,468 | 48,608 |
Underwriting gain (loss) | 30,342 | 57,843 | 234,742 | (138,124) |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 442,294 | 362,651 | 1,215,209 | 1,128,399 |
Net written premiums | 407,897 | 348,785 | 1,141,319 | 1,049,249 |
Premiums earned | 372,344 | 342,238 | 1,083,354 | 1,049,637 |
Incurred losses and LAE | 411,011 | 310,400 | 878,118 | 738,830 |
Commission and brokerage | 83,420 | 81,439 | 253,015 | 255,704 |
Other underwriting expenses | 11,331 | 10,191 | 29,847 | 31,116 |
Underwriting gain (loss) | (133,418) | (59,792) | (77,626) | 23,987 |
Bermuda [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 441,699 | 377,916 | 1,204,512 | 1,163,042 |
Net written premiums | 421,339 | 358,758 | 1,140,609 | 1,108,962 |
Premiums earned | 402,190 | 299,815 | 1,095,208 | 972,647 |
Incurred losses and LAE | 258,650 | 211,718 | 674,994 | 591,328 |
Commission and brokerage | 71,865 | 76,611 | 230,581 | 238,416 |
Other underwriting expenses | 13,351 | 10,752 | 36,716 | 31,647 |
Underwriting gain (loss) | 58,324 | 734 | 152,917 | 111,256 |
Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | 666,602 | 517,258 | 2,018,727 | 1,668,181 |
Net written premiums | 484,844 | 385,487 | 1,491,286 | 1,241,269 |
Premiums earned | 484,820 | 418,763 | 1,383,537 | 1,220,508 |
Incurred losses and LAE | 321,303 | 289,670 | 909,203 | 825,275 |
Commission and brokerage | 71,978 | 66,851 | 214,387 | 195,790 |
Other underwriting expenses | 74,326 | 60,749 | 204,945 | 175,954 |
Underwriting gain (loss) | $ 17,213 | $ 1,493 | $ 55,002 | $ 23,489 |
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 | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||
Underwriting gain (loss) | $ (27,539) | $ 278 | $ 365,035 | $ 20,608 | ||||||||
Net investment income | 181,058 | 161,363 | 501,062 | 440,979 | ||||||||
Net realized capital gains (losses) | (12,943) | 54,804 | 109,561 | 45,679 | ||||||||
Net derivative gain (loss) | (189) | 2,225 | 3,395 | 5,485 | ||||||||
Corporate expenses | (8,435) | (7,890) | (22,622) | (23,519) | ||||||||
Interest, fee and bond issue cost amortization expense | (7,907) | (7,901) | (23,972) | (23,047) | ||||||||
Other income (expense) | (31,025) | $ (18,225) | $ (3,300) | (13,408) | $ (6,573) | $ 17,033 | $ (21,525) | $ 10,460 | (52,550) | (2,948) | $ (24,771) | $ (21,215) |
INCOME (LOSS) BEFORE TAXES | $ 93,020 | $ 372,345 | $ 414,544 | $ 189,471 | $ 51,154 | $ 222,612 | $ 786,889 | $ 273,766 | $ 879,909 | $ 463,237 | $ (242,182) | $ 419,411 |
Segment Reporting (Schedule O_3
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross written premiums | $ 272,297 | $ 246,580 | $ 743,294 | $ 681,911 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Narrative) (Details) | 3 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation awards, number of shares granted | shares | 40,345 |
Share-based compensation awards, per option fair value | $ / shares | $ 260.555 |
Restricted Shares [Member] | May 15, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation awards, grant date | Sep. 18, 2019 |
Retirement Benefits (Narrative)
Retirement Benefits (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contributions | $ 0 | $ 77,000,000 | $ 0 | $ 77,000,000 |
Retirement Benefits (Net Period
Retirement Benefits (Net Periodic Benefit Cost For U.S. Employees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,064 | $ 2,977 | $ 6,616 | $ 8,931 |
Interest cost | 2,928 | 2,585 | 8,788 | 7,754 |
Expected return on plan assets | (4,492) | (3,670) | (14,523) | (11,011) |
Amortization of net (income) loss | 1,909 | 2,237 | 5,111 | 6,710 |
FAS 88 settlement charge | 102 | 309 | ||
Net periodic benefit cost | 2,511 | 4,129 | 6,301 | 12,384 |
Post-Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 245 | 446 | 818 | 1,339 |
Interest cost | 245 | 307 | 835 | 920 |
Amortization of prior service cost | (144) | (33) | (433) | (98) |
Amortization of net (income) loss | (39) | 94 | (39) | 282 |
Net periodic benefit cost | $ 307 | $ 814 | $ 1,181 | $ 2,443 |