Document and Entity Informatio
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BERKLEY W R CORP | |
Entity Central Index Key | 11,544 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 121,277,042 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investments: | ||
Fixed maturity securities | $ 13,514,085 | $ 13,190,668 |
Investment funds | 1,190,963 | 1,198,146 |
Real estate | 1,317,089 | 1,184,981 |
Arbitrage trading account | 634,016 | 299,999 |
Equity securities available for sale | 612,807 | 669,200 |
Loans receivable | 96,064 | 106,798 |
Total investments | 17,365,024 | 16,649,792 |
Cash and cash equivalents | 788,354 | 795,285 |
Premiums and fees receivable | 1,867,048 | 1,701,854 |
Due from reinsurers | 1,646,587 | 1,743,980 |
Deferred policy acquisition costs | 539,961 | 537,890 |
Prepaid reinsurance premiums | 482,258 | 413,140 |
Trading account receivables from brokers and clearing organizations | 164,696 | 484,593 |
Property, furniture and equipment | 424,984 | 349,432 |
Goodwill | 144,913 | 144,513 |
Accrued investment income | 136,663 | 127,047 |
Other assets | 433,003 | 402,550 |
Total assets | 23,993,491 | 23,350,076 |
Liabilities: | ||
Reserves for losses and loss expenses | 11,324,267 | 11,197,195 |
Unearned premiums | 3,425,534 | 3,283,300 |
Due to reinsurers | 221,633 | 213,128 |
Trading account securities sold but not yet purchased | 62,860 | 51,179 |
Federal and foreign income taxes | 94,887 | 119,597 |
Other liabilities | 1,051,322 | 916,318 |
Senior notes and other debt | 1,759,115 | 1,760,595 |
Subordinated debentures | 727,924 | 727,630 |
Total liabilities | 18,667,542 | 18,268,942 |
Equity: | ||
Authorized 5,000,000 shares; issued and outstanding - none | 0 | 0 |
Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,271,028 and 121,193,599 shares, respectively | 47,024 | 47,024 |
Additional paid-in capital | 1,057,939 | 1,037,446 |
Retained earnings | 6,735,066 | 6,595,987 |
Accumulated other comprehensive income | 133,302 | 55,568 |
Treasury stock, at cost, 113,846,890 and 113,924,319 shares, respectively | 2,686,813 | 2,688,817 |
Total stockholders’ equity | 5,286,518 | 5,047,208 |
Noncontrolling interests | 39,431 | 33,926 |
Total equity | 5,325,949 | 5,081,134 |
Total liabilities and equity | $ 23,993,491 | $ 23,350,076 |
Consolidated Balance Sheets Co3
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollar per share) | $ 0.1 | $ 0.1 |
Preferred shares authorized | 5,000,000 | 5,000,000 |
Preferred shares issued | 0 | 0 |
Preferred shares outstanding | 0 | 0 |
Common stock, par value (in dollar per share) | $ 0.2 | $ 0.2 |
Common shares authorized | 500,000,000 | 500,000,000 |
Common shares issued | 121,271,028 | 121,193,599 |
Common shares outstanding | 121,271,028 | 121,193,599 |
Treasury stock issued at cost | 113,846,890 | 113,924,319 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
REVENUES: | ||||
Net premiums written | $ 1,564,251 | $ 1,642,569 | $ 3,211,089 | $ 3,306,291 |
Change in net unearned premiums | 4,452 | (82,776) | (72,345) | (219,163) |
Net premiums earned | 1,568,703 | 1,559,793 | 3,138,744 | 3,087,128 |
Net investment income | 135,264 | 129,049 | 284,123 | 259,182 |
Net realized investment gains | 40,453 | 6,315 | 92,801 | 31,772 |
Other-than-temporary impairments | 0 | 0 | 0 | (18,114) |
Insurance service fees | 33,584 | 36,939 | 66,864 | 77,301 |
Revenues from non-insurance businesses | 69,857 | 123,764 | 135,247 | 225,544 |
Other income | 188 | 54 | 688 | 312 |
Total revenues | 1,848,049 | 1,855,914 | 3,718,467 | 3,663,125 |
OPERATING COSTS AND EXPENSES: | ||||
Losses and loss expenses | 964,698 | 964,162 | 1,944,302 | 1,886,483 |
Other operating costs and expenses | 616,632 | 581,955 | 1,220,332 | 1,164,414 |
Expenses from non-insurance businesses | 68,959 | 116,731 | 134,978 | 212,262 |
Interest expense | 36,799 | 34,752 | 73,597 | 66,976 |
Total operating costs and expenses | 1,687,088 | 1,697,600 | 3,373,209 | 3,330,135 |
Income before income taxes | 160,961 | 158,314 | 345,258 | 332,990 |
Income tax expense | (51,388) | (49,408) | (111,011) | (103,837) |
Net income before noncontrolling interests | 109,573 | 108,906 | 234,247 | 229,153 |
Noncontrolling interests | (569) | 61 | (1,796) | (676) |
Net income to common stockholders | $ 109,004 | $ 108,967 | $ 232,451 | $ 228,477 |
NET INCOME PER SHARE: | ||||
Basic (in dollar per share) | $ 0.87 | $ 0.89 | $ 1.88 | $ 1.86 |
Diluted (in dollar per share) | $ 0.85 | $ 0.85 | $ 1.81 | $ 1.78 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) Statement - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income before noncontrolling interests | $ 109,573 | $ 108,906 | $ 234,247 | $ 229,153 |
Other comprehensive income: | ||||
Change in unrealized currency translation adjustments | 20,247 | (55,870) | 42,982 | (57,917) |
Change in unrealized investment gains, net of taxes | 43,597 | 105,033 | 34,766 | 181,888 |
Other comprehensive income | 63,844 | 49,163 | 77,748 | 123,971 |
Comprehensive income | 173,417 | 158,069 | 311,995 | 353,124 |
Noncontrolling interests | (602) | 56 | (1,810) | (667) |
Comprehensive income to common stockholders | $ 172,815 | $ 158,125 | $ 310,185 | $ 352,457 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) Statement - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated Other Comprehensive Income | Unrealized investment gain | Currency Translation Adjustments | Treasury stock | Noncontrolling interest |
Beginning of period at Dec. 31, 2015 | $ 47,024 | $ 1,005,455 | $ 6,178,070 | $ 180,695 | $ (247,393) | $ (2,563,605) | $ 32,962 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued including tax benefit | (191) | ||||||||
Restricted stock units expensed | 16,350 | ||||||||
Stock issued | 0 | ||||||||
Net income before noncontrolling interests | $ 229,153 | 228,477 | 676 | ||||||
Dividends | (30,654) | ||||||||
Unrealized gains on securities not other-than-temporarily impaired | 181,888 | 180,714 | |||||||
Unrealized gains on other-than-temporarily impaired securities | 1,183 | ||||||||
Net change in period | (57,917) | (57,917) | |||||||
Stock exercised/vested | 1,717 | ||||||||
Stock repurchased | (37,424) | ||||||||
Stock incentive plans expensed | 0 | ||||||||
Contributions | 2,923 | ||||||||
Other comprehensive income (loss), net of tax | 123,971 | $ 123,971 | (57,917) | (9) | |||||
End of period at Jun. 30, 2016 | 1,021,614 | 6,375,893 | 57,282 | 362,592 | (305,310) | (2,599,312) | 36,552 | ||
Beginning of period at Dec. 31, 2016 | 5,081,134 | $ 47,024 | 1,037,446 | 6,595,987 | 427,154 | (371,586) | (2,688,817) | 33,926 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued including tax benefit | (1,356) | ||||||||
Restricted stock units expensed | 20,788 | ||||||||
Stock issued | 1,061 | ||||||||
Net income before noncontrolling interests | 234,247 | 232,451 | 1,796 | ||||||
Dividends | (93,372) | ||||||||
Unrealized gains on securities not other-than-temporarily impaired | 34,766 | 33,908 | |||||||
Unrealized gains on other-than-temporarily impaired securities | 844 | ||||||||
Net change in period | 42,982 | 42,982 | |||||||
Stock exercised/vested | 1,276 | ||||||||
Stock repurchased | 0 | ||||||||
Stock incentive plans expensed | 728 | ||||||||
Contributions | 3,695 | ||||||||
Other comprehensive income (loss), net of tax | 77,748 | 77,748 | 42,982 | 14 | |||||
End of period at Jun. 30, 2017 | $ 5,325,949 | $ 1,057,939 | $ 6,735,066 | $ 133,302 | $ 461,906 | $ (328,604) | $ (2,686,813) | $ 39,431 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FROM OPERATING ACTIVITIES: | ||
Net income to common stockholders | $ 232,451 | $ 228,477 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Net investment gains | (92,801) | (13,658) |
Depreciation and amortization | 44,679 | 46,873 |
Noncontrolling interests | 1,796 | 676 |
Investment funds | (35,544) | (35,092) |
Stock incentive plans | 22,508 | 17,876 |
Change in: | ||
Arbitrage trading account | (2,440) | (2,303) |
Premiums and fees receivable | (159,827) | (174,811) |
Reinsurance accounts | 34,985 | (100,545) |
Deferred policy acquisition costs | (2,236) | (50,578) |
Income taxes | (42,626) | 8,269 |
Reserves for losses and loss expenses | 101,781 | 239,621 |
Unearned premiums | 140,399 | 276,815 |
Other | (18,267) | (109,302) |
Net cash from operating activities | 224,858 | 332,318 |
CASH USED IN INVESTING ACTIVITIES: | ||
Proceeds from sale of fixed maturity securities | 2,069,718 | 716,674 |
Proceeds from sale of equity securities | 89,340 | 14,558 |
Distributions from investment funds | 49,594 | 7,632 |
Proceeds from maturities and prepayments of fixed maturity securities | 888,423 | 1,191,548 |
Purchase of fixed maturity securities | (3,164,892) | (2,238,683) |
Purchase of equity securities | (787) | (126,414) |
Real estate purchased | (109,846) | (114,434) |
Change in loans receivable | 10,734 | 130,267 |
Net additions to property, furniture and equipment | (89,715) | (21,224) |
Change in balances due to security brokers | 104,463 | 51,918 |
Payment for business purchased net of cash aquired | (71,346) | (41,213) |
Net cash used in investing activities | (224,314) | (429,371) |
CASH (USED IN) FROM FINANCING ACTIVITIES: | ||
Repayment of senior notes and other debt | (1,475) | (38,427) |
Net proceeds from issuance of debt | 0 | 388,901 |
Cash dividends to common stockholders | (15,758) | (30,655) |
Purchase of common treasury shares | 0 | (37,424) |
Other, net | (1,260) | (926) |
Net cash (used in) from financing activities | (18,493) | 281,469 |
Net impact on cash due to change in foreign exchange rates | 11,018 | 663 |
Net change in cash and cash equivalents | (6,931) | 185,079 |
Cash and cash equivalents at beginning of year | 795,285 | 763,631 |
Cash and cash equivalents at end of period | $ 788,354 | $ 948,710 |
General
General | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”) have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated. 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 disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to a description of areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . Reclassifications have been made in the 2016 financial statements as originally reported to conform to the presentation of the 2017 financial statements. The income tax provision has been computed based on the Company’s estimated annual effective tax rate. The effective tax rate for the quarter differs from the federal income tax rate of 35% principally because of tax-exempt investment income. |
Per Share Data
Per Share Data | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Per Share Data | Per Share Data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 4,087,731 common shares held in a grantor trust established in March 2017). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units (RSUs). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows: For the Three Months For the Six Months Ended June 30, Ended June 30, (In thousands) 2017 2016 2017 2016 Basic 125,334 122,616 123,623 122,698 Diluted 128,601 128,575 128,546 128,562 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently adopted accounting pronouncements: In May 2015, the FASB issued ASU 2015-09, Disclosures about Short-Duration Contracts. ASU 2015-09 requires companies that issue short duration insurance contracts to disclose additional information, including: (i) incurred and paid claims development tables; (ii) frequency and severity of claims; and (iii) information about material changes in judgments made in calculating the liability for unpaid claim adjustment expenses, including reasons for the change and the effects on the financial statements. The Company adopted this updated guidance on January 1, 2016 with regard to the annual requirements and on January 1, 2017 with regard to the interim requirements. The amendments in ASU 2015-09 are applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. As the requirements are disclosure only, the adoption of this guidance did not impact our financial condition or results of operations, but did result in additional disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 includes provisions intended to simplify various previous provisions related to how share-based payments are accounted for and presented in the financial statements. Under the new guidance, excess tax benefits (deductions for share based payment awards for tax purposes that exceed the compensation cost recognized for financial reporting purposes) are reported within the income tax expense financial statement line item. Previously, excess tax benefits were reported within additional paid in capital. The Company adopted this updated guidance on January 1, 2017 prospectively. The adoption of this guidance did not have a material impact on the Company's financial condition or results of operations. All other accounting and reporting standards that became effective in 2017 were either not applicable to the Company or their adoption did not have a material impact on the Company. Accounting and reporting standards that are not yet effective: In May 2014, the FASB issued ASU 2014-09, Revenue from Customers. ASU 2014-09 clarifies the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company’s insurance service fee revenue and non-insurance business revenue will be subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The updated guidance, as amended by ASU 2015-14, is effective for public business entities for annual and interim reporting periods beginning after December 15, 2017. The adoption of this guidance is not expected to have a material effect on the Company’s financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. ASU 2016-01 amends the accounting guidance for financial instruments to require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The updated guidance is effective for public business entities for annual reporting periods beginning after December 15, 2017 and interim periods within those years. The adoption of this guidance is not expected to have a material effect on the Company’s financial condition upon adoption, but will impact results of operations after adoption of this guidance as unrealized gains and losses on equity securities will no longer be reported directly in accumulated other comprehensive income (AOCI), but will instead be reported in net income. In February 2016, the FASB issued ASU 2016-02, Leases, which amends the accounting and disclosure guidance for leases. This guidance retains the two classifications of a lease, as either an operating or finance lease, both of which will require lessees to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months. The right-of-use asset and the lease liability will be determined based upon the present value of cash flows. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-of-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The accounting by lessors is not significantly changed by the updated guidance. The updated guidance is effective for reporting periods beginning after December 15, 2018, and will require that the earliest comparative period presented include the measurement and recognition of existing leases with an adjustment to equity as if the updated guidance had always been applied. The Company is currently evaluating the impact that the adoption of this guidance will have on its results of operations, financial position and liquidity. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which amends the accounting guidance for credit losses on financial instruments. The updated guidance amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. This guidance also applies a new current expected credit loss model for determining credit-related impairments for financial instruments measured at amortized cost. The updated guidance is effective for reporting periods beginning after December 15, 2019. The Company will not be able to determine the impact the adoption of this guidance will have on its results of operations, financial position or liquidity until the year the guidance becomes effective. All other recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company. |
Acquisitions_Dispositions
Acquisitions/Dispositions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions/Dispositions | Acquisitions/Disposition In March 2017, the Company acquired an 89.5% ownership interest for $72.5 million in a company engaged in providing textile solutions world-wide. The fair value of the assets acquired and liabilities assumed have been estimated based on a preliminary valuation. The fair values of the assets and liabilities will be adjusted, as needed, following completion of the final valuation. The following table summarizes the initial estimated fair value of net assets acquired and liabilities assumed for the business combination completed in 2017: (In thousands) 2017 Cash and cash equivalents $ 1,154 Real estate, furniture and equipment 6,434 Goodwill and other intangibles assets 62,406 Other assets 9,417 Total assets acquired 79,411 Other liabilities assumed (1,911 ) Noncontrolling interest (5,000 ) Net assets acquired $ 72,500 In February 2016, the Company acquired an 85% ownership interest for $42.3 million in a company engaged in the distribution of promotional merchandise. |
