Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 01, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-15731 | ||
Entity Registrant Name | EVEREST RE GROUP, LTD. | ||
Entity Incorporation State Country Code | D0 | ||
Entity Tax Identification Number | 98-0365432 | ||
Entity Address Address Line 1 | Seon Place – 4 | ||
Entity Address Address Line 2 | 141 Front Street | ||
Entity Address Address Line 3 | PO Box HM 845 | ||
Entity Address City Or Town | Hamilton | ||
Entity Address Postal Zip Code | HM 19 | ||
Entity Address Country | BM | ||
City Area Code | 441 | ||
Local Phone Number | 295-0006 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Icfr Auditor Attestation Flag | true | ||
Entity Public Float | $ 10.1 | ||
Security 12b Title | Common Shares, $0.01 par value | ||
Trading Symbol | RE | ||
Security Exchange Name | NYSE | ||
Entity Common Stock Shares Outstanding | 39,271,864 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Certain information required by Items 10, 11, 12, 13 and 14 of Form 10-K is incorporated by reference into Part III hereof from the registrant’s proxy statement for the 2022 Annual General Meeting of Shareholders, which will be filed with the Securities and Exchange Commission within 120 days of the close of the registrant’s fiscal year ended December 31, 2021. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001095073 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Auditor Firm Id | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Fixed maturities - available for sale (amortized cost: 2021, $22,063,592; 2020, $19,225,067, credit allowances: 2021, $(29,738); 2020, $(1,745)) | $ 22,308,272 | $ 20,040,173 |
Equity securities, at fair value | 1,825,908 | 1,472,236 |
Short-term investments (cost: 2021, $1,178,386; 2020, $1,135,088) | 1,178,337 | 1,134,950 |
Other invested assets | 2,919,965 | 2,012,581 |
Cash | 1,440,861 | 801,651 |
Total investments and cash | 29,673,343 | 25,461,591 |
Accrued investment income | 149,105 | 141,304 |
Premiums receivable | 3,293,598 | 2,680,562 |
Reinsurance recoverables | 2,053,354 | 1,994,555 |
Funds held by reinsureds | 868,601 | 716,655 |
Deferred acquisition costs | 872,289 | 622,053 |
Prepaid reinsurance premiums | 515,445 | 412,015 |
Income taxes | 2,381 | 17,253 |
Other assets | 757,167 | 665,515 |
TOTAL ASSETS | 38,185,283 | 32,711,503 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 19,009,486 | 16,322,143 |
Future policy benefit reserve | 35,669 | 37,723 |
Unearned premium reserve | 4,609,634 | 3,501,359 |
Funds held under reinsurance treaties | 18,391 | 15,807 |
Other net payable to reinsurers | 449,723 | 294,347 |
Losses in course of payment | 260,684 | 127,971 |
Senior notes | 2,345,800 | 1,376,718 |
Long term notes | 223,774 | 223,674 |
Borrowings from FHLB | 519,000 | 310,000 |
Accrued interest on debt and borrowings | 17,348 | 10,460 |
Unsettled securities payable | 16,698 | 206,693 |
Other liabilities | 539,896 | 558,432 |
Total liabilities | 28,046,103 | 22,985,327 |
Commitments and contingencies (Note 15) | ||
SHAREHOLDERS' EQUITY: | ||
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | ||
Common shares, par value: $0.01; 200,000 shares authorized; (2021) 69,790 and (2020) 69,620 outstanding before treasury shares | 698 | 696 |
Additional paid-in capital | 2,274,431 | 2,245,301 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $26,781 at 2021 and $80,451 at 2020 | 11,523 | 534,899 |
Treasury shares, at cost; 30,524 shares (2021) and 29,636 shares (2020) | (3,847,308) | (3,622,172) |
Retained earnings | 11,699,836 | 10,567,452 |
Total shareholders' equity | 10,139,180 | 9,726,176 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 38,185,283 | $ 32,711,503 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 22,063,592 | $ 19,225,067 |
Fixed maturities - available for sale, at market value, allowance for credit loss | (29,738) | (1,745) |
Short-term investments, at cost | $ 1,178,386 | $ 1,135,088 |
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 Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common shares, outstanding | 69,790,000 | 69,620,000 |
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | $ 26,781 | $ 80,451 |
Treasury shares | 30,524,000 | 29,636,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUES: | |||
Premiums earned | $ 10,406,441 | $ 8,681,513 | $ 7,403,686 |
Net investment income | 1,164,892 | 642,465 | 647,139 |
Net realized capital gains (losses): | |||
Credit allowances on fixed maturity securities | (27,992) | (1,745) | |
Other net realized capital gains (losses) | 285,935 | 269,394 | 205,903 |
Total net realized capital gains (losses) | 257,943 | 267,649 | 185,004 |
Other income (expense) | 36,987 | 6,487 | (4,660) |
Total revenues | 11,866,263 | 9,598,114 | 8,231,169 |
CLAIMS AND EXPENSES: | |||
Incurred losses and loss adjustment expenses | 7,391,253 | 6,550,837 | 4,922,898 |
Commission, brokerage, taxes and fees | 2,208,766 | 1,873,250 | 1,703,726 |
Other underwriting expenses | 582,647 | 511,237 | 440,899 |
Corporate expenses | 67,827 | 41,118 | 32,966 |
Interest, fees and bond issue cost amortization expense | 70,149 | 36,323 | 31,693 |
Total claims and expenses | 10,320,642 | 9,012,765 | 7,132,182 |
INCOME (LOSS) BEFORE TAXES | 1,545,621 | 585,349 | 1,098,987 |
Income tax expense (benefit) | 166,538 | 71,198 | 89,526 |
NET INCOME (LOSS) | 1,379,083 | 514,151 | 1,009,461 |
Other comprehensive income (loss), net of tax: | |||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (488,378) | 423,210 | 496,430 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 3,616 | (3,476) | (12,613) |
Total URA(D) on securities arising during the period | (484,762) | 419,734 | 483,817 |
Foreign currency translation adjustments | (62,091) | 86,327 | 14,030 |
Benefit plan actuarial net gain (loss) for the period | 6,251 | (5,615) | (12,591) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 17,227 | 6,300 | 5,453 |
Total benefit plan net gain (loss) for the period | 23,478 | 685 | (7,138) |
Total other comprehensive income (loss), net of tax | (523,375) | 506,746 | 490,709 |
COMPREHENSIVE INCOME (LOSS) | $ 855,708 | $ 1,020,897 | $ 1,500,170 |
EARNINGS PER COMMON SHARE: | |||
Basic | $ 34.66 | $ 12.81 | $ 24.77 |
Diluted | $ 34.62 | $ 12.78 | $ 24.70 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Period Of Adoption Adjustment [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2018 | $ 692 | $ 2,188,777 | $ (462,557) | $ 9,531,433 | $ (3,397,548) | |||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2018 | ||||||||
Balance, shares at Dec. 31, 2018 | 40,651,148 | |||||||
Issued during the period, net, shares | 262,448 | |||||||
Treasury shares acquired, shares | (114,633) | |||||||
Issued during the period, net | 2 | |||||||
Share-based compensation plans | 30,883 | |||||||
Net increase (decrease) during the period | $ 490,709 | 490,709 | ||||||
Net income (loss) | 1,009,461 | 1,009,461 | ||||||
Dividends declared ($6.20 per share 2021, $6.20 per share 2020 and $5.75 per share 2019) | (234,322) | (234,322) | ||||||
Purchase of treasury shares | (24,604) | |||||||
Balance at Dec. 31, 2019 | 9,132,925 | 694 | 2,219,660 | 28,152 | 10,306,571 | (3,422,152) | ||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | (4,214) | |||||||
Balance, shares at Dec. 31, 2019 | 40,798,963 | |||||||
Issued during the period, net, shares | 155,410 | |||||||
Treasury shares acquired, shares | (970,892) | |||||||
Issued during the period, net | 2 | |||||||
Share-based compensation plans | 25,641 | |||||||
Net increase (decrease) during the period | 506,746 | 506,746 | ||||||
Net income (loss) | 514,151 | 514,151 | ||||||
Dividends declared ($6.20 per share 2021, $6.20 per share 2020 and $5.75 per share 2019) | (249,056) | (249,056) | ||||||
Purchase of treasury shares | (200,020) | |||||||
Balance at Dec. 31, 2020 | $ 9,726,176 | 696 | 2,245,301 | 534,899 | 10,567,452 | (3,622,172) | ||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020 | ||||||||
Balance, shares at Dec. 31, 2020 | 69,620,000 | 39,983,481 | ||||||
Issued during the period, net, shares | 170,774 | |||||||
Treasury shares acquired, shares | (887,622) | |||||||
Issued during the period, net | 2 | |||||||
Share-based compensation plans | 29,130 | |||||||
Net increase (decrease) during the period | $ (523,375) | (523,375) | ||||||
Net income (loss) | 1,379,083 | 1,379,083 | ||||||
Dividends declared ($6.20 per share 2021, $6.20 per share 2020 and $5.75 per share 2019) | (246,699) | (246,699) | ||||||
Purchase of treasury shares | (225,136) | |||||||
Balance at Dec. 31, 2021 | $ 10,139,180 | $ 698 | $ 2,274,431 | $ 11,523 | $ 11,699,836 | $ (3,847,308) | ||
Balance, shares at Dec. 31, 2021 | 69,790,000 | 39,266,633 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | |||
Dividends declared | $ 6.20 | $ 6.20 | $ 5.75 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 1,379,083 | $ 514,151 | $ 1,009,461 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Decrease (increase) in premiums receivable | (648,735) | (387,123) | (62,018) |
Decrease (increase) in funds held by reinsureds, net | (151,028) | (219,321) | (56,722) |
Decrease (increase) in reinsurance recoverables | (124,796) | (150,753) | 67,444 |
Decrease (increase) in income taxes | 68,148 | 239,883 | 237,479 |
Decrease (increase) in prepaid reinsurance premiums | (127,792) | 55,334 | (95,207) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 2,805,064 | 2,631,016 | 343,254 |
Increase (decrease) in future policy benefit reserve | (2,054) | (4,869) | (4,186) |
Increase (decrease) in unearned premiums | 1,145,512 | 404,049 | 521,709 |
Increase (decrease) in other net payable to reinsurers | 185,764 | (24,163) | 66,477 |
Increase (decrease) in losses in course of payment | 133,700 | 74,759 | (33,557) |
Change in equity adjustments in limited partnerships | (612,569) | (103,772) | (108,332) |
Distribution of limited partnership income | 211,367 | 122,326 | 81,300 |
Change in other assets and liabilities, net | (289,562) | (99,171) | 4,950 |
Non-cash compensation expense | 43,406 | 39,209 | 34,018 |
Amortization of bond premium (accrual of bond discount) | 75,777 | 49,673 | 30,936 |
Net realized capital (gains) losses | (257,943) | (267,649) | (185,004) |
Net cash provided by (used in) operating activities | 3,833,342 | 2,873,579 | 1,852,002 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from fixed maturities matured/called - available for sale, at market value | 3,892,918 | 2,586,405 | 2,302,299 |
Proceeds from fixed maturities sold - available for sale, at market value | 1,915,916 | 1,945,867 | 3,280,237 |
Proceeds from fixed maturities sold - available for sale, at fair value | 4,907 | 2,917 | |
Proceeds from equity securities sold, at fair value | 990,376 | 376,347 | 283,965 |
Distributions from other invested assets | 257,233 | 309,912 | 284,558 |
Cost of fixed maturities acquired - available for sale, at market value | (8,825,315) | (7,189,301) | (6,613,917) |
Cost of fixed maturities acquired - available for sale, at fair value | (4,243) | ||
Cost of equity securities acquired, at fair value | (1,097,886) | (637,082) | (329,417) |
Cost of other invested assets acquired | (756,560) | (557,473) | (425,438) |
Net change in short-term investments | (42,630) | (717,527) | (167,290) |
Net change in unsettled securities transactions | (203,016) | 194,574 | (26,163) |
Net cash provided by (used in) investing activities | (3,868,964) | (3,683,371) | (1,412,492) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Common shares issued during the period for share-based compensation, net of expense | (14,275) | (13,566) | (3,134) |
Purchase of treasury shares | (225,136) | (200,020) | (24,604) |
Dividends paid to shareholders | (246,699) | (249,097) | (234,322) |
Proceeds from issuance of senior notes | 968,357 | 979,417 | |
Cost of debt repurchase | (10,647) | ||
FHLB borrowings (repayments) | 209,000 | 310,000 | |
Cost of shares withheld on settlements of share-based compensation awards | (17,054) | (15,908) | (13,627) |
Net cash provided by (used in) financing activities | 674,193 | 800,220 | (275,687) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 639 | 3,187 | (11,882) |
Net increase (decrease) in cash | 639,210 | (6,385) | 151,941 |
Cash, beginning of period | 801,651 | 808,036 | 656,095 |
Cash, end of period | 1,440,861 | 801,651 | 808,036 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid (recovered) | 98,030 | (169,748) | (148,585) |
Interest paid | $ 62,369 | $ 28,415 | $ 31,689 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Business and Basis of Presentation. Everest Re Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, “Company” means Group and its subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group: Everest International Reinsurance, Ltd. (“Everest International”), Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd. (“International Holdings”), Everest Corporate Member Limited, Everest Service Company (UK), Ltd., Everest Preferred International Holdings, Ltd. (“Preferred International”), Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), Everest Re Advisors, Ltd., Everest Advisors (UK), Ltd., Everest Underwriting Group (Ireland), Limited (“Holdings Ireland”), Everest Global Services, Inc. (“Global Services”), Everest Insurance Company of Canada (“Everest Canada”), Premiere Insurance Underwriting Services (“Premiere”), Everest Dublin Insurance Holdings Limited (Ireland) (“Everest Dublin Holdings”), Everest Insurance (Ireland), designated activity company (“Ireland Insurance”), Everest Reinsurance Company (Ireland), designated activity company (“Ireland Re”), Everest Reinsurance Holdings, Inc. (“Holdings”), Salus Systems, LLC (“Salus”), Everest International Assurance, Ltd. (Bermuda) (“Everest Assurance”), Specialty Insurance Group, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Mt. McKinley Managers, L.L.C., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company (“Everest Re”), Everest National Insurance Company (“Everest National”), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”) and Everest Security Insurance Company (“Everest Security”). All intercompany accounts and transactions have been eliminated. All amounts are reported in U.S. dollars. The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to have control and 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. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2021 presentation. B. Investments. Fixed maturity investments available for sale reflect unrealized appreciation and depreciation, as a result of changes in market value during the period, in shareholders’ equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets, since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. 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 due to non-credit related or credit related factors. 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 non-credit related decline in market value. Non-credit related declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment 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. The Company 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. 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. For equity securities, the Company reflects changes in value as net realized capital gains and losses. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value and in many instances, these fair values are supported with opinions from qualified independent third parties. All fair value estimates from investment managers are reviewed by the Company for reasonableness. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used as an input to the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships and rabbi trusts. Cash contributions to and cash distributions from the sweep facility were reported gross in cash flows from investing activities in the consolidated statements of cash flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. C. Allowance for Premium Receivable and Reinsurance Recoverables. Effective January 1, 2020, the Company adopted the Current Expected Credit Losses (CECL) methodology for estimating allowances for credit losses. The Company evaluates the recoverability of its premiums and reinsurance recoverable balances and establishes an allowance for estimated uncollectible amounts. Prior to the adoption of CECL, an allowance for doubtful accounts was estimated on the basis of periodic evaluations of balances due from third parties, considering historical collection experience, solvency and current economic conditions. Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums, are primarily comprised of premiums due from policyholders/ cedants. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods. For these balances, the allowance is estimated based on recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate. A portion of the Company's Commercial Lines business is written with large deductibles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are policies whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight. The allowance for receivables for loss within a deductible and retrospectively-rated policy premiums is recorded within Other assets in the Consolidated Balance Sheets. The allowance is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for receivables for loss within a deductible and retrospectively-rated policy premiums considers the current economic environment as well as the probability-weighted macroeconomic scenarios. The Company records total credit loss expenses related to premiums receivable in Other underwriting expenses and records credit loss expenses related to deductibles in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). The allowance for uncollectible reinsurance recoverable reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance recoverable comprises an allowance and an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance recoverable or charge off reinsurer balances that are determined to be uncollectible. Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverable become due, it is possible that future adjustments to the Company’s reinsurance recoverable, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period. The allowance is estimated as the amount of reinsurance recoverable exposed to loss multiplied by estimated factors for the probability of default. The reinsurance recoverable exposed is the amount of reinsurance recoverable net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for reinsurance recoverable considers the current economic environment as well as macroeconomic scenarios. The Company expects the impact of the COVID-19 pandemic to reinsurers to be somewhat mitigated by their regulated capital and liquidity positions. The ultimate impact to the Company's financial statements could vary significantly from our estimates depending on the duration and severity of the pandemic, the duration and severity of the economic downturn and the degree to which federal, state and local government actions to mitigate the economic impact of COVID-19 are effective. The Company records credit loss expenses related to reinsurance recoverable in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of reinsurance recoverable and any related allowance are recorded in the period in which the balance is deemed uncollectible. Allowances are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2021 2020 Reinsurance recoverable premium receivables and deductibles $ 46,499 $ 41,357 D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. E. Reserve for Losses and Loss Adjustment Expenses. The reserve for losses and loss adjustment expenses (“LAE”) is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience. Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures and COVID-19 exposures, for which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. F. Future Policy Benefit Reserve. Liabilities for future policy benefits on annuity policies are carried at their accumulated values. Reserves for policy benefits include mortality claims in the process of settlement and IBNR claims. Actual experience in a particular period may fluctuate from expected results. G. Premium Revenues. Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium recognized and earned at the time a loss event occurs and losses are recorded, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. The recognition of reinstatement premiums is based on estimates of loss and LAE, which reflects management’s judgement. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. H. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2021 were secured either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company. I. Income Taxes. Holdings and its wholly owned subsidiaries file a consolidated U.S. federal income tax return. Foreign subsidiaries and branches of subsidiaries file local tax returns as required. Group and subsidiaries not included in Holdings’ consolidated tax return file separate company U.S. federal income tax returns as required. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules. As an accounting policy, the Company has adopted the aggregate portfolio approach for releasing disproportionate income tax effects from AOCI. J. Foreign Currency. The Company transacts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to foreign currency denominated monetary assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in shareholders’ equity, net of deferred taxes. The business units’ base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in shareholders’ equity. K. Earnings Per Common Share. Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Years Ended December 31, (Dollars in thousands, except per share amounts) 2021 2020 2019 Net income (loss) per share: Numerator Net income (loss) $ 1,379,083 $ 514,151 $ 1,009,461 Less: dividends declared-common shares and nonvested common shares ( 246,699) ( 249,056) ( 234,322) Undistributed earnings 1,132,384 265,094 775,139 Percentage allocated to common shareholders (1) 98.7 % 98.7 % 98.9 % 1,117,318 261,770 766,386 Add: dividends declared-common shareholders 243,569 246,054 231,796 Numerator for basic and diluted earnings per common share $ 1,360,887 $ 507,824 $ 998,182 Denominator Denominator for basic earnings per weighted-average common shares 39,263 39,656 40,291 Effect of dilutive securities: Options 41 77 129 Denominator for diluted earnings per adjusted weighted-average common shares 39,304 39,734 40,420 Per common share net income (loss) Basic $ 34.66 $ 12.81 $ 24.77 Diluted $ 34.62 $ 12.78 $ 24.70 (1) Basic weighted-average common shares outstanding 39,263 39,656 40,291 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 39,792 40,160 40,751 Percentage allocated to common shareholders 98.7 % 98.7 % 98.9 % (Some amounts may not reconcile due to rounding.) There were no anti-diluted options outstanding for the years ended December 31, 2021 and 2020. All outstanding options expire on or between February 22, 2022 and September 19, 2022. L. Segmentation. The Company, through its subsidiaries, operates in two segments: Reinsurance and Insurance. See also Note 17. M. Deposit Assets and Liabilities. In the normal course of its operations, the Company may enter into contracts that do not meet risk transfer provisions. Such contracts are accounted for using the deposit accounting method and are included in other liabilities in the Company’s consolidated balance sheets. For such contracts, the Company originally records deposit liabilities for an amount equivalent to the assets received. Actuarial studies are used to estimate the final liabilities under such contracts with any change reflected in the consolidated statements of operations and comprehensive income (loss). N. Share-Based Compensation. Share-based compensation stock option, restricted share and performance share unit awards are fair valued at the grant date and expensed over the vesting period of the award. The tax benefit on the recorded expense is deferred until the time the award is exercised or vests (becomes unrestricted). See Note 16. O. Application of Recently Issued Accounting Guidance. Reference Rate Reform - LIBOR. In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, which outlines the issues surrounding the cessation of LIBOR as a reference rate for contractual debt agreements. The guidance also details the potential alternative expedients and sources available for use in determination of rates and terms for such debt agreements in order to apply appropriate accounting policy. The guidance is effective for annual reporting periods beginning after December 15, 2021. The Company has reviewed its inventory of investments, debt issuances and business contracts to evaluate the impact of elimination of LIBOR upon its financial statements and business operations. Due to the existence of modification or default provisions for use of other reference rates after the elimination of LIBOR, the Company has determined that the adoption of ASU 2020-04 did not have a material impact upon its financial statements or business operations. 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 adopted the guidance effective January 1, 2021. The adoption of ASU 2019-12 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 and then ASU 2020-11 in November 2021, which ultimately defers the effective date of ASU 2018-12 until annual reporting periods beginning after December 15, 2022. The Company is currently evaluating the impact of the adoption of ASU 2018-12 on its 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 new guidance requires the carrying value of assets measured at amortized cost, including reinsurance and premiums receivables to be presented as the net amount expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation account). The allowance reflects expected credit losses of the financial asset which considers available information using a combination both historical information, current market conditions and reasonable and supportable forecasts. For available-for-sale debt securities, the guidance modified the previous other than temporary impairment model, now requiring an allowance for estimated credit related losses rather than a permanent impairment, 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, on a modified retrospective basis. The adoption resulted in a cumulative reduction of $ 4,214 thousand in retained earnings, net of tax, which is disclosed separately within the Consolidated Statements of Shareholders’ Equity. Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investments | 2. INVESTMENTS The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and market value of fixed maturity securities as of December 31, 2021 and 2020. At December 31, 2021 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 $ 1,407,256 $ - $ 23,720 $ ( 10,358) $ 1,420,618 Obligations of U.S. states and political subdivisions 558,842 ( 151) 29,080 ( 1,150) 586,621 Corporate securities 7,443,535 ( 19,267) 195,210 ( 62,580) 7,556,898 Asset-backed securities 3,579,439 ( 7,679) 21,817 ( 11,848) 3,581,729 Mortgage-backed securities Commercial 1,032,506 - 37,550 ( 5,690) 1,064,366 Agency residential 2,361,208 - 32,997 ( 18,873) 2,375,332 Non-agency residential 6,530 - 22 ( 16) 6,536 Foreign government securities 1,423,634 - 41,957 ( 28,079) 1,437,512 Foreign corporate securities 4,250,642 ( 2,641) 95,195 ( 64,536) 4,278,660 Total fixed maturity securities $ 22,063,592 $ ( 29,738) $ 477,548 $ ( 203,130) $ 22,308,272 At December 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 $ 1,325,156 $ - $ 49,084 $ ( 7,134) $ 1,367,106 Obligations of U.S. states and political subdivisions 543,895 - 34,654 ( 1,254) 577,295 Corporate securities 6,824,800 ( 1,220) 380,677 ( 55,231) 7,149,026 Asset-backed securities 2,540,809 - 30,691 ( 5,698) 2,565,802 Mortgage-backed securities Commercial 915,923 - 75,275 ( 895) 990,303 Agency residential 2,206,139 - 64,663 ( 3,063) 2,267,739 Non-agency residential 5,187 - 9 ( 2) 5,194 Foreign government securities 1,565,260 ( 22) 102,587 ( 22,450) 1,645,375 Foreign corporate securities 3,297,898 ( 503) 204,023 ( 29,085) 3,472,333 Total fixed maturity securities $ 19,225,067 $ ( 1,745) $ 941,663 $ ( 124,812) $ 20,040,173 The amortized cost and market value of fixed maturity securities are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At December 31, 2021 At December 31, 2020 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,398,742 $ 1,398,006 $ 1,365,793 $ 1,374,674 Due after one year through five years 7,075,077 7,154,468 6,529,189 6,774,785 Due after five years through ten years 5,003,792 5,100,672 4,414,211 4,751,903 Due after ten years 1,606,298 1,627,163 1,247,816 1,309,773 Asset-backed securities 3,579,439 3,581,729 2,540,809 2,565,802 Mortgage-backed securities: Commercial 1,032,506 1,064,366 915,923 990,303 Agency residential 2,361,208 2,375,332 2,206,139 2,267,739 Non-agency residential 6,530 6,536 5,187 5,194 Total fixed maturity securities $ 22,063,592 $ 22,308,272 $ 19,225,067 $ 20,040,173 The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities and short-term investments $ ( 542,343) $ 465,192 Change in unrealized appreciation (depreciation), pre-tax ( 542,343) 465,192 Deferred tax benefit (expense) 57,581 ( 45,458) Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ ( 484,762) $ 419,734 The tables below display the aggregate market value and gross unrealized depreciation of fixed maturity 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. The amounts presented in the tables below include $ 15.7 million of market value and $( 0.4) million of gross unrealized depreciation as of December 31, 2021 related to fixed maturity securities for which the Company has recorded an allowance for credit losses. Duration of Unrealized Loss at December 31, 2021 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 $ 504,168 $ ( 6,264) $ 91,735 $ ( 4,094) $ 595,903 $ ( 10,358) Obligations of U.S. states and political subdivisions 51,094 ( 1,038) 2,558 ( 112) 53,652 ( 1,150) Corporate securities 2,132,576 ( 38,316) 472,831 ( 24,264) 2,605,407 ( 62,580) Asset-backed securities 1,954,079 ( 11,180) 41,823 ( 668) 1,995,902 ( 11,848) Mortgage-backed securities Commercial 221,852 ( 2,854) 40,496 ( 2,836) 262,348 ( 5,690) Agency residential 1,101,215 ( 12,178) 279,697 ( 6,695) 1,380,912 ( 18,873) Non-agency residential 2,320 ( 14) 156 ( 2) 2,476 ( 16) Foreign government securities 392,447 ( 9,709) 100,673 ( 18,370) 493,120 ( 28,079) Foreign corporate securities 1,734,510 ( 46,247) 210,722 ( 18,289) 1,945,232 ( 64,536) Total fixed maturity securities $ 8,094,261 $ ( 127,800) $ 1,240,691 $ ( 75,330) $ 9,334,952 $ ( 203,130) Duration of Unrealized Loss at December 31, 2021 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 $ 129,860 $ ( 2,415) $ 136,827 $ ( 11,832) $ 266,687 $ ( 14,247) Due in one year through five years 2,165,467 ( 35,264) 446,247 ( 28,685) 2,611,714 ( 63,949) Due in five years through ten years 1,727,823 ( 47,413) 244,454 ( 22,038) 1,972,277 ( 69,451) Due after ten years 791,645 ( 16,482) 50,991 ( 2,574) 842,636 ( 19,056) Asset-backed securities 1,954,079 ( 11,180) 41,823 ( 668) 1,995,902 ( 11,848) Mortgage-backed securities 1,325,387 ( 15,046) 320,349 ( 9,533) 1,645,736 ( 24,579) Total fixed maturity securities $ 8,094,261 $ ( 127,800) $ 1,240,691 $ ( 75,330) $ 9,334,952 $ ( 203,130) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2021 were $ 9.3 billion and $ 203.1 million, respectively. The market value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2021, did not exceed 2.7% of the overall market value of the Company’s fixed maturity securities. The market value of the securities for the issuer with the second largest unrealized loss comprised less than 0.5% 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 $ 127.8 million 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, agency residential mortgage-backed securities, asset-backed securities and foreign government securities. Of these unrealized losses, $ 116.2 million were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $ 75.3 million 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, $ 72.3 million were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. 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 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. The amounts presented in the tables below include $ 0.3 million of market value and $( 0.1) million of gross unrealized depreciation as of December 31, 2020 related to fixed maturity securities for which the Company has recorded an allowance for credit losses. Duration of Unrealized Loss at December 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 $ 135,190 $ ( 7,134) $ - $ - $ 135,190 $ ( 7,134) Obligations of U.S. states and political subdivisions 19,524 ( 999) 4,059 ( 255) 23,583 ( 1,254) Corporate securities 669,755 ( 26,159) 247,962 ( 29,072) 917,717 ( 55,231) Asset-backed securities 235,566 ( 4,768) 85,595 ( 930) 321,161 ( 5,698) Mortgage-backed securities Commercial 53,511 ( 578) 6,592 ( 317) 60,103 ( 895) Agency residential 434,447 ( 2,016) 50,353 ( 1,047) 484,800 ( 3,063) Non-agency residential 185 ( 2) - - 185 ( 2) Foreign government securities 114,755 ( 8,813) 150,812 ( 13,637) 265,567 ( 22,450) Foreign corporate securities 354,548 ( 17,489) 115,595 ( 11,596) 470,143 ( 29,085) Total fixed maturity securities $ 2,017,481 $ ( 67,958) $ 660,968 $ ( 56,854) $ 2,678,449 $ ( 124,812) Duration of Unrealized Loss at December 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 $ 96,144 $ ( 4,942) $ 112,419 $ ( 12,071) $ 208,563 $ ( 17,013) Due in one year through five years 653,816 ( 32,469) 283,866 ( 21,319) 937,682 ( 53,788) Due in five years through ten years 422,517 ( 19,392) 49,749 ( 2,034) 472,266 ( 21,426) Due after ten years 121,295 ( 3,791) 72,394 ( 19,136) 193,689 ( 22,927) Asset-backed securities 235,566 ( 4,768) 85,595 ( 930) 321,161 ( 5,698) Mortgage-backed securities 488,143 ( 2,596) 56,945 ( 1,364) 545,088 ( 3,960) Total fixed maturity securities $ 2,017,481 $ ( 67,958) $ 660,968 $ ( 56,854) $ 2,678,449 $ ( 124,812) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2020 were $ 2.7 billion and $ 124.8 million, respectively. The market value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2020, did not exceed 0.7% of the overall market value of the Company’s fixed maturity securities. The market value of the securities for the issuer with the second largest unrealized loss comprised less than 0.1% 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 $ 68.0 million of unrealized losses related to fixed maturity securities that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, foreign government securities and agency residential asset-backed securities. Of these unrealized losses, $ 63.4 million were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. The $ 56.9 million 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, $ 33.5 million were related to securities that were rated investment grade by at least one nationally recognized statistical rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. The components of net investment income are presented in the table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Fixed maturities $ 561,091 $ 542,363 $ 520,291 Equity securities 17,276 18,776 19,505 Short-term investments and cash 1,329 5,012 17,619 Other invested assets Limited partnerships 565,265 112,853 105,815 Other 62,944 1,699 14,117 Gross investment income before adjustments 1,207,905 680,703 677,347 Funds held interest income (expense) 12,324 12,754 13,271 Future policy benefit reserve income (expense) ( 1,093) ( 1,237) ( 1,380) Gross investment income 1,219,136 692,220 689,238 Investment expenses ( 54,244) ( 49,755) ( 42,099) Net investment income $ 1,164,892 $ 642,465 $ 647,139 The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values of interests underlying each limited partnership. 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 $ 2.3 billion in limited partnerships and private placement loans at December 31, 2021. 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 Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities but also as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Consolidated Financial Statements. As of December 31, 2021 and 2020, the Company did not hold any securities for which it is the primary beneficiary. The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of December 31, 2021 and 2020 is limited to the total carrying value of $ 2.9 billion and $ 2.0 billion, respectively, which are included in general and limited partnerships and other alternative investments in Other Invested Assets in the Company's Consolidated Balance Sheets. As of December 31, 2021, the Company has outstanding commitments totaling $ 2.1 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in asset-back securities, which includes collateralized loan obligations and are reported in fixed maturities, available-for-sale. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. The components of net realized capital gains (losses) are presented in the table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Fixed maturity securities, market value: Allowance for credit losses $ ( 27,992) $ ( 1,745) $ - Other-than-temporary impairments - - ( 20,899) Gains (losses) from sales 16,503 ( 2,214) 28,025 Fixed maturity securities, fair value: Gains (losses) from sales - ( 2,863) 355 Gains (losses) from fair value adjustments - 1,944 1,808 Equity securities, fair value: Gains (losses) from sales 27,596 ( 8,963) 4,148 Gains (losses) from fair value adjustments 235,686 278,461 165,200 Other invested assets 6,142 1,705 6,003 Short-term investments gain (loss) 8 1,324 364 Total net realized capital gains (losses) $ 257,943 $ 267,649 $ 185,004 Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2021 Obligations of U.S. States Foreign Foreign Corporate Asset-Backed and Political Government Corporate Securities Securities Subdivisions Securities Securities Total (Dollars in thousands) Beginning Balance $ ( 1,220) $ - $ - $ ( 22) $ ( 503) $ ( 1,745) Credit losses on securities where credit losses were not previously recorded ( 21,177) ( 4,915) ( 151) - ( 2,436) ( 28,679) Increases in allowance on previously impaired securities ( 2,529) ( 2,764) - - ( 5,293) Decreases in allowance on previously impaired securities - - - - - Reduction in allowance due to disposals 5,659 - 22 298 5,979 Balance as of December 31 $ ( 19,267) $ ( 7,679) $ ( 151) $ - $ ( 2,641) $ ( 29,738) The proceeds and split between gross gains and losses, from sales of fixed maturity and equity securities, are presented in the table below for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Proceeds from sales of fixed maturity securities $ 1,915,916 $ 1,950,774 $ 3,283,154 Gross gains from sales 71,744 79,609 63,721 Gross losses from sales ( 55,241) ( 84,686) ( 35,341) Proceeds from sales of equity securities $ 990,376 $ 376,347 $ 283,965 Gross gains from sales 42,241 37,415 14,274 Gross losses from sales ( 14,645) ( 46,378) ( 10,126) Securities with a carrying value amount of $ 1.5 billion at December 31, 2021 were on deposit with various state or governmental insurance departments in compliance with insurance laws. |
Reserve For Losses, LAE And Fut
Reserve For Losses, LAE And Future Policy Benefit Reserve | 12 Months Ended |
