Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
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 – 4th Floor | |
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, $0.01 par value | |
Trading Symbol | RE | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 39,987,014 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Fixed maturities - available for sale, at market value (amortized cost: 2020, $16,493,187; 2019, $16,473,491, credit allowances: 2020, $21,774; 2019, $0) | $ 16,545,895 | $ 16,824,944 |
Fixed maturities - available for sale, at fair value | 4,703 | 5,826 |
Equity securities, at fair value | 722,851 | 931,457 |
Short-term investments (cost: 2020, $441,707; 2019, $414,639) | 441,722 | 414,706 |
Other invested assets (cost: 2020, $1,803,785; 2019, $1,763,531) | 1,803,785 | 1,763,531 |
Cash | 817,626 | 808,036 |
Total investments and cash | 20,336,582 | 20,748,500 |
Accrued investment income | 117,791 | 116,804 |
Premiums receivable | 2,340,392 | 2,259,088 |
Reinsurance receivables | 1,808,601 | 1,763,471 |
Funds held by reinsureds | 515,076 | 489,901 |
Deferred acquisition costs | 603,735 | 581,863 |
Prepaid reinsurance premiums | 438,308 | 445,716 |
Income taxes | 406,413 | 305,711 |
Other assets | 655,740 | 612,997 |
TOTAL ASSETS | 27,222,638 | 27,324,051 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 13,820,504 | 13,611,313 |
Future policy benefit reserve | 41,677 | 42,592 |
Unearned premium reserve | 3,176,292 | 3,056,735 |
Funds held under reinsurance treaties | 9,163 | 10,668 |
Other net payable to reinsurers | 369,385 | 291,660 |
Loss in course of payment | 50,510 | 51,950 |
Senior notes due 6/1/2044 | 397,104 | 397,074 |
Long term notes due 5/1/2067 | 235,083 | 236,758 |
Revolving credit borrowings | 50,000 | |
Accrued interest on debt and borrowings | 7,589 | 2,878 |
Equity index put option liability | 20,958 | 5,584 |
Unsettled securities payable | 77,042 | 30,650 |
Other liabilities | 386,387 | 453,264 |
Total liabilities | 18,641,694 | 18,191,126 |
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; (2020) 69,624 and (2019) 69,464 outstanding before treasury shares | 696 | 694 |
Additional paid-in capital | 2,216,479 | 2,219,660 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(5,682) at 2020 and $30,996 at 2019 | (269,751) | 28,152 |
Treasury shares, at cost; 29,636 shares (2020) and 28,665 shares (2019) | (3,622,172) | (3,422,152) |
Retained earnings | 10,255,692 | 10,306,571 |
Total shareholders' equity | 8,580,944 | 9,132,925 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 27,222,638 | $ 27,324,051 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 16,493,187,000 | $ 16,473,491,000 |
Fixed maturities - available for sale, at market value, allowance for credit loss | 21,774,000 | 0 |
Short-term investments, at cost | 441,707,000 | 414,639,000 |
Other invested assets, at cost | $ 1,803,785,000 | $ 1,763,531,000 |
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 | 69,624,000 | 69,464,000 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) | $ (5,682,000) | $ 30,996,000 |
Treasury shares | 29,636,000 | 28,665,000 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
REVENUES: | ||
Premiums earned | $ 2,036,814 | $ 1,732,697 |
Net investment income | 147,800 | 140,976 |
Net realized capital gains (losses): | ||
Credit allowances on fixed maturity securities | (21,774) | |
Other-than-temporary impairments on fixed maturity securities | (2,933) | |
Other net realized capital gains (losses) | (188,814) | 95,165 |
Total net realized capital gains (losses) | (210,588) | 92,232 |
Net derivative gain (loss) | (15,373) | 3,231 |
Other income (expense) | 23,363 | (3,300) |
Total revenues | 1,982,016 | 1,965,836 |
CLAIMS AND EXPENSES: | ||
Incurred losses and loss adjustment expenses | 1,430,840 | 1,048,550 |
Commission, brokerage, taxes and fees | 448,522 | 389,474 |
Other underwriting expenses | 128,860 | 98,985 |
Corporate expenses | 9,833 | 6,652 |
Interest, fees and bond issue cost amortization expense | 7,583 | 7,631 |
Total claims and expenses | 2,025,638 | 1,551,292 |
INCOME (LOSS) BEFORE TAXES | (43,622) | 414,544 |
Income tax expense (benefit) | (60,234) | 59,993 |
NET INCOME (LOSS) | 16,612 | 354,551 |
Other comprehensive income (loss), net of tax : | ||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (279,398) | 233,065 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 31,399 | (1,822) |
Total URA(D) on securities arising during the period | (247,999) | 231,243 |
Foreign currency translation adjustments | (50,824) | 14,052 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 920 | 1,151 |
Total benefit plan net gain (loss) for the period | 920 | 1,151 |
Total other comprehensive income (loss), net of tax | (297,903) | 246,446 |
COMPREHENSIVE INCOME (LOSS) | $ (281,291) | $ 600,997 |
EARNINGS PER COMMON SHARE: | ||
Basic | $ 0.41 | $ 8.70 |
Diluted | $ 0.41 | $ 8.67 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) | 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] |
Change to beginning balance due to adoption of Accounting Standards Update 2016-13 | $ 0 | ||||||
Balance at Dec. 31, 2018 | $ 692,000 | $ 2,188,777,000 | $ (462,557,000) | 9,531,433,000 | $ (3,397,548,000) | ||
Balance, shares at Dec. 31, 2018 | 40,651,148 | ||||||
Issued during the period, net, shares | 194,584 | ||||||
Treasury shares acquired, shares | (75,193) | ||||||
Issued during the period, net | 2,000 | ||||||
Share-based compensation plans | 767,000 | ||||||
Net increase (decrease) during the period | $ 246,446,000 | 246,446,000 | |||||
Net income (loss) | 354,551,000 | 354,551,000 | |||||
Dividends declared ($1.55 per share in 2020 and $1.40 per share in 2019) | (57,137,000) | (57,137,000) | |||||
Purchase of treasury shares | (16,153,000) | ||||||
Balance at Mar. 31, 2019 | 8,389,273,000 | 694,000 | 2,189,544,000 | (216,111,000) | 9,828,847,000 | (3,413,701,000) | |
Balance, shares at Mar. 31, 2019 | 40,770,539 | ||||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-13 | (4,214,000) | ||||||
Balance at Dec. 31, 2019 | $ 9,132,925,000 | 694,000 | 2,219,660,000 | 28,152,000 | 10,306,571,000 | (3,422,152,000) | |
Balance, shares at Dec. 31, 2019 | 69,464,000 | 40,798,963 | |||||
Issued during the period, net, shares | 159,423 | ||||||
Treasury shares acquired, shares | (970,892) | ||||||
Issued during the period, net | 2,000 | ||||||
Share-based compensation plans | (3,181,000) | ||||||
Net increase (decrease) during the period | $ (297,903,000) | (297,903,000) | |||||
Net income (loss) | 16,612,000 | 16,612,000 | |||||
Dividends declared ($1.55 per share in 2020 and $1.40 per share in 2019) | (63,277,000) | (63,277,000) | |||||
Purchase of treasury shares | (200,020,000) | ||||||
Balance at Mar. 31, 2020 | $ 8,580,944,000 | $ 696,000 | $ 2,216,479,000 | $ (269,751,000) | 10,255,692,000 | $ (3,622,172,000) | |
Balance, shares at Mar. 31, 2020 | 69,624,000 | 39,987,494 | |||||
Change to beginning balance due to adoption of Accounting Standards Update 2016-13 | $ (4,214,000) |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||
Dividends declared | $ 1.55 | $ 1.40 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 16,612 | $ 354,551 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Decrease (increase) in premiums receivable | (119,548) | (168,377) |
Decrease (increase) in funds held by reinsureds, net | (28,973) | 9,353 |
Decrease (increase) in reinsurance receivables | (130,593) | 34,556 |
Decrease (increase) in income taxes | (65,114) | 91,856 |
Decrease (increase) in prepaid reinsurance premiums | (10,572) | (11,677) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 406,257 | 58,073 |
Increase (decrease) in future policy benefit reserve | (915) | 103 |
Increase (decrease) in unearned premiums | 158,744 | 135,157 |
Increase (decrease) in other net payable to reinsurers | 95,555 | 63,326 |
Increase (decrease) in losses in course of payment | (1,422) | (66,714) |
Change in equity adjustments in limited partnerships | (8,512) | (8,079) |
Distribution of limited partnership income | 11,108 | 14,799 |
Change in other assets and liabilities, net | (45,259) | 30,152 |
Non-cash compensation expense | 9,393 | 9,056 |
Amortization of bond premium (accrual of bond discount) | 8,640 | 5,899 |
Net realized capital (gains) losses | 210,588 | (92,232) |
Net cash provided by (used in) operating activities | 505,989 | 459,802 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from fixed maturities matured/called - available for sale, at market value | 656,070 | 460,537 |
Proceeds from fixed maturities sold - available for sale, at market value | 501,953 | 1,798,226 |
Proceeds from equity securities sold, at fair value | 112,841 | 69,500 |
Distributions from other invested assets | 104,085 | 54,692 |
Cost of fixed maturities acquired - available for sale, at market value | (1,359,281) | (2,249,663) |
Cost of equity securities acquired, at fair value | (76,513) | (146,435) |
Cost of other invested assets acquired | (152,269) | (115,028) |
Net change in short-term investments | (27,882) | (354,388) |
Net change in unsettled securities transactions | (17,185) | 49,809 |
Net cash provided by (used in) investing activities | (258,181) | (432,750) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Common shares issued during the period for share-based compensation, net of expense | (12,573) | (8,288) |
Purchase of treasury shares | (200,020) | (16,153) |
Dividends paid to shareholders | (63,277) | (57,137) |
Proceeds from revolving credit borrowings | 50,000 | |
Cost of debt repurchase | (1,198) | |
Cost of shares withheld on settlements of share-based compensation awards | (13,982) | (11,443) |
Net cash provided by (used in) financing activities | (241,050) | (93,021) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 2,832 | (6,152) |
Net increase (decrease) in cash | 9,590 | (72,121) |
Cash, beginning of period | 808,036 | 656,095 |
Cash, end of period | 817,626 | 583,974 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid (recovered) | 4,920 | (90,846) |
Interest paid | $ 2,817 | $ 3,154 |
General
General | 3 Months Ended |
Mar. 31, 2020 | |
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. |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. BASIS OF PRESENTATION The unaudited consolidated financial statements of the Company as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 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, 2019 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2020 and 2019 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, 2019, 2018 and 2017 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. This is particularly true given the fluid and continuing nature of the COVID-19 pandemic. This is an ongoing event and so is the Company’s evaluation and analysis. While the Company’s analysis considers all aspects of its operations, it does not take into account legal, regulatory or legislative intervention that could retroactively mandate or expand coverage provisions. Given the uncertainties in the current public health and economic environment, there could be an adverse impact on results for the Property & Casualty industry and the Company for the remainder of the year. The impact is dependent on the shape and length of the economic recovery. With recent changes in executive management and organizational structure, the Company manages its reinsurance and insurance operations as autonomous units and key strategic decisions are based on the aggregate operating results and projections for these segments of business. Accordingly, effective January 1, 2020, the Company revised it reporting segments to Reinsurance Operations and Insurance Operations. This replaces the previous reported segments of U.S. Reinsurance, International (reinsurance), Bermuda (reinsurance) and Insurance. The prior year presented segment information has been reformatted to reflect this change. All intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2020 presentation. Application of Recently Issued Accounting Standard Changes. Accounting for Income Taxes . In December 2019, The Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, which provides simplification of existing guidance for income taxes, including the removal of certain exceptions related to recognition of deferred tax liabilities on foreign subsidiaries. The guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2019-12 on its financial statements. Simplification of Disclosure Requirements. In August 2018, the Securities and Exchange Commission (“SEC”) issued Final Rule Release #33-10532 (“the Rule”) which addresses the simplification of the SEC’s disclosure requirements for quarterly and annual financial reports. The main changes addressed by the Rule that are applicable to the Company are 1) elimination of the requirement to disclose dividend per share information on the face of the Statements of Operations and Comprehensive Income (Loss) and 2) a new requirement to disclose changes in equity by line item with subtotals for each interim reporting period on the Statements of Changes in Shareholders’ Equity. The Rule became effective for all financial reports filed after November 5, 2018 (30 days after its publication in the Federal Register), except for the additional requirement for the Statements of Changes in Shareholders’ Equity which was to be implemented for first quarter 2019 reporting. The Company has adopted the portions of the Rule that became effective November 5, 2018. The portion of the Rule related to the new requirement for the Statements of Changes in Shareholders’ Equity was adopted by the Company in the first quarter of 2019. Accounting for Cloud Computing Arrangement. In August 2018, 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 adopted the guidance as of January 1, 2020. The adoption of ASU 2018-15 did not have a material impact on the Company’s 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 was originally effective for annual reporting periods beginning after December 15, 2020 and interim periods within that annual reporting period. However, FASB issued ASU 2019-09 in November 2019 which defers the effective date of ASU 2018-12 until annual reporting periods beginning after December 15, 2021. The Company is currently evaluating the impact of the adoption of ASU 2018-12 on its financial statements. 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 Company adopted the guidance effective January 1, 2019. The adoption of ASU 2017-08 did not have a material impact on the Company’s financial statements. Valuation of Financial Instruments. In June 2016, FASB issued ASU 2016-13 (and has subsequently issued related guidance and amendments in ASU 2019-11 and ASU 2019-10 in November 2019) which outline 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 adopted the guidance effective January 1, 2020. The adoption resulted in a cumulative reduction of $ 4,214 thousand in retained earnings, which is disclosed separately within the Consolidated Statements of Shareholders’ Equity. 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 77,270 thousand as part of other liabilities zero. The adoption of the updated guidance did not have a material effect on the Company’s results of operations or liquidity. 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 | 3 Months Ended |