Consolidated Statements of Co12
Consolidated Statements of Comprehensive Income | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Consolidated Statements of Comprehensive Income | Consolidated Statement of Comprehensive Income The following table presents the components of the changes in accumulated other comprehensive income ("AOCI"): (In thousands) Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive Income As of and for the six months ended June 30, 2017: Changes in AOCI Beginning of period $ 427,154 $ (371,586 ) $ 55,568 Other comprehensive income before reclassifications 89,309 42,982 132,291 Amounts reclassified from AOCI (54,543 ) — (54,543 ) Other comprehensive income 34,766 42,982 77,748 Unrealized investment gain related to non-controlling interest (14 ) — (14 ) End of period $ 461,906 $ (328,604 ) $ 133,302 Amounts reclassified from AOCI Pre-tax $ (83,912 ) (1) $ — $ (83,912 ) Tax effect 29,369 (2) — 29,369 After-tax amounts reclassified $ (54,543 ) $ — $ (54,543 ) Other comprehensive income Pre-tax $ 58,711 $ 42,982 $ 101,693 Tax effect (23,945 ) — (23,945 ) Other comprehensive income $ 34,766 $ 42,982 $ 77,748 As of and for the three months ended June 30, 2017: Changes in AOCI Beginning of period $ 418,342 $ (348,851 ) $ 69,491 Other comprehensive income before reclassifications 69,315 20,247 89,562 Amounts reclassified from AOCI (25,718 ) — (25,718 ) Other comprehensive income 43,597 20,247 63,844 Unrealized investment gain related to non-controlling interest (33 ) — (33 ) End of period $ 461,906 $ (328,604 ) $ 133,302 Amounts reclassified from AOCI Pre-tax $ (39,566 ) (1) $ — $ (39,566 ) Tax effect 13,848 (2) — 13,848 After-tax amounts reclassified $ (25,718 ) $ — $ (25,718 ) Other comprehensive income Pre-tax $ 68,282 $ 20,247 $ 88,529 Tax effect (24,685 ) — (24,685 ) Other comprehensive income $ 43,597 $ 20,247 $ 63,844 _________________________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. (In thousands) Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive Income As of and for the six months ended June 30, 2016: Changes in AOCI Beginning of period $ 180,695 $ (247,393 ) $ (66,698 ) Other comprehensive income before reclassifications 191,791 (57,917 ) 133,874 Amounts reclassified from AOCI (9,903 ) — (9,903 ) Other comprehensive income 181,888 (57,917 ) 123,971 Unrealized investment losses related to non-controlling interest 9 — 9 End of period $ 362,592 $ (305,310 ) $ 57,282 Amounts reclassified from AOCI Pre-tax $ (15,235 ) (1) $ — $ (15,235 ) Tax effect 5,332 (2) — 5,332 After-tax amounts reclassified $ (9,903 ) $ — $ (9,903 ) Other comprehensive income Pre-tax $ 270,995 $ (57,917 ) $ 213,078 Tax effect (89,107 ) — (89,107 ) Other comprehensive income $ 181,888 $ (57,917 ) $ 123,971 As of and for the three months ended June 30, 2016: Changes in AOCI Beginning of period $ 257,564 $ (249,440 ) $ 8,124 Other comprehensive income before reclassifications 113,549 (55,870 ) 57,679 Amounts reclassified from AOCI (8,516 ) — (8,516 ) Other comprehensive income 105,033 (55,870 ) 49,163 Unrealized investment gain related to non-controlling interest (5 ) — (5 ) End of period $ 362,592 $ (305,310 ) $ 57,282 Amounts reclassified from AOCI Pre-tax $ (13,101 ) (1) $ — $ (13,101 ) Tax effect 4,585 (2) — 4,585 After-tax amounts reclassified $ (8,516 ) $ — $ (8,516 ) Other comprehensive income Pre-tax $ 156,605 $ (55,870 ) $ 100,735 Tax effect (51,572 ) — (51,572 ) Other comprehensive income $ 105,033 $ (55,870 ) $ 49,163 _______________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Statements of Cash Flow
Statements of Cash Flow | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Statements of Cash Flow | Statements of Cash Flow Interest payments were $72,528,000 and $64,109,000 and income taxes paid were $145,123,000 and $86,695,000 in the six months ended June 30, 2017 and 2016 , respectively. |
Investments In Fixed Maturity S
Investments In Fixed Maturity Securities | 6 Months Ended |
Jun. 30, 2017 | |
Debt securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments In Fixed Maturity Securities | Investments in Fixed Maturity Securities At June 30, 2017 and December 31, 2016 , investments in fixed maturity securities were as follows: (In thousands) Amortized Cost Gross Unrealized Fair Value Carrying Value Gains Losses June 30, 2017 Held to maturity: State and municipal $ 64,931 $ 14,943 $ — $ 79,874 $ 64,931 Residential mortgage-backed 14,754 1,578 — 16,332 14,754 Total held to maturity 79,685 16,521 — 96,206 79,685 Available for sale: U.S. government and government agency 432,145 13,941 (2,135 ) 443,951 443,951 State and municipal: Special revenue 2,770,582 80,887 (9,471 ) 2,841,998 2,841,998 State general obligation 471,980 21,596 (1,359 ) 492,217 492,217 Pre-refunded 312,535 21,825 (216 ) 334,144 334,144 Corporate backed 384,609 10,609 (916 ) 394,302 394,302 Local general obligation 354,110 26,507 (467 ) 380,150 380,150 Total state and municipal 4,293,816 161,424 (12,429 ) 4,442,811 4,442,811 Mortgage-backed securities: Residential (1) 997,886 13,968 (9,608 ) 1,002,246 1,002,246 Commercial 190,352 566 (1,257 ) 189,661 189,661 Total mortgage-backed securities 1,188,238 14,534 (10,865 ) 1,191,907 1,191,907 Asset-backed 2,196,114 6,529 (10,613 ) 2,192,030 2,192,030 Corporate: Industrial 2,394,374 73,884 (2,717 ) 2,465,541 2,465,541 Financial 1,444,201 49,524 (4,929 ) 1,488,796 1,488,796 Utilities 255,777 12,725 (576 ) 267,926 267,926 Other 48,875 282 (18 ) 49,139 49,139 Total corporate 4,143,227 136,415 (8,240 ) 4,271,402 4,271,402 Foreign 854,298 38,773 (772 ) 892,299 892,299 Total available for sale 13,107,838 371,616 (45,054 ) 13,434,400 13,434,400 Total investments in fixed maturity securities $ 13,187,523 $ 388,137 $ (45,054 ) $ 13,530,606 $ 13,514,085 (In thousands) Amortized Gross Unrealized Fair Carrying Gains Losses December 31, 2016 Held to maturity: State and municipal $ 72,582 $ 12,453 $ — $ 85,035 $ 72,582 Residential mortgage-backed 15,944 1,693 — 17,637 15,944 Total held to maturity 88,526 14,146 — 102,672 88,526 Available for sale: U.S. government and government agency 496,187 20,208 (2,593 ) 513,802 513,802 State and municipal: Special revenue 2,791,211 58,559 (26,315 ) 2,823,455 2,823,455 State general obligation 524,682 16,964 (5,139 ) 536,507 536,507 Pre-refunded 356,535 19,181 (165 ) 375,551 375,551 Corporate backed 410,933 6,172 (6,452 ) 410,653 410,653 Local general obligation 360,022 15,682 (2,367 ) 373,337 373,337 Total state and municipal 4,443,383 116,558 (40,438 ) 4,519,503 4,519,503 Mortgage-backed securities: Residential (1) 1,034,301 15,431 (12,950 ) 1,036,782 1,036,782 Commercial 155,540 304 (2,981 ) 152,863 152,863 Total mortgage-backed securities 1,189,841 15,735 (15,931 ) 1,189,645 1,189,645 Asset-backed 1,913,830 5,971 (11,941 ) 1,907,860 1,907,860 Corporate: Industrial 2,315,567 71,007 (7,174 ) 2,379,400 2,379,400 Financial 1,369,001 39,543 (11,270 ) 1,397,274 1,397,274 Utilities 229,154 10,801 (2,411 ) 237,544 237,544 Other 54,073 299 (63 ) 54,309 54,309 Total corporate 3,967,795 121,650 (20,918 ) 4,068,527 4,068,527 Foreign 858,773 46,794 (2,762 ) 902,805 902,805 Total available for sale 12,869,809 326,916 (94,583 ) 13,102,142 13,102,142 Total investments in fixed maturity securities $ 12,958,335 $ 341,062 $ (94,583 ) $ 13,204,814 $ 13,190,668 ____________ (1) Gross unrealized gains and (losses) for residential mortgage-backed securities include $25,220 and $(818,691) as of June 30, 2017 and December 31, 2016 , respectively, related to securities with the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income. The amortized cost and fair value of fixed maturity securities at June 30, 2017 , by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations. (In thousands) Amortized Cost Fair Value Due in one year or less $ 803,520 $ 819,242 Due after one year through five years 5,237,765 5,368,120 Due after five years through ten years 3,169,976 3,311,894 Due after ten years 2,773,270 2,823,111 Mortgage-backed securities 1,202,992 1,208,239 Total $ 13,187,523 $ 13,530,606 At June 30, 2017 and December 31, 2016, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities. |
Investments in Equity Securitie
Investments in Equity Securities Available for Sale | 6 Months Ended |
Jun. 30, 2017 | |
Equity securities available for sale | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments in Equity Securities Available for Sale | Investments in Equity Securities Available for Sale At June 30, 2017 and December 31, 2016 , investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Value Carrying Value Gains Losses June 30, 2017 Common stocks $ 87,185 $ 366,106 $ (5,691 ) $ 447,600 $ 447,600 Preferred stocks 119,083 47,208 (1,084 ) 165,207 165,207 Total $ 206,268 $ 413,314 $ (6,775 ) $ 612,807 $ 612,807 December 31, 2016 Common stocks $ 94,998 $ 351,906 $ (1,046 ) $ 445,858 $ 445,858 Preferred stocks 125,589 101,392 (3,639 ) 223,342 223,342 Total $ 220,587 $ 453,298 $ (4,685 ) $ 669,200 $ 669,200 |
Arbitrage Trading Account
Arbitrage Trading Account | 6 Months Ended |
Jun. 30, 2017 | |
Trading Securities [Abstract] | |
Arbitrage Trading Account | Arbitrage Trading Account At June 30, 2017 and December 31, 2016 , the fair and carrying values of the arbitrage trading account were $634 million and $300 million , respectively. The primary focus of the trading account is merger arbitrage. Merger arbitrage is the business of investing in the securities of publicly held companies which are the targets in announced tender offers and mergers. Arbitrage investing differs from other types of investing in its focus on transactions and events believed likely to bring about a change in value over a relatively short time period (usually four months or less). The Company uses put options, call options and swap contracts in order to mitigate the impact of potential changes in market conditions on the merger arbitrage trading account. These options and contracts are reported at fair value. As of June 30, 2017 , the fair value of long option contracts outstanding was $1 million (notional amount of $32 million ) and the fair value of short option contracts outstanding was $1 million (notional amount of $73 million ). Other than with respect to the use of these trading account securities, the Company does not make use of derivatives. |
Net Investment Income
Net Investment Income | 6 Months Ended |
Jun. 30, 2017 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net Investment Income Net investment income consists of the following: For the Three Months For the Six Months Ended June 30, Ended June 30, (In thousands) 2017 2016 2017 2016 Investment income earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 116,796 $ 108,342 $ 229,142 $ 217,177 Investment funds 8,895 18,456 35,544 35,092 Arbitrage trading account 5,457 3,252 11,817 6,442 Real estate 5,286 1,250 9,852 3,967 Equity securities available for sale 602 1,280 1,241 2,148 Gross investment income 137,036 132,580 287,596 264,826 Investment expense (1,772 ) (3,531 ) (3,473 ) (5,644 ) Net investment income $ 135,264 $ 129,049 $ 284,123 $ 259,182 |
Investment Funds
Investment Funds | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment Funds | Investment Funds The Company evaluates whether it is an investor in a variable interest entity (VIE). Such entities do not have sufficient equity at risk to finance their activities without additional subordinated financial support, or the equity investors, as a group, do not have the characteristics of a controlling financial interest (primary beneficiary). The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE's capital structure, contractual terms, nature of the VIE's operations and purpose, and the Company's relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE and on an ongoing basis. The Company is not the primary beneficiary in any of its investment funds, and accordingly, carries its interests in investments funds under the equity method of accounting. The Company’s maximum exposure to loss with respect to these investments is limited to the carrying amount reported on the Company’s consolidated balance sheet and its unfunded commitments which were $354 million as of June 30, 2017. Investment funds consisted of the following: Carrying Value as of Income (Loss) from Investment Funds June 30, December 31, For the Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Real estate $ 611,598 $ 641,783 $ 19,518 $ 22,414 Energy 86,690 91,448 (8,639 ) 1,153 Hedge equity 72,685 73,913 (1,228 ) (2,030 ) Other funds 419,990 391,002 25,893 13,555 Total $ 1,190,963 $ 1,198,146 $ 35,544 $ 35,092 The Company's share of the earnings or losses of investment funds is generally reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Investment in real estate represents directly owned property held for investment, as follows: Carrying Value June 30, December 31, (In thousands) 2017 2016 Properties in operation $ 447,721 $ 457,237 Properties under development 869,368 727,744 Total $ 1,317,089 $ 1,184,981 In 2017, properties in operation included a long-term ground lease in Washington, D.C., a hotel in Memphis, Tennessee, an office complex in New York City and office buildings in West Palm Beach and Palm Beach, Florida. Properties in operation are net of accumulated depreciation and amortization of $18,600,000 and $14,996,000 as of June 30, 2017 and December 31, 2016, respectively. Related depreciation expense was $3,604,000 and $3,279,000 for the six months ended June 30, 2017 and 2016 respectively. Future minimum rental income expected on operating leases relating to properties in operation is $9,248,244 in 2017, $27,797,511 in 2018, $29,246,483 in 2019, $28,527,541 in 2020, $29,145,221 in 2021, $28,784,655 in 2022 and $466,275,306 thereafter. Properties under development include an office building in London and a mixed-use project in Washington, D.C. |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable Loans receivable are as follows: (In thousands) June 30, 2017 December 31, 2016 Amortized cost (net of valuation allowance): Real estate loans $ 82,938 $ 92,415 Commercial loans 13,126 14,383 Total $ 96,064 $ 106,798 Fair value: Real estate loans $ 82,938 $ 92,415 Commercial loans 14,628 15,884 Total $ 97,566 $ 108,299 Valuation allowance: Specific $ 1,200 $ 1,200 General 2,183 2,197 Total $ 3,383 $ 3,397 For the Three Months Ended June 30, 2017 2016 Increase in valuation allowance $ — $ 93 For the Six Months Ended June 30, 2017 2016 Increase (decrease) in valuation allowance $ (14 ) $ 661 Loans receivable in non-accrual status were $4.5 million and $5.4 million as of June 30, 2017 and December 31, 2016, respectively. The Company monitors the performance of its loans receivable and assesses the ability of the borrower to pay principal and interest based upon loan structure, underlying property values, cash flow and related financial and operating performance of the property and market conditions. Loans receivable with a potential for default are further assessed using discounted cash flow analysis and comparable cost and sales methodologies, if appropriate. The real estate loans are secured by commercial real estate primarily located in New York. These loans generally earn interest at floating LIBOR-based interest rates and have maturities (inclusive of extension options) through August 2025. The commercial loans are with small business owners who have secured the related financing with the assets of the business. Commercial loans primarily earn interest on a fixed basis and have varying maturities generally not exceeding 10 years. In evaluating the real estate loans, the Company considers their credit quality indicators, including loan to value ratios, which compare the outstanding loan amount to the estimated value of the property, the borrower’s financial condition and performance with respect to loan terms, the position in the capital structure, the overall leverage in the capital structure and other market conditions. Based on these considerations, none of the real estate loans were considered to be impaired at June 30, 2017, and accordingly, the Company determined that a specific valuation allowance was not required. |
Realized And Unrealized Investm
Realized And Unrealized Investment Gains (Losses) | 6 Months Ended |