Dec. 31, 2021 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Reserve For Losses, LAE And Future Policy Benefit Reserve | 3. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Reserves for losses and LAE. The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE is summarized for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Gross reserves beginning of period $ 16,322,143 $ 13,531,256 $ 13,098,158 Less reinsurance recoverables on unpaid losses ( 1,843,691) ( 1,640,712) ( 1,619,641) Net reserves beginning of period 14,478,452 11,890,544 11,478,517 Incurred related to: Current year 7,400,303 6,149,410 4,986,456 Prior years ( 9,050) 401,427 ( 63,558) Total incurred losses and LAE 7,391,253 6,550,837 4,922,898 Paid related to: Current year 2,490,645 2,046,260 2,042,246 Prior years 2,226,457 2,077,613 2,519,950 Total paid losses and LAE 4,717,102 4,123,873 4,562,196 Foreign exchange/translation adjustment ( 89,481) 160,944 51,325 Net reserves end of period 17,063,121 14,478,452 11,890,544 Plus reinsurance recoverables on unpaid losses 1,946,365 1,843,691 1,640,712 Gross reserves end of period $ 19,009,486 $ 16,322,143 $ 13,531,256 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 7.4 billion, $ 6.1 billion and $ 5.0 billion in 2021, 2020 and 2019, respectively. The increase in current year incurred losses from 2020 to 2021 was primarily related to an increase of $ 710.0 million in current year catastrophe losses and an increase of $ 540.9 million in current year attritional losses. The increase in current year attritional losses was mainly due to the growth in premiums earned, partially mitigated by $ 511.1 million of losses related to COVID-19 in 2020 which did not recur in 2021. The increase in current year incurred losses from 2019 to 2020 was primarily due to an increase of $ 772.4 million in current year attritional losses primarily due to higher premiums earned and the previously mentioned $ 511.1 million of losses related to COVID-19 in 2020, partially offset by a $ 120.5 million decline in current year catastrophe losses. Incurred prior years losses were ($ 9.1) million in 2021, $ 401.4 million in 2020 and ($ 63.6) million in 2019. The favorable development on prior year reserves of ($ 9.1) million in 2021 is primarily driven by a commutation and reserve releases within the reinsurance segment. The increase for 2020 primarily related to higher ultimate loss estimates for long-tail casualty business in the reinsurance segment for accident years 2015 to 2018, notably general liability, professional lines, and auto liability. The reserve charge also includes actions on non-CAT property lines, primarily for the 2017 to 2019 accident years and driven by a few large losses to aggregate programs. The decrease for 2019 primarily related to reserve reductions associated with short-tail lines of business and worker’s compensation. The following is information about incurred and paid claims development as of December 31, 2021, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR) plus expected development on reported claims included within the net incurred claims amounts. Each of the Company’s financial reporting segments has been disaggregated into casualty and property business. The casualty and property segregation results in groups that have homogeneous loss development characteristics and are large enough to represent credible trends. Generally, casualty claims take longer to be reported and settled, resulting in longer payout patterns and increased volatility. Property claims on the other hand, tend to be reported and settled quicker and therefore tend to exhibit less volatility. The property business is more exposed to catastrophe losses, which can result in year over year fluctuations in incurred claims depending on the frequency and severity of catastrophes claims in any one accident year. The information about incurred and paid claims development for the years ended December 31, 2012 to December 31, 2020 is presented as supplementary information. The Cumulative Number of Reported Claims is shown only for Insurance Casualty as it is impracticable to provide the information for the remaining groups. The reinsurance groups each include pro rata contracts for which ceding companies provide only summary information via a bordereau. This summary information does not include the number of reported claims underlying the paid and reported losses. Therefore, it is not possible to provide this information. The Insurance Property group includes Accident & Health insurance business. This business is written via a master contract and individual claim counts are not provided. This business represents a significant enough portion of the business in the Insurance Property group so that including the number of reported claims for the remaining business would distort any analytics performed on the group. The Cumulative Number of Reported Claims shown for the Insurance Casualty is determined by claim and line of business. For example, a claim event with three claimants in the same line of business is a single claim. However, a claim event with a single claimant that spans two lines of business contributes two claims. The following tables present the ultimate loss and ALAE and the paid loss and ALAE, net of reinsurance for casualty and property, as well as the average annual percentage payout of incurred claims by age, net of reinsurance for each of our disclosed lines of business. Reinsurance – Casualty Business At December 31, 2021 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in thousands) 2012 $ 913,235 $ 806,271 $ 707,089 $ 692,497 $ 676,252 $ 677,924 $ 682,447 $ 656,696 $ 635,281 $ 626,752 22,382 N/A 2013 726,240 816,634 804,255 794,549 764,362 735,487 715,578 715,519 710,499 21,566 N/A 2014 776,680 815,861 822,646 798,868 757,392 734,567 747,748 745,601 31,868 N/A 2015 795,662 836,303 831,492 828,634 812,346 848,989 849,230 75,907 N/A 2016 808,757 885,069 882,087 877,209 952,811 954,364 129,447 N/A 2017 894,903 854,313 861,180 942,467 950,788 199,152 N/A 2018 1,340,402 1,337,894 1,414,891 1,445,481 466,230 N/A 2019 1,721,440 1,786,629 1,788,763 907,117 N/A 2020 1,943,096 1,914,757 1,482,711 N/A 2021 2,513,341 1,951,060 N/A $ 12,499,575 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 41,756 $ 98,010 $ 179,993 $ 275,548 $ 355,728 $ 425,397 $ 504,848 $ 539,251 $ 549,564 $ 568,922 2013 49,581 123,813 214,769 314,826 389,143 496,373 548,578 574,706 603,638 2014 57,942 122,673 214,072 304,645 430,751 507,146 553,006 594,417 2015 57,114 160,199 267,841 413,852 503,917 573,637 621,569 2016 90,184 190,818 326,011 433,583 548,345 629,704 2017 81,099 188,542 322,029 464,179 592,780 2018 154,910 290,083 463,099 638,435 2019 210,530 343,081 526,547 2020 190,530 268,027 2021 216,969 $ 5,261,006 All outstanding liabilities prior to 2012, net of reinsurance 824,128 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 8,062,697 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Casualty 9.2 % 8.5 % 12.4 % 13.6 % 12.7 % 10.4 % 7.7 % 4.9 % 2.9 % 3.1 % Reinsurance – Property Business At December 31, 2021 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in thousands) 2012 $ 1,595,581 $ 1,282,432 $ 1,159,361 $ 1,158,272 $ 1,152,163 $ 1,144,478 $ 1,132,514 $ 1,151,907 $ 1,154,729 $ 1,152,601 10,597 2013 1,302,966 954,434 843,829 787,484 781,908 777,334 784,582 782,978 782,285 2,615 2014 1,366,519 1,207,588 1,055,896 963,339 963,168 964,131 956,387 956,892 5,114 2015 1,408,609 1,072,514 996,351 970,290 973,022 965,298 967,102 6,102 2016 1,725,574 1,560,324 1,596,178 1,590,207 1,567,764 1,568,689 19,440 2017 2,799,762 3,422,515 3,533,258 3,662,032 3,707,890 9,592 2018 2,650,359 2,526,001 2,527,900 2,465,788 40,866 2019 2,122,117 2,153,458 2,098,665 176,930 2020 2,453,269 2,526,034 616,803 2021 2,802,843 1,445,812 $ 19,028,789 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 404,621 $ 703,440 $ 896,790 $ 990,221 $ 1,024,725 $ 1,058,690 $ 1,069,836 $ 1,092,694 $ 1,101,861 $ 1,106,461 2013 384,956 530,340 663,255 720,662 741,032 751,190 760,516 761,755 762,225 2014 378,154 670,226 805,888 882,489 911,719 921,984 928,821 931,494 2015 386,340 626,200 787,370 875,529 904,827 926,506 937,534 2016 489,865 1,035,935 1,336,301 1,460,922 1,520,320 1,539,568 2017 850,375 2,277,663 2,858,044 3,259,500 3,477,657 2018 558,319 1,563,718 1,941,282 2,125,022 2019 769,261 1,365,923 1,703,956 2020 606,518 1,385,266 2021 687,773 $ 14,656,957 All outstanding liabilities prior to 2012, net of reinsurance 519,855 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 4,891,687 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 29.0 % 32.9 % 16.2 % 8.8 % 4.3 % 1.8 % 1.0 % 0.9 % 0.5 % 0.4 % Insurance – Casualty Business At December 31, 2021 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in thousands) 2012 $ 349,721 $ 351,526 $ 347,065 $ 348,260 $ 353,394 $ 344,007 $ 346,980 $ 351,441 $ 353,942 $ 354,697 31,942 15,782 2013 393,689 393,519 392,955 393,129 351,380 344,479 350,927 349,965 350,107 29,280 21,360 2014 431,297 457,270 454,801 460,862 397,307 398,126 399,021 397,889 44,649 25,265 2015 519,869 528,468 536,106 542,637 469,081 472,079 472,700 56,840 27,044 2016 554,134 552,057 581,114 616,641 554,151 542,750 86,737 31,674 2017 614,528 604,615 627,426 659,359 635,622 156,575 35,627 2018 708,122 714,065 752,894 766,992 193,686 36,041 2019 852,407 855,266 888,280 288,688 39,219 2020 997,126 1,058,272 620,239 34,983 2021 1,196,128 782,844 31,679 $ 6,663,437 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 33,194 $ 101,300 $ 157,924 $ 213,488 $ 246,454 $ 272,113 $ 294,442 $ 306,934 $ 311,863 $ 317,249 2013 33,314 117,046 176,326 224,633 260,222 285,872 303,784 310,927 317,111 2014 41,194 124,936 201,688 256,885 297,760 326,008 339,484 350,976 2015 44,317 134,760 218,987 292,111 353,440 382,743 414,069 2016 54,740 164,357 269,127 342,880 402,518 445,429 2017 53,918 172,415 281,339 381,169 457,197 2018 63,587 208,432 319,559 447,358 2019 72,394 234,915 398,600 2020 79,658 248,000 2021 109,311 $ 3,505,299 All outstanding liabilities prior to 2012, net of reinsurance 226,081 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,384,219 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Casualty 8.8 % 18.8 % 17.4 % 15.2 % 11.1 % 7.2 % 5.4 % 2.8 % 1.6 % 1.5 % Insurance – Property Business At December 31, 2021 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in thousands) 2012 $ 106,363 $ 89,038 $ 81,773 $ 82,475 $ 82,045 $ 81,828 $ 82,005 $ 82,552 $ 82,613 $ 82,685 5 N/A 2013 112,082 98,203 91,334 92,222 92,311 92,472 92,326 91,893 92,035 94 N/A 2014 131,752 123,744 119,989 119,523 119,344 119,481 119,138 119,428 49 N/A 2015 173,059 153,028 144,081 146,930 144,919 146,626 146,559 47 N/A 2016 291,182 275,740 280,797 292,750 295,140 297,417 380 N/A 2017 498,044 502,601 496,195 499,323 493,370 480 N/A 2018 409,168 403,013 398,243 411,160 693 N/A 2019 349,061 351,599 355,692 5,808 N/A 2020 599,613 507,281 45,162 N/A 2021 649,738 191,897 N/A $ 3,155,364 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 56,506 $ 81,798 $ 80,495 $ 81,776 $ 81,917 $ 81,708 $ 81,846 $ 82,483 $ 82,612 $ 82,669 2013 68,711 93,179 91,919 92,189 91,798 91,838 91,855 91,864 91,942 2014 81,853 116,089 118,277 118,270 118,605 118,724 118,799 118,808 2015 102,239 141,394 142,560 145,367 146,866 146,954 147,052 2016 162,906 250,034 272,535 290,278 293,247 294,031 2017 179,403 425,384 460,130 482,817 486,538 2018 245,840 359,276 379,654 404,819 2019 227,630 317,766 339,411 2020 293,331 415,518 2021 328,207 $ 2,708,995 All outstanding liabilities prior to 2012, net of reinsurance 557 Liabilities for claims and claim adjustment expenses, net of reinsurance 446,926 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 55.4 % 31.2 % 5.0 % 4.3 % 2.6 % 0.6 % 0.6 % 0.2 % 0.1 % 0.1 % Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows. December 31, 2021 (Dollars in thousands) Net outstanding liabilities Reinsurance Casualty $ 8,062,697 Reinsurance Property 4,891,687 Insurance Casualty 3,384,219 Insurance Property 446,926 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 16,785,529 Reinsurance recoverable on unpaid claims Reinsurance Casualty 293,110 Reinsurance Property 507,097 Insurance Casualty 973,182 Insurance Property 172,977 Total reinsurance recoverable on unpaid claims 1,946,365 Insurance lines other than short-duration - Unallocated claims adjustment expenses 235,391 Other 42,199 277,590 Total gross liability for unpaid claims and claim adjustment expense $ 19,009,486 (Some amounts may not reconcile due to rounding.) Reserving Methodology The Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense (LAE) for reported and unreported claims for our insurance and reinsurance businesses. Because reserves are based on estimates of ultimate losses and LAE by underwriting or accident year, the Company uses a variety of statistical and actuarial techniques to monitor reserve adequacy over time, evaluate new information as it becomes known, and adjust reserves whenever an adjustment appears warranted. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios by product and class of business, which are developed collaboratively by underwriters and actuaries; (3) actuarial methodologies and assumptions which analyze loss reporting and payment experience, reports from ceding companies and historical trends, such as reserving patterns, loss payments, and product mix; (4) current legal interpretations of coverage and liability; and (5) economic conditions. Insurance and reinsurance loss and LAE reserves represent the Company’s best estimate of its ultimate liability. Actual loss and LAE ultimately paid may deviate, perhaps substantially, from such reserves. Net income will be impacted in a period in which the change in estimated ultimate loss and LAE is recorded. The detailed data required to evaluate ultimate losses for the Company’s insurance business is accumulated from its underwriting and claim systems. Reserving for reinsurance requires evaluation of loss information received from ceding companies. Ceding companies report losses in many forms depending on the type of contract and the agreed or contractual reporting requirements. Generally, pro rata contracts require the submission of a monthly/quarterly account, which includes premium and loss activity for the period with corresponding reserves as established by the ceding company. This information is recorded into the Company’s records. For certain pro rata contracts, the Company may require a detailed loss report for claims that exceed a certain dollar threshold or relate to a particular type of loss. Excess of loss and facultative contracts generally require individual loss reporting with precautionary notices provided when a loss reaches a significant percentage of the attachment point of the contract or when certain causes of loss or types of injury occur. Experienced claims staff handles individual loss reports and supporting claim information. Based on evaluation of a claim, the Company may establish additional case reserves in addition to the case reserves reported by the ceding company. To ensure ceding companies are submitting required and accurate data, Everest’s Underwriting, Claim, Reinsurance Accounting, and Internal Audit Departments perform various reviews of ceding companies, particularly larger ceding companies, including on-site audits. The Company segments both reinsurance and insurance reserves into exposure groupings for actuarial analysis. The Company assigns business to exposure groupings so that the underlying exposures have reasonably homogeneous loss development characteristics and are large enough to facilitate credible estimation of ultimate losses. The Company periodically reviews its exposure groupings and may change groupings over time as business changes. The Company currently uses approximately 200 exposure groupings to develop reserve estimates. One of the key selection characteristics for the exposure groupings is the historical duration of the claims settlement process. Business in which claims are reported and settled relatively quickly are commonly referred to as short tail lines, principally property lines. On the other hand, casualty claims tend to take longer to be reported and settled and casualty lines are generally referred to as long tail lines. Estimates of ultimate losses for shorter tail lines, with the exception of loss estimates for large catastrophic events, generally exhibit less volatility than those for the longer tail lines. The Company uses a variety of actuarial methodologies, such as the expected loss ratio method, chain ladder methods, and Bornhuetter-Ferguson methods, supplemented by judgment where appropriate, to estimate ultimate loss and LAE for each exposure group. Expected Loss Ratio Method: The expected loss ratio method uses earned premium times an expected loss ratio to calculate ultimate losses for a given underwriting or accident year. This method relies entirely on expectation to project ultimate losses with no consideration given to actual losses. As such, it may be appropriate for an immature underwriting or accident year where few, if any, losses have been reported or paid, but less appropriate for a more mature year. Chain Ladder Method: Chain ladder methods use a standard loss development triangle to project ultimate losses. Age-to-age development factors are selected for each development period and combined to calculate age-to-ultimate development factors which are then applied to paid or reported losses to project ultimate losses. This method relies entirely on actual paid or reported losses to project ultimate losses. No other factors such as changes in pricing or other expectations are taken into account. It is most appropriate for groups with homogeneous, stable experience where past development patterns are expected to continue in the future. It is least appropriate for groups which have changed significantly over time or which are more volatile. Bornhuetter-Ferguson Method: The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the chain ladder method. Ultimate losses are projected based partly on actual paid or reported losses and partly on expectation. Incurred but not reported (IBNR) reserves are calculated using earned premium, an a priori loss ratio, and selected age-to-age development factors and added to actual reported (paid) losses to determine ultimate losses. It is more responsive to actual reported or paid development than the expected loss ratio method but less responsive than the chain ladder method. The reliability of the method depends on the accuracy of the selected a priori loss ratio. Although the Company uses similar actuarial methods for both short tail and long tail lines, the faster reporting of experience for the short tail lines allows the Company to have greater confidence in its estimates of ultimate losses for short tail lines at an earlier stage than for long tail lines. As a result, the Company utilizes, as well, exposure-based methods to estimate its ultimate losses for longer tail lines, especially for immature underwriting or accident years. For both short and long tail lines, the Company supplements these general approaches with analytically based judgments. Key actuarial assumptions contain no explicit provisions for reserve uncertainty nor does the Company supplement the actuarially determined reserves for uncertainty. Carried reserves at each reporting date are the Company’s best estimate of ultimate unpaid losses and LAE at that date. The Company completes detailed reserve studies for each exposure group annually for both reinsurance and insurance operations. The completed annual reserve studies are “rolled-forward” for each accounting period until the subsequent reserve study is completed. Analyzing the roll-forward process involves comparing actual reported losses to expected losses based on the most recent reserve study. The Company analyzes significant variances between actual and expected losses and post adjustments to its reserves as warranted. Certain reserves, including losses from widespread catastrophic events and COVID-19 related losses, cannot be estimated using traditional actuarial methods. These types of events are reserved for separately using a variety of statistical and actuarial techniques. We estimate losses for these types of events based on information derived from catastrophe models, quantitative and qualitative exposure analyses, reports and communications from ceding companies and development patterns for historically similar events, where available. The Company continues to receive claims under expired insurance and reinsurance contracts asserting injuries and/or damages relating to or resulting from environmental pollution and hazardous substances, including asbestos. Environmental claims typically assert liability for (a) the mitigation or remediation of environmental contamination or (b) bodily injury or property damage caused by the release of hazardous substances into the land, air or water. Asbestos claims typically assert liability for bodily injury from exposure to asbestos or for property damage resulting from asbestos or products containing asbestos. The Company’s reserves include an estimate of the Company’s ultimate liability for A&E claims. The Company’s A&E liabilities emanate from Mt. McKinley Insurance Company’s, a former wholly owned subsidiary that was sold in 2015, direct insurance business and Everest Re’s assumed reinsurance business. All of the contracts of insurance and reinsurance, under which the Company has received claims during the past three years, expired more than 20 years ago. There are significant uncertainties surrounding the Company’s reserves for its A&E losses. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The following table summarizes incurred losses with respect to A&E reserves on both a gross and net of reinsurance basis for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 2019 Gross basis: Beginning of period reserves $ 219,341 $ 257,921 $ 347,495 Incurred losses 10,862 1,540 2,070 Paid losses ( 55,048) ( 40,120) ( 91,644) End of period reserves $ 175,155 $ 219,341 $ 257,921 Net basis: Beginning of period reserves $ 198,255 $ 228,701 $ 261,456 Incurred losses - ( 772) - Paid losses ( 42,139) ( 29,674) ( 32,756) End of period reserves $ 156,115 $ 198,255 $ 228,701 In 2015, the Company sold Mt. McKinley to Clearwater Insurance Company, a subsidiary of Fairfax Financial. Concurrently with the closing, the Company entered into a retrocession treaty with an affiliate of Clearwater Insurance Company. Per the retrocession treaty, the Company retroceded 100% of the liabilities associated with certain Mt. McKinley policies, which related entirely to A&E business and had been reinsured by Bermuda Re. As consideration for entering into the retrocession treaty, Everest Re Bermuda transferred cash of $ 140.3 million, an amount equal to the net loss reserves as of the closing date. The maximum liability retroceded under the retrocession treaty will be $ 440.3 million, equal to the retrocession payment plus $ 300.0 million. The Company will retain liability for any amounts exceeding the maximum liability retroceded under the retrocession treaty. On December 20, 2019, the retrocession treaty was amended and included a partial commutation. As a result of this amendment and partial commutation, gross A&E reserves and correspondingly reinsurance receivable were reduced by $ 43.4 million. In addition, the maximum liability permitted to be retroceded increased to $ 450.3 million. Reinsurance Recoverables. Reinsurance recoverables for both paid unpaid losses totaled $ 2.1 billion and $ 2.0 billion at December 31, 2021 and December 31, 2020, respectively. At December 31, 2021, $ 691.4 million, or 33.7%, was receivable from Mt. Logan Re collateralized segregated accounts; $ 221.9 million, or 10.8%, was receivable from Munich Reinsurance America, Inc. and $ 115.1 million, or 5.6%, was recoverable from Endurance Reinsurance Corporation of America. No other retrocessionaire accounted for more than 5% of our receivables. Future Policy Benefit Reserve. Activity in the reserve for future policy benefits is summarized for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 2019 Balance at beginning of year $ 37,723 $ 42,592 $ 46,778 Liabilities assumed 27 35 53 Adjustments to reserves 719 ( 1,113) 350 Benefits paid in the current year ( 2,800) ( 3,791) ( 4,589) Balance at end of year $ 35,669 $ 37,723 $ 42,592 (Some amounts may not reconcile due to rounding.) |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value [Abstract] | |
Fair Value | 4. FAIR VALUE GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority. The levels in the hierarchy are defined as follows: Level 1: Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s fixed maturity and equity securities are primarily managed by third party investment asset managers. The investment asset managers 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. 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. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third party investment asset managers, review of pricing statistics and trends, and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. At December 31, 2021, $ 2.1 billion of fixed maturities, market value were fair valued using unobservable inputs. The majority of these fixed maturities were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties. The Company has procedures in place to evaluate these independent third party valuations. At December 31, 2020, $ 1.3 billion of fixed maturities, market value were fair valued using unobservable inputs. The Company internally manages a public equity portfolio which had a fair value at December 31, 2021 and December 31, 2020 of $ 1.3 billion and $ 784.4 million, respectively. During the fourth quarter of 2021, the Company began to internally manage a portfolio of collateralized loan obligations included in asset-backed securities which had a fair value of $ 2.0 billion at December 31, 2021. All prices for these securities were obtained from publicly published sources or nationally recognized pricing vendors. 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. Fixed maturity securities listed in the tables have been 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. In addition to the valuations from investment managers, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources. The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 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 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, 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,420,618 $ - $ 1,420,618 $ - Obligations of U.S. States and political subdivisions 586,621 - 586,621 - Corporate securities 7,556,898 - 6,756,324 800,574 Asset-backed securities 3,581,729 - 2,330,448 1,251,281 Mortgage-backed securities Commercial 1,064,366 - 1,064,366 - Agency residential 2,375,332 - 2,375,332 - Non-agency residential 6,536 - 6,536 - Foreign government securities 1,437,512 - 1,437,512 - Foreign corporate securities 4,278,660 - 4,262,645 16,015 Total fixed maturities, market value 22,308,272 - 20,240,402 2,067,870 Equity securities, fair value 1,825,908 1,742,367 83,541 - 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, 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 $ 1,367,106 $ - $ 1,367,106 $ - Obligations of U.S. States and political subdivisions 577,295 - 577,295 - Corporate securities 7,149,026 - 6,447,534 701,492 Asset-backed securities 2,565,802 - 1,942,769 623,033 Mortgage-backed securities Commercial 990,303 - 990,303 - Agency residential 2,267,739 - 2,267,739 - Non-agency residential 5,194 - 5,194 - Foreign government securities 1,645,375 - 1,645,375 - Foreign corporate securities 3,472,333 - 3,466,634 5,699 Total fixed maturities, market value 20,040,173 - 18,709,949 1,330,224 Equity securities, fair value 1,472,236 1,368,704 103,532 - In addition, $ 286.6 million and $ 224.7 million of investments within other invested assets on the consolidated balance sheets as of December 31, 2021 and 2020, 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 December 31, 2021 December 31, 2020 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in thousands) Securities Securities Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities at market value $ 701,492 $ 623,033 $ 5,699 $ 1,330,224 $ 617,588 $ 153,641 $ 1,750 $ 772,979 Total gains or (losses) (realized/unrealized) Included in earnings ( 11,717) ( 6,469) 399 ( 17,787) 1,216 681 ( 125) 1,772 Included in other comprehensive income (loss) 4,008 ( 6,603) 184 ( 2,411) ( 1,115) 11,678 147 10,710 Purchases, issuances and settlements 106,791 641,320 9,733 757,844 84,840 457,033 3,814 545,687 Transfers in and/or (out) of Level 3 - - - - ( 1,037) - 113 ( 924) Ending balance $ 800,574 $ 1,251,281 $ 16,015 $ 2,067,870 $ 701,492 $ 623,033 $ 5,699 $ 1,330,224 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 $ ( 16,467) $ ( 7,679) $ - $ ( 24,146) $ ( 539) $ - $ - $ ( 539) (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value December 31, 2021 December 31, 2020 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ - $ - $ 5,826 $ 5,826 Total gains or (losses) (realized/unrealized) Included in earnings - - ( 919) ( 919) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - ( 4,907) ( 4,907) Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) The net transfers to/(from) Level 3, fair value measurements using significant unobservable inputs for fixed maturities, market value were $( 0.9) million as of December 31, 2020. The transfers during 2020 were related to securities that were previously priced using a recognized pricing service and were subsequently priced by investment managers as of December 31, 2020. The net transfers to/(from) Level 3, fair value measurements using significant unobservable inputs for equity securities, fair value were ($ 9.9) million for 2020. The transfer of ($ 9.9) million was related to preferred stock in a private entity purchased during the second quarter of 2020 which was priced at cost originally and was subsequently priced based upon the book value of the underlying private entity as of December 31, 2020. There were no such transfers during 2021. |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Credit Facilities [Abstract] | |
Credit Facilities | 5. CREDIT FACILITIES The Company has multiple active letter of credit facilities for a total commitment of up to $ 1.2 billion as of December 31, 2021, providing for the issuance of letters of credit. The Company also has additional uncommitted letter of credit facilities of up to $ 340.0 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee the uncommitted capacity will be available to us on a future date. The following table presents the interest and fees incurred in connection with these committed credit facilities for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Credit facility interest and fees incurred - Wells Fargo Bank $ 175 $ 664 $ 420 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, $ 800.0 million senior credit facility with a syndicate of lenders, which amended and restated in its entirety the June 22, 2012, four year, $ 800.0 million senior credit facility. Both the May 26, 2016 and June 22, 2012 senior credit facilities, which have similar terms, are referred to as the “2016 Group Credit Facility”. Wells Fargo Corporation (“Wells Fargo Bank”) is the administrative agent for the 2016 Group Credit Facility. Effective May 26, 2021, the term of the 2016 Group Credit Facility expired. The Company elected not to renew this facility to allow for the replacement by other collateralized letter of credit facilities such as those described below. As a result of the non-renewal in May 2021, letter of credit commitment/availability in the 2016 Group Credit Facility as of December 21, 2021 is limited only to the remaining $ 39.2 million of letters of credit currently in force and scheduled to expire in 2022. No additional letters of credit will be issued under the 2016 Group Credit Facility, and the facility will be dormant once the remaining letters of credit have expired. As of December 31, 2021, the Company was in compliance with all Group Credit Facility covenants. On March 25, 2020, Group borrowed $ 50.0 million under Tranche one of the credit facility as an unsecured revolving credit loan. The loan was fully paid off on June 26, 2020. There were no revolving credit borrowings from the facility during the year ended 2019. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2021 At December 31, 2020 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility $ 39,198 $ 39,198 12/30/2022 $ 200,000 $ 164,242 12/31/2021 - 600,000 589,690 12/31/2021 Total Wells Fargo Bank Group Credit Facility $ 39,198 $ 39,198 $ 800,000 $ 753,932 Bermuda Re Wells Fargo Bilateral Letter of Credit Facility Effective February 23, 2021, Bermuda Re entered into a letter of credit issuance facility with Wells Fargo referred to as the “2021 Bermuda Re Wells Fargo Bilateral Letter of Credit Facility.” The Bermuda Re Wells Fargo Bilateral Letter of Credit Facility originally provided for the issuance of up to $ 50.0 million of secured letters of credit. Effective May 5, 2021, the agreement was amended to provide for the issuance of up to $ 500.0 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2021 Bank Commitment In Use Date of Expiry Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility $ 500,000 $ 351,497 12/30/2022 Total Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility $ 500,000 $ 351,497 Bermuda Re Citibank Letter of Credit Facility Effective August 9, 2021, Bermuda Re entered into a new letter of credit issuance facility with Citibank N.A. which superseded the previous letter of credit issuance facility with Citibank that was effective December 31, 2020. Both of these are referred to as the “Bermuda Re Letter of Credit Facility”. The current Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $ 230.0 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up to $ 140.0 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2021 At December 31, 2020 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230,000 $ 4,425 02/28/2022 $ 200,000 $ 4,425 02/28/2021 925 03/01/2022 3,672 11/24/2021 1,264 11/24/2022 448 12/16/2021 423 12/16/2022 115 12/20/2021 146 12/20/2022 136,383 12/31/2021 216,622 12/31/2022 39,619 12/30/2024 473 01/21/2023 821 08/15/2022 985 08/15/2023 - 1,234 09/23/2023 - Bermuda Re Citibank LOC Facility - Uncommitted 140,000 84,203 12/31/2022 - 22,731 12/30/2025 - Total Bermuda Re Citibank LOC Facility $ 370,000 $ 333,429 $ 200,000 $ 185,483 Everest International Lloyds Bank Credit Facility Effective May 12, 2020, Everest International had amended its credit facility with Lloyds Bank plc (“Everest International Credit Facility”). The amendment of the Everest International Credit Facility provided up to £ 52.2 million for the issuance of standby letters of credit on a collateralized basis. However, the Everest International Credit Facility was terminated effective December 20, 2021. As a result, the Everest International Credit Facility no longer has any letter of credit commitment or availability as of that date, and there are no remaining letters of credit in force under the facility. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At December 31, 2021 At December 31, 2020 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Everest International Credit Facility £ - £ - £ 52,175 £ 52,175 12/31/2024 Total Everest International Credit Facility £ - £ - £ 52,175 £ 52,175 Bermuda Re Bayerische Landesbank Bilateral Credit Facility Effective August 27, 2021 Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement referred to as the “Bermuda Re Bayerische Landesbank Bilateral Credit Facility”. The Bermuda Re Bayerische Landesbank Bilateral Credit Facility provides for the committed issuance of up to $ 200.0 million of secured letters of credit. (Dollars in thousands) At December 31, 2021 Bank Commitment In Use Date of Expiry Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility $ 200,000 $ 154,691 12/31/2022 Total Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility $ 200,000 $ 154,691 (Dollars in thousands) At December 31, 2021 Bank Commitment In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility $ 50,000 $ 46,008 12/31/2022 Total Bermuda Re Lloyd's Bank Credit Facility $ 50,000 $ 46,008 Bermuda Re Barclays Bank Credit Facility. Effective November 3, 2021 Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement referred to as the “Bermuda Re Barclays Credit Facility”. The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $ 200.0 million of secured letters of credit. (Dollars in thousands) At December 31, 2021 Bank Commitment In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200,000 $ 186,299 12/31/2022 Total Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200,000 $ 186,299 Federal Home Loan Bank Membership Everest Re is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of December 31, 2021, Everest Re had admitted assets of approximately $ 20.3 billion which provides borrowing capacity of up to approximately $ 2.0 billion. As of December 31, 2021, Everest Re has $ 519.0 million of borrowings outstanding, with maturities in 2022 and interest payable at interest rates between 0.53% and 0.65%. Everest incurred interest expense of $ 1.2 million and $ 0.2 million for the years ended December 31, 2021 and 2020, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2021 | |
Senior Notes [Abstract] | |
Senior Notes | 6. SENIOR NOTES The table below displays Holdings’ outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. December 31, 2021 December 31, 2020 Principal Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Amounts Sheet Amount Market Value Sheet Amount Market Value 4.868% Senior Notes 6/5/2014 6/1/2044 $ 400,000 $ 397,314 $ 503,840 $ 397,194 $ 528,000 3.5% Senior Notes 10/7/2020 10/15/2050 1,000,000 980,046 1,054,520 979,524 1,138,100 3.125% Senior Notes 10/4/2021 10/15/2052 1,000,000 968,440 983,140 - - $ 2,400,000 $ 2,345,800 $ 2,541,500 $ 1,376,718 $ 1,666,100 On October 4, 2021, Holdings issued $ 1.0 billion of 31 year senior notes with an interest coupon rate of 3.125%, which will mature on October 15, 2052. Interest is paid semi-annually on April 15 and October 15 of each year. Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) Interest Paid Payable Dates 2021 2020 2019 4.868% Senior Notes semi-annually June 1/December 1 $ 19,472 $ 19,472 $ 19,472 3.5% Senior Notes semi-annually April 15/October 15 35,221 8,115 - 3.125% Senior Notes semi-annually April 15/October 15 7,635 - - $ 62,328 $ 27,587 $ 19,472 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 12 Months Ended |
Dec. 31, 2021 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 7. LONG TERM SUBORDINATED NOTES The table below displays Holdings’ outstanding fixed to floating rate long term subordinated notes. Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. Maturity Date December 31, 2021 December 31, 2020 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 4/26/2007 $ 400,000 5/15/2037 5/1/2067 $ 223,774 $ 216,289 $ 223,674 $ 206,447 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 or more occasions for up to ten 2.54%. Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes. Effective upon the maturity of the Company’s 5.40% senior notes on October 15, 2014, the Company’s 4.868% senior notes, due on June 1, 2044, have become the Company’s long term indebtedness that ranks senior to the long term subordinated notes. The Company repurchased and retired $ 13.2 million of its outstanding long term subordinated notes for the year ended December 31, 2020. The Company realized a gain of $ 2.5 million from the repurchase of the long term subordinated notes for the year ended 2020. 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 $ 161.4 million. Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Interest expense incurred $ 5,818 $ 7,645 $ 11,587 |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 8. COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS Certain subsidiaries of Group have established trust agreements, which effectively use the Company’s investments as collateral, as security for assumed losses payable to certain non-affiliated ceding companies. At December 31, 2021, the total amount on deposit in trust accounts was $ 1.7 billion. The Company reinsures some of its catastrophe exposures with the segregated accounts of Mt. Logan Re. Mt. Logan Re is a Collateralized insurer registered in Bermuda and 100% of the voting common shares are owned by Group. 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. Years Ended December 31, Mt. Logan Re Segregated Accounts 2021 2020 2019 (Dollars in thousands) Ceded written premiums 341,460 303,178 291,979 Ceded earned premiums 332,989 306,184 294,762 Ceded losses and LAE 282,233 241,347 187,192 Assumed written premiums 12,120 18,831 17,005 Assumed earned premiums 12,120 18,831 17,005 Each segregated account is permitted to assume net risk exposures equal to the amount of its available posted collateral, which in the aggregate was $ 930.0 million and $ 806.6 million at December 31, 2021 and 2020, respectively. Of this amount, Group had investments recorded at $ 66.3 million and $ 67.6 million at December 31, 2021 and 2020, 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 $ 269.2 million 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 $ 252.0 million to the Mt. Logan Re segregated account. The maximum liability to be retroceded under the agreement will be $ 319.0 million. The Company will retain liability for any amounts exceeding the maximum liability. As of December 31, 2021 and 2020, the Company has a reinsurance recoverable of $ 206.1 million and $ 254.9 million, respectively. In addition the Company has a deferred gain liability of $ 15.5 million and $ 38.8 million as of December 31, 2021 and 2020, respectively, reported in Other liabilities. The Company entered into various 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 named storm and earthquake events. The table below summarizes the various agreements. (Dollars in thousands) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2017-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 $ 50,000 Aggregate Series 2017-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 75,000 Aggregate Series 2017-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 175,000 Aggregate Series 2018-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/6/2022 62,500 Aggregate Series 2018-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/6/2022 200,000 Aggregate Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 62,500 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 200,000 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 150,000 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 275,000 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150,000 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275,000 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150,000 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150,000 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90,000 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90,000 Aggregate Total available limit as of December 31, 2021 $ 2,325,000 Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry level insured losses from covered events, as well as, the geographic location of the events. The estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses. Currently, none of the published insured loss estimates for 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. The proceeds from the issuance of the Notes listed below are held in reinsurance trusts throughout the duration of the applicable reinsurance agreements and invested solely in U.S. government money market funds with a rating of at least “AAAm” by Standard & Poor’s. (Dollars in thousands) Note Series Issue Date Maturity Date Amount Series 2017-1 Class A-2 4/13/2017 4/13/2022 $ 50,000 Series 2017-1 Class B-2 4/13/2017 4/13/2022 75,000 Series 2017-1 Class C-2 4/13/2017 4/13/2022 175,000 Series 2018-1 Class A-1 4/30/2018 5/6/2022 62,500 Series 2018-1 Class B-1 4/30/2018 5/6/2022 200,000 Series 2018-1 Class A-2 4/30/2018 5/5/2023 62,500 Series 2018-1 Class B-2 4/30/2018 5/5/2023 200,000 Series 2019-1 Class A-1 12/12/2019 12/19/2023 150,000 Series 2019-1 Class B-1 12/12/2019 12/19/2023 275,000 Series 2019-1 Class A-2 12/12/2019 12/19/2024 150,000 Series 2019-1 Class B-2 12/12/2019 12/19/2024 275,000 Series 2021-1 Class A-1 4/8/2021 4/21/2025 150,000 Series 2021-1 Class B-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class C-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class A-2 4/8/2021 4/20/2026 150,000 Series 2021-1 Class B-2 4/8/2021 4/20/2026 90,000 Series 2021-1 Class C-2 4/8/2021 4/20/2026 90,000 $ 2,325,000 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 9. 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: Year Ended December 31, (Dollars in thousands) 2021 2020 Lease expense incurred: Operating lease cost $ 26,540 $ 32,508 At December 31, (Dollars in thousands) 2021 2020 Operating lease right of use assets $ 138,942 $ 149,125 Operating lease liabilities 157,729 165,292 Year Ended December 31, (Dollars in thousands) 2021 2020 Operating cash flows from operating leases $ ( 18,294) $ ( 20,594) At December 31, 2021 2020 Weighted average remaining operating lease term 11.6 years 12.3 years Weighted average discount rate on operating leases 4.08 % 4.10 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) 2022 $ 20,865 2023 20,238 2024 20,016 2025 17,025 2026 15,805 Thereafter 108,793 Undiscounted lease payments 202,742 Less: present value adjustment 45,013 Total operating lease liability $ 157,729 On July 2, 2019, the Company entered into a lease agreement to relocate its U.S. corporate offices from Liberty Corner, New Jersey to Warren, New Jersey. The new lease, which covers approximately 315,000 square feet of office space, became effective in October, 2019 and runs through 2036 . The initial base rent payment of the lease will be approximately $ 650 thousand per month or $ 7.8 million per year. The Company relocated the existing operations and employees of the Liberty Corner, New Jersey facility to the new corporate complex as of December, 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 10. INCOME TAXES Under Bermuda law, no income or capital gains taxes are imposed on Group and its Bermuda Subsidiaries. The Minister of Finance of Bermuda has assured Group and its Bermuda subsidiaries that, pursuant to The Exempted Undertakings Tax Protection Amendment Act of 2011, they will be exempt until 2035 from imposition of any such taxes. All of the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state, and local taxes on corporations. Additionally, the income of the foreign branches of the Company's insurance operating companies, in particular the UK branch of Bermuda Re, is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5% U.S. withholding tax. Currently, however, no withholding tax has been accrued with respect to such un-remitted earnings as management has no intention of remitting them. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity. The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, enacted on March 27, 2020, provided that U.S. companies could carryback for five years net operating losses incurred in 2018, 2019 and/or 2020. This beneficial tax provision in the CARES Act enabled the Company to carryback its significant 2018 net operating losses to prior tax years with higher effective tax rates of 35% versus 21% in 2018 and later years. As a result, the Company was able to record a net income tax benefit from the five-year carryback of $ 32.5 million and obtain federal income tax cash refunds of $ 182.5 million including interest in 2020. The significant components of the provision are as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Current tax expense (benefit): U.S. $ 123,876 $ ( 107,757) $ ( 5,044) Non-U.S. 2,038 2,948 14,420 Total current tax expense (benefit) 125,914 ( 104,809) 9,376 Deferred tax expense (benefit): U.S. 37,597 178,523 80,247 Non-U.S. 3,027 ( 2,516) ( 97) Total deferred tax expense (benefit) 40,624 176,007 80,150 Total income tax expense (benefit) $ 166,538 $ 71,198 $ 89,526 (Some amounts may not reconcile due to rounding.) The weighted average expected tax provision has been calculated using the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction's applicable statutory tax rate. Reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate for the periods indicated is provided below: Years Ended December 31, 2021 2020 2019 (Dollars in thousands) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ ( 83,159) $ 306,933 $ 24,041 $ ( 277,852) $ 38,964 $ 297,199 Net investment income 707,971 456,921 339,721 302,744 325,179 321,960 Net realized capital gains (losses) 266,036 ( 8,094) 234,970 32,679 155,609 29,394 Net derivative gain (loss) - 2,965 - 1,541 - 6,374 Corporate expenses ( 33,334) ( 34,493) ( 15,985) ( 25,133) ( 13,063) ( 19,903) Interest, fee and bond issue cost amortization expense ( 69,974) ( 175) ( 35,659) ( 664) ( 34,931) 3,239 Other income (expense) 23,315 10,709 ( 14,656) 19,602 ( 1,976) ( 9,057) Pre-tax income (loss) $ 810,855 $ 734,766 $ 532,432 $ 52,917 $ 469,782 $ 629,206 Expected tax provision at the applicable statutory rate(s) 170,170 14,358 111,846 ( 10,356) 98,766 17,205 Increase (decrease) in taxes resulting from: Tax exempt income ( 3,927) - ( 3,598) - ( 3,680) - Dividend received deduction ( 840) - ( 1,100) - ( 998) - Proration 1,048 - 1,049 - 1,050 - Affiliated preferred stock dividends 6,517 - 6,517 - 6,517 - Creditable foreign premium tax ( 13,392) - ( 11,513) - ( 9,852) - Tax audit settlement - - - - ( 1,576) - Share based compensation tax benefits formerly in APIC ( 1,950) ( 232) ( 2,605) ( 388) ( 2,984) ( 373) Impact of CARES Act - - ( 32,500) - - - Valuation allowance 324 ( 9,796) 277 15,144 138 3,772 Change in uncertain tax positions - - - - ( 8,434) - Other 3,523 735 2,393 ( 3,968) ( 3,744) ( 6,281) Total income tax provision $ 161,473 $ 5,065 $ 70,766 $ 432 $ 75,203 $ 14,323 (Some amounts may not reconcile due to rounding.) Reconciliation of the beginning and ending unrecognized tax benefits, for the periods indicated, is as follows: (Dollars in thousands) 2021 2020 2019 Balance at January 1 $ - $ - $ 8,434 Additions based on tax positions related to the current year - - - Additions for tax positions of prior years - - - Reductions for tax positions of prior years - - ( 8,434) Settlements with taxing authorities - - - Lapses of applicable statutes of limitations - - - Balance at December 31 $ - $ - $ - At December 31, 2021, the Company’s unrecognized tax benefits, excluding interest and penalties, that would impact the effective tax rate was $ 0 Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2021, the Company accrued $ 0 million for the payment of interest (net of the federal benefit) and penalties. At December 31, 2020 and 2019, there were no accrued liabilities, respectively, for the payment of interest and penalties. The Company’s 2014 through 2018 U.S. tax years are under audit by the IRS. To date, the Company has received only one notice of proposed adjustment for an immaterial amount of tax for the 2014 tax year. Also, the Company proposed affirmative beneficial income tax return adjustments to the IRS at the start of the 2014 audit. Subsequent to the Company’s CARES Act net operating loss carryback, the Company received a tax refund of $ 16.3 million of recaptured foreign tax credits related to the affirmative adjustments. In addition, tax years 2019 and 2020 are open for examination by the U.S. Federal jurisdiction. To date, the Company has not received any additional Information Document Requests (“IDRs”) or notices of proposed adjustment for 2015 to 2018. The Company had filed amended tax returns requesting refunds for 2015 and 2016 for $ 1.5 million and $ 4.7 million, respectively. Deferred Income taxes reflect the tax effect of the temporary differences between the value of assets and liabilities for financial statement purposes and such values are measured by the U.S. tax laws and regulations. The principal items making up the net deferred income tax assets/(liabilities) are as follows for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 Deferred tax assets: Loss reserves $ 129,861 $ 96,840 Unearned premium reserves 107,724 85,028 Lease liability 30,885 31,989 Foreign tax credits 21,787 46,109 Net operating loss carryforward 20,228 33,504 Net unrealized losses on benefit plans 13,395 19,636 Equity compensation 7,558 7,367 Investment impairments 6,160 1,121 Unrealized foreign currency losses 4,486 603 Uncollectible reinsurance reserves 3,142 3,142 Other tax credits 213 4,591 Other assets 8,973 7,285 Total deferred tax assets 354,412 337,215 Deferred tax liabilities: Deferred acquisition costs 99,395 79,994 Net fair value income 97,974 75,692 Partnership investments 56,699 26,119 Net unrealized investment gains 36,615 90,268 Right of use asset 27,111 28,822 Benefit plan asset 1,667 1,765 Other liabilities 9,963 6,710 Total deferred tax liabilities 329,424 309,370 Net deferred tax assets 24,988 27,845 Less: Valuation allowance ( 17,765) ( 28,805) Total net deferred tax assets/(liabilities) $ 7,223 $ ( 960) (Some amounts may not reconcile due to rounding.) At December 31, 2021 and 2020, the Company had $ 17.8 million and $ 28.8 million of Valuation Allowance (“VA”), respectively. The majority of the VA relates to the Company’s UK operations and were due primarily to net operating losses incurred in 2020 as a result of market conditions and COVID 19. The VA is a result of our conclusion under US GAAP accounting principles, that the UK, Netherlands, and U.S. jurisdictions could not demonstrate that it was more likely than not that the related deferred tax assets will be realized. This was primarily due to factors such as cumulative losses in recent years and the inability to demonstrate profits within the specific jurisdictions related to recent changes in market conditions. During the year ended December 31, 2021, the Company recorded an overall decrease in its valuation allowance of approximately $ 11.0 million, primarily due to utilization of UK and Canadian NOLs. Tax effected UK NOLs of $ 16.7 million do not expire. Tax effected Swiss NOLs of $ 2.5 million begin to expire in 2028 0.2 million begin to expire in 2027. Tax effected U.S. Separate Return Limitation Year NOLs of $ 0.8 million begin to expire in 2037 Due to the passage of the CARES Act in 2020, which allowed for a five-year carryback of NOLs, as of December 31, 2020 the Company no longer has a Consolidated U.S. NOL carryforward Without the Consolidated U.S. NOL carryforward, the Company was able to utilize a significant amount of U.S. Foreign Tax Credits (“FTCs”) in both 2019 and 2020. As a result, its FTC carryforwards were significantly reduced at December 31, 2020 to only $ 46.1 million. The remaining FTC carryforwards as of December 31, 2021 begin to expire in 2028 The Company follows ASU 2016-09 in regard to the treatment of the tax effects of share-based compensation transactions. ASU 2016-09 required that the income tax effects of restricted stock vestings and stock option exercises resulting from the change in value of share based compensation awards between the grant date and settlement (vesting/exercise) date be recorded as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss). Per ASU 2016-09, the Company recorded excess tax benefits of $ 2.2 million, $ 3.0 million and $ 3.5 million related to restricted stock vestings and stock option exercises as part of income tax expense (benefit) within the consolidated statements of operations and comprehensive income (loss) in 2021, 2020 and, 2019, respectively. ASU 2016-09 does not impact the accounting treatment of tax benefits related to dividends on restricted stock. The tax benefits related to the payment of dividends on restricted stock have been recorded as part of additional paid-in capital in the shareholders' equity section of the consolidated balance sheets in all years. The tax benefits related to the payment of dividends on restricted stock were $ 611 thousand, $ 583 thousand and $ 484 thousand in 2021, 2020 and 2019, respectively. For the year ended December 31, 2021, the Company considers our earnings within each jurisdiction to be indefinitely reinvested. Should the subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to withholding taxes. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance [Abstract] | |
Reinsurance | 11. REINSURANCE The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances. The Company's procedures include carefully selecting its reinsurers, structuring agreements to provide collateral funds where necessary, and regularly monitoring the financial condition and ratings of its reinsurers. Reinsurance recoverables include balances due from reinsurance companies and are presented net of an allowance for uncollectible reinsurance. Reinsurance recoverables include an estimate of the amount of gross losses and loss adjustment expense reserves that may be ceded under the terms of the reinsurance agreements, including incurred but not reported unpaid losses. The Company’s estimate of losses and loss adjustment expense reserves ceded to reinsurers is based on assumptions that are consistent with those used in establishing the gross reserves for amounts the Company owes to its claimants. The Company estimates its ceded reinsurance receivable based on the terms of any applicable facultative and treaty reinsurance, including an estimate of how incurred but not reported losses will ultimately be ceded under reinsurance agreements. Accordingly, the Company’s estimate of reinsurance recoverables is subject to similar risks and uncertainties as the estimate of the gross reserve for unpaid losses and loss adjustment expenses. The Company may hold partial collateral, including letters of credit and funds held, under these agreements. See also Note 1C, Note 3 and Note 8. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods, generally 30, 60 or 90 days. To manage reinsurer credit risk, a reinsurance security review committee evaluates the credit standing, financial performance, management and operational quality of each potential reinsurer. In placing reinsurance, the Company considers the nature of the risk reinsured, including the expected liability payout duration, and establishes limits tiered by reinsurer credit rating. Where its contracts permit, the Company secures future claim obligations with various forms of collateral or other credit enhancement, including irrevocable letters of credit, secured trusts, funds held accounts and group wide offsets. See Note 1C for discussion of allowance on reinsurance recoverables. Insurance companies, including reinsurers, are regulated and hold risk-based capital to mitigate the risk of loss due to economic factors and other risks. Non-U.S. reinsurers are either subject to a capital regime substantively equivalent to domestic insurers or we hold collateral to support collection of reinsurance receivable. As a result, there is limited history of losses from insurer defaults. The Company expects the impact of the COVID-19 pandemic to reinsurers to be somewhat mitigated by their regulated capital and liquidity positions. The ultimate impact to the Company's financial statements could vary significantly from our estimates depending on the duration and severity of the pandemic, the duration and severity of the economic downturn and the degree to which federal, state and local government actions to mitigate the economic impact of COVID-19 are effective. Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Written premiums: Direct $ 3,987,875 $ 3,217,999 $ 2,783,036 Assumed 9,061,881 7,264,362 6,350,328 Ceded ( 1,604,251) ( 1,365,378) ( 1,308,940) Net written premiums $ 11,445,505 $ 9,116,983 $ 7,824,424 Premiums earned: Direct $ 3,588,926 $ 3,028,095 $ 2,551,662 Assumed 8,315,072 7,054,680 6,059,222 Ceded ( 1,497,557) ( 1,401,262) ( 1,207,198) Net premiums earned $ 10,406,441 $ 8,681,513 $ 7,403,686 Incurred losses and LAE: Direct $ 2,384,960 $ 2,141,065 $ 1,618,686 Assumed 5,741,109 5,163,946 3,923,298 Ceded ( 734,816) ( 754,174) ( 619,086) Net incurred losses and LAE $ 7,391,253 $ 6,550,837 $ 4,922,898 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 12. OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Years Ended December 31, 2021 2020 2019 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related $ ( 547,690) $ 59,312 $ ( 488,378) $ 462,939 $ ( 39,729) $ 423,210 $ 547,539 $ ( 49,665) $ 497,874 URA(D) on securities - OTTI - - - - - - ( 1,559) 115 ( 1,444) Reclassification of net realized losses (gains) included in net income (loss) 5,347 ( 1,731) 3,616 2,253 ( 5,729) ( 3,476) ( 13,129) 516 ( 12,613) Foreign currency translation adjustments ( 64,421) 2,330 ( 62,091) 90,142 ( 3,815) 86,327 18,585 ( 4,555) 14,030 Benefit plan actuarial net gain (loss) 7,912 ( 1,661) 6,251 ( 7,107) 1,492 ( 5,615) ( 15,938) 3,347 ( 12,591) Reclassification of benefit plan liability amortization included in net income (loss) 21,807 ( 4,580) 17,227 7,974 ( 1,674) 6,300 6,902 ( 1,449) 5,453 Total other comprehensive income (loss) $ ( 577,045) $ 53,670 $ ( 523,375) $ 556,201 $ ( 49,455) $ 506,746 $ 542,400 $ ( 51,691) $ 490,709 The following table presents details of the amounts reclassified from AOCI for the periods indicated: Years Ended December 31, Affected line item within the statements of AOCI component 2021 2020 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 5,347 $ 2,253 Other net realized capital gains (losses) ( 1,731) ( 5,729) Income tax expense (benefit) $ 3,616 $ ( 3,476) Net income (loss) Benefit plan net gain (loss) $ 21,807 $ 7,974 Other underwriting expenses ( 4,580) ( 1,674) Income tax expense (benefit) $ 17,227 $ 6,300 Net income (loss) The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 Beginning balance of URA (D) on securities $ 724,159 $ 304,425 Current period change in URA (D) of investments - non-credit related ( 484,762) 419,734 Ending balance of URA (D) on securities 239,397 724,159 Beginning balance of foreign currency translation adjustments ( 115,390) ( 201,717) Current period change in foreign currency translation adjustments ( 62,091) 86,327 Ending balance of foreign currency translation adjustments ( 177,481) ( 115,390) Beginning balance of benefit plan net gain (loss) ( 73,870) ( 74,556) Current period change in benefit plan net gain (loss) 23,478 685 Ending balance of benefit plan net gain (loss) ( 50,392) ( 73,870) Ending balance of accumulated other comprehensive income (loss) $ 11,523 $ 534,899 (Some amounts may not reconcile due to rounding.) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 13. EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plans. The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees employed prior to April 1, 2010. Generally, the Company computes the benefits based on average earnings over a period prescribed by the plans and credited length of service. The Company’s non-qualified defined benefit pension plan provided compensating pension benefits for participants whose benefits have been curtailed under the qualified plan due to Internal Revenue Code limitations. Effective January 1, 2018, participants of the Company’s non-qualified defined benefit pension plan may no longer accrue additional service benefits. Although not required to make contributions under IRS regulations, the following table summarizes the Company’s contributions to the defined benefit pension plans for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Company contributions $ 3,821 $ 6,825 $ 4,750 The following table summarizes the Company’s pension expense for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Pension expense $ 3,388 $ 8,429 $ 10,042 The following table summarizes the status of these defined benefit plans for U.S. employees for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 Change in projected benefit obligation: Benefit obligation at beginning of year $ 404,471 $ 355,356 Service cost 10,637 9,522 Interest cost 8,253 10,112 Actuarial (gain)/loss ( 8,587) 43,595 Curtailment - - Benefits paid ( 12,147) ( 14,115) Projected benefit obligation at end of year 402,626 404,471 Change in plan assets: Fair value of plan assets at beginning of year 354,464 301,467 Actual return on plan assets 31,166 60,286 Actual contributions during the year 3,821 6,825 Administrative expenses paid - - Benefits paid ( 12,147) ( 14,115) Fair value of plan assets at end of year 377,303 354,464 Funded status at end of year $ ( 25,323) $ ( 50,007) (Some amounts may not reconcile due to rounding.) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) ( 1,469) ( 2,197) Other liabilities (due beyond one year) ( 23,854) ( 47,810) Net amount recognized in the consolidated balance sheets $ ( 25,323) $ ( 50,007) (Some amounts may not reconcile due to rounding.) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Accumulated income (loss) $ ( 67,729) $ ( 91,979) Accumulated other comprehensive income (loss) $ ( 67,729) $ ( 91,979) (Some amounts may not reconcile due to rounding.) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2021 2020 Other comprehensive income (loss) at December 31, prior year $ ( 91,979) $ ( 97,466) Net gain (loss) arising during period 15,298 ( 4,090) Recognition of amortizations in net periodic benefit cost: Actuarial loss 8,953 9,576 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ ( 67,729) $ ( 91,979) (Some amounts may not reconcile due to rounding.) Net periodic benefit cost for U.S. employees included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Service cost $ 10,637 $ 9,522 $ 8,255 Interest cost 8,253 10,112 11,712 Expected return on assets ( 24,454) ( 20,781) ( 17,968) Amortization of actuarial loss from earlier periods 8,489 8,551 7,635 Settlement 464 1,025 408 Net periodic benefit cost $ 3,388 $ 8,429 $ 10,042 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year ( 24,251) ( 5,486) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ ( 20,863) $ 2,943 (Some amounts may not reconcile due to rounding.) The weighted average discount rates used to determine net periodic benefit cost for 2021, 2020 and 2019 were 2.55%, 3.28% and 4.27%, respectively. The rate of compensation increase used to determine the net periodic benefit cost for 2021, 2020 and 2019 was 4.00%. The expected long-term rate of return on plan assets was 7.00% for 2021, 2020 and 2019 based on expected portfolio returns and allocations. The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation for years end 2021, 2020 and 2019 were 2.86%, 2.55% and 3.28%, respectively. The following table summarizes the accumulated benefit obligation for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Qualified Plan $ 339,360 $ 336,027 Non-qualified Plan 12,190 16,258 Total $ 351,550 $ 352,285 (Some amounts may not reconcile due to rounding.) The following table displays the plans with projected benefit obligations in excess of plan assets for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Qualified Plan Projected benefit obligation $ 390,437 $ 388,213 Fair value of plan assets 377,303 354,464 Non-qualified Plan Projected benefit obligation $ 12,190 $ 16,258 Fair value of plan assets - - The following table displays the plans with accumulated benefit obligations in excess of plan assets for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation $ 12,189 $ 16,258 Fair value of plan assets - - The following table displays the expected benefit payments in the periods indicated: (Dollars in thousands) 2022 $ 16,662 2023 12,639 2024 13,565 2025 14,550 2026 15,439 Next 5 years 95,005 Plan assets consist of shares in investment trusts with 76%, 22%, 1% and 1% of the underlying assets consisting of equity securities, fixed maturities, limited partnerships and cash, respectively. The Company manages the qualified plan investments for U.S. employees. The assets in the plan consist of debt and equity mutual funds. Due to the long term nature of the plan, the target asset allocation has historically been 70% equities and 30% bonds. The following tables present the fair value measurement levels for the qualified plan assets at fair value for the periods indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 2,540 $ 2,540 $ - $ - Mutual funds, fair value Fixed income (b) 84,663 84,663 - - Equities (c) 287,382 287,382 - - Total $ 374,585 $ 374,585 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities. Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 1,204 $ 1,204 $ - $ - Mutual funds, fair value Fixed income (b) 93,609 93,609 - - Equities (c) 255,054 255,054 - - Total $ 349,867 $ 349,867 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities. In addition, $ 2.6 million and $ 4.6 million of investments which were recorded as part of the qualified plan assets at December 31, 2021 and 2020, respectively, are not included within the fair value hierarchy tables as the assets are valued using the NAV practical expedient guidance within ASU 2015-07. No contributions were made to the qualified pension benefit plan for the years ended December 31, 2021 and 2020. Defined Contribution Plans. The Company also maintains both qualified and non-qualified defined contribution plans (“Savings Plan” and “Non-Qualified Savings Plan”, respectively) covering U.S. employees. Under the plans, the Company contributes up to a maximum 3% of the participants’ compensation based on the contribution percentage of the employee. The Non-Qualified Savings Plan provides compensating savings plan benefits for participants whose benefits have been curtailed under the Savings Plan due to Internal Revenue Code limitations. In addition, effective for new hires (and rehires) on or after April 1, 2010, the Company will contribute between 3% and 8% of an employee’s earnings for each payroll period based on the employee’s age. These contributions will be 100% vested after three years. The Company incurred expenses related to these plans of $ 14.8 million, $ 14.4 million and $ 10.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. In addition, the Company maintains several defined contribution pension plans covering non-U.S. employees. Each international office maintains a separate plan for the non-U.S. employees working in that location. The Company contributes various amounts based on salary, age and/or years of service. In the current year, the contributions as a percentage of salary for the international offices ranged from 5.0% to 78.3%. The contributions are generally used to purchase pension benefits from local insurance providers. The Company incurred expenses related to these plans of $ 3.4 million, $ 3.0 million and $ 2.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Post-Retirement Plan. The Company sponsors a Retiree Health Plan for employees employed prior to April 1, 2010. This plan provides healthcare benefits for eligible retired employees (and their eligible dependents), who have elected coverage. The Company anticipates that most covered employees will become eligible for these benefits if they retire while working for the Company. The cost of these benefits is shared with the retiree. The Company accrues the post-retirement benefit expense during the period of the employee’s service. A medical cost trend rate of 6.50% in 2021 was assumed to decrease gradually to 4.75% in 2030 and then remain at that level. The Company incurred expenses of $ 1.2 million, $ 1.3 million and $ 1.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes the status of this plan for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Change in projected benefit obligation: Benefit obligation at beginning of year $ 35,098 $ 29,376 Service cost 1,096 1,066 Interest cost 641 845 Amendments - - Actuarial (gain)/loss ( 6,044) 4,042 Benefits paid ( 267) ( 232) Benefit obligation at end of year 30,523 35,098 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 267 232 Benefits paid ( 267) ( 232) Fair value of plan assets at end of year - - Funded status at end of year $ ( 30,523) $ ( 35,098) Amounts recognized in the consolidated balance sheets for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Other liabilities (due within one year) $ ( 682) $ ( 613) Other liabilities (due beyond one year) ( 29,840) ( 34,484) Net amount recognized in the consolidated balance sheets $ ( 30,523) $ ( 35,098) (Some amounts may not reconcile due to rounding.) Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 Accumulated income (loss) $ 2,191 $ ( 3,854) Accumulated prior service credit (cost) 1,750 2,327 Accumulated other comprehensive income (loss) $ 3,941 $ ( 1,527) Other changes in other comprehensive income (loss) for the periods indicated are as follows: Years Ended December 31, (Dollars in thousands) 2021 2020 Other comprehensive income (loss) at December 31, prior year $ ( 1,527) $ 3,092 Net gain (loss) arising during period 6,044 ( 4,042) Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - - Prior service cost ( 577) ( 577) Other comprehensive income (loss) at December 31, current year $ 3,941 $ ( 1,527) Net periodic benefit cost included the following components for the periods indicated: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Service cost $ 1,096 $ 1,066 $ 983 Interest cost 641 845 980 Prior service credit recognition ( 577) ( 577) ( 577) Net gain recognition - - ( 155) Net periodic cost $ 1,161 $ 1,334 $ 1,231 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year ( 5,468) 4,619 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ ( 4,307) $ 5,953 (Some amounts may not reconcile due to rounding.) The weighted average discount rates used to determine net periodic benefit cost for 2021, 2020 and 2019 were 2.55%, 3.28% and 4.27%, respectively. The weighted average discount rates used to determine the actuarial present value of the projected benefit obligation at year end 2021, 2020 and 2019 were 2.86%, 2.55% and 3.28%, respectively. The following table displays the expected benefit payments in the years indicated: (Dollars in thousands) 2022 $ 683 2023 779 2024 831 2025 974 2026 1,084 Next 5 years 7,252 |
Dividend Restrictions And Statu
Dividend Restrictions And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Dividend Restrictions And Statutory Financial Information | 14. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION Group and its operating subsidiaries are subject to various regulatory restrictions, including the amount of dividends that may be paid and the level of capital that the operating entities must maintain. These regulatory restrictions are based upon statutory capital as opposed to GAAP basis equity or net assets. Group and one of its primary operating subsidiaries, Bermuda Re, are regulated by Bermuda law and its other primary operating subsidiary, Everest Re, is regulated by Delaware law. Bermuda Re is subject to the Bermuda Solvency Capital Requirement (“BSCR”) administered by the Bermuda Monetary Authority (“BMA”) and Everest Re is subject to the Risk-Based Capital Model (“RBC”) developed by the National Association of Insurance Commissioners (“NAIC”). These models represent the aggregate regulatory restrictions on net assets and statutory capital and surplus. Dividend Restrictions. Under Bermuda law, Group is prohibited from declaring or paying a dividend if such payment would reduce the realizable value of its assets to an amount less than the aggregate value of its liabilities and its issued share capital and share premium (additional paid-in capital) accounts. Group’s ability to pay dividends and its operating expenses is dependent upon dividends from its subsidiaries. Under Bermuda law, Bermuda Re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio. As a long term insurer, Bermuda Re is also unable to declare or pay a dividend to anyone who is not a policyholder unless, after payment of the dividend, the value of the assets in their long term business fund, as certified by their approved actuary, exceeds their liabilities for long term business by at least the $ 0.3 million minimum solvency margin. Prior approval of the BMA is required if Bermuda Re’s dividend payments would exceed 25% of their prior year-end total statutory capital and surplus. Bermuda Re prepares its statutory financial statements in conformity with the accounting principles set forth in Bermuda in The Insurance Act 1978, amendments thereto and related regulations. The statutory capital and surplus of Bermuda Re was $ 3.1 billion and $ 2.9 billion at December 31, 2021 and 2020, respectively. The statutory net income of Bermuda Re was $ 680.7 million, $ 222.8 million and $ 503.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Delaware law provides that an insurance company which is a member of an insurance holding company system and is domiciled in the state shall not pay dividends without giving prior notice to the Insurance Commissioner of Delaware and may not pay dividends without the approval of the Insurance Commissioner if the value of the proposed dividend, together with all other dividends and distributions made in the preceding twelve months, exceeds the greater of (1) 10% of statutory surplus or (2) net income, not including realized capital gains, each as reported in the prior year’s statutory annual statement. In addition, no dividend may be paid in excess of unassigned earned surplus. At December 31, 2021, Everest Re has $ 578.9 million available for payment of dividends in 2022 without the need for prior regulatory approval. Everest Re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the NAIC and the Delaware Insurance Department. Prescribed statutory accounting practices are set forth in the NAIC Accounting Practices and Procedures Manual. The capital and statutory surplus of Everest Re was $ 5.8 billion and $ 5.3 billion at December 31, 2021 and 2020, respectively. The statutory net income of Everest Re was $ 336.1 million, $ 595.1 million and $ 363.0 million for the years ended December 31, 2021, 2020 and 2019. There are certain regulatory and contractual restrictions on the ability of Holdings’ operating subsidiaries to transfer funds to Holdings in the form of cash dividends, loans or advances. The insurance laws of the State of Delaware, where Holdings’ direct insurance subsidiaries are domiciled, require regulatory approval before those subsidiaries can pay dividends or make loans or advances to Holdings that exceed certain statutory thresholds. Capital Restrictions. In Bermuda, Bermuda Re is subject to the BSCR administered by the BMA. No regulatory action is taken if an insurer’s capital and surplus is equal to or in excess of their enhanced capital requirement determined by the BSCR model. In addition, the BMA has established a target capital level for each insurer, which is 120% of the enhanced capital requirement. In the United States, Everest Re is subject to the RBC developed by the NAIC which determines an authorized control level risk-based capital. As long as the total adjusted capital is 200% or more of the authorized control level capital, no action is required by the Company. The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows: Bermuda Re (1) Everest Re (1) At December 31, At December 31, (Dollars in thousands) 2021 (1) 2020 2021 2020 Regulatory targeted capital $ - $ 1,923,209 $ 2,940,938 $ 2,489,772 Actual capital $ 3,092,287 $ 2,930,250 $ 5,789,484 $ 5,276,003 (1) Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. (2) Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. (3) The 2021 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2021 actual capital will exceed the targeted capital level. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses. Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration. The Company had one equity index put option contract at December 31, 2021, based on the Standard & Poor’s 500 (“S&P 500”) index. Based on historical index volatilities and trends and the December 31, 2021 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 0.1%. 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 December 31, 2021, the present value of the theoretical maximum payout using a 3% discount factor was $ 152.3 million. Conversely, if the contract had expired on December 31, 2021, with the S&P index at 4,766.18, there would have been no settlement amount. The Company has entered into separate annuity agreements with The Prudential Insurance of America (“The Prudential”) and an additional unaffiliated life insurance company in which the Company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future. In both instances, the Company would become contingently liable if either The Prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract. The table below presents the estimated cost to replace all such annuities for which the Company was contingently liable for the periods indicated: At December 31, (Dollars in thousands) 2021 2020 The Prudential $ 138,285 $ 140,773 Unaffiliated life insurance company 34,847 35,128 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 16. SHARE-BASED COMPENSATION PLANS The Company has a 2020 Stock Incentive Plan (“2020 Employee Plan”), a 2010 Stock Incentive Plan (“2010 Employee Plan”), a 2009 Non-Employee Director Stock Option and Restricted Stock Plan (“2009 Director Plan”) and a 2003 Non-Employee Director Equity Compensation Plan (“2003 Director Plan”). The 2020 Employee Plan was established in June 2020. Under the 2020 Employee Plan, 1,400,000 common shares have been authorized to be granted as non-qualified share options, share appreciation rights, restricted share awards or performance share unit awards to officers and key employees of the Company. At December 31, 2021, there were 1,158,270 remaining shares available to be granted under the 2020 Employee Plan. The 2020 Employee Plan replaced a 2010 Employee Plan, which replaced a 2002 Employee Plan, which replaced a 1995 Employee Plan; therefore, no further awards will be granted under the 2002 Employee Plan or the 1995 Employee Plan. Through December 31, 2021, only non-qualified share options, restricted share awards and performance share unit awards had been granted under the employee plans. Under the 2009 Director Plan, 37,439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the Company. At December 31, 2021, there were 34,957 remaining shares available to be granted under the 2009 Director Plan. The 2009 Director Plan replaced a 1995 Director Plan, which expired. Under the 2003 Director Plan, 500,000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the Company. At December 31, 2021 there were 307,378 remaining shares available to be granted under the 2003 Director Plan. Options and restricted shares granted under the 2020 Employee Plan, 2010 Employee Plan and the 2002 Employee Plan vest at the earliest of 20% per year over five years or in accordance with any applicable employment agreement. Options and restricted shares granted under the 2003 Director Plan generally vest at 33% per year over three years, unless an alternate vesting period is authorized by the Board. Options and restricted shares granted under the 2009 Director Plan will vest as provided in the award agreement. All options are exercisable at fair market value of the stock at the date of grant and expire ten years after the date of grant. Performance Share Unit awards granted under the 2020 Employee Plan and the 2010 Employee Plan will vest 100% after three years. The Performance Share Unit awards represent the right to receive between 0 1.75 shares of stock for each unit awarded depending upon performance in relation to certain metrics. The performance share unit valuation will be based partly on growth in book value per share over the three year vesting period, compared to designated peer companies. The remaining portion of the performance share valuation will be based upon operating return on equity for each of the separate operating years within the vesting period. For share options, restricted shares and performance share units granted under the 2020 Employee Plan, the 2010 Employee Plan, the 2002 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, share-based compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) was $ 43.4 million, $ 39.2 million and $ 34.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. The corresponding income tax benefit recorded in the consolidated statements of operations and comprehensive income (loss) for share-based compensation was $ 8.0 million, $ 7.1 million and $ 8.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. For the year ended December 31, 2021, a total of 213,901 restricted shares were granted on February 23, 2021, February 24, 2021, May 12, 2021, September 9, 2021 and November 16, 2021, with a fair value of $ 242.240, $ 244.445, $ 264.845, $ 263.630 and $ 277.605 per share, respectively. Additionally, 22,205 performance share units were awarded on February 23, 2021, with a fair value of $ 242.240 per unit. No share options were granted during the year ended December 31, 2021. For share options granted during previous years, the fair value per option was calculated on the date of the grant using the Black-Scholes option valuation model. The Company recognizes, as an increase to additional paid-in capital, a realized income tax benefit from dividends, charged to retained earnings and paid to employees on equity classified non-vested equity shares. In addition, the amount recognized in additional paid-in capital for the realized income tax benefit from dividends on those awards is included in the pool of excess tax benefits available to absorb tax deficiencies on share-based payment awards. For the years ended December 31, 2021, 2020 and 2019, the Company recognized $ 0.6 million, $ 0.6 million and $ 0.5 million, respectively, of additional paid-in capital due to tax benefits from dividends on restricted shares. A summary of the option activity under the Company’s shareholder approved plans as of December 31, 2021, 2020 and 2019, and changes during the year then ended is presented in the following tables: Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2021 116,871 $ 87.87 Granted - - Exercised 67,843 87.39 Forfeited/Cancelled/Expired – - Outstanding at December 31, 2021 49,028 88.52 0.2 $ 9,090 . Exercisable at December 31, 2021 49,028 88.52 0.2 $ 9,090 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2020 170,704 $ 87.18 Granted - - Exercised 53,833 85.69 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2020 116,871 87.87 0.7 $ 17,089 . Exercisable at December 31, 2020 116,871 87.87 0.7 $ 17,089 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2019 279,164 $ 83.84 Granted - - Exercised 108,460 78.58 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2019 170,704 87.18 1.4 $ 32,376 . Exercisable at December 31, 2019 170,704 87.18 1.4 $ 32,376 There were no share options granted in 2021, 2020 and 2019. The aggregate intrinsic value (market price less exercise price) of options exercised during the years ended December 31, 2021, 2020 and 2019 was $ 10.9 million, $ 10.0 million and $ 16.3 million, respectively. The cash received from the exercised share options for the year ended December 31, 2021 was $ 5.9 million. The tax benefit realized from the options exercised for the year ended December 31, 2021 was $ 2.6 million. The following table summarizes information about share options outstanding for the period indicated: At December 31, 2021 Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Number Remaining Average Number Average Range of Outstanding Contractual Exercise Exercisable Exercise Exercise Prices at 12/31/21 Life Price at 12/31/21 Price $ 88.32 - $ 88.32 48,574 0.1 $ 88.32 48,574 $ 88.32 $ 88.33 - $ 110.13 454 0.7 110.13 454 110.13 $ 90.49 - $ 110.13 - - - - - 49,028 0.2 88.52 49,028 88.52 The following table summarizes the status of the Company’s non-vested shares and changes for the periods indicated: Years Ended December 31, 2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Restricted (non-vested) Shares Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 483,427 $ 246.60 495,137 $ 228.02 414,407 $ 217.15 Granted 213,901 243.51 200,929 269.86 232,601 232.36 Vested 158,735 238.67 175,413 220.88 138,322 203.41 Forfeited 42,499 247.02 37,226 246.20 13,549 221.35 Outstanding at December 31, 496,094 247.76 483,427 246.60 495,137 228.02 As of December 31, 2021, there was $ 90.9 million of total unrecognized compensation cost related to non-vested share-based compensation expense. That cost is expected to be recognized over a weighted-average period of 3.3 years. The total fair value of shares vested during the years ended December 31, 2021, 2020 and 2019, was $ 37.9 million, $ 38.7 million and $ 28.1 million, respectively. The tax benefit realized from the shares vested for the year ended December 31, 2021 was $ 7.5 million. In addition to the 2020 Employee Plan, the 2010 Employee Plan, the 2009 Director Plan and the 2003 Director Plan, Group issued 506 common shares in 2021, 593 common shares in 2020 and 459 common shares in 2019 to the Company’s non-employee directors as compensation for their service as directors. These issuances had aggregate values of approximately $ 0.1 million in 2021, 2020 and 2019. Since its 1995 initial public offering, the Company has issued to certain key employees of the Company 2,922,717 restricted common shares, of which 411,663 restricted shares have been cancelled. The Company has issued to non-employee directors of the Company 185,153 restricted common shares, of which no restricted shares have been cancelled. The Company acquired 79,308, 66,289 and 71,437 common shares at a cost of $ 17.8 million, $ 17.9 million and $ 14.2 million in 2021, 2020 and 2019, respectively, from employees who chose to pay required withholding taxes and/or the exercise cost on option exercises or restricted share vestings by withholding shares. The following table summarized the status of the Company’s non-vested performance share unit awards and changes for the period indicated: Years Ended December 31, 2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Performance Share Unit Awards Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 38,891 $ - 34,850 $ - 32,382 $ - Granted 22,205 242.24 16,120 277.15 16,855 223.45 Increase/(Decrease) on vesting units due to performance ( 800) - ( 2,227) - ( 3,455) - Vested 9,801 242.24 6,157 277.15 10,922 223.45 Forfeited - - 3,695 - - - Outstanding at December 31, 50,495 - 38,891 - 34,850 - The Company acquired 3,104, 2,587 and 5,008 common shares at a cost of $ 0.8 million, $ 0.7 million and $ 1.1 million in 2021, 2020 and 2019, respectively, from employees who chose to pay required withholding taxes on performance shares units settlements by withholding shares. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. 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, the United Kingdom and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the U.S., Bermuda, Canada, Europe and South America through its offices in the U.S., Canada, Chile, United Kingdom, Ireland and a branch in the Netherlands. 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. The Company measures its 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: Year Ended December 31, 2021 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 9,067,292 $ 3,982,464 $ 13,049,756 Net written premiums 8,535,618 2,909,886 11,445,505 Premiums earned $ 7,757,483 $ 2,648,957 $ 10,406,441 Incurred losses and LAE 5,556,444 1,834,809 7,391,253 Commission and brokerage 1,854,466 354,300 2,208,766 Other underwriting expenses 199,148 383,499 582,647 Underwriting gain (loss) $ 147,426 $ 76,349 $ 223,775 Net investment income 1,164,892 Net realized capital gains (losses) 257,943 Corporate expenses ( 67,827) Interest, fee and bond issue cost amortization expense ( 70,149) Other income (expense) 36,987 Income (loss) before taxes $ 1,545,621 Year Ended December 31, 2020 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 7,281,716 $ 3,200,645 $ 10,482,361 Net written premiums 6,767,579 2,349,404 9,116,983 Premiums earned $ 6,466,106 $ 2,215,407 $ 8,681,513 Incurred losses and LAE 4,933,411 1,617,426 6,550,837 Commission and brokerage 1,552,371 320,879 1,873,250 Other underwriting expenses 175,734 335,503 511,237 Underwriting gain (loss) $ ( 195,410) $ ( 58,401) $ ( 253,811) Net investment income 642,465 Net realized capital gains (losses) 267,649 Corporate expenses ( 41,118) Interest, fee and bond issue cost amortization expense ( 36,323) Other income (expense) 6,487 Income (loss) before taxes $ 585,349 Year Ended December 31, 2019 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 6,355,889 $ 2,777,475 $ 9,133,364 Net written premiums 5,732,272 2,092,152 7,824,424 Premiums earned $ 5,491,296 $ 1,912,390 $ 7,403,686 Incurred losses and LAE 3,675,178 1,247,720 4,922,898 Commission and brokerage 1,400,247 303,479 1,703,726 Other underwriting expenses 160,834 280,065 440,899 Underwriting gain (loss) $ 255,037 $ 81,126 $ 336,163 Net investment income 647,139 Net realized capital gains (losses) 185,004 Corporate expenses ( 32,966) Interest, fee and bond issue cost amortization expense ( 31,693) Other income (expense) ( 4,660) Income (loss) before taxes $ 1,098,987 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: Year Ended December 31, (Dollars in thousands) 2021 2020 2019 United Kingdom gross written premium $ 1,245,909 $ 1,116,363 $ 964,358 Approximately 20.5%, 20.1% and 23.1% of the Company’s gross written premiums in 2021, 2020 and 2019, respectively, were sourced through the Company’s largest intermediary. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report. |