Mar. 31, 2020 | |
Revisions To Financial Statements [Abstract] | |
Revisions To Financial Statements | 3. REVISIONS TO FINANCIAL STATEMENTS In preparing third quarter 2019 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 third quarter 2019. 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 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 Three Months Ended March 31, 2019 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, January 1 $ 9,574,440 $ ( 43,007) $ 9,531,433 Net income (loss) 348,900 5,651 354,551 Balance, March 31 9,866,203 ( 37,356) 9,828,847 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2019 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 348,900 $ 5,651 $ 354,551 Decrease (increase) in premiums receivable ( 163,108) ( 5,269) ( 168,377) Decrease (increase) in funds held by reinsureds, net 9,837 ( 484) 9,353 Decrease (increase) in income taxes 91,754 102 91,856 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Investments | 4. INVESTMENTS Effective January 1, 2020, the Company adopted ASU 2016-13 which provides guidance on the accounting for fixed maturity securities. The guidance requires the Company to record allowances for credit losses for securities that are deemed to have valuation deterioration due to credit risk issues. The initial table below presents the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and market value of fixed maturity securities as of March 31, 2020 in accordance with ASU 2016-13 guidance. The second table presents the amortized cost, gross unrealized appreciation/(depreciation), market value and other-than-temporary impairments (“OTTI”) in AOCI as of December 31, 2019, in accordance with previously applicable guidance. At March 31, 2020 Amortized Allowance for Unrealized Unrealized Market (Dollars in thousands) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,346,812 $ - $ 86,893 $ ( 894) $ 1,432,811 Obligations of U.S. states and political subdivisions 508,158 - 21,737 ( 4,993) 524,902 Corporate securities 6,422,137 ( 17,305) 145,334 ( 202,844) 6,347,322 Asset-backed securities 981,323 - 1,987 ( 79,157) 904,153 Mortgage-backed securities Commercial 816,098 - 29,302 ( 5,301) 840,099 Agency residential 2,156,914 - 67,111 ( 2,854) 2,221,171 Non-agency residential 4,153 - - ( 156) 3,997 Foreign government securities 1,471,398 ( 519) 57,335 ( 50,496) 1,477,718 Foreign corporate securities 2,786,194 ( 3,950) 105,630 ( 94,152) 2,793,722 Total fixed maturity securities $ 16,493,187 ( 21,774) $ 515,329 $ ( 440,847) $ 16,545,895 At December 31, 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 $ 1,489,660 $ 28,357 $ ( 2,214) $ 1,515,803 $ - Obligations of U.S. states and political subdivisions 507,353 29,651 ( 89) 536,915 - Corporate securities 6,227,661 185,052 ( 37,767) 6,374,946 469 Asset-backed securities 892,373 6,818 ( 1,858) 897,333 - Mortgage-backed securities Commercial 814,570 31,236 ( 1,249) 844,557 - Agency residential 2,173,099 36,361 ( 10,879) 2,198,581 - Non-agency residential 5,723 - ( 20) 5,703 - Foreign government securities 1,492,315 47,148 ( 33,513) 1,505,950 71 Foreign corporate securities 2,870,737 107,999 ( 33,580) 2,945,156 447 Total fixed maturity securities $ 16,473,491 $ 472,622 $ ( 121,169) $ 16,824,944 $ 987 (a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. The amortized cost and market value of fixed maturity securities are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At March 31, 2020 At December 31, 2019 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,344,371 $ 1,344,301 $ 1,456,960 $ 1,457,919 Due after one year through five years 6,615,039 6,631,502 6,757,107 6,869,359 Due after five years through ten years 3,689,664 3,742,527 3,471,370 3,609,816 Due after ten years 885,625 858,145 902,289 941,676 Asset-backed securities 981,323 904,153 892,373 897,333 Mortgage-backed securities: Commercial 816,098 840,099 814,570 844,557 Agency residential 2,156,914 2,221,171 2,173,099 2,198,581 Non-agency residential 4,153 3,997 5,723 5,703 Total fixed maturity securities $ 16,493,187 $ 16,545,895 $ 16,473,491 $ 16,824,944 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 March 31, (Dollars in thousands) 2020 2019 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ ( 277,023) $ 253,894 Fixed maturity securities, other-than-temporary impairment - ( 244) Change in unrealized appreciation (depreciation), pre-tax ( 277,023) 253,650 Deferred tax benefit (expense) 29,024 ( 22,477) Deferred tax benefit (expense), other-than-temporary impairment - 70 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ ( 247,999) $ 231,243 The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is temporary or credit related. 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 a credit 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 intends to sell the security or is more likely than not to sell the security, the Company records the entire fair value adjustment in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related 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 Company establishes a credit allowance equal to the estimated credit loss and is recorded in net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. 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. We will adjust the credit allowance account for future changes in credit loss estimates for a security and record this adjustment through net realized capital gains (losses) in the Company’s consolidated statements of operations and comprehensive income (loss). The Company does not create an allowance for uncollectible interest. If interest is not received when due, the interest receivable is immediately reversed and no additional interest is accrued. If future interest is received that has not been accrued, it is recorded as income at that time. Prior to the adoption of ASU 2016-13 effective January 1, 2020, estimated credit losses were recorded as adjustments to the carrying value of the security and any subsequent improvement in market value were recorded through other comprehensive income. 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. 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 March 31, 2020 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 $ 12,543 $ ( 59) $ 9,003 $ ( 835) $ 21,546 $ ( 894) Obligations of U.S. states and political subdivisions 78,392 ( 4,745) 3,309 ( 248) 81,701 ( 4,993) Corporate securities 2,298,849 ( 135,869) 196,450 ( 66,975) 2,495,299 ( 202,844) Asset-backed securities 661,772 ( 70,133) 121,979 ( 9,024) 783,751 ( 79,157) Mortgage-backed securities Commercial 89,848 ( 4,325) 17,004 ( 976) 106,852 ( 5,301) Agency residential 54,106 ( 1,263) 132,631 ( 1,591) 186,737 ( 2,854) Non-agency residential 652 ( 15) 3,314 ( 141) 3,966 ( 156) Foreign government securities 331,099 ( 11,540) 198,695 ( 38,956) 529,794 ( 50,496) Foreign corporate securities 984,854 ( 56,831) 253,965 ( 37,321) 1,238,819 ( 94,152) Total fixed maturity securities $ 4,512,115 $ ( 284,780) $ 936,350 $ ( 156,067) $ 5,448,465 $ ( 440,847) Duration of Unrealized Loss at March 31, 2020 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 $ 289,680 $ ( 5,701) $ 167,508 $ ( 26,447) $ 457,188 $ ( 32,148) Due in one year through five years 1,856,090 ( 88,884) 392,979 ( 57,252) 2,249,069 ( 146,136) Due in five years through ten years 1,337,038 ( 95,295) 59,440 ( 9,244) 1,396,478 ( 104,539) Due after ten years 222,929 ( 19,164) 41,495 ( 51,392) 264,424 ( 70,556) Asset-backed securities 661,772 ( 70,133) 121,979 ( 9,024) 783,751 ( 79,157) Mortgage-backed securities 144,606 ( 5,603) 152,949 ( 2,708) 297,555 ( 8,311) Total fixed maturity securities $ 4,512,115 $ ( 284,780) $ 936,350 $ ( 156,067) $ 5,448,465 $ ( 440,847) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at March 31, 2020 were $ 5,448,465 thousand and $ 440,847 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at March 31, 2020, did not exceed 0.03% 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 $ 284,780 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, asset-backed securities and foreign government securities. Of these unrealized losses, $ 220,751 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $ 156,067 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 and asset-backed securities. Of these unrealized losses, $ 96,914 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, 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 $ 85,527 $ ( 1,005) $ 249,371 $ ( 1,209) $ 334,898 $ ( 2,214) Obligations of U.S. states and political subdivisions 4,600 ( 38) 5,522 ( 51) 10,122 ( 89) Corporate securities 547,120 ( 9,877) 395,369 ( 27,890) 942,489 ( 37,767) Asset-backed securities 176,222 ( 1,027) 94,190 ( 831) 270,412 ( 1,858) Mortgage-backed securities Commercial 83,127 ( 689) 23,063 ( 560) 106,190 ( 1,249) Agency residential 344,267 ( 1,834) 488,680 ( 9,045) 832,947 ( 10,879) Non-agency residential 332 - 3,976 ( 20) 4,308 ( 20) Foreign government securities 210,766 ( 4,770) 283,648 ( 28,743) 494,414 ( 33,513) Foreign corporate securities 278,403 ( 7,553) 365,808 ( 26,027) 644,211 ( 33,580) Total fixed maturity securities $ 1,730,364 $ ( 26,793) $ 1,909,627 $ ( 94,376) $ 3,639,991 $ ( 121,169) Duration of Unrealized Loss at December 31, 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 $ 67,879 $ ( 1,237) $ 416,583 $ ( 23,004) $ 484,462 $ ( 24,241) Due in one year through five years 464,753 ( 7,960) 689,195 ( 38,138) 1,153,948 ( 46,098) Due in five years through ten years 495,741 ( 12,388) 103,612 ( 11,100) 599,353 ( 23,488) Due after ten years 98,043 ( 1,658) 90,328 ( 11,678) 188,371 ( 13,336) Asset-backed securities 176,222 ( 1,027) 94,190 ( 831) 270,412 ( 1,858) Mortgage-backed securities 427,726 ( 2,523) 515,719 ( 9,625) 943,445 ( 12,148) Total fixed maturity securities $ 1,730,364 $ ( 26,793) $ 1,909,627 $ ( 94,376) $ 3,639,991 $ ( 121,169) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2019 were $ 3,639,991 thousand and $ 121,169 thousand, respectively. The market value of securities for the single issuer whose securities comprised the largest unrealized loss position at December 31, 2019, did not exceed 0.8% 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 $ 26,793 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 and foreign government securities. Of these unrealized losses, $ 23,104 thousand were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $ 94,376 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 and agency residential mortgage-backed securities. Of these unrealized losses, $ 73,144 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 March 31, (Dollars in thousands) 2020 2019 Fixed maturities $ 137,924 $ 126,708 Equity securities 3,521 3,507 Short-term investments and cash 2,175 4,205 Other invested assets Limited partnerships 21,568 8,297 Other ( 13,071) 2,980 Gross investment income before adjustments 152,117 145,697 Funds held interest income (expense) 8,216 5,968 Future policy benefit reserve income (expense) ( 211) ( 234) Gross investment income 160,122 151,431 Investment expenses ( 12,322) ( 10,455) Net investment income $ 147,800 $ 140,976 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 $ 1,365,631 thousand in limited partnerships and private placement loans at March 31, 2020. 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 The Company participates 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. The Company consolidates its participation in the facility. As of March 31, 2020, the market value of investments in the facility consolidated within the Company’s balance sheets was $ 339,983 thousand. The components of net realized capital gains (losses) are presented in the tables below for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Fixed maturity securities, market value: Allowance for credit losses $ ( 21,774) $ - Other-than-temporary impairments - ( 2,933) Gains (losses) from sales ( 14,076) 5,273 Fixed maturity securities, fair value: Gains (losses) from sales - - Gains (losses) from fair value adjustments ( 1,123) 13 Equity securities, fair value: Gains (losses) from sales ( 27,599) 5,048 Gains (losses) from fair value adjustments ( 144,003) 84,441 Other invested assets ( 2,327) 396 Short-term investments gain (loss) 314 ( 6) Total net realized capital gains (losses) $ ( 210,588) $ 92,232 Foreign Foreign Corporate Government Corporate Securities Securities Securities Total Balance as of December 31, 2019 $ - $ - $ - $ - Provision for credit losses ( 17,305) ( 519) ( 3,950) ( 21,774) Balance as of March 31, 2020 $ ( 17,305) $ ( 519) $ ( 3,950) $ ( 21,774) The Company recorded as net realized capital gains (losses) in the consolidated statements of operations and comprehensive income (loss) fair value re-measurements, allowances for credit losses per ASU 2016-13 and write-downs in the value of securities deemed to be impaired on an other-than-temporary basis in prior years 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 March 31, (Dollars in thousands) 2020 2019 Proceeds from sales of fixed maturity securities $ 501,953 $ 1,798,226 Gross gains from sales 14,001 16,138 Gross losses from sales ( 28,077) ( 10,865) Proceeds from sales of equity securities $ 112,841 $ 69,500 Gross gains from sales 2,584 5,675 Gross losses from sales ( 30,183) ( 627) |
Reserve For Losses, LAE And Fut
Reserve For Losses, LAE And Future Policy Benefit Reserve | 3 Months Ended |
Mar. 31, 2020 | |
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: Three Months Ended March 31, (Dollars in thousands) 2020 2019 Gross reserves beginning of period $ 13,611,313 $ 13,119,090 Less reinsurance recoverables ( 1,640,712) ( 1,619,641) Net reserves beginning of period 11,970,601 11,499,449 Incurred related to: Current year 1,433,440 1,050,116 Prior years ( 2,600) ( 1,566) Total incurred losses and LAE 1,430,840 1,048,550 Paid related to: Current year 168,528 103,688 Prior years 907,790 817,006 Total paid losses and LAE 1,076,318 920,694 Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13 ( 156,565) ( 1,496) Net reserves end of period 12,168,558 11,625,810 Plus reinsurance recoverables 1,651,946 1,621,292 Gross reserves end of period $ 13,820,504 $ 13,247,102 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 1,433,440 thousand and $ 1,050,116 thousand for the three months ended March 31, 2020 and 2019, respectively. The increase in current year incurred losses in 2020 compared to 2019 was primarily due to $ 150,000 thousand of incurred losses due to COVID-19 as well as the impact of the increase in premiums earned. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2020 | |