Jun. 30, 2017 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized and Unrealized Investment Gains (Losses) | Realized and Unrealized Investment Gains (Losses) Realized and unrealized investment gains (losses) are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Realized investment gains (losses): Fixed maturity securities: Gains $ 7,427 $ 10,110 $ 13,032 $ 33,174 Losses — (1,480 ) (3,965 ) (4,420 ) Equity securities available for sale 32,139 4,471 74,846 4,596 Investment funds (112 ) (4,793 ) 1,155 (5,253 ) Real estate (364 ) (464 ) 2,936 4,560 Other 1,363 (1,529 ) 4,797 (885 ) Net realized gains on investments sales 40,453 6,315 92,801 31,772 Other-than-temporary impairments (1) — — — (18,114 ) Net investment gains 40,453 6,315 92,801 13,658 Income tax expense (14,159 ) (2,210 ) (32,480 ) (4,780 ) After-tax net realized investment gains $ 26,294 $ 4,105 $ 60,321 $ 8,878 Change in unrealized investment gains (losses) of available for sale securities: Fixed maturity securities $ 56,857 $ 122,893 $ 94,841 $ 215,321 Previously impaired fixed maturity securities 743 1,874 844 1,819 Equity securities available for sale 6,176 27,814 (42,686 ) 40,950 Investment funds 4,506 4,004 5,712 12,885 Total change in unrealized investment gains 68,282 156,585 58,711 270,975 Income tax expense (24,713 ) (51,552 ) (23,973 ) (89,087 ) Noncontrolling interests (5 ) (5 ) 14 9 After-tax change in unrealized investment gains of available for sale securities $ 43,564 $ 105,028 $ 34,752 $ 181,897 ______________________ (1) There were no other than temporary impairments (OTTI) for the three and six months ended June 30, 2017, or for the three months ended June 30, 2016. OTTI for the six months ended June 30, 2016 of $18.1 million were related to common stock. |
Securities In An Unrealized Los
Securities In An Unrealized Loss Position | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Securities in Unrealized Loss Position | Securities in an Unrealized Loss Position The following tables summarize all securities in an unrealized loss position at June 30, 2017 and December 31, 2016 by the length of time those securities have been continuously in an unrealized loss position: Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 30, 2017 U.S. government and government agency $ 115,584 $ 935 $ 30,925 $ 1,200 $ 146,509 $ 2,135 State and municipal 860,362 10,961 112,597 1,468 972,959 12,429 Mortgage-backed securities 585,106 6,827 128,391 4,038 713,497 10,865 Asset-backed securities 1,424,602 6,921 75,179 3,692 1,499,781 10,613 Corporate 612,215 4,599 41,688 3,641 653,903 8,240 Foreign government 115,875 742 1,973 30 117,848 772 Fixed maturity securities 3,713,744 30,985 390,753 14,069 4,104,497 45,054 Common stocks 24,004 4,953 9,040 738 33,044 5,691 Preferred stocks — — 24,589 1,084 24,589 1,084 Equity securities available for sale 24,004 4,953 33,629 1,822 57,633 6,775 Total $ 3,737,748 $ 35,938 $ 424,382 $ 15,891 $ 4,162,130 $ 51,829 December 31, 2016 U.S. government and government agency $ 112,709 $ 1,252 $ 35,450 $ 1,341 $ 148,159 $ 2,593 State and municipal 1,562,614 35,553 133,034 4,885 1,695,648 40,438 Mortgage-backed securities 625,903 11,103 109,066 4,828 734,969 15,931 Asset-backed securities 1,010,836 5,340 201,693 6,601 1,212,529 11,941 Corporate 1,035,245 13,448 65,147 7,470 1,100,392 20,918 Foreign government 213,246 1,985 24,820 777 238,066 2,762 Fixed maturity securities 4,560,553 68,681 569,210 25,902 5,129,763 94,583 Common stocks 336 22 8,755 1,024 9,091 1,046 Preferred stocks — — 22,034 3,639 22,034 3,639 Equity securities available for sale 336 22 30,789 4,663 31,125 4,685 Total $ 4,560,889 $ 68,703 $ 599,999 $ 30,565 $ 5,160,888 $ 99,268 Fixed Maturity Securities – A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at June 30, 2017 is presented in the table below: ($ in thousands) Number of Securities Aggregate Fair Value Gross Unrealized Loss Foreign government 3 $ 9,655 $ 250 Mortgage-backed securities 6 6,239 215 Asset-backed securities 4 3,299 137 Corporate 2 2,922 232 Total 15 $ 22,115 $ 834 For OTTI of fixed maturity securities that management does not intend to sell or, to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income. The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due and does not consider any of these securities to be OTTI. Preferred Stocks – At June 30, 2017 , there was one preferred stock in an unrealized loss position, with a fair value of $24.6 million and a gross unrealized loss of $1.1 million . Based upon management’s view of the underlying value of the security, the Company does not consider the equity security to be OTTI. For six months ended June 30, 2017 and 2016, there was no OTTI for preferred stocks. Common Stocks – At June 30, 2017 , there were five common stocks in an unrealized loss position, with an aggregate fair value of $33.0 million and a gross unrealized loss of $5.7 million . Based on management's view of the underlying securities, the Company does not consider these equity securities to be OTTI. There was no OTTI of common stocks for the six months ended June 30, 2017. For the six months ended June 30, 2016, OTTI for common stocks was $ 18.1 million . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company’s fixed maturity and equity securities classified as available for sale and its trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially, all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 by level: (In thousands) Total Level 1 Level 2 Level 3 June 30, 2017 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 443,951 $ — $ 443,951 $ — State and municipal 4,442,811 — 4,442,811 — Mortgage-backed securities 1,191,907 — 1,191,907 — Asset-backed securities 2,192,030 — 2,191,857 173 Corporate 4,271,402 — 4,271,402 — Foreign government 892,299 — 892,299 — Total fixed maturity securities available for sale 13,434,400 — 13,434,227 173 Equity securities available for sale: Common stocks 447,600 438,560 — 9,040 Preferred stocks 165,207 — 161,545 3,662 Total equity securities available for sale 612,807 438,560 161,545 12,702 Arbitrage trading account 634,016 329,631 304,385 — Total $ 14,681,223 $ 768,191 $ 13,900,157 $ 12,875 Liabilities: Trading account securities sold but not yet purchased $ 62,860 $ 62,855 $ 5 $ — December 31, 2016 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 513,802 $ — $ 513,802 $ — State and municipal 4,519,503 — 4,519,503 — Mortgage-backed securities 1,189,645 — 1,189,645 — Asset-backed securities 1,907,860 — 1,907,677 183 Corporate 4,068,527 — 4,068,527 — Foreign government 902,805 — 902,805 — Total fixed maturity securities available for sale 13,102,142 — 13,101,959 183 Equity securities available for sale: Common stocks 445,858 429,647 7,457 8,754 Preferred stocks 223,342 — 219,680 3,662 Total equity securities available for sale 669,200 429,647 227,137 12,416 Arbitrage trading account 299,999 224,623 75,376 — Total $ 14,071,341 $ 654,270 $ 13,404,472 $ 12,599 Liabilities: Trading account securities sold but not yet purchased $ 51,179 $ 51,089 $ 90 $ — There were no significant transfers between Levels 1 and 2 during the six months ended June 30, 2017 or during the year ended December 31, 2016 . The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2017 and for the year ended December 31, 2016 : Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Loss) Impairments Purchases (Sales) Paydowns / Maturities Transfers Ending Balance In / (Out) Six Months Ended June 30, 2017: Assets: Fixed maturities securities available for sale: Asset-backed securities $ 183 $ 2 $ 16 $ — $ — $ (28 ) $ — $ — $ 173 Corporate — — — — — — — — — Total 183 2 16 — — (28 ) — — 173 Equity securities available for sale: Common stocks 8,754 — 286 — — — — — 9,040 Preferred stocks 3,662 — — — — — — — 3,662 Total 12,416 — 286 — — — — — 12,702 Arbitrage trading account — (78 ) 78 — — — — — — Total $ 12,599 $ (76 ) $ 380 $ — $ — $ (28 ) $ — $ — $ 12,875 Year ended December 31, 2016: Assets: Fixed maturities securities available for sale: Asset-backed securities $ 199 $ 3 $ 16 $ — $ — $ — $ (35 ) $ — $ 183 Corporate 154 177 — — — (331 ) — — — Total 353 180 16 — — (331 ) (35 ) — 183 Equity securities available for sale: Common stocks 7,829 — 160 — 765 — — — 8,754 Preferred stocks 3,624 38 — — — — — — 3,662 Total 11,453 38 160 — 765 — — — 12,416 Arbitrage trading account 176 (176 ) — — — — — — — Total $ 11,982 $ 42 $ 176 $ — $ 765 $ (331 ) $ (35 ) $ — $ 12,599 During the six months ended June 30, 2017 and for the year ended December 31, 2016, there were no t ransfers out of Level 3. Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: June 30, 2017 December 31, 2016 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 13,514,085 $ 13,530,606 $ 13,190,668 $ 13,204,814 Equity securities available for sale 612,807 612,807 669,200 669,200 Arbitrage trading account 634,016 634,016 299,999 299,999 Loans receivable 96,064 97,566 106,798 108,299 Cash and cash equivalents 788,354 788,354 795,285 795,285 Trading account receivables from brokers and clearing organizations 164,696 164,696 484,593 484,593 Liabilities: Due to broker 124,428 124,428 19,416 19,416 Trading account securities sold but not yet purchased 62,860 62,860 51,179 51,179 Subordinated debentures 727,924 786,857 727,630 687,504 Senior notes and other debt 1,759,115 1,952,275 1,760,595 1,914,727 The estimated fair values of the Company’s fixed maturity securities, equity securities available for sale and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 16 above. The fair value of loans receivable are estimated by using current institutional purchaser yield requirements for loans with similar credit characteristics, which is considered a Level 2 input. The fair value of the senior notes and other debt and the subordinated debentures is based on spreads for similar securities, which is considered a Level 2 input. |
Reserves for Loss and Loss Expe
Reserves for Loss and Loss Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Reserves for Loss and Loss Expenses | Reserves for Loss and Loss Expenses The Company's reserves for losses and loss expenses are comprised of case reserves and incurred but not reported liabilities (IBNR). When a claim is reported, a case reserve is established for the estimated ultimate payment based upon known information about the claim. As more information about the claim becomes available over time, case reserves are adjusted up or down as appropriate. Reserves are also established on an aggregate basis to provide for IBNR liabilities and expected loss reserve development on reported claims. Loss reserves included in the Company’s financial statements represent management’s best estimates based upon an actuarially derived point estimate and other considerations. The Company uses a variety of actuarial techniques and methods to derive an actuarial point estimate for each operating unit. These methods include paid loss development, incurred loss development, paid and incurred Bornhuetter-Ferguson methods and frequency and severity methods. In circumstances where one actuarial method is considered more credible than the others, that method is used to set the point estimate. The actuarial point estimate may also be based on a judgmental weighting of estimates produced from each of the methods considered. Industry loss experience is used to supplement the Company’s own data in selecting “tail factors” in areas where the Company’s own data is limited. The actuarial data is analyzed by line of business, coverage and accident or policy year, as appropriate, for each operating unit. The establishment of the actuarially derived loss reserve point estimate also includes consideration of qualitative factors that may affect the ultimate losses. These qualitative considerations include, among others, the impact of re-underwriting initiatives, changes in the mix of business, changes in distribution sources and changes in policy terms and conditions. The key assumptions used to arrive at the best estimate of loss reserves are the expected loss ratios, rate of loss cost inflation, and reported and paid loss emergence patterns. Expected loss ratios represent management’s expectation of losses at the time the business is priced and written, before any actual claims experience has emerged. This expectation is a significant determinant of the estimate of loss reserves for recently written business where there is little paid or incurred loss data to consider. Expected loss ratios are generally derived from historical loss ratios adjusted for the impact of rate changes, loss cost trends and known changes in the type of risks underwritten. Expected loss ratios are estimated for each key line of business within each operating unit. Expected loss cost inflation is particularly important for the long-tail lines, such as excess casualty, and claims with a high medical component, such as workers’ compensation. Reported and paid loss emergence patterns are used to project current reported or paid loss amounts to their ultimate settlement value. Loss development factors are based on the historical emergence patterns of paid and incurred losses, and are derived from the Company’s own experience and industry data. The paid loss emergence pattern is also significant to excess and assumed workers’ compensation reserves because those reserves are discounted to their estimated present value based upon such estimated payout patterns. Loss frequency and severity are measures of loss activity that are considered in determining the key assumptions described in our discussion of loss and loss expense reserves, including expected loss ratios, rate of loss cost inflation and reported and paid loss emergence patterns. Loss frequency is a measure of the number of claims per unit of insured exposure, and loss severity is a measure of the average size of claims. Factors affecting loss frequency include the effectiveness of loss controls and safety programs and changes in economic activity or weather patterns. Factors affecting loss severity include changes in policy limits, retentions, rate of inflation and judicial interpretations. Another factor affecting estimates of loss frequency and severity is the loss reporting lag, which is the period of time between the occurrence of a loss and the date the loss is reported to the Company. The length of the loss reporting lag affects our ability to accurately predict loss frequency (loss frequencies are more predictable for lines with short reporting lags) as well as the amount of reserves needed for incurred but not reported losses (less IBNR is required for lines with short reporting lags). As a result, loss reserves for lines with short reporting lags are likely to have less variation from initial loss estimates. For lines with short reporting lags, which include commercial automobile, primary workers’ compensation, other liability (claims-made) and property business, the key assumption is the loss emergence pattern used to project ultimate loss estimates from known losses paid or reported to date. For lines of business with long reporting lags, which include other liability (occurrence), products liability, excess workers’ compensation and liability reinsurance, the key assumption is the expected loss ratio since there is often little paid or incurred loss data to consider. Historically, the Company has experienced less variation from its initial loss estimates for lines of businesses with short reporting lags than for lines of business with long reporting lags. The key assumptions used in calculating the most recent estimate of the loss reserves are reviewed each quarter and adjusted, to the extent necessary, to reflect the latest reported loss data, current trends and other factors observed. The table below provides a reconciliation of the beginning and ending reserve balances: June 30, (In thousands) 2017 2016 Net reserves at beginning of year $ 9,590,265 $ 9,244,872 Net provision for losses and loss expenses: Claims occurring during the current year (1) 1,926,394 1,878,458 Decrease in estimates for claims occurring in prior years (2) (3) (6,458 ) (15,511 ) Loss reserve discount accretion 24,366 23,536 Total 1,944,302 1,886,483 Net payments for claims: Current year 315,437 480,601 Prior year 1,432,828 1,188,704 Total 1,748,265 1,669,305 Foreign currency translation 37,097 (19,768 ) Net reserves at end of period 9,823,399 9,442,282 Ceded reserve at end of period 1,500,868 1,455,594 Gross reserves at end of period $ 11,324,267 $ 10,897,876 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $ 11,349,000 and $ 9,402,000 in 2017 and 2016, respectively. (2) The decrease in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years decreased by $ 14,873,000 and $ 21,696,000 in 2017 and 2016, respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $24 million and $29 million as of June 30, 2017 and 2016, respectively. In 2017, favorable prior year development (net of additional and return premiums) of $23.6 million included $49.4 million of favorable development for the Insurance segment, partially offset by $25.8 million of adverse development for the Reinsurance segment. The favorable development for the Insurance segment was primarily attributable to workers' compensation business (including excess workers' compensation) and excess & surplus lines casualty business. The favorable workers' compensation development was spread across many accident years, including prior to 2008, but was most significant in accident years 2014 and 2015. The favorable workers' compensation development reflects a continuation of the benign loss cost trends experienced during 2016, particularly the favorable claim frequency trends (i.e., number of reported claims per unit of exposure). The favorable development for excess & surplus lines casualty business resulted from loss cost trends emerging more favorably than our initial expectations, primarily in accident years 2014 through 2016. The adverse development for the Reinsurance segment was almost entirely due to reserve strengthening during the first quarter associated with claims impacted by the change in the Ogden discount rate in the UK. The Ogden rate is the discount rate used to calculate lump-sum bodily injury payouts in the UK, and was reduced by the UK Ministry of Justice from +2.5% to -0.75%. The adverse development mostly related to UK motor bodily injury claims which we reinsured on an excess of loss basis in accident years 2012 through 2016. In 2016, favorable prior year development (net of additional and return premiums) of $ 28.7 million included $ 24.8 million for the Insurance segment and $ 3.9 million for the Reinsurance segment. The favorable development for the Insurance segment was primarily attributable to workers' compensation business, partially offset by adverse development for commercial auto liability and professional liability. The favorable development for workers' compensation stems from accident years 2003 through 2015, but is concentrated in accident years 2014 and 2015; it reflects favorable claims frequency trends (i.e., number of reported claims per unit of exposure) which continued to be better than we had expected. The unfavorable development for commercial auto liability was driven by higher large loss activity than expected in accident years 2014 and 2015, while the unfavorable development for medical professional liability was primarily in accident years 2011 through 2013 and stemmed from a particular class of medical professional liability that we discontinued writing in 2013. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | Fair Value Measurements The Company’s fixed maturity and equity securities classified as available for sale and its trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially, all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 by level: (In thousands) Total Level 1 Level 2 Level 3 June 30, 2017 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 443,951 $ — $ 443,951 $ — State and municipal 4,442,811 — 4,442,811 — Mortgage-backed securities 1,191,907 — 1,191,907 — Asset-backed securities 2,192,030 — 2,191,857 173 Corporate 4,271,402 — 4,271,402 — Foreign government 892,299 — 892,299 — Total fixed maturity securities available for sale 13,434,400 — 13,434,227 173 Equity securities available for sale: Common stocks 447,600 438,560 — 9,040 Preferred stocks 165,207 — 161,545 3,662 Total equity securities available for sale 612,807 438,560 161,545 12,702 Arbitrage trading account 634,016 329,631 304,385 — Total $ 14,681,223 $ 768,191 $ 13,900,157 $ 12,875 Liabilities: Trading account securities sold but not yet purchased $ 62,860 $ 62,855 $ 5 $ — December 31, 2016 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 513,802 $ — $ 513,802 $ — State and municipal 4,519,503 — 4,519,503 — Mortgage-backed securities 1,189,645 — 1,189,645 — Asset-backed securities 1,907,860 — 1,907,677 183 Corporate 4,068,527 — 4,068,527 — Foreign government 902,805 — 902,805 — Total fixed maturity securities available for sale 13,102,142 — 13,101,959 183 Equity securities available for sale: Common stocks 445,858 429,647 7,457 8,754 Preferred stocks 223,342 — 219,680 3,662 Total equity securities available for sale 669,200 429,647 227,137 12,416 Arbitrage trading account 299,999 224,623 75,376 — Total $ 14,071,341 $ 654,270 $ 13,404,472 $ 12,599 Liabilities: Trading account securities sold but not yet purchased $ 51,179 $ 51,089 $ 90 $ — There were no significant transfers between Levels 1 and 2 during the six months ended June 30, 2017 or during the year ended December 31, 2016 . The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2017 and for the year ended December 31, 2016 : Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Loss) Impairments Purchases (Sales) Paydowns / Maturities Transfers Ending Balance In / (Out) Six Months Ended June 30, 2017: Assets: Fixed maturities securities available for sale: Asset-backed securities $ 183 $ 2 $ 16 $ — $ — $ (28 ) $ — $ — $ 173 Corporate — — — — — — — — — Total 183 2 16 — — (28 ) — — 173 Equity securities available for sale: Common stocks 8,754 — 286 — — — — — 9,040 Preferred stocks 3,662 — — — — — — — 3,662 Total 12,416 — 286 — — — — — 12,702 Arbitrage trading account — (78 ) 78 — — — — — — Total $ 12,599 $ (76 ) $ 380 $ — $ — $ (28 ) $ — $ — $ 12,875 Year ended December 31, 2016: Assets: Fixed maturities securities available for sale: Asset-backed securities $ 199 $ 3 $ 16 $ — $ — $ — $ (35 ) $ — $ 183 Corporate 154 177 — — — (331 ) — — — Total 353 180 16 — — (331 ) (35 ) — 183 Equity securities available for sale: Common stocks 7,829 — 160 — 765 — — — 8,754 Preferred stocks 3,624 38 — — — — — — 3,662 Total 11,453 38 160 — 765 — — — 12,416 Arbitrage trading account 176 (176 ) — — — — — — — Total $ 11,982 $ 42 $ 176 $ — $ 765 $ (331 ) $ (35 ) $ — $ 12,599 During the six months ended June 30, 2017 and for the year ended December 31, 2016, there were no t ransfers out of Level 3. Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: June 30, 2017 December 31, 2016 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 13,514,085 $ 13,530,606 $ 13,190,668 $ 13,204,814 Equity securities available for sale 612,807 612,807 669,200 669,200 Arbitrage trading account 634,016 634,016 299,999 299,999 Loans receivable 96,064 97,566 106,798 108,299 Cash and cash equivalents 788,354 788,354 795,285 795,285 Trading account receivables from brokers and clearing organizations 164,696 164,696 484,593 484,593 Liabilities: Due to broker 124,428 124,428 19,416 19,416 Trading account securities sold but not yet purchased 62,860 62,860 51,179 51,179 Subordinated debentures 727,924 786,857 727,630 687,504 Senior notes and other debt 1,759,115 1,952,275 1,760,595 1,914,727 The estimated fair values of the Company’s fixed maturity securities, equity securities available for sale and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 16 above. The fair value of loans receivable are estimated by using current institutional purchaser yield requirements for loans with similar credit characteristics, which is considered a Level 2 input. The fair value of the senior notes and other debt and the subordinated debentures is based on spreads for similar securities, which is considered a Level 2 input. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Reinsurance | Reinsurance The following is a summary of reinsurance financial information: For the Three Months For the Six Months Ended June 30, Ended June 30, (In thousands) 2017 2016 2017 2016 Written premiums: Direct $ 1,727,014 $ 1,708,535 $ 3,448,076 $ 3,417,664 Assumed 160,139 230,830 375,283 477,398 Ceded (322,902 ) (296,796 ) (612,270 ) (588,771 ) Total net premiums written $ 1,564,251 $ 1,642,569 $ 3,211,089 $ 3,306,291 Earned premiums: Direct $ 1,666,938 $ 1,609,644 $ 3,280,302 $ 3,177,712 Assumed 193,683 225,643 402,310 444,009 Ceded (291,918 ) (275,494 ) (543,868 ) (534,593 ) Total net premiums earned $ 1,568,703 $ 1,559,793 $ 3,138,744 $ 3,087,128 Ceded losses and loss expenses incurred $ 142,609 $ 167,265 $ 177,801 $ 294,194 Ceded commissions earned $ 57,752 $ 50,172 $ 114,302 $ 96,494 The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. The Company also cedes premiums to state assigned risk plans and captive insurance companies. Estimated amounts due from reinsurers are reported net of reserves for uncollectible reinsurance of $1 million as of June 30, 2017 and December 31, 2016 . |
Restricted Stock Units
Restricted Stock Units | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Units | Restricted Stock Units Pursuant to its stock incentive plan, the Company may issue restricted stock units (RSUs) to employees of the Company and its subsidiaries. The RSUs generally vest three to five years from the award date and are subject to other vesting and forfeiture provisions contained in the award agreement. RSUs are expensed pro-ratably over the vesting period. RSU expenses were $21 million and $16 million for the six months ended June 30, 2017 and 2016 , respectively. A summary of RSUs issued in the six months ended June 30, 2017 and 2016 follows: ($ in thousands) Units Fair Value 2017 6,020 $ 405 2016 17,654 $ 964 |
Litigation and Contingent Liabi
Litigation and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingent Liabilities | Litigation and Contingent Liabilities In the ordinary course of business, the Company is subject to disputes, litigation and arbitration arising from its insurance and reinsurance businesses. These matters are generally related to insurance and reinsurance claims and are considered in the establishment of loss and loss expense reserves. In addition, the Company may also become involved in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in handling of insurance claims. The Company expects its ultimate liability with respect to such matters will not be material to its financial condition. However, adverse outcomes on such matters are possible, from time to time, and could be material to the Company’s results of operations in any particular financial reporting period. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company’s reportable segments include the following two business segments, plus a corporate segment: • Insurance - primarily commercial insurance business, including excess and surplus lines and admitted lines in the United States, United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia; and • Reinsurance - reinsurance business on a facultative and treaty basis, primarily in the United States, United Kingdom, Continental Europe, Australia, the Asia-Pacific Region and South Africa. Commencing with the first quarter of 2017, the Company reclassified two businesses from the Insurance Segment to the Reinsurance segment. Reclassifications have been made to the Company's 2016 financial information to conform with this presentation. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Income tax expense and benefits are calculated based upon the Company's overall effective tax rate. Summary financial information about the Company's reporting segments is presented in the following tables. Income (loss) before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment. Revenues (In thousands) Earned Premiums Investment Income Other Total (1) Pre-Tax Income (Loss) Net Income (Loss) to Common Stockholders Three months ended June 30, 2017 Insurance $ 1,415,586 $ 102,719 $ 22,984 $ 1,541,289 $ 186,134 $ 124,442 Reinsurance 153,117 21,491 — 174,608 14,771 10,324 Corporate, other and eliminations (2) — 11,054 80,645 91,699 (80,397 ) (52,056 ) Net investment gains — — 40,453 40,453 40,453 26,294 Total $ 1,568,703 $ 135,264 $ 144,082 $ 1,848,049 $ 160,961 $ 109,004 Three months ended June 30, 2016 Insurance $ 1,390,744 $ 94,155 $ 27,603 $ 1,512,502 $ 176,500 $ 119,135 Reinsurance 169,049 25,372 — 194,421 23,834 16,681 Corporate, other and eliminations (2) — 9,522 133,154 142,676 (48,335 ) (30,954 ) Net investment gains — — 6,315 6,315 6,315 4,105 Total $ 1,559,793 $ 129,049 $ 167,072 $ 1,855,914 $ 158,314 $ 108,967 Six months ended June 30, 2017: Insurance $ 2,828,755 214,628 $ 41,271 $ 3,084,654 $ 386,127 $ 257,458 Reinsurance 309,989 46,269 — 356,258 19,364 13,983 Corporate, other and eliminations (2) — 23,226 161,528 184,754 (153,034 ) (99,311 ) Net investment gains — — 92,801 92,801 92,801 60,321 Total $ 3,138,744 $ 284,123 $ 295,600 $ 3,718,467 $ 345,258 $ 232,451 Six months ended June 30, 2016: Insurance $ 2,757,350 $ 193,605 $ 54,396 $ 3,005,351 $ 376,153 $ 253,639 Reinsurance 329,778 49,552 — 379,330 51,893 36,070 Corporate, other and eliminations (2) — 16,025 248,761 264,786 (108,714 ) (70,110 ) Net investment gains — — 13,658 13,658 13,658 8,878 Total $ 3,087,128 $ 259,182 $ 316,815 $ 3,663,125 $ 332,990 $ 228,477 _________________ (1) Revenues for Insurance from foreign countries for the three months ended June 30, 2017 and 2016 were $168 million and $179 million and for the six months ended June 30, 2017 and 2016 were $347 million and $359 million , respectively. Revenues for Reinsurance from foreign countries for the three months ended June 30, 2017 and 2016 were both $50 million and for the six months ended June 30, 2017 and 2016 were $101 million and $105 million , respectively. (2) Corporate, other and eliminations represent corporate revenues and expenses that are not allocated to business segments. Identifiable Assets (In thousands) June 30, 2017 December 31, 2016 Insurance $ 18,687,170 $ 19,137,758 Reinsurance 3,085,961 2,524,338 Corporate, other and eliminations 2,220,360 1,687,980 Consolidated $ 23,993,491 $ 23,350,076 Net premiums earned by major line of business are as follows: For the Three Months For the Six Months Ended June 30, Ended June 30, (In thousands) 2017 2016 2017 2016 Insurance: Other liability $ 460,059 $ 433,472 $ 911,889 $ 847,000 Workers’ compensation 366,950 344,736 728,086 688,317 Short-tail lines (1) 290,696 322,493 599,930 649,570 Commercial automobile 161,526 159,892 319,653 316,709 Professional liability 136,355 130,151 269,197 255,754 Total Insurance 1,415,586 1,390,744 2,828,755 2,757,350 Reinsurance: Casualty 93,212 100,113 187,952 204,418 Property 59,905 68,936 122,037 125,360 Total Reinsurance 153,117 169,049 309,989 329,778 Total $ 1,568,703 $ 1,559,793 $ 3,138,744 $ 3,087,128 ______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event In July 2017, the Company sold a real estate investment, an office building in Washington, D.C., for which the Company expects to realize a pre-tax gain of approximately $120 million in the third quarter of 2017. |
Recent Accounting Pronounceme31
