Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 01, 2022 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
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 – 4th Floor | |
Entity Address Address Line 2 | 141 Front Street | |
Entity Address Address Line 3 | PO Box HM 845 | |
Entity Address City Or Town | Hamilton | |
Entity Address Postal Zip Code | HM 19 | |
Entity Address Country | BM | |
City Area Code | 441 | |
Local Phone Number | 295-0006 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Security 12b Title | Common Shares, $0.01 par value | |
Trading Symbol | RE | |
Security Exchange Name | NYSE | |
Entity Common Stock Shares Outstanding | 39,437,963 | |
Amendment Flag | false | |
Entity Central Index Key | 0001095073 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Fixed maturities - available for sale (amortized cost: 2022, $22,693,029; 2021, $22,063,582, credit allowances: 2022, $(41,591); 2021, $(29,738)) | $ 21,998,415 | $ 22,308,272 |
Equity securities, at fair value | 1,780,526 | 1,825,908 |
Short-term investments (cost: 2022, $823,889; 2021, $178,386) | 823,875 | 1,178,337 |
Other invested assets | 2,917,039 | 2,919,965 |
Cash | 1,778,218 | 1,440,861 |
Total investments and cash | 29,298,073 | 29,673,343 |
Accrued investment income | 156,997 | 149,105 |
Premiums receivable | 3,264,023 | 3,293,598 |
Reinsurance recoverables | 2,101,641 | 2,053,354 |
Funds held by reinsureds | 920,054 | 868,601 |
Deferred acquisition costs | 842,739 | 872,289 |
Prepaid reinsurance premiums | 496,632 | 515,445 |
Income taxes | 117,609 | 2,381 |
Other assets | 789,014 | 757,167 |
TOTAL ASSETS | 37,986,782 | 38,185,283 |
LIABILITIES: | ||
Reserve for losses and loss adjustment expenses | 19,495,637 | 19,009,486 |
Future policy benefit reserve | 34,523 | 35,669 |
Unearned premium reserve | 4,571,705 | 4,609,634 |
Funds held under reinsurance treaties | 4,732 | 18,391 |
Other net payable to reinsurers | 464,000 | 449,723 |
Losses in course of payment | 133,888 | 260,684 |
Senior notes | 2,346,147 | 2,345,800 |
Long term notes | 223,799 | 223,774 |
Borrowings from FHLB | 519,000 | 519,000 |
Accrued interest on debt and borrowings | 38,843 | 17,348 |
Unsettled securities payable | 67,698 | 16,698 |
Other liabilities | 559,181 | 539,896 |
Total liabilities | 28,459,153 | 28,046,103 |
Commitments and contingencies (Note 7) | ||
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; (2022) 69,977 and (2021) 69,790 outstanding before treasury shares | 700 | 698 |
Additional paid-in capital | 2,271,890 | 2,274,431 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(89,926) at 2022 and $26,781 at 2021 | (832,820) | 11,523 |
Treasury shares, at cost; 30,529 shares (2022) and 30,524 shares (2021) | (3,848,630) | (3,847,308) |
Retained earnings | 11,936,489 | 11,699,836 |
Total shareholders' equity | 9,527,629 | 10,139,180 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 37,986,782 | $ 38,185,283 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fixed maturities - available for sale, at market value, amortized cost | $ 22,693,029 | $ 22,063,592 |
Fixed maturities - available for sale, at market value, allowance for credit loss | (41,591) | (29,738) |
Short-term investments, at cost | $ 823,889 | $ 1,178,386 |
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 | 69,977,000 | 69,790,000 |
Accumulated other comprehensive income (loss), net deferred income tax expense (benefit) | $ (89,926) | $ 26,781 |
Treasury shares | 30,529,000 | 30,524,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES: | ||
Premiums earned | $ 2,791,765 | $ 2,387,865 |
Net investment income | 242,830 | 260,413 |
Net gains (losses) on investments: | ||
Credit allowances on fixed maturity securities | (11,853) | (6,977) |
Gains (loss) from fair value adjustments | (136,860) | 29,056 |
Net realized gains (losses) from dispositions | (4,914) | 16,823 |
Total net gains (losses) on investments | (153,627) | 38,902 |
Other income (expense) | 15,363 | 56,593 |
Total revenues | 2,896,331 | 2,743,773 |
CLAIMS AND EXPENSES: | ||
Incurred losses and loss adjustment expenses | 1,789,863 | 1,711,419 |
Commission, brokerage, taxes and fees | 605,230 | 489,011 |
Other underwriting expenses | 161,293 | 142,231 |
Corporate expenses | 14,020 | 12,378 |
Interest, fees and bond issue cost amortization expense | 24,078 | 15,639 |
Total claims and expenses | 2,594,484 | 2,370,678 |
INCOME (LOSS) BEFORE TAXES | 301,847 | 373,095 |
Income tax expense (benefit) | 4,096 | 31,233 |
NET INCOME (LOSS) | 297,751 | 341,862 |
Other comprehensive income (loss), net of tax: | ||
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period | (815,177) | (288,615) |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 4,178 | (3,666) |
Total URA(D) on securities arising during the period | (810,999) | (292,281) |
Foreign currency translation adjustments | (34,102) | (9,582) |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | 758 | 2,043 |
Total benefit plan net gain (loss) for the period | 758 | 2,043 |
Total other comprehensive income (loss), net of tax | (844,343) | (299,820) |
COMPREHENSIVE INCOME (LOSS) | $ (546,592) | $ 42,042 |
EARNINGS PER COMMON SHARE: | ||
Basic | $ 7.57 | $ 8.53 |
Diluted | $ 7.56 | $ 8.52 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2020 | $ 696 | $ 2,245,301 | $ 534,899 | $ 10,567,452 | $ (3,622,172) | ||
Balance, shares at Dec. 31, 2020 | 39,983,481 | ||||||
Issued during the period, net, shares | 196,481 | ||||||
Treasury shares acquired, shares | (97,462) | ||||||
Issued during the period, net | 2 | ||||||
Share-based compensation plans | 436 | ||||||
Net increase (decrease) during the period | $ (299,820) | (299,820) | |||||
Net income (loss) | 341,862 | 341,862 | |||||
Dividends declared ($1.55 per share 2022 and $1.55 per share 2021) | (62,229) | (62,228) | |||||
Purchase of treasury shares | (23,545) | ||||||
Balance at Mar. 31, 2021 | 9,682,882 | 698 | 2,245,737 | 235,079 | 10,847,085 | (3,645,717) | |
Balance, shares at Mar. 31, 2021 | 40,082,500 | ||||||
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 | |||||
Issued during the period, net, shares | 187,044 | ||||||
Treasury shares acquired, shares | (5,000) | ||||||
Issued during the period, net | 2 | ||||||
Share-based compensation plans | (2,541) | ||||||
Net increase (decrease) during the period | $ (844,343) | (844,343) | |||||
Net income (loss) | 297,751 | 297,751 | |||||
Dividends declared ($1.55 per share 2022 and $1.55 per share 2021) | (61,097) | (61,097) | |||||
Purchase of treasury shares | (1,322) | ||||||
Balance at Mar. 31, 2022 | $ 9,527,629 | $ 700 | $ 2,271,890 | $ (832,820) | $ 11,936,489 | $ (3,848,630) | |
Balance, shares at Mar. 31, 2022 | 69,977,000 | 39,448,677 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Consolidated Statements Of Changes In Shareholders' Equity [Abstract] | ||
Dividends declared | $ 1.55 | $ 1.55 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 297,751 | $ 341,862 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Decrease (increase) in premiums receivable | (14,203) | (105,460) |
Decrease (increase) in funds held by reinsureds, net | (67,033) | (25,584) |
Decrease (increase) in reinsurance recoverables | (125,881) | (14,518) |
Decrease (increase) in income taxes | 1,251 | 24,908 |
Decrease (increase) in prepaid reinsurance premiums | (7,167) | (27,071) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 632,398 | 655,070 |
Increase (decrease) in future policy benefit reserve | (1,146) | (162) |
Increase (decrease) in unearned premiums | 4,045 | 196,631 |
Increase (decrease) in other net payable to reinsurers | 46,310 | 105,390 |
Increase (decrease) in losses in course of payment | (125,074) | 11,980 |
Change in equity adjustments in limited partnerships | (97,831) | (116,767) |
Distribution of limited partnership income | 71,174 | 18,125 |
Change in other assets and liabilities, net | 47,052 | (149,480) |
Non-cash compensation expense | 11,912 | 11,021 |
Amortization of bond premium (accrual of bond discount) | 19,254 | 17,323 |
Net (gains) losses on investments | 153,627 | (38,902) |
Net cash provided by (used in) operating activities | 846,439 | 904,366 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from fixed maturities matured/called - available for sale, at market value | 849,019 | 818,352 |
Proceeds from fixed maturities sold - available for sale, at market value | 418,988 | 228,278 |
Proceeds from equity securities sold, at fair value | 90,101 | 281,313 |
Distributions from other invested assets | 162,719 | 52,211 |
Cost of fixed maturities acquired - available for sale, at market value | (2,010,859) | (1,776,730) |
Cost of equity securities acquired, at fair value | (195,026) | (174,981) |
Cost of other invested assets acquired | (137,430) | (98,939) |
Net change in short-term investments | 354,761 | 308,585 |
Net change in unsettled securities transactions | 46,399 | (93,610) |
Net cash provided by (used in) investing activities | (421,328) | (455,521) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Common shares issued during the period for share-based compensation, net of expense | (14,450) | (10,583) |
Purchase of treasury shares | (1,322) | (23,545) |
Dividends paid to shareholders | (61,097) | (62,229) |
Cost of shares withheld on settlements of share-based compensation awards | (16,692) | (12,507) |
Net cash provided by (used in) financing activities | (93,561) | (108,864) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 5,807 | (8,972) |
Net increase (decrease) in cash | 337,357 | 331,009 |
Cash, beginning of period | 1,440,861 | 801,651 |
Cash, end of period | 1,778,218 | 1,132,660 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid (recovered) | 2,681 | 6,417 |
Interest paid | $ 2,210 | $ 1,880 |
General
General | 3 Months Ended |
Mar. 31, 2022 | |
General [Abstract] | |
General | 1. GENERAL Everest Re Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, “Company” means Group and its subsidiaries. |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 2. BASIS OF PRESENTATION The unaudited consolidated financial statements of the Company as of March 31, 2022 and December 31, 2021 and for the three months ended March 31, 2022 and 2021 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2021 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2022 and 2021 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2021, 2020 and 2019, included in the Company’s most recent Form 10-K filing. The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. All intercompany accounts and transactions have been eliminated. Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2022 presentation. Application of Recently Issued Accounting Standard Changes. The Company did not adopt any new accounting standards that had a material impact during the three months ended March 31, 2022. The Company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company’s consolidated financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There were no new material accounting standards issued in the three months ended March 31, 2022, that impacted Group. 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 | 3 Months Ended |
Mar. 31, 2022 | |
Investments [Abstract] | |