Schedule I - Summary Of Investm
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties [Abstract] | |
Schedule I - Summary Of Investments - Other Than Investments In Related Parties | SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2021 Column A Column B Column C Column D Amount Shown in Market Balance (Dollars in thousands) Cost Value Sheet Fixed maturities-available for sale Bonds: U.S. government and government agencies $ 1,407,256 $ 1,420,618 $ 1,420,618 State, municipalities and political subdivisions 558,842 586,621 586,621 Foreign government securities 1,423,634 1,437,512 1,437,512 Foreign corporate securities 4,250,642 4,278,660 4,278,660 Public utilities 268,021 279,240 279,240 All other corporate bonds 10,340,207 10,449,243 10,449,243 Mortgage - backed securities: Commercial 1,032,506 1,064,366 1,064,366 Agency residential 2,361,208 2,375,332 2,375,332 Non-agency residential 6,530 6,536 6,536 Redeemable preferred stock 414,746 410,144 410,144 Total fixed maturities-available for sale 22,063,592 22,308,272 22,308,272 Equity securities - at fair value (1) 1,365,515 1,825,908 1,825,908 Short-term investments 1,178,386 1,178,337 1,178,337 Other invested assets 2,919,965 2,919,965 2,919,965 Cash 1,440,861 1,440,861 1,440,861 Total investments and cash $ 28,968,319 $ 29,673,343 $ 29,673,343 (1) Original cost does not reflect fair value adjustments, which have been realized through the statements of operations and comprehensive income (loss). |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2021 | |
Schedule II - Condensed Financial Information Of The Registrant [Abstract] | |
Schedule II - Condensed Financial Information Of The Registrant | SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS December 31, (Dollars and share amounts in thousands, except par value per share) 2021 2020 ASSETS: Fixed maturities - available for sale $ - $ 3 (amortized cost: 2021, $ 0 3) Other invested assets (cost: 2021, $ 211,612; 2020, $ 282,762) 211,612 282,762 Cash 3,253 884 Investment in subsidiaries, at equity in the underlying net assets 10,353,351 9,660,713 Accrued investment income - - Receivable from subsidiaries 9,936 18,424 Other assets 50,061 64,692 TOTAL ASSETS $ 10,628,213 $ 10,027,478 LIABILITIES: Long term notes payable, affiliated $ 500,000 $ 300,000 Due to subsidiaries 1,622 1,933 Other liabilities ( 12,589) ( 631) Total liabilities 489,033 301,302 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 (2021) 69,790and (2020) 69,620 issued outstanding before treasury shares 698 696 Additional paid-in capital 2,274,431 2,245,301 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $ 26,781 at 2021 and $ 80,451 at 2020 11,523 534,899 Treasury shares, at cost; 30,524 shares (2021) and 29,636 shares (2020) ( 3,847,308) ( 3,622,172) Retained earnings 11,699,836 10,567,452 Total shareholders' equity 10,139,180 9,726,176 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 10,628,213 $ 10,027,478 See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, 2021 2020 2019 (Dollars in thousands) REVENUES: Net investment income $ 228 $ 1,121 $ 3,484 Net realized capital gains (losses) - 28 ( 66) Other income (expense) ( 185) 5,833 458 Net income (loss) of subsidiaries 1,416,451 535,866 1,026,233 Total revenues 1,416,494 542,848 1,030,109 EXPENSES: Interest expense - affiliated 5,952 5,155 2,087 Other expenses 31,459 23,542 18,561 Total expenses 37,411 28,697 20,648 INCOME (LOSS) BEFORE TAXES 1,379,083 514,151 1,009,461 NET INCOME (LOSS) $ 1,379,083 $ 514,151 $ 1,009,461 Other comprehensive income (loss), net of tax: Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period ( 488,378) 423,210 496,430 Reclassification adjustment for realized losses (gains) included in net income (loss) 3,616 ( 3,476) ( 12,613) Total URA(D) on securities arising during the period ( 484,762) 419,734 483,817 Foreign currency translation adjustments ( 62,091) 86,327 14,030 Benefit plan actuarial net gain (loss) for the period 6,250 ( 5,615) ( 12,591) Reclassification adjustment for amortization of net (gain) loss included in net income (loss) 17,227 6,300 5,453 Total benefit plan net gain (loss) for the period 23,478 685 ( 7,138) Total other comprehensive income (loss), net of tax ( 523,375) 506,746 490,709 COMPREHENSIVE INCOME (LOSS) $ 855,708 $ 1,020,897 $ 1,500,170 See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, (Dollars in thousands) 2021 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 1,379,083 $ 514,151 $ 1,009,461 Adjustments to reconcile net income to net cash provided by operating activities: Equity in retained (earnings) deficit of subsidiaries ( 1,416,451) ( 535,866) ( 1,026,233) Dividends received from subsidiaries 320,000 650,000 600,000 Change in other assets and liabilities, net 2,676 ( 21,145) 564 Increase (decrease) in due to/from affiliates 8,176 ( 8,621) ( 2,209) Amortization of bond premium (accrual of bond discount) - ( 14) ( 9) Realized capital losses (gains) - ( 28) 66 Non-cash compensation expense 2,481 2,588 2,796 Net cash provided by (used in) operating activities 295,965 601,065 584,436 CASH FLOWS FROM INVESTING ACTIVITIES: Additional investment in subsidiaries ( 119,598) ( 138,320) ( 478,125) Proceeds from fixed maturities matured/called - available for sale, at market value 3 1,356 63 Proceeds from fixed maturities sold - available for sale, at market value - 200,264 74,841 Distribution from other invested assets 606,648 559,767 644,918 Cost of fixed maturities acquired - available for sale, at market value - - ( 200,267) Cost of other invested assets acquired ( 535,499) ( 800,828) ( 686,528) Net change in short-term investments - - - Net cash provided by (used in) investing activities ( 48,446) ( 177,761) ( 645,098) CASH FLOWS FROM FINANCING ACTIVITIES: Common shares issued during the period, net 26,685 23,185 22,861 Purchase of treasury shares ( 225,136) ( 200,020) ( 24,604) Dividends paid to shareholders ( 246,699) ( 249,056) ( 234,322) Proceeds from issuance (cost of repayment) of long term notes payable - affiliated 200,000 - 300,000 Net cash provided by (used in) financing activities ( 245,150) ( 425,891) 63,935 EFFECT OF EXCHANGE RATE CHANGES ON CASH - - - Net increase (decrease) in cash 2,369 ( 2,587) 3,273 Cash, beginning of period 884 3,471 198 Cash, end of period $ 3,253 $ 884 $ 3,471 See notes to consolidated financial statements. SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES to conDENSED financial information 1.) The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and related Notes of Everest Re Group, Ltd. and its Subsidiaries. 2.) Everest Re Group, Ltd. entered into a $ 300 million long term note agreement with Everest Reinsurance Company, an affiliated company, as of December 17, 2019. The note will pay interest annually at a rate of 1.69 % and is scheduled to mature in December 2028. At December 31, 2021 and 2020, this transaction was presented as a Long Term Note Payable – Affiliated in the Condensed Balance sheets of Everest Re Group, Ltd. 3.) Everest Re Group, Ltd. entered into a $ 200 million long term note agreement with Everest Reinsurance Company, an affiliated company, as of August 5, 2021. The note will pay interest annually at a rate of 1.00 % and is scheduled to mature in August 2030. At December 31, 2021, this transaction was presented as a Long Term Note Payable – Affiliated in the Condensed Balance sheets of Everest Re Group, Ltd. 4.) Everest Re Group, Ltd. has invested funds in the segregated accounts of Mt. Logan Re, Ltd. (“Mt. Logan Re”), an affiliated entity. On the Condensed Balance Sheets, investments in Mt. Logan Re valued at $ 66.3 million and $ 67.6 million as of December 31, 2021 and 2020, respectively, have been recorded within Other Assets. On the Condensed Statements of Operations, income (expense) of $ 1.3 million, $ 6.3 million and $ 0.8 million for the years ended December 31, 2021, 2020 and 2019, respectively, have been recorded in other income (expense). |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2021 | |
Schedule III - Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Reserve Incurred Segment for Losses Loss and Amortization Deferred and Loss Unearned Net Loss of Deferred Other Net Acquisition Adjustment Premium Premiums Investment Adjustment Acquisition Operating Written (Dollars in thousands) Costs Expenses Reserves Earned Income Expenses Costs Expenses Premium As of and Year Ended December 31, 2021 Reinsurance $ 653,929 $ 13,894,992 $ 2,722,771 $ 7,757,483 $ 823,163 $ 5,556,444 $ 1,854,466 $ 199,148 $ 8,535,618 Insurance 218,360 5,114,494 1,886,864 2,648,957 341,729 1,834,809 354,300 383,499 2,909,886 Total $ 872,289 $ 19,009,486 $ 4,609,634 $ 10,406,441 $ 1,164,892 $ 7,391,253 $ 2,208,766 $ 582,647 $ 11,445,505 As of and Year Ended December 31, 2020 Reinsurance $ 447,632 $ 12,023,446 $ 1,995,218 $ 6,466,106 $ 458,354 $ 4,933,411 $ 1,552,371 $ 175,734 $ 6,767,579 Insurance 174,421 4,375,551 1,506,141 2,215,407 184,111 1,617,426 320,879 335,503 2,349,404 Total $ 622,053 $ 16,398,997 $ 3,501,359 $ 8,681,513 $ 642,465 $ 6,550,837 $ 1,873,250 $ 511,237 $ 9,116,983 As of and Year Ended December 31, 2019 Reinsurance $ 420,182 $ 10,064,970 $ 1,740,357 $ 5,491,296 $ 458,492 $ 3,675,178 $ 1,400,247 $ 160,834 $ 5,732,272 Insurance 161,681 3,546,343 1,316,378 1,912,390 188,647 1,247,720 303,479 280,065 2,092,152 Total $ 581,863 $ 13,611,313 $ 3,056,735 $ 7,403,686 $ 647,139 $ 4,922,898 $ 1,703,726 $ 440,899 $ 7,824,424 (Some amounts may not reconcile due to rounding.) |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
Schedule IV - Reinsurance [Abstract] | |
Schedule IV - Reinsurance | SCHEDULE IV — REINSURANCE Column A Column B Column C Column D Column E Column F Ceded to Assumed Gross Other from Other Net Assumed (Dollars in thousands) Amount Companies Companies Amount to Net December 31, 2021 Total property and liability insurance premiums earned $ 3,588,926 $ 1,497,557 $ 8,315,072 $ 10,406,441 $ 79.9% December 31, 2020 Total property and liability insurance premiums earned $ 3,028,095 $ 1,401,262 $ 7,054,680 $ 8,681,513 $ 81.3% December 31, 2019 Total property and liability insurance premiums earned $ 2,556,386 $ 1,207,198 $ 6,054,498 $ 7,403,686 $ 81.8% |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Business And Basis Of Presentation | A. Business and Basis of Presentation. Everest Re Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, “Company” means Group and its subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group: Everest International Reinsurance, Ltd. (“Everest International”), Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd. (“International Holdings”), Everest Corporate Member Limited, Everest Service Company (UK), Ltd., Everest Preferred International Holdings, Ltd. (“Preferred International”), Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), Everest Re Advisors, Ltd., Everest Advisors (UK), Ltd., Everest Underwriting Group (Ireland), Limited (“Holdings Ireland”), Everest Global Services, Inc. (“Global Services”), Everest Insurance Company of Canada (“Everest Canada”), Premiere Insurance Underwriting Services (“Premiere”), Everest Dublin Insurance Holdings Limited (Ireland) (“Everest Dublin Holdings”), Everest Insurance (Ireland), designated activity company (“Ireland Insurance”), Everest Reinsurance Company (Ireland), designated activity company (“Ireland Re”), Everest Reinsurance Holdings, Inc. (“Holdings”), Salus Systems, LLC (“Salus”), Everest International Assurance, Ltd. (Bermuda) (“Everest Assurance”), Specialty Insurance Group, Inc. (“Specialty”), Specialty Insurance Group - Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Mt. McKinley Managers, L.L.C., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company (“Everest Re”), Everest National Insurance Company (“Everest National”), Everest Reinsurance Company Ltda. (Brazil), Mt. Whitney Securities, Inc., Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”) and Everest Security Insurance Company (“Everest Security”). All intercompany accounts and transactions have been eliminated. All amounts are reported in U.S. dollars. The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to have control and 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. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2021 presentation. |
Investments | B. Investments. Fixed maturity investments available for sale reflect unrealized appreciation and depreciation, as a result of changes in market value during the period, in shareholders’ equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets, since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities. The Company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities. 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 due to non-credit related or credit related factors. 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 non-credit related decline in market value. Non-credit related declines in market value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment 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. The Company 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. 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. For equity securities, the Company reflects changes in value as net realized capital gains and losses. Interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income (loss). Short-term investments are stated at cost, which approximates market value. Realized gains or losses on sales of investments are determined on the basis of identified cost. For some non-publicly traded securities, market prices are determined through the use of pricing models that evaluate securities relative to the U.S. Treasury yield curve, taking into account the issue type, credit quality, and cash flow characteristics of each security. For other non-publicly traded securities, investment managers’ valuation committees will estimate fair value and in many instances, these fair values are supported with opinions from qualified independent third parties. All fair value estimates from investment managers are reviewed by the Company for reasonableness. For publicly traded securities, market value is based on quoted market prices or valuation models that use observable market inputs. When a sector of the financial markets is inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value. Retrospective adjustments are employed to recalculate the values of asset-backed securities. Each acquisition lot is reviewed to recalculate the effective yield. The recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition. Outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities. Conditional prepayment rates, computed with life to date factor histories and weighted average maturities, are used as an input to the calculation of projected and prepayments for pass-through security types. Other invested assets include limited partnerships and rabbi trusts. Cash contributions to and cash distributions from the sweep facility were reported gross in cash flows from investing activities in the consolidated statements of cash flows. Limited partnerships are accounted for under the equity method of accounting, which can be recorded on a monthly or quarterly lag. |
Allowance for Premium Receivable and Reinsurance Recoverables | C. Allowance for Premium Receivable and Reinsurance Recoverables. Effective January 1, 2020, the Company adopted the Current Expected Credit Losses (CECL) methodology for estimating allowances for credit losses. The Company evaluates the recoverability of its premiums and reinsurance recoverable balances and establishes an allowance for estimated uncollectible amounts. Prior to the adoption of CECL, an allowance for doubtful accounts was estimated on the basis of periodic evaluations of balances due from third parties, considering historical collection experience, solvency and current economic conditions. Premiums receivable, excluding receivables for losses within a deductible and retrospectively-rated policy premiums, are primarily comprised of premiums due from policyholders/ cedants. Balances are considered past due when amounts that have been billed are not collected within contractually stipulated time periods. For these balances, the allowance is estimated based on recent historical credit loss and collection experience, adjusted for current economic conditions and reasonable and supportable forecasts, when appropriate. A portion of the Company's Commercial Lines business is written with large deductibles or under retrospectively-rated plans. Under some commercial insurance contracts with a large deductible, the Company is obligated to pay the claimant the full amount of the claim and the Company is subsequently reimbursed by the policyholder for the deductible amount. As such, the Company is subject to credit risk until reimbursement is made. Retrospectively-rated policies are policies whereby the ultimate premium is adjusted based on actual losses incurred. Although the premium adjustment feature of a retrospectively-rated policy substantially reduces insurance risk for the Company, it presents credit risk to the Company. The Company’s results of operations could be adversely affected if a significant portion of such policyholders failed to reimburse the Company for the deductible amount or the amount of additional premium owed under retrospectively-rated policies. The Company manages these credit risks through credit analysis, collateral requirements, and oversight. The allowance for receivables for loss within a deductible and retrospectively-rated policy premiums is recorded within Other assets in the Consolidated Balance Sheets. The allowance is estimated as the amount of the receivable exposed to loss multiplied by estimated factors for probability of default. The probability of default is assigned based on each policyholder's credit rating, or a rating is estimated if no external rating is available. Credit ratings are reviewed and updated at least annually. The exposure amount is estimated net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical corporate defaults for receivables with similar durations estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for receivables for loss within a deductible and retrospectively-rated policy premiums considers the current economic environment as well as the probability-weighted macroeconomic scenarios. The Company records total credit loss expenses related to premiums receivable in Other underwriting expenses and records credit loss expenses related to deductibles in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). The allowance for uncollectible reinsurance recoverable reflects management’s best estimate of reinsurance cessions that may be uncollectible in the future due to reinsurers’ unwillingness or inability to pay. The allowance for uncollectible reinsurance recoverable comprises an allowance and an allowance for disputed balances. Based on this analysis, the Company may adjust the allowance for uncollectible reinsurance recoverable or charge off reinsurer balances that are determined to be uncollectible. Due to the inherent uncertainties as to collection and the length of time before reinsurance recoverable become due, it is possible that future adjustments to the Company’s reinsurance recoverable, net of the allowance, could be required, which could have a material adverse effect on the Company’s consolidated results of operations or cash flows in a particular quarter or annual period. The allowance is estimated as the amount of reinsurance recoverable exposed to loss multiplied by estimated factors for the probability of default. The reinsurance recoverable exposed is the amount of reinsurance recoverable net of collateral and other offsets, considering the nature of the collateral, potential future changes in collateral values, and historical loss information for the type of collateral obtained. The probability of default factors are historical insurer and reinsurer defaults for liabilities with similar durations to the reinsured liabilities as estimated through multiple economic cycles. Credit ratings are forward-looking and consider a variety of economic outcomes. The Company's evaluation of the required allowance for reinsurance recoverable considers the current economic environment as well as macroeconomic scenarios. The Company expects the impact of the COVID-19 pandemic to reinsurers to be somewhat mitigated by their regulated capital and liquidity positions. The ultimate impact to the Company's financial statements could vary significantly from our estimates depending on the duration and severity of the pandemic, the duration and severity of the economic downturn and the degree to which federal, state and local government actions to mitigate the economic impact of COVID-19 are effective. The Company records credit loss expenses related to reinsurance recoverable in Incurred losses and loss adjustment expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Write-offs of reinsurance recoverable and any related allowance are recorded in the period in which the balance is deemed uncollectible. Allowances are presented in the table below for the periods indicated. Years Ended December 31, (Dollars in thousands) 2021 2020 Reinsurance recoverable premium receivables and deductibles $ 46,499 $ 41,357 |
Deferred Acquisition Costs | D. Deferred Acquisition Costs. Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the Company’s reinsurance and insurance business, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. |
Reserve For Losses And Loss Adjustment Expenses | E. Reserve for Losses and Loss Adjustment Expenses. The reserve for losses and loss adjustment expenses (“LAE”) is based on individual case estimates and reports received from ceding companies. A provision is included for losses and LAE incurred but not reported (“IBNR”) based on past experience. Provisions are also included for certain potential liabilities, including those relating to asbestos and environmental (“A&E”) exposures, catastrophe exposures and COVID-19 exposures, for which liabilities cannot be estimated using traditional reserving techniques. See also Note 3. The reserves are reviewed periodically and any changes in estimates are reflected in earnings in the period the adjustment is made. The Company’s loss and LAE reserves represent management’s best estimate of the ultimate liability. Loss and LAE reserves are presented gross of reinsurance recoverable and incurred losses and LAE are presented net of reinsurance. Accruals for commissions are established for reinsurance contracts that provide for the stated commission percentage to increase or decrease based on the loss experience of the contract. Changes in estimates for such arrangements are recorded as commission expense. Commission accruals for contracts with adjustable features are estimated based on expected loss and LAE. |
Future Policy Benefit Reserve | F. Future Policy Benefit Reserve. Liabilities for future policy benefits on annuity policies are carried at their accumulated values. Reserves for policy benefits include mortality claims in the process of settlement and IBNR claims. Actual experience in a particular period may fluctuate from expected results. |
Premium Revenues | G. Premium Revenues. Written premiums are earned ratably over the periods of the related insurance and reinsurance contracts. Unearned premium reserves are established relative to the unexpired contract period. For reinsurance contracts, such reserves are established based upon reports received from ceding companies or estimated using pro rata methods based on statistical data. Reinstatement premiums represent additional premium recognized and earned at the time a loss event occurs and losses are recorded, most prevalently catastrophe related, when limits have been depleted under the original reinsurance contract and additional coverage is granted. The recognition of reinstatement premiums is based on estimates of loss and LAE, which reflects management’s judgement. Written and earned premiums and the related costs, which have not yet been reported to the Company, are estimated and accrued. Premiums are net of ceded reinsurance. |
Prepaid Reinsurance Premiums | H. Prepaid Reinsurance Premiums. Prepaid reinsurance premiums represent unearned premium reserves ceded to other reinsurers. Prepaid reinsurance premiums for any foreign reinsurers comprising more than 10% of the outstanding balance at December 31, 2021 were secured either through collateralized trust arrangements, rights of offset or letters of credit, thereby limiting the credit risk to the Company. |
Income Taxes | I. Income Taxes. Holdings and its wholly owned subsidiaries file a consolidated U.S. federal income tax return. Foreign subsidiaries and branches of subsidiaries file local tax returns as required. Group and subsidiaries not included in Holdings’ consolidated tax return file separate company U.S. federal income tax returns as required. Deferred income taxes have been recorded to recognize the tax effect of temporary differences between the financial reporting and income tax bases of assets and liabilities, which arise because of differences between GAAP and income tax accounting rules. As an accounting policy, the Company has adopted the aggregate portfolio approach for releasing disproportionate income tax effects from AOCI. |
Foreign Currency | J. Foreign Currency. The Company transacts business in numerous currencies through business units located around the world. The base transactional currency for each business unit is determined by the local currency used for most economic activity in that area. Movements in exchange rates related to foreign currency denominated monetary assets and liabilities at the business units between the original currency and the base currency are recorded through the consolidated statements of operations and comprehensive income (loss) in other income (expense), except for currency movements related to available for sale investments, which are excluded from net income (loss) and accumulated in shareholders’ equity, net of deferred taxes. The business units’ base currency financial statements are translated to U.S. dollars using the exchange rates at the end of period for the balance sheets and the average exchange rates in effect for the reporting period for the income statements. Gains and losses resulting from translating the foreign currency financial statements, net of deferred income taxes, are excluded from net income loss and accumulated in shareholders’ equity. |
Earnings Per Common Share | K. Earnings Per Common Share. Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Years Ended December 31, (Dollars in thousands, except per share amounts) 2021 2020 2019 Net income (loss) per share: Numerator Net income (loss) $ 1,379,083 $ 514,151 $ 1,009,461 Less: dividends declared-common shares and nonvested common shares ( 246,699) ( 249,056) ( 234,322) Undistributed earnings 1,132,384 265,094 775,139 Percentage allocated to common shareholders (1) 98.7 % 98.7 % 98.9 % 1,117,318 261,770 766,386 Add: dividends declared-common shareholders 243,569 246,054 231,796 Numerator for basic and diluted earnings per common share $ 1,360,887 $ 507,824 $ 998,182 Denominator Denominator for basic earnings per weighted-average common shares 39,263 39,656 40,291 Effect of dilutive securities: Options 41 77 129 Denominator for diluted earnings per adjusted weighted-average common shares 39,304 39,734 40,420 Per common share net income (loss) Basic $ 34.66 $ 12.81 $ 24.77 Diluted $ 34.62 $ 12.78 $ 24.70 (1) Basic weighted-average common shares outstanding 39,263 39,656 40,291 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 39,792 40,160 40,751 Percentage allocated to common shareholders 98.7 % 98.7 % 98.9 % (Some amounts may not reconcile due to rounding.) There were no anti-diluted options outstanding for the years ended December 31, 2021 and 2020. All outstanding options expire on or between February 22, 2022 and September 19, 2022. |
Segmentation | L. Segmentation. The Company, through its subsidiaries, operates in two segments: Reinsurance and Insurance. See also Note 17. |
Deposit Assets And Liabilities | M. Deposit Assets and Liabilities. In the normal course of its operations, the Company may enter into contracts that do not meet risk transfer provisions. Such contracts are accounted for using the deposit accounting method and are included in other liabilities in the Company’s consolidated balance sheets. For such contracts, the Company originally records deposit liabilities for an amount equivalent to the assets received. Actuarial studies are used to estimate the final liabilities under such contracts with any change reflected in the consolidated statements of operations and comprehensive income (loss). |
Share-Based Compensation | N. Share-Based Compensation. Share-based compensation stock option, restricted share and performance share unit awards are fair valued at the grant date and expensed over the vesting period of the award. The tax benefit on the recorded expense is deferred until the time the award is exercised or vests (becomes unrestricted). See Note 16. |
Application Of Recently Issued Accounting Guidance | O. Application of Recently Issued Accounting Guidance. Reference Rate Reform - LIBOR. In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, which outlines the issues surrounding the cessation of LIBOR as a reference rate for contractual debt agreements. The guidance also details the potential alternative expedients and sources available for use in determination of rates and terms for such debt agreements in order to apply appropriate accounting policy. The guidance is effective for annual reporting periods beginning after December 15, 2021. The Company has reviewed its inventory of investments, debt issuances and business contracts to evaluate the impact of elimination of LIBOR upon its financial statements and business operations. Due to the existence of modification or default provisions for use of other reference rates after the elimination of LIBOR, the Company has determined that the adoption of ASU 2020-04 did not have a material impact upon its financial statements or business operations. 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 adopted the guidance effective January 1, 2021. The adoption of ASU 2019-12 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 and then ASU 2020-11 in November 2021, which ultimately defers the effective date of ASU 2018-12 until annual reporting periods beginning after December 15, 2022. The Company is currently evaluating the impact of the adoption of ASU 2018-12 on its 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 new guidance requires the carrying value of assets measured at amortized cost, including reinsurance and premiums receivables to be presented as the net amount expected to be collected on the financial asset (amortized cost less an allowance for credit losses valuation account). The allowance reflects expected credit losses of the financial asset which considers available information using a combination both historical information, current market conditions and reasonable and supportable forecasts. For available-for-sale debt securities, the guidance modified the previous other than temporary impairment model, now requiring an allowance for estimated credit related losses rather than a permanent impairment, 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, on a modified retrospective basis. The adoption resulted in a cumulative reduction of $ 4,214 thousand in retained earnings, net of tax, which is disclosed separately within the Consolidated Statements of Shareholders’ Equity. Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables | Years Ended December 31, (Dollars in thousands) 2021 2020 Reinsurance recoverable premium receivables and deductibles $ 46,499 $ 41,357 |
Net Income (Loss) Per Common Share | Years Ended December 31, (Dollars in thousands, except per share amounts) 2021 2020 2019 Net income (loss) per share: Numerator Net income (loss) $ 1,379,083 $ 514,151 $ 1,009,461 Less: dividends declared-common shares and nonvested common shares ( 246,699) ( 249,056) ( 234,322) Undistributed earnings 1,132,384 265,094 775,139 Percentage allocated to common shareholders (1) 98.7 % 98.7 % 98.9 % 1,117,318 261,770 766,386 Add: dividends declared-common shareholders 243,569 246,054 231,796 Numerator for basic and diluted earnings per common share $ 1,360,887 $ 507,824 $ 998,182 Denominator Denominator for basic earnings per weighted-average common shares 39,263 39,656 40,291 Effect of dilutive securities: Options 41 77 129 Denominator for diluted earnings per adjusted weighted-average common shares 39,304 39,734 40,420 Per common share net income (loss) Basic $ 34.66 $ 12.81 $ 24.77 Diluted $ 34.62 $ 12.78 $ 24.70 (1) Basic weighted-average common shares outstanding 39,263 39,656 40,291 Basic weighted-average common shares outstanding and nonvested common shares expected to vest 39,792 40,160 40,751 Percentage allocated to common shareholders 98.7 % 98.7 % 98.9 % (Some amounts may not reconcile due to rounding.) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At December 31, 2021 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 $ 1,407,256 $ - $ 23,720 $ ( 10,358) $ 1,420,618 Obligations of U.S. states and political subdivisions 558,842 ( 151) 29,080 ( 1,150) 586,621 Corporate securities 7,443,535 ( 19,267) 195,210 ( 62,580) 7,556,898 Asset-backed securities 3,579,439 ( 7,679) 21,817 ( 11,848) 3,581,729 Mortgage-backed securities Commercial 1,032,506 - 37,550 ( 5,690) 1,064,366 Agency residential 2,361,208 - 32,997 ( 18,873) 2,375,332 Non-agency residential 6,530 - 22 ( 16) 6,536 Foreign government securities 1,423,634 - 41,957 ( 28,079) 1,437,512 Foreign corporate securities 4,250,642 ( 2,641) 95,195 ( 64,536) 4,278,660 Total fixed maturity securities $ 22,063,592 $ ( 29,738) $ 477,548 $ ( 203,130) $ 22,308,272 At December 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 $ 1,325,156 $ - $ 49,084 $ ( 7,134) $ 1,367,106 Obligations of U.S. states and political subdivisions 543,895 - 34,654 ( 1,254) 577,295 Corporate securities 6,824,800 ( 1,220) 380,677 ( 55,231) 7,149,026 Asset-backed securities 2,540,809 - 30,691 ( 5,698) 2,565,802 Mortgage-backed securities Commercial 915,923 - 75,275 ( 895) 990,303 Agency residential 2,206,139 - 64,663 ( 3,063) 2,267,739 Non-agency residential 5,187 - 9 ( 2) 5,194 Foreign government securities 1,565,260 ( 22) 102,587 ( 22,450) 1,645,375 Foreign corporate securities 3,297,898 ( 503) 204,023 ( 29,085) 3,472,333 Total fixed maturity securities $ 19,225,067 $ ( 1,745) $ 941,663 $ ( 124,812) $ 20,040,173 |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At December 31, 2021 At December 31, 2020 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,398,742 $ 1,398,006 $ 1,365,793 $ 1,374,674 Due after one year through five years 7,075,077 7,154,468 6,529,189 6,774,785 Due after five years through ten years 5,003,792 5,100,672 4,414,211 4,751,903 Due after ten years 1,606,298 1,627,163 1,247,816 1,309,773 Asset-backed securities 3,579,439 3,581,729 2,540,809 2,565,802 Mortgage-backed securities: Commercial 1,032,506 1,064,366 915,923 990,303 Agency residential 2,361,208 2,375,332 2,206,139 2,267,739 Non-agency residential 6,530 6,536 5,187 5,194 Total fixed maturity securities $ 22,063,592 $ 22,308,272 $ 19,225,067 $ 20,040,173 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Years Ended December 31, (Dollars in thousands) 2021 2020 Increase (decrease) during the period between the market value and cost of investments carried at market value, and deferred taxes thereon: Fixed maturity securities and short-term investments $ ( 542,343) $ 465,192 Change in unrealized appreciation (depreciation), pre-tax ( 542,343) 465,192 Deferred tax benefit (expense) 57,581 ( 45,458) Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ ( 484,762) $ 419,734 |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at December 31, 2021 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 $ 504,168 $ ( 6,264) $ 91,735 $ ( 4,094) $ 595,903 $ ( 10,358) Obligations of U.S. states and political subdivisions 51,094 ( 1,038) 2,558 ( 112) 53,652 ( 1,150) Corporate securities 2,132,576 ( 38,316) 472,831 ( 24,264) 2,605,407 ( 62,580) Asset-backed securities 1,954,079 ( 11,180) 41,823 ( 668) 1,995,902 ( 11,848) Mortgage-backed securities Commercial 221,852 ( 2,854) 40,496 ( 2,836) 262,348 ( 5,690) Agency residential 1,101,215 ( 12,178) 279,697 ( 6,695) 1,380,912 ( 18,873) Non-agency residential 2,320 ( 14) 156 ( 2) 2,476 ( 16) Foreign government securities 392,447 ( 9,709) 100,673 ( 18,370) 493,120 ( 28,079) Foreign corporate securities 1,734,510 ( 46,247) 210,722 ( 18,289) 1,945,232 ( 64,536) Total fixed maturity securities $ 8,094,261 $ ( 127,800) $ 1,240,691 $ ( 75,330) $ 9,334,952 $ ( 203,130) Duration of Unrealized Loss at December 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 $ 135,190 $ ( 7,134) $ - $ - $ 135,190 $ ( 7,134) Obligations of U.S. states and political subdivisions 19,524 ( 999) 4,059 ( 255) 23,583 ( 1,254) Corporate securities 669,755 ( 26,159) 247,962 ( 29,072) 917,717 ( 55,231) Asset-backed securities 235,566 ( 4,768) 85,595 ( 930) 321,161 ( 5,698) Mortgage-backed securities Commercial 53,511 ( 578) 6,592 ( 317) 60,103 ( 895) Agency residential 434,447 ( 2,016) 50,353 ( 1,047) 484,800 ( 3,063) Non-agency residential 185 ( 2) - - 185 ( 2) Foreign government securities 114,755 ( 8,813) 150,812 ( 13,637) 265,567 ( 22,450) Foreign corporate securities 354,548 ( 17,489) 115,595 ( 11,596) 470,143 ( 29,085) Total fixed maturity securities $ 2,017,481 $ ( 67,958) $ 660,968 $ ( 56,854) $ 2,678,449 $ ( 124,812) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at December 31, 2021 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 $ 129,860 $ ( 2,415) $ 136,827 $ ( 11,832) $ 266,687 $ ( 14,247) Due in one year through five years 2,165,467 ( 35,264) 446,247 ( 28,685) 2,611,714 ( 63,949) Due in five years through ten years 1,727,823 ( 47,413) 244,454 ( 22,038) 1,972,277 ( 69,451) Due after ten years 791,645 ( 16,482) 50,991 ( 2,574) 842,636 ( 19,056) Asset-backed securities 1,954,079 ( 11,180) 41,823 ( 668) 1,995,902 ( 11,848) Mortgage-backed securities 1,325,387 ( 15,046) 320,349 ( 9,533) 1,645,736 ( 24,579) Total fixed maturity securities $ 8,094,261 $ ( 127,800) $ 1,240,691 $ ( 75,330) $ 9,334,952 $ ( 203,130) Duration of Unrealized Loss at December 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 $ 96,144 $ ( 4,942) $ 112,419 $ ( 12,071) $ 208,563 $ ( 17,013) Due in one year through five years 653,816 ( 32,469) 283,866 ( 21,319) 937,682 ( 53,788) Due in five years through ten years 422,517 ( 19,392) 49,749 ( 2,034) 472,266 ( 21,426) Due after ten years 121,295 ( 3,791) 72,394 ( 19,136) 193,689 ( 22,927) Asset-backed securities 235,566 ( 4,768) 85,595 ( 930) 321,161 ( 5,698) Mortgage-backed securities 488,143 ( 2,596) 56,945 ( 1,364) 545,088 ( 3,960) Total fixed maturity securities $ 2,017,481 $ ( 67,958) $ 660,968 $ ( 56,854) $ 2,678,449 $ ( 124,812) |