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Per Share Data | Per Share Data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 4,087,731 common shares held in a grantor trust established in March 2017). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units (RSUs). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently adopted accounting pronouncements: In May 2015, the FASB issued ASU 2015-09, Disclosures about Short-Duration Contracts. ASU 2015-09 requires companies that issue short duration insurance contracts to disclose additional information, including: (i) incurred and paid claims development tables; (ii) frequency and severity of claims; and (iii) information about material changes in judgments made in calculating the liability for unpaid claim adjustment expenses, including reasons for the change and the effects on the financial statements. The Company adopted this updated guidance on January 1, 2016 with regard to the annual requirements and on January 1, 2017 with regard to the interim requirements. The amendments in ASU 2015-09 are applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. As the requirements are disclosure only, the adoption of this guidance did not impact our financial condition or results of operations, but did result in additional disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 includes provisions intended to simplify various previous provisions related to how share-based payments are accounted for and presented in the financial statements. Under the new guidance, excess tax benefits (deductions for share based payment awards for tax purposes that exceed the compensation cost recognized for financial reporting purposes) are reported within the income tax expense financial statement line item. Previously, excess tax benefits were reported within additional paid in capital. The Company adopted this updated guidance on January 1, 2017 prospectively. The adoption of this guidance did not have a material impact on the Company's financial condition or results of operations. All other accounting and reporting standards that became effective in 2017 were either not applicable to the Company or their adoption did not have a material impact on the Company. Accounting and reporting standards that are not yet effective: In May 2014, the FASB issued ASU 2014-09, Revenue from Customers. ASU 2014-09 clarifies the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, the Company’s insurance service fee revenue and non-insurance business revenue will be subject to this updated guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The updated guidance, as amended by ASU 2015-14, is effective for public business entities for annual and interim reporting periods beginning after December 15, 2017. The adoption of this guidance is not expected to have a material effect on the Company’s financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. ASU 2016-01 amends the accounting guidance for financial instruments to require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The updated guidance is effective for public business entities for annual reporting periods beginning after December 15, 2017 and interim periods within those years. The adoption of this guidance is not expected to have a material effect on the Company’s financial condition upon adoption, but will impact results of operations after adoption of this guidance as unrealized gains and losses on equity securities will no longer be reported directly in accumulated other comprehensive income (AOCI), but will instead be reported in net income. In February 2016, the FASB issued ASU 2016-02, Leases, which amends the accounting and disclosure guidance for leases. This guidance retains the two classifications of a lease, as either an operating or finance lease, both of which will require lessees to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months. The right-of-use asset and the lease liability will be determined based upon the present value of cash flows. Finance leases will reflect the financial arrangement by recognizing interest expense on the lease liability separately from the amortization expense of the right-of-use asset. Operating leases will recognize lease expense (with no separate recognition of interest expense) on a straight-line basis over the term of the lease. The accounting by lessors is not significantly changed by the updated guidance. The updated guidance is effective for reporting periods beginning after December 15, 2018, and will require that the earliest comparative period presented include the measurement and recognition of existing leases with an adjustment to equity as if the updated guidance had always been applied. The Company is currently evaluating the impact that the adoption of this guidance will have on its results of operations, financial position and liquidity. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which amends the accounting guidance for credit losses on financial instruments. The updated guidance amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. This guidance also applies a new current expected credit loss model for determining credit-related impairments for financial instruments measured at amortized cost. The updated guidance is effective for reporting periods beginning after December 15, 2019. The Company will not be able to determine the impact the adoption of this guidance will have on its results of operations, financial position or liquidity until the year the guidance becomes effective. All other recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company. |
Per Share Data (Tables)
Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Weighted average number of common shares | The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows: For the Three Months For the Six Months Ended June 30, Ended June 30, (In thousands) 2017 2016 2017 2016 Basic 125,334 122,616 123,623 122,698 Diluted 128,601 128,575 128,546 128,562 |
Acquisitions_Dispositions (Tabl
Acquisitions/Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Summary of fair value of net assets acquired and liabilities assumed | The following table summarizes the initial estimated fair value of net assets acquired and liabilities assumed for the business combination completed in 2017: (In thousands) 2017 Cash and cash equivalents $ 1,154 Real estate, furniture and equipment 6,434 Goodwill and other intangibles assets 62,406 Other assets 9,417 Total assets acquired 79,411 Other liabilities assumed (1,911 ) Noncontrolling interest (5,000 ) Net assets acquired $ 72,500 |
Consolidated Statements of Co34
Consolidated Statements of Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Components of changes in accumulated other comprehensive income (loss) | The following table presents the components of the changes in accumulated other comprehensive income ("AOCI"): (In thousands) Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive Income As of and for the six months ended June 30, 2017: Changes in AOCI Beginning of period $ 427,154 $ (371,586 ) $ 55,568 Other comprehensive income before reclassifications 89,309 42,982 132,291 Amounts reclassified from AOCI (54,543 ) — (54,543 ) Other comprehensive income 34,766 42,982 77,748 Unrealized investment gain related to non-controlling interest (14 ) — (14 ) End of period $ 461,906 $ (328,604 ) $ 133,302 Amounts reclassified from AOCI Pre-tax $ (83,912 ) (1) $ — $ (83,912 ) Tax effect 29,369 (2) — 29,369 After-tax amounts reclassified $ (54,543 ) $ — $ (54,543 ) Other comprehensive income Pre-tax $ 58,711 $ 42,982 $ 101,693 Tax effect (23,945 ) — (23,945 ) Other comprehensive income $ 34,766 $ 42,982 $ 77,748 As of and for the three months ended June 30, 2017: Changes in AOCI Beginning of period $ 418,342 $ (348,851 ) $ 69,491 Other comprehensive income before reclassifications 69,315 20,247 89,562 Amounts reclassified from AOCI (25,718 ) — (25,718 ) Other comprehensive income 43,597 20,247 63,844 Unrealized investment gain related to non-controlling interest (33 ) — (33 ) End of period $ 461,906 $ (328,604 ) $ 133,302 Amounts reclassified from AOCI Pre-tax $ (39,566 ) (1) $ — $ (39,566 ) Tax effect 13,848 (2) — 13,848 After-tax amounts reclassified $ (25,718 ) $ — $ (25,718 ) Other comprehensive income Pre-tax $ 68,282 $ 20,247 $ 88,529 Tax effect (24,685 ) — (24,685 ) Other comprehensive income $ 43,597 $ 20,247 $ 63,844 _________________________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. (In thousands) Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive Income As of and for the six months ended June 30, 2016: Changes in AOCI Beginning of period $ 180,695 $ (247,393 ) $ (66,698 ) Other comprehensive income before reclassifications 191,791 (57,917 ) 133,874 Amounts reclassified from AOCI (9,903 ) — (9,903 ) Other comprehensive income 181,888 (57,917 ) 123,971 Unrealized investment losses related to non-controlling interest 9 — 9 End of period $ 362,592 $ (305,310 ) $ 57,282 Amounts reclassified from AOCI Pre-tax $ (15,235 ) (1) $ — $ (15,235 ) Tax effect 5,332 (2) — 5,332 After-tax amounts reclassified $ (9,903 ) $ — $ (9,903 ) Other comprehensive income Pre-tax $ 270,995 $ (57,917 ) $ 213,078 Tax effect (89,107 ) — (89,107 ) Other comprehensive income $ 181,888 $ (57,917 ) $ 123,971 As of and for the three months ended June 30, 2016: Changes in AOCI Beginning of period $ 257,564 $ (249,440 ) $ 8,124 Other comprehensive income before reclassifications 113,549 (55,870 ) 57,679 Amounts reclassified from AOCI (8,516 ) — (8,516 ) Other comprehensive income 105,033 (55,870 ) 49,163 Unrealized investment gain related to non-controlling interest (5 ) — (5 ) End of period $ 362,592 $ (305,310 ) $ 57,282 Amounts reclassified from AOCI Pre-tax $ (13,101 ) (1) $ — $ (13,101 ) Tax effect 4,585 (2) — 4,585 After-tax amounts reclassified $ (8,516 ) $ — $ (8,516 ) Other comprehensive income Pre-tax $ 156,605 $ (55,870 ) $ 100,735 Tax effect (51,572 ) — (51,572 ) Other comprehensive income $ 105,033 $ (55,870 ) $ 49,163 _______________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Investments in Fixed Maturity35
Investments in Fixed Maturity Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in fixed maturity securities | At June 30, 2017 and December 31, 2016 , investments in fixed maturity securities were as follows: (In thousands) Amortized Cost Gross Unrealized Fair Value Carrying Value Gains Losses June 30, 2017 Held to maturity: State and municipal $ 64,931 $ 14,943 $ — $ 79,874 $ 64,931 Residential mortgage-backed 14,754 1,578 — 16,332 14,754 Total held to maturity 79,685 16,521 — 96,206 79,685 Available for sale: U.S. government and government agency 432,145 13,941 (2,135 ) 443,951 443,951 State and municipal: Special revenue 2,770,582 80,887 (9,471 ) 2,841,998 2,841,998 State general obligation 471,980 21,596 (1,359 ) 492,217 492,217 Pre-refunded 312,535 21,825 (216 ) 334,144 334,144 Corporate backed 384,609 10,609 (916 ) 394,302 394,302 Local general obligation 354,110 26,507 (467 ) 380,150 380,150 Total state and municipal 4,293,816 161,424 (12,429 ) 4,442,811 4,442,811 Mortgage-backed securities: Residential (1) 997,886 13,968 (9,608 ) 1,002,246 1,002,246 Commercial 190,352 566 (1,257 ) 189,661 189,661 Total mortgage-backed securities 1,188,238 14,534 (10,865 ) 1,191,907 1,191,907 Asset-backed 2,196,114 6,529 (10,613 ) 2,192,030 2,192,030 Corporate: Industrial 2,394,374 73,884 (2,717 ) 2,465,541 2,465,541 Financial 1,444,201 49,524 (4,929 ) 1,488,796 1,488,796 Utilities 255,777 12,725 (576 ) 267,926 267,926 Other 48,875 282 (18 ) 49,139 49,139 Total corporate 4,143,227 136,415 (8,240 ) 4,271,402 4,271,402 Foreign 854,298 38,773 (772 ) 892,299 892,299 Total available for sale 13,107,838 371,616 (45,054 ) 13,434,400 13,434,400 Total investments in fixed maturity securities $ 13,187,523 $ 388,137 $ (45,054 ) $ 13,530,606 $ 13,514,085 (In thousands) Amortized Gross Unrealized Fair Carrying Gains Losses December 31, 2016 Held to maturity: State and municipal $ 72,582 $ 12,453 $ — $ 85,035 $ 72,582 Residential mortgage-backed 15,944 1,693 — 17,637 15,944 Total held to maturity 88,526 14,146 — 102,672 88,526 Available for sale: U.S. government and government agency 496,187 20,208 (2,593 ) 513,802 513,802 State and municipal: Special revenue 2,791,211 58,559 (26,315 ) 2,823,455 2,823,455 State general obligation 524,682 16,964 (5,139 ) 536,507 536,507 Pre-refunded 356,535 19,181 (165 ) 375,551 375,551 Corporate backed 410,933 6,172 (6,452 ) 410,653 410,653 Local general obligation 360,022 15,682 (2,367 ) 373,337 373,337 Total state and municipal 4,443,383 116,558 (40,438 ) 4,519,503 4,519,503 Mortgage-backed securities: Residential (1) 1,034,301 15,431 (12,950 ) 1,036,782 1,036,782 Commercial 155,540 304 (2,981 ) 152,863 152,863 Total mortgage-backed securities 1,189,841 15,735 (15,931 ) 1,189,645 1,189,645 Asset-backed 1,913,830 5,971 (11,941 ) 1,907,860 1,907,860 Corporate: Industrial 2,315,567 71,007 (7,174 ) 2,379,400 2,379,400 Financial 1,369,001 39,543 (11,270 ) 1,397,274 1,397,274 Utilities 229,154 10,801 (2,411 ) 237,544 237,544 Other 54,073 299 (63 ) 54,309 54,309 Total corporate 3,967,795 121,650 (20,918 ) 4,068,527 4,068,527 Foreign 858,773 46,794 (2,762 ) 902,805 902,805 Total available for sale 12,869,809 326,916 (94,583 ) 13,102,142 13,102,142 Total investments in fixed maturity securities $ 12,958,335 $ 341,062 $ (94,583 ) $ 13,204,814 $ 13,190,668 ____________ (1) Gross unrealized gains and (losses) for residential mortgage-backed securities include $25,220 and $(818,691) as of June 30, 2017 and December 31, 2016 , respectively, related to securities with the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income. |
Amortized cost and fair value of fixed maturity securities by contractual maturity | The amortized cost and fair value of fixed maturity securities at June 30, 2017 , by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations. (In thousands) Amortized Cost Fair Value Due in one year or less $ 803,520 $ 819,242 Due after one year through five years 5,237,765 5,368,120 Due after five years through ten years 3,169,976 3,311,894 Due after ten years 2,773,270 2,823,111 Mortgage-backed securities 1,202,992 1,208,239 Total $ 13,187,523 $ 13,530,606 |
Investments in Equity Securit36
Investments in Equity Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity securities available for sale | |
Schedule of Available-for-sale Securities [Line Items] | |
Schedule of Investments in Equity Securities | At June 30, 2017 and December 31, 2016 , investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Value Carrying Value Gains Losses June 30, 2017 Common stocks $ 87,185 $ 366,106 $ (5,691 ) $ 447,600 $ 447,600 Preferred stocks 119,083 47,208 (1,084 ) 165,207 165,207 Total $ 206,268 $ 413,314 $ (6,775 ) $ 612,807 $ 612,807 December 31, 2016 Common stocks $ 94,998 $ 351,906 $ (1,046 ) $ 445,858 $ 445,858 Preferred stocks 125,589 101,392 (3,639 ) 223,342 223,342 Total $ 220,587 $ 453,298 $ (4,685 ) $ 669,200 $ 669,200 |
Net Investment Income (Tables)
Net Investment Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Net Investment Income [Abstract] | |
Schedule of Net Investment Income | Net investment income consists of the following: For the Three Months For the Six Months Ended June 30, Ended June 30, (In thousands) 2017 2016 2017 2016 Investment income earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 116,796 $ 108,342 $ 229,142 $ 217,177 Investment funds 8,895 18,456 35,544 35,092 Arbitrage trading account 5,457 3,252 11,817 6,442 Real estate 5,286 1,250 9,852 3,967 Equity securities available for sale 602 1,280 1,241 2,148 Gross investment income 137,036 132,580 287,596 264,826 Investment expense (1,772 ) (3,531 ) (3,473 ) (5,644 ) Net investment income $ 135,264 $ 129,049 $ 284,123 $ 259,182 |
Investment Funds (Tables)
Investment Funds (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investment Funds | Investment funds consisted of the following: Carrying Value as of Income (Loss) from Investment Funds June 30, December 31, For the Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Real estate $ 611,598 $ 641,783 $ 19,518 $ 22,414 Energy 86,690 91,448 (8,639 ) 1,153 Hedge equity 72,685 73,913 (1,228 ) (2,030 ) Other funds 419,990 391,002 25,893 13,555 Total $ 1,190,963 $ 1,198,146 $ 35,544 $ 35,092 |
Real Estate Real Estate (Tables
Real Estate Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investments | Investment in real estate represents directly owned property held for investment, as follows: Carrying Value June 30, December 31, (In thousands) 2017 2016 Properties in operation $ 447,721 $ 457,237 Properties under development 869,368 727,744 Total $ 1,317,089 $ 1,184,981 |
Loans Receivable Loans Receivab
Loans Receivable Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | Loans receivable are as follows: (In thousands) June 30, 2017 December 31, 2016 Amortized cost (net of valuation allowance): Real estate loans $ 82,938 $ 92,415 Commercial loans 13,126 14,383 Total $ 96,064 $ 106,798 Fair value: Real estate loans $ 82,938 $ 92,415 Commercial loans 14,628 15,884 Total $ 97,566 $ 108,299 Valuation allowance: Specific $ 1,200 $ 1,200 General 2,183 2,197 Total $ 3,383 $ 3,397 For the Three Months Ended June 30, 2017 2016 Increase in valuation allowance $ — $ 93 For the Six Months Ended June 30, 2017 2016 Increase (decrease) in valuation allowance $ (14 ) $ 661 |
Realized And Unrealized Inves41
Realized And Unrealized Investment Gains (Losses) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized and Unrealized Investment Gains (Losses) | Realized and unrealized investment gains (losses) are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Realized investment gains (losses): Fixed maturity securities: Gains $ 7,427 $ 10,110 $ 13,032 $ 33,174 Losses — (1,480 ) (3,965 ) (4,420 ) Equity securities available for sale 32,139 4,471 74,846 4,596 Investment funds (112 ) (4,793 ) 1,155 (5,253 ) Real estate (364 ) (464 ) 2,936 4,560 Other 1,363 (1,529 ) 4,797 (885 ) Net realized gains on investments sales 40,453 6,315 92,801 31,772 Other-than-temporary impairments (1) — — — (18,114 ) Net investment gains 40,453 6,315 92,801 13,658 Income tax expense (14,159 ) (2,210 ) (32,480 ) (4,780 ) After-tax net realized investment gains $ 26,294 $ 4,105 $ 60,321 $ 8,878 |
Unrealized Gain (Loss) on Investments | Change in unrealized investment gains (losses) of available for sale securities: Fixed maturity securities $ 56,857 $ 122,893 $ 94,841 $ 215,321 Previously impaired fixed maturity securities 743 1,874 844 1,819 Equity securities available for sale 6,176 27,814 (42,686 ) 40,950 Investment funds 4,506 4,004 5,712 12,885 Total change in unrealized investment gains 68,282 156,585 58,711 270,975 Income tax expense (24,713 ) (51,552 ) (23,973 ) (89,087 ) Noncontrolling interests (5 ) (5 ) 14 9 After-tax change in unrealized investment gains of available for sale securities $ 43,564 $ 105,028 $ 34,752 $ 181,897 ______________________ (1) There were no other than temporary impairments (OTTI) for the three and six months ended June 30, 2017, or for the three months ended June 30, 2016. OTTI for the six months ended June 30, 2016 of $18.1 million were related to common stock. |