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). Five of these contracts had expired prior to March 31, 2020 with no liabilities due under the terms of the expired contracts. The Company had one remaining equity index put option contract at March 31, 2020, based on the Standard & Poor’s 500 (“S&P 500”) index. Based on historical index volatilities and trends and the March 31, 2020 S&P 500 index value, the Company estimates the probability that the equity index put option contract of the S&P 500 index falling below the strike price on the exercise date to be less than 3%. The theoretical maximum payout under this equity index put option contract would occur if on the exercise date the S&P 500 index value was zero. At March 31, 2020, the present value of the theoretical maximum payout using a 3% discount factor was $ 144,636 thousand. Conversely, if the contract had expired on March 31, 2020, with the S&P index at 2,584.59, 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 March 31, 2020 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 approximately 70%. 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 March 31, 2020, the present value of the theoretical maximum payout using a 3% discount factor and current exchange rate was $ 40,003 thousand. Conversely, if the contract had expired on March 31, 2020, with the FTSE index at 5,671.96, there would have been a settlement amount of $ 2,142 thousand. At March 31, 2020 and December 31, 2019, the fair value for these equity put options was $ 20,958 thousand and $ 5,584 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 March 31, 2020 December 31, 2019 Equity index put option contracts Equity index put option liability $ 20,958 $ 5,584 Total $ 20,958 $ 5,584 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 Derivatives not designated as Location of gain (loss) in statements of March 31, hedging instruments operations and comprehensive income (loss) 2020 2019 Equity index put option contracts Net derivative gain (loss) $ ( 15,373) $ 3,231 Total $ ( 15,373) $ 3,231 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
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 managing publicly traded securities 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 March 31, 2020, $ 951,712 thousand of fixed maturities, market value and $ 4,703 thousand of fixed maturities, fair value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, $ 722,948 thousand, were valued by investment managers’ valuation committees and many of these fair values and all of the $ 4,703 thousand of fixed maturities, fair value 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 $ 228,765 thousand were valued at either par or amortized cost, which the Company believes approximates fair value. At December 31, 2019, $ 772,979 thousand of fixed maturities, market value and $ 5,826 thousand of fixed maturities, fair value were fair valued using unobservable inputs. The majority of the fixed maturities, market value, $ 610,873 thousand, were valued by investment managers’ valuation committees and a majority of these fair values and all of the $ 5,826 thousand of fixed maturities, fair value 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 $ 162,106 thousand were valued at either par or amortized cost, which the Company believes approximates fair value. The Company internally manages a public equity portfolio which had a fair value at March 31, 2020 and December 31, 2019 of $ 210,845 thousand and $ 170,888 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 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) March 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,432,811 $ - $ 1,432,811 $ - Obligations of U.S. States and political subdivisions 524,902 - 524,902 - Corporate securities 6,347,322 - 5,634,241 713,081 Asset-backed securities 904,153 - 665,522 238,631 Mortgage-backed securities Commercial 840,099 - 840,099 - Agency residential 2,221,171 - 2,221,171 - Non-agency residential 3,997 - 3,997 - Foreign government securities 1,477,718 - 1,477,718 - Foreign corporate securities 2,793,722 - 2,793,722 - Total fixed maturities, market value 16,545,895 - 15,594,183 951,712 Fixed maturities, fair value 4,703 - - 4,703 Equity securities, fair value 722,851 666,266 56,585 - Liabilities: Equity index put option contracts $ 20,958 $ - $ - $ 20,958 There were no transfers between Level 1 and Level 2 for the three months ended March 31, 2020. 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, 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 $ 1,515,803 $ - $ 1,515,803 $ - Obligations of U.S. States and political subdivisions 536,915 - 536,915 - Corporate securities 6,374,946 - 5,757,358 617,588 Asset-backed securities 897,333 - 743,692 153,641 Mortgage-backed securities Commercial 844,557 - 844,557 - Agency residential 2,198,581 - 2,198,581 - Non-agency residential 5,703 - 5,703 - Foreign government securities 1,505,950 - 1,505,950 - Foreign corporate securities 2,945,156 - 2,943,406 1,750 Total fixed maturities, market value 16,824,944 - 16,051,965 772,979 Fixed maturities, fair value 5,826 - - 5,826 Equity securities, fair value 931,457 864,584 66,873 - Liabilities: Equity index put option contracts $ 5,584 $ - $ - $ 5,584 In addition, $ 212,677 thousand and $ 209,578 thousand of investments within other invested assets on the consolidated balance sheets as March 31, 2020 and December 31, 2019, 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 March 31, 2020 Three Months Ended March 31, 2019 Corporate Asset-Backed Foreign Corporate Foreign (Dollars in thousands) Securities Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 617,588 $ 153,641 $ 1,750 $ 772,979 $ 428,215 $ 7,744 $ 435,959 Total gains or (losses) (realized/unrealized) - Included in earnings ( 214) 4 - ( 210) 4,858 119 4,977 Included in other comprehensive income (loss) ( 3,357) ( 15,882) - ( 19,239) 573 - 573 Purchases, issuances and settlements 99,064 100,868 ( 1,750) 198,182 6,638 ( 565) 6,073 Transfers in and/or (out) of Level 3 - - - - ( 2,458) - ( 2,458) Ending balance $ 713,081 $ 238,631 $ - $ 951,712 $ 437,826 $ 7,298 $ 445,124 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 $ ( 539) $ - $ - $ ( 539) $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended March 31, 2020 Three Months Ended March 31, 2020 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ 5,826 $ 5,826 $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings ( 1,123) ( 1,123) 13 13 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 4,703 $ 4,703 $ 2,350 $ 2,350 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 $ 0 2,458) thousand for the three months ended March 31, 2020 and 2019, respectively. The transfers during 2019 were related to securities that were priced using investment managers as of December 31, 2018 and were subsequently priced by a recognized pricing service as of March 31, 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 March 31, (Dollars in thousands) 2020 2019 Liabilities: Balance, beginning of period $ 5,584 $ 11,958 Total (gains) or losses (realized/unrealized) Included in earnings 15,373 ( 3,231) Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Balance, end of period $ 20,958 $ 8,727 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, (Dollars in thousands, except per share amounts) 2020 2019 Net income (loss) per share: Numerator Net income (loss) $ 16,612 $ 354,551 Less: dividends declared-common shares and nonvested common shares ( 63,277) ( 57,137) Undistributed earnings ( 46,666) 297,415 Percentage allocated to common shareholders (1) 98.7 % 99.0 % ( 46,082) 294,298 Add: dividends declared-common shareholders 62,488 56,531 Numerator for basic and diluted earnings per common share $ 16,406 $ 350,829 Denominator Denominator for basic earnings per weighted-average common shares 40,204 40,304 Effect of dilutive securities: Options 92 141 Denominator for diluted earnings per adjusted weighted-average common shares 40,296 40,445 Per common share net income (loss) Basic $ 0.41 $ 8.70 Diluted $ 0.41 $ 8.67 (1) Basic weighted-average common shares outstanding 40,204 40,304 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,713 40,731 Percentage allocated to common shareholders 98.7 % 99.0 % (Some amounts may not reconcile due to rounding.) There were no anti-diluted options outstanding for the three months ended March 31, 2020 and 2019. All outstanding options expire on or between February 24, 2021 and September 19, 2022. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, At December 31, (Dollars in thousands) 2020 2019 The Prudential $ 141,281 $ 141,703 Unaffiliated life insurance company 33,116 35,082 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 Three Months Ended March 31, 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 $ ( 315,200) $ 35,802 $ ( 279,398) $ 256,630 $ ( 23,391) $ 233,239 URA(D) on securities - OTTI - - - ( 244) 70 ( 174) Reclassification of net realized losses (gains) included in net income (loss) 38,177 ( 6,778) 31,399 ( 2,736) 914 ( 1,822) Foreign currency translation adjustments ( 58,723) 7,899 ( 50,824) 16,598 ( 2,546) 14,052 Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 1,165 ( 245) 920 1,457 ( 306) 1,151 Total other comprehensive income (loss) $ ( 334,581) $ 36,678 $ ( 297,903) $ 271,705 $ ( 25,259) $ 246,446 The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended March 31, Affected line item within the statements of AOCI component 2020 2019 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 38,177 $ ( 2,736) Other net realized capital gains (losses) ( 6,778) 914 Income tax expense (benefit) $ 31,399 $ ( 1,822) Net income (loss) Benefit plan net gain (loss) $ 1,165 $ 1,457 Other underwriting expenses ( 245) ( 306) Income tax expense (benefit) $ 920 $ 1,151 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 March 31, (Dollars in thousands) 2020 2019 Beginning balance of URA (D) on securities $ 304,425 $ ( 179,392) Current period change in URA (D) of investments - temporary ( 247,999) 231,417 Current period change in URA (D) of investments - non-credit OTTI - ( 174) Ending balance of URA (D) on securities 56,426 51,851 Beginning balance of foreign currency translation adjustments ( 201,717) ( 215,747) Current period change in foreign currency translation adjustments ( 50,824) 14,052 Ending balance of foreign currency translation adjustments ( 252,541) ( 201,695) Beginning balance of benefit plan net gain (loss) ( 74,556) ( 67,418) Current period change in benefit plan net gain (loss) 920 1,151 Ending balance of benefit plan net gain (loss) ( 73,636) ( 66,267) Ending balance of accumulated other comprehensive income (loss) $ ( 269,751) $ ( 216,111) (Some amounts may not reconcile due to rounding.) |
Credit Facilities
Credit Facilities | 3 Months Ended |
Mar. 31, 2020 | |
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 £ 47,000 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 March 31, (Dollars in thousands) 2020 2019 Credit facility interest and fees incurred $ 123 $ 105 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 March 31, 2020, was $ 6,259,452 thousand. As of March 31, 2020, the Company was in compliance with all Group Credit Facility covenants. On March 25, 2020, Group borrowed $ 50,000 thousand under Tranche one of the credit facility as an unsecured revolving credit loan. The loan period is for two months with the LIBOR rate. There were no revolving credit borrowings from the facility during the year ended 2019. The following table summarizes the outstanding letters of credit and/or borrowings for the periods indicated: (Dollars in thousands) At March 31, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility Tranche One $ 200,000 $ 50,000 5/26/2020 $ 200,000 $ - Tranche One 91,816 12/31/2020 33,737 12/31/2020 Tranche Two 600,000 5,161 7/29/2020 600,000 2,381 7/29/2020 Tranche Two 1,649 9/30/2020 1,649 9/30/2020 Tranche Two 569,136 12/31/2020 573,353 12/31/2020 Tranche Two 13,215 1/4/2021 12,364 1/4/2021 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 730,977 $ 800,000 $ 623,484 Bermuda Re Letter of Credit Facility Effective December 31, 2019, 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 March 31, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 3,672 11/24/2020 $ 200,000 $ 4,425 02/29/2020 93,578 12/31/2020 512 09/03/2020 4,425 02/28/2021 3,672 11/24/2020 493 08/15/2021 177 12/16/2020 156 12/16/2021 125 12/20/2020 110 12/20/2021 101,404 12/31/2020 4,663 12/31/2021 559 08/15/2021 166 01/21/2024 37,096 12/30/2023 36,413 3/30/2024 - Total Citibank Bilateral Agreement $ 200,000 $ 143,676 $ 200,000 $ 147,970 Everest International Credit Facility Effective November 7, 2019, 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 £ 47,000 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 $ 5,532,663 thousand ( 70% of consolidated net worth as of December 31, 2018), plus 25% of consolidated net income for each of Group’s fiscal quarters, for which statements are available ending on or after January 1, 2019 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 March 31, 2020, was $ 5,797,191 thousand. As of March 31, 2020, 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 March 31, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 47,000 £ 47,000 12/31/2023 £ 47,000 £ 47,000 12/31/2023 - - - - Total Lloyd's Bank Credit Facility £ 47,000 £ 47,000 £ 47,000 £ 47,000 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 March 31, 2020, Everest Re had admitted assets of approximately $ 12,879,681 thousand which provides borrowing capacity of up to approximately $ 1,287,968 thousand. Through March 31, 2020, Everest had no borrowings through the FLHB. |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020, the total amount on deposit in trust accounts was $ 1,056,172 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 March 31, Mt. Logan Re Segregated Accounts 2020 2019 (Dollars in thousands) Ceded written premiums 110,188 80,028 Ceded earned premiums 90,550 56,732 Ceded losses and LAE 45,115 45,613 Assumed written premiums 2,759 2,309 Assumed earned premiums 2,759 2,309 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 $ 942,548 thousand and $ 993,036 thousand at March 31, 2020 and December 31, 2019, respectively. Of this amount, Group had investments recorded at $ 50,270 thousand and $ 46,390 thousand at March 31, 2020 and December 31, 2019, 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. These reinsurance agreements expired in November 2019. 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. On December 12, 2019, 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 $ 150,000 thousand and $ 275,000 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 $ 150,000 thousand and $ 275,000 thousand, respectively, of annual aggregate reinsurance coverage from named storms and earthquakes in the United State, 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 catastrophe events during the applicable covered periods of the various agreements have exceeded the single event retentions or aggregate retentions under the terms of the agreements that would result in a recovery. Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. On April 24, 2014, Kilimanjaro issued $ 450,000 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”). The $ 450,000 thousand of Series 2014-2 Notes were fully redeemed in November 2019 and are no longer outstanding. 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”). On December 12, 2019 Kilimanjaro issued $ 425,000 thousand of notes (“Series 2019-1 Notes”) and $ 425,000 of notes (“Series 2019-2 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 | 3 Months Ended |