Summary Of Components Of Net Investment Income | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Fixed maturities $ 561,091 $ 542,363 $ 520,291 Equity securities 17,276 18,776 19,505 Short-term investments and cash 1,329 5,012 17,619 Other invested assets Limited partnerships 565,265 112,853 105,815 Other 62,944 1,699 14,117 Gross investment income before adjustments 1,207,905 680,703 677,347 Funds held interest income (expense) 12,324 12,754 13,271 Future policy benefit reserve income (expense) ( 1,093) ( 1,237) ( 1,380) Gross investment income 1,219,136 692,220 689,238 Investment expenses ( 54,244) ( 49,755) ( 42,099) Net investment income $ 1,164,892 $ 642,465 $ 647,139 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Fixed maturity securities, market value: Allowance for credit losses $ ( 27,992) $ ( 1,745) $ - Other-than-temporary impairments - - ( 20,899) Gains (losses) from sales 16,503 ( 2,214) 28,025 Fixed maturity securities, fair value: Gains (losses) from sales - ( 2,863) 355 Gains (losses) from fair value adjustments - 1,944 1,808 Equity securities, fair value: Gains (losses) from sales 27,596 ( 8,963) 4,148 Gains (losses) from fair value adjustments 235,686 278,461 165,200 Other invested assets 6,142 1,705 6,003 Short-term investments gain (loss) 8 1,324 364 Total net realized capital gains (losses) $ 257,943 $ 267,649 $ 185,004 Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2021 Obligations of U.S. States Foreign Foreign Corporate Asset-Backed and Political Government Corporate Securities Securities Subdivisions Securities Securities Total (Dollars in thousands) Beginning Balance $ ( 1,220) $ - $ - $ ( 22) $ ( 503) $ ( 1,745) Credit losses on securities where credit losses were not previously recorded ( 21,177) ( 4,915) ( 151) - ( 2,436) ( 28,679) Increases in allowance on previously impaired securities ( 2,529) ( 2,764) - - ( 5,293) Decreases in allowance on previously impaired securities - - - - - Reduction in allowance due to disposals 5,659 - 22 298 5,979 Balance as of December 31 $ ( 19,267) $ ( 7,679) $ ( 151) $ - $ ( 2,641) $ ( 29,738) Roll Forward of Allowance for Credit Losses Twelve Months Ended December 31, 2020 Obligations of U.S. States Foreign Foreign Corporate Asset-Backed and Political Government Corporate Securities Securities Subdivisions Securities Securities Total (Dollars in thousands) Beginning Balance $ - $ - $ - $ - $ - $ - Credit losses on securities where credit losses were not previously recorded ( 27,666) - - ( 518) ( 4,700) ( 32,884) Increases in allowance on previously impaired securities ( 6,136) - - ( 28) ( 481) ( 6,645) Decreases in allowance on previously impaired securities 4,333 - - 309 883 5,525 Reduction in allowance due to disposals 28,249 - - 215 3,795 32,259 Balance as of December 31 $ ( 1,220) $ - $ - $ ( 22) $ ( 503) $ ( 1,745) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Proceeds from sales of fixed maturity securities $ 1,915,916 $ 1,950,774 $ 3,283,154 Gross gains from sales 71,744 79,609 63,721 Gross losses from sales ( 55,241) ( 84,686) ( 35,341) Proceeds from sales of equity securities $ 990,376 $ 376,347 $ 283,965 Gross gains from sales 42,241 37,415 14,274 Gross losses from sales ( 14,645) ( 46,378) ( 10,126) |
Reserve For Losses, LAE And F_2
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Gross reserves beginning of period $ 16,322,143 $ 13,531,256 $ 13,098,158 Less reinsurance recoverables on unpaid losses ( 1,843,691) ( 1,640,712) ( 1,619,641) Net reserves beginning of period 14,478,452 11,890,544 11,478,517 Incurred related to: Current year 7,400,303 6,149,410 4,986,456 Prior years ( 9,050) 401,427 ( 63,558) Total incurred losses and LAE 7,391,253 6,550,837 4,922,898 Paid related to: Current year 2,490,645 2,046,260 2,042,246 Prior years 2,226,457 2,077,613 2,519,950 Total paid losses and LAE 4,717,102 4,123,873 4,562,196 Foreign exchange/translation adjustment ( 89,481) 160,944 51,325 Net reserves end of period 17,063,121 14,478,452 11,890,544 Plus reinsurance recoverables on unpaid losses 1,946,365 1,843,691 1,640,712 Gross reserves end of period $ 19,009,486 $ 16,322,143 $ 13,531,256 (Some amounts may not reconcile due to rounding.) |
Ultimate Loss And ALAE And Paid Loss And ALAE, Net Of Reinsurance | Reinsurance – Casualty Business At December 31, 2021 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in thousands) 2012 $ 913,235 $ 806,271 $ 707,089 $ 692,497 $ 676,252 $ 677,924 $ 682,447 $ 656,696 $ 635,281 $ 626,752 22,382 N/A 2013 726,240 816,634 804,255 794,549 764,362 735,487 715,578 715,519 710,499 21,566 N/A 2014 776,680 815,861 822,646 798,868 757,392 734,567 747,748 745,601 31,868 N/A 2015 795,662 836,303 831,492 828,634 812,346 848,989 849,230 75,907 N/A 2016 808,757 885,069 882,087 877,209 952,811 954,364 129,447 N/A 2017 894,903 854,313 861,180 942,467 950,788 199,152 N/A 2018 1,340,402 1,337,894 1,414,891 1,445,481 466,230 N/A 2019 1,721,440 1,786,629 1,788,763 907,117 N/A 2020 1,943,096 1,914,757 1,482,711 N/A 2021 2,513,341 1,951,060 N/A $ 12,499,575 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 41,756 $ 98,010 $ 179,993 $ 275,548 $ 355,728 $ 425,397 $ 504,848 $ 539,251 $ 549,564 $ 568,922 2013 49,581 123,813 214,769 314,826 389,143 496,373 548,578 574,706 603,638 2014 57,942 122,673 214,072 304,645 430,751 507,146 553,006 594,417 2015 57,114 160,199 267,841 413,852 503,917 573,637 621,569 2016 90,184 190,818 326,011 433,583 548,345 629,704 2017 81,099 188,542 322,029 464,179 592,780 2018 154,910 290,083 463,099 638,435 2019 210,530 343,081 526,547 2020 190,530 268,027 2021 216,969 $ 5,261,006 All outstanding liabilities prior to 2012, net of reinsurance 824,128 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 8,062,697 Reinsurance – Property Business At December 31, 2021 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in thousands) 2012 $ 1,595,581 $ 1,282,432 $ 1,159,361 $ 1,158,272 $ 1,152,163 $ 1,144,478 $ 1,132,514 $ 1,151,907 $ 1,154,729 $ 1,152,601 10,597 2013 1,302,966 954,434 843,829 787,484 781,908 777,334 784,582 782,978 782,285 2,615 2014 1,366,519 1,207,588 1,055,896 963,339 963,168 964,131 956,387 956,892 5,114 2015 1,408,609 1,072,514 996,351 970,290 973,022 965,298 967,102 6,102 2016 1,725,574 1,560,324 1,596,178 1,590,207 1,567,764 1,568,689 19,440 2017 2,799,762 3,422,515 3,533,258 3,662,032 3,707,890 9,592 2018 2,650,359 2,526,001 2,527,900 2,465,788 40,866 2019 2,122,117 2,153,458 2,098,665 176,930 2020 2,453,269 2,526,034 616,803 2021 2,802,843 1,445,812 $ 19,028,789 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 404,621 $ 703,440 $ 896,790 $ 990,221 $ 1,024,725 $ 1,058,690 $ 1,069,836 $ 1,092,694 $ 1,101,861 $ 1,106,461 2013 384,956 530,340 663,255 720,662 741,032 751,190 760,516 761,755 762,225 2014 378,154 670,226 805,888 882,489 911,719 921,984 928,821 931,494 2015 386,340 626,200 787,370 875,529 904,827 926,506 937,534 2016 489,865 1,035,935 1,336,301 1,460,922 1,520,320 1,539,568 2017 850,375 2,277,663 2,858,044 3,259,500 3,477,657 2018 558,319 1,563,718 1,941,282 2,125,022 2019 769,261 1,365,923 1,703,956 2020 606,518 1,385,266 2021 687,773 $ 14,656,957 All outstanding liabilities prior to 2012, net of reinsurance 519,855 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 4,891,687 Insurance – Casualty Business At December 31, 2021 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in thousands) 2012 $ 349,721 $ 351,526 $ 347,065 $ 348,260 $ 353,394 $ 344,007 $ 346,980 $ 351,441 $ 353,942 $ 354,697 31,942 15,782 2013 393,689 393,519 392,955 393,129 351,380 344,479 350,927 349,965 350,107 29,280 21,360 2014 431,297 457,270 454,801 460,862 397,307 398,126 399,021 397,889 44,649 25,265 2015 519,869 528,468 536,106 542,637 469,081 472,079 472,700 56,840 27,044 2016 554,134 552,057 581,114 616,641 554,151 542,750 86,737 31,674 2017 614,528 604,615 627,426 659,359 635,622 156,575 35,627 2018 708,122 714,065 752,894 766,992 193,686 36,041 2019 852,407 855,266 888,280 288,688 39,219 2020 997,126 1,058,272 620,239 34,983 2021 1,196,128 782,844 31,679 $ 6,663,437 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 33,194 $ 101,300 $ 157,924 $ 213,488 $ 246,454 $ 272,113 $ 294,442 $ 306,934 $ 311,863 $ 317,249 2013 33,314 117,046 176,326 224,633 260,222 285,872 303,784 310,927 317,111 2014 41,194 124,936 201,688 256,885 297,760 326,008 339,484 350,976 2015 44,317 134,760 218,987 292,111 353,440 382,743 414,069 2016 54,740 164,357 269,127 342,880 402,518 445,429 2017 53,918 172,415 281,339 381,169 457,197 2018 63,587 208,432 319,559 447,358 2019 72,394 234,915 398,600 2020 79,658 248,000 2021 109,311 $ 3,505,299 All outstanding liabilities prior to 2012, net of reinsurance 226,081 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 3,384,219 Insurance – Property Business At December 31, 2021 Total of IBNR Liabilities Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance Plus Expected Cumulative Years Ended December 31, Development Number of 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 on Reported Reported Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Claims Claims (Dollars in thousands) 2012 $ 106,363 $ 89,038 $ 81,773 $ 82,475 $ 82,045 $ 81,828 $ 82,005 $ 82,552 $ 82,613 $ 82,685 5 N/A 2013 112,082 98,203 91,334 92,222 92,311 92,472 92,326 91,893 92,035 94 N/A 2014 131,752 123,744 119,989 119,523 119,344 119,481 119,138 119,428 49 N/A 2015 173,059 153,028 144,081 146,930 144,919 146,626 146,559 47 N/A 2016 291,182 275,740 280,797 292,750 295,140 297,417 380 N/A 2017 498,044 502,601 496,195 499,323 493,370 480 N/A 2018 409,168 403,013 398,243 411,160 693 N/A 2019 349,061 351,599 355,692 5,808 N/A 2020 599,613 507,281 45,162 N/A 2021 649,738 191,897 N/A $ 3,155,364 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Years Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Accident Year (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands) 2012 $ 56,506 $ 81,798 $ 80,495 $ 81,776 $ 81,917 $ 81,708 $ 81,846 $ 82,483 $ 82,612 $ 82,669 2013 68,711 93,179 91,919 92,189 91,798 91,838 91,855 91,864 91,942 2014 81,853 116,089 118,277 118,270 118,605 118,724 118,799 118,808 2015 102,239 141,394 142,560 145,367 146,866 146,954 147,052 2016 162,906 250,034 272,535 290,278 293,247 294,031 2017 179,403 425,384 460,130 482,817 486,538 2018 245,840 359,276 379,654 404,819 2019 227,630 317,766 339,411 2020 293,331 415,518 2021 328,207 $ 2,708,995 All outstanding liabilities prior to 2012, net of reinsurance 557 Liabilities for claims and claim adjustment expenses, net of reinsurance 446,926 |
Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance | Reinsurance – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Casualty 9.2 % 8.5 % 12.4 % 13.6 % 12.7 % 10.4 % 7.7 % 4.9 % 2.9 % 3.1 % Reinsurance – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 29.0 % 32.9 % 16.2 % 8.8 % 4.3 % 1.8 % 1.0 % 0.9 % 0.5 % 0.4 % Insurance – Casualty Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Casualty 8.8 % 18.8 % 17.4 % 15.2 % 11.1 % 7.2 % 5.4 % 2.8 % 1.6 % 1.5 % Insurance – Property Business Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited) Years 1 2 3 4 5 6 7 8 9 10 Property 55.4 % 31.2 % 5.0 % 4.3 % 2.6 % 0.6 % 0.6 % 0.2 % 0.1 % 0.1 % |
Reconciliation of the Net Incurred and Paid Claims Development | December 31, 2021 (Dollars in thousands) Net outstanding liabilities Reinsurance Casualty $ 8,062,697 Reinsurance Property 4,891,687 Insurance Casualty 3,384,219 Insurance Property 446,926 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 16,785,529 Reinsurance recoverable on unpaid claims Reinsurance Casualty 293,110 Reinsurance Property 507,097 Insurance Casualty 973,182 Insurance Property 172,977 Total reinsurance recoverable on unpaid claims 1,946,365 Insurance lines other than short-duration - Unallocated claims adjustment expenses 235,391 Other 42,199 277,590 Total gross liability for unpaid claims and claim adjustment expense $ 19,009,486 (Some amounts may not reconcile due to rounding.) |
Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis | At December 31, (Dollars in thousands) 2021 2020 2019 Gross basis: Beginning of period reserves $ 219,341 $ 257,921 $ 347,495 Incurred losses 10,862 1,540 2,070 Paid losses ( 55,048) ( 40,120) ( 91,644) End of period reserves $ 175,155 $ 219,341 $ 257,921 Net basis: Beginning of period reserves $ 198,255 $ 228,701 $ 261,456 Incurred losses - ( 772) - Paid losses ( 42,139) ( 29,674) ( 32,756) End of period reserves $ 156,115 $ 198,255 $ 228,701 |
Summary Of Activity In The Reserve For Future Policy Benefits | At December 31, (Dollars in thousands) 2021 2020 2019 Balance at beginning of year $ 37,723 $ 42,592 $ 46,778 Liabilities assumed 27 35 53 Adjustments to reserves 719 ( 1,113) 350 Benefits paid in the current year ( 2,800) ( 3,791) ( 4,589) Balance at end of year $ 35,669 $ 37,723 $ 42,592 (Some amounts may not reconcile due to rounding.) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value [Abstract] | |
Fair Value Measurement Levels For All Assets And Liabilities | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,420,618 $ - $ 1,420,618 $ - Obligations of U.S. States and political subdivisions 586,621 - 586,621 - Corporate securities 7,556,898 - 6,756,324 800,574 Asset-backed securities 3,581,729 - 2,330,448 1,251,281 Mortgage-backed securities Commercial 1,064,366 - 1,064,366 - Agency residential 2,375,332 - 2,375,332 - Non-agency residential 6,536 - 6,536 - Foreign government securities 1,437,512 - 1,437,512 - Foreign corporate securities 4,278,660 - 4,262,645 16,015 Total fixed maturities, market value 22,308,272 - 20,240,402 2,067,870 Equity securities, fair value 1,825,908 1,742,367 83,541 - Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 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 $ 1,367,106 $ - $ 1,367,106 $ - Obligations of U.S. States and political subdivisions 577,295 - 577,295 - Corporate securities 7,149,026 - 6,447,534 701,492 Asset-backed securities 2,565,802 - 1,942,769 623,033 Mortgage-backed securities Commercial 990,303 - 990,303 - Agency residential 2,267,739 - 2,267,739 - Non-agency residential 5,194 - 5,194 - Foreign government securities 1,645,375 - 1,645,375 - Foreign corporate securities 3,472,333 - 3,466,634 5,699 Total fixed maturities, market value 20,040,173 - 18,709,949 1,330,224 Equity securities, fair value 1,472,236 1,368,704 103,532 - |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value December 31, 2021 December 31, 2020 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in thousands) Securities Securities Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities at market value $ 701,492 $ 623,033 $ 5,699 $ 1,330,224 $ 617,588 $ 153,641 $ 1,750 $ 772,979 Total gains or (losses) (realized/unrealized) Included in earnings ( 11,717) ( 6,469) 399 ( 17,787) 1,216 681 ( 125) 1,772 Included in other comprehensive income (loss) 4,008 ( 6,603) 184 ( 2,411) ( 1,115) 11,678 147 10,710 Purchases, issuances and settlements 106,791 641,320 9,733 757,844 84,840 457,033 3,814 545,687 Transfers in and/or (out) of Level 3 - - - - ( 1,037) - 113 ( 924) Ending balance $ 800,574 $ 1,251,281 $ 16,015 $ 2,067,870 $ 701,492 $ 623,033 $ 5,699 $ 1,330,224 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 $ ( 16,467) $ ( 7,679) $ - $ ( 24,146) $ ( 539) $ - $ - $ ( 539) (Some amounts may not reconcile due to rounding.) Total Fixed Maturities, Fair Value December 31, 2021 December 31, 2020 Foreign Foreign (Dollars in thousands) Corporate Total Corporate Total Beginning balance fixed maturities at market value $ - $ - $ 5,826 $ 5,826 Total gains or (losses) (realized/unrealized) Included in earnings - - ( 919) ( 919) Included in other comprehensive income (loss) - - - - Purchases, issuances and settlements - - ( 4,907) ( 4,907) Transfers in and/or (out) of Level 3 - - - - Ending balance $ - $ - $ - $ - The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Credit Facilities (Tables)
Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |
Summary Of Costs Incurred Connection With Credit Facilities | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Credit facility interest and fees incurred - Wells Fargo Bank $ 175 $ 664 $ 420 |
Wells Fargo Bank Group Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At December 31, 2021 At December 31, 2020 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility $ 39,198 $ 39,198 12/30/2022 $ 200,000 $ 164,242 12/31/2021 - 600,000 589,690 12/31/2021 Total Wells Fargo Bank Group Credit Facility $ 39,198 $ 39,198 $ 800,000 $ 753,932 |
Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At December 31, 2021 Bank Commitment In Use Date of Expiry Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility $ 500,000 $ 351,497 12/30/2022 Total Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility $ 500,000 $ 351,497 |
Bermuda Re Citibank LOC Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At December 31, 2021 At December 31, 2020 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230,000 $ 4,425 02/28/2022 $ 200,000 $ 4,425 02/28/2021 925 03/01/2022 3,672 11/24/2021 1,264 11/24/2022 448 12/16/2021 423 12/16/2022 115 12/20/2021 146 12/20/2022 136,383 12/31/2021 216,622 12/31/2022 39,619 12/30/2024 473 01/21/2023 821 08/15/2022 985 08/15/2023 - 1,234 09/23/2023 - Bermuda Re Citibank LOC Facility - Uncommitted 140,000 84,203 12/31/2022 - 22,731 12/30/2025 - Total Bermuda Re Citibank LOC Facility $ 370,000 $ 333,429 $ 200,000 $ 185,483 |
Everest International Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At December 31, 2021 At December 31, 2020 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Everest International Credit Facility £ - £ - £ 52,175 £ 52,175 12/31/2024 Total Everest International Credit Facility £ - £ - £ 52,175 £ 52,175 |
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At December 31, 2021 Bank Commitment In Use Date of Expiry Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility $ 200,000 $ 154,691 12/31/2022 Total Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility $ 200,000 $ 154,691 |
Bermuda Re Lloyd's Bank Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At December 31, 2021 Bank Commitment In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility $ 50,000 $ 46,008 12/31/2022 Total Bermuda Re Lloyd's Bank Credit Facility $ 50,000 $ 46,008 |
Bermuda Re Barclays Bilateral Letter of Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Summary Of Outstanding Letters Of Credit And Borrowings | (Dollars in thousands) At December 31, 2021 Bank Commitment In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200,000 $ 186,299 12/31/2022 Total Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200,000 $ 186,299 |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | December 31, 2021 December 31, 2020 Principal Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Amounts Sheet Amount Market Value Sheet Amount Market Value 4.868% Senior Notes 6/5/2014 6/1/2044 $ 400,000 $ 397,314 $ 503,840 $ 397,194 $ 528,000 3.5% Senior Notes 10/7/2020 10/15/2050 1,000,000 980,046 1,054,520 979,524 1,138,100 3.125% Senior Notes 10/4/2021 10/15/2052 1,000,000 968,440 983,140 - - $ 2,400,000 $ 2,345,800 $ 2,541,500 $ 1,376,718 $ 1,666,100 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Years Ended December 31, (Dollars in thousands) Interest Paid Payable Dates 2021 2020 2019 4.868% Senior Notes semi-annually June 1/December 1 $ 19,472 $ 19,472 $ 19,472 3.5% Senior Notes semi-annually April 15/October 15 35,221 8,115 - 3.125% Senior Notes semi-annually April 15/October 15 7,635 - - $ 62,328 $ 27,587 $ 19,472 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date December 31, 2021 December 31, 2020 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 4/26/2007 $ 400,000 5/15/2037 5/1/2067 $ 223,774 $ 216,289 $ 223,674 $ 206,447 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Interest expense incurred $ 5,818 $ 7,645 $ 11,587 |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Years Ended December 31, Mt. Logan Re Segregated Accounts 2021 2020 2019 (Dollars in thousands) Ceded written premiums 341,460 303,178 291,979 Ceded earned premiums 332,989 306,184 294,762 Ceded losses and LAE 282,233 241,347 187,192 Assumed written premiums 12,120 18,831 17,005 Assumed earned premiums 12,120 18,831 17,005 |
Summary of Collateralized Reinsurance Agreements | (Dollars in thousands) Class Description Effective Date Expiration Date Limit Coverage Basis Series 2017-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 $ 50,000 Aggregate Series 2017-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 75,000 Aggregate Series 2017-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/13/2017 4/13/2022 175,000 Aggregate Series 2018-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/6/2022 62,500 Aggregate Series 2018-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/6/2022 200,000 Aggregate Series 2018-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 62,500 Aggregate Series 2018-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/30/2018 5/5/2023 200,000 Aggregate Series 2019-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 150,000 Occurrence Series 2019-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2023 275,000 Aggregate Series 2019-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 150,000 Occurrence Series 2019-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 12/12/2019 12/19/2024 275,000 Aggregate Series 2021-1 Class A-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 150,000 Occurrence Series 2021-1 Class B-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class C-1 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/21/2025 85,000 Aggregate Series 2021-1 Class A-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 150,000 Occurrence Series 2021-1 Class B-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90,000 Aggregate Series 2021-1 Class C-2 US, Canada, Puerto Rico – Named Storm and Earthquake Events 4/8/2021 4/20/2026 90,000 Aggregate Total available limit as of December 31, 2021 $ 2,325,000 |
Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts | (Dollars in thousands) Note Series Issue Date Maturity Date Amount Series 2017-1 Class A-2 4/13/2017 4/13/2022 $ 50,000 Series 2017-1 Class B-2 4/13/2017 4/13/2022 75,000 Series 2017-1 Class C-2 4/13/2017 4/13/2022 175,000 Series 2018-1 Class A-1 4/30/2018 5/6/2022 62,500 Series 2018-1 Class B-1 4/30/2018 5/6/2022 200,000 Series 2018-1 Class A-2 4/30/2018 5/5/2023 62,500 Series 2018-1 Class B-2 4/30/2018 5/5/2023 200,000 Series 2019-1 Class A-1 12/12/2019 12/19/2023 150,000 Series 2019-1 Class B-1 12/12/2019 12/19/2023 275,000 Series 2019-1 Class A-2 12/12/2019 12/19/2024 150,000 Series 2019-1 Class B-2 12/12/2019 12/19/2024 275,000 Series 2021-1 Class A-1 4/8/2021 4/21/2025 150,000 Series 2021-1 Class B-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class C-1 4/8/2021 4/21/2025 85,000 Series 2021-1 Class A-2 4/8/2021 4/20/2026 150,000 Series 2021-1 Class B-2 4/8/2021 4/20/2026 90,000 Series 2021-1 Class C-2 4/8/2021 4/20/2026 90,000 $ 2,325,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Supplemental Information Relating to Operating Leases | Year Ended December 31, (Dollars in thousands) 2021 2020 Lease expense incurred: Operating lease cost $ 26,540 $ 32,508 At December 31, (Dollars in thousands) 2021 2020 Operating lease right of use assets $ 138,942 $ 149,125 Operating lease liabilities 157,729 165,292 Year Ended December 31, (Dollars in thousands) 2021 2020 Operating cash flows from operating leases $ ( 18,294) $ ( 20,594) At December 31, 2021 2020 Weighted average remaining operating lease term 11.6 years 12.3 years Weighted average discount rate on operating leases 4.08 % 4.10 % |
Maturities of Lease Liabilities | (Dollars in thousands) 2022 $ 20,865 2023 20,238 2024 20,016 2025 17,025 2026 15,805 Thereafter 108,793 Undiscounted lease payments 202,742 Less: present value adjustment 45,013 Total operating lease liability $ 157,729 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Components Of The Provision | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Current tax expense (benefit): U.S. $ 123,876 $ ( 107,757) $ ( 5,044) Non-U.S. 2,038 2,948 14,420 Total current tax expense (benefit) 125,914 ( 104,809) 9,376 Deferred tax expense (benefit): U.S. 37,597 178,523 80,247 Non-U.S. 3,027 ( 2,516) ( 97) Total deferred tax expense (benefit) 40,624 176,007 80,150 Total income tax expense (benefit) $ 166,538 $ 71,198 $ 89,526 (Some amounts may not reconcile due to rounding.) |
Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate | Years Ended December 31, 2021 2020 2019 (Dollars in thousands) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Underwriting gain (loss) $ ( 83,159) $ 306,933 $ 24,041 $ ( 277,852) $ 38,964 $ 297,199 Net investment income 707,971 456,921 339,721 302,744 325,179 321,960 Net realized capital gains (losses) 266,036 ( 8,094) 234,970 32,679 155,609 29,394 Net derivative gain (loss) - 2,965 - 1,541 - 6,374 Corporate expenses ( 33,334) ( 34,493) ( 15,985) ( 25,133) ( 13,063) ( 19,903) Interest, fee and bond issue cost amortization expense ( 69,974) ( 175) ( 35,659) ( 664) ( 34,931) 3,239 Other income (expense) 23,315 10,709 ( 14,656) 19,602 ( 1,976) ( 9,057) Pre-tax income (loss) $ 810,855 $ 734,766 $ 532,432 $ 52,917 $ 469,782 $ 629,206 Expected tax provision at the applicable statutory rate(s) 170,170 14,358 111,846 ( 10,356) 98,766 17,205 Increase (decrease) in taxes resulting from: Tax exempt income ( 3,927) - ( 3,598) - ( 3,680) - Dividend received deduction ( 840) - ( 1,100) - ( 998) - Proration 1,048 - 1,049 - 1,050 - Affiliated preferred stock dividends 6,517 - 6,517 - 6,517 - Creditable foreign premium tax ( 13,392) - ( 11,513) - ( 9,852) - Tax audit settlement - - - - ( 1,576) - Share based compensation tax benefits formerly in APIC ( 1,950) ( 232) ( 2,605) ( 388) ( 2,984) ( 373) Impact of CARES Act - - ( 32,500) - - - Valuation allowance 324 ( 9,796) 277 15,144 138 3,772 Change in uncertain tax positions - - - - ( 8,434) - Other 3,523 735 2,393 ( 3,968) ( 3,744) ( 6,281) Total income tax provision $ 161,473 $ 5,065 $ 70,766 $ 432 $ 75,203 $ 14,323 (Some amounts may not reconcile due to rounding.) |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | (Dollars in thousands) 2021 2020 2019 Balance at January 1 $ - $ - $ 8,434 Additions based on tax positions related to the current year - - - Additions for tax positions of prior years - - - Reductions for tax positions of prior years - - ( 8,434) Settlements with taxing authorities - - - Lapses of applicable statutes of limitations - - - Balance at December 31 $ - $ - $ - |
Net Deferred Income Tax Assets | Years Ended December 31, (Dollars in thousands) 2021 2020 Deferred tax assets: Loss reserves $ 129,861 $ 96,840 Unearned premium reserves 107,724 85,028 Lease liability 30,885 31,989 Foreign tax credits 21,787 46,109 Net operating loss carryforward 20,228 33,504 Net unrealized losses on benefit plans 13,395 19,636 Equity compensation 7,558 7,367 Investment impairments 6,160 1,121 Unrealized foreign currency losses 4,486 603 Uncollectible reinsurance reserves 3,142 3,142 Other tax credits 213 4,591 Other assets 8,973 7,285 Total deferred tax assets 354,412 337,215 Deferred tax liabilities: Deferred acquisition costs 99,395 79,994 Net fair value income 97,974 75,692 Partnership investments 56,699 26,119 Net unrealized investment gains 36,615 90,268 Right of use asset 27,111 28,822 Benefit plan asset 1,667 1,765 Other liabilities 9,963 6,710 Total deferred tax liabilities 329,424 309,370 Net deferred tax assets 24,988 27,845 Less: Valuation allowance ( 17,765) ( 28,805) Total net deferred tax assets/(liabilities) $ 7,223 $ ( 960) (Some amounts may not reconcile due to rounding.) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance [Abstract] | |
Premiums Written And Earned And Incurred Losses And LAE | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Written premiums: Direct $ 3,987,875 $ 3,217,999 $ 2,783,036 Assumed 9,061,881 7,264,362 6,350,328 Ceded ( 1,604,251) ( 1,365,378) ( 1,308,940) Net written premiums $ 11,445,505 $ 9,116,983 $ 7,824,424 Premiums earned: Direct $ 3,588,926 $ 3,028,095 $ 2,551,662 Assumed 8,315,072 7,054,680 6,059,222 Ceded ( 1,497,557) ( 1,401,262) ( 1,207,198) Net premiums earned $ 10,406,441 $ 8,681,513 $ 7,403,686 Incurred losses and LAE: Direct $ 2,384,960 $ 2,141,065 $ 1,618,686 Assumed 5,741,109 5,163,946 3,923,298 Ceded ( 734,816) ( 754,174) ( 619,086) Net incurred losses and LAE $ 7,391,253 $ 6,550,837 $ 4,922,898 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Years Ended December 31, 2021 2020 2019 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related $ ( 547,690) $ 59,312 $ ( 488,378) $ 462,939 $ ( 39,729) $ 423,210 $ 547,539 $ ( 49,665) $ 497,874 URA(D) on securities - OTTI - - - - - - ( 1,559) 115 ( 1,444) Reclassification of net realized losses (gains) included in net income (loss) 5,347 ( 1,731) 3,616 2,253 ( 5,729) ( 3,476) ( 13,129) 516 ( 12,613) Foreign currency translation adjustments ( 64,421) 2,330 ( 62,091) 90,142 ( 3,815) 86,327 18,585 ( 4,555) 14,030 Benefit plan actuarial net gain (loss) 7,912 ( 1,661) 6,251 ( 7,107) 1,492 ( 5,615) ( 15,938) 3,347 ( 12,591) Reclassification of benefit plan liability amortization included in net income (loss) 21,807 ( 4,580) 17,227 7,974 ( 1,674) 6,300 6,902 ( 1,449) 5,453 Total other comprehensive income (loss) $ ( 577,045) $ 53,670 $ ( 523,375) $ 556,201 $ ( 49,455) $ 506,746 $ 542,400 $ ( 51,691) $ 490,709 |
Reclassification From Accumulated Other Comprehensive Income | Years Ended December 31, Affected line item within the statements of AOCI component 2021 2020 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 5,347 $ 2,253 Other net realized capital gains (losses) ( 1,731) ( 5,729) Income tax expense (benefit) $ 3,616 $ ( 3,476) Net income (loss) Benefit plan net gain (loss) $ 21,807 $ 7,974 Other underwriting expenses ( 4,580) ( 1,674) Income tax expense (benefit) $ 17,227 $ 6,300 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Years Ended December 31, (Dollars in thousands) 2021 2020 Beginning balance of URA (D) on securities $ 724,159 $ 304,425 Current period change in URA (D) of investments - non-credit related ( 484,762) 419,734 Ending balance of URA (D) on securities 239,397 724,159 Beginning balance of foreign currency translation adjustments ( 115,390) ( 201,717) Current period change in foreign currency translation adjustments ( 62,091) 86,327 Ending balance of foreign currency translation adjustments ( 177,481) ( 115,390) Beginning balance of benefit plan net gain (loss) ( 73,870) ( 74,556) Current period change in benefit plan net gain (loss) 23,478 685 Ending balance of benefit plan net gain (loss) ( 50,392) ( 73,870) Ending balance of accumulated other comprehensive income (loss) $ 11,523 $ 534,899 (Some amounts may not reconcile due to rounding.) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Contributions To Defined Benefit Pension Plans | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Company contributions $ 3,821 $ 6,825 $ 4,750 |
Summary Of Accumulated Benefit Obligation | At December 31, (Dollars in thousands) 2021 2020 Qualified Plan $ 339,360 $ 336,027 Non-qualified Plan 12,190 16,258 Total $ 351,550 $ 352,285 (Some amounts may not reconcile due to rounding.) |
Projected Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2021 2020 Qualified Plan Projected benefit obligation $ 390,437 $ 388,213 Fair value of plan assets 377,303 354,464 Non-qualified Plan Projected benefit obligation $ 12,190 $ 16,258 Fair value of plan assets - - |
Accumulated Benefit Obligations In Excess Of Plan Assets | At December 31, (Dollars in thousands) 2021 2020 Qualified Plan Accumulated benefit obligation $ - $ - Fair value of plan assets - - Non-qualified Plan Accumulated benefit obligation $ 12,189 $ 16,258 Fair value of plan assets - - |
Defined Benefit Pension Plan [Member] | |
Summary Of Pension Expenses | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Pension expense $ 3,388 $ 8,429 $ 10,042 |
Summary Of Status Of Plan | Years Ended December 31, (Dollars in thousands) 2021 2020 Change in projected benefit obligation: Benefit obligation at beginning of year $ 404,471 $ 355,356 Service cost 10,637 9,522 Interest cost 8,253 10,112 Actuarial (gain)/loss ( 8,587) 43,595 Curtailment - - Benefits paid ( 12,147) ( 14,115) Projected benefit obligation at end of year 402,626 404,471 Change in plan assets: Fair value of plan assets at beginning of year 354,464 301,467 Actual return on plan assets 31,166 60,286 Actual contributions during the year 3,821 6,825 Administrative expenses paid - - Benefits paid ( 12,147) ( 14,115) Fair value of plan assets at end of year 377,303 354,464 Funded status at end of year $ ( 25,323) $ ( 50,007) (Some amounts may not reconcile due to rounding.) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2021 2020 Other assets (due beyond one year) $ - $ - Other liabilities (due within one year) ( 1,469) ( 2,197) Other liabilities (due beyond one year) ( 23,854) ( 47,810) Net amount recognized in the consolidated balance sheets $ ( 25,323) $ ( 50,007) (Some amounts may not reconcile due to rounding.) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2021 2020 Accumulated income (loss) $ ( 67,729) $ ( 91,979) Accumulated other comprehensive income (loss) $ ( 67,729) $ ( 91,979) (Some amounts may not reconcile due to rounding.) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2021 2020 Other comprehensive income (loss) at December 31, prior year $ ( 91,979) $ ( 97,466) Net gain (loss) arising during period 15,298 ( 4,090) Recognition of amortizations in net periodic benefit cost: Actuarial loss 8,953 9,576 Curtailment loss recognized - - Other comprehensive income (loss) at December 31, current year $ ( 67,729) $ ( 91,979) (Some amounts may not reconcile due to rounding.) |
Net Periodic Benefit Cost | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Service cost $ 10,637 $ 9,522 $ 8,255 Interest cost 8,253 10,112 11,712 Expected return on assets ( 24,454) ( 20,781) ( 17,968) Amortization of actuarial loss from earlier periods 8,489 8,551 7,635 Settlement 464 1,025 408 Net periodic benefit cost $ 3,388 $ 8,429 $ 10,042 Other changes recognized in other comprehensive income (loss): Other comprehensive income (loss) attributable to change from prior year ( 24,251) ( 5,486) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ ( 20,863) $ 2,943 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2022 $ 16,662 2023 12,639 2024 13,565 2025 14,550 2026 15,439 Next 5 years 95,005 |
Fair Value Measurement Levels For Qualified Plan Assets | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 2,540 $ 2,540 $ - $ - Mutual funds, fair value Fixed income (b) 84,663 84,663 - - Equities (c) 287,382 287,382 - - Total $ 374,585 $ 374,585 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities. Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) December 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Short-term investments, which approximates fair value (a) $ 1,204 $ 1,204 $ - $ - Mutual funds, fair value Fixed income (b) 93,609 93,609 - - Equities (c) 255,054 255,054 - - Total $ 349,867 $ 349,867 $ - $ - (Some amounts may not reconcile due to rounding.) (a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities. |
Post-Retirement Plan [Member] | |
Summary Of Status Of Plan | At December 31, (Dollars in thousands) 2021 2020 Change in projected benefit obligation: Benefit obligation at beginning of year $ 35,098 $ 29,376 Service cost 1,096 1,066 Interest cost 641 845 Amendments - - Actuarial (gain)/loss ( 6,044) 4,042 Benefits paid ( 267) ( 232) Benefit obligation at end of year 30,523 35,098 Change in plan assets: Fair value of plan assets at beginning of year - - Employer contributions 267 232 Benefits paid ( 267) ( 232) Fair value of plan assets at end of year - - Funded status at end of year $ ( 30,523) $ ( 35,098) |
Amounts Recognized In The Consolidated Balance Sheets | At December 31, (Dollars in thousands) 2021 2020 Other liabilities (due within one year) $ ( 682) $ ( 613) Other liabilities (due beyond one year) ( 29,840) ( 34,484) Net amount recognized in the consolidated balance sheets $ ( 30,523) $ ( 35,098) (Some amounts may not reconcile due to rounding.) |
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) | At December 31, (Dollars in thousands) 2021 2020 Accumulated income (loss) $ 2,191 $ ( 3,854) Accumulated prior service credit (cost) 1,750 2,327 Accumulated other comprehensive income (loss) $ 3,941 $ ( 1,527) |
Other Changes In Other Comprehensive Income (Loss) | Years Ended December 31, (Dollars in thousands) 2021 2020 Other comprehensive income (loss) at December 31, prior year $ ( 1,527) $ 3,092 Net gain (loss) arising during period 6,044 ( 4,042) Prior Service credit (cost) arising during period - - Recognition of amortizations in net periodic benefit cost: Actuarial loss (gain) - - Prior service cost ( 577) ( 577) Other comprehensive income (loss) at December 31, current year $ 3,941 $ ( 1,527) |
Net Periodic Benefit Cost | Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Service cost $ 1,096 $ 1,066 $ 983 Interest cost 641 845 980 Prior service credit recognition ( 577) ( 577) ( 577) Net gain recognition - - ( 155) Net periodic cost $ 1,161 $ 1,334 $ 1,231 Other changes recognized in other comprehensive income (loss): Other comprehensive gain (loss) attributable to change from prior year ( 5,468) 4,619 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ ( 4,307) $ 5,953 (Some amounts may not reconcile due to rounding.) |
Expected Benefit Payments | (Dollars in thousands) 2022 $ 683 2023 779 2024 831 2025 974 2026 1,084 Next 5 years 7,252 |
Dividend Restrictions And Sta_2
Dividend Restrictions And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Dividend Restrictions And Statutory Financial Information [Abstract] | |
Regulatory Targeted Capital And The Actual Statutory Capital | Bermuda Re (1) Everest Re (1) At December 31, At December 31, (Dollars in thousands) 2021 (1) 2020 2021 2020 Regulatory targeted capital $ - $ 1,923,209 $ 2,940,938 $ 2,489,772 Actual capital $ 3,092,287 $ 2,930,250 $ 5,789,484 $ 5,276,003 (1) Regulatory targeted capital represents the target capital level from the applicable year's BSCR calculation. (2) Regulatory targeted capital represents 200% of the RBC authorized control level calculation for the applicable year. (3) The 2021 BSCR calculation is not yet due to be completed; however, the Company anticipates that Bermuda Re's December 31, 2021 actual capital will exceed the targeted capital level. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Summary Of Estimated Cost To Replace Annuities For Contingent Liability | At December 31, (Dollars in thousands) 2021 2020 The Prudential $ 138,285 $ 140,773 Unaffiliated life insurance company 34,847 35,128 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation Plans [Abstract] | |
Company's Shareholder Approved Plans | Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2021 116,871 $ 87.87 Granted - - Exercised 67,843 87.39 Forfeited/Cancelled/Expired – - Outstanding at December 31, 2021 49,028 88.52 0.2 $ 9,090 . Exercisable at December 31, 2021 49,028 88.52 0.2 $ 9,090 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2020 170,704 $ 87.18 Granted - - Exercised 53,833 85.69 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2020 116,871 87.87 0.7 $ 17,089 . Exercisable at December 31, 2020 116,871 87.87 0.7 $ 17,089 Weighted- Weighted- Average Average Remaining Aggregate (Aggregate Intrinsic Value in thousands) Exercise Contractual Intrinsic Options Shares Price/Share Term Value Outstanding at January 1, 2019 279,164 $ 83.84 Granted - - Exercised 108,460 78.58 Forfeited/Cancelled/Expired - - Outstanding at December 31, 2019 170,704 87.18 1.4 $ 32,376 . Exercisable at December 31, 2019 170,704 87.18 1.4 $ 32,376 |
Share Options Outstanding And Exercisable | At December 31, 2021 Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Number Remaining Average Number Average Range of Outstanding Contractual Exercise Exercisable Exercise Exercise Prices at 12/31/21 Life Price at 12/31/21 Price $ 88.32 - $ 88.32 48,574 0.1 $ 88.32 48,574 $ 88.32 $ 88.33 - $ 110.13 454 0.7 110.13 454 110.13 $ 90.49 - $ 110.13 - - - - - 49,028 0.2 88.52 49,028 88.52 |
Summary Of Company's Non-Vested Shares And Changes | Years Ended December 31, 2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Restricted (non-vested) Shares Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 483,427 $ 246.60 495,137 $ 228.02 414,407 $ 217.15 Granted 213,901 243.51 200,929 269.86 232,601 232.36 Vested 158,735 238.67 175,413 220.88 138,322 203.41 Forfeited 42,499 247.02 37,226 246.20 13,549 221.35 Outstanding at December 31, 496,094 247.76 483,427 246.60 495,137 228.02 |