Securities In An Unrealized L42
Securities In An Unrealized Loss Position Securities In An Unrealized Loss Position (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Statement of Financial Position [Abstract] | |
Securities in an unrealized loss position | The following tables summarize all securities in an unrealized loss position at June 30, 2017 and December 31, 2016 by the length of time those securities have been continuously in an unrealized loss position: Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses June 30, 2017 U.S. government and government agency $ 115,584 $ 935 $ 30,925 $ 1,200 $ 146,509 $ 2,135 State and municipal 860,362 10,961 112,597 1,468 972,959 12,429 Mortgage-backed securities 585,106 6,827 128,391 4,038 713,497 10,865 Asset-backed securities 1,424,602 6,921 75,179 3,692 1,499,781 10,613 Corporate 612,215 4,599 41,688 3,641 653,903 8,240 Foreign government 115,875 742 1,973 30 117,848 772 Fixed maturity securities 3,713,744 30,985 390,753 14,069 4,104,497 45,054 Common stocks 24,004 4,953 9,040 738 33,044 5,691 Preferred stocks — — 24,589 1,084 24,589 1,084 Equity securities available for sale 24,004 4,953 33,629 1,822 57,633 6,775 Total $ 3,737,748 $ 35,938 $ 424,382 $ 15,891 $ 4,162,130 $ 51,829 December 31, 2016 U.S. government and government agency $ 112,709 $ 1,252 $ 35,450 $ 1,341 $ 148,159 $ 2,593 State and municipal 1,562,614 35,553 133,034 4,885 1,695,648 40,438 Mortgage-backed securities 625,903 11,103 109,066 4,828 734,969 15,931 Asset-backed securities 1,010,836 5,340 201,693 6,601 1,212,529 11,941 Corporate 1,035,245 13,448 65,147 7,470 1,100,392 20,918 Foreign government 213,246 1,985 24,820 777 238,066 2,762 Fixed maturity securities 4,560,553 68,681 569,210 25,902 5,129,763 94,583 Common stocks 336 22 8,755 1,024 9,091 1,046 Preferred stocks — — 22,034 3,639 22,034 3,639 Equity securities available for sale 336 22 30,789 4,663 31,125 4,685 Total $ 4,560,889 $ 68,703 $ 599,999 $ 30,565 $ 5,160,888 $ 99,268 |
Non-Investment Grade Fixed Maturity Securities | Fixed Maturity Securities – A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at June 30, 2017 is presented in the table below: ($ in thousands) Number of Securities Aggregate Fair Value Gross Unrealized Loss Foreign government 3 $ 9,655 $ 250 Mortgage-backed securities 6 6,239 215 Asset-backed securities 4 3,299 137 Corporate 2 2,922 232 Total 15 $ 22,115 $ 834 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair value, On A Recurring Basis | The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 by level: (In thousands) Total Level 1 Level 2 Level 3 June 30, 2017 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 443,951 $ — $ 443,951 $ — State and municipal 4,442,811 — 4,442,811 — Mortgage-backed securities 1,191,907 — 1,191,907 — Asset-backed securities 2,192,030 — 2,191,857 173 Corporate 4,271,402 — 4,271,402 — Foreign government 892,299 — 892,299 — Total fixed maturity securities available for sale 13,434,400 — 13,434,227 173 Equity securities available for sale: Common stocks 447,600 438,560 — 9,040 Preferred stocks 165,207 — 161,545 3,662 Total equity securities available for sale 612,807 438,560 161,545 12,702 Arbitrage trading account 634,016 329,631 304,385 — Total $ 14,681,223 $ 768,191 $ 13,900,157 $ 12,875 Liabilities: Trading account securities sold but not yet purchased $ 62,860 $ 62,855 $ 5 $ — December 31, 2016 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 513,802 $ — $ 513,802 $ — State and municipal 4,519,503 — 4,519,503 — Mortgage-backed securities 1,189,645 — 1,189,645 — Asset-backed securities 1,907,860 — 1,907,677 183 Corporate 4,068,527 — 4,068,527 — Foreign government 902,805 — 902,805 — Total fixed maturity securities available for sale 13,102,142 — 13,101,959 183 Equity securities available for sale: Common stocks 445,858 429,647 7,457 8,754 Preferred stocks 223,342 — 219,680 3,662 Total equity securities available for sale 669,200 429,647 227,137 12,416 Arbitrage trading account 299,999 224,623 75,376 — Total $ 14,071,341 $ 654,270 $ 13,404,472 $ 12,599 Liabilities: Trading account securities sold but not yet purchased $ 51,179 $ 51,089 $ 90 $ — |
Summarize Changes In Level 3 Assets | The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2017 and for the year ended December 31, 2016 : Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Loss) Impairments Purchases (Sales) Paydowns / Maturities Transfers Ending Balance In / (Out) Six Months Ended June 30, 2017: Assets: Fixed maturities securities available for sale: Asset-backed securities $ 183 $ 2 $ 16 $ — $ — $ (28 ) $ — $ — $ 173 Corporate — — — — — — — — — Total 183 2 16 — — (28 ) — — 173 Equity securities available for sale: Common stocks 8,754 — 286 — — — — — 9,040 Preferred stocks 3,662 — — — — — — — 3,662 Total 12,416 — 286 — — — — — 12,702 Arbitrage trading account — (78 ) 78 — — — — — — Total $ 12,599 $ (76 ) $ 380 $ — $ — $ (28 ) $ — $ — $ 12,875 Year ended December 31, 2016: Assets: Fixed maturities securities available for sale: Asset-backed securities $ 199 $ 3 $ 16 $ — $ — $ — $ (35 ) $ — $ 183 Corporate 154 177 — — — (331 ) — — — Total 353 180 16 — — (331 ) (35 ) — 183 Equity securities available for sale: Common stocks 7,829 — 160 — 765 — — — 8,754 Preferred stocks 3,624 38 — — — — — — 3,662 Total 11,453 38 160 — 765 — — — 12,416 Arbitrage trading account 176 (176 ) — — — — — — — Total $ 11,982 $ 42 $ 176 $ — $ 765 $ (331 ) $ (35 ) $ — $ 12,599 |
Reserves for Loss and Loss Ex44
Reserves for Loss and Loss Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Reserve Balances | The table below provides a reconciliation of the beginning and ending reserve balances: June 30, (In thousands) 2017 2016 Net reserves at beginning of year $ 9,590,265 $ 9,244,872 Net provision for losses and loss expenses: Claims occurring during the current year (1) 1,926,394 1,878,458 Decrease in estimates for claims occurring in prior years (2) (3) (6,458 ) (15,511 ) Loss reserve discount accretion 24,366 23,536 Total 1,944,302 1,886,483 Net payments for claims: Current year 315,437 480,601 Prior year 1,432,828 1,188,704 Total 1,748,265 1,669,305 Foreign currency translation 37,097 (19,768 ) Net reserves at end of period 9,823,399 9,442,282 Ceded reserve at end of period 1,500,868 1,455,594 Gross reserves at end of period $ 11,324,267 $ 10,897,876 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $ 11,349,000 and $ 9,402,000 in 2017 and 2016, respectively. (2) The decrease in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years decreased by $ 14,873,000 and $ 21,696,000 in 2017 and 2016, respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $24 million and $29 million as of June 30, 2017 and 2016, respectively. |
Fair Value of Financial Instr45
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts And Estimated Fair Values Of Financial Instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: June 30, 2017 December 31, 2016 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 13,514,085 $ 13,530,606 $ 13,190,668 $ 13,204,814 Equity securities available for sale 612,807 612,807 669,200 669,200 Arbitrage trading account 634,016 634,016 299,999 299,999 Loans receivable 96,064 97,566 106,798 108,299 Cash and cash equivalents 788,354 788,354 795,285 795,285 Trading account receivables from brokers and clearing organizations 164,696 164,696 484,593 484,593 Liabilities: Due to broker 124,428 124,428 19,416 19,416 Trading account securities sold but not yet purchased 62,860 62,860 51,179 51,179 Subordinated debentures 727,924 786,857 727,630 687,504 Senior notes and other debt 1,759,115 1,952,275 1,760,595 1,914,727 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Reinsurance Financial Information | The following is a summary of reinsurance financial information: For the Three Months For the Six Months Ended June 30, Ended June 30, (In thousands) 2017 2016 2017 2016 Written premiums: Direct $ 1,727,014 $ 1,708,535 $ 3,448,076 $ 3,417,664 Assumed 160,139 230,830 375,283 477,398 Ceded (322,902 ) (296,796 ) (612,270 ) (588,771 ) Total net premiums written $ 1,564,251 $ 1,642,569 $ 3,211,089 $ 3,306,291 Earned premiums: Direct $ 1,666,938 $ 1,609,644 $ 3,280,302 $ 3,177,712 Assumed 193,683 225,643 402,310 444,009 Ceded (291,918 ) (275,494 ) (543,868 ) (534,593 ) Total net premiums earned $ 1,568,703 $ 1,559,793 $ 3,138,744 $ 3,087,128 Ceded losses and loss expenses incurred $ 142,609 $ 167,265 $ 177,801 $ 294,194 Ceded commissions earned $ 57,752 $ 50,172 $ 114,302 $ 96,494 |
Restricted Stock Units (Tables)
Restricted Stock Units (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Restricted Stock Units Issued | A summary of RSUs issued in the six months ended June 30, 2017 and 2016 follows: ($ in thousands) Units Fair Value 2017 6,020 $ 405 2016 17,654 $ 964 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Financial Information Of Company Operating Segments | Summary financial information about the Company's reporting segments is presented in the following tables. Income (loss) before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment. Revenues (In thousands) Earned Premiums Investment Income Other Total (1) Pre-Tax Income (Loss) Net Income (Loss) to Common Stockholders Three months ended June 30, 2017 Insurance $ 1,415,586 $ 102,719 $ 22,984 $ 1,541,289 $ 186,134 $ 124,442 Reinsurance 153,117 21,491 — 174,608 14,771 10,324 Corporate, other and eliminations (2) — 11,054 80,645 91,699 (80,397 ) (52,056 ) Net investment gains — — 40,453 40,453 40,453 26,294 Total $ 1,568,703 $ 135,264 $ 144,082 $ 1,848,049 $ 160,961 $ 109,004 Three months ended June 30, 2016 Insurance $ 1,390,744 $ 94,155 $ 27,603 $ 1,512,502 $ 176,500 $ 119,135 Reinsurance 169,049 25,372 — 194,421 23,834 16,681 Corporate, other and eliminations (2) — 9,522 133,154 142,676 (48,335 ) (30,954 ) Net investment gains — — 6,315 6,315 6,315 4,105 Total $ 1,559,793 $ 129,049 $ 167,072 $ 1,855,914 $ 158,314 $ 108,967 Six months ended June 30, 2017: Insurance $ 2,828,755 214,628 $ 41,271 $ 3,084,654 $ 386,127 $ 257,458 Reinsurance 309,989 46,269 — 356,258 19,364 13,983 Corporate, other and eliminations (2) — 23,226 161,528 184,754 (153,034 ) (99,311 ) Net investment gains — — 92,801 92,801 92,801 60,321 Total $ 3,138,744 $ 284,123 $ 295,600 $ 3,718,467 $ 345,258 $ 232,451 Six months ended June 30, 2016: Insurance $ 2,757,350 $ 193,605 $ 54,396 $ 3,005,351 $ 376,153 $ 253,639 Reinsurance 329,778 49,552 — 379,330 51,893 36,070 Corporate, other and eliminations (2) — 16,025 248,761 264,786 (108,714 ) (70,110 ) Net investment gains — — 13,658 13,658 13,658 8,878 Total $ 3,087,128 $ 259,182 $ 316,815 $ 3,663,125 $ 332,990 $ 228,477 _________________ (1) Revenues for Insurance from foreign countries for the three months ended June 30, 2017 and 2016 were $168 million and $179 million and for the six months ended June 30, 2017 and 2016 were $347 million and $359 million , respectively. Revenues for Reinsurance from foreign countries for the three months ended June 30, 2017 and 2016 were both $50 million and for the six months ended June 30, 2017 and 2016 were $101 million and $105 million , respectively. (2) Corporate, other and eliminations represent corporate revenues and expenses that are not allocated to business segments. |
Identifiable Assets By Segment | Identifiable Assets (In thousands) June 30, 2017 December 31, 2016 Insurance $ 18,687,170 $ 19,137,758 Reinsurance 3,085,961 2,524,338 Corporate, other and eliminations 2,220,360 1,687,980 Consolidated $ 23,993,491 $ 23,350,076 |
Net Premiums Earned By Major Line Of Business | Net premiums earned by major line of business are as follows: For the Three Months For the Six Months Ended June 30, Ended June 30, (In thousands) 2017 2016 2017 2016 Insurance: Other liability $ 460,059 $ 433,472 $ 911,889 $ 847,000 Workers’ compensation 366,950 344,736 728,086 688,317 Short-tail lines (1) 290,696 322,493 599,930 649,570 Commercial automobile 161,526 159,892 319,653 316,709 Professional liability 136,355 130,151 269,197 255,754 Total Insurance 1,415,586 1,390,744 2,828,755 2,757,350 Reinsurance: Casualty 93,212 100,113 187,952 204,418 Property 59,905 68,936 122,037 125,360 Total Reinsurance 153,117 169,049 309,989 329,778 Total $ 1,568,703 $ 1,559,793 $ 3,138,744 $ 3,087,128 ______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines. |
General (Details)
General (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Federal Income Tax Rate | 35.00% |
Per Share Data (Narrative) (Det
Per Share Data (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2017shares | |
Earnings Per Share [Abstract] | |
Weighted average number of shares held in grantor trust | 4,087,731 |
Per Share Data (Weighted Averag
Per Share Data (Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Basic (shares) | 125,334 | 122,616 | 123,623 | 122,698 |
Diluted (shares) | 128,601 | 128,575 | 128,546 | 128,562 |
Acquisitions_Dispositions (Narr
Acquisitions/Dispositions (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | |
Mar. 31, 2017 | Feb. 29, 2016 | |
Business Combinations [Abstract] | ||
Ownership interest acquired (as percent) | 89.50% | 85.00% |
Consideration transferred to acquire interest | $ 72.5 | $ 42.3 |
Acquisitions_Dispositions (Deta
Acquisitions/Dispositions (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Business Combinations [Abstract] | |
Cash and cash equivalents | $ 1,154 |
Real estate, furniture and equipment | 6,434 |
Goodwill and other intangibles assets | 62,406 |
Other assets | 9,417 |
Total assets acquired | 79,411 |
Other liabilities assumed | (1,911) |
Noncontrolling interest | (5,000) |
Net assets acquired | $ 72,500 |
Consolidated Statements of Co54
Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | $ 55,568 | |||
Other comprehensive income | $ 63,844 | $ 49,163 | 77,748 | $ 123,971 |
End of period | 133,302 | 133,302 | ||
Net realized investment gains | 40,453 | 6,315 | 92,801 | 31,772 |
Income before income taxes | 160,961 | 158,314 | 345,258 | 332,990 |
Tax effect | (51,388) | (49,408) | (111,011) | (103,837) |
Net income before noncontrolling interests | 109,573 | 108,906 | 234,247 | 229,153 |
Net change in period | 20,247 | (55,870) | 42,982 | (57,917) |
Other comprehensive income (loss), pre-tax | 88,529 | 101,693 | ||
Other comprehensive income (loss), tax effect | (24,685) | (23,945) | ||
Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | 69,491 | 8,124 | 55,568 | (66,698) |
Other comprehensive income before reclassifications | 89,562 | 57,679 | 132,291 | 133,874 |
Amounts reclassified from AOCI | (25,718) | (8,516) | (54,543) | (9,903) |
Other comprehensive income | 63,844 | 49,163 | 77,748 | 123,971 |
Unrealized investment gain related to non-controlling interest | (33) | (5) | (14) | 9 |
End of period | 133,302 | 57,282 | 133,302 | 57,282 |
Other comprehensive income (loss), pre-tax | 100,735 | 213,078 | ||
Other comprehensive income (loss), tax effect | (51,572) | (89,107) | ||
Accumulated Other Comprehensive Income | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Income before income taxes | (39,566) | (13,101) | (83,912) | (15,235) |
Tax effect | 13,848 | 4,585 | 29,369 | 5,332 |
Net income before noncontrolling interests | (25,718) | (8,516) | (54,543) | (9,903) |
Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | 418,342 | 257,564 | 427,154 | 180,695 |
Other comprehensive income before reclassifications | 69,315 | 113,549 | 89,309 | 191,791 |
Amounts reclassified from AOCI | (25,718) | (8,516) | (54,543) | (9,903) |
Other comprehensive income | 43,597 | 105,033 | 34,766 | 181,888 |
Unrealized investment gain related to non-controlling interest | (33) | (5) | (14) | 9 |
End of period | 461,906 | 362,592 | 461,906 | 362,592 |
Unrealized investment gains, pre-tax | 68,282 | 156,605 | 58,711 | 270,995 |
Unrealized investment gains, tax effect | (24,685) | (51,572) | (23,945) | (89,107) |
Unrealized investment gains, after-tax amounts | 43,597 | 105,033 | 34,766 | 181,888 |
Unrealized Investment Gains (Losses) | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Net realized investment gains | (39,566) | (13,101) | (83,912) | (15,235) |
Tax effect | 13,848 | 4,585 | 29,369 | 5,332 |
Net income before noncontrolling interests | (25,718) | (8,516) | (54,543) | (9,903) |
Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | (348,851) | (249,440) | (371,586) | (247,393) |