Mar. 31, 2020 | |
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. March 31, 2020 December 31, 2019 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 $ 397,104 $ 454,224 $ 397,074 $ 452,848 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 March 31, (Dollars In thousands 2020 2019 Interest expense incurred $ 4,868 $ 4,868 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 December 31, 2019 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 $ 235,083 $ 181,834 $ 236,758 $ 233,191 During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 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 4.08%. 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. The Company repurchased and retired $ 1,700 thousand of its outstanding long term subordinated notes during the three months ended March 31, 2020. The Company realized a gain of $ 502 thousand from the repurchase of 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 March 31, (Dollars in thousands) 2020 2019 Interest expense incurred $ 2,538 $ 2,605 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, (Dollars in thousands) 2020 2019 Lease expense incurred: Operating lease cost $ 7,890 $ 5,187 At March 31, At December 31, (Dollars in thousands) 2020 2019 Operating lease right of use assets $ 156,626 $ 161,435 Operating lease liabilities 167,072 169,909 Three Months Ended March 31, (Dollars in thousands) 2020 2019 Operating cash flows from operating leases $ ( 4,919) $ ( 4,431) At March 31, At December 31, 2020 2019 Weighted average remaining operating lease term 12.4 years 12.6 years Weighted average discount rate on operating leases 3.87 % 3.91 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) Remainder of 2020 $ 15,187 2021 17,836 2022 19,888 2023 19,099 2024 18,831 2025 15,822 Thereafter 113,475 Undiscounted lease payments 220,138 Less: present value adjustment 53,066 Total operating lease liability $ 167,072 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. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16. SEGMENT REPORTING The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore and the United Kingdom. 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 through its offices in the U.S., Canada, Ireland and a branch located in Zurich. 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. 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 Reinsurance March 31, (Dollars in thousands) 2020 2019 Gross written premiums $ 1,777,771 $ 1,532,051 Net written premiums 1,613,094 1,394,553 Premiums earned $ 1,485,221 $ 1,307,519 Incurred losses and LAE 1,020,642 772,198 Commission and brokerage 370,356 322,637 Other underwriting expenses 44,139 35,769 Underwriting gain (loss) $ 50,084 $ 176,915 Three Months Ended Insurance March 31, (Dollars in thousands) 2020 2019 Gross written premiums $ 793,100 $ 595,057 Net written premiums 588,385 457,145 Premiums earned $ 551,593 $ 425,178 Incurred losses and LAE 410,198 276,352 Commission and brokerage 78,166 66,837 Other underwriting expenses 84,721 63,216 Underwriting gain (loss) $ ( 21,492) $ 18,773 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 March 31, (Dollars in thousands) 2020 2019 Underwriting gain (loss) $ 28,592 $ 195,688 Net investment income 147,800 140,976 Net realized capital gains (losses) ( 210,588) 92,232 Net derivative gain (loss) ( 15,373) 3,231 Corporate expenses ( 9,833) ( 6,652) Interest, fee and bond issue cost amortization expense ( 7,583) ( 7,631) Other income (expense) 23,363 ( 3,300) Income (loss) before taxes $ ( 43,622) $ 414,544 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 March 31, (Dollars in thousands) 2020 2019 United Kingdom gross written premium $ 306,708 $ 263,857 No other country represented more than 5% of the Company’s revenues. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2020 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 17. SHARE-BASED COMPENSATION PLANS For the three months ended March 31, 2020, 167,829 restricted stock awards were granted on February 26, 2020, with a fair value of $ 277.145 per share and, 16,120 performance share unit awards were granted on February 26, 2020, with a fair value of $ 277.145 per unit. |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, (Dollars in thousands) 2020 2019 Service cost $ 4,011 $ 2,276 Interest cost 2,483 2,930 Expected return on plan assets ( 5,197) ( 5,016) Amortization of net (income) loss 1,213 1,601 FAS 88 settlement charge - 104 Net periodic benefit cost $ 2,510 $ 1,895 Other Benefits Three Months Ended March 31, (Dollars in thousands) 2020 2019 Service cost $ 141 $ 286 Interest cost 215 295 Amortization of prior service cost ( 48) ( 144) Net periodic benefit cost $ 308 $ 437 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 no t make any contributions to the qualified pension benefit plan for the three months ended March 31, 2020 and 2019, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
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 | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report. |
Revisions To Financial Statem_2
Revisions To Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revisions To Financial Statements [Abstract] | |
Schedule of Prior Period Financial Statements | 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 Three Months Ended March 31, 2019 CHANGES IN STOCKHOLDER'S EQUITY As Previously Impact of Reported Revisions As Revised (Dollars in thousands) RETAINED EARNINGS: Balance, January 1 $ 9,574,440 $ ( 43,007) $ 9,531,433 Net income (loss) 348,900 5,651 354,551 Balance, March 31 9,866,203 ( 37,356) 9,828,847 CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2019 As Previously Impact of Reported Revisions As Revised (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 348,900 $ 5,651 $ 354,551 Decrease (increase) in premiums receivable ( 163,108) ( 5,269) ( 168,377) Decrease (increase) in funds held by reinsureds, net 9,837 ( 484) 9,353 Decrease (increase) in income taxes 91,754 102 91,856 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At March 31, 2020 Amortized Allowance for Unrealized Unrealized Market (Dollars in thousands) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,346,812 $ - $ 86,893 $ ( 894) $ 1,432,811 Obligations of U.S. states and political subdivisions 508,158 - 21,737 ( 4,993) 524,902 Corporate securities 6,422,137 ( 17,305) 145,334 ( 202,844) 6,347,322 Asset-backed securities 981,323 - 1,987 ( 79,157) 904,153 Mortgage-backed securities Commercial 816,098 - 29,302 ( 5,301) 840,099 Agency residential 2,156,914 - 67,111 ( 2,854) 2,221,171 Non-agency residential 4,153 - - ( 156) 3,997 Foreign government securities 1,471,398 ( 519) 57,335 ( 50,496) 1,477,718 Foreign corporate securities 2,786,194 ( 3,950) 105,630 ( 94,152) 2,793,722 Total fixed maturity securities $ 16,493,187 ( 21,774) $ 515,329 $ ( 440,847) $ 16,545,895 At December 31, 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 $ 1,489,660 $ 28,357 $ ( 2,214) $ 1,515,803 $ - Obligations of U.S. states and political subdivisions 507,353 29,651 ( 89) 536,915 - Corporate securities 6,227,661 185,052 ( 37,767) 6,374,946 469 Asset-backed securities 892,373 6,818 ( 1,858) 897,333 - Mortgage-backed securities Commercial 814,570 31,236 ( 1,249) 844,557 - Agency residential 2,173,099 36,361 ( 10,879) 2,198,581 - Non-agency residential 5,723 - ( 20) 5,703 - Foreign government securities 1,492,315 47,148 ( 33,513) 1,505,950 71 Foreign corporate securities 2,870,737 107,999 ( 33,580) 2,945,156 447 Total fixed maturity securities $ 16,473,491 $ 472,622 $ ( 121,169) $ 16,824,944 $ 987 (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 March 31, 2020 At December 31, 2019 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,344,371 $ 1,344,301 $ 1,456,960 $ 1,457,919 Due after one year through five years 6,615,039 6,631,502 6,757,107 6,869,359 Due after five years through ten years 3,689,664 3,742,527 3,471,370 3,609,816 Due after ten years 885,625 858,145 902,289 941,676 Asset-backed securities 981,323 904,153 892,373 897,333 Mortgage-backed securities: Commercial 816,098 840,099 814,570 844,557 Agency residential 2,156,914 2,221,171 2,173,099 2,198,581 Non-agency residential 4,153 3,997 5,723 5,703 Total fixed maturity securities $ 16,493,187 $ 16,545,895 $ 16,473,491 $ 16,824,944 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities $ ( 277,023) $ 253,894 Fixed maturity securities, other-than-temporary impairment - ( 244) Change in unrealized appreciation (depreciation), pre-tax ( 277,023) 253,650 Deferred tax benefit (expense) 29,024 ( 22,477) Deferred tax benefit (expense), other-than-temporary impairment - 70 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ ( 247,999) $ 231,243 |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at March 31, 2020 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 $ 12,543 $ ( 59) $ 9,003 $ ( 835) $ 21,546 $ ( 894) Obligations of U.S. states and political subdivisions 78,392 ( 4,745) 3,309 ( 248) 81,701 ( 4,993) Corporate securities 2,298,849 ( 135,869) 196,450 ( 66,975) 2,495,299 ( 202,844) Asset-backed securities 661,772 ( 70,133) 121,979 ( 9,024) 783,751 ( 79,157) Mortgage-backed securities Commercial 89,848 ( 4,325) 17,004 ( 976) 106,852 ( 5,301) Agency residential 54,106 ( 1,263) 132,631 ( 1,591) 186,737 ( 2,854) Non-agency residential 652 ( 15) 3,314 ( 141) 3,966 ( 156) Foreign government securities 331,099 ( 11,540) 198,695 ( 38,956) 529,794 ( 50,496) Foreign corporate securities 984,854 ( 56,831) 253,965 ( 37,321) 1,238,819 ( 94,152) Total fixed maturity securities $ 4,512,115 $ ( 284,780) $ 936,350 $ ( 156,067) $ 5,448,465 $ ( 440,847) Duration of Unrealized Loss at December 31, 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 $ 85,527 $ ( 1,005) $ 249,371 $ ( 1,209) $ 334,898 $ ( 2,214) Obligations of U.S. states and political subdivisions 4,600 ( 38) 5,522 ( 51) 10,122 ( 89) Corporate securities 547,120 ( 9,877) 395,369 ( 27,890) 942,489 ( 37,767) Asset-backed securities 176,222 ( 1,027) 94,190 ( 831) 270,412 ( 1,858) Mortgage-backed securities Commercial 83,127 ( 689) 23,063 ( 560) 106,190 ( 1,249) Agency residential 344,267 ( 1,834) 488,680 ( 9,045) 832,947 ( 10,879) Non-agency residential 332 - 3,976 ( 20) 4,308 ( 20) Foreign government securities 210,766 ( 4,770) 283,648 ( 28,743) 494,414 ( 33,513) Foreign corporate securities 278,403 ( 7,553) 365,808 ( 26,027) 644,211 ( 33,580) Total fixed maturity securities $ 1,730,364 $ ( 26,793) $ 1,909,627 $ ( 94,376) $ 3,639,991 $ ( 121,169) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at March 31, 2020 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 $ 289,680 $ ( 5,701) $ 167,508 $ ( 26,447) $ 457,188 $ ( 32,148) Due in one year through five years 1,856,090 ( 88,884) 392,979 ( 57,252) 2,249,069 ( 146,136) Due in five years through ten years 1,337,038 ( 95,295) 59,440 ( 9,244) 1,396,478 ( 104,539) Due after ten years 222,929 ( 19,164) 41,495 ( 51,392) 264,424 ( 70,556) Asset-backed securities 661,772 ( 70,133) 121,979 ( 9,024) 783,751 ( 79,157) Mortgage-backed securities 144,606 ( 5,603) 152,949 ( 2,708) 297,555 ( 8,311) Total fixed maturity securities $ 4,512,115 $ ( 284,780) $ 936,350 $ ( 156,067) $ 5,448,465 $ ( 440,847) Duration of Unrealized Loss at December 31, 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 $ 67,879 $ ( 1,237) $ 416,583 $ ( 23,004) $ 484,462 $ ( 24,241) Due in one year through five years 464,753 ( 7,960) 689,195 ( 38,138) 1,153,948 ( 46,098) Due in five years through ten years 495,741 ( 12,388) 103,612 ( 11,100) 599,353 ( 23,488) Due after ten years 98,043 ( 1,658) 90,328 ( 11,678) 188,371 ( 13,336) Asset-backed securities 176,222 ( 1,027) 94,190 ( 831) 270,412 ( 1,858) Mortgage-backed securities 427,726 ( 2,523) 515,719 ( 9,625) 943,445 ( 12,148) Total fixed maturity securities $ 1,730,364 $ ( 26,793) $ 1,909,627 $ ( 94,376) $ 3,639,991 $ ( 121,169) |
Summary Of Components Of Net Investment Income | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Fixed maturities $ 137,924 $ 126,708 Equity securities 3,521 3,507 Short-term investments and cash 2,175 4,205 Other invested assets Limited partnerships 21,568 8,297 Other ( 13,071) 2,980 Gross investment income before adjustments 152,117 145,697 Funds held interest income (expense) 8,216 5,968 Future policy benefit reserve income (expense) ( 211) ( 234) Gross investment income 160,122 151,431 Investment expenses ( 12,322) ( 10,455) Net investment income $ 147,800 $ 140,976 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Fixed maturity securities, market value: Allowance for credit losses $ ( 21,774) $ - Other-than-temporary impairments - ( 2,933) Gains (losses) from sales ( 14,076) 5,273 Fixed maturity securities, fair value: Gains (losses) from sales - - Gains (losses) from fair value adjustments ( 1,123) 13 Equity securities, fair value: Gains (losses) from sales ( 27,599) 5,048 Gains (losses) from fair value adjustments ( 144,003) 84,441 Other invested assets ( 2,327) 396 Short-term investments gain (loss) 314 ( 6) Total net realized capital gains (losses) $ ( 210,588) $ 92,232 Foreign Foreign Corporate Government Corporate Securities Securities Securities Total Balance as of December 31, 2019 $ - $ - $ - $ - Provision for credit losses ( 17,305) ( 519) ( 3,950) ( 21,774) Balance as of March 31, 2020 $ ( 17,305) $ ( 519) $ ( 3,950) $ ( 21,774) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Proceeds from sales of fixed maturity securities $ 501,953 $ 1,798,226 Gross gains from sales 14,001 16,138 Gross losses from sales ( 28,077) ( 10,865) Proceeds from sales of equity securities $ 112,841 $ 69,500 Gross gains from sales 2,584 5,675 Gross losses from sales ( 30,183) ( 627) |
Reserve For Losses, LAE And F_2