Investments | 3. INVESTMENTS The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and market value of fixed maturity securities as of the dates indicated: At March 31, 2022 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 $ 1,387,723 $ - $ 9,506 $ ( 41,423) $ 1,355,806 Obligations of U.S. states and political subdivisions 560,375 ( 151) 9,538 ( 10,574) 559,188 Corporate securities 7,510,255 ( 20,049) 64,802 ( 263,958) 7,291,050 Asset-backed securities 4,046,636 ( 7,679) 13,228 ( 54,294) 3,997,891 Mortgage-backed securities Commercial 1,021,013 - 2,762 ( 31,904) 991,871 Agency residential 2,387,754 - 5,354 ( 109,611) 2,283,497 Non-agency residential 5,759 - - ( 114) 5,645 Foreign government securities 1,414,589 - 16,763 ( 68,970) 1,362,382 Foreign corporate securities 4,358,925 ( 13,712) 31,776 ( 225,904) 4,151,085 Total fixed maturity securities $ 22,693,029 $ ( 41,591) $ 153,729 $ ( 806,752) $ 21,998,415 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 The amortized cost and market value of fixed maturity securities are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. At March 31, 2022 At December 31, 2021 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,391,977 $ 1,391,679 $ 1,398,742 $ 1,398,006 Due after one year through five years 7,302,421 7,112,007 7,075,077 7,154,468 Due after five years through ten years 4,896,715 4,673,737 5,003,792 5,100,672 Due after ten years 1,640,754 1,542,088 1,606,298 1,627,163 Asset-backed securities 4,046,636 3,997,891 3,579,439 3,581,729 Mortgage-backed securities: Commercial 1,021,013 991,871 1,032,506 1,064,366 Agency residential 2,387,754 2,283,497 2,361,208 2,375,332 Non-agency residential 5,759 5,645 6,530 6,536 Total fixed maturity securities $ 22,693,029 $ 21,998,415 $ 22,063,592 $ 22,308,272 The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2022 2021 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 $ ( 927,407) $ ( 322,708) Change in unrealized appreciation (depreciation), pre-tax ( 927,407) ( 322,708) Deferred tax benefit (expense) 116,408 40,427 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ ( 810,999) $ ( 292,281) 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. Duration of Unrealized Loss at March 31, 2022 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 $ 735,568 $ ( 31,508) $ 140,967 $ ( 9,915) $ 876,535 $ ( 41,423) Obligations of U.S. states and political subdivisions 135,080 ( 8,844) 12,751 ( 1,683) 147,831 ( 10,527) Corporate securities 3,552,799 ( 191,372) 804,526 ( 71,842) 4,357,325 ( 263,214) Asset-backed securities 3,072,751 ( 51,294) 41,984 ( 3,000) 3,114,735 ( 54,294) Mortgage-backed securities Commercial 696,096 ( 29,358) 19,307 ( 2,546) 715,403 ( 31,904) Agency residential 1,405,047 ( 67,884) 511,034 ( 41,727) 1,916,081 ( 109,611) Non-agency residential 4,831 ( 102) 815 ( 12) 5,646 ( 114) Foreign government securities 868,416 ( 37,826) 173,278 ( 31,144) 1,041,694 ( 68,970) Foreign corporate securities 2,674,129 ( 177,921) 444,844 ( 47,682) 3,118,973 ( 225,603) Total $ 13,144,717 $ ( 596,109) $ 2,149,506 $ ( 209,551) $ 15,294,223 $ ( 805,660) Securities where an allowance for credit loss was recorded 18,830 ( 1,092) - - 18,830 ( 1,092) Total fixed maturity securities $ 13,163,547 $ ( 597,201) $ 2,149,506 $ ( 209,551) $ 15,313,053 $ ( 806,752) Duration of Unrealized Loss at March 31, 2022 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 $ 170,052 $ ( 2,305) $ 105,909 $ ( 9,957) $ 275,961 $ ( 12,262) Due in one year through five years 3,852,436 ( 164,170) 755,276 ( 55,787) 4,607,712 ( 219,957) Due in five years through ten years 2,843,780 ( 178,654) 628,985 ( 82,375) 3,472,765 ( 261,029) Due after ten years 1,099,724 ( 102,342) 86,196 ( 14,147) 1,185,920 ( 116,489) Asset-backed securities 3,072,751 ( 51,294) 41,984 ( 3,000) 3,114,735 ( 54,294) Mortgage-backed securities 2,105,974 ( 97,344) 531,156 ( 44,285) 2,637,130 ( 141,629) Total $ 13,144,717 $ ( 596,109) $ 2,149,506 $ ( 209,551) $ 15,294,223 $ ( 805,660) Securities where an allowance for credit loss was recorded 18,830 ( 1,092) - - 18,830 ( 1,092) Total fixed maturity securities $ 13,163,547 $ ( 597,201) $ 2,149,506 $ ( 209,551) $ 15,313,053 $ ( 806,752) The aggregate market value and gross unrealized losses related to investments in an unrealized loss position at March 31, 2022 were $ 15.3 billion and $ 806.8 million, respectively. The market value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at March 31, 2022, did not exceed 4.0% 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 position at March 31, 2022, comprised less than 0.9% 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 $ 597.2 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, $ 551.4 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $ 209.6 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, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $ 201.8 million were related to securities that were rated investment grade by at least one nationally recognized 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. Based upon the Company’s current evaluation of securities in an unrealized loss position as of March 31, 2022, the unrealized losses are due to changes in interest rates and non-issuer specific credit spreads and are not credit-related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost. 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 $ 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 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 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: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Fixed maturities $ 148,226 $ 140,916 Equity securities 4,146 4,838 Short-term investments and cash 159 180 Other invested assets: Limited partnerships 88,437 114,333 Other 11,831 6,019 Gross investment income before adjustments 252,799 266,286 Funds held interest income (expense) 3,685 7,966 Future policy benefit reserve income (expense) ( 222) ( 291) Gross investment income 256,262 273,961 Investment expenses ( 13,432) ( 13,548) Net investment income $ 242,830 $ 260,413 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 $ 2.5 billion in limited partnerships and private placement loan securities at March 31, 2022. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2026 The Company participates in a private placement liquidity sweep facility (“the facility”). The primary purpose of the facility is to enhance the Company’s return on its short-term investments and cash positions. The facility invests in high quality, short-duration securities and permits daily liquidity. The Company consolidates its participation in the facility. As of March 31, 2022, the market value of investments in the facility consolidated within the Company’s balance sheets was $ 773.3 million. 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021 is limited to the total carrying value of $ 2.9 billion and $ 2.9 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 March 31, 2022, the Company has outstanding commitments totaling $ 2.2 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-backed 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 gains (losses) on investments are presented in the tables below for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Fixed maturity securities, market value: Allowance for credit losses $ ( 11,853) $ ( 6,977) Net realized gains (losses) from dispositions 2,799 9,174 Equity securities, fair value: Net realized gains (losses) from dispositions ( 11,787) 6,238 Gains (losses) from fair value adjustments ( 136,860) 29,056 Other invested assets 4,152 1,346 Short-term investments gain (loss) ( 78) 66 Total net gains (losses) on investments $ ( 153,627) $ 38,902 (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses Three Months Ended March 31, 2022 Obligations of U.S. States Foreign Corporate Asset-Backed and Political Corporate Securities Securities Subdivisions Securities Total (Dollars in thousands) Beginning Balance $ ( 19,267) $ ( 7,679) $ ( 151) $ ( 2,641) $ ( 29,738) Credit losses on securities where credit losses were not previously recorded ( 1,929) - - ( 11,184) ( 13,113) Increases in allowance on previously impaired securities - - - - - Decreases in allowance on previously impaired securities - - - - - Reduction in allowance due to disposals 1,147 - - 113 1,260 Balance as of March 31, 2022 $ ( 20,049) $ ( 7,679) $ ( 151) $ ( 13,712) $ ( 41,591) Roll Forward of Allowance for Credit Losses Three Months Ended March 31, 2021 Foreign Foreign Corporate Asset-Backed Government Corporate Securities Securities 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 ( 2,383) ( 4,915) - - ( 7,298) Increases in allowance on previously impaired securities - - - - - Decreases in allowance on previously impaired securities - - - - - Reduction in allowance due to disposals - - 22 298 320 Balance as of March 31, 2021 $ ( 3,603) $ ( 4,915) $ - $ ( 205) $ ( 8,723) The proceeds and split between gross gains and losses from dispositions of fixed maturity and equity securities, are presented in the table below for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Proceeds from sales of fixed maturity securities $ 418,988 $ 228,278 Gross gains from dispositions 20,122 14,864 Gross losses from dispositions ( 17,324) ( 5,690) Proceeds from sales of equity securities $ 90,101 $ 281,313 Gross gains from dispositions 3,508 12,304 Gross losses from dispositions ( 15,294) ( 6,066) |
Reserve For Losses, LAE And Fut
Reserve For Losses, LAE And Future Policy Benefit Reserve | 3 Months Ended |
Mar. 31, 2022 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Reserve For Losses, LAE And Future Policy Benefit Reserve | 4. RESERVE FOR LOSSES, LAE AND FUTURE POLICY BENEFIT RESERVE Activity in the reserve for losses and LAE is summarized for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Gross reserves beginning of period $ 19,009,486 $ 16,322,143 Less reinsurance recoverables on unpaid losses ( 1,946,365) ( 1,843,691) Net reserves beginning of period 17,063,121 14,478,452 Incurred related to: Current year 1,790,798 1,713,253 Prior years ( 935) ( 1,834) Total incurred losses and LAE 1,789,863 1,711,419 Paid related to: Current year 307,661 215,302 Prior years 918,834 837,035 Total paid losses and LAE 1,226,495 1,052,337 Foreign exchange/translation adjustment ( 121,934) ( 5,841) Net reserves end of period 17,504,555 15,131,694 Plus reinsurance recoverables on unpaid losses 1,991,082 1,882,112 Gross reserves end of period $ 19,495,637 $ 17,013,806 (Some amounts may not reconcile due to rounding.) Current year incurred losses were $ 1.8 billion and $ 1.7 billion for the three months ended March 31, 2022 and 2021, respectively. Gross and net reserves increased for the three months ended March 31, 2022, reflecting an increase in underlying exposure due to premium growth, partially offset by a reduction of $ 155.0 million in current year catastrophe losses. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value [Abstract] | |
Fair Value | 5. FAIR VALUE GAAP guidance regarding fair value measurements addresses 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 March 31, 2022, $ 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, 2021, $ 2.1 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 March 31, 2022 and December 31, 2021 of $ 1.4 billion and $ 1.3 billion, 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 $ 2.1 billion and $ 2.0 billion at March 31, 2022 and December 31, 2021, respectively. 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 tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value (fair and market value) as of the periods indicated: Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) March 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,355,806 $ - $ 1,355,806 $ - Obligations of U.S. States and political subdivisions 559,188 - 559,188 - Corporate securities 7,291,050 - 6,576,394 714,656 Asset-backed securities 3,997,891 - 2,609,200 1,388,691 Mortgage-backed securities Commercial 991,871 - 985,981 5,890 Agency residential 2,283,497 - 2,283,497 - Non-agency residential 5,645 - 5,645 - Foreign government securities 1,362,382 - 1,362,382 - Foreign corporate securities 4,151,085 - 4,135,159 15,926 Total fixed maturities, market value 21,998,415 - 19,873,252 2,125,163 Equity securities, fair value 1,780,526 1,698,324 82,202 - 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 - In addition, $ 299.6 million and $ 286.6 million of investments within other invested assets on the consolidated balance sheets as of March 31, 2022 and December 31, 2021, 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 table presents the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities, for the periods indicated: Total Fixed Maturities, Market Value Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in thousands) Securities Securities CMBS Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities at market value $ 800,574 $ 1,251,281 $ - $ 16,015 $ 2,067,870 $ 701,492 $ 623,033 $ 5,699 $ 1,330,224 Total gains or (losses) (realized/unrealized) Included in earnings 15,943 102 - 13 16,058 ( 1,789) ( 4,168) 3 ( 5,954) Included in other comprehensive income (loss) ( 4,167) ( 28,788) ( 23) ( 61) ( 33,039) 2,836 ( 3,135) 49 ( 250) Purchases, issuances and settlements ( 97,694) 166,096 5,913 ( 41) 74,274 2,003 169,630 ( 153) 171,480 Transfers in and/or (out) of Level 3 - - - - - - - - - Ending balance $ 714,656 $ 1,388,691 $ 5,890 $ 15,926 $ 2,125,163 $ 704,542 $ 785,360 $ 5,599 $ 1,495,500 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 $ 318 $ - $ - $ - $ 318 $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 6. EARNINGS PER COMMON SHARE Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2022 2021 Net income (loss) per share: Numerator Net income (loss) $ 297,751 $ 341,862 Less: dividends declared-common shares and unvested common shares ( 61,097) ( 62,229) Undistributed earnings 236,653 279,633 Percentage allocated to common shareholders (1) 98.7 % 98.7 % 233,504 276,031 Add: dividends declared-common shareholders 60,282 61,415 Numerator for basic and diluted earnings per common share $ 293,785 $ 337,446 Denominator Denominator for basic earnings per weighted-average common shares 38,823 39,543 Effect of dilutive securities: Options 14 54 Denominator for diluted earnings per adjusted weighted-average common shares 38,837 39,597 Per common share net income (loss) Basic $ 7.57 $ 8.53 Diluted $ 7.56 $ 8.52 (1) Basic weighted-average common shares outstanding 38,823 39,543 Basic weighted-average common shares outstanding and unvested common shares expected to vest 39,347 40,059 Percentage allocated to common shareholders 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.) There were no anti-diluted options outstanding for the three months ended March 31, 2022 and 2021. All outstanding options granted under share-based compensation plans expire on September 19, 2022. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 7. 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 war in the Ukraine is ongoing and an evolving event. Economic and legal sanctions have been levied against Russia, specific named individuals and entities connected to the Russian government, as well as businesses located in the Russian Federation and/or owned by Russian nationals by numerous countries, including the United States. The significant political and economic uncertainty surrounding the war and associated sanctions have impacted economic and investment markets both within Russia and around the world. To the best of our knowledge at this time, the Company has limited financial exposure related to the Russian invasion of the Ukraine. However, given the ongoing nature of the war and the high degree of uncertainty around both exposures and coverage, a reasonable estimation of potential loss is not credible at this time. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | 8. OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the components of comprehensive income (loss) in the consolidated statements of operations for the periods indicated: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related $ ( 932,309) $ 117,132 $ ( 815,177) $ ( 329,166) $ 40,551 $ ( 288,615) Reclassification of net realized losses (gains) included in net income (loss) 4,902 ( 724) 4,178 ( 3,542) ( 124) ( 3,666) Foreign currency translation adjustments ( 34,603) 501 ( 34,102) ( 8,988) ( 594) ( 9,582) Reclassification of benefit plan liability amortization included in net income (loss) 960 ( 202) 758 2,586 ( 543) 2,043 Total other comprehensive income (loss) $ ( 961,050) $ 116,707 $ ( 844,343) $ ( 339,110) $ 39,290 $ ( 299,820) The following table presents details of the amounts reclassified from AOCI for the periods indicated: Three Months Ended March 31, Affected line item within the statements of AOCI component 2022 2021 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 4,902 $ ( 3,542) Other net realized capital gains (losses) ( 724) ( 124) Income tax expense (benefit) $ 4,178 $ ( 3,666) Net income (loss) Benefit plan net gain (loss) $ 960 $ 2,586 Other underwriting expenses ( 202) ( 543) Income tax expense (benefit) $ 758 $ 2,043 Net income (loss) The following table presents the components of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Beginning balance of URA (D) on securities $ 239,397 $ 724,159 Current period change in URA (D) of investments - non-credit related ( 810,999) ( 292,281) Ending balance of URA (D) on securities ( 571,602) 431,878 Beginning balance of foreign currency translation adjustments ( 177,481) ( 115,390) Current period change in foreign currency translation adjustments ( 34,102) ( 9,582) Ending balance of foreign currency translation adjustments ( 211,583) ( 124,972) Beginning balance of benefit plan net gain (loss) ( 50,392) ( 73,870) Current period change in benefit plan net gain (loss) 758 2,043 Ending balance of benefit plan net gain (loss) ( 49,634) ( 71,827) Ending balance of accumulated other comprehensive income (loss) $ ( 832,820) $ 235,079 (Some amounts may not reconcile due to rounding.) |
Credit Facilities
Credit Facilities | 3 Months Ended |
Mar. 31, 2022 | |
Credit Facilities [Abstract] | |
Credit Facilities | 9. CREDIT FACILITIES The Company has multiple active letter of credit facilities for a total commitment of up to $ 1.2 billion as of March 31, 2022. 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 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 March 31, 2022 is limited only to the remaining $ 13.3 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 March 31, 2022, the Company was in compliance with all Group Credit Facility covenants. The following table summarizes the outstanding letters of credit and/or borrowings for the periods indicated: (Dollars in thousands) At March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility $ 13,319 $ 13,319 12/30/2022 $ 39,198 $ 39,198 12/30/2022 Total Wells Fargo Bank Group Credit Facility $ 13,319 $ 13,319 $ 39,198 $ 39,198 Bermuda Re Wells Fargo 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 Letter of Credit Facility.” The Bermuda Re Wells Fargo 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 March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500,000 $ 422,521 12/30/2022 $ 500,000 $ 351,497 12/30/2022 Total Wells Fargo Bank Bilateral LOC Agreement $ 500,000 $ 422,521 $ 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 N.A. that was effective December 31, 2020. Both of these agreements are referred to as the “Bermuda Re Citibank 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 the $ 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 March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230,000 $ 425 12/16/22 $ 230,000 $ 4,425 02/28/22 218,377 12/31/22 925 03/01/22 473 01/21/23 1,264 11/24/22 4,425 02/28/23 423 12/16/22 1,088 03/01/23 146 12/20/22 990 08/15/23 216,622 12/31/22 1,240 09/23/23 473 01/21/23 147 12/20/23 985 08/15/23 – 1,234 09/23/23 Bermuda Re Citibank LOC Facility - Uncommitted 140,000 84,203 12/31/22 140,000 84,203 12/31/22 22,233 03/30/26 22,731 12/30/25 Total Citibank Bilateral Agreement $ 370,000 $ 333,600 $ 370,000 $ 333,429 Bermuda Re Bayerische Landesbank 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 LOC Facility”. The Bermuda Re Bayerische Landesbank Bilateral LOC Facility provides for the committed issuance of up to $ 200.0 million of secured letters of credit. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral LOC Agreement $ 200,000 $ 156,197 12/31/2022 $ 200,000 $ 154,691 12/31/2022 Total Bayerische Landesbank Bilateral LOC Agreement $ 200,000 $ 156,197 $ 200,000 $ 154,691 Bermuda Re Lloyd’s Bank Credit Facility. Effective October 8, 2021 Bermuda Re entered into a letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, an agreement referred to as the “Bermuda Re Lloyd’s Bank Credit Facility”. The Bermuda Re Lloyd’s Bank Credit Facility provides for the committed issuance of up to $ 50.0 million of secured letters of credit, and subject to credit approval a maximum total facility amount of $ 250.0 million. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility-Committed $ 50,000 $ 46,008 12/31/2022 $ 50,000 $ 46,008 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200,000 84,806 12/31/2022 - - Total Bermuda Re Lloyd's Bank Credit Facility $ 250,000 $ 130,814 $ 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. The following table summarizes the outstanding letters of credit for the periods indicated: (Dollars in thousands) At March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200,000 $ 171,628 12/31/2022 $ 200,000 $ 186,299 12/31/2022 Total Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200,000 $ 171,628 $ 200,000 $ 186,299 Federal Home Loan Bank Membership Everest Reinsurance Company (“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 March 31, 2022, Everest Re had admitted assets of approximately $ 20.4 billion which provides borrowing capacity of up to approximately $ 2.0 billion. As of March 31, 2022, Everest Re has $ 519.0 million of borrowings outstanding, with maturities in November and December, 2022, and interest payable at interest rates between 0.53% and 0.65%. Everest Re incurred interest expense of $ 0.7 million and $ 0.3 million for the three months ended March 31, 2022 and 2021, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. |
Collateralized Reinsurance And
Collateralized Reinsurance And Trust Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Collateralized Reinsurance And Trust Agreements | 10. COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS Certain subsidiaries of Group have established trust agreements, which effectively use the Company’s investments as collateral, as security for assumed losses payable to certain non-affiliated ceding companies. At March 31, 2022, the total amount on deposit in trust accounts was $ 1.8 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. Three Months Ended March 31, Mt. Logan Re Segregated Accounts 2022 2021 (Dollars in thousands) Ceded written premiums $ 50,239 $ 99,110 Ceded earned premiums 50,443 78,107 Ceded losses and LAE 40,620 80,843 Assumed written premiums 793 2,476 Assumed earned premiums 793 2,476 Assumed losses and LAE - - 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 March 31, 2022 and December 31, 2021, the Company has a reinsurance recoverable of $ 192.5 million and $ 206.1 million, respectively. In addition, the Company has a deferred gain liability of $ 14.4 million and $ 15.5 million as of March 31, 2022 and December 31, 2021, 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 March 31, 2022 $ 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 |
Senior Notes
Senior Notes | 3 Months Ended |
Mar. 31, 2022 | |
Senior Notes [Abstract] | |
Senior Notes | 11. SENIOR NOTES The table below displays Everest Reinsurance Holdings’ (“Holdings”) outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy. March 31, 2022 December 31, 2021 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value 4.868% Senior notes 6/5/2014 6/1/2044 $ 400,000 $ 397,343 $ 437,148 $ 397,314 $ 503,840 3.5% Senior notes 10/7/2020 10/15/2050 1,000,000 980,178 895,420 980,046 1,054,520 3.125% Senior notes 10/4/2021 10/15/2052 1,000,000 968,626 832,780 968,440 983,140 $ 2,400,000 $ 2,346,147 $ 2,165,348 $ 2,345,800 $ 2,541,500 Interest expense incurred in connection with these senior notes is as follows for the periods indicated: Three Months Ended March 31, (Dollars In thousands 2022 2021 Interest expense incurred 4.868% Senior notes $ 4,868 $ 4,868 Interest expense incurred 3.5% Senior notes 8,807 8,805 Interest expense incurred 3.125% Senior notes 7,913 - $ 21,588 $ 13,673 |
Long Term Subordinated Notes
Long Term Subordinated Notes | 3 Months Ended |
Mar. 31, 2022 | |
Long Term Subordinated Notes [Abstract] | |
Long Term Subordinated Notes | 12. LONG TERM SUBORDINATED NOTES The table below displays Holdings’ outstanding fixed to floating rate long term subordinated notes. Market value is based on quoted market prices, but due to limited trading activity, these subordinated notes are considered Level 2 in the fair value hierarchy. Maturity Date March 31, 2022 December 31, 2021 Original Consolidated Balance Market Consolidated Balance Market (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long term subordinated notes 4/26/2007 $ 400,000 5/15/2037 5/1/2067 $ 223,799 $ 208,685 $ 223,774 $ 216,289 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 2.89%. 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. The Company’s 4.868% senior notes, due on June 1, 2044, are the Company’s long term indebtedness that ranks senior to the long term subordinated notes. On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes. Upon expiration of the tender offer, the Company had reduced its outstanding debt by $ 161.4 million. In addition, during 2020, the Company repurchased and retired $ 13.2 million of the notes. Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Interest expense incurred $ 1,530 $ 1,462 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. 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: Reinsurance Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (Dollars in thousands) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,185,612 $ 1,000,739 $ 3,186,351 $ 2,059,015 $ 872,418 $ 2,931,433 Net written premiums 2,081,449 730,564 2,812,013 1,912,950 640,987 2,553,937 Premiums earned $ 2,066,254 $ 725,511 $ 2,791,765 $ 1,777,452 $ 610,413 $ 2,387,865 Incurred losses and LAE 1,324,716 465,147 1,789,863 1,271,906 439,513 1,711,419 Commission and brokerage 514,243 90,987 605,230 408,724 80,287 489,011 Other underwriting expenses 50,453 110,840 161,293 51,996 90,235 142,231 Underwriting gain (loss) $ 176,842 $ 58,537 $ 235,379 $ 44,826 $ 378 $ 45,204 Net investment income 242,830 260,413 Net gains (losses) on investments ( 153,627) 38,902 Corporate expenses ( 14,020) ( 12,378) Interest, fee and bond issue cost amortization expense ( 24,078) ( 15,639) Other income (expense) 15,363 56,593 Income (loss) before taxes $ 301,847 $ 373,095 The Company produces business in the U.S., Bermuda and internationally. The net income deriving from and assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company’s financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated: Three Months Ended March 31, (Dollars in thousands) 2022 2021 United Kingdom gross written premium $ 311,581 $ 366,148 No other country represented more than 5% of the Company’s revenues. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | 14. SHARE-BASED COMPENSATION PLANS For the three months ended March 31, 2022, a total of 196,808 restricted stock awards were granted: 187,760 and 9,048 restricted share awards were granted on February 23, 2022 and February 24, 2022, with a fair value of $ 301.535 per share and $ 287.9425 per share, respectively. Additionally, 18,340 performance share unit awards were granted on February 23, 2022, with a fair value of $ 301.535 per unit. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 15. INCOME TAXES The Company is domiciled in Bermuda and has significant subsidiaries and/or branches in Canada, Ireland, the Netherlands, Singapore, Switzerland, the United Kingdom, and the United States. The Company’s Bermuda domiciled subsidiaries are exempt from income taxation under Bermuda law until 2035. The Company’s non-Bermudian subsidiaries and branches are subject to income taxation at varying rates in their respective domiciles. The Company generally applies the estimated Annualized Effective Tax Rate (“AETR”) approach for calculating its tax provision for interim periods as prescribed by ASC 740-270, Interim Reporting. Under the AETR approach, the estimated annualized effective tax rate is applied to the interim year-to-date pre-tax income/(loss) to determine the income tax expense or benefit for the year-to-date period. The tax expense or benefit for the quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company’s annual pre-tax income/(loss) and annualized effective tax rate. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. SUBSEQUENT EVENTS The Company has evaluated known recognized and non-recognized subsequent events. The Company does not have any subsequent events to report. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments [Abstract] | |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At March 31, 2022 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 $ 1,387,723 $ - $ 9,506 $ ( 41,423) $ 1,355,806 Obligations of U.S. states and political subdivisions 560,375 ( 151) 9,538 ( 10,574) 559,188 Corporate securities 7,510,255 ( 20,049) 64,802 ( 263,958) 7,291,050 Asset-backed securities 4,046,636 ( 7,679) 13,228 ( 54,294) 3,997,891 Mortgage-backed securities Commercial 1,021,013 - 2,762 ( 31,904) 991,871 Agency residential 2,387,754 - 5,354 ( 109,611) 2,283,497 Non-agency residential 5,759 - - ( 114) 5,645 Foreign government securities 1,414,589 - 16,763 ( 68,970) 1,362,382 Foreign corporate securities 4,358,925 ( 13,712) 31,776 ( 225,904) 4,151,085 Total fixed maturity securities $ 22,693,029 $ ( 41,591) $ 153,729 $ ( 806,752) $ 21,998,415 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 |
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At March 31, 2022 At December 31, 2021 Amortized Market Amortized Market (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,391,977 $ 1,391,679 $ 1,398,742 $ 1,398,006 Due after one year through five years 7,302,421 7,112,007 7,075,077 7,154,468 Due after five years through ten years 4,896,715 4,673,737 5,003,792 5,100,672 Due after ten years 1,640,754 1,542,088 1,606,298 1,627,163 Asset-backed securities 4,046,636 3,997,891 3,579,439 3,581,729 Mortgage-backed securities: Commercial 1,021,013 991,871 1,032,506 1,064,366 Agency residential 2,387,754 2,283,497 2,361,208 2,375,332 Non-agency residential 5,759 5,645 6,530 6,536 Total fixed maturity securities $ 22,693,029 $ 21,998,415 $ 22,063,592 $ 22,308,272 |
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended March 31, (Dollars in thousands) 2022 2021 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 $ ( 927,407) $ ( 322,708) Change in unrealized appreciation (depreciation), pre-tax ( 927,407) ( 322,708) Deferred tax benefit (expense) 116,408 40,427 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ ( 810,999) $ ( 292,281) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at March 31, 2022 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 $ 735,568 $ ( 31,508) $ 140,967 $ ( 9,915) $ 876,535 $ ( 41,423) Obligations of U.S. states and political subdivisions 135,080 ( 8,844) 12,751 ( 1,683) 147,831 ( 10,527) Corporate securities 3,552,799 ( 191,372) 804,526 ( 71,842) 4,357,325 ( 263,214) Asset-backed securities 3,072,751 ( 51,294) 41,984 ( 3,000) 3,114,735 ( 54,294) Mortgage-backed securities Commercial 696,096 ( 29,358) 19,307 ( 2,546) 715,403 ( 31,904) Agency residential 1,405,047 ( 67,884) 511,034 ( 41,727) 1,916,081 ( 109,611) Non-agency residential 4,831 ( 102) 815 ( 12) 5,646 ( 114) Foreign government securities 868,416 ( 37,826) 173,278 ( 31,144) 1,041,694 ( 68,970) Foreign corporate securities 2,674,129 ( 177,921) 444,844 ( 47,682) 3,118,973 ( 225,603) Total $ 13,144,717 $ ( 596,109) $ 2,149,506 $ ( 209,551) $ 15,294,223 $ ( 805,660) Securities where an allowance for credit loss was recorded 18,830 ( 1,092) - - 18,830 ( 1,092) Total fixed maturity securities $ 13,163,547 $ ( 597,201) $ 2,149,506 $ ( 209,551) $ 15,313,053 $ ( 806,752) 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) |
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at March 31, 2022 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 $ 170,052 $ ( 2,305) $ 105,909 $ ( 9,957) $ 275,961 $ ( 12,262) Due in one year through five years 3,852,436 ( 164,170) 755,276 ( 55,787) 4,607,712 ( 219,957) Due in five years through ten years 2,843,780 ( 178,654) 628,985 ( 82,375) 3,472,765 ( 261,029) Due after ten years 1,099,724 ( 102,342) 86,196 ( 14,147) 1,185,920 ( 116,489) Asset-backed securities 3,072,751 ( 51,294) 41,984 ( 3,000) 3,114,735 ( 54,294) Mortgage-backed securities 2,105,974 ( 97,344) 531,156 ( 44,285) 2,637,130 ( 141,629) Total $ 13,144,717 $ ( 596,109) $ 2,149,506 $ ( 209,551) $ 15,294,223 $ ( 805,660) Securities where an allowance for credit loss was recorded 18,830 ( 1,092) - - 18,830 ( 1,092) Total fixed maturity securities $ 13,163,547 $ ( 597,201) $ 2,149,506 $ ( 209,551) $ 15,313,053 $ ( 806,752) 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) |
Summary Of Components Of Net Investment Income | Three Months Ended March 31, (Dollars in thousands) 2022 2021 Fixed maturities $ 148,226 $ 140,916 Equity securities 4,146 4,838 Short-term investments and cash 159 180 Other invested assets: Limited partnerships 88,437 114,333 Other 11,831 6,019 Gross investment income before adjustments 252,799 266,286 Funds held interest income (expense) 3,685 7,966 Future policy benefit reserve income (expense) ( 222) ( 291) Gross investment income 256,262 273,961 Investment expenses ( 13,432) ( 13,548) Net investment income $ 242,830 $ 260,413 |
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended March 31, (Dollars in thousands) 2022 2021 Fixed maturity securities, market value: Allowance for credit losses $ ( 11,853) $ ( 6,977) Net realized gains (losses) from dispositions 2,799 9,174 Equity securities, fair value: Net realized gains (losses) from dispositions ( 11,787) 6,238 Gains (losses) from fair value adjustments ( 136,860) 29,056 Other invested assets 4,152 1,346 Short-term investments gain (loss) ( 78) 66 Total net gains (losses) on investments $ ( 153,627) $ 38,902 (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses Three Months Ended March 31, 2022 Obligations of U.S. States Foreign Corporate Asset-Backed and Political Corporate Securities Securities Subdivisions Securities Total (Dollars in thousands) Beginning Balance $ ( 19,267) $ ( 7,679) $ ( 151) $ ( 2,641) $ ( 29,738) Credit losses on securities where credit losses were not previously recorded ( 1,929) - - ( 11,184) ( 13,113) Increases in allowance on previously impaired securities - - - - - Decreases in allowance on previously impaired securities - - - - - Reduction in allowance due to disposals 1,147 - - 113 1,260 Balance as of March 31, 2022 $ ( 20,049) $ ( 7,679) $ ( 151) $ ( 13,712) $ ( 41,591) Roll Forward of Allowance for Credit Losses Three Months Ended March 31, 2021 Foreign Foreign Corporate Asset-Backed Government Corporate Securities Securities 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 ( 2,383) ( 4,915) - - ( 7,298) Increases in allowance on previously impaired securities - - - - - Decreases in allowance on previously impaired securities - - - - - Reduction in allowance due to disposals - - 22 298 320 Balance as of March 31, 2021 $ ( 3,603) $ ( 4,915) $ - $ ( 205) $ ( 8,723) |
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended March 31, (Dollars in thousands) 2022 2021 Proceeds from sales of fixed maturity securities $ 418,988 $ 228,278 Gross gains from dispositions 20,122 14,864 Gross losses from dispositions ( 17,324) ( 5,690) Proceeds from sales of equity securities $ 90,101 $ 281,313 Gross gains from dispositions 3,508 12,304 Gross losses from dispositions ( 15,294) ( 6,066) |
Reserve For Losses, LAE And F_2
Reserve For Losses, LAE And Future Policy Benefit Reserve (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | |
Summary Of Activity In The Reserve For Losses And LAE | Three Months Ended March 31, (Dollars in thousands) 2022 2021 Gross reserves beginning of period $ 19,009,486 $ 16,322,143 Less reinsurance recoverables on unpaid losses ( 1,946,365) ( 1,843,691) Net reserves beginning of period 17,063,121 14,478,452 Incurred related to: Current year 1,790,798 1,713,253 Prior years ( 935) ( 1,834) Total incurred losses and LAE 1,789,863 1,711,419 Paid related to: Current year 307,661 215,302 Prior years 918,834 837,035 Total paid losses and LAE 1,226,495 1,052,337 Foreign exchange/translation adjustment ( 121,934) ( 5,841) Net reserves end of period 17,504,555 15,131,694 Plus reinsurance recoverables on unpaid losses 1,991,082 1,882,112 Gross reserves end of period $ 19,495,637 $ 17,013,806 (Some amounts may not reconcile due to rounding.) |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value [Abstract] | |
Fair Value Measurement Levels For All Assets And Liabilities | Fair Value Measurement Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Dollars in thousands) March 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Fixed maturities, market value U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,355,806 $ - $ 1,355,806 $ - Obligations of U.S. States and political subdivisions 559,188 - 559,188 - Corporate securities 7,291,050 - 6,576,394 714,656 Asset-backed securities 3,997,891 - 2,609,200 1,388,691 Mortgage-backed securities Commercial 991,871 - 985,981 5,890 Agency residential 2,283,497 - 2,283,497 - Non-agency residential 5,645 - 5,645 - Foreign government securities 1,362,382 - 1,362,382 - Foreign corporate securities 4,151,085 - 4,135,159 15,926 Total fixed maturities, market value 21,998,415 - 19,873,252 2,125,163 Equity securities, fair value 1,780,526 1,698,324 82,202 - 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 - |
Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type | Total Fixed Maturities, Market Value Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Corporate Asset-Backed Foreign Corporate Asset-Backed Foreign (Dollars in thousands) Securities Securities CMBS Corporate Total Securities Securities Corporate Total Beginning balance fixed maturities at market value $ 800,574 $ 1,251,281 $ - $ 16,015 $ 2,067,870 $ 701,492 $ 623,033 $ 5,699 $ 1,330,224 Total gains or (losses) (realized/unrealized) Included in earnings 15,943 102 - 13 16,058 ( 1,789) ( 4,168) 3 ( 5,954) Included in other comprehensive income (loss) ( 4,167) ( 28,788) ( 23) ( 61) ( 33,039) 2,836 ( 3,135) 49 ( 250) Purchases, issuances and settlements ( 97,694) 166,096 5,913 ( 41) 74,274 2,003 169,630 ( 153) 171,480 Transfers in and/or (out) of Level 3 - - - - - - - - - Ending balance $ 714,656 $ 1,388,691 $ 5,890 $ 15,926 $ 2,125,163 $ 704,542 $ 785,360 $ 5,599 $ 1,495,500 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 $ 318 $ - $ - $ - $ 318 $ - $ - $ - $ - (Some amounts may not reconcile due to rounding.) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Common Share [Abstract] | |
Schedule Of Net Income (Loss) Per Common Share | Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2022 2021 Net income (loss) per share: Numerator Net income (loss) $ 297,751 $ 341,862 Less: dividends declared-common shares and unvested common shares ( 61,097) ( 62,229) Undistributed earnings 236,653 279,633 Percentage allocated to common shareholders (1) 98.7 % 98.7 % 233,504 276,031 Add: dividends declared-common shareholders 60,282 61,415 Numerator for basic and diluted earnings per common share $ 293,785 $ 337,446 Denominator Denominator for basic earnings per weighted-average common shares 38,823 39,543 Effect of dilutive securities: Options 14 54 Denominator for diluted earnings per adjusted weighted-average common shares 38,837 39,597 Per common share net income (loss) Basic $ 7.57 $ 8.53 Diluted $ 7.56 $ 8.52 (1) Basic weighted-average common shares outstanding 38,823 39,543 Basic weighted-average common shares outstanding and unvested common shares expected to vest 39,347 40,059 Percentage allocated to common shareholders 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Comprehensive Income (Loss) [Abstract] | |
Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations | Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (Dollars in thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized appreciation (depreciation) ("URA(D)") on securities - non-credit related $ ( 932,309) $ 117,132 $ ( 815,177) $ ( 329,166) $ 40,551 $ ( 288,615) Reclassification of net realized losses (gains) included in net income (loss) 4,902 ( 724) 4,178 ( 3,542) ( 124) ( 3,666) Foreign currency translation adjustments ( 34,603) 501 ( 34,102) ( 8,988) ( 594) ( 9,582) Reclassification of benefit plan liability amortization included in net income (loss) 960 ( 202) 758 2,586 ( 543) 2,043 Total other comprehensive income (loss) $ ( 961,050) $ 116,707 $ ( 844,343) $ ( 339,110) $ 39,290 $ ( 299,820) |
Reclassification From Accumulated Other Comprehensive Income | Three Months Ended March 31, Affected line item within the statements of AOCI component 2022 2021 operations and comprehensive income (loss) (Dollars in thousands) URA(D) on securities $ 4,902 $ ( 3,542) Other net realized capital gains (losses) ( 724) ( 124) Income tax expense (benefit) $ 4,178 $ ( 3,666) Net income (loss) Benefit plan net gain (loss) $ 960 $ 2,586 Other underwriting expenses ( 202) ( 543) Income tax expense (benefit) $ 758 $ 2,043 Net income (loss) |
Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets | Three Months Ended March 31, (Dollars in thousands) 2022 2021 Beginning balance of URA (D) on securities $ 239,397 $ 724,159 Current period change in URA (D) of investments - non-credit related ( 810,999) ( 292,281) Ending balance of URA (D) on securities ( 571,602) 431,878 Beginning balance of foreign currency translation adjustments ( 177,481) ( 115,390) Current period change in foreign currency translation adjustments ( 34,102) ( 9,582) Ending balance of foreign currency translation adjustments ( 211,583) ( 124,972) Beginning balance of benefit plan net gain (loss) ( 50,392) ( 73,870) Current period change in benefit plan net gain (loss) 758 2,043 Ending balance of benefit plan net gain (loss) ( 49,634) ( 71,827) Ending balance of accumulated other comprehensive income (loss) $ ( 832,820) $ 235,079 (Some amounts may not reconcile due to rounding.) |
Credit Facilities (Tables)
Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Group Credit Facility $ 13,319 $ 13,319 12/30/2022 $ 39,198 $ 39,198 12/30/2022 Total Wells Fargo Bank Group Credit Facility $ 13,319 $ 13,319 $ 39,198 $ 39,198 |
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 March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Wells Fargo Bank Bilateral LOC Agreement $ 500,000 $ 422,521 12/30/2022 $ 500,000 $ 351,497 12/30/2022 Total Wells Fargo Bank Bilateral LOC Agreement $ 500,000 $ 422,521 $ 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 March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Citibank LOC Facility- Committed $ 230,000 $ 425 12/16/22 $ 230,000 $ 4,425 02/28/22 218,377 12/31/22 925 03/01/22 473 01/21/23 1,264 11/24/22 4,425 02/28/23 423 12/16/22 1,088 03/01/23 146 12/20/22 990 08/15/23 216,622 12/31/22 1,240 09/23/23 473 01/21/23 147 12/20/23 985 08/15/23 – 1,234 09/23/23 Bermuda Re Citibank LOC Facility - Uncommitted 140,000 84,203 12/31/22 140,000 84,203 12/31/22 22,233 03/30/26 22,731 12/30/25 Total Citibank Bilateral Agreement $ 370,000 $ 333,600 $ 370,000 $ 333,429 |
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 March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bayerische Landesbank Bilateral LOC Agreement $ 200,000 $ 156,197 12/31/2022 $ 200,000 $ 154,691 12/31/2022 Total Bayerische Landesbank Bilateral LOC Agreement $ 200,000 $ 156,197 $ 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 March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Lloyd's Bank Credit Facility-Committed $ 50,000 $ 46,008 12/31/2022 $ 50,000 $ 46,008 12/31/2022 Bermuda Re Lloyd's Bank Credit Facility-Uncommitted 200,000 84,806 12/31/2022 - - Total Bermuda Re Lloyd's Bank Credit Facility $ 250,000 $ 130,814 $ 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 March 31, 2022 At December 31, 2021 Bank Commitment In Use Date of Expiry Commitment In Use Date of Expiry Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200,000 $ 171,628 12/31/2022 $ 200,000 $ 186,299 12/31/2022 Total Bermuda Re Barclays Bilateral Letter of Credit Facility $ 200,000 $ 171,628 $ 200,000 $ 186,299 |
Collateralized Reinsurance An_2
Collateralized Reinsurance And Trust Agreements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Collateralized Reinsurance And Trust Agreements [Abstract] | |
Premiums And Losses Ceded By The Company To Affiliate | Three Months Ended March 31, Mt. Logan Re Segregated Accounts 2022 2021 (Dollars in thousands) Ceded written premiums $ 50,239 $ 99,110 Ceded earned premiums 50,443 78,107 Ceded losses and LAE 40,620 80,843 Assumed written premiums 793 2,476 Assumed earned premiums 793 2,476 Assumed losses and LAE - - |
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 March 31, 2022 $ 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 |
Senior Notes (Tables)
Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Senior Notes [Abstract] | |
Schedule Of Outstanding Senior Notes | March 31, 2022 December 31, 2021 Consolidated Balance Consolidated Balance (Dollars in thousands) Date Issued Date Due Principal Amounts Sheet Amount Market Value Sheet Amount Market Value 4.868% Senior notes 6/5/2014 6/1/2044 $ 400,000 $ 397,343 $ 437,148 $ 397,314 $ 503,840 3.5% Senior notes 10/7/2020 10/15/2050 1,000,000 980,178 895,420 980,046 1,054,520 3.125% Senior notes 10/4/2021 10/15/2052 1,000,000 968,626 832,780 968,440 983,140 $ 2,400,000 $ 2,346,147 $ 2,165,348 $ 2,345,800 $ 2,541,500 |
Schedule Of Interest Expense Incurred In Connection With Senior Notes | Three Months Ended March 31, (Dollars In thousands 2022 2021 Interest expense incurred 4.868% Senior notes $ 4,868 $ 4,868 Interest expense incurred 3.5% Senior notes 8,807 8,805 Interest expense incurred 3.125% Senior notes 7,913 - $ 21,588 $ 13,673 |
Long Term Subordinated Notes (T
Long Term Subordinated Notes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Long Term Subordinated Notes [Abstract] | |
Schedule Of Outstanding Fixed To Floating Rate Long Term Subordinated Notes | Maturity Date March 31, 2022 December 31, 2021 Original Consolidated Balance Market Consolidated Balance Market (Dollars in thousands) Date Issued Principal Amount Scheduled Final Sheet Amount Value Sheet Amount Value Long term subordinated notes 4/26/2007 $ 400,000 5/15/2037 5/1/2067 $ 223,799 $ 208,685 $ 223,774 $ 216,289 |
Schedule Of Interest Expense Incurred In Connection With Long Term Subordinated Notes | Three Months Ended March 31, (Dollars in thousands) 2022 2021 Interest expense incurred $ 1,530 $ 1,462 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule Of Underwriting Results For Operating Segments | Reinsurance Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (Dollars in thousands) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,185,612 $ 1,000,739 $ 3,186,351 $ 2,059,015 $ 872,418 $ 2,931,433 Net written premiums 2,081,449 730,564 2,812,013 1,912,950 640,987 2,553,937 Premiums earned $ 2,066,254 $ 725,511 $ 2,791,765 $ 1,777,452 $ 610,413 $ 2,387,865 Incurred losses and LAE 1,324,716 465,147 1,789,863 1,271,906 439,513 1,711,419 Commission and brokerage 514,243 90,987 605,230 408,724 80,287 489,011 Other underwriting expenses 50,453 110,840 161,293 51,996 90,235 142,231 Underwriting gain (loss) $ 176,842 $ 58,537 $ 235,379 $ 44,826 $ 378 $ 45,204 Net investment income 242,830 260,413 Net gains (losses) on investments ( 153,627) 38,902 Corporate expenses ( 14,020) ( 12,378) Interest, fee and bond issue cost amortization expense ( 24,078) ( 15,639) Other income (expense) 15,363 56,593 Income (loss) before taxes $ 301,847 $ 373,095 |
Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market | Three Months Ended March 31, (Dollars in thousands) 2022 2021 United Kingdom gross written premium $ 311,581 $ 366,148 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Additional contractual commitments | $ 2,500,000 | |
Contractual commitments, investment period expiration date | Dec. 31, 2026 | |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | $ 15,313,053 | $ 9,334,952 |
Gross unrealized losses on investments in unrealized loss position | 806,752 | 203,130 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 597,201 | 127,800 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 209,551 | 75,330 |
Market Value | $ 21,998,415 | $ 22,308,272 |
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 | 0.90% | 0.50% |
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 | 4.00% | 2.70% |
Recorded an Allowance for Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate market value of investments in unrealized loss position | $ 18,830 | $ 15,700 |
Gross unrealized losses on investments in unrealized loss position | 1,092 | 400 |
Fixed maturity securities, duration of unrealized loss, less than 12 months, gross unrealized depreciation | 1,092 | |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | ||
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 | 551,400 | 116,200 |
Fixed maturity securities, duration of unrealized loss, greater than 12 months, gross unrealized depreciation | 201,800 | 72,300 |
Private Placement Liquidity Sweep [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 773,300 | |
Maximum exposure to loss | 2,900,000 | $ 2,900,000 |
Commitments to fund investments | $ 2,200,000 |
Investments (Summary Of Unreali
Investments (Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $ 22,693,029 | $ 22,063,592 | ||
Allowance for credit losses | (41,591) | (29,738) | $ (8,723) | $ (1,745) |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 22,693,029 | 22,063,592 | ||
Allowance for credit losses | (41,591) | (29,738) | ||
Unrealized Appreciation | 153,729 | 477,548 | ||
Unrealized Depreciation | (806,752) | (203,130) | ||
Market Value | 21,998,415 | 22,308,272 | ||
U.S. Treasury Securities And Obligations Of U.S. Government Agencies And Corporations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,387,723 | 1,407,256 | ||
Allowance for credit losses | ||||
Unrealized Appreciation | 9,506 | 23,720 | ||
Unrealized Depreciation | (41,423) | (10,358) | ||
Market Value | 1,355,806 | 1,420,618 | ||
Obligations Of U.S. States And Political Subdivisions [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 560,375 | 558,842 | ||
Allowance for credit losses | (151) | (151) | ||
Unrealized Appreciation | 9,538 | 29,080 | ||
Unrealized Depreciation | (10,574) | (1,150) | ||
Market Value | 559,188 | 586,621 | ||
Corporate Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 7,510,255 | 7,443,535 | ||
Allowance for credit losses | (20,049) | (19,267) | (3,603) | (1,220) |
Unrealized Appreciation | 64,802 | 195,210 | ||
Unrealized Depreciation | (263,958) | (62,580) | ||
Market Value | 7,291,050 | 7,556,898 | ||
Asset-Backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 4,046,636 | 3,579,439 | ||
Allowance for credit losses | (7,679) | (7,679) | (4,915) | |
Unrealized Appreciation | 13,228 | 21,817 | ||
Unrealized Depreciation | (54,294) | (11,848) | ||
Market Value | 3,997,891 | 3,581,729 | ||
Mortgage-Backed Securities: Commercial [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,021,013 | 1,032,506 | ||
Allowance for credit losses | ||||
Unrealized Appreciation | 2,762 | 37,550 | ||
Unrealized Depreciation | (31,904) | (5,690) | ||
Market Value | 991,871 | 1,064,366 | ||
Mortgage Backed Securities: Agency residential [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 2,387,754 | 2,361,208 | ||
Allowance for credit losses | ||||
Unrealized Appreciation | 5,354 | 32,997 | ||
Unrealized Depreciation | (109,611) | (18,873) | ||
Market Value | 2,283,497 | 2,375,332 | ||
Mortgage Backed Securities: Non-agency residential [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 5,759 | 6,530 | ||
Allowance for credit losses | ||||
Unrealized Appreciation | 22 | |||
Unrealized Depreciation | (114) | (16) | ||
Market Value | 5,645 | 6,536 | ||
Foreign Government Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,414,589 | 1,423,634 | ||
Allowance for credit losses | (22) | |||
Unrealized Appreciation | 16,763 | 41,957 | ||
Unrealized Depreciation | (68,970) | (28,079) | ||
Market Value | 1,362,382 | 1,437,512 | ||
Foreign Corporate Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 4,358,925 | 4,250,642 | ||
Allowance for credit losses | (13,712) | (2,641) | $ (205) | $ (503) |
Unrealized Appreciation | 31,776 | 95,195 | ||
Unrealized Depreciation | (225,904) | (64,536) | ||
Market Value | $ 4,151,085 | $ 4,278,660 |
Investments (Summary Of Amortiz
Investments (Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | $ 22,693,029 | $ 22,063,592 |
Fixed maturity securities - available for sale, Market Value | 21,998,415 | 22,308,272 |
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 | 1,391,977 | 1,398,742 |
Fixed maturity securities - available for sale, Due after one year through five years, Amortized Cost | 7,302,421 | 7,075,077 |
Fixed maturity securities - available for sale, Due after five years through ten years, Amortized Cost | 4,896,715 | 5,003,792 |