Company's Non-Vested Performance Share Unit Awards | Years Ended December 31, 2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Performance Share Unit Awards Shares Fair Value Shares Fair Value Shares Fair Value Outstanding at January 1, 38,891 $ - 34,850 $ - 32,382 $ - Granted 22,205 242.24 16,120 277.15 16,855 223.45 Increase/(Decrease) on vesting units due to performance ( 800) - ( 2,227) - ( 3,455) - Vested 9,801 242.24 6,157 277.15 10,922 223.45 Forfeited - - 3,695 - - - Outstanding at December 31, 50,495 - 38,891 - 34,850 - |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Year Ended December 31, 2021 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 9,067,292 $ 3,982,464 $ 13,049,756 Net written premiums 8,535,618 2,909,886 11,445,505 Premiums earned $ 7,757,483 $ 2,648,957 $ 10,406,441 Incurred losses and LAE 5,556,444 1,834,809 7,391,253 Commission and brokerage 1,854,466 354,300 2,208,766 Other underwriting expenses 199,148 383,499 582,647 Underwriting gain (loss) $ 147,426 $ 76,349 $ 223,775 Net investment income 1,164,892 Net realized capital gains (losses) 257,943 Corporate expenses ( 67,827) Interest, fee and bond issue cost amortization expense ( 70,149) Other income (expense) 36,987 Income (loss) before taxes $ 1,545,621 Year Ended December 31, 2020 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 7,281,716 $ 3,200,645 $ 10,482,361 Net written premiums 6,767,579 2,349,404 9,116,983 Premiums earned $ 6,466,106 $ 2,215,407 $ 8,681,513 Incurred losses and LAE 4,933,411 1,617,426 6,550,837 Commission and brokerage 1,552,371 320,879 1,873,250 Other underwriting expenses 175,734 335,503 511,237 Underwriting gain (loss) $ ( 195,410) $ ( 58,401) $ ( 253,811) Net investment income 642,465 Net realized capital gains (losses) 267,649 Corporate expenses ( 41,118) Interest, fee and bond issue cost amortization expense ( 36,323) Other income (expense) 6,487 Income (loss) before taxes $ 585,349 Year Ended December 31, 2019 (Dollars in thousands) Reinsurance Insurance Total Gross written premiums $ 6,355,889 $ 2,777,475 $ 9,133,364 Net written premiums 5,732,272 2,092,152 7,824,424 Premiums earned $ 5,491,296 $ 1,912,390 $ 7,403,686 Incurred losses and LAE 3,675,178 1,247,720 4,922,898 Commission and brokerage 1,400,247 303,479 1,703,726 Other underwriting expenses 160,834 280,065 440,899 Underwriting gain (loss) $ 255,037 $ 81,126 $ 336,163 Net investment income 647,139 Net realized capital gains (losses) 185,004 Corporate expenses ( 32,966) Interest, fee and bond issue cost amortization expense ( 31,693) Other income (expense) ( 4,660) Income (loss) before taxes $ 1,098,987 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Year Ended December 31, (Dollars in thousands) 2021 2020 2019 United Kingdom gross written premium $ 1,245,909 $ 1,116,363 $ 964,358 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)Itemshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Minimum percent of prepaid reinsurance premiums for any foreign reinsurers that were collateralized | 10.00% | |||
Number of operating segments | Item | 2 | |||
Anti-dilutive options | shares | 0 | 0 | 0 | |
Change in beginning balance due to adoption of ASU | $ 10,139,180 | $ 9,726,176 | $ 9,132,925 | |
Accumulated Other Comprehensive Income [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Change in beginning balance due to adoption of ASU | 11,523 | 534,899 | 28,152 | $ (462,557) |
Retained Earnings [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Change in beginning balance due to adoption of ASU | $ 11,699,836 | 10,567,452 | 10,306,571 | 9,531,433 |
Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Options expiration date | Feb. 22, 2022 | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Options expiration date | Sep. 19, 2022 | |||
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Change in beginning balance due to adoption of ASU | $ (4,214) |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Uncollectible Reinsurance Recoverable And Premium Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Reinsurance recoverable premium receivables and deductibles | $ 46,499 | $ 41,357 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Net Income (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Net income (loss) | $ 1,379,083 | $ 514,151 | $ 1,009,461 |
Less: dividends declared-common shares and unvested common shares | (246,699) | (249,056) | (234,322) |
Undistributed earnings | $ 1,132,384 | $ 265,094 | $ 775,139 |
Percentage Allocated To Common Shareholders | 98.70% | 98.70% | 98.90% |
Net income (loss) available to common stockholders, total | $ 1,117,318 | $ 261,770 | $ 766,386 |
Add: dividends declared-common shareholders | 243,569 | 246,054 | 231,796 |
Numerator for basic and diluted earnings per common share | $ 1,360,887 | $ 507,824 | $ 998,182 |
Denominator for basic earnings per weighted-average common shares | 39,263 | 39,656 | 40,291 |
Effect of dilutive securities: Options | 41 | 77 | 129 |
Denominator for diluted earnings per adjusted weighted-average common shares | 39,304 | 39,734 | 40,420 |
Basic | $ 34.66 | $ 12.81 | $ 24.77 |
Diluted | $ 34.62 | $ 12.78 | $ 24.70 |
Basic weighted-average common shares outstanding | 39,263 | 39,656 | 40,291 |
Basic weighted-average common shares outstanding and unvested common shares expected to vest | 39,792 | 40,160 | 40,751 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | $ 9,334,952 | $ 2,678,449 |
Gross unrealized losses on investments in unrealized loss position | 203,130 | 124,812 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 127,800 | 67,958 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 75,330 | 56,854 |
Additional contractual commitments | $ 2,300 | |
Contractual commitments, investment period expiration date | Dec. 31, 2026 | |
Maximum exposure to loss | $ 2,900,000 | 2,000,000 |
Commitments to fund investments | 2,100,000 | |
Securities, carrying value | 1,500,000 | |
Recorded an Allowance for Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | 15,700 | 300 |
Gross unrealized losses on investments in unrealized loss position | 400 | 100 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | 9,334,952 | 2,678,449 |
Gross unrealized losses on investments in unrealized loss position | 203,130 | 124,812 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 127,800 | 67,958 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 75,330 | $ 56,854 |
Fixed Maturity Securities [Member] | Sales Revenue, Net [Member] | Issuer with the second the largest unrealized loss position [Member] | Issuer [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 0.50% | 0.10% |
Fixed Maturity Securities [Member] | US Government Securities [Member] | Sales Revenue, Net [Member] | Issuer [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage threshold of unrealized losses not exceeded by any one single issuer | 2.70% | 0.70% |
Investment Grade [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | $ 116,200 | $ 63,400 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | $ 72,300 | $ 33,500 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 22,063,592 | $ 19,225,067 | |
Allowance for credit losses | (29,738) | (1,745) | |
Unrealized Appreciation | 477,548 | 941,663 | |
Unrealized Depreciation | (203,130) | (124,812) | |
Market Value | 22,308,272 | 20,040,173 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Allowance for credit losses | (29,738) | ||
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,407,256 | 1,325,156 | |
Allowance for credit losses | |||
Unrealized Appreciation | 23,720 | 49,084 | |
Unrealized Depreciation | (10,358) | (7,134) | |
Market Value | 1,420,618 | 1,367,106 | |
Obligations Of U.S. States And Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 558,842 | 543,895 | |
Allowance for credit losses | (151) | ||
Unrealized Appreciation | 29,080 | 34,654 | |
Unrealized Depreciation | (1,150) | (1,254) | |
Market Value | 586,621 | 577,295 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 7,443,535 | 6,824,800 | |
Allowance for credit losses | (19,267) | (1,220) | |
Unrealized Appreciation | 195,210 | 380,677 | |
Unrealized Depreciation | (62,580) | (55,231) | |
Market Value | 7,556,898 | 7,149,026 | |
Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 3,579,439 | 2,540,809 | |
Allowance for credit losses | (7,679) | ||
Unrealized Appreciation | 21,817 | 30,691 | |
Unrealized Depreciation | (11,848) | (5,698) | |
Market Value | 3,581,729 | 2,565,802 | |
Mortgage-Backed Securities: Commercial [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,032,506 | 915,923 | |
Allowance for credit losses | |||
Unrealized Appreciation | 37,550 | 75,275 | |
Unrealized Depreciation | (5,690) | (895) | |
Market Value | 1,064,366 | 990,303 | |
Mortgage Backed Securities: Agency residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,361,208 | 2,206,139 | |
Allowance for credit losses | |||
Unrealized Appreciation | 32,997 | 64,663 | |
Unrealized Depreciation | (18,873) | (3,063) | |
Market Value | 2,375,332 | 2,267,739 | |
Mortgage Backed Securities: Non-agency residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 6,530 | 5,187 | |
Allowance for credit losses | |||
Unrealized Appreciation | 22 | 9 | |
Unrealized Depreciation | (16) | (2) | |
Market Value | 6,536 | 5,194 | |
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,423,634 | 1,565,260 | |
Allowance for credit losses | (22) | ||
Unrealized Appreciation | 41,957 | 102,587 | |
Unrealized Depreciation | (28,079) | (22,450) | |
Market Value | 1,437,512 | 1,645,375 | |
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 4,250,642 | 3,297,898 | |
Allowance for credit losses | (2,641) | (503) | |
Unrealized Appreciation | 95,195 | 204,023 | |
Unrealized Depreciation | (64,536) | (29,085) | |
Market Value | $ 4,278,660 | $ 3,472,333 |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 22,063,592 | $ 19,225,067 |
Fixed maturity securities - available for sale, Market Value | 22,308,272 | 20,040,173 |
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 | 1,398,742 | 1,365,793 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 7,075,077 | 6,529,189 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 5,003,792 | 4,414,211 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 1,606,298 | 1,247,816 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 1,398,006 | 1,374,674 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 7,154,468 | 6,774,785 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 5,100,672 | 4,751,903 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 1,627,163 | 1,309,773 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 3,579,439 | 2,540,809 |
Fixed maturity securities - available for sale, Market Value | 3,581,729 | 2,565,802 |
Mortgage-Backed Securities: Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 1,032,506 | 915,923 |
Fixed maturity securities - available for sale, Market Value | 1,064,366 | 990,303 |
Mortgage Backed Securities: Agency residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,361,208 | 2,206,139 |
Fixed maturity securities - available for sale, Market Value | 2,375,332 | 2,267,739 |
Mortgage Backed Securities: Non-agency residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 6,530 | 5,187 |
Fixed maturity securities - available for sale, Market Value | $ 6,536 | $ 5,194 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Deferred tax benefit (expense) | $ (40,624) | $ (176,007) | $ (80,150) |
Total URA(D) on securities arising during the period | (484,762) | 419,734 | $ 483,817 |
Amortized Cost [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | (542,343) | 465,192 | |
Deferred tax benefit (expense) | 57,581 | (45,458) | |
Total URA(D) on securities arising during the period | (484,762) | 419,734 | |
Amortized Cost [Member] | Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in unrealized appreciation (depreciation), pre-tax | $ (542,343) | $ 465,192 |
Investments (Summary Of Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 8,094,261 | $ 2,017,481 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (127,800) | (67,958) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,240,691 | 660,968 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (75,330) | (56,854) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 9,334,952 | 2,678,449 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (203,130) | (124,812) |
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 | 8,094,261 | 2,017,481 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (127,800) | (67,958) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,240,691 | 660,968 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (75,330) | (56,854) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 9,334,952 | 2,678,449 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (203,130) | (124,812) |
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 | 504,168 | 135,190 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (6,264) | (7,134) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 91,735 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (4,094) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 595,903 | 135,190 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (10,358) | (7,134) |
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 | 51,094 | 19,524 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,038) | (999) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,558 | 4,059 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (112) | (255) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 53,652 | 23,583 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (1,150) | (1,254) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 2,132,576 | 669,755 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (38,316) | (26,159) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 472,831 | 247,962 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (24,264) | (29,072) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 2,605,407 | 917,717 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (62,580) | (55,231) |
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 | 1,954,079 | 235,566 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (11,180) | (4,768) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 41,823 | 85,595 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (668) | (930) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,995,902 | 321,161 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (11,848) | (5,698) |
Mortgage-Backed Securities: Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 221,852 | 53,511 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (2,854) | (578) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 40,496 | 6,592 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,836) | (317) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 262,348 | 60,103 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (5,690) | (895) |
Mortgage Backed Securities: Agency residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 1,101,215 | 434,447 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (12,178) | (2,016) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 279,697 | 50,353 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (6,695) | (1,047) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,380,912 | 484,800 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (18,873) | (3,063) |
Mortgage Backed Securities: 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 | 2,320 | 185 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (14) | (2) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 156 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 2,476 | 185 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (16) | (2) |
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 | 392,447 | 114,755 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (9,709) | (8,813) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 100,673 | 150,812 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (18,370) | (13,637) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 493,120 | 265,567 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (28,079) | (22,450) |
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 | 1,734,510 | 354,548 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (46,247) | (17,489) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 210,722 | 115,595 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (18,289) | (11,596) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,945,232 | 470,143 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (64,536) | $ (29,085) |
Investments (Summary Of Aggre_2
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | $ 8,094,261 | $ 2,017,481 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (127,800) | (67,958) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,240,691 | 660,968 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (75,330) | (56,854) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 9,334,952 | 2,678,449 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (203,130) | (124,812) |
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 | 8,094,261 | 2,017,481 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (127,800) | (67,958) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 1,240,691 | 660,968 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (75,330) | (56,854) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 9,334,952 | 2,678,449 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (203,130) | (124,812) |
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 | 129,860 | 96,144 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (2,415) | (4,942) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 136,827 | 112,419 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (11,832) | (12,071) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 266,687 | 208,563 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (14,247) | (17,013) |
Due In One Year Through Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 2,165,467 | 653,816 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (35,264) | (32,469) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 446,247 | 283,866 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (28,685) | (21,319) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 2,611,714 | 937,682 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (63,949) | (53,788) |
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 | 1,727,823 | 422,517 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (47,413) | (19,392) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 244,454 | 49,749 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (22,038) | (2,034) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,972,277 | 472,266 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (69,451) | (21,426) |
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 | 791,645 | 121,295 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (16,482) | (3,791) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 50,991 | 72,394 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,574) | (19,136) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 842,636 | 193,689 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (19,056) | (22,927) |
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 | 1,954,079 | 235,566 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (11,180) | (4,768) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 41,823 | 85,595 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (668) | (930) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,995,902 | 321,161 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (11,848) | (5,698) |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 1,325,387 | 488,143 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (15,046) | (2,596) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 320,349 | 56,945 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9,533) | (1,364) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,645,736 | 545,088 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (24,579) | $ (3,960) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 1,207,905 | $ 680,703 | $ 677,347 |
Funds held interest income (expense) | 12,324 | 12,754 | 13,271 |
Future policy benefit reserve income (expense) | (1,093) | (1,237) | (1,380) |
Gross investment income | 1,219,136 | 692,220 | 689,238 |
Investment expenses | (54,244) | (49,755) | (42,099) |
Net investment income | 1,164,892 | 642,465 | 647,139 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 561,091 | 542,363 | 520,291 |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 17,276 | 18,776 | 19,505 |
Short Term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 1,329 | 5,012 | 17,619 |
Limited Partnerships [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | 565,265 | 112,853 | 105,815 |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross investment income before adjustments | $ 62,944 | $ 1,699 | $ 14,117 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Total net realized capital gains (losses) | $ 257,943 | $ 267,649 | $ 185,004 |
Beginning Balance | (1,745) | ||
Credit losses on securities where credit losses were not previously recorded | (28,679) | (32,884) | |
Increases in allowance on previously impaired securities | (5,293) | (6,645) | |
Decrease in allowance on previously impaired securities | 5,525 | ||
Reduction in allowance due to disposals | 5,979 | 32,259 | |
Ending Balance | (29,738) | (1,745) | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Ending Balance | (29,738) | ||
Fixed Maturity Securities [Member] | Market Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Allowance for credit losses | (27,992) | (1,745) | |
Other-than-temporary Impairments | (20,899) | ||
Gains (losses) from sales | 16,503 | (2,214) | 28,025 |
Fixed Maturity Securities [Member] | Fair Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from sales | (2,863) | 355 | |
Gains (losses) from fair value adjustments | 1,944 | 1,808 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Beginning Balance | (1,220) | ||
Credit losses on securities where credit losses were not previously recorded | (21,177) | (27,666) | |
Increases in allowance on previously impaired securities | (2,529) | (6,136) | |
Decrease in allowance on previously impaired securities | 4,333 | ||
Reduction in allowance due to disposals | 5,659 | 28,249 | |
Ending Balance | (19,267) | (1,220) | |
Equity Securities [Member] | Fair Value [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from sales | 27,596 | (8,963) | 4,148 |
Gains (losses) from fair value adjustments | 235,686 | 278,461 | 165,200 |
Other Invested Assets [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from sales | 6,142 | 1,705 | 6,003 |
Short-Term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains (losses) from sales | 8 | 1,324 | 364 |
Asset Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Beginning Balance | |||
Credit losses on securities where credit losses were not previously recorded | (4,915) | ||
Increases in allowance on previously impaired securities | (2,764) | ||
Decrease in allowance on previously impaired securities | |||
Reduction in allowance due to disposals | |||
Ending Balance | (7,679) | ||
Obligations Of U.S. States And Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Beginning Balance | |||
Credit losses on securities where credit losses were not previously recorded | (151) | ||
Increases in allowance on previously impaired securities | |||
Decrease in allowance on previously impaired securities | |||
Reduction in allowance due to disposals | |||
Ending Balance | (151) | ||
Foreign Government Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Beginning Balance | (22) | ||
Credit losses on securities where credit losses were not previously recorded | (518) | ||
Increases in allowance on previously impaired securities | (28) | ||
Decrease in allowance on previously impaired securities | 309 | ||
Reduction in allowance due to disposals | 22 | 215 | |
Ending Balance | (22) | ||
Foreign Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Beginning Balance | (503) | ||
Credit losses on securities where credit losses were not previously recorded | (2,436) | (4,700) | |
Increases in allowance on previously impaired securities | (481) | ||
Decrease in allowance on previously impaired securities | 883 | ||
Reduction in allowance due to disposals | 298 | 3,795 | |
Ending Balance | $ (2,641) | $ (503) |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | $ 4,907 | $ 2,917 | |
Proceeds from sales of equity securities | 990,376 | 376,347 | 283,965 |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of securities | 1,915,916 | 1,950,774 | 3,283,154 |
Gross gains from sales | 71,744 | 79,609 | 63,721 |
Gross losses from sales | (55,241) | (84,686) | (35,341) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of equity securities | 990,376 | 376,347 | 283,965 |
Gross gains from sales | 42,241 | 37,415 | 14,274 |
Gross losses from sales | $ (14,645) | $ (46,378) | $ (10,126) |
Reserve For Losses, LAE And F_3
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)Item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2015USD ($) | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Current year losses | $ 7,400,303 | $ 6,149,410 | $ 4,986,456 | |
Prior year losses | (9,050) | 401,427 | $ (63,558) | |
Reinsurance recoverable for paid and unpaid losses | $ 2,100,000 | 2,000,000 | ||
Contracts of insurance and reinsurance received claims during the past three years, in years | 20 years | |||
Business acquisition, cost of acquired entity and operations, cash paid | $ 140,300 | |||
Liabilities retroceded, percentage | 100.00% | |||
Maximum liability retroceded | 450,300 | $ 440,300 | ||
Decrease in amount of liabilities retroceded | 43,400 | |||
Total amount of liabilities retroceded | $ 300,000 | |||
Number of exposure groupings | Item | 200 | |||
Other Retrocessionaire [Member] | Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Concentration risk, percentage | 5.00% | |||
Catastrophe Losses [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Current year losses | $ 710,000 | (120,500) | ||
Covid-19 [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Current year losses | 511,100 | |||
Higher Premiums Earned [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Current year losses | 540,900 | $ 772,400 | ||
Mt Logan Re [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Reinsurance recoverable for paid and unpaid losses | $ 691,400 | |||
Mt Logan Re [Member] | Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Concentration risk, percentage | 33.70% | |||
Munich Reinsurance Company [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Reinsurance recoverable for paid and unpaid losses | $ 221,900 | |||
Munich Reinsurance Company [Member] | Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Concentration risk, percentage | 10.80% | |||
Endurance Re [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Reinsurance recoverable for paid and unpaid losses | $ 115,100 | |||
Endurance Re [Member] | Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments [Member] | Reinsurer Concentration Risk [Member] | ||||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||||
Concentration risk, percentage | 5.60% |
Reserve For Losses, LAE And F_4
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |||
Gross reserves beginning of period | $ 16,322,143 | $ 13,531,256 | $ 13,098,158 |
Less reinsurance recoverables on unpaid losses | (1,843,691) | (1,640,712) | (1,619,641) |
Net reserves beginning of period | 14,478,452 | 11,890,544 | 11,478,517 |
Incurred related to: Current year | 7,400,303 | 6,149,410 | 4,986,456 |
Incurred related to: Prior years | (9,050) | 401,427 | (63,558) |
Total incurred losses and LAE | 7,391,253 | 6,550,837 | 4,922,898 |
Paid related to: Current year | 2,490,645 | 2,046,260 | 2,042,246 |
Paid related to: Prior years | 2,226,457 | 2,077,613 | 2,519,950 |
Total paid losses and LAE | 4,717,102 | 4,123,873 | 4,562,196 |
Foreign exchange/translation adjustment | (89,481) | 160,944 | 51,325 |
Net reserves end of period | 17,063,121 | 14,478,452 | 11,890,544 |
Plus reinsurance recoverables on unpaid losses | 1,946,365 | 1,843,691 | 1,640,712 |
Gross reserves end of period | $ 19,009,486 | $ 16,322,143 | $ 13,531,256 |
Reserve For Losses, LAE And F_5
Reserve For Losses, LAE And Future Policy Benefit Reserve (Ultimate Loss and ALAE And Paid Loss And ALAE, Net Of Reinsurance) (Details) $ in Thousands | Dec. 31, 2021USD ($)Item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 16,785,529 | |||||||||
Reinsurance [Member] | Casualty Business [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 12,499,575 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 5,261,006 | |||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 824,128 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 8,062,697 | |||||||||
Reinsurance [Member] | Casualty Business [Member] | 2012 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 626,752 | $ 635,281 | $ 656,696 | $ 682,447 | $ 677,924 | $ 676,252 | $ 692,497 | $ 707,089 | $ 806,271 | $ 913,235 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 22,382 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 568,922 | 549,564 | 539,251 | 504,848 | 425,397 | 355,728 | 275,548 | 179,993 | 98,010 | 41,756 |
Reinsurance [Member] | Casualty Business [Member] | 2013 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 710,499 | 715,519 | 715,578 | 735,487 | 764,362 | 794,549 | 804,255 | 816,634 | 726,240 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 21,566 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 603,638 | 574,706 | 548,578 | 496,373 | 389,143 | 314,826 | 214,769 | 123,813 | 49,581 | |
Reinsurance [Member] | Casualty Business [Member] | 2014 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 745,601 | 747,748 | 734,567 | 757,392 | 798,868 | 822,646 | 815,861 | 776,680 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 31,868 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 594,417 | 553,006 | 507,146 | 430,751 | 304,645 | 214,072 | 122,673 | 57,942 | ||
Reinsurance [Member] | Casualty Business [Member] | 2015 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 849,230 | 848,989 | 812,346 | 828,634 | 831,492 | 836,303 | 795,662 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 75,907 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 621,569 | 573,637 | 503,917 | 413,852 | 267,841 | 160,199 | 57,114 | |||
Reinsurance [Member] | Casualty Business [Member] | 2016 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 954,364 | 952,811 | 877,209 | 882,087 | 885,069 | 808,757 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 129,447 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 629,704 | 548,345 | 433,583 | 326,011 | 190,818 | 90,184 | ||||
Reinsurance [Member] | Casualty Business [Member] | 2017 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 950,788 | 942,467 | 861,180 | 854,313 | 894,903 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 199,152 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 592,780 | 464,179 | 322,029 | 188,542 | 81,099 | |||||
Reinsurance [Member] | Casualty Business [Member] | 2018 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,445,481 | 1,414,891 | 1,337,894 | 1,340,402 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 466,230 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 638,435 | 463,099 | 290,083 | 154,910 | ||||||
Reinsurance [Member] | Casualty Business [Member] | 2019 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,788,763 | 1,786,629 | 1,721,440 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 907,117 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 526,547 | 343,081 | 210,530 | |||||||
Reinsurance [Member] | Casualty Business [Member] | 2020 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,914,757 | 1,943,096 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,482,711 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 268,027 | 190,530 | ||||||||
Reinsurance [Member] | Casualty Business [Member] | 2021 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,513,341 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,951,060 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 216,969 | |||||||||
Reinsurance [Member] | Property Business [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 19,028,789 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 14,656,957 | |||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 519,855 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 4,891,687 | |||||||||
Reinsurance [Member] | Property Business [Member] | 2012 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,152,601 | 1,154,729 | 1,151,907 | 1,132,514 | 1,144,478 | 1,152,163 | 1,158,272 | 1,159,361 | 1,282,432 | 1,595,581 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 10,597 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,106,461 | 1,101,861 | 1,092,694 | 1,069,836 | 1,058,690 | 1,024,725 | 990,221 | 896,790 | 703,440 | 404,621 |
Reinsurance [Member] | Property Business [Member] | 2013 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 782,285 | 782,978 | 784,582 | 777,334 | 781,908 | 787,484 | 843,829 | 954,434 | 1,302,966 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 2,615 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 762,225 | 761,755 | 760,516 | 751,190 | 741,032 | 720,662 | 663,255 | 530,340 | 384,956 | |
Reinsurance [Member] | Property Business [Member] | 2014 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 956,892 | 956,387 | 964,131 | 963,168 | 963,339 | 1,055,896 | 1,207,588 | 1,366,519 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,114 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 931,494 | 928,821 | 921,984 | 911,719 | 882,489 | 805,888 | 670,226 | 378,154 | ||
Reinsurance [Member] | Property Business [Member] | 2015 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 967,102 | 965,298 | 973,022 | 970,290 | 996,351 | 1,072,514 | 1,408,609 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 6,102 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 937,534 | 926,506 | 904,827 | 875,529 | 787,370 | 626,200 | 386,340 | |||
Reinsurance [Member] | Property Business [Member] | 2016 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,568,689 | 1,567,764 | 1,590,207 | 1,596,178 | 1,560,324 | 1,725,574 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 19,440 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,539,568 | 1,520,320 | 1,460,922 | 1,336,301 | 1,035,935 | 489,865 | ||||
Reinsurance [Member] | Property Business [Member] | 2017 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 3,707,890 | 3,662,032 | 3,533,258 | 3,422,515 | 2,799,762 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 9,592 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,477,657 | 3,259,500 | 2,858,044 | 2,277,663 | 850,375 | |||||
Reinsurance [Member] | Property Business [Member] | 2018 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,465,788 | 2,527,900 | 2,526,001 | 2,650,359 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 40,866 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,125,022 | 1,941,282 | 1,563,718 | 558,319 | ||||||
Reinsurance [Member] | Property Business [Member] | 2019 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,098,665 | 2,153,458 | 2,122,117 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 176,930 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,703,956 | 1,365,923 | 769,261 | |||||||
Reinsurance [Member] | Property Business [Member] | 2020 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,526,034 | 2,453,269 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 616,803 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,385,266 | 606,518 | ||||||||
Reinsurance [Member] | Property Business [Member] | 2021 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 2,802,843 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 1,445,812 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 687,773 | |||||||||
Insurance [Member] | Casualty Business [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 6,663,437 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 3,505,299 | |||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 226,081 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 3,384,219 | |||||||||
Insurance [Member] | Casualty Business [Member] | 2012 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 354,697 | 353,942 | 351,441 | 346,980 | 344,007 | 353,394 | 348,260 | 347,065 | 351,526 | 349,721 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 31,942 | |||||||||
Cumulative Number of Reported Claims | Item | 15,782 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 317,249 | 311,863 | 306,934 | 294,442 | 272,113 | 246,454 | 213,488 | 157,924 | 101,300 | 33,194 |
Insurance [Member] | Casualty Business [Member] | 2013 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 350,107 | 349,965 | 350,927 | 344,479 | 351,380 | 393,129 | 392,955 | 393,519 | 393,689 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 29,280 | |||||||||
Cumulative Number of Reported Claims | Item | 21,360 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 317,111 | 310,927 | 303,784 | 285,872 | 260,222 | 224,633 | 176,326 | 117,046 | 33,314 | |
Insurance [Member] | Casualty Business [Member] | 2014 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 397,889 | 399,021 | 398,126 | 397,307 | 460,862 | 454,801 | 457,270 | 431,297 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 44,649 | |||||||||
Cumulative Number of Reported Claims | Item | 25,265 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 350,976 | 339,484 | 326,008 | 297,760 | 256,885 | 201,688 | 124,936 | 41,194 | ||
Insurance [Member] | Casualty Business [Member] | 2015 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 472,700 | 472,079 | 469,081 | 542,637 | 536,106 | 528,468 | 519,869 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 56,840 | |||||||||
Cumulative Number of Reported Claims | Item | 27,044 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 414,069 | 382,743 | 353,440 | 292,111 | 218,987 | 134,760 | 44,317 | |||
Insurance [Member] | Casualty Business [Member] | 2016 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 542,750 | 554,151 | 616,641 | 581,114 | 552,057 | 554,134 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 86,737 | |||||||||
Cumulative Number of Reported Claims | Item | 31,674 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 445,429 | 402,518 | 342,880 | 269,127 | 164,357 | 54,740 | ||||
Insurance [Member] | Casualty Business [Member] | 2017 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 635,622 | 659,359 | 627,426 | 604,615 | 614,528 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 156,575 | |||||||||
Cumulative Number of Reported Claims | Item | 35,627 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 457,197 | 381,169 | 281,339 | 172,415 | 53,918 | |||||
Insurance [Member] | Casualty Business [Member] | 2018 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 766,992 | 752,894 | 714,065 | 708,122 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 193,686 | |||||||||
Cumulative Number of Reported Claims | Item | 36,041 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 447,358 | 319,559 | 208,432 | 63,587 | ||||||
Insurance [Member] | Casualty Business [Member] | 2019 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 888,280 | 855,266 | 852,407 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 288,688 | |||||||||
Cumulative Number of Reported Claims | Item | 39,219 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 398,600 | 234,915 | 72,394 | |||||||
Insurance [Member] | Casualty Business [Member] | 2020 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,058,272 | 997,126 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 620,239 | |||||||||
Cumulative Number of Reported Claims | Item | 34,983 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 248,000 | 79,658 | ||||||||
Insurance [Member] | Casualty Business [Member] | 2021 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 1,196,128 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | $ 782,844 | |||||||||
Cumulative Number of Reported Claims | Item | 31,679 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 109,311 | |||||||||
Insurance [Member] | Property Business [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 3,155,364 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,708,995 | |||||||||
All outstanding liabilities prior to 2012, net of reinsurance | 557 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 446,926 | |||||||||
Insurance [Member] | Property Business [Member] | 2012 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 82,685 | 82,613 | 82,552 | 82,005 | 81,828 | 82,045 | 82,475 | 81,773 | 89,038 | 106,363 |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 82,669 | 82,612 | 82,483 | 81,846 | 81,708 | 81,917 | 81,776 | 80,495 | 81,798 | $ 56,506 |
Insurance [Member] | Property Business [Member] | 2013 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 92,035 | 91,893 | 92,326 | 92,472 | 92,311 | 92,222 | 91,334 | 98,203 | 112,082 | |
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 94 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 91,942 | 91,864 | 91,855 | 91,838 | 91,798 | 92,189 | 91,919 | 93,179 | $ 68,711 | |
Insurance [Member] | Property Business [Member] | 2014 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 119,428 | 119,138 | 119,481 | 119,344 | 119,523 | 119,989 | 123,744 | 131,752 | ||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 49 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 118,808 | 118,799 | 118,724 | 118,605 | 118,270 | 118,277 | 116,089 | $ 81,853 | ||
Insurance [Member] | Property Business [Member] | 2015 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 146,559 | 146,626 | 144,919 | 146,930 | 144,081 | 153,028 | 173,059 | |||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 47 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 147,052 | 146,954 | 146,866 | 145,367 | 142,560 | 141,394 | $ 102,239 | |||
Insurance [Member] | Property Business [Member] | 2016 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 297,417 | 295,140 | 292,750 | 280,797 | 275,740 | 291,182 | ||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 380 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 294,031 | 293,247 | 290,278 | 272,535 | 250,034 | $ 162,906 | ||||
Insurance [Member] | Property Business [Member] | 2017 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 493,370 | 499,323 | 496,195 | 502,601 | 498,044 | |||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 480 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 486,538 | 482,817 | 460,130 | 425,384 | $ 179,403 | |||||
Insurance [Member] | Property Business [Member] | 2018 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 411,160 | 398,243 | 403,013 | 409,168 | ||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 693 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 404,819 | 379,654 | 359,276 | $ 245,840 | ||||||
Insurance [Member] | Property Business [Member] | 2019 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 355,692 | 351,599 | 349,061 | |||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 5,808 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 339,411 | 317,766 | $ 227,630 | |||||||
Insurance [Member] | Property Business [Member] | 2020 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 507,281 | 599,613 | ||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 45,162 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 415,518 | $ 293,331 | ||||||||