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Gross reserves beginning of period $ 13,611,313 $ 13,119,090 Less reinsurance recoverables ( 1,640,712) ( 1,619,641) Net reserves beginning of period 11,970,601 11,499,449 Incurred related to: Current year 1,433,440 1,050,116 Prior years ( 2,600) ( 1,566) Total incurred losses and LAE 1,430,840 1,048,550 Paid related to: Current year 168,528 103,688 Prior years 907,790 817,006 Total paid losses and LAE 1,076,318 920,694 Foreign exchange/translation adjustment and cumulative adjustment due to adoption of ASU 2016-13 ( 156,565) ( 1,496) Net reserves end of period 12,168,558 11,625,810 Plus reinsurance recoverables 1,651,946 1,621,292 Gross reserves end of period $ 13,820,504 $ 13,247,102 (Some amounts may not reconcile due to rounding.) |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 December 31, 2019 Equity index put option contracts Equity index put option liability $ 20,958 $ 5,584 Total $ 20,958 $ 5,584 (Dollars in thousands) For the Three Months Ended Derivatives not designated as Location of gain (loss) in statements of March 31, hedging instruments operations and comprehensive income (loss) 2020 2019 Equity index put option contracts Net derivative gain (loss) $ ( 15,373) $ 3,231 Total $ ( 15,373) $ 3,231 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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) March 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,432,811 $ - $ 1,432,811 $ - Obligations of U.S. States and political subdivisions 524,902 - 524,902 - Corporate securities 6,347,322 - 5,634,241 713,081 Asset-backed securities 904,153 - 665,522 238,631 Mortgage-backed securities Commercial 840,099 - 840,099 - Agency residential 2,221,171 - 2,221,171 - Non-agency residential 3,997 - 3,997 - Foreign government securities 1,477,718 - 1,477,718 - Foreign corporate securities 2,793,722 - 2,793,722 - Total fixed maturities, market value 16,545,895 - 15,594,183 951,712 Fixed maturities, fair value 4,703 - - 4,703 Equity securities, fair value 722,851 666,266 56,585 - Liabilities: Equity index put option contracts $ 20,958 $ - $ - $ 20,958 Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 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 $ 1,515,803 $ - $ 1,515,803 $ - Obligations of U.S. States and political subdivisions 536,915 - 536,915 - Corporate securities 6,374,946 - 5,757,358 617,588 Asset-backed securities 897,333 - 743,692 153,641 Mortgage-backed securities Commercial 844,557 - 844,557 - Agency residential 2,198,581 - 2,198,581 - Non-agency residential 5,703 - 5,703 - Foreign government securities 1,505,950 - 1,505,950 - Foreign corporate securities 2,945,156 - 2,943,406 1,750 Total fixed maturities, market value 16,824,944 - 16,051,965 772,979 Fixed maturities, fair value 5,826 - - 5,826 Equity securities, fair value 931,457 864,584 66,873 - Liabilities: Equity index put option contracts $ 5,584 $ - $ - $ 5,584 |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Corporate Asset-Backed Foreign Corporate Foreign (Dollars in thousands) Securities Securities Corporate Total Securities Corporate Total Beginning balance fixed maturities at market value $ 617,588 $ 153,641 $ 1,750 $ 772,979 $ 428,215 $ 7,744 $ 435,959 Total gains or (losses) (realized/unrealized) - Included in earnings ( 214) 4 - ( 210) 4,858 119 4,977 Included in other comprehensive income (loss) ( 3,357) ( 15,882) - ( 19,239) 573 - 573 Purchases, issuances and settlements 99,064 100,868 ( 1,750) 198,182 6,638 ( 565) 6,073 Transfers in and/or (out) of Level 3 - - - - ( 2,458) - ( 2,458) Ending balance $ 713,081 $ 238,631 $ - $ 951,712 $ 437,826 $ 7,298 $ 445,124 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 $ ( 539) $ - $ - $ ( 539) $ - $ - $ - (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value Three Months Ended March 31, 2020 Three Months Ended March 31, 2020 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ 5,826 $ 5,826 $ 2,337 $ 2,337 Total gains or (losses) (realized/unrealized) Included in earnings ( 1,123) ( 1,123) 13 13 Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - - - Transfers in and/or (out) of Level 3 - - - - Ending balance $ 4,703 $ 4,703 $ 2,350 $ 2,350 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 March 31, (Dollars in thousands) 2020 2019 Liabilities: Balance, beginning of period $ 5,584 $ 11,958 Total (gains) or losses (realized/unrealized) Included in earnings 15,373 ( 3,231) Included in other comprehensive income (loss) - - Purchases, issuances and settlements - - Transfers in and/or (out) of Level 3 - - Balance, end of period $ 20,958 $ 8,727 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) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Net Income (Loss) Per Common Share | Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2020 2019 Net income (loss) per share: Numerator Net income (loss) $ 16,612 $ 354,551 Less: dividends declared-common shares and nonvested common shares ( 63,277) ( 57,137) Undistributed earnings ( 46,666) 297,415 Percentage allocated to common shareholders (1) 98.7 % 99.0 % ( 46,082) 294,298 Add: dividends declared-common shareholders 62,488 56,531 Numerator for basic and diluted earnings per common share $ 16,406 $ 350,829 Denominator Denominator for basic earnings per weighted-average common shares 40,204 40,304 Effect of dilutive securities: Options 92 141 Denominator for diluted earnings per adjusted weighted-average common shares 40,296 40,445 Per common share net income (loss) Basic $ 0.41 $ 8.70 Diluted $ 0.41 $ 8.67 (1) Basic weighted-average common shares outstanding 40,204 40,304 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 40,713 40,731 Percentage allocated to common shareholders 98.7 % 99.0 % (Some amounts may not reconcile due to rounding.) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At March 31, At December 31, (Dollars in thousands) 2020 2019 The Prudential $ 141,281 $ 141,703 Unaffiliated life insurance company 33,116 35,082 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended March 31, 2020 Three Months Ended March 31, 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 $ ( 315,200) $ 35,802 $ ( 279,398) $ 256,630 $ ( 23,391) $ 233,239 URA(D) on securities - OTTI - - - ( 244) 70 ( 174) Reclassification of net realized losses (gains) included in net income (loss) 38,177 ( 6,778) 31,399 ( 2,736) 914 ( 1,822) Foreign currency translation adjustments ( 58,723) 7,899 ( 50,824) 16,598 ( 2,546) 14,052 Benefit plan actuarial net gain (loss) - - - - - - Reclassification of benefit plan liability amortization included in net income (loss) 1,165 ( 245) 920 1,457 ( 306) 1,151 Total other comprehensive income (loss) $ ( 334,581) $ 36,678 $ ( 297,903) $ 271,705 $ ( 25,259) $ 246,446 |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended March 31, Affected line item within the statements of AOCI component 2020 2019 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 38,177 $ ( 2,736) Other net realized capital gains (losses) ( 6,778) 914 Income tax expense (benefit) $ 31,399 $ ( 1,822) Net income (loss) Benefit plan net gain (loss) $ 1,165 $ 1,457 Other underwriting expenses ( 245) ( 306) Income tax expense (benefit) $ 920 $ 1,151 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Beginning balance of URA (D) on securities $ 304,425 $ ( 179,392) Current period change in URA (D) of investments - temporary ( 247,999) 231,417 Current period change in URA (D) of investments - non-credit OTTI - ( 174) Ending balance of URA (D) on securities 56,426 51,851 Beginning balance of foreign currency translation adjustments ( 201,717) ( 215,747) Current period change in foreign currency translation adjustments ( 50,824) 14,052 Ending balance of foreign currency translation adjustments ( 252,541) ( 201,695) Beginning balance of benefit plan net gain (loss) ( 74,556) ( 67,418) Current period change in benefit plan net gain (loss) 920 1,151 Ending balance of benefit plan net gain (loss) ( 73,636) ( 66,267) Ending balance of accumulated other comprehensive income (loss) $ ( 269,751) $ ( 216,111) (Some amounts may not reconcile due to rounding.) |
Credit Facilities (Tables)
Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Credit facility interest and fees incurred $ 123 $ 105 |
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 March 31, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility Tranche One $ 200,000 $ 50,000 5/26/2020 $ 200,000 $ - Tranche One 91,816 12/31/2020 33,737 12/31/2020 Tranche Two 600,000 5,161 7/29/2020 600,000 2,381 7/29/2020 Tranche Two 1,649 9/30/2020 1,649 9/30/2020 Tranche Two 569,136 12/31/2020 573,353 12/31/2020 Tranche Two 13,215 1/4/2021 12,364 1/4/2021 Total Wells Fargo Bank Group Credit Facility $ 800,000 $ 730,977 $ 800,000 $ 623,484 |
Citibank Bilateral Agreement [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And/Or Borrowings | (Dollars in thousands) At March 31, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Citibank Bilateral Letter of Credit Agreement $ 200,000 $ 3,672 11/24/2020 $ 200,000 $ 4,425 02/29/2020 93,578 12/31/2020 512 09/03/2020 4,425 02/28/2021 3,672 11/24/2020 493 08/15/2021 177 12/16/2020 156 12/16/2021 125 12/20/2020 110 12/20/2021 101,404 12/31/2020 4,663 12/31/2021 559 08/15/2021 166 01/21/2024 37,096 12/30/2023 36,413 3/30/2024 - Total Citibank Bilateral Agreement $ 200,000 $ 143,676 $ 200,000 $ 147,970 |
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 March 31, 2020 At December 31, 2019 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Lloyd's Bank plc £ 47,000 £ 47,000 12/31/2023 £ 47,000 £ 47,000 12/31/2023 - - - - Total Lloyd's Bank Credit Facility £ 47,000 £ 47,000 £ 47,000 £ 47,000 |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Three Months Ended March 31, Mt. Logan Re Segregated Accounts 2020 2019 (Dollars in thousands) Ceded written premiums 110,188 80,028 Ceded earned premiums 90,550 56,732 Ceded losses and LAE 45,115 45,613 Assumed written premiums 2,759 2,309 Assumed earned premiums 2,759 2,309 Assumed losses and LAE - - |
Senior Notes (Tables)
Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | March 31, 2020 December 31, 2019 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 $ 397,104 $ 454,224 $ 397,074 $ 452,848 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended March 31, (Dollars In thousands 2020 2019 Interest expense incurred $ 4,868 $ 4,868 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date March 31, 2020 December 31, 2019 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 $ 235,083 $ 181,834 $ 236,758 $ 233,191 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Interest expense incurred $ 2,538 $ 2,605 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Lease expense incurred: Operating lease cost $ 7,890 $ 5,187 At March 31, At December 31, (Dollars in thousands) 2020 2019 Operating lease right of use assets $ 156,626 $ 161,435 Operating lease liabilities 167,072 169,909 Three Months Ended March 31, (Dollars in thousands) 2020 2019 Operating cash flows from operating leases $ ( 4,919) $ ( 4,431) At March 31, At December 31, 2020 2019 Weighted average remaining operating lease term 12.4 years 12.6 years Weighted average discount rate on operating leases 3.87 % 3.91 % |
Maturities of Lease Liabilities | (Dollars in thousands) Remainder of 2020 $ 15,187 2021 17,836 2022 19,888 2023 19,099 2024 18,831 2025 15,822 Thereafter 113,475 Undiscounted lease payments 220,138 Less: present value adjustment 53,066 Total operating lease liability $ 167,072 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Three Months Ended Reinsurance March 31, (Dollars in thousands) 2020 2019 Gross written premiums $ 1,777,771 $ 1,532,051 Net written premiums 1,613,094 1,394,553 Premiums earned $ 1,485,221 $ 1,307,519 Incurred losses and LAE 1,020,642 772,198 Commission and brokerage 370,356 322,637 Other underwriting expenses 44,139 35,769 Underwriting gain (loss) $ 50,084 $ 176,915 Three Months Ended Insurance March 31, (Dollars in thousands) 2020 2019 Gross written premiums $ 793,100 $ 595,057 Net written premiums 588,385 457,145 Premiums earned $ 551,593 $ 425,178 Incurred losses and LAE 410,198 276,352 Commission and brokerage 78,166 66,837 Other underwriting expenses 84,721 63,216 Underwriting gain (loss) $ ( 21,492) $ 18,773 |
Schedule Of Underwriting Results For Operating Segments To Income (Loss) Before Taxes | Three Months Ended March 31, (Dollars in thousands) 2020 2019 Underwriting gain (loss) $ 28,592 $ 195,688 Net investment income 147,800 140,976 Net realized capital gains (losses) ( 210,588) 92,232 Net derivative gain (loss) ( 15,373) 3,231 Corporate expenses ( 9,833) ( 6,652) Interest, fee and bond issue cost amortization expense ( 7,583) ( 7,631) Other income (expense) 23,363 ( 3,300) Income (loss) before taxes $ ( 43,622) $ 414,544 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Three Months Ended March 31, (Dollars in thousands) 2020 2019 United Kingdom gross written premium $ 306,708 $ 263,857 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Defined Benefit Pension Plan [Member] | |
Net Periodic Benefit Cost For U.S. Employees | Pension Benefits Three Months Ended March 31, (Dollars in thousands) 2020 2019 Service cost $ 4,011 $ 2,276 Interest cost 2,483 2,930 Expected return on plan assets ( 5,197) ( 5,016) Amortization of net (income) loss 1,213 1,601 FAS 88 settlement charge - 104 Net periodic benefit cost $ 2,510 $ 1,895 |
Post-Retirement Plan [Member] | |
Net Periodic Benefit Cost For U.S. Employees | Other Benefits Three Months Ended March 31, (Dollars in thousands) 2020 2019 Service cost $ 141 $ 286 Interest cost 215 295 Amortization of prior service cost ( 48) ( 144) Net periodic benefit cost $ 308 $ 437 |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Basis of Accounting [Line Items] | ||||
Operating lease right of use assets | $ 156,626,000 | $ 161,435,000 | $ 69,869,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | |||
Operating lease liabilities | 167,072,000 | 169,909,000 | $ 77,270,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | |||
Retained Earnings [Member] | ||||
Basis of Accounting [Line Items] | ||||
Cumulative change due to ASU | $ 4,214,000 | $ 4,214,000 | $ 0 |
Revisions To Financial Statem_3
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
REVENUES: | ||
Other income (expense) | $ 23,363 | $ (3,300) |
Total revenues | 1,982,016 | 1,965,836 |
INCOME (LOSS) BEFORE TAXES | (43,622) | 414,544 |
Income tax expense (benefit) | (60,234) | 59,993 |
NET INCOME (LOSS) | 16,612 | 354,551 |
COMPREHENSIVE INCOME (LOSS) | $ (281,291) | $ 600,997 |
EARNINGS PER COMMON SHARE: | ||
Basic | $ 0.41 | $ 8.70 |
Diluted | $ 0.41 | $ 8.67 |
As Previously Reported [Member] | ||
REVENUES: | ||
Other income (expense) | $ (9,053) | |
Total revenues | 1,960,083 | |
INCOME (LOSS) BEFORE TAXES | 408,791 | |
Income tax expense (benefit) | 59,891 | |
NET INCOME (LOSS) | 348,900 | |
COMPREHENSIVE INCOME (LOSS) | $ 595,346 | |
EARNINGS PER COMMON SHARE: | ||
Basic | $ 8.57 | |
Diluted | $ 8.54 | |
Impact of Revisions [Member] | ||
REVENUES: | ||
Other income (expense) | $ 5,753 | |
Total revenues | 5,753 | |
INCOME (LOSS) BEFORE TAXES | 5,753 | |
Income tax expense (benefit) | 102 | |
NET INCOME (LOSS) | 5,651 | |
COMPREHENSIVE INCOME (LOSS) | $ 5,651 | |
EARNINGS PER COMMON SHARE: | ||
Basic | $ 0.13 | |
Diluted | $ 0.13 |
Revisions To Financial Statem_4
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Stockholder's Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Balance | $ 9,132,925 | |
Net income (loss) | 16,612 | $ 354,551 |
Balance | 8,580,944 | 8,389,273 |
Retained Earnings [Member] | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Balance | 10,306,571 | 9,531,433 |
Net income (loss) | 16,612 | 354,551 |
Balance | $ 10,255,692 | 9,828,847 |
As Previously Reported [Member] | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Net income (loss) | 348,900 | |
As Previously Reported [Member] | Retained Earnings [Member] | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Balance | 9,574,440 | |
Net income (loss) | 348,900 | |
Balance | 9,866,203 | |