Fixed maturity securities - available for sale, Due after ten years, Amortized Cost | 1,640,754 | 1,606,298 |
Fixed maturity securities - available for sale, Amortized Cost | 22,693,029 | 22,063,592 |
Fixed maturity securities - available for sale, Due in one year or less, Market Value | 1,391,679 | 1,398,006 |
Fixed maturity securities - available for sale, Due after one year through five years, Market Value | 7,112,007 | 7,154,468 |
Fixed maturity securities - available for sale, Due after five years through ten years, Market Value | 4,673,737 | 5,100,672 |
Fixed maturity securities - available for sale, Due after ten years, Market Value | 1,542,088 | 1,627,163 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 4,046,636 | 3,579,439 |
Fixed maturity securities - available for sale, Market Value | 3,997,891 | 3,581,729 |
Mortgage-Backed Securities: Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 1,021,013 | 1,032,506 |
Fixed maturity securities - available for sale, Market Value | 991,871 | 1,064,366 |
Mortgage Backed Securities: Agency residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 2,387,754 | 2,361,208 |
Fixed maturity securities - available for sale, Market Value | 2,283,497 | 2,375,332 |
Mortgage Backed Securities: Non-agency residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities - available for sale, Amortized Cost | 5,759 | 6,530 |
Fixed maturity securities - available for sale, Market Value | $ 5,645 | $ 6,536 |
Investments (Summary Of Changes
Investments (Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Change in unrealized appreciation (depreciation), pre-tax | $ (927,407) | $ (322,708) |
Deferred tax benefit (expense) | 116,408 | 40,427 |
Total URA(D) on securities arising during the period | (810,999) | (292,281) |
Fixed Maturity Securities and Short-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Change in unrealized appreciation (depreciation), pre-tax | $ (927,407) | $ (322,708) |
Investments (Summary Of Aggrega
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
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 | $ 13,163,547 | $ 8,094,261 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (597,201) | (127,800) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,149,506 | 1,240,691 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (209,551) | (75,330) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 15,313,053 | 9,334,952 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (806,752) | (203,130) |
No Recorded Allowance for Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 13,144,717 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (596,109) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,149,506 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (209,551) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 15,294,223 | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (805,660) | |
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 | 735,568 | 504,168 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (31,508) | (6,264) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 140,967 | 91,735 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9,915) | (4,094) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 876,535 | 595,903 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (41,423) | (10,358) |
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 | 135,080 | 51,094 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (8,844) | (1,038) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 12,751 | 2,558 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (1,683) | (112) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 147,831 | 53,652 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (10,527) | (1,150) |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 3,552,799 | 2,132,576 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (191,372) | (38,316) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 804,526 | 472,831 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (71,842) | (24,264) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 4,357,325 | 2,605,407 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (263,214) | (62,580) |
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 | 3,072,751 | 1,954,079 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (51,294) | (11,180) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 41,984 | 41,823 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (3,000) | (668) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,114,735 | 1,995,902 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (54,294) | (11,848) |
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 | 696,096 | 221,852 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (29,358) | (2,854) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 19,307 | 40,496 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (2,546) | (2,836) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 715,403 | 262,348 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (31,904) | (5,690) |
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 | 1,405,047 | 1,101,215 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (67,884) | (12,178) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 511,034 | 279,697 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (41,727) | (6,695) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,916,081 | 1,380,912 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (109,611) | (18,873) |
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 | 4,831 | 2,320 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (102) | (14) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 815 | 156 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (12) | (2) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 5,646 | 2,476 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (114) | (16) |
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 | 868,416 | 392,447 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (37,826) | (9,709) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 173,278 | 100,673 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (31,144) | (18,370) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,041,694 | 493,120 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (68,970) | (28,079) |
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 | 2,674,129 | 1,734,510 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (177,921) | (46,247) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 444,844 | 210,722 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (47,682) | (18,289) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,118,973 | 1,945,232 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (225,603) | (64,536) |
Recorded an Allowance for Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 18,830 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,092) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | ||
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | ||
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 18,830 | 15,700 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (1,092) | $ (400) |
Investments (Summary Of Aggre_2
Investments (Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
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 | $ 13,163,547 | $ 8,094,261 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (597,201) | (127,800) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,149,506 | 1,240,691 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (209,551) | (75,330) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 15,313,053 | 9,334,952 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (806,752) | (203,130) |
No Recorded Allowance for Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 13,144,717 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (596,109) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 2,149,506 | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (209,551) | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 15,294,223 | |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (805,660) | |
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 | 170,052 | 129,860 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (2,305) | (2,415) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 105,909 | 136,827 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (9,957) | (11,832) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 275,961 | 266,687 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (12,262) | (14,247) |
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 | 3,852,436 | 2,165,467 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (164,170) | (35,264) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 755,276 | 446,247 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (55,787) | (28,685) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 4,607,712 | 2,611,714 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (219,957) | (63,949) |
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 | 2,843,780 | 1,727,823 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (178,654) | (47,413) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 628,985 | 244,454 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (82,375) | (22,038) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,472,765 | 1,972,277 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (261,029) | (69,451) |
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 | 1,099,724 | 791,645 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (102,342) | (16,482) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 86,196 | 50,991 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (14,147) | (2,574) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 1,185,920 | 842,636 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (116,489) | (19,056) |
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 | 3,072,751 | 1,954,079 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (51,294) | (11,180) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 41,984 | 41,823 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (3,000) | (668) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 3,114,735 | 1,995,902 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (54,294) | (11,848) |
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 | 2,105,974 | 1,325,387 |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (97,344) | (15,046) |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | 531,156 | 320,349 |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | (44,285) | (9,533) |
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 2,637,130 | 1,645,736 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | (141,629) | (24,579) |
Recorded an Allowance for Credit Losses [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Market Value | 18,830 | |
Fixed maturity securities, Duration of Unrealized Loss, Less than 12 months, Gross Unrealized Depreciation | (1,092) | |
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Market Value | ||
Fixed maturity securities, Duration of Unrealized Loss, Greater than 12 months, Gross Unrealized Depreciation | ||
Fixed maturity securities, Duration of Unrealized Loss, Total, Market Value | 18,830 | 15,700 |
Fixed maturity securities, Duration of Unrealized Loss, Total, Gross Unrealized Depreciation, Total | $ (1,092) | $ (400) |
Investments (Summary Of Compone
Investments (Summary Of Components Of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | $ 252,799 | $ 266,286 |
Funds held interest income (expense) | 3,685 | 7,966 |
Future policy benefit reserve income (expense) | (222) | (291) |
Gross investment income | 256,262 | 273,961 |
Investment expenses | (13,432) | (13,548) |
Net investment income | 242,830 | 260,413 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 148,226 | 140,916 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 4,146 | 4,838 |
Short Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 159 | 180 |
Limited Partnerships [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | 88,437 | 114,333 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross investment income before adjustments | $ 11,831 | $ 6,019 |
Investments (Summary Of Compo_2
Investments (Summary Of Components Of Net Realized Capital Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Total net gains (losses) on investments | $ (153,627) | $ 38,902 |
Beginning Balance | (29,738) | (1,745) |
Credit losses on securities where credit losses were not previously recorded | (13,113) | (7,298) |
Increases in allowance on previously impaired securities | ||
Decrease in allowance on previously impaired securities | ||
Reduction in allowance due to disposals | 1,260 | 320 |
Ending Balance | (41,591) | (8,723) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Beginning Balance | (29,738) | |
Ending Balance | (41,591) | |
Fixed Maturity Securities [Member] | Market Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | (11,853) | (6,977) |