Other comprehensive income before reclassifications | 20,247 | (55,870) | 42,982 | (57,917) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Other comprehensive income | 20,247 | (55,870) | 42,982 | (57,917) |
Unrealized investment gain related to non-controlling interest | 0 | 0 | 0 | 0 |
End of period | (328,604) | (305,310) | (328,604) | (305,310) |
Currency translation adjustment, pre-tax | 20,247 | (55,870) | 42,982 | (57,917) |
Currency translation adjustment, tax effect | 0 | 0 | 0 | 0 |
Net change in period | 20,247 | (55,870) | 42,982 | (57,917) |
Currency Translation Adjustments | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Income before income taxes | 0 | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Net income before noncontrolling interests | $ 0 | $ 0 | $ 0 | $ 0 |
Statements of Cash Flow (Detail
Statements of Cash Flow (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest payments | $ 72,528 | $ 64,109 |
Income taxes paid | $ 145,123 | $ 86,695 |
Investments in Fixed Maturity56
Investments in Fixed Maturity Securities (Investments in fixed maturity securities) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total held to maturity, Amortized Cost | $ 79,685,000 | $ 88,526,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Gain | 16,521,000 | 14,146,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 |
Total held to maturity, Fair Value | 96,206,000 | 102,672,000 |
Total held to maturity, Carrying Value | 79,685,000 | 88,526,000 |
Total available for sale, Amortized Cost | 13,107,838,000 | 12,869,809,000 |
Total available for sale, Gross Unrealized Gains | 371,616,000 | 326,916,000 |
Total available for sale, Gross Unrealized Losses | (45,054,000) | (94,583,000) |
Total available for sale, Fair Value | 13,434,400,000 | 13,102,142,000 |
Total available for sale, Carrying Value | 13,434,400,000 | 13,102,142,000 |
Total investments in fixed maturity securities, Amortized Value | 13,187,523,000 | 12,958,335,000 |
Total investments in fixed maturity securities, Gross Unrealized Gains | 388,137,000 | 341,062,000 |
Total investments in fixed maturity securities, Gross Unrealized Losses | (45,054,000) | (94,583,000) |
Total investments in fixed maturity securities, Fair Value | 13,530,606,000 | 13,204,814,000 |
Total investments in fixed maturity securities, Carrying Value | $ 13,514,085,000 | 13,190,668,000 |
Minimum ownership of Common stockholders equity | 10.00% | |
U.S. government and government agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | $ 432,145,000 | 496,187,000 |
Total available for sale, Gross Unrealized Gains | 13,941,000 | 20,208,000 |
Total available for sale, Gross Unrealized Losses | (2,135,000) | (2,593,000) |
Total available for sale, Fair Value | 443,951,000 | 513,802,000 |
Total available for sale, Carrying Value | 443,951,000 | 513,802,000 |
Special revenue | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 2,770,582,000 | 2,791,211,000 |
Total available for sale, Gross Unrealized Gains | 80,887,000 | 58,559,000 |
Total available for sale, Gross Unrealized Losses | (9,471,000) | (26,315,000) |
Total available for sale, Fair Value | 2,841,998,000 | 2,823,455,000 |
Total available for sale, Carrying Value | 2,841,998,000 | 2,823,455,000 |
State general obligation | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 471,980,000 | 524,682,000 |
Total available for sale, Gross Unrealized Gains | 21,596,000 | 16,964,000 |
Total available for sale, Gross Unrealized Losses | (1,359,000) | (5,139,000) |
Total available for sale, Fair Value | 492,217,000 | 536,507,000 |
Total available for sale, Carrying Value | 492,217,000 | 536,507,000 |
Pre-refunded | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 312,535,000 | 356,535,000 |
Total available for sale, Gross Unrealized Gains | 21,825,000 | 19,181,000 |
Total available for sale, Gross Unrealized Losses | (216,000) | (165,000) |
Total available for sale, Fair Value | 334,144,000 | 375,551,000 |
Total available for sale, Carrying Value | 334,144,000 | 375,551,000 |
Corporate backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 384,609,000 | 410,933,000 |
Total available for sale, Gross Unrealized Gains | 10,609,000 | 6,172,000 |
Total available for sale, Gross Unrealized Losses | (916,000) | (6,452,000) |
Total available for sale, Fair Value | 394,302,000 | 410,653,000 |
Total available for sale, Carrying Value | 394,302,000 | 410,653,000 |
Local general obligation | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 354,110,000 | 360,022,000 |
Total available for sale, Gross Unrealized Gains | 26,507,000 | 15,682,000 |
Total available for sale, Gross Unrealized Losses | (467,000) | (2,367,000) |
Total available for sale, Fair Value | 380,150,000 | 373,337,000 |
Total available for sale, Carrying Value | 380,150,000 | 373,337,000 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 4,293,816,000 | 4,443,383,000 |
Total available for sale, Gross Unrealized Gains | 161,424,000 | 116,558,000 |
Total available for sale, Gross Unrealized Losses | (12,429,000) | (40,438,000) |
Total available for sale, Fair Value | 4,442,811,000 | 4,519,503,000 |
Total available for sale, Carrying Value | 4,442,811,000 | 4,519,503,000 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 1,188,238,000 | 1,189,841,000 |
Total available for sale, Gross Unrealized Gains | 14,534,000 | 15,735,000 |
Total available for sale, Gross Unrealized Losses | (10,865,000) | (15,931,000) |
Total available for sale, Fair Value | 1,191,907,000 | 1,189,645,000 |
Total available for sale, Carrying Value | 1,191,907,000 | 1,189,645,000 |
Residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 997,886,000 | 1,034,301,000 |
Total available for sale, Gross Unrealized Gains | 13,968,000 | 15,431,000 |
Total available for sale, Gross Unrealized Losses | (9,608,000) | (12,950,000) |
Total available for sale, Fair Value | 1,002,246,000 | 1,036,782,000 |
Total available for sale, Carrying Value | 1,002,246,000 | 1,036,782,000 |
Gross unrealized gains (losses) related to securities | 25,220 | (818,691) |
Commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 190,352,000 | 155,540,000 |
Total available for sale, Gross Unrealized Gains | 566,000 | 304,000 |
Total available for sale, Gross Unrealized Losses | (1,257,000) | (2,981,000) |
Total available for sale, Fair Value | 189,661,000 | 152,863,000 |
Total available for sale, Carrying Value | 189,661,000 | 152,863,000 |
Asset-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 2,196,114,000 | 1,913,830,000 |
Total available for sale, Gross Unrealized Gains | 6,529,000 | 5,971,000 |
Total available for sale, Gross Unrealized Losses | (10,613,000) | (11,941,000) |
Total available for sale, Fair Value | 2,192,030,000 | 1,907,860,000 |
Total available for sale, Carrying Value | 2,192,030,000 | 1,907,860,000 |
Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 4,143,227,000 | 3,967,795,000 |
Total available for sale, Gross Unrealized Gains | 136,415,000 | 121,650,000 |
Total available for sale, Gross Unrealized Losses | (8,240,000) | (20,918,000) |
Total available for sale, Fair Value | 4,271,402,000 | 4,068,527,000 |
Total available for sale, Carrying Value | 4,271,402,000 | 4,068,527,000 |
Industrial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 2,394,374,000 | 2,315,567,000 |
Total available for sale, Gross Unrealized Gains | 73,884,000 | 71,007,000 |
Total available for sale, Gross Unrealized Losses | (2,717,000) | (7,174,000) |
Total available for sale, Fair Value | 2,465,541,000 | 2,379,400,000 |
Total available for sale, Carrying Value | 2,465,541,000 | 2,379,400,000 |
Financial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 1,444,201,000 | 1,369,001,000 |
Total available for sale, Gross Unrealized Gains | 49,524,000 | 39,543,000 |
Total available for sale, Gross Unrealized Losses | (4,929,000) | (11,270,000) |
Total available for sale, Fair Value | 1,488,796,000 | 1,397,274,000 |
Total available for sale, Carrying Value | 1,488,796,000 | 1,397,274,000 |
Utilities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 255,777,000 | 229,154,000 |
Total available for sale, Gross Unrealized Gains | 12,725,000 | 10,801,000 |
Total available for sale, Gross Unrealized Losses | (576,000) | (2,411,000) |
Total available for sale, Fair Value | 267,926,000 | 237,544,000 |
Total available for sale, Carrying Value | 267,926,000 | 237,544,000 |
Other | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 48,875,000 | 54,073,000 |
Total available for sale, Gross Unrealized Gains | 282,000 | 299,000 |
Total available for sale, Gross Unrealized Losses | (18,000) | (63,000) |
Total available for sale, Fair Value | 49,139,000 | 54,309,000 |
Total available for sale, Carrying Value | 49,139,000 | 54,309,000 |
Foreign | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available for sale, Amortized Cost | 854,298,000 | 858,773,000 |
Total available for sale, Gross Unrealized Gains | 38,773,000 | 46,794,000 |
Total available for sale, Gross Unrealized Losses | (772,000) | (2,762,000) |
Total available for sale, Fair Value | 892,299,000 | 902,805,000 |
Total available for sale, Carrying Value | 892,299,000 | 902,805,000 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total held to maturity, Amortized Cost | 64,931,000 | 72,582,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Gain | 14,943,000 | 12,453,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 |
Total held to maturity, Fair Value | 79,874,000 | 85,035,000 |
Total held to maturity, Carrying Value | 64,931,000 | 72,582,000 |
Residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total held to maturity, Amortized Cost | 14,754,000 | 15,944,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Gain | 1,578,000 | 1,693,000 |
Held to Maturity Securities Accumulated Unrecognized Holding Loss | 0 | 0 |
Total held to maturity, Fair Value | 16,332,000 | 17,637,000 |
Total held to maturity, Carrying Value | $ 14,754,000 | $ 15,944,000 |
Investments In Fixed Maturity57
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities (Amortized cost and fair value of fixed maturity securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 803,520 | |
Amortized Cost, Due after one year through five years | 5,237,765 | |
Amortized Cost, Due after five years through ten years | 3,169,976 | |
Amortized Cost, Due after ten years | 2,773,270 | |
Amortized Cost, Mortgaged-backed securities | 1,202,992 | |
Total investments in fixed maturity securities, Amortized Value | 13,187,523 | $ 12,958,335 |
Fair Value, Due in one year or less | 819,242 | |
Fair Value, Due after one year through five years | 5,368,120 | |
Fair Value, Due after five years through ten years | 3,311,894 | |
Fair Value, Due after ten years | 2,823,111 | |
Fair Value, Mortgage-backed securities | 1,208,239 | |
Total investments in fixed maturity securities, Fair Value | $ 13,530,606 | $ 13,204,814 |
Investments in Equity Securit58
Investments in Equity Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 206,268 | $ 220,587 |
Gross Unrealized, Gains | 413,314 | 453,298 |
Gross Unrealized, Losses | (6,775) | (4,685) |
Carrying and fair value of equity securities | 612,807 | 669,200 |
Common stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 87,185 | 94,998 |
Gross Unrealized, Gains | 366,106 | 351,906 |
Gross Unrealized, Losses | (5,691) | (1,046) |
Carrying and fair value of equity securities | 447,600 | 445,858 |
Preferred stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 119,083 | 125,589 |
Gross Unrealized, Gains | 47,208 | 101,392 |
Gross Unrealized, Losses | (1,084) | (3,639) |
Carrying and fair value of equity securities | $ 165,207 | $ 223,342 |
Arbitrage Trading Account (Deta
Arbitrage Trading Account (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Arbitrage trading account | $ 634,016 | $ 299,999 |
Short | Options held | ||
Derivative [Line Items] | ||
Fair value of derivative | 1,000 | |
Notional amount of derivative | 73,000 | |
Long | Options held | ||
Derivative [Line Items] | ||
Fair value of derivative | 1,000 | |
Notional amount of derivative | $ 32,000 |
Net Investment Income (Details)
Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Investment Income [Line Items] | ||||
Gross investment income | $ 137,036 | $ 132,580 | $ 287,596 | $ 264,826 |
Investment expense | (1,772) | (3,531) | (3,473) | (5,644) |
Net investment income | 135,264 | 129,049 | 284,123 | 259,182 |
Fixed maturity securities, including cash and cash equivalents and loans receivable | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 116,796 | 108,342 | 229,142 | 217,177 |
Investment funds | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 8,895 | 18,456 | 35,544 | 35,092 |
Arbitrage trading account | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 5,457 | 3,252 | 11,817 | 6,442 |
Real estate | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 5,286 | 1,250 | 9,852 | 3,967 |
Equity securities available for sale | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | $ 602 | $ 1,280 | $ 1,241 | $ 2,148 |
Investment Funds Investment Fun
Investment Funds Investment Funds (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Unfunded commitments | $ 354,000 | ||
Investment funds | 1,190,963 | $ 1,198,146 | |
Income (Loss) from Investment Funds | 35,544 | $ 35,092 | |
Real estate | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 611,598 | 641,783 | |
Income (Loss) from Investment Funds | 19,518 | 22,414 | |
Energy | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 86,690 | 91,448 | |
Income (Loss) from Investment Funds | (8,639) | 1,153 | |
Hedge equity | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 72,685 | 73,913 | |
Income (Loss) from Investment Funds | (1,228) | (2,030) | |
Other funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 419,990 | $ 391,002 | |
Income (Loss) from Investment Funds | $ 25,893 | $ 13,555 |
Real Estate Real Estate (Detail
Real Estate Real Estate (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Properties in operation | $ 447,721 | $ 457,237 |
Properties under development | 869,368 | 727,744 |
Total | $ 1,317,089 | $ 1,184,981 |
Real Estate Real Estate (Narrat
Real Estate Real Estate (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Real Estate [Abstract] | |||
Accumulated depreciation and amortization on properties | $ 18,600,000 | $ 14,996,000 | |
Real estate depreciation expense | 3,604,000 | $ 3,279,000 | |
Lease future minimum payments 2017 | 9,248,244 | ||
Lease future minimum payments 2018 | 27,797,511 | ||
Lease future minimum payments 2019 | 29,246,483 | ||
Lease future minimum payments 2020 | 28,527,541 | ||
Lease future minimum payments 2021 | 29,145,221 | ||
Lease future minimum payments 2022 | 28,784,655 | ||
Lease future minimum payments there after | $ 466,275,306 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, gross | $ 96,064 | $ 96,064 | $ 106,798 | ||
Loans receivable | 97,566 | 97,566 | 108,299 | ||
Valuation allowance, specific | 1,200 | 1,200 | 1,200 | ||
Valuation allowance, general | 2,183 | 2,183 | 2,197 | ||
Valuation allowance of loans receivable | 3,383 | 3,383 | 3,397 | ||
Increase (decrease) in valuation allowance | 0 | $ 93 | (14) | $ 661 | |
Loans in nonaccrual status | 4,500 | 4,500 | 5,400 | ||
Real estate loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, gross | 82,938 | 82,938 | 92,415 | ||
Loans receivable | 82,938 | 82,938 | 92,415 | ||
Commercial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, gross | 13,126 | 13,126 | 14,383 | ||
Loans receivable | $ 14,628 | $ 14,628 | $ 15,884 |
Realized and Unrealized Inves65
Realized and Unrealized Investment Gains (Losses) (Realized and unrealized investmetns gains(losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Fixed maturity securities, gains | $ 7,427 | $ 10,110 | $ 13,032 | $ 33,174 |
Fixed maturity securities, losses | 0 | (1,480) | (3,965) | (4,420) |
Equity securities available for sale | 32,139 | 4,471 | 74,846 | 4,596 |
Investment funds | (112) | (4,793) | 1,155 | (5,253) |
Real estate | (364) | (464) | 2,936 | 4,560 |
Other | 1,363 | (1,529) | 4,797 | (885) |
Net realized gains on investments sales | 40,453 | 6,315 | 92,801 | 31,772 |
Other-than-temporary impairments | 0 | 0 | 0 | (18,114) |
Net investment gains | 40,453 | 6,315 | 92,801 | 13,658 |
Income tax expense | (14,159) | (2,210) | (32,480) | (4,780) |
After-tax net realized investment gains | $ 26,294 | $ 4,105 | $ 60,321 | 8,878 |
Common stock | ||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Other-than-temporary impairments | $ (18,100) |
Realized and Unrealized Inves66
Realized and Unrealized Investment Gains (Losses) (Change in Unrealized Gains (Losses) of Available For Sales Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Total change in unrealized investment gains | $ 68,282 | $ 156,585 | $ 58,711 | $ 270,975 |