Insurance [Member] | Property Business [Member] | 2021 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of reinsurance | 649,738 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Claims | 191,897 | |||||||||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 328,207 |
Reserve For Losses, LAE And F_6
Reserve For Losses, LAE And Future Policy Benefit Reserve (Average Annual Percentage Payout Incurred Claims By Age, Net Of Reinsurance) (Details) | Dec. 31, 2021 |
Reinsurance [Member] | Casualty Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 9.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 8.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 12.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 13.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 12.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 10.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 7.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 4.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 2.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 3.10% |
Reinsurance [Member] | Property Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 29.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 32.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 16.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 8.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 4.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 1.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 1.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 0.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 0.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 0.40% |
Insurance [Member] | Casualty Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 8.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 18.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 17.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 15.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 11.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 7.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 5.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 2.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 1.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 1.50% |
Insurance [Member] | Property Business [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year One | 55.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Two | 31.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Three | 5.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Four | 4.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Five | 2.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Six | 0.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Seven | 0.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Eight | 0.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 0.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year Nine | 0.10% |
Reserve For Losses, LAE And F_7
Reserve For Losses, LAE And Future Policy Benefit Reserve (Reconciliation of the Net Incurred and Paid Claims Development) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 16,785,529 | |||
Total reinsurance recoverable on unpaid claims | 1,946,365 | |||
Unallocated claims adjustment expenses | 235,391 | |||
Other | 42,199 | |||
Total expenses | 277,590 | |||
Total gross liability for unpaid claims and claim adjustment expense | 19,009,486 | $ 16,322,143 | $ 13,531,256 | $ 13,098,158 |
Reinsurance [Member] | Casualty Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 8,062,697 | |||
Total reinsurance recoverable on unpaid claims | 293,110 | |||
Reinsurance [Member] | Property Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 4,891,687 | |||
Total reinsurance recoverable on unpaid claims | 507,097 | |||
Insurance [Member] | Casualty Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 3,384,219 | |||
Total reinsurance recoverable on unpaid claims | 973,182 | |||
Insurance [Member] | Property Business [Member] | ||||
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items] | ||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 446,926 | |||
Total reinsurance recoverable on unpaid claims | $ 172,977 |
Reserve For Losses, LAE And F_8
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Incurred Losses With Respect To A&E Reserve On Both Gross And Net Of Reinsurance Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |||
Gross basis: Beginning of period reserves | $ 219,341 | $ 257,921 | $ 347,495 |
Gross basis: Incurred losses | 10,862 | 1,540 | 2,070 |
Gross basis: Paid losses | (55,048) | (40,120) | (91,644) |
Gross basis: End of period reserves | 175,155 | 219,341 | 257,921 |
Net basis: Beginning of period reserves | 198,255 | 228,701 | 261,456 |
Net basis: Incurred losses | (772) | ||
Net basis: Paid losses | (42,139) | (29,674) | (32,756) |
Net basis: End of period reserves | $ 156,115 | $ 198,255 | $ 228,701 |
Reserve For Losses, LAE And F_9
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Future Policy Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |||
Balance at beginning of year | $ 37,723 | $ 42,592 | $ 46,778 |
Liabilities assumed | 27 | 35 | 53 |
Adjustments to reserves | 719 | (1,113) | 350 |
Benefits paid in the current year | (2,800) | (3,791) | (4,589) |
Balance at end of year | $ 35,669 | $ 37,723 | $ 42,592 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Market Value | $ 22,308,272 | $ 20,040,173 |
Other invested assets | 757,167 | 665,515 |
Asset Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Market Value | 3,581,729 | 2,565,802 |
Internally Managed Public Equity Portfolio [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Market Value | 1,300,000 | 784,400 |
Internally Managed Portfolio, Collateralized Loan Obligations [Member] | Asset Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Market Value | 2,000,000 | |
Market Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfer in and/or (out) of Level 3 | (924) | |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfer in and/or (out) of Level 3 | ||
Fair Value [Member] | Investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets | 286,600 | 224,700 |
Fixed Maturities [Member] | Market Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Market Value | $ 2,100,000 | 1,300,000 |
Fixed Maturities [Member] | Market Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfer in and/or (out) of Level 3 | (900) | |
Equity Securities [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfer in and/or (out) of Level 3 | $ (9,900) |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | $ 22,308,272 | $ 20,040,173 |
Fixed maturities, fair value | 22,308,272 | 20,040,173 |
Equity securities, fair value | 1,825,908 | 1,472,236 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, fair value | 1,742,367 | 1,368,704 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, fair value | 83,541 | 103,532 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, fair value | ||
Fixed Maturity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 22,308,272 | 20,040,173 |
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 - available for sale, at 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 - available for sale, at market value | 20,240,402 | 18,709,949 |
Fixed Maturity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 2,067,870 | 1,330,224 |
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 - available for sale, at market value | 1,420,618 | 1,367,106 |
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 - available for sale, at 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 - available for sale, at market value | 1,420,618 | 1,367,106 |
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 - available for sale, at market value | ||
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 586,621 | 577,295 |
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 - available for sale, at 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 - available for sale, at market value | 586,621 | 577,295 |
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 - available for sale, at market value | ||
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 7,556,898 | 7,149,026 |
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 - available for sale, at market value | ||
Corporate Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 6,756,324 | 6,447,534 |
Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 800,574 | 701,492 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 3,581,729 | 2,565,802 |
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 - available for sale, at 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 - available for sale, at market value | 2,330,448 | 1,942,769 |
Asset-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 1,251,281 | 623,033 |
Mortgage-Backed Securities: Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 1,064,366 | 990,303 |
Mortgage-Backed Securities: Commercial [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | ||
Mortgage-Backed Securities: Commercial [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 1,064,366 | 990,303 |
Mortgage-Backed Securities: Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | ||
Mortgage Backed Securities: Agency residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 2,375,332 | 2,267,739 |
Mortgage Backed Securities: 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 - available for sale, at market value | ||
Mortgage Backed Securities: Agency residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 2,375,332 | 2,267,739 |
Mortgage Backed Securities: Agency residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | ||
Mortgage Backed Securities: Non-agency residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 6,536 | 5,194 |
Mortgage Backed Securities: 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 - available for sale, at market value | ||
Mortgage Backed Securities: Non-agency residential [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 6,536 | 5,194 |
Mortgage Backed Securities: Non-agency residential [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | ||
Foreign Government Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 1,437,512 | 1,645,375 |
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 - available for sale, at 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 - available for sale, at market value | 1,437,512 | 1,645,375 |
Foreign Government Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 4,278,660 | 3,472,333 |
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 - available for sale, at 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 - available for sale, at market value | 4,262,645 | 3,466,634 |
Foreign Corporate Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | $ 16,015 | $ 5,699 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Market Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | $ 1,330,224 | $ 772,979 |
Total gains or (losses) (realized/unrealized) Included in earnings | (17,787) | 1,772 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (2,411) | 10,710 |
Purchases, issuances and settlements | 757,844 | 545,687 |
Transfer in and/or (out) of Level 3 | (924) | |
Ending balance | 2,067,870 | 1,330,224 |
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 | (24,146) | (539) |
Market Value [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 701,492 | 617,588 |
Total gains or (losses) (realized/unrealized) Included in earnings | (11,717) | 1,216 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 4,008 | (1,115) |
Purchases, issuances and settlements | 106,791 | 84,840 |
Transfer in and/or (out) of Level 3 | (1,037) | |
Ending balance | 800,574 | 701,492 |
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 | (16,467) | (539) |
Market Value [Member] | Asset Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 623,033 | 153,641 |
Total gains or (losses) (realized/unrealized) Included in earnings | (6,469) | 681 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (6,603) | 11,678 |
Purchases, issuances and settlements | 641,320 | 457,033 |
Transfer in and/or (out) of Level 3 | ||
Ending balance | 1,251,281 | 623,033 |
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 | (7,679) | |
Market Value [Member] | Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 5,699 | 1,750 |
Total gains or (losses) (realized/unrealized) Included in earnings | 399 | (125) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | 184 | 147 |
Purchases, issuances and settlements | 9,733 | 3,814 |
Transfer in and/or (out) of Level 3 | 113 | |
Ending balance | 16,015 | 5,699 |
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 | |
Total gains or (losses) (realized/unrealized) Included in earnings | (919) | |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | (4,907) | |
Transfer in and/or (out) of Level 3 | ||
Ending balance | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||
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 | |
Total gains or (losses) (realized/unrealized) Included in earnings | (919) | |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | ||
Purchases, issuances and settlements | (4,907) | |
Transfer in and/or (out) of Level 3 | ||
Ending balance | ||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) £ in Thousands | May 26, 2016USD ($) | Jun. 22, 2012USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021GBP (£) | Dec. 31, 2021USD ($) | May 05, 2021USD ($) | Feb. 23, 2021USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, commitment | $ 1,200,000,000 | |||||||||
Uncommitted amount available | 340,000,000 | |||||||||
Borrowings from FHLB | 519,000,000 | $ 310,000,000 | ||||||||
Wells Fargo Bank Group Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, term of credit facility | 5 years | 4 years | ||||||||
Line of credit facility, commitment | $ 800,000,000 | $ 800,000,000 | 39,198,000 | 800,000,000 | ||||||
Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, expiration date | Dec. 30, 2022 | |||||||||
Line of credit facility, commitment | 500,000,000 | $ 500,000,000 | $ 50,000,000 | |||||||
Bermuda Re Citibank LOC Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, commitment | 370,000,000 | 200,000,000 | ||||||||
Uncommitted amount available | 140,000,000 | |||||||||
Bermuda Re Citibank Letter of Credit Facility One [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, expiration date | Feb. 28, 2022 | Feb. 28, 2021 | ||||||||
Line of credit facility, commitment | 230,000,000 | $ 200,000,000 | ||||||||
Everest International Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, expiration date | Dec. 31, 2024 | |||||||||
Line of credit facility, commitment | £ | £ 52,175 | |||||||||
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, expiration date | Dec. 31, 2022 | |||||||||
Line of credit facility, commitment | 200,000,000 | |||||||||
Bermuda Re Lloyd's Bank Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, expiration date | Dec. 31, 2022 | |||||||||
Line of credit facility, commitment | 50,000,000 | |||||||||
Uncommitted amount available | 250,000,000 | |||||||||
Bermuda Re Barclays Bilateral Letter of Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, expiration date | Dec. 31, 2022 | |||||||||
Line of credit facility, commitment | $ 200,000,000 | |||||||||
Federal Home Loan Bank Of New York [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum percentage of admitted assets allowed for borrowing base | 10.00% | 10.00% | ||||||||
Admitted assets for FHLB | $ 20,300,000,000 | |||||||||
Maximum amount available under FHLB | 2,000,000,000 | |||||||||
Borrowings from FHLB | $ 519,000,000 | |||||||||
Amount of borrowed funds required to be used to acquire additional membership stock, percentage | 4.50% | |||||||||
Interest expense incurred | $ 1,200,000 | $ 200,000 | ||||||||
Federal Home Loan Bank Of New York [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
FHLB advance interest rate | 0.53% | 0.53% | ||||||||
FHLB advance maturity | Nov. 30, 2021 | |||||||||
Federal Home Loan Bank Of New York [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
FHLB advance interest rate | 0.65% | 0.65% | ||||||||
FHLB advance maturity | Dec. 31, 2021 |
Credit Facilities (Summary Of C
Credit Facilities (Summary Of Costs Incurred Connection With Credit Facilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Wells Fargo Bank Group Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility interest and fees incurred | $ 175 | $ 664 | $ 420 |
Credit Facilities (Summary Of O
Credit Facilities (Summary Of Outstanding Letters Of Credit And Borrowings) (Details) £ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2021GBP (£) | Dec. 31, 2020GBP (£) | Dec. 31, 2021USD ($) | May 05, 2021USD ($) | Feb. 23, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 25, 2020USD ($) | Dec. 31, 2019USD ($) | May 26, 2016USD ($) | Jun. 22, 2012USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||
Commitment | $ 1,200,000,000 | |||||||||
Wells Fargo Bank Group Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment | 39,198,000 | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | ||||||
In Use | 39,198,000 | 753,932,000 | ||||||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
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 | 39,198,000 | 200,000,000 | ||||||||
In Use | 39,198,000 | 164,242,000 | ||||||||
Date of Expiry | Dec. 30, 2022 | Dec. 31, 2021 | ||||||||
Wells Fargo Bank Group Credit Facility Tranche Two [Member] | Debt Instrument Redemption Period One [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment | 600,000,000 | |||||||||
In Use | 589,690,000 | |||||||||
Date of Expiry | Dec. 31, 2021 | |||||||||
Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment | 500,000,000 | $ 500,000,000 | $ 50,000,000 | |||||||
In Use | 351,497,000 | |||||||||
Date of Expiry | Dec. 30, 2022 | |||||||||
Bermuda Re Citibank LOC Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment | 370,000,000 | 200,000,000 | ||||||||
In Use | 333,429,000 | 185,483,000 | ||||||||
Bermuda Re Citibank LOC Facility One [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment | 230,000,000 | 200,000,000 | ||||||||
In Use | 4,425,000 | 4,425,000 | ||||||||
Date of Expiry | Feb. 28, 2022 | Feb. 28, 2021 | ||||||||
Bermuda Re Citibank LOC Facility Two [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
In Use | 925,000 | 3,672,000 | ||||||||
Date of Expiry | Mar. 1, 2022 | Nov. 24, 2021 | ||||||||
Bermuda Re Citibank LOC Facility Three [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
In Use | 1,264,000 | 448,000 | ||||||||
Date of Expiry | Nov. 24, 2022 | Dec. 16, 2021 | ||||||||
Bermuda Re Citibank LOC Facility Four [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
In Use | 423,000 | 115,000 | ||||||||
Date of Expiry | Dec. 16, 2022 | Dec. 20, 2021 | ||||||||
Bermuda Re Citibank LOC Facility Five [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
In Use | 146,000 | 136,383,000 | ||||||||
Date of Expiry | Dec. 20, 2022 | Dec. 31, 2021 | ||||||||
Bermuda Re Citibank LOC Facility Six [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
In Use | 216,622,000 | 39,619,000 | ||||||||
Date of Expiry | Dec. 31, 2022 | Dec. 30, 2024 | ||||||||
Bermuda Re Citibank LOC Facility Seven [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
In Use | 473,000 | $ 821,000 | ||||||||
Date of Expiry | Jan. 21, 2023 | Aug. 15, 2022 | ||||||||
Bermuda Re Citibank LOC Facility Eight [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
In Use | 985,000 | |||||||||
Date of Expiry | Aug. 15, 2023 | |||||||||
Bermuda Re Citibank LOC Facility Nine [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
In Use | 1,234,000 | |||||||||
Date of Expiry | Sep. 23, 2023 | |||||||||
Bermuda Re Citibank LOC Facility - Uncommitted [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment | 140,000,000 | |||||||||
In Use | 84,203,000 | |||||||||
Date of Expiry | Dec. 31, 2022 | |||||||||
Bermuda Re Citibank LOC Ten [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
In Use | 22,731,000 | |||||||||
Date of Expiry | Dec. 30, 2025 | |||||||||
Everest International Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment | £ | £ 52,175 | |||||||||
In Use | £ | £ 52,175 | |||||||||
Date of Expiry | Dec. 31, 2024 | |||||||||
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment | 200,000,000 | |||||||||
In Use | 154,691,000 | |||||||||
Date of Expiry | Dec. 31, 2022 | |||||||||
Bermuda Re Lloyd's Bank Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment | 50,000,000 | |||||||||
In Use | 46,008,000 | |||||||||
Date of Expiry | Dec. 31, 2022 | |||||||||
Bermuda Re Barclays Bilateral Letter of Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Commitment | 200,000,000 | |||||||||
In Use | $ 186,299,000 | |||||||||
Date of Expiry | Dec. 31, 2022 |
Senior Notes (Narrative) (Detai
Senior Notes (Narrative) (Details) - Senior Notes [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument face amount | $ 2,400,000,000 |
4.868% Senior Notes due 6/1/2044 [Member] | |
Debt Instrument [Line Items] | |
Date issued | Jun. 5, 2014 |
Debt instrument face amount | $ 400,000,000 |
Debt instrument, stated interest rate | 4.868% |
Debt instrument, maturity date | Jun. 1, 2044 |
3.5% Senior Notes due 10/15/2050 [Member] | |
Debt Instrument [Line Items] | |
Date issued | Oct. 7, 2020 |
Debt instrument face amount | $ 1,000,000,000 |
Debt instrument, stated interest rate | 3.50% |
Debt instrument, maturity date | Oct. 15, 2050 |
3.125% Senior Notes due 10/15/2052 [Member] | |
Debt Instrument [Line Items] | |
Date issued | Oct. 4, 2021 |
Debt instrument face amount | $ 1,000,000,000 |
Debt instrument, term | 31 years |
Debt instrument, stated interest rate | 3.125% |
Debt instrument, maturity date | Oct. 15, 2052 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 2,345,800,000 | $ 1,376,718,000 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Original Principal Amount | 2,400,000,000 | |
Consolidated Balance Sheet Amount | 2,345,800,000 | 1,376,718,000 |
Market Value | $ 2,541,500,000 | 1,666,100,000 |
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 | |
Original Principal Amount | $ 400,000,000 | |
Consolidated Balance Sheet Amount | 397,314,000 | 397,194,000 |
Market Value | $ 503,840,000 | 528,000,000 |
Debt instrument, stated interest rate | 4.868% | |
Senior Notes [Member] | 3.5% Senior Notes due 10/15/2050 [Member] | ||
Debt Instrument [Line Items] | ||
Date issued | Oct. 7, 2020 | |
Date due | Oct. 15, 2050 | |
Original Principal Amount | $ 1,000,000,000 | |
Consolidated Balance Sheet Amount | 980,046,000 | 979,524,000 |
Market Value | $ 1,054,520,000 | 1,138,100,000 |
Debt instrument, stated interest rate | 3.50% | |
Senior Notes [Member] | 3.125% Senior Notes due 10/15/2052 [Member] | ||
Debt Instrument [Line Items] | ||
Date issued | Oct. 4, 2021 | |
Date due | Oct. 15, 2052 | |
Original Principal Amount | $ 1,000,000,000 | |
Consolidated Balance Sheet Amount | 968,440,000 | |
Market Value | $ 983,140,000 | |
Debt instrument, stated interest rate | 3.125% |
Senior Notes (Schedule Of Inter
Senior Notes (Schedule Of Interest Expense Incurred In Connection With Senior Notes) (Details) - Senior Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 62,328 | $ 27,587 | $ 19,472 |
4.868% Senior Notes due 6/1/2044 [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 19,472 | 19,472 | 19,472 |
Debt instrument, stated interest rate | 4.868% | ||
3.5% Senior Notes due 10/15/2050 [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 35,221 | 8,115 | |
Debt instrument, stated interest rate | 3.50% | ||
3.125% Senior Notes due 10/15/2052 [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 7,635 | ||
Debt instrument, stated interest rate | 3.125% |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)Item | Feb. 15, 2022 | |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding debt reduction | $ 161.4 | |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.60% | |
Interest payment commencement date | Nov. 15, 2007 | |
Basis spread on variable rate | 2.385% | |
Right to defer interest, number of occasions | Item | 1 | |
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | |
Redemption date | May 1, 2047 | |
Percentage of principal amount required for redemption | 100.00% | |
Debt instrument, maturity date | May 1, 2067 | |
Outstanding debt reduction | $ 13.2 | |
Gain on repurchase and retirement of debt | $ 2.5 | |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | Subsequent Event [Member] | ||
Debt Instrument [Line Items] | ||
Reset quarterly interest rate | 2.54% | |
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] | 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 | |
Senior Notes [Member] | 3.5% Senior Notes due 10/15/2050 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 3.50% | |
Debt instrument, maturity date | Oct. 15, 2050 |
Long Term Subordinated Notes (S
Long Term Subordinated Notes (Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 223,774,000 | $ 223,674,000 |
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Date Issued | Apr. 26, 2007 | |
Original Principal Amount | $ 400,000,000 | |
Maturity Date | May 1, 2067 | |
Consolidated balance sheet amount | $ 223,774,000 | 223,674,000 |
Market Value | $ 216,289,000 | $ 206,447,000 |
Scheduled [Member] | Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 15, 2037 |
Long Term Subordinated Notes _2
Long Term Subordinated Notes (Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Interest expense incurred | $ 5,818 | $ 7,645 | $ 11,587 |
Collateralized Reinsurance An_3
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2021 | Dec. 31, 2020 |
Effects of Reinsurance [Line Items] | |||
Amount on deposit in trust accounts | $ 1,700 | ||
Preferred shares | |||
Reinsurance recoverable | 206.1 | 254.9 | |
Deferred gain liability | $ 15.5 | 38.8 | |
Mt Logan Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Percentage of voting common shares owned by Group | 100.00% | ||
Assumed net risk exposures | $ 930 | 806.6 | |
Net risk exposure investments | $ 66.3 | $ 67.6 | |
Retrocede amount | $ 269.2 | ||
Cash transferred | 252 | ||
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 |
Collateralized Reinsurance An_4
Collateralized Reinsurance And Trust Agreements (Premiums And Losses Ceded By The Company To Affiliate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | $ 1,604,251 | $ 1,365,378 | $ 1,308,940 |
Assumed written premiums | 9,061,881 | 7,264,362 | 6,350,328 |
Mt. Logan Re Segregated Accounts [Member] | |||
Effects of Reinsurance [Line Items] | |||
Ceded written premiums | 341,460 | 303,178 | 291,979 |
Ceded earned premiums | 332,989 | 306,184 | 294,762 |
Ceded losses and LAE | 282,233 | 241,347 | 187,192 |
Assumed written premiums | 12,120 | 18,831 | 17,005 |
Assumed earned premiums | $ 12,120 | $ 18,831 | $ 17,005 |
Collateralized Reinsurance An_5
Collateralized Reinsurance And Trust Agreements (Summary of Collateralized Reinsurance Agreements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effects of Reinsurance [Line Items] | |||
Limit | $ 1,604,251 | $ 1,365,378 | $ 1,308,940 |
Kilimanjaro Re Limited [Member] | |||
Effects of Reinsurance [Line Items] | |||
Limit | $ 2,325,000 | ||
Kilimanjaro Re Limited [Member] | Series 2017-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 13, 2017 | ||
Expiration Date | Apr. 13, 2022 | ||
Limit | $ 50,000 | ||
Kilimanjaro Re Limited [Member] | Series 2017-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 13, 2017 | ||
Expiration Date | Apr. 13, 2022 | ||
Limit | $ 75,000 | ||
Kilimanjaro Re Limited [Member] | Series 2017-1 Class C-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 13, 2017 | ||
Expiration Date | Apr. 13, 2022 | ||
Limit | $ 175,000 | ||
Kilimanjaro Re Limited [Member] | Series 2018-1 Class A-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 30, 2018 | ||
Expiration Date | May 6, 2022 | ||
Limit | $ 62,500 | ||
Kilimanjaro Re Limited [Member] | Series 2018-1 Class B-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 30, 2018 | ||
Expiration Date | May 6, 2022 | ||
Limit | $ 200,000 | ||
Kilimanjaro Re Limited [Member] | Series 2018-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 30, 2018 | ||
Expiration Date | May 5, 2023 | ||
Limit | $ 62,500 | ||
Kilimanjaro Re Limited [Member] | Series 2018-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 30, 2018 | ||
Expiration Date | May 5, 2023 | ||
Limit | $ 200,000 | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class A-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Dec. 12, 2019 | ||
Expiration Date | Dec. 19, 2023 | ||
Limit | $ 150,000 | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class B-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Dec. 12, 2019 | ||
Expiration Date | Dec. 19, 2023 | ||
Limit | $ 275,000 | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Dec. 12, 2019 | ||
Expiration Date | Dec. 19, 2024 | ||
Limit | $ 150,000 | ||
Kilimanjaro Re Limited [Member] | Series 2019-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Dec. 12, 2019 | ||
Expiration Date | Dec. 19, 2024 | ||
Limit | $ 275,000 | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class A-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 8, 2021 | ||
Expiration Date | Apr. 21, 2025 | ||
Limit | $ 150,000 | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class B-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 8, 2021 | ||
Expiration Date | Apr. 21, 2025 | ||
Limit | $ 85,000 | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class C-1 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 8, 2021 | ||
Expiration Date | Apr. 21, 2025 | ||
Limit | $ 85,000 | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class A-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 8, 2021 | ||
Expiration Date | Apr. 20, 2026 | ||
Limit | $ 150,000 | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class B-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 8, 2021 | ||
Expiration Date | Apr. 20, 2026 | ||
Limit | $ 90,000 | ||
Kilimanjaro Re Limited [Member] | Series 2021-1 Class C-2 [Member] | |||
Effects of Reinsurance [Line Items] | |||
Effective Date | Apr. 8, 2021 | ||
Expiration Date | Apr. 20, 2026 | ||
Limit | $ 90,000 |
Collateralized Reinsurance An_6
Collateralized Reinsurance And Trust Agreements (Schedule of Proceeds from Issuance of Notes Held in Reinsurance Trusts) (Details) - Kilimanjaro Re Limited [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Effects of Reinsurance [Line Items] | |
Amount | $ 2,325,000 |
Series 2017-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 13, 2017 |
Maturity Date | Apr. 13, 2022 |
Amount | $ 50,000 |
Series 2017-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 13, 2017 |
Maturity Date | Apr. 13, 2022 |
Amount | $ 75,000 |
Series 2017-1 Class C-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 13, 2017 |
Maturity Date | Apr. 13, 2022 |
Amount | $ 175,000 |
Series 2018-1 Class A-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 30, 2018 |
Maturity Date | May 6, 2022 |
Amount | $ 62,500 |
Series 2018-1 Class B-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 30, 2018 |
Maturity Date | May 6, 2022 |
Amount | $ 200,000 |
Series 2018-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 30, 2018 |
Maturity Date | May 5, 2023 |
Amount | $ 62,500 |
Series 2018-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 30, 2018 |
Maturity Date | May 5, 2023 |
Amount | $ 200,000 |
Series 2019-1 Class A-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2023 |
Amount | $ 150,000 |
Series 2019-1 Class B-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2023 |
Amount | $ 275,000 |
Series 2019-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2024 |
Amount | $ 150,000 |
Series 2019-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Dec. 12, 2019 |
Maturity Date | Dec. 19, 2024 |
Amount | $ 275,000 |
Series 2021-1 Class A-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 21, 2025 |
Amount | $ 150,000 |
Series 2021-1 Class B-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 21, 2025 |
Amount | $ 85,000 |
Series 2021-1 Class C-1 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 21, 2025 |
Amount | $ 85,000 |
Series 2021-1 Class A-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 20, 2026 |
Amount | $ 150,000 |
Series 2021-1 Class B-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 20, 2026 |
Amount | $ 90,000 |
Series 2021-1 Class C-2 [Member] | |
Effects of Reinsurance [Line Items] | |
Issue Date | Apr. 8, 2021 |
Maturity Date | Apr. 20, 2026 |
Amount | $ 90,000 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Jul. 02, 2019ft² | |
Lease [Line Items] | ||
Area of property | ft² | 315,000 | |
Annual lease expense | $ 7,800 | |
Monthly lease expense | $ 650 | |
Lease expiration | 2036 |
Leases (Supplemental Informatio
Leases (Supplemental Information Relating to Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Lease expense incurred: Operating lease cost | $ 26,540 | $ 32,508 |
Operating lease right of use assets | 138,942 | 149,125 |
Operating lease liabilities | 157,729 | 165,292 |
Operating cash flows from operating leases | $ (18,294) | $ (20,594) |
Weighted average remaining operating lease term | 11 years 7 months 6 days | 12 years 3 months 18 days |
Weighted average discount rate on operating leases | 4.08% | 4.10% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 20,865 | |
2023 | 20,238 | |
2024 | 20,016 | |
2025 | 17,025 | |
2026 | 15,805 | |
Thereafter | 108,793 | |
Undiscounted lease payments | 202,742 | |
Less: present value adjustment | 45,013 | |
Total operating lease liability | $ 157,729 | $ 165,292 |
Leases (Maturities of Lease L_2
Leases (Maturities of Lease Liabilities) (Details) (Alternative Calculation) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Undiscounted lease payments | $ 202,742 | |
Less: present value adjustment | 45,013 | |
Total operating lease liability | $ 157,729 | $ 165,292 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | ||||
Accrual withholding taxes, percent | 5.00% | |||
Income tax rate | 21.00% | 21.00% | 21.00% | 35.00% |
Income tax expense (benefit) | $ 166,538,000 | $ 71,198,000 | $ 89,526,000 | |
Net refund | 16,300,000 | |||
Unrecognized tax benefits that would impact the effective tax rate | ||||
Accrued interest and penalties, net of Federal benefit | 0 | |||
Accrued interest and penalties | 0 | |||
Deferred tax assets, valuation allowance | 17,765,000 | 28,805,000 | ||
Foreign tax credits | 30,885,000 | 31,989,000 | ||
ASU 2016-09 [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax benefits related to restricted stock vestings and stock options exercises | 2,200,000 | 3,000,000 | 3,500,000 | |
Tax benefits related to payment of dividends on restricted stock | 611,000 | 583,000 | 484,000 | |
CARES Act [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax expense (benefit) | 32,500,000 | |||
Net refund | 182,500,000 | |||
Subsequent to CARES Act [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Foreign tax credits | 46,100,000 | |||
Her Majestys Revenue And Customs H M R C [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 16,700,000 | |||
Swiss Federal Tax Administration F T A [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 2,500,000 | |||
Net operating loss carryforwards, expiration | Dec. 31, 2028 | |||
Canada Revenue Agency [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards, expiration | Dec. 31, 2035 | |||
Revenue Commissioners Ireland [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 200,000 | |||
Internal Revenue Service I R S [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 800,000 | |||
Net operating loss carryforwards, expiration | Dec. 31, 2037 | |||
Internal Revenue Service I R S [Member] | Subsequent to CARES Act [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 0 | |||
Tax credit carryforward expiration | Dec. 31, 2028 | |||
Foreign Country [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax expense (benefit) | $ 5,065,000 | $ 432,000 | $ 14,323,000 | |
Increase (decrease) in valuation allowance | (11,000,000) | |||
Tax Year 2015 [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net refund | 1,500,000 | |||
Tax Year 2016 [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net refund | $ 4,700,000 |
Income Taxes (Components Of The
Income Taxes (Components Of The Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
U.S. | $ 123,876 | $ (107,757) | $ (5,044) |
Non-U.S. | 2,038 | 2,948 | 14,420 |
Total current tax expense (benefit) | 125,914 | (104,809) | 9,376 |
U.S. | 37,597 | 178,523 | 80,247 |
Non-U.S. | 3,027 | (2,516) | (97) |
Total deferred tax expense (benefit) | 40,624 | 176,007 | 80,150 |
Total income tax provision | $ 166,538 | $ 71,198 | $ 89,526 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Difference Between The Provision For Income Taxes And The Expected Tax Provision At The Weighted Average Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Underwriting gain (loss) | $ 223,775 | $ (253,811) | $ 336,163 |
Net investment income | 1,164,892 | 642,465 | 647,139 |
Net realized capital gains (losses) | 257,943 | 267,649 | 185,004 |
Corporate expenses | (67,827) | (41,118) | (32,966) |
Interest, fee and bond issue cost amortization expense | (70,149) | (36,323) | (31,693) |
Other income (expense) | 36,987 | 6,487 | (4,660) |
INCOME (LOSS) BEFORE TAXES | 1,545,621 | 585,349 | 1,098,987 |
Total income tax provision | 166,538 | 71,198 | 89,526 |
Domestic [Member] | |||
Income Taxes [Line Items] | |||
Underwriting gain (loss) | (83,159) | 24,041 | 38,964 |
Net investment income | 707,971 | 339,721 | 325,179 |
Net realized capital gains (losses) | 266,036 | 234,970 | 155,609 |
Net derivative gain (loss) | |||
Corporate expenses | (33,334) | (15,985) | (13,063) |
Interest, fee and bond issue cost amortization expense | (69,974) | (35,659) | (34,931) |
Other income (expense) | 23,315 | (14,656) | (1,976) |
INCOME (LOSS) BEFORE TAXES | 810,855 | 532,432 | 469,782 |
Expected tax provision at the applicable statutory rate(s) | 170,170 | 111,846 | 98,766 |
Increase (decrease) in taxes resulting from: Tax exempt income | (3,927) | (3,598) | (3,680) |
Increase (decrease) in taxes resulting from: Dividend received deduction | (840) | (1,100) | (998) |
Increase (decrease) in taxes resulting from: Proration | 1,048 | 1,049 | 1,050 |
Increase (decrease) in taxes resulting from: Affiliated preferred stock dividends | 6,517 | 6,517 | 6,517 |
Increase (decrease) in taxes resulting from: Creditable foreign premium tax | (13,392) | (11,513) | (9,852) |
Increase (decrease) in taxes resulting from: Tax audit settlement | (1,576) | ||
Increase (decrease) in taxes resulting from: Share based compensation tax benefits formerly in APIC | (1,950) | (2,605) | (2,984) |
Increase (decrease) in taxes resulting from: Impact of CARES Act | (32,500) | ||
Increase (decrease) in tax resulting from: Change in uncertain tax positions | 324 | 277 | 138 |
Increase (decrease) in taxes resulting from: Valuation allowance | (8,434) | ||
Increase (decrease) in taxes resulting from: Other | 3,523 | 2,393 | (3,744) |
Total income tax provision | 161,473 | 70,766 | 75,203 |
Non-U.S. [Member] | |||
Income Taxes [Line Items] | |||
Underwriting gain (loss) | 306,933 | (277,852) | 297,199 |
Net investment income | 456,921 | 302,744 | 321,960 |
Net realized capital gains (losses) | (8,094) | 32,679 | 29,394 |
Net derivative gain (loss) | 2,965 | 1,541 | 6,374 |
Corporate expenses | (34,493) | (25,133) | (19,903) |
Interest, fee and bond issue cost amortization expense | (175) | (664) | 3,239 |
Other income (expense) | 10,709 | 19,602 | (9,057) |
INCOME (LOSS) BEFORE TAXES | 734,766 | 52,917 | 629,206 |
Expected tax provision at the applicable statutory rate(s) | 14,358 | (10,356) | 17,205 |
Increase (decrease) in taxes resulting from: Tax exempt income | |||
Increase (decrease) in taxes resulting from: Dividend received deduction | |||
Increase (decrease) in taxes resulting from: Proration | |||
Increase (decrease) in taxes resulting from: Affiliated preferred stock dividends | |||
Increase (decrease) in taxes resulting from: Creditable foreign premium tax | |||
Increase (decrease) in taxes resulting from: Tax audit settlement | |||
Increase (decrease) in taxes resulting from: Share based compensation tax benefits formerly in APIC | (232) | (388) | (373) |
Increase (decrease) in taxes resulting from: Impact of CARES Act | |||
Increase (decrease) in tax resulting from: Change in uncertain tax positions | (9,796) | 15,144 | 3,772 |
Increase (decrease) in taxes resulting from: Valuation allowance | |||
Increase (decrease) in taxes resulting from: Other | 735 | (3,968) | (6,281) |
Total income tax provision | $ 5,065 | $ 432 | $ 14,323 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Balance at January 1 | $ 8,434 | ||
Additions based on tax positions related to the current year | |||
Additions for tax positions of prior years | |||
Reductions for tax positions of prior years | (8,434) | ||
Settlements with taxing authorities | |||
Lapses of applicable statutes of limitations | |||
Balance at December 31 |
Income Taxes (Net Deferred Inco
Income Taxes (Net Deferred Income Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Abstract] | ||
Loss reserve | $ 129,861 | $ 96,840 |
Unearned premium reserve | 107,724 | 85,028 |
Foreign tax credits | 30,885 | 31,989 |
Net operating loss carryforward | 21,787 | 46,109 |
Lease liability | 20,228 | 33,504 |
Net unrealized losses on benefit plans | 13,395 | 19,636 |
Equity compensation | 7,558 | 7,367 |
Other tax credits | 6,160 | 1,121 |
Uncollectible reinsurance reserves | 4,486 | 603 |
Investment impairments | 3,142 | 3,142 |
Unrealized foreign currency losses | 213 | 4,591 |
Other assets | 8,973 | 7,285 |
Total deferred tax assets | 354,412 | 337,215 |
Net unrealized investment gains | 99,395 | 79,994 |
Deferred acquisition costs | 97,974 | 75,692 |
Net fair value income | 56,699 | 26,119 |
Right of use asset | 36,615 | 90,268 |
Partnership investments | 27,111 | 28,822 |
Benefit plan asset | 1,667 | 1,765 |
Other liabilities | 9,963 | 6,710 |
Total deferred tax liabilities | 329,424 | 309,370 |
Net deferred tax assets | 24,988 | 27,845 |
Less: Valuation allowance | (17,765) | (28,805) |
Total net deferred tax assets | $ 7,223 | |
Total net deferred tax (liabilities) | $ (960) |
Reinsurance (Premiums Written A
Reinsurance (Premiums Written And Earned And Incurred Losses And LAE) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reinsurance [Abstract] | |||
Written premiums: Direct | $ 3,987,875 | $ 3,217,999 | $ 2,783,036 |
Written premiums: Assumed | 9,061,881 | 7,264,362 | 6,350,328 |
Written premiums: Ceded | (1,604,251) | (1,365,378) | (1,308,940) |
Net written premiums | 11,445,505 | 9,116,983 | 7,824,424 |
Premiums earned: Direct | 3,588,926 | 3,028,095 | 2,551,662 |