Gains (losses) from sales | 2,799 | 9,174 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Beginning Balance | (19,267) | (1,220) |
Credit losses on securities where credit losses were not previously recorded | (1,929) | (2,383) |
Increases in allowance on previously impaired securities | ||
Decrease in allowance on previously impaired securities | ||
Reduction in allowance due to disposals | 1,147 | |
Ending Balance | (20,049) | (3,603) |
Equity Securities [Member] | Fair Value [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from sales | (11,787) | 6,238 |
Gains (losses) from fair value adjustments | (136,860) | 29,056 |
Other Invested Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from sales | 4,152 | 1,346 |
Short-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gains (losses) from sales | (78) | 66 |
Asset Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Beginning Balance | (7,679) | |
Credit losses on securities where credit losses were not previously recorded | (4,915) | |
Increases in allowance on previously impaired securities | ||
Decrease in allowance on previously impaired securities | ||
Reduction in allowance due to disposals | ||
Ending Balance | (7,679) | (4,915) |
Obligations Of U.S. States And Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Beginning Balance | (151) | |
Credit losses on securities where credit losses were not previously recorded | ||
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 | ||
Increases in allowance on previously impaired securities | ||
Decrease in allowance on previously impaired securities | ||
Reduction in allowance due to disposals | 22 | |
Ending Balance | ||
Foreign Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Beginning Balance | (2,641) | (503) |
Credit losses on securities where credit losses were not previously recorded | (11,184) | |
Increases in allowance on previously impaired securities | ||
Decrease in allowance on previously impaired securities | ||
Reduction in allowance due to disposals | 113 | 298 |
Ending Balance | $ (13,712) | $ (205) |
Investments (Summary Of Gross G
Investments (Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from sales of equity securities | $ 90,101 | $ 281,313 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from sales of securities | 418,988 | 228,278 |
Gross gains from sales | 20,122 | 14,864 |
Gross losses from sales | (17,324) | (5,690) |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from sales of equity securities | 90,101 | 281,313 |
Gross gains from sales | 3,508 | 12,304 |
Gross losses from sales | $ (15,294) | $ (6,066) |
Reserve For Losses, LAE And F_3
Reserve For Losses, LAE And Future Policy Benefit Reserve (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Current year losses | $ 1,790,798 | $ 1,713,253 |
Catastrophe Losses [Member] | ||
Reserve For Losses LAE And Future Policy Benefit Reserve [Line Items] | ||
Current year losses | $ 155,000 |
Reserve For Losses, LAE And F_4
Reserve For Losses, LAE And Future Policy Benefit Reserve (Summary Of Activity In The Reserve For Losses And LAE) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reserve For Losses, LAE And Future Policy Benefit Reserve [Abstract] | ||
Gross reserves beginning of period | $ 19,009,486 | $ 16,322,143 |
Less reinsurance recoverables on unpaid losses | (1,946,365) | (1,843,691) |
Net reserves beginning of period | 17,063,121 | 14,478,452 |
Incurred related to: Current year | 1,790,798 | 1,713,253 |
Incurred related to: Prior years | (935) | (1,834) |
Total incurred losses and LAE | 1,789,863 | 1,711,419 |
Paid related to: Current year | 307,661 | 215,302 |
Paid related to: Prior years | 918,834 | 837,035 |
Total paid losses and LAE | 1,226,495 | 1,052,337 |
Foreign exchange/translation adjustment | (121,934) | (5,841) |
Net reserves end of period | 17,504,555 | 15,131,694 |
Plus reinsurance recoverables on unpaid losses | 1,991,082 | 1,882,112 |
Gross reserves end of period | $ 19,495,637 | $ 17,013,806 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of public equity portfolio | $ 1,400,000 | $ 1,300,000 | |
Other invested assets | 789,014 | 757,167 | |
Asset Backed Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Market Value | 3,997,891 | 3,581,729 | |
Internally Managed Portfolio, Collateralized Loan Obligations [Member] | Asset Backed Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Market Value | 2,100,000 | 2,000,000 | |
Market 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 | 299,600 | 286,600 | |
Fixed Maturities [Member] | Market Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Market Value | $ 2,100,000 | $ 2,100,000 |
Fair Value (Fair Value Measurem
Fair Value (Fair Value Measurement Levels For All Assets And Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | $ 21,998,415 | $ 22,308,272 |
Equity securities, fair value | 1,780,526 | 1,825,908 |
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 | 1,698,324 | 1,742,367 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, fair value | 82,202 | 83,541 |
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 | 21,998,415 | 22,308,272 |
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 | 19,873,252 | 20,240,402 |
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 | 2,125,163 | 2,067,870 |
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 | 1,355,806 | 1,420,618 |
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 | 1,355,806 | 1,420,618 |
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 | 559,188 | 586,621 |
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 | 559,188 | 586,621 |
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 | 7,291,050 | 7,556,898 |
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 | 6,576,394 | 6,756,324 |
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 | 714,656 | 800,574 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 3,997,891 | 3,581,729 |
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 | 2,609,200 | 2,330,448 |
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 | 1,388,691 | 1,251,281 |
Mortgage-Backed Securities: Commercial [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 991,871 | 1,064,366 |
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 | 985,981 | 1,064,366 |
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 | 5,890 | |
Mortgage Backed Securities: Agency residential [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities - available for sale, at market value | 2,283,497 | 2,375,332 |
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 | 2,283,497 | 2,375,332 |
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 | 5,645 | 6,536 |
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 | 5,645 | 6,536 |
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 | 1,362,382 | 1,437,512 |
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 | 1,362,382 | 1,437,512 |
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 | 4,151,085 | 4,278,660 |
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 | 4,135,159 | 4,262,645 |
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 | $ 15,926 | $ 16,015 |
Fair Value (Activity Under Leve
Fair Value (Activity Under Level 3, Fair Value Measurements Using Significant Unobservable Inputs By Asset Type) (Details) - Market Value [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | $ 2,067,870 | $ 1,330,224 |
Total gains or (losses) (realized/unrealized) Included in earnings | 16,058 | (5,954) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (33,039) | (250) |
Purchases, issuances and settlements | 74,274 | 171,480 |
Transfer in and/or (out) of Level 3 | ||
Ending balance | 2,125,163 | 1,495,500 |
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 | 318 | |
Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 800,574 | 701,492 |
Total gains or (losses) (realized/unrealized) Included in earnings | 15,943 | (1,789) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (4,167) | 2,836 |
Purchases, issuances and settlements | (97,694) | 2,003 |
Transfer in and/or (out) of Level 3 | ||
Ending balance | 714,656 | 704,542 |
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 | 318 | |
Asset Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 1,251,281 | 623,033 |
Total gains or (losses) (realized/unrealized) Included in earnings | 102 | (4,168) |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (28,788) | (3,135) |
Purchases, issuances and settlements | 166,096 | 169,630 |
Transfer in and/or (out) of Level 3 | ||
Ending balance | 1,388,691 | 785,360 |
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 | ||
CMBS [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | ||
Total gains or (losses) (realized/unrealized) Included in earnings | ||
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (23) | |
Purchases, issuances and settlements | 5,913 | |
Transfer in and/or (out) of Level 3 | ||
Ending balance | 5,890 | |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | ||
Foreign Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance fixed maturities | 16,015 | 5,699 |
Total gains or (losses) (realized/unrealized) Included in earnings | 13 | 3 |
Total gains or (losses) (realized/unrealized) Included in other comprehensive income (loss) | (61) | 49 |
Purchases, issuances and settlements | (41) | (153) |
Transfer in and/or (out) of Level 3 | ||
Ending balance | 15,926 | $ 5,599 |
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 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive options | 0 | 0 |
Maximum [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Options expiration date | Sep. 19, 2022 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule Of Net Income (Loss) Per Common Share) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Common Share [Abstract] | ||
Net income (loss) | $ 297,751,000 | $ 341,862,000 |
Less: dividends declared-common shares and unvested common shares | (61,097,000) | (62,229,000) |
Undistributed earnings | $ 236,653,000 | $ 279,633,000 |
Percentage allocated to common shareholders | 98.70% | 98.70% |
Net income (loss) available to common stockholders, total | $ 233,504,000 | $ 276,031,000 |
Add: dividends declared-common shareholders | 60,282,000 | 61,415,000 |
Numerator for basic and diluted earnings per common share | $ 293,785,000 | $ 337,446,000 |
Denominator for basic earnings per weighted-average common shares | 38,823,000 | 39,543,000 |
Effect of dilutive securities: Options | 14,000 | 54,000 |
Denominator for diluted earnings per adjusted weighted-average common shares | 38,837,000 | 39,597,000 |
Per common share net income (loss) | ||
Basic | $ 7.57 | $ 8.53 |
Diluted | $ 7.56 | $ 8.52 |
Basic weighted-average common shares outstanding | 38,823,000 | 39,543,000 |
Basic weighted-average common shares outstanding and unvested common shares expected to vest | 39,347,000 | 40,059,000 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Components Of Comprehensive Income (Loss) In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total, Before Tax | $ (961,050) | $ (339,110) |
Total, Tax Effect | 116,707 | 39,290 |
Total, Net of Tax | (844,343) | (299,820) |
URA(D) On Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax | (932,309) | (329,166) |
Tax Effect | 117,132 | 40,551 |
Net of Tax | (815,177) | (288,615) |
Reclassification, Before Tax | 4,902 | (3,542) |
Reclassification, Tax Effect | (724) | (124) |
Reclassification, Net of Tax | 4,178 | (3,666) |
Total, Net of Tax | (810,999) | (292,281) |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax | (34,603) | (8,988) |
Tax Effect | 501 | (594) |
Net of Tax | (34,102) | (9,582) |
Total, Net of Tax | (34,102) | (9,582) |
Benefit Plan Net Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification, Before Tax | 960 | 2,586 |
Reclassification, Tax Effect | (202) | (543) |
Reclassification, Net of Tax | 758 | 2,043 |
Total, Net of Tax | $ 758 | $ 2,043 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense (benefit) | $ (4,096) | $ (31,233) |
NET INCOME (LOSS) | 297,751 | 341,862 |
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) | 4,902 | (3,542) |
Income tax expense (benefit) | (724) | (124) |
NET INCOME (LOSS) | 4,178 | (3,666) |
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 | 960 | 2,586 |
Income tax expense (benefit) | (202) | (543) |
NET INCOME (LOSS) | $ 758 | $ 2,043 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax, In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 10,139,180 | |
Current period change | (844,343) | $ (299,820) |
Balance | 9,527,629 | 9,682,882 |
URA(D) On Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 239,397 | 724,159 |
Current period change | (810,999) | (292,281) |
Balance | (571,602) | 431,878 |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (177,481) | (115,390) |
Current period change | (34,102) | (9,582) |
Balance | (211,583) | (124,972) |
Benefit Plan Net Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (50,392) | (73,870) |
Current period change | 758 | 2,043 |
Balance | (49,634) | (71,827) |