Impact of Revisions [Member] | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Net income (loss) | 5,651 | |
Impact of Revisions [Member] | Retained Earnings [Member] | ||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | ||
Balance | (43,007) | |
Net income (loss) | 5,651 | |
Balance | $ (37,356) |
Revisions To Financial Statem_5
Revisions To Financial Statements (Schedule Of Prior Period Financial Statements - Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 16,612 | $ 354,551 |
Decrease (increase) in premiums receivable | (119,548) | (168,377) |
Decrease (increase) in funds held by reinsureds, net | (28,973) | 9,353 |
Decrease (increase) in income taxes | $ (65,114) | 91,856 |
As Previously Reported [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | 348,900 | |
Decrease (increase) in premiums receivable | (163,108) | |
Decrease (increase) in funds held by reinsureds, net | 9,837 | |
Decrease (increase) in income taxes | 91,754 | |
Impact of Revisions [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | 5,651 | |
Decrease (increase) in premiums receivable | (5,269) | |
Decrease (increase) in funds held by reinsureds, net | (484) | |
Decrease (increase) in income taxes | $ 102 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Additional contractual commitments | $ 1,365,631,000 | |
Contractual commitments, investment period expiration date | Jan. 1, 2026 | |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | $ 5,448,465,000 | $ 3,639,991,000 |
Gross unrealized losses on investments in unrealized loss position | 440,847,000 | 121,169,000 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 284,780,000 | 26,793,000 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 156,067,000 | 94,376,000 |
Market value of investments | $ 16,545,895,000 | $ 16,824,944,000 |
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 | 0.03% | 0.80% |
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 | $ 220,751,000 | $ 23,104,000 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 96,914,000 | 73,144,000 |
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 | $ 339,983,000 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 16,493,187,000 | |
Allowance for Credit Losses | (21,774,000) | $ 0 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 16,493,187,000 | 16,473,491,000 |
Allowance for Credit Losses | (21,774,000) | |
Unrealized Appreciation | 515,329,000 | 472,622,000 |
Unrealized Depreciation | (440,847,000) | (121,169,000) |
Market Value | 16,545,895,000 | 16,824,944,000 |
OTTI in AOCI | 987,000 | |
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,346,812,000 | 1,489,660,000 |
Allowance for Credit Losses | ||
Unrealized Appreciation | 86,893,000 | 28,357,000 |
Unrealized Depreciation | (894,000) | (2,214,000) |
Market Value | 1,432,811,000 | 1,515,803,000 |
OTTI in AOCI | ||
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 508,158,000 | 507,353,000 |
Allowance for Credit Losses | ||
Unrealized Appreciation | 21,737,000 | 29,651,000 |
Unrealized Depreciation | (4,993,000) | (89,000) |
Market Value | 524,902,000 | 536,915,000 |
OTTI in AOCI | ||
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,422,137,000 | 6,227,661,000 |
Allowance for Credit Losses | (17,305,000) | |
Unrealized Appreciation | 145,334,000 | 185,052,000 |
Unrealized Depreciation | (202,844,000) | (37,767,000) |
Market Value | 6,347,322,000 | 6,374,946,000 |
OTTI in AOCI | 469,000 | |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 981,323,000 | 892,373,000 |
Allowance for Credit Losses | ||
Unrealized Appreciation | 1,987,000 | 6,818,000 |
Unrealized Depreciation | (79,157,000) | (1,858,000) |
Market Value | 904,153,000 | 897,333,000 |
OTTI in AOCI | ||
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 816,098,000 | 814,570,000 |
Allowance for Credit Losses | ||
Unrealized Appreciation | 29,302,000 | 31,236,000 |
Unrealized Depreciation | (5,301,000) | (1,249,000) |
Market Value | 840,099,000 | 844,557,000 |
OTTI in AOCI | ||
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,156,914,000 | 2,173,099,000 |
Allowance for Credit Losses | ||
Unrealized Appreciation | 67,111,000 | 36,361,000 |
Unrealized Depreciation | (2,854,000) | (10,879,000) |
Market Value | 2,221,171,000 | 2,198,581,000 |
OTTI in AOCI | ||
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,153,000 | 5,723,000 |
Allowance for Credit Losses | ||
Unrealized Appreciation | ||
Unrealized Depreciation | (156,000) | (20,000) |
Market Value | 3,997,000 | 5,703,000 |
OTTI in AOCI | ||
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,471,398,000 | 1,492,315,000 |
Allowance for Credit Losses | (519,000) | |
Unrealized Appreciation | 57,335,000 | 47,148,000 |
Unrealized Depreciation | (50,496,000) | (33,513,000) |
Market Value | 1,477,718,000 | 1,505,950,000 |
OTTI in AOCI | 71,000 | |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,786,194,000 | 2,870,737,000 |
Allowance for Credit Losses | (3,950,000) | |
Unrealized Appreciation | 105,630,000 | 107,999,000 |
Unrealized Depreciation | (94,152,000) | (33,580,000) |
Market Value | $ 2,793,722,000 | 2,945,156,000 |
OTTI in AOCI | $ 447,000 |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 16,493,187 | $ 16,473,491 |
Fixed maturity securities - available for sale, Market Value | 16,545,895 | 16,824,944 |
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 | 1,344,371 | 1,456,960 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 6,615,039 | 6,757,107 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 3,689,664 | 3,471,370 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 885,625 | 902,289 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 1,344,301 | 1,457,919 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 6,631,502 | 6,869,359 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 3,742,527 | 3,609,816 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 858,145 | 941,676 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 981,323 | 892,373 |
Fixed maturity securities - available for sale, Market Value | 904,153 | 897,333 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 816,098 | 814,570 |
Fixed maturity securities - available for sale, Market Value | 840,099 | 844,557 |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,156,914 | 2,173,099 |
Fixed maturity securities - available for sale, Market Value | 2,221,171 | 2,198,581 |
Non-Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 4,153 | 5,723 |
Fixed maturity securities - available for sale, Market Value | $ 3,997 | $ 5,703 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Change in unrealized appreciation (depreciation), pre-tax | $ (277,023) | $ 253,650 |
Deferred tax benefit (expense) | 29,024 | (22,477) |
Deferred tax benefit (expense), other-than-temporary impairment | 70 | |
Total URA(D) on securities arising during the period | (247,999) | 231,243 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Change in unrealized appreciation (depreciation), pre-tax | (277,023) | 253,894 |
Fixed Maturity Securities, Other-Than-Temporary Impairment [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Change in unrealized appreciation (depreciation), pre-tax | $ (244) |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 4,512,115 | $ 1,730,364 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (284,780) | (26,793) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 936,350 | 1,909,627 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (156,067) | (94,376) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 5,448,465 | 3,639,991 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (440,847) | (121,169) |
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 | 12,543 | 85,527 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (59) | (1,005) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 9,003 | 249,371 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (835) | (1,209) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 21,546 | 334,898 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (894) | (2,214) |
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 | 78,392 | 4,600 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (4,745) | (38) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 3,309 | 5,522 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (248) | (51) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 81,701 | 10,122 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (4,993) | (89) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 2,298,849 | 547,120 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (135,869) | (9,877) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 196,450 | 395,369 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (66,975) | (27,890) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 2,495,299 | 942,489 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (202,844) | (37,767) |
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 | 661,772 | 176,222 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (70,133) | (1,027) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 121,979 | 94,190 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9,024) | (831) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 783,751 | 270,412 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (79,157) | (1,858) |
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 | 89,848 | 83,127 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (4,325) | (689) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 17,004 | 23,063 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (976) | (560) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 106,852 | 106,190 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,301) | (1,249) |
Agency Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 54,106 | 344,267 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,263) | (1,834) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 132,631 | 488,680 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,591) | (9,045) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 186,737 | 832,947 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (2,854) | (10,879) |
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 | 652 | 332 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (15) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 3,314 | 3,976 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (141) | (20) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,966 | 4,308 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (156) | (20) |
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 | 331,099 | 210,766 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (11,540) | (4,770) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 198,695 | 283,648 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (38,956) | (28,743) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 529,794 | 494,414 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (50,496) | (33,513) |
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 | 984,854 | 278,403 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (56,831) | (7,553) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 253,965 | 365,808 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (37,321) | (26,027) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,238,819 | 644,211 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (94,152) | $ (33,580) |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 4,512,115 | $ 1,730,364 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (284,780) | (26,793) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 936,350 | 1,909,627 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (156,067) | (94,376) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 5,448,465 | 3,639,991 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (440,847) | (121,169) |
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 | 289,680 | 67,879 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (5,701) | (1,237) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 167,508 | 416,583 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (26,447) | (23,004) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 457,188 | 484,462 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (32,148) | (24,241) |
Due In One Year Through Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 1,856,090 | 464,753 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (88,884) | (7,960) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 392,979 | 689,195 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (57,252) | (38,138) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 2,249,069 | 1,153,948 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (146,136) | (46,098) |
Due In Five Years Through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 1,337,038 | 495,741 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (95,295) | (12,388) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 59,440 | 103,612 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9,244) | (11,100) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,396,478 | 599,353 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (104,539) | (23,488) |
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 | 222,929 | 98,043 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (19,164) | (1,658) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 41,495 | 90,328 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (51,392) | (11,678) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 264,424 | 188,371 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (70,556) | (13,336) |
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 | 661,772 | 176,222 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (70,133) | (1,027) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 121,979 | 94,190 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9,024) | (831) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 783,751 | 270,412 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (79,157) | (1,858) |
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 | 144,606 | 427,726 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (5,603) | (2,523) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 152,949 | 515,719 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,708) | (9,625) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 297,555 | 943,445 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (8,311) | $ (12,148) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | $ 152,117 | $ 145,697 |
Funds held interest income (expense) | 8,216 | 5,968 |
Future policy benefit reserve income (expense) | (211) | (234) |
Gross investment income | 160,122 | 151,431 |
Investment expenses | (12,322) | (10,455) |
Net investment income | 147,800 | 140,976 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 137,924 | 126,708 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 3,521 | 3,507 |
Short Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 2,175 | 4,205 |