Premiums earned: Assumed | 8,315,072 | 7,054,680 | 6,059,222 |
Premiums earned: Ceded | (1,497,557) | (1,401,262) | (1,207,198) |
Net premiums earned | 10,406,441 | 8,681,513 | 7,403,686 |
Incurred losses and LAE: Direct | 2,384,960 | 2,141,065 | 1,618,686 |
Incurred losses and LAE: Assumed | 5,741,109 | 5,163,946 | 3,923,298 |
Incurred losses and LAE: Ceded | (734,816) | (754,174) | (619,086) |
Net incurred losses and LAE | $ 7,391,253 | $ 6,550,837 | $ 4,922,898 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total, Before Tax | $ (577,045) | $ 556,201 | $ 542,400 |
Total, Tax Effect | 53,670 | (49,455) | (51,691) |
Total, Net of Tax | (523,375) | 506,746 | 490,709 |
URA(D) On Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (547,690) | 462,939 | 547,539 |
Tax Effect | 59,312 | (39,729) | (49,665) |
Net of Tax | (488,378) | 423,210 | 497,874 |
Reclassification, Before Tax | 5,347 | 2,253 | (13,129) |
Reclassification, Tax Effect | (1,731) | (5,729) | 516 |
Reclassification, Net of Tax | 3,616 | (3,476) | (12,613) |
Total, Net of Tax | 484,762 | (419,734) | |
URA(D) On Securities OTTI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (1,559) | ||
Tax Effect | 115 | ||
Net of Tax | (1,444) | ||
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | (64,421) | 90,142 | 18,585 |
Tax Effect | 2,330 | (3,815) | (4,555) |
Net of Tax | (62,091) | 86,327 | 14,030 |
Total, Net of Tax | (62,091) | 86,327 | |
Benefit Plan Net Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax | 7,912 | (7,107) | (15,938) |
Tax Effect | (1,661) | 1,492 | 3,347 |
Net of Tax | 6,251 | (5,615) | (12,591) |
Reclassification, Before Tax | 21,807 | 7,974 | 6,902 |
Reclassification, Tax Effect | (4,580) | (1,674) | (1,449) |
Reclassification, Net of Tax | 17,227 | 6,300 | $ 5,453 |
Total, Net of Tax | $ 23,478 | $ 685 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax expense (benefit) | $ (166,538) | $ (71,198) | $ (89,526) |
NET INCOME (LOSS) | 1,379,083 | 514,151 | $ 1,009,461 |
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) | 5,347 | 2,253 | |
Income tax expense (benefit) | (1,731) | (5,729) | |
NET INCOME (LOSS) | 3,616 | (3,476) | |
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 | 21,807 | 7,974 | |
Income tax expense (benefit) | (4,580) | (1,674) | |
NET INCOME (LOSS) | $ 17,227 | $ 6,300 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 9,726,176 | $ 9,132,925 | |
Current period change | (523,375) | 506,746 | $ 490,709 |
Balance | 10,139,180 | 9,726,176 | 9,132,925 |
URA(D) On Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 724,159 | 304,425 | |
Current period change | 484,762 | (419,734) | |
Balance | 239,397 | 724,159 | 304,425 |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (115,390) | (201,717) | |
Current period change | (62,091) | 86,327 | |
Balance | (177,481) | (115,390) | (201,717) |
Benefit Plan Net Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (73,870) | (74,556) | |
Current period change | 23,478 | 685 | |
Balance | (50,392) | (73,870) | (74,556) |
Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 534,899 | 28,152 | (462,557) |
Current period change | (523,375) | 506,746 | 490,709 |
Balance | $ 11,523 | $ 534,899 | $ 28,152 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2030 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contributions | $ 3,821,000 | $ 6,825,000 | $ 4,750,000 | |
Defined Benefit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average discount rate used to determine net periodic benefit cost | 2.55% | 3.28% | 4.27% | |
Rate of compensation increase to determine the net periodic benefit cost | 4.00% | 4.00% | 4.00% | |
Expected long-term rate of return on plan assets | 7.00% | 7.00% | 7.00% | |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 2.86% | 2.55% | 3.28% | |
Company contributions | $ 3,821,000 | $ 6,825,000 | ||
Defined Benefit Pension Plan [Member] | U.S. Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plans, employer contribution plans, employer contribution percentage, maximum | 3.00% | |||
Defined contribution plans, employer contribution percentage, for new hires, minimum | 3.00% | |||
Defined contribution plans, employer contribution percentage, for new hires, maximum | 8.00% | |||
Defined Contribution Plan Employer Contribution Percentage Vested After Three Years | 100.00% | |||
Incurred expenses | $ 14,800,000 | 14,400,000 | $ 10,800,000 | |
Defined Benefit Pension Plan [Member] | Non-U.S. Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan employer contribution percentage for branch offices, minimum | 5.00% | |||
Defined contribution plan employer contribution percentage for branch offices, maximum | 78.30% | |||
Incurred expenses | $ 3,400,000 | 3,000,000 | $ 2,200,000 | |
Defined Benefit Pension Plan [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 76.00% | |||
Defined Benefit Pension Plan [Member] | Fixed Maturities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 22.00% | |||
Defined Benefit Pension Plan [Member] | Limited Partnerships [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 1.00% | |||
Defined Benefit Pension Plan [Member] | Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets consist of shares in investment trusts, percentage | 1.00% | |||
Defined Benefit Pension Plan [Member] | Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation percentage | 70.00% | |||
Defined Benefit Pension Plan [Member] | Bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target asset allocation percentage | 30.00% | |||
Defined Benefit Pension Plan [Member] | Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Private equity limited partnerships | $ 2,600,000 | 4,600,000 | ||
Company contributions | $ 0 | $ 0 | ||
Post-Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average discount rate used to determine net periodic benefit cost | 2.55% | 3.28% | 4.27% | |
Weighted average discount rates used to determine actuarial present value of the projected benefit obligation | 2.86% | 2.55% | 3.28% | |
Company contributions | $ 267,000 | $ 232,000 | ||
Healthcare inflation rate | 6.50% | |||
Incurred expenses | $ 1,200,000 | $ 1,300,000 | $ 1,200,000 | |
Post-Retirement Plan [Member] | Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Healthcare inflation rate | 4.75% |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Contributions To Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefit Plans [Abstract] | |||
Company contributions | $ 3,821 | $ 6,825 | $ 4,750 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary Of Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ 3,388 | $ 8,429 | $ 10,042 |
Employee Benefit Plans (Summa_3
Employee Benefit Plans (Summary Of Status Of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Actual contributions during the year | $ 3,821 | $ 6,825 | $ 4,750 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 404,471 | 355,356 | |
Service cost | 10,637 | 9,522 | 8,255 |
Interest cost | 8,253 | 10,112 | 11,712 |
Actuarial (gain)/loss | (8,587) | 43,595 | |
Benefits paid | (12,147) | (14,115) | |
Projected benefit obligation at end of year | 402,626 | 404,471 | 355,356 |
Fair value of plan assets at beginning of year | 354,464 | 301,467 | |
Actual return on plan assets | 31,166 | 60,286 | |
Actual contributions during the year | 3,821 | 6,825 | |
Administrative expenses paid | |||
Benefits paid | (12,147) | (14,115) | |
Fair value of plan assets at end of year | 377,303 | 354,464 | 301,467 |
Funded status at end of year | (25,323) | (50,007) | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 35,098 | 29,376 | |
Service cost | 1,096 | 1,066 | 983 |
Interest cost | 641 | 845 | 980 |
Amendments | |||
Actuarial (gain)/loss | (6,044) | 4,042 | |
Benefits paid | (267) | (232) | |
Projected benefit obligation at end of year | 30,523 | 35,098 | 29,376 |
Fair value of plan assets at beginning of year | |||
Actual contributions during the year | 267 | 232 | |
Benefits paid | (267) | (232) | |
Fair value of plan assets at end of year | |||
Funded status at end of year | $ (30,523) | $ (35,098) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (due beyond one year) | ||
Other liabilities (due within one year) | (1,469) | (2,197) |
Other liabilities (due beyond one year) | (23,854) | (47,810) |
Net amount recognized in the consolidated balance sheets | (25,323) | (50,007) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities (due within one year) | (682) | (613) |
Other liabilities (due beyond one year) | (29,840) | (34,484) |
Net amount recognized in the consolidated balance sheets | $ (30,523) | $ (35,098) |
Employee Benefit Plans (Amoun_2
Employee Benefit Plans (Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | $ (67,729) | $ (91,979) | |
Accumulated other comprehensive income (loss) | (67,729) | (91,979) | $ (97,466) |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated income (loss) | 2,191 | (3,854) | |
Accumulated prior service credit (cost) | 1,750 | 2,327 | |
Accumulated other comprehensive income (loss) | $ 3,941 | $ (1,527) | $ 3,092 |
Employee Benefit Plans (Other C
Employee Benefit Plans (Other Changes In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | $ (91,979) | $ (97,466) |
Net gain (loss) arising during period | (15,298) | 4,090 |
Actuarial loss (gain) | 8,953 | 9,576 |
Curtailment loss recognized | ||
Other comprehensive income (loss) at December 31, current year | (67,729) | (91,979) |
Post-Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other comprehensive income (loss) at December 31, prior year | (1,527) | 3,092 |
Net gain (loss) arising during period | 6,044 | (4,042) |
Prior Service credit (cost) arising during period | ||
Actuarial loss (gain) | ||
Prior service cost | (577) | (577) |
Other comprehensive income (loss) at December 31, current year | $ 3,941 | $ (1,527) |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 10,637 | $ 9,522 | $ 8,255 |
Interest cost | 8,253 | 10,112 | 11,712 |
Expected return on assets | (24,454) | (20,781) | (17,968) |
Amortization of net (income) loss | 8,489 | 8,551 | 7,635 |
Settlements | 464 | 1,025 | 408 |
Net periodic benefit cost | 3,388 | 8,429 | 10,042 |
Other comprehensive income (loss) attributable to change from prior year | (24,251) | (5,486) | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (20,863) | 2,943 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,096 | 1,066 | 983 |
Interest cost | 641 | 845 | 980 |
Amortization of prior service cost | (577) | (577) | (577) |
Expected return on assets | 155 | ||
Net periodic benefit cost | 1,161 | 1,334 | $ 1,231 |
Other comprehensive income (loss) attributable to change from prior year | (5,468) | 4,619 | |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (4,307) | $ 5,953 |
Employee Benefit Plans (Summa_4
Employee Benefit Plans (Summary Of Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 351,550 | $ 352,285 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 339,360 | 336,027 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 12,190 | $ 16,258 |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 390,437 | $ 388,213 |
Fair value of plan assets | 377,303 | 354,464 |
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 12,190 | 16,258 |
Fair value of plan assets |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | ||
Fair value of plan assets | ||
Non-Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 12,189 | 16,258 |
Fair value of plan assets |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Defined Benefit Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 16,662 |
2023 | 12,639 |
2024 | 13,565 |
2025 | 14,550 |
2026 | 15,439 |
Next 5 years | 95,005 |
Post-Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 683 |
2023 | 779 |
2024 | 831 |
2025 | 974 |
2026 | 1,084 |
Next 5 years | $ 7,252 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Measurement Levels For Qualified Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | $ 2,540 | $ 1,204 |
Total | 374,585 | 349,867 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 84,663 | 93,609 |
Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 287,382 | 255,054 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | 2,540 | 1,204 |
Total | 374,585 | 349,867 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 84,663 | 93,609 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | 287,382 | 255,054 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | ||
Total | ||
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Significant Other Observable Inputs (Level 2) [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Short-term investments, which approximates fair value | ||
Total | ||
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Mutual funds, fair value |
Employee Benefit Plans (Post-Re
Employee Benefit Plans (Post-Retirement Benefit Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Post-Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Incurred expenses | $ 1.2 | $ 1.3 | $ 1.2 |
Dividend Restrictions And Sta_3
Dividend Restrictions And Statutory Financial Information (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Minimum solvency margin | $ 0.3 | ||
Prior approval of the Bermuda Monetary Authority is required for dividend payments, if percentage exceeds in prior-year end total statutory capital | 0.25 | ||
Dividend payment restrictions, period in months | 12 months | ||
Dividend payment restrictions, percentage of statutory surplus required | 10.00% | ||
Minimum percent of total adjusted capital | 200.00% | ||
Bermuda Re [Member] | |||
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Statutory capital and surplus | $ 3,100 | $ 2,900 | |
Statutory net income (loss) | $ 680.7 | 222.8 | $ 503.6 |
Target capital level, percent of the enhanced capital requirement | 120.00% | ||
Everest Re [Member] | |||
Dividend Restrictions And Statutory Financial Information [Line Items] | |||
Available for payment of dividends in 2016 without need for prior regulatory approval | $ 578.9 | ||
Statutory capital and surplus | 5,800 | 5,300 | |
Statutory net income (loss) | $ 336.1 | $ 595.1 | $ (363) |
Dividend Restrictions And Sta_4
Dividend Restrictions And Statutory Financial Information (Regulatory Targeted Capital And The Actual Statutory Capital) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum percent of total adjusted capital | 200.00% | |
Bermuda Re [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Regulatory targeted capital | $ 1,923,209 | |
Actual capital | 3,092,287 | 2,930,250 |
Everest Re [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Regulatory targeted capital | 2,940,938 | 2,489,772 |
Actual capital | $ 5,789,484 | $ 5,276,003 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - Equity Index Put Option [Member] - Standard & Poor's 500 [Member] | 12 Months Ended |
Dec. 31, 2021USD ($)Item$ / Item | |
Derivative [Line Items] | |
Number of equity index put option contracts | Item | 1 |
Probability of falling below strike price, percentage | 0.10% |
Index | $ / Item | 4,766.18 |
Theoretical [Member] | |
Derivative [Line Items] | |
Maximum discount factor | 3.00% |
Maximum payout occurs based on index value | $ 152,300,000 |
If Contracts Expire [Member] | |
Derivative [Line Items] | |
Settlement amount | $ 0 |
Commitments And Contingencies_3
Commitments And Contingencies (Summary Of Estimated Cost To Replace Annuities For Contingent Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
The Prudential [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 138,285 | $ 140,773 |
Unaffiliated Life Insurance Company [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated cost to replace annuities | $ 34,847 | $ 35,128 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 16, 2021 | Sep. 09, 2021 | May 12, 2021 | Feb. 24, 2021 | Feb. 23, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grants in period | 0 | |||||||
Share-based compensation expense | $ 43.4 | $ 39.2 | $ 34 | |||||
Income tax benefit recorded | 8 | 7.1 | 8.4 | |||||
Additional paid-in capital due to tax benefit from dividends on restricted shares | 0.6 | 0.6 | 0.5 | |||||
Unrecognized compensation cost | 90.9 | |||||||
Tax benefit from stock options vested | 7.5 | |||||||
Fair value of shares vested | $ 37.9 | $ 38.7 | $ 28.1 | |||||
Unrecognized compensation cost expected to be recognized over a weighted-average period, years | 3 years 3 months 18 days | |||||||
2020 Employee Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Remaining shares | 1,158,270 | |||||||
1995 and 2002 Employee Plans [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grants in period | 0 | |||||||
2009 Director Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Remaining shares | 34,957 | |||||||
2003 Director Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Remaining shares | 307,378 | |||||||
Key Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted shares issued | 2,922,717 | |||||||
Restricted shares cancelled | 411,663 | |||||||
Non-Employee Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common shares, issued | 506 | 593 | 459 | |||||
Restricted shares issued | 185,153 | |||||||
Restricted shares cancelled | 0 | |||||||
Aggregate value of issuances | $ 0.1 | |||||||
Options and Restricted Shares [Member] | 2020 Employee Plan, 2010 Employee Plan and 2002 Employee Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period, years | 5 years | |||||||
Options and Restricted Shares [Member] | 2020 Employee Plan, 2010 Employee Plan and 2002 Employee Plan [Member] | Share Based Compensation Award Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
Options and Restricted Shares [Member] | 2009 Director Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expiration period, in years | 10 years | |||||||
Options and Restricted Shares [Member] | 2003 Director Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period, years | 3 years | |||||||
Options and Restricted Shares [Member] | 2003 Director Plan [Member] | Share Based Compensation Award Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 33.00% | |||||||
Options and Restricted Shares [Member] | Non-Employee Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock acquired for net-share settlement | 79,308 | 66,289 | 71,437 | |||||
Common stock values of shares acquired for net-share settlement | $ 17.8 | $ 17.9 | $ 14.2 | |||||
Restricted Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grants in period | 213,901 | |||||||
Weighted-average grant-date fair value of options granted | $ 277.605 | $ 263.630 | $ 264.845 | $ 244.445 | $ 242.240 | |||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grants in period | 22,205 | |||||||
Weighted-average grant-date fair value of options granted | $ 242.240 | |||||||
Performance Shares [Member] | 2020 Employee Plan and 2010 Employee Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period, years | 3 years | |||||||
Performance Shares [Member] | 2020 Employee Plan and 2010 Employee Plan [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares of stock per unit awarded | 1.75 | |||||||
Performance Shares [Member] | 2020 Employee Plan and 2010 Employee Plan [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares of stock per unit awarded | ||||||||
Performance Shares [Member] | 2020 Employee Plan and 2010 Employee Plan [Member] | Share Based Compensation Award Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 100.00% | |||||||
Performance Shares [Member] | Non-Employee Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock acquired for net-share settlement | 3,104 | 2,587 | 5,008 | |||||
Common stock values of shares acquired for net-share settlement | $ 0.8 | $ 0.7 | $ 1.1 | |||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grants in period | 0 | 0 | 0 | |||||
Aggregate intrinsic value of options exercised | $ 10.9 | $ 10 | $ 16.3 | |||||
Cash received from the exercised share options | 5.9 | |||||||
Tax benefit from options exercised | $ 2.6 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans (Company's Shareholder Approved Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation Plans [Abstract] | |||
Outstanding at January 1, Shares | 116,871 | 170,704 | 279,164 |
Granted, Shares | 0 | ||
Exercised, Shares | 67,843 | 53,833 | 108,460 |
Forfeited/Cancelled/Expired, Shares | |||
Outstanding at December 31, Shares | 49,028 | 116,871 | 170,704 |
Exercisable at December 31, Shares | 49,028 | 116,871 | 170,704 |
Outstanding at January 1, Weighted-Average Exercise Price/Share | $ 87.87 | $ 87.18 | $ 83.84 |
Granted - Weighted- Average Exercise Price/Share | 0 | ||
Exercised, Weighted- Average Exercise Price/Share | 87.39 | 85.69 | 78.58 |
Forfeited/Cancelled/Expired, Weighted- Average Exercise Price/Share | |||
Outstanding at December 31, Weighted-Average Exercise Price/Share | 88.52 | 87.87 | 87.18 |
Exercisable at December 31, Weighted-Average Exercise Price/Share | $ 88.52 | $ 87.87 | $ 87.18 |
Outstanding at December 31, Weighted-Average Remaining Contractual Term | 2 months 12 days | 8 months 12 days | 1 year 4 months 24 days |
Exercisable at December 31, Weighted-Average Remaining Contractual Term | 2 months 12 days | 8 months 12 days | 1 year 4 months 24 days |
Outstanding at December 31, Aggregate Intrinsic Value | $ 9,090 | $ 17,089 | $ 32,376 |
Exercisable at December 31, Aggregate Intrinsic Value | $ 9,090 | $ 17,089 | $ 32,376 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Share Options Outstanding And Exercisable) (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding, Number Outstanding | shares | 49,028 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 88.52 |
Options Exercisable, Number Exercisable | shares | 49,028 |
Options Exercisable, Weighted-Average Exercise Price | $ 88.52 |
Exercise Prices Range 1 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Ranges of Exercise Prices, Lower range limit | 88.32 |
Ranges of Exercise Prices, Upper range limit | $ 88.32 |
Options Outstanding, Number Outstanding | shares | 48,574 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 88.32 |
Options Exercisable, Number Exercisable | shares | 48,574 |
Options Exercisable, Weighted-Average Exercise Price | $ 88.32 |
Exercise Prices Range 2 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Ranges of Exercise Prices, Lower range limit | 88.33 |
Ranges of Exercise Prices, Upper range limit | $ 110.13 |
Options Outstanding, Number Outstanding | shares | 454 |
Options Outstanding, Weighted Average-Remaining Contractual Life | 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 110.13 |
Options Exercisable, Number Exercisable | shares | 454 |
Options Exercisable, Weighted-Average Exercise Price | $ 110.13 |
Exercise Prices Range 3 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Ranges of Exercise Prices, Lower range limit | 90.49 |
Ranges of Exercise Prices, Upper range limit | $ 110.13 |
Options Outstanding, Number Outstanding | shares | |
Options Outstanding, Weighted Average Exercise Price | $ 0 |
Options Exercisable, Number Exercisable | shares | |
Options Exercisable, Weighted-Average Exercise Price | $ 0 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans (Summary Of Company's Non-Vested Shares And Changes) (Details) - Restricted Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, Shares | 483,427 | 495,137 | 414,407 |
Granted, Shares | 213,901 | 200,929 | 232,601 |
Vested, Shares | 158,735 | 175,413 | 138,322 |
Forfeited, Shares | 42,499 | 37,226 | 13,549 |
Outstanding at December 31, Shares | 496,094 | 483,427 | 495,137 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | $ 246.60 | $ 228.02 | $ 217.15 |
Granted, Weighted Average Grant Date Fair Value | 243.51 | 269.86 | 232.36 |
Vested, Weighted Average Grant Date Fair Value | 238.67 | 220.88 | 203.41 |
Forfeited, Weighted Average Grant Date Fair Value | 247.02 | 246.20 | 221.35 |
Outstanding at December 31, Weighted Average Grant Date Fair Value | $ 247.76 | $ 246.60 | $ 228.02 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans (Company's Non-Vested Performance Share Unit Awards) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at January 1, Shares | 38,891 | 34,850 | 32,382 |
Granted, Shares | 22,205 | 16,120 | 16,855 |
Increase/(Decrease) on vesting units due to performance, Shares | (800) | (2,227) | (3,455) |
Vested, Shares | 9,801 | 6,157 | 10,922 |
Forfeited, Shares | 3,695 | ||
Outstanding at December 31, Shares | 50,495 | 38,891 | 34,850 |
Outstanding at January 1, Weighted Average Grant Date Fair Value | |||
Granted, Weighted Average Grant Date Fair Value | 242.24 | 277.15 | 223.45 |
Vested, Weighted Average Grant Date Fair Value | 242.24 | 277.15 | 223.45 |
Forfeited, Weighted Average Grant Date Fair Value | |||
Outstanding at December 31, Weighted Average Grant Date Fair Value |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | |||
Percentage threshold of Company revenue not exceeded by any other country | 20.50% | 20.10% | 23.10% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Gross written premium | $ 13,049,756 | $ 10,482,361 | $ 9,133,364 |
Net written premiums | 11,445,505 | 9,116,983 | 7,824,424 |
Premiums earned | 10,406,441 | 8,681,513 | 7,403,686 |
Incurred losses and LAE | 7,391,253 | 6,550,837 | 4,922,898 |
Commission and brokerage | 2,208,766 | 1,873,250 | 1,703,726 |
Other underwriting expenses | 582,647 | 511,237 | 440,899 |
Underwriting gain (loss) | 223,775 | (253,811) | 336,163 |
Net investment income | 1,164,892 | 642,465 | 647,139 |
Net realized capital gains (losses) | 257,943 | 267,649 | 185,004 |
Corporate expenses | (67,827) | (41,118) | (32,966) |
Interest, fee and bond issue cost amortization expense | (70,149) | (36,323) | (31,693) |
Other income (expense) | 36,987 | 6,487 | (4,660) |
INCOME (LOSS) BEFORE TAXES | 1,545,621 | 585,349 | 1,098,987 |
Reinsurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premium | 9,067,292 | 7,281,716 | 6,355,889 |
Net written premiums | 8,535,618 | 6,767,579 | 5,732,272 |
Premiums earned | 7,757,483 | 6,466,106 | 5,491,296 |
Incurred losses and LAE | 5,556,444 | 4,933,411 | 3,675,178 |
Commission and brokerage | 1,854,466 | 1,552,371 | 1,400,247 |
Other underwriting expenses | 199,148 | 175,734 | 160,834 |
Underwriting gain (loss) | 147,426 | (195,410) | 255,037 |
Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Gross written premium | 3,982,464 | 3,200,645 | 2,777,475 |
Net written premiums | 2,909,886 | 2,349,404 | 2,092,152 |
Premiums earned | 2,648,957 | 2,215,407 | 1,912,390 |
Incurred losses and LAE | 1,834,809 | 1,617,426 | 1,247,720 |
Commission and brokerage | 354,300 | 320,879 | 303,479 |
Other underwriting expenses | 383,499 | 335,503 | 280,065 |
Underwriting gain (loss) | $ 76,349 | $ (58,401) | $ 81,126 |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Gross written premium | $ 3,987,875 | $ 3,217,999 | $ 2,783,036 |
Schedule I - Summary Of Inves_2
Schedule I - Summary Of Investments - Other Than Investments In Related Parties (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | $ 28,968,319 |
Total investments and cash, Market Value | 29,673,343 |
Total investments and cash, Amount Shown in Balance Sheet | 29,673,343 |
Total Fixed Maturities Available For Sale [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 22,063,592 |
Total investments and cash, Market Value | 22,308,272 |
Total investments and cash, Amount Shown in Balance Sheet | 22,308,272 |
U.S. Government and Government Agencies [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,407,256 |
Total investments and cash, Market Value | 1,420,618 |
Total investments and cash, Amount Shown in Balance Sheet | 1,420,618 |
State, Municipalities and Political Subdivisions [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 558,842 |
Total investments and cash, Market Value | 586,621 |
Total investments and cash, Amount Shown in Balance Sheet | 586,621 |
Foreign Government Securities [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,423,634 |
Total investments and cash, Market Value | 1,437,512 |
Total investments and cash, Amount Shown in Balance Sheet | 1,437,512 |
Foreign Corporate Securities [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 4,250,642 |
Total investments and cash, Market Value | 4,278,660 |
Total investments and cash, Amount Shown in Balance Sheet | 4,278,660 |
Public Utilities [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 268,021 |
Total investments and cash, Market Value | 279,240 |
Total investments and cash, Amount Shown in Balance Sheet | 279,240 |
All Other Corporate Bonds [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 10,340,207 |
Total investments and cash, Market Value | 10,449,243 |
Total investments and cash, Amount Shown in Balance Sheet | 10,449,243 |
Commercial Mortgage Backed Securities [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,032,506 |
Total investments and cash, Market Value | 1,064,366 |
Total investments and cash, Amount Shown in Balance Sheet | 1,064,366 |
Mortgage Backed Securities: Agency residential [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 2,361,208 |
Total investments and cash, Market Value | 2,375,332 |
Total investments and cash, Amount Shown in Balance Sheet | 2,375,332 |
Mortgage Backed Securities: Non-agency residential [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 6,530 |
Total investments and cash, Market Value | 6,536 |
Total investments and cash, Amount Shown in Balance Sheet | 6,536 |
Redeemable Preferred Stock [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 414,746 |
Total investments and cash, Market Value | 410,144 |
Total investments and cash, Amount Shown in Balance Sheet | 410,144 |
Equity Securities - at Fair Value [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,365,515 |
Total investments and cash, Market Value | 1,825,908 |
Total investments and cash, Amount Shown in Balance Sheet | 1,825,908 |
Short-Term Investments [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,178,386 |
Total investments and cash, Market Value | 1,178,337 |
Total investments and cash, Amount Shown in Balance Sheet | 1,178,337 |
Other Invested Assets [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 2,919,965 |
Total investments and cash, Market Value | 2,919,965 |
Total investments and cash, Amount Shown in Balance Sheet | 2,919,965 |
Cash [Member] | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |
Total investments and cash, Cost | 1,440,861 |
Total investments and cash, Market Value | 1,440,861 |
Total investments and cash, Amount Shown in Balance Sheet | $ 1,440,861 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information Of The Registrant (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 05, 2021 | Dec. 17, 2019 | |
Debt Instrument [Line Items] | |||||
Other assets | $ 757,167,000 | $ 665,515,000 | |||
Other income (expense) | 36,987,000 | 6,487,000 | $ (4,660,000) | ||
Mt. Logan Re Segregated Accounts [Member] | |||||
Debt Instrument [Line Items] | |||||
Other assets | 66,300,000 | 67,600,000 | |||
Other income (expense) | 1,300,000 | 6,300,000 | (800,000) | ||
Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Other assets | 50,061,000 | 64,692,000 | |||
Other income (expense) | $ (185,000) | $ 5,833,000 | $ 458,000 | ||
Parent Company [Member] | Notes Payable Other Payables [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 200,000,000 | $ 300,000,000 | |||
Maturity Date | Dec. 1, 2028 | ||||
Debt instrument, stated interest rate | 1.00% | 1.69% |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information Of The Registrant (Condensed Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Fixed maturities - available for sale, at market value | $ 22,308,272 | $ 20,040,173 | |
Other invested assets | 2,919,965 | 2,012,581 | |
Cash | 1,440,861 | 801,651 | |
Accrued investment income | 149,105 | 141,304 | |
Other assets | 757,167 | 665,515 | |
TOTAL ASSETS | 38,185,283 | 32,711,503 | |
Other liabilities | 539,896 | 558,432 | |
Total liabilities | 28,046,103 | 22,985,327 | |
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | |||
Common shares, par value | 698 | 696 | |
Additional paid-in capital | 2,274,431 | 2,245,301 | |
Accumulated other comprehensive income (loss), net of deferred income | 11,523 | 534,899 | |
Treasury shares, at cost; | (3,847,308) | (3,622,172) | |
Retained earnings | 11,699,836 | 10,567,452 | |
Total shareholders' equity | 10,139,180 | 9,726,176 | $ 9,132,925 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 38,185,283 | 32,711,503 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 22,063,592 | $ 19,225,067 | |
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 Stock, Shares Authorized | 200,000,000 | 200,000,000 | |
Common shares, outstanding | 69,790,000 | 69,620,000 | |
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | $ 26,781 | $ 80,451 | |
Treasury shares, at cost | 30,524,000 | 29,636,000 | |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Fixed maturities - available for sale, at market value | $ 3 | ||
Other invested assets | 211,612 | 282,762 | |
Cash | 3,253 | 884 | |
Investment in subsidiaries, at equity in the underlying net assets | 10,353,351 | 9,660,713 | |
Accrued investment income | |||
Receivable from subsidiaries | 9,936 | 18,424 | |
Other assets | 50,061 | 64,692 | |
TOTAL ASSETS | 10,628,213 | 10,027,478 | |
Long term notes payable, affiliated | 500,000 | 300,000 | |
Due to subsidiaries | 1,622 | 1,933 | |
Other liabilities | (12,589) | (631) | |
Total liabilities | 489,033 | 301,302 | |
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding | |||
Common shares, par value | 698 | 696 | |
Additional paid-in capital | 2,274,431 | 2,245,301 | |
Accumulated other comprehensive income (loss), net of deferred income | 11,523 | 534,899 | |
Treasury shares, at cost; | (3,847,308) | (3,622,172) | |
Retained earnings | 11,699,836 | 10,567,452 | |
Total shareholders' equity | 10,139,180 | 9,726,176 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 10,628,213 | 10,027,478 | |
Fixed maturities - available for sale, at market value, amortized cost | 3 | ||
Other invested assets, at cost | $ 211,612 | $ 282,762 | |
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 Stock, Shares Authorized | 200,000,000 | 200,000,000 | |
Common shares, issued | 69,790,000 | 69,620,000 | |
Common shares, outstanding | 69,790,000 | 69,620,000 | |
Treasury shares, at cost | 30,524,000 | 29,636,000 | |
Parent Company [Member] | Notes Payable Other Payables [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Date due | Dec. 1, 2028 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net Investment Income | $ 1,164,892 | $ 642,465 | $ 647,139 |
Net realized capital gains (losses) | 257,943 | 267,649 | 185,004 |
Other income (expense) | 36,987 | 6,487 | (4,660) |
Total revenues | 11,866,263 | 9,598,114 | 8,231,169 |
Interest expense - affiliated | 70,149 | 36,323 | 31,693 |
Total claims and expenses | 10,320,642 | 9,012,765 | 7,132,182 |
INCOME (LOSS) BEFORE TAXES | 1,545,621 | 585,349 | 1,098,987 |
Income tax expense (benefit) | (166,538) | (71,198) | (89,526) |
NET INCOME (LOSS) | 1,379,083 | 514,151 | 1,009,461 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (488,378) | 423,210 | 496,430 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 3,616 | (3,476) | (12,613) |
Total URA(D) on securities arising during the period | (484,762) | 419,734 | 483,817 |
Foreign currency translation adjustments | (62,091) | 86,327 | 14,030 |
Benefit plan actuarial net gain (loss) for the period | 6,251 | (5,615) | (12,591) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 17,227 | 6,300 | 5,453 |
Total benefit plan net gain (loss) for the period | 23,478 | 685 | (7,138) |
Total other comprehensive income (loss), net of tax | (523,375) | 506,746 | 490,709 |
COMPREHENSIVE INCOME (LOSS) | 855,708 | 1,020,897 | 1,500,170 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Investment Income | 228 | 1,121 | 3,484 |
Net realized capital gains (losses) | 28 | (66) | |
Other income (expense) | (185) | 5,833 | 458 |
Net income (loss) of subsidiaries | 1,416,451 | 535,866 | 1,026,233 |
Total revenues | 1,416,494 | 542,848 | 1,030,109 |
Interest expense - affiliated | 5,952 | 5,155 | 2,087 |
Other expenses | 31,459 | 23,542 | 18,561 |
Total claims and expenses | 37,411 | 28,697 | 20,648 |
INCOME (LOSS) BEFORE TAXES | 1,379,083 | 514,151 | 1,009,461 |
NET INCOME (LOSS) | 1,379,083 | 514,151 | 1,009,461 |
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (488,378) | 423,210 | 496,430 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 3,616 | (3,476) | (12,613) |
Total URA(D) on securities arising during the period | (484,762) | 419,734 | 483,817 |
Foreign currency translation adjustments | (62,091) | 86,327 | 14,030 |
Benefit plan actuarial net gain (loss) for the period | 6,250 | (5,615) | (12,591) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 17,227 | 6,300 | 5,453 |
Total benefit plan net gain (loss) for the period | 23,478 | 685 | (7,138) |
Total other comprehensive income (loss), net of tax | (523,375) | 506,746 | 490,709 |
COMPREHENSIVE INCOME (LOSS) | $ 855,708 | $ 1,020,897 | $ 1,500,170 |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information Of The Registrant (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | $ 1,379,083 | $ 514,151 | $ 1,009,461 |
Change in other assets and liabilities, net | (289,562) | (99,171) | 4,950 |
Amortization of bond premium (accrual of bond discount) | 75,777 | 49,673 | 30,936 |
Realized capital losses (gains) | (257,943) | (267,649) | (185,004) |
Non-cash compensation expense | 43,406 | 39,209 | 34,018 |
Net cash provided by (used in) operating activities | 3,833,342 | 2,873,579 | 1,852,002 |
Proceeds from fixed maturities sold - available for sale, at market value | 1,915,916 | 1,945,867 | 3,280,237 |
Distributions from other invested assets | 257,233 | 309,912 | 284,558 |
Cost of fixed maturities acquired - available for sale, at market value | (8,825,315) | (7,189,301) | (6,613,917) |
Cost of other invested assets acquired | (756,560) | (557,473) | (425,438) |
Net change in short-term investments | (42,630) | (717,527) | (167,290) |
Net cash provided by (used in) investing activities | (3,868,964) | (3,683,371) | (1,412,492) |
Purchase of treasury shares | (225,136) | (200,020) | (24,604) |
Dividends paid to shareholders | (246,699) | (249,097) | (234,322) |
Net cash provided by (used in) financing activities | 674,193 | 800,220 | (275,687) |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 1,379,083 | 514,151 | 1,009,461 |
Equity in retained (earnings) deficit of subsidiaries | (1,416,451) | (535,866) | (1,026,233) |
Change in other assets and liabilities, net | 2,676 | (21,145) | 564 |
Increase (decrease) in due to/from affiliate | 8,176 | (8,621) | (2,209) |
Amortization of bond premium (accrual of bond discount) | (14) | (9) | |
Realized capital losses (gains) | (28) | 66 | |
Non-cash compensation expense | 2,481 | 2,588 | 2,796 |
Net cash provided by (used in) operating activities | 295,965 | 601,065 | 584,436 |
Additional investment in subsidiaries | (119,598) | (138,320) | (478,125) |
Proceeds from fixed maturities matured/called - available for sale, at market value | 3 | 1,356 | 63 |
Proceeds from fixed maturities sold - available for sale, at market value | 200,264 | 74,841 | |
Distributions from other invested assets | 606,648 | 559,767 | 644,918 |
Cost of fixed maturities acquired - available for sale, at market value | (200,267) | ||
Cost of other invested assets acquired | (535,499) | (800,828) | (686,528) |
Net change in short-term investments | |||
Net cash provided by (used in) investing activities | (48,446) | (177,761) | (645,098) |
Common shares issued during the period, net | 26,685 | 23,185 | 22,861 |
Purchase of treasury shares | (225,136) | (200,020) | (24,604) |
Dividends paid to shareholders | (246,699) | (249,056) | (234,322) |
Proceeds from issuance (cost of repayment) of long term note payable - affiliated | 200,000 | 300,000 | |
Net cash provided by (used in) financing activities | (245,150) | (425,891) | 63,935 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
Net increase (decrease) in cash | 2,369 | (2,587) | 3,273 |
Cash, beginning of period | 884 | 3,471 | 198 |
Cash, end of period | 3,253 | 884 | 3,471 |
Bermuda Re [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends received from subsidiaries | $ 320,000 | $ 650,000 | $ 600,000 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | $ 872,289 | $ 622,053 | $ 581,863 |
Reverse for Losses and Loss Adjustment Expenses | 19,009,486 | 16,398,997 | 13,611,313 |
Unearned Premium Reserves | 4,609,634 | 3,501,359 | 3,056,735 |
Premiums Earned | 10,406,441 | 8,681,513 | 7,403,686 |
Net Investment Income | 1,164,892 | 642,465 | 647,139 |
Incurred Loss and Loss Adjustment Expenses | 7,391,253 | 6,550,837 | 4,922,898 |
Amortization of Deferred Acquisition Costs | 2,208,766 | 1,873,250 | 1,703,726 |
Other Operating Expenses | 582,647 | 511,237 | 440,899 |
Net Written Premium | 11,445,505 | 9,116,983 | 7,824,424 |
Reinsurance [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 653,929 | 447,632 | 420,182 |
Reverse for Losses and Loss Adjustment Expenses | 13,894,992 | 12,023,446 | 10,064,970 |
Unearned Premium Reserves | 2,722,771 | 1,995,218 | 1,740,357 |
Premiums Earned | 7,757,483 | 6,466,106 | 5,491,296 |
Net Investment Income | 823,163 | 458,354 | 458,492 |
Incurred Loss and Loss Adjustment Expenses | 5,556,444 | 4,933,411 | 3,675,178 |
Amortization of Deferred Acquisition Costs | 1,854,466 | 1,552,371 | 1,400,247 |
Other Operating Expenses | 199,148 | 175,734 | 160,834 |
Net Written Premium | 8,535,618 | 6,767,579 | 5,732,272 |
Insurance [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Acquisition Costs | 218,360 | 174,421 | 161,681 |
Reverse for Losses and Loss Adjustment Expenses | 5,114,494 | 4,375,551 | 3,546,343 |
Unearned Premium Reserves | 1,886,864 | 1,506,141 | 1,316,378 |
Premiums Earned | 2,648,957 | 2,215,407 | 1,912,390 |
Net Investment Income | 341,729 | 184,111 | 188,647 |
Incurred Loss and Loss Adjustment Expenses | 1,834,809 | 1,617,426 | 1,247,720 |
Amortization of Deferred Acquisition Costs | 354,300 | 320,879 | 303,479 |
Other Operating Expenses | 383,499 | 335,503 | 280,065 |
Net Written Premium | $ 2,909,886 | $ 2,349,404 | $ 2,092,152 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Gross Amount | $ 3,588,926 | $ 3,028,095 | $ 2,551,662 |
Ceded to Other Companies | 1,497,557 | 1,401,262 | 1,207,198 |
Assumed from Other Companies | 8,315,072 | 7,054,680 | 6,059,222 |
Net Amount | 10,406,441 | 8,681,513 | 7,403,686 |
Total Property And Liability Insurance Premiums Earned [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Gross Amount | 3,588,926 | 3,028,095 | 2,556,386 |
Ceded to Other Companies | 1,497,557 | 1,401,262 | 1,207,198 |
Assumed from Other Companies | 8,315,072 | 7,054,680 | 6,054,498 |
Net Amount | $ 10,406,441 | $ 8,681,513 | $ 7,403,686 |
Assumed to Net | 79.90% | 81.30% | 81.80% |