Accumulated Other Comprehensive Income (Loss), Net of Deferred Income Taxes [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 11,523 | 534,899 |
Current period change | (844,343) | (299,820) |
Balance | $ (832,820) | $ 235,079 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) - USD ($) | May 26, 2016 | Jun. 22, 2012 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | May 05, 2021 | Feb. 23, 2021 |
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, commitment | $ 1,200,000 | ||||||
Uncommitted amount available | $ 340,000,000 | ||||||
Maximum percentage of admitted assets allowed for borrowing base | 10.00% | ||||||
Borrowings from FHLB | $ 519,000,000 | $ 519,000,000 | |||||
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 | $ 13,319,000 | $ 39,198,000 | |||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, expiration date | Dec. 30, 2022 | Dec. 30, 2022 | |||||
Line of credit facility, commitment | $ 13,319,000 | $ 39,198,000 | |||||
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 | Dec. 30, 2022 | |||||
Line of credit facility, commitment | $ 500,000,000 | $ 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 | $ 370,000,000 | |||||
Bermuda Re Citibank Letter of Credit Facility One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, expiration date | Dec. 16, 2022 | Feb. 28, 2022 | |||||
Line of credit facility, commitment | $ 230,000,000 | $ 230,000,000 | |||||
Bermuda Re Citibank LOC Facility - Uncommitted [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, expiration date | Dec. 31, 2022 | Dec. 31, 2022 | |||||
Line of credit facility, commitment | $ 140,000,000 | $ 140,000,000 | |||||
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 | Dec. 31, 2022 | |||||
Line of credit facility, commitment | $ 200,000,000 | $ 200,000,000 | |||||
Bermuda Re Lloyd's Bank Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, commitment | $ 250,000,000 | $ 50,000,000 | |||||
Bermuda Re Lloyd's Bank Credit Facility One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, expiration date | Dec. 31, 2022 | Dec. 31, 2022 | |||||
Line of credit facility, commitment | $ 50,000,000 | $ 50,000,000 | |||||
Bermuda Re Barclays Bilateral Letter of Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, expiration date | Dec. 31, 2022 | Dec. 31, 2022 | |||||
Line of credit facility, commitment | $ 200,000,000 | $ 200,000,000 | |||||
Federal Home Loan Bank Of New York [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Admitted assets for FHLB | 20,400,000 | ||||||
Maximum amount available under FHLB | 2,000,000 | ||||||
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 | $ 700,000 | $ 300,000 | |||||
Federal Home Loan Bank Of New York [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
FHLB advance interest rate | 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% | ||||||
FHLB advance maturity | Dec. 31, 2021 |
Credit Facilities (Summary Of O
Credit Facilities (Summary Of Outstanding Letters Of Credit And Borrowings) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | May 05, 2021 | Feb. 23, 2021 | May 26, 2016 | Jun. 22, 2012 | |
Line of Credit Facility [Line Items] | ||||||
Commitment | $ 1,200,000 | |||||
Wells Fargo Bank Group Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | 13,319,000 | $ 39,198,000 | $ 800,000,000 | $ 800,000,000 | ||
In Use | 13,319,000 | 39,198,000 | ||||
Wells Fargo Bank Group Credit Facility Tranche One [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | 13,319,000 | 39,198,000 | ||||
In Use | $ 13,319,000 | $ 39,198,000 | ||||
Date of Expiry | Dec. 30, 2022 | Dec. 30, 2022 | ||||
Bermuda Re Wells Fargo Bank Bilateral Letter of Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 50,000,000 | ||
In Use | $ 422,521,000 | $ 351,497,000 | ||||
Date of Expiry | Dec. 30, 2022 | Dec. 30, 2022 | ||||
Bermuda Re Citibank LOC Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | $ 370,000,000 | $ 370,000,000 | ||||
In Use | 333,600,000 | 333,429,000 | ||||
Bermuda Re Citibank LOC Facility One [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | 230,000,000 | 230,000,000 | ||||
In Use | $ 425,000 | $ 4,425,000 | ||||
Date of Expiry | Dec. 16, 2022 | Feb. 28, 2022 | ||||
Bermuda Re Citibank LOC Facility Two [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | $ 218,377,000 | $ 925,000 | ||||
Date of Expiry | Dec. 31, 2022 | Mar. 1, 2022 | ||||
Bermuda Re Citibank LOC Facility Three [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | $ 473,000 | $ 1,264,000 | ||||
Date of Expiry | Jan. 21, 2023 | Nov. 24, 2022 | ||||
Bermuda Re Citibank LOC Facility Four [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | $ 4,425,000 | $ 423,000 | ||||
Date of Expiry | Feb. 28, 2023 | Dec. 16, 2022 | ||||
Bermuda Re Citibank LOC Facility Five [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | $ 1,088,000 | $ 146,000 | ||||
Date of Expiry | Mar. 1, 2023 | Dec. 20, 2022 | ||||
Bermuda Re Citibank LOC Facility Six [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | $ 990,000 | $ 216,622,000 | ||||
Date of Expiry | Aug. 15, 2023 | Dec. 31, 2022 | ||||
Bermuda Re Citibank LOC Facility Seven [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | $ 1,240,000 | $ 473,000 | ||||
Date of Expiry | Sep. 23, 2023 | Jan. 21, 2023 | ||||
Bermuda Re Citibank LOC Facility Eight [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | $ 147,000 | $ 985,000 | ||||
Date of Expiry | Dec. 20, 2023 | 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 | $ 140,000,000 | ||||
In Use | $ 84,203,000 | $ 84,203,000 | ||||
Date of Expiry | Dec. 31, 2022 | Dec. 31, 2022 | ||||
Bermuda Re Citibank LOC Ten [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
In Use | $ 22,233,000 | $ 22,731,000 | ||||
Date of Expiry | Mar. 30, 2026 | Dec. 30, 2025 | ||||
Bermuda Re Bayerische Landesbank Bilateral Letter of Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | $ 200,000,000 | $ 200,000,000 | ||||
In Use | $ 156,197,000 | $ 154,691,000 | ||||
Date of Expiry | Dec. 31, 2022 | Dec. 31, 2022 | ||||
Bermuda Re Lloyd's Bank Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | $ 250,000,000 | $ 50,000,000 | ||||
In Use | 130,814,000 | 46,008,000 | ||||
Bermuda Re Lloyd's Bank Credit Facility One [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | 50,000,000 | 50,000,000 | ||||
In Use | $ 46,008,000 | $ 46,008,000 | ||||
Date of Expiry | Dec. 31, 2022 | Dec. 31, 2022 | ||||
Bermuda Re Lloyd's Bank Credit Facility - Uncommitted [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment | $ 200,000,000 | |||||
In Use | $ 84,806,000 | |||||
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 | 200,000,000 | ||||
In Use | $ 171,628,000 | $ 186,299,000 | ||||
Date of Expiry | Dec. 31, 2022 | Dec. 31, 2022 |
Collateralized Reinsurance An_3
Collateralized Reinsurance And Trust Agreements (Narrative) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Mar. 31, 2022 | Dec. 31, 2021 |
Effects of Reinsurance [Line Items] | |||
Amount on deposit in trust accounts | $ 1.8 | ||
Preferred shares | |||
Reinsurance recoverable | 192.5 | 206.1 | |
Deferred gain liability | $ 14.4 | $ 15.5 | |
Mt Logan Re [Member] | |||
Effects of Reinsurance [Line Items] | |||
Percentage of voting common shares owned by Group | 100.00% | ||
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effects of Reinsurance [Line Items] | ||
Ceded written premiums | $ 50,239 | $ 99,110 |
Ceded earned premiums | 50,443 | 78,107 |
Ceded losses and LAE | 40,620 | 80,843 |
Assumed written premiums | 793 | 2,476 |
Assumed earned premiums | 793 | 2,476 |
Assumed losses and LAE |
Collateralized Reinsurance An_5
Collateralized Reinsurance And Trust Agreements (Summary of Collateralized Reinsurance Agreements) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effects of Reinsurance [Line Items] | ||
Limit | $ 50,239 | $ 99,110 |
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 | 3 Months Ended |
Mar. 31, 2022USD ($) | |
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 |
Senior Notes (Schedule Of Outst
Senior Notes (Schedule Of Outstanding Senior Notes) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Consolidated Balance Sheet Amount | $ 2,346,147,000 | $ 2,345,800,000 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Original Principal Amount | 2,400,000,000 | |
Consolidated Balance Sheet Amount | 2,346,147,000 | 2,345,800,000 |
Market Value | $ 2,165,348,000 | 2,541,500,000 |
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 | 397,343,000 | 397,314,000 |
Market Value | $ 437,148,000 | 503,840,000 |
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 | 980,178,000 | 980,046,000 |
Market Value | $ 895,420,000 | 1,054,520,000 |
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 | 968,626,000 | 968,440,000 |
Market Value | $ 832,780,000 | $ 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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Interest expense incurred | $ 21,588 | $ 13,673 |
4.868% Senior Notes due 6/1/2044 [Member] | ||
Debt Instrument [Line Items] | ||
Interest expense incurred | $ 4,868 | 4,868 |
Debt instrument, stated interest rate | 4.868% | |
3.5% Senior Notes due 10/15/2050 [Member] | ||
Debt Instrument [Line Items] | ||
Interest expense incurred | $ 8,807 | 8,805 |
Debt instrument, stated interest rate | 3.50% | |
3.125% Senior Notes due 10/15/2052 [Member] | ||
Debt Instrument [Line Items] | ||
Interest expense incurred | $ 7,913 | |
Debt instrument, stated interest rate | 3.125% |
Long Term Subordinated Notes (N
Long Term Subordinated Notes (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)Item | Dec. 31, 2020USD ($) | May 15, 2022 | |
Debt Instrument [Line Items] | |||
Redemption date | May 1, 2047 | ||
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of principal amount required for redemption | 100.00% | ||
Outstanding debt reduction | $ 161.4 | ||
Gain on repurchase and retirement of debt | $ 13.2 | ||
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 | ||
Debt instrument, maturity date | May 1, 2067 | ||
Subordinated Debt [Member] | 6.6 % Long Term Subordinated Notes [Member] | Scenario Forecast [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, stated interest rate | 2.89% | ||
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 | ||
Right to defer interest on one or more occasions for up to number of consecutive years | 10 years | ||
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 ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Consolidated balance sheet amount | $ 223,799,000 | $ 223,774,000 |
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 | $ 223,799,000 | 223,774,000 |
Market Value | $ 208,685,000 | $ 216,289,000 |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Interest expense incurred | $ 1,530 | $ 1,462 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Percentage threshold of Company revenue not exceeded by any other country | 5.00% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Underwriting Results For Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Gross written premium | $ 3,186,351 | $ 2,931,433 |
Net written premiums | 2,812,013 | 2,553,937 |
Premiums earned | 2,791,765 | 2,387,865 |
Incurred losses and LAE | 1,789,863 | 1,711,419 |
Commission and brokerage | 605,230 | 489,011 |
Other underwriting expenses | 161,293 | 142,231 |
Underwriting gain (loss) | 235,379 | 45,204 |
Net investment income | 242,830 | 260,413 |
Net gains (losses) | (153,627) | 38,902 |
Corporate expenses | (14,020) | (12,378) |
Interest, fee and bond issue cost amortization expense | (24,078) | (15,639) |
Other income (expense) | 15,363 | 56,593 |
INCOME (LOSS) BEFORE TAXES | 301,847 | 373,095 |
Reinsurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross written premium | 2,185,612 | 2,059,015 |
Net written premiums | 2,081,449 | 1,912,950 |
Premiums earned | 2,066,254 | 1,777,452 |
Incurred losses and LAE | 1,324,716 | 1,271,906 |
Commission and brokerage | 514,243 | 408,724 |
Other underwriting expenses | 50,453 | 51,996 |
Underwriting gain (loss) | 176,842 | 44,826 |
Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross written premium | 1,000,739 | 872,418 |
Net written premiums | 730,564 | 640,987 |
Premiums earned | 725,511 | 610,413 |
Incurred losses and LAE | 465,147 | 439,513 |
Commission and brokerage | 90,987 | 80,287 |
Other underwriting expenses | 110,840 | 90,235 |
Underwriting gain (loss) | $ 58,537 | $ 378 |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Gross Written Premiums Derived From Largest Non-U.S. Market) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross written premium | $ 311,581 | $ 366,148 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Narrative) (Details) - $ / shares | Feb. 24, 2022 | Feb. 23, 2022 | Mar. 31, 2022 |
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period | 9,048 | 187,760 | 196,808 |
Weighted-average grant-date fair value of options granted | $ 287.9425 | $ 301.535 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period | 18,340 | ||
Weighted-average grant-date fair value of options granted | $ 301.535 |