Limited Partnerships [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 21,568 | 8,297 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | $ (13,071) | $ 2,980 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Other-than-temporary impairments | $ (2,933,000) | |
Total net realized capital gains (losses) | (210,588,000) | 92,232,000 |
Balance as of December 31, 2019 | 0 | |
Balance as of March 31, 2020 | (21,774,000) | |
Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (21,774,000) | |
Balance as of December 31, 2019 | ||
Provision for credit losses | (21,774,000) | |
Balance as of March 31, 2020 | (21,774,000) | |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Balance as of March 31, 2020 | (21,774,000) | |
Fixed Maturity Securities [Member] | Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (21,774,000) | |
Other-than-temporary impairments | (2,933,000) | |
Gains (losses) from sales | (14,076,000) | 5,273,000 |
Provision for credit losses | (21,774,000) | |
Fixed Maturity Securities [Member] | Fair Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from sales | ||
Gains (losses) from fair value adjustments | (1,123,000) | 13,000 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Balance as of March 31, 2020 | (17,305,000) | |
Corporate Securities [Member] | Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (17,305,000) | |
Balance as of December 31, 2019 | ||
Provision for credit losses | (17,305,000) | |
Balance as of March 31, 2020 | (17,305,000) | |
Equity Securities [Member] | Fair Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from sales | (27,599,000) | 5,048,000 |
Gains (losses) from fair value adjustments | (144,003,000) | 84,441,000 |
Other Invested Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from sales | (2,327,000) | 396,000 |
Short-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from sales | 314,000 | $ (6,000) |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Balance as of March 31, 2020 | (519,000) | |
Foreign Government Securities [Member] | Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (519,000) | |
Balance as of December 31, 2019 | ||
Provision for credit losses | (519,000) | |
Balance as of March 31, 2020 | (519,000) | |
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Balance as of March 31, 2020 | (3,950,000) | |
Foreign Corporate Securities [Member] | Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (3,950,000) | |
Balance as of December 31, 2019 | ||
Provision for credit losses | (3,950,000) | |
Balance as of March 31, 2020 | $ (3,950,000) |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from sales of securities | $ 501,953 | $ 1,798,226 |
Gross gains from sales | 14,001 | 16,138 |
Gross losses from sales | (28,077) | (10,865) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from sales of securities | 112,841 | 69,500 |
Gross gains from sales | 2,584 | 5,675 |
Gross losses from sales | $ (30,183) | $ (627) |
Reserve For Losses, LAE And F_3
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Incurred related to: Current year | $ 1,433,440 | $ 1,050,116 |
Increase (decrease) in insurance business | (2,600) | $ (1,566) |
Covid-19 [Member] | ||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Increase (decrease) in insurance business | $ (150,000) |
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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | ||
Gross reserves beginning of period | $ 13,611,313 | $ 13,119,090 |
Less reinsurance recoverables | (1,640,712) | (1,619,641) |
Net reserves beginning of period | 11,970,601 | 11,499,449 |
Incurred related to: Current year | 1,433,440 | 1,050,116 |
Incurred related to: Prior years | (2,600) | (1,566) |
Total incurred losses and LAE | 1,430,840 | 1,048,550 |
Paid related to: Current year | 168,528 | 103,688 |
Paid related to: Prior years | 907,790 | 817,006 |
Total paid losses and LAE | 1,076,318 | 920,694 |
Foreign exchange/translation adjustment | (156,565) | (1,496) |
Net reserves end of period | 12,168,558 | 11,625,810 |
Plus reinsurance recoverables | 1,651,946 | 1,621,292 |
Gross reserves end of period | $ 13,820,504 | $ 13,247,102 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 3 Months Ended | 60 Months Ended | ||
Mar. 31, 2020USD ($)Item | Dec. 31, 2005Item | Dec. 31, 2019USD ($) | 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 | 5 | |||
Equity index put option liability | $ 20,958,000 | $ 5,584,000 | ||
Equity Index Put Option Contracts [Member] | ||||
Derivative [Line Items] | ||||
Equity index put option liability | 0 | |||
Equity Index Put Option Contracts [Member] | Fair Value [Member] | ||||
Derivative [Line Items] | ||||
Equity index put option liability | $ 20,958,000 | $ 5,584,000 | ||
Standard & Poor's 500 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 | $ 144,636,000 | |||
Settlement amount if contracts had expired | $ 0 | |||
Equity index if contracts had expired | 2,584.59 | |||
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 | 3.00% | |||
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 | |||
Estimates the probability of equity index put option contract will falling below the strike price on the exercise date | 70.00% | |||
Discount factor | 3.00% | |||
Present value of theoretical maximum payouts | $ 40,003,000 | |||
Settlement amount if contracts had expired | $ 2,142,000 | |||
Equity index if contracts had expired | 5,671.96 |
Derivatives (Summary Of The Fai
Derivatives (Summary Of The Fair Value Of The Equity Index Put Options) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Option Indexed to Issuer's Equity [Line Items] | |||
Equity index put option liability | $ 20,958 | $ 5,584 | |
Net derivative gain (loss) | (15,373) | $ 3,231 | |
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 | 20,958 | $ 5,584 | |
Net derivative gain (loss) | $ (15,373) | $ 3,231 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of public equity portfolio | $ 210,845,000 | $ 170,888,000 | |
Other invested assets | 655,740,000 | 612,997,000 | |
Transfers between level 1 and 2 | 0 | ||
Market Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from level 3 | $ (2,458,000) | ||
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from level 3 | |||
Fair Value [Member] | Investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other invested assets | 212,677,000 | 209,578,000 | |
Fixed Maturities [Member] | Market Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | 951,712,000 | 772,979,000 | |
Fixed Maturities [Member] | Market Value [Member] | Accounting Standards Update 2015-07 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from level 3 | $ (2,458,000) | ||
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 | 722,948,000 | 610,873,000 | |
Fixed Maturities [Member] | Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale Securities | 4,703,000 | 5,826,000 | |
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 | 4,703,000 | 5,826,000 | |
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 | $ 228,765,000 | $ 162,106,000 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 16,545,895 | $ 16,824,944 |
Fixed maturities, fair value | 4,703 | 5,826 |
Equity securities, fair value | 722,851 | 931,457 |
Equity index put option contracts | 20,958 | 5,584 |
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 | 666,266 | 864,584 |
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 | 56,585 | 66,873 |
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 | 4,703 | 5,826 |
Equity securities, fair value | ||
Equity index put option contracts | 20,958 | 5,584 |
Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 16,545,895 | 16,824,944 |
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 | 15,594,183 | 16,051,965 |
Fixed Maturity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 951,712 | 772,979 |
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 | 1,432,811 | 1,515,803 |
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 | 1,432,811 | 1,515,803 |
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 | 524,902 | 536,915 |
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 | 524,902 | 536,915 |
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 | 6,347,322 | 6,374,946 |
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 | 5,634,241 | 5,757,358 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 713,081 | 617,588 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 904,153 | 897,333 |
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 | 665,522 | 743,692 |
Asset-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 238,631 | 153,641 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | 840,099 | 844,557 |
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 | 840,099 | 844,557 |
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 | 2,221,171 | 2,198,581 |
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 | 2,221,171 | 2,198,581 |
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 | 3,997 | 5,703 |
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 | 3,997 | 5,703 |
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 | 1,477,718 | 1,505,950 |
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 | 1,477,718 | 1,505,950 |
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 | 2,793,722 | 2,945,156 |
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 | 2,793,722 | 2,943,406 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, market value | $ 1,750 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
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 | 772,979 | 435,959 |
Total gains or (losses) (realized/unrealized) Included in earnings | (210) | 4,977 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (19,239) | 573 |
Purchases, issuances and settlements | 198,182 | 6,073 |
Transfers in and/or (out) of Level 3 | (2,458) | |
Ending balance | 951,712 | 445,124 |
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 | (539) | |
Market Value [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 617,588 | 428,215 |
Total gains or (losses) (realized/unrealized) Included in earnings | (214) | 4,858 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (3,357) | 573 |
Purchases, issuances and settlements | 99,064 | 6,638 |
Transfers in and/or (out) of Level 3 | (2,458) | |
Ending balance | 713,081 | 437,826 |
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 | (539) | |
Market Value [Member] | Asset Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 153,641 | |
Total gains or (losses) (realized/unrealized) Included in earnings | 4 | |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (15,882) | |
Purchases, issuances and settlements | 100,868 | |
Transfers in and/or (out) of Level 3 | ||
Ending balance | 238,631 | |
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 | 1,750 | 7,744 |
Total gains or (losses) (realized/unrealized) Included in earnings | 119 | |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | (1,750) | (565) |
Transfers in and/or (out) of Level 3 | ||
Ending balance | 7,298 | |
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 | 5,826 | 2,337 |
Total gains or (losses) (realized/unrealized) Included in earnings | (1,123) | 13 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | ||
Transfers in and/or (out) of Level 3 | ||
Ending balance | 4,703 | 2,350 |
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 | 5,826 | 2,337 |
Total gains or (losses) (realized/unrealized) Included in earnings | (1,123) | 13 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | ||
Transfers in and/or (out) of Level 3 | ||
Ending balance | 4,703 | 2,350 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value [Abstract] | ||
Balance, beginning of period | $ 5,584 | $ 11,958 |
Total (gains) or losses (realized/unrealized) Included in earnings | 15,373 | (3,231) |
Total (gains) or losses (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | ||
Transfers in and/or (out) of Level 3 | ||
Balance, end of period | 20,958 | 8,727 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive options | 0 | 0 |
Minimum [Member] | ||
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||
Options expiration date | Feb. 24, 2021 | |
Maximum [Member] | ||
Antidilutive Securities Excluded from Computation Of Earnings Per Share [Line Items] | ||
Options expiration date | Sep. 19, 2022 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule Of Net Income (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Common Share [Abstract] | ||
Net income (loss) | $ 16,612 | $ 354,551 |
Less: dividends declared-common shares and nonvested common shares | (63,277) | (57,137) |
Undistributed earnings | $ (46,666) | $ 297,415 |
Percentage allocated to common shareholders | 98.70% | 99.00% |
Net income (loss) available to common stockholders, total | $ (46,082) | $ 294,298 |
Add: dividends declared-common shareholders | 62,488 | 56,531 |
Numerator for basic and diluted earnings per common share | $ 16,406 | $ 350,829 |
Denominator for basic earnings per weighted-average common shares | 40,204 | 40,304 |
Effect of dilutive securities: Options | 92 | 141 |
Denominator for diluted earnings per adjusted weighted-average common shares | 40,296 | 40,445 |
Basic | $ 0.41 | $ 8.70 |
Diluted | $ 0.41 | $ 8.67 |
Basic weighted-average common shares outstanding | 40,204 | 40,304 |
Basic weighted-average common shares outstanding and nonvested common shares expected to vest | 40,713 | 40,731 |
Commitments And Contingencies_2
Commitments And Contingencies (Summary Of Estimated Cost To Replace Annuities For Contingent Liability) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
The Prudential [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 141,281 | $ 141,703 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 33,116 | $ 35,082 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total, Before Tax | $ (334,581) | $ 271,705 |
Total, Tax Effect | 36,678 | (25,259) |
Total, Net of Tax | (297,903) | 246,446 |
URA(D) On Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax | (315,200) | 256,630 |
Tax Effect | 35,802 | (23,391) |
Net of Tax | (279,398) | 233,239 |
Reclassification, Before Tax | 38,177 | (2,736) |
Reclassification, Tax Effect | (6,778) | 914 |
Reclassification, Net of Tax | 31,399 | (1,822) |
Total, Net of Tax | (247,999) | 231,417 |
URA(D) On Securities OTTI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax | (244) | |
Tax Effect | 70 | |
Net of Tax | (174) | |
Total, Net of Tax | (174) | |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax | (58,723) | 16,598 |
Tax Effect | 7,899 | (2,546) |
Net of Tax | (50,824) | 14,052 |
Total, Net of Tax | (50,824) | 14,052 |
Benefit Plan Net Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax | ||
Tax Effect | ||
Net of Tax | ||
Reclassification, Before Tax | 1,165 | 1,457 |
Reclassification, Tax Effect | (245) | (306) |
Reclassification, Net of Tax | 920 | 1,151 |
Total, Net of Tax | $ 920 | $ 1,151 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense (benefit) | $ 60,234 | $ (59,993) |
NET INCOME (LOSS) | 16,612 | 354,551 |
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) | 38,177 | (2,736) |
Income tax expense (benefit) | (6,778) | 914 |
NET INCOME (LOSS) | 31,399 | (1,822) |
Benefit Plan Net Gain (Loss) [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other underwriting expenses | 1,165 | 1,457 |
Income tax expense (benefit) | (245) | (306) |
NET INCOME (LOSS) | $ 920 | $ 1,151 |
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 ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 9,132,925 | |
Current period change | (297,903) | $ 246,446 |
Balance | 8,580,944 | 8,389,273 |
URA(D) On Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 304,425 | (179,392) |
Current period change | (247,999) | 231,417 |
Balance | 56,426 | 51,851 |
URA(D) On Securities OTTI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Current period change | (174) | |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (201,717) | (215,747) |
Current period change | (50,824) | 14,052 |
Balance | (252,541) | (201,695) |
Benefit Plan Net Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (74,556) | (67,418) |
Current period change | 920 | 1,151 |
Balance | (73,636) | (66,267) |
Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 28,152 | (462,557) |
Current period change | (297,903) | 246,446 |
Balance | $ (269,751) | $ (216,111) |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) | May 26, 2016USD ($) | Jun. 22, 2012USD ($) | Mar. 31, 2020GBP (£)ItemRate | Dec. 31, 2005 | Mar. 31, 2020USD ($)Rate | Mar. 25, 2020USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019USD ($) |
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, number of facilities | Item | 2 | |||||||
Line of credit facility, commitment | £ 47,000,000 | $ 1,000,000,000 | ||||||
Maximum percentage of admitted assets allowed for borrowing base | 10.00% | 10.00% | ||||||
Admitted assets for FHLB | $ 12,879,681,000 | |||||||
Borrowings from FHLB | 0 | |||||||
Revolving credit borrowings | 50,000,000 | |||||||
Maximum amount available under FHLB | 1,287,968,000 | |||||||
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 | 6,259,452,000 | |||||||
Revolving credit borrowings | 730,977,000 | 623,484,000 | ||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, commitment | 200,000,000 | |||||||
Revolving credit borrowings | $ 50,000,000 | 0 | ||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | Debt Instrument Redemption Period Two [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Revolving credit borrowings | 91,816,000 | 33,737,000 | ||||||
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 | ||||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | Debt Instrument Redemption Period Two [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Revolving credit borrowings | 1,649,000 | 1,649,000 | ||||||
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% | |||||||
Revolving credit borrowings | 143,676,000 | $ 147,970,000 | ||||||
Lloyds Bank plc Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, commitment | £ | £ 47,000,000 | £ 47,000,000 | ||||||
Line of credit facility, term of credit facility | 4 years | |||||||
Line of credit facility, required minimum net worth | 5,532,663,000 | |||||||
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 | $ 5,797,191,000 | |||||||
Percentage commitment fee per annum | 0.10% | |||||||
Per annum commitment fee on undrawn credit | 0.35% | |||||||
Revolving credit borrowings | £ | £ 47,000,000 | £ 47,000,000 |
Credit Facilities (Summary Of C
Credit Facilities (Summary Of Costs Incurred Connection With Credit Facilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Credit Facilities [Abstract] | ||
Credit facility interest and fees incurred | $ 123 | $ 105 |
Credit Facilities (Summary Of O
Credit Facilities (Summary Of Outstanding Letters Of Credit And/Or Borrowings) (Details) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020GBP (£) | Dec. 31, 2019GBP (£) | Mar. 31, 2020USD ($) | Mar. 25, 2020USD ($) | Dec. 31, 2019USD ($) | May 26, 2016USD ($) | Jun. 22, 2012USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Commitment | £ 47,000,000 | $ 1,000,000,000 | |||||
In Use | 50,000,000 | ||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000,000 | ||||||
In Use | $ 50,000,000 | 0 | |||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | Debt Instrument Redemption Period One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000,000 | 200,000,000 | |||||
In Use | 50,000,000 | ||||||
Date of Expiry | May 26, 2020 | ||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | Debt Instrument Redemption Period Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 91,816,000 | 33,737,000 | |||||
Date of Expiry | Dec. 31, 2020 | Dec. 31, 2020 | |||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 600,000,000 | 600,000,000 | |||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | Debt Instrument Redemption Period One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 5,161,000 | 2,381,000 | |||||
Date of Expiry | Jul. 29, 2020 | Jul. 29, 2020 | |||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | Debt Instrument Redemption Period Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 1,649,000 | 1,649,000 | |||||
Date of Expiry | Sep. 30, 2020 | Sep. 30, 2020 | |||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | Debt Instrument Redemption Period Three [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 569,136,000 | 573,353,000 | |||||
Date of Expiry | Dec. 31, 2020 | Dec. 31, 2020 | |||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | Debt Instrument Redemption Period Four [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 13,215,000 | 12,364,000 | |||||
Date of Expiry | Jan. 4, 2021 | Jan. 4, 2021 | |||||
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 | 730,977,000 | 623,484,000 | |||||
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 | 4,425,000 | |||||
Date of Expiry | Nov. 24, 2020 | Feb. 29, 2020 | |||||
Citibank Bilateral Letter Of Credit Agreement Two [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 93,578,000 | 512,000 | |||||
Date of Expiry | Dec. 31, 2020 | Sep. 3, 2020 | |||||
Citibank Bilateral Letter Of Credit Agreement Three [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 4,425,000 | 3,672,000 | |||||
Date of Expiry | Feb. 28, 2021 | Nov. 24, 2020 | |||||
Citibank Bilateral Letter Of Credit Agreement Four [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 493,000 | 177,000 | |||||
Date of Expiry | Aug. 15, 2021 | Dec. 16, 2020 | |||||
Citibank Bilateral Letter Of Credit Agreement Five [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 156,000 | 125,000 | |||||
Date of Expiry | Dec. 16, 2021 | Dec. 20, 2020 | |||||
Citibank Bilateral Letter Of Credit Agreement Six [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 110,000 | 101,404,000 | |||||
Date of Expiry | Dec. 20, 2021 | Dec. 31, 2020 | |||||
Citibank Bilateral Letter Of Credit Agreement Seven [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 4,663,000 | 559,000 | |||||
Date of Expiry | Dec. 31, 2021 | Aug. 15, 2021 | |||||
Citibank Bilateral Letter Of Credit Agreement Eight [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 166,000 | 37,096,000 | |||||
Date of Expiry | Jan. 21, 2024 | Dec. 30, 2023 | |||||
Citibank Bilateral Letter Of Credit Agreement Nine [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
In Use | 36,413,000 | ||||||
Date of Expiry | Mar. 30, 2024 | ||||||
Citibank Bilateral Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | 200,000,000 | 200,000,000 | |||||
In Use | $ 143,676,000 | $ 147,970,000 | |||||
Lloyds Bank PLC [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment | £ | £ 47,000,000 | £ 47,000,000 | |||||
In Use | £ | £ 47,000,000 | £ 47,000,000 | |||||
Date of Expiry | Dec. 31, 2023 | Dec. 31, 2023 | |||||
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 | £ | 47,000,000 | 47,000,000 | |||||
In Use | £ | £ 47,000,000 | £ 47,000,000 |
Collateralized Reinsurance An_3
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) $ in Thousands | Dec. 12, 2019USD ($)Item | Apr. 30, 2018USD ($)Item | Apr. 01, 2018USD ($) | Apr. 13, 2017USD ($)Item | Dec. 01, 2015USD ($)Item | Nov. 18, 2014USD ($) | Apr. 24, 2014USD ($)Item | Nov. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) |
Effects of Reinsurance [Line Items] | |||||||||||
Amount on deposit in trust accounts | $ 1,056,172 | ||||||||||
Preferred shares | |||||||||||
Reinsurance coverage amount | $ 110,188 | $ 80,028 | |||||||||
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 | 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 | 2 | |||||||||
Reinsurance contract term | 4 years | 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 | 2 | |||||||||
Reinsurance contract term | 5 years | 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 | $ 150,000 | $ 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 | 275,000 | 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 | 150,000 | 62,500 | |||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Agreement 4 [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Reinsurance coverage amount | 275,000 | 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 | ||||||||||
Catastrophe Reinsurance Bonds Redeemed Amount | $ 450,000 | ||||||||||
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 | ||||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2019-1 Notes [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Catastrophe reinsurance bonds funded amount | 425,000 | ||||||||||
Kilimanjaro Re Limited [Member] | Catastrophe Reinsurance Series 2019-2 Notes [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Catastrophe reinsurance bonds funded amount | $ 425,000 | ||||||||||
Mt. Logan Re [Member] | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Percentage of voting common shares owned by Group | 100.00% | ||||||||||
Assumed net risk exposures | $ 942,548 | 993,036 | |||||||||
Preferred shares | $ 50,270 | $ 46,390 | |||||||||
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Effects of Reinsurance [Line Items] | ||
Ceded written premiums | $ 110,188 | $ 80,028 |
Ceded earned premiums | 90,550 | 56,732 |
Ceded losses and LAE | 45,115 | 45,613 |
Assumed written premiums | 2,759 | 2,309 |
Assumed earned premiums | 2,759 | 2,309 |
Assumed losses and LAE |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] - 4.868% Senior notes due 6/1/2044 [Member] | 3 Months Ended |
Mar. 31, 2020USD ($) | |
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 ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 397,104,000 | $ 397,074,000 |
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 | 397,104,000 | 397,074,000 |
Market Value | $ 454,224,000 | $ 452,848,000 |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Senior Notes [Abstract] | ||
Interest expense incurred | $ 4,868 | $ 4,868 |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
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 | 4.08% |
Basis spread on variable rate | 2.385% |
Outstanding debt reduction | $ 1,700 |
Gain on repurchase and retirement of debt | $ 502 |
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 | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 235,083 | $ 236,758 |
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 | $ 235,083 | 236,758 |
Market Value | $ 181,834 | $ 233,191 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Long Term Subordinated Notes [Abstract] | ||
Interest expense incurred | $ 2,538 | $ 2,605 |
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 | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Lease expense incurred: Operating lease cost | $ 7,890 | $ 5,187 | |
Operating lease right of use assets | 156,626 | 69,869 | $ 161,435 |
Operating lease liabilities | 167,072 | 77,270 | $ 169,909 |
Operating cash flows from operating leases | $ (4,919) | $ (4,431) | |
Weighted average remaining operating lease term | 12 years 4 months 24 days | 12 years 7 months 6 days | |
Weighted average discount rate on operating leases | 3.87% | 3.91% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Leases [Abstract] | |||
Remainder of 2020 | $ 15,187 | ||
2021 | 17,836 | ||
2022 | 19,888 | ||
2023 | 19,099 | ||
2024 | 18,831 | ||
2025 | 15,822 | ||
Thereafter | 113,475 | ||
Undiscounted lease payments | 220,138 | ||
Less: present value adjustment | 53,066 | ||
Total operating lease liability | $ 167,072 | $ 169,909 | $ 77,270 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Premiums earned | $ 2,036,814 | $ 1,732,697 |
Incurred losses and LAE | 1,430,840 | 1,048,550 |
Commission and brokerage | 448,522 | 389,474 |
Other underwriting expenses | 128,860 | 98,985 |
Underwriting gain (loss) | 28,592 | 195,688 |
U.S. Reinsurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross written premium | 1,777,771 | 1,532,051 |
Net written premiums | 1,613,094 | 1,394,553 |
Premiums earned | 1,485,221 | 1,307,519 |
Incurred losses and LAE | 1,020,642 | 772,198 |
Commission and brokerage | 370,356 | 322,637 |
Other underwriting expenses | 44,139 | 35,769 |
Underwriting gain (loss) | 50,084 | 176,915 |
Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross written premium | 793,100 | 595,057 |
Net written premiums | 588,385 | 457,145 |
Premiums earned | 551,593 | 425,178 |
Incurred losses and LAE | 410,198 | 276,352 |
Commission and brokerage | 78,166 | 66,837 |
Other underwriting expenses | 84,721 | 63,216 |
Underwriting gain (loss) | $ (21,492) | $ 18,773 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Underwriting gain (loss) | $ 28,592 | $ 195,688 |
Net investment income | 147,800 | 140,976 |
Net realized capital gains (losses) | (210,588) | 92,232 |
Net derivative gain (loss) | (15,373) | 3,231 |
Corporate expenses | (9,833) | (6,652) |
Interest, fee and bond issue cost amortization expense | (7,583) | (7,631) |
Other income (expense) | 23,363 | (3,300) |
INCOME (LOSS) BEFORE TAXES | $ (43,622) | $ 414,544 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross written premium | $ 306,708 | $ 263,857 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation awards, number of shares granted | shares | 167,829 |
Share-based compensation awards, grant date | Feb. 26, 2020 |
Share-based compensation awards, per option fair value | $ / shares | $ 277.145 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation awards, number of shares granted | shares | 16,120 |
Share-based compensation awards, grant date | Feb. 26, 2020 |
Share-based compensation awards, per option fair value | $ / shares | $ 277.145 |
Retirement Benefits (Narrative)
Retirement Benefits (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Company contributions | $ 0 | $ 0 |
Retirement Benefits (Net Period
Retirement Benefits (Net Periodic Benefit Cost For U.S. Employees) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4,011 | $ 2,276 |
Interest cost | 2,483 | 2,930 |
Expected return on plan assets | (5,197) | (5,016) |
Amortization of net (income) loss | 1,213 | 1,601 |
FAS 88 settlement charge | 104 | |
Net periodic benefit cost | 2,510 | 1,895 |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 141 | 286 |
Interest cost | 215 | 295 |
Amortization of prior service cost | (48) | (144) |
Net periodic benefit cost | $ 308 | $ 437 |