Income tax expense | (24,713) | (51,552) | (23,973) | (89,087) |
Noncontrolling interests | (5) | (5) | 14 | 9 |
Total change in unrealized gains | 43,564 | 105,028 | 34,752 | 181,897 |
Debt securities | ||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Total change in unrealized investment gains | 56,857 | 122,893 | 94,841 | 215,321 |
Previously impaired fixed maturity securities | ||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Total change in unrealized investment gains | 743 | 1,874 | 844 | 1,819 |
Equity securities available for sale | ||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Total change in unrealized investment gains | 6,176 | 27,814 | (42,686) | 40,950 |
Investment funds | ||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Total change in unrealized investment gains | $ 4,506 | $ 4,004 | $ 5,712 | $ 12,885 |
Securities in an Unrealized L67
Securities in an Unrealized Loss Position (Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | $ 3,737,748 | $ 4,560,889 |
Gross Unrealized Losses, Less than 12 Months | 35,938 | 68,703 |
Fair Value, 12 Months or Greater | 424,382 | 599,999 |
Gross Unrealized Losses, 12 Months or Greater | 15,891 | 30,565 |
Fair Value, Total | 4,162,130 | 5,160,888 |
Gross Unrealized Losses, Total | 51,829 | 99,268 |
Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 3,713,744 | 4,560,553 |
Gross Unrealized Losses, Less than 12 Months | 30,985 | 68,681 |
Fair Value, 12 Months or Greater | 390,753 | 569,210 |
Gross Unrealized Losses, 12 Months or Greater | 14,069 | 25,902 |
Fair Value, Total | 4,104,497 | 5,129,763 |
Gross Unrealized Losses, Total | 45,054 | 94,583 |
U.S. government and government agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 115,584 | 112,709 |
Gross Unrealized Losses, Less than 12 Months | 935 | 1,252 |
Fair Value, 12 Months or Greater | 30,925 | 35,450 |
Gross Unrealized Losses, 12 Months or Greater | 1,200 | 1,341 |
Fair Value, Total | 146,509 | 148,159 |
Gross Unrealized Losses, Total | 2,135 | 2,593 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 860,362 | 1,562,614 |
Gross Unrealized Losses, Less than 12 Months | 10,961 | 35,553 |
Fair Value, 12 Months or Greater | 112,597 | 133,034 |
Gross Unrealized Losses, 12 Months or Greater | 1,468 | 4,885 |
Fair Value, Total | 972,959 | 1,695,648 |
Gross Unrealized Losses, Total | 12,429 | 40,438 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 585,106 | 625,903 |
Gross Unrealized Losses, Less than 12 Months | 6,827 | 11,103 |
Fair Value, 12 Months or Greater | 128,391 | 109,066 |
Gross Unrealized Losses, 12 Months or Greater | 4,038 | 4,828 |
Fair Value, Total | 713,497 | 734,969 |
Gross Unrealized Losses, Total | 10,865 | 15,931 |
Asset-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 1,424,602 | 1,010,836 |
Gross Unrealized Losses, Less than 12 Months | 6,921 | 5,340 |
Fair Value, 12 Months or Greater | 75,179 | 201,693 |
Gross Unrealized Losses, 12 Months or Greater | 3,692 | 6,601 |
Fair Value, Total | 1,499,781 | 1,212,529 |
Gross Unrealized Losses, Total | 10,613 | 11,941 |
Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 612,215 | 1,035,245 |
Gross Unrealized Losses, Less than 12 Months | 4,599 | 13,448 |
Fair Value, 12 Months or Greater | 41,688 | 65,147 |
Gross Unrealized Losses, 12 Months or Greater | 3,641 | 7,470 |
Fair Value, Total | 653,903 | 1,100,392 |
Gross Unrealized Losses, Total | 8,240 | 20,918 |
Foreign government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 115,875 | 213,246 |
Gross Unrealized Losses, Less than 12 Months | 742 | 1,985 |
Fair Value, 12 Months or Greater | 1,973 | 24,820 |
Gross Unrealized Losses, 12 Months or Greater | 30 | 777 |
Fair Value, Total | 117,848 | 238,066 |
Gross Unrealized Losses, Total | 772 | 2,762 |
Equity securities available for sale | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 24,004 | 336 |
Gross Unrealized Losses, Less than 12 Months | 4,953 | 22 |
Fair Value, 12 Months or Greater | 33,629 | 30,789 |
Gross Unrealized Losses, 12 Months or Greater | 1,822 | 4,663 |
Fair Value, Total | 57,633 | 31,125 |
Gross Unrealized Losses, Total | 6,775 | 4,685 |
Common stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 24,004 | 336 |
Gross Unrealized Losses, Less than 12 Months | 4,953 | 22 |
Fair Value, 12 Months or Greater | 9,040 | 8,755 |
Gross Unrealized Losses, 12 Months or Greater | 738 | 1,024 |
Fair Value, Total | 33,044 | 9,091 |
Gross Unrealized Losses, Total | 5,691 | 1,046 |
Preferred stocks | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 0 | 0 |
Gross Unrealized Losses, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or Greater | 24,589 | 22,034 |
Gross Unrealized Losses, 12 Months or Greater | 1,084 | 3,639 |
Fair Value, Total | 24,589 | 22,034 |
Gross Unrealized Losses, Total | $ 1,084 | $ 3,639 |
Securities In An Unrealized L68
Securities In An Unrealized Loss Position (Non-Investment Grade Fixed Maturity Securities) (Details) $ in Thousands | Jun. 30, 2017USD ($)position | Dec. 31, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Fair Value | $ 4,162,130 | $ 5,160,888 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Fair Value | 713,497 | 734,969 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Fair Value | 1,499,781 | 1,212,529 |
Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Fair Value | $ 653,903 | $ 1,100,392 |
Noninvestment Grade Investments at Loss Position | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 15 | |
Aggregate Fair Value | $ 22,115 | |
Gross Unrealized Loss | $ 834 | |
Noninvestment Grade Investments at Loss Position | Foreign government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 3 | |
Aggregate Fair Value | $ 9,655 | |
Gross Unrealized Loss | $ 250 | |
Noninvestment Grade Investments at Loss Position | Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 6 | |
Aggregate Fair Value | $ 6,239 | |
Gross Unrealized Loss | $ 215 | |
Noninvestment Grade Investments at Loss Position | Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | position | 4 | |
Aggregate Fair Value | $ 3,299 | |
Gross Unrealized Loss | $ 137 | |
Noninvestment Grade Investments at Loss Position | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 2 | |
Aggregate Fair Value | $ 2,922 | |
Gross Unrealized Loss | $ 232 |
Securities In An Unrealized L69
Securities In An Unrealized Loss Position (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Aggregate Fair Value | $ 4,162,130 | $ 4,162,130 | $ 5,160,888 | ||
Gross unrealized losses | 51,829 | 51,829 | 99,268 | ||
Other-than-temporary impairments | 0 | $ 0 | 0 | $ 18,114 | |
Common stock | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Other-than-temporary impairments | $ 18,100 | ||||
Common stock | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Gross unrealized losses | $ 5,700 | $ 5,700 | |||
Noninvestment Grade Investments | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of securities | shares | 1 | 1 | |||
Preferred stocks | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Aggregate Fair Value | $ 24,589 | $ 24,589 | 22,034 | ||
Gross unrealized losses | 1,084 | 1,084 | 3,639 | ||
Common stock | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Aggregate Fair Value | 33,044 | 33,044 | 9,091 | ||
Other-than-temporary impairment, available for sale securities | 33,000 | ||||
Gross unrealized losses | $ 5,691 | $ 5,691 | $ 1,046 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured At Fair Value, On a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Total fixed maturity securities available for sale | $ 13,434,400 | $ 13,102,142 |
Equity securities available for sale | 612,807 | 669,200 |
Arbitrage trading account | 634,016 | 299,999 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 13,434,400 | 13,102,142 |
Equity securities available for sale | 612,807 | 669,200 |
Arbitrage trading account | 634,016 | 299,999 |
Assets, fair value disclosure | 14,681,223 | 14,071,341 |
Liabilities: | ||
Securities sold but not yet purchased | 62,860 | 51,179 |
Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 443,951 | 513,802 |
Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 4,442,811 | 4,519,503 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,191,907 | 1,189,645 |
Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 2,192,030 | 1,907,860 |
Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 4,271,402 | 4,068,527 |
Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 892,299 | 902,805 |
Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities available for sale | 447,600 | 445,858 |
Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities available for sale | 165,207 | 223,342 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Equity securities available for sale | 438,560 | 429,647 |
Arbitrage trading account | 329,631 | 224,623 |
Assets, fair value disclosure | 768,191 | 654,270 |
Liabilities: | ||
Securities sold but not yet purchased | 62,855 | 51,089 |
Level 1 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities available for sale | 438,560 | 429,647 |
Level 1 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities available for sale | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 13,434,227 | 13,101,959 |
Equity securities available for sale | 161,545 | 227,137 |
Arbitrage trading account | 304,385 | 75,376 |
Assets, fair value disclosure | 13,900,157 | 13,404,472 |
Liabilities: | ||
Securities sold but not yet purchased | 5 | 90 |
Level 2 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 443,951 | 513,802 |
Level 2 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 4,442,811 | 4,519,503 |
Level 2 | Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,191,907 | 1,189,645 |
Level 2 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 2,191,857 | 1,907,677 |
Level 2 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 4,271,402 | 4,068,527 |
Level 2 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 892,299 | 902,805 |
Level 2 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities available for sale | 0 | 7,457 |
Level 2 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities available for sale | 161,545 | 219,680 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 173 | 183 |
Equity securities available for sale | 12,702 | 12,416 |
Arbitrage trading account | 0 | 0 |
Assets, fair value disclosure | 12,875 | 12,599 |
Liabilities: | ||
Securities sold but not yet purchased | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 173 | 183 |
Level 3 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities available for sale | 9,040 | 8,754 |
Level 3 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities available for sale | $ 3,662 | $ 3,662 |
Fair Value Measurements (Summar
Fair Value Measurements (Summarize Changes in Level 3 Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, impairments | $ 0 | $ 0 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 12,599 | 11,982 |
Assets, earnings | (76) | 42 |
Assets, other comprehensive income | 380 | 176 |
Assets, purchases | 0 | 765 |
Assets, (sales) | (28) | (331) |
Assets, maturities | (35) | |
Assets. transfers out | 0 | |
Assets, ending balance | 12,875 | 12,599 |
Level 3 | Debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 183 | 353 |
Assets, earnings | 2 | 180 |
Assets, other comprehensive income | 16 | 16 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 0 |
Assets, (sales) | (28) | (331) |
Assets, maturities | (35) | |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 173 | 183 |
Level 3 | Asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 183 | 199 |
Assets, earnings | 2 | 3 |
Assets, other comprehensive income | 16 | 16 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 0 |
Assets, (sales) | (28) | 0 |
Assets, maturities | 0 | (35) |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 173 | 183 |
Level 3 | Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 0 | 154 |
Assets, earnings | 0 | 177 |
Assets, other comprehensive income | 0 | 0 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 0 |
Assets, (sales) | 0 | (331) |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 0 | 0 |
Level 3 | Equity securities available for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 12,416 | 11,453 |
Assets, earnings | 0 | 38 |
Assets, other comprehensive income | 286 | 160 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 765 |
Assets, (sales) | 0 | 0 |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 12,702 | 12,416 |
Level 3 | Common stock | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 8,754 | 7,829 |
Assets, earnings | 0 | 0 |
Assets, other comprehensive income | 286 | 160 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 765 |
Assets, (sales) | 0 | 0 |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 9,040 | 8,754 |
Level 3 | Preferred stocks | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 3,662 | 3,624 |
Assets, earnings | 0 | 38 |
Assets, other comprehensive income | 0 | 0 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 0 |
Assets, (sales) | 0 | 0 |
Assets. transfers out | 0 | 0 |
Assets, ending balance | 3,662 | 3,662 |
Level 3 | Arbitrage trading account | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Assets, beginning balance | 0 | 176 |
Assets, earnings | (78) | (176) |
Assets, other comprehensive income | 78 | 0 |
Assets, impairments | 0 | 0 |
Assets, purchases | 0 | 0 |
Assets, (sales) | 0 | 0 |
Assets. transfers out | 0 | 0 |
Assets, ending balance | $ 0 | $ 0 |
Reserves for Loss and Loss Ex72
Reserves for Loss and Loss Expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of year | $ 9,590,265 | $ 9,244,872 | |
Net provision for losses and loss expenses: | |||
Claims occurring during the current year | 1,926,394 | 1,878,458 | |
Decrease in estimates for claims occurring in prior years | (6,458) | (15,511) | |
Loss reserve discount accretion | 24,366 | 23,536 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 1,944,302 | 1,886,483 | |
Net payments for claims: | |||
Current year | 315,437 | 480,601 | |
Prior year | 1,432,828 | 1,188,704 | |
Total | 1,748,265 | 1,669,305 | |
Foreign currency translation | 37,097 | (19,768) | |
Net reserves at end of period | 9,823,399 | 9,442,282 | |
Ceded reserve at end of period | 1,500,868 | 1,455,594 | |
Gross reserves at end of period | $ 11,324,267 | $ 10,897,876 | $ 11,197,195 |
Reserves for Loss and Loss Ex73
Reserves for Loss and Loss Expenses (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net of loss reserve discounts | $ 11,349 | $ 9,402 | |
Decrease in estimates for claims | 14,873 | $ 21,696 | |
Adjustment expense | 23,600 | $ 28,700 | |
Insurance | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Adjustment expense | 49,400 | 24,800 | |
Reinsurance | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Adjustment expense | $ 25,800 | $ 3,900 |
Fair Value of Financial Instr74
Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Arbitrage trading account | $ 634,016 | $ 299,999 |
Loans receivable | 97,566 | 108,299 |
Carrying Value | ||
Assets: | ||
Fixed maturity securities | 13,514,085 | 13,190,668 |
Equity securities available for sale | 612,807 | 669,200 |
Arbitrage trading account | 634,016 | 299,999 |
Loans receivable | 96,064 | 106,798 |
Cash and cash equivalents | 788,354 | 795,285 |
Trading account receivables from brokers and clearing organizations | 164,696 | 484,593 |
Liabilities: | ||
Due to broker | 124,428 | 19,416 |
Trading account securities sold but not yet purchased | 62,860 | 51,179 |
Subordinated debentures | 727,924 | 727,630 |
Senior notes and other debt | 1,759,115 | 1,760,595 |
Fair Value | ||
Assets: | ||
Fixed maturity securities | 13,530,606 | 13,204,814 |
Equity securities available for sale | 612,807 | 669,200 |
Arbitrage trading account | 634,016 | 299,999 |
Loans receivable | 97,566 | 108,299 |
Cash and cash equivalents | 788,354 | 795,285 |
Trading account receivables from brokers and clearing organizations | 164,696 | 484,593 |
Liabilities: | ||
Due to broker | 124,428 | 19,416 |
Trading account securities sold but not yet purchased | 62,860 | 51,179 |
Subordinated debentures | 786,857 | 687,504 |
Senior notes and other debt | $ 1,952,275 | $ 1,914,727 |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Written premiums: | |||||
Written premiums, direct | $ 1,727,014 | $ 1,708,535 | $ 3,448,076 | $ 3,417,664 | |
Written premiums, assumed | 160,139 | 230,830 | 375,283 | 477,398 | |
Written premiums, ceded | (322,902) | (296,796) | (612,270) | (588,771) | |
Total net premiums written | 1,564,251 | 1,642,569 | 3,211,089 | 3,306,291 | |
Earned premiums: | |||||
Earned premiums, direct | 1,666,938 | 1,609,644 | 3,280,302 | 3,177,712 | |
Earned premiums, assumed | 193,683 | 225,643 | 402,310 | 444,009 | |
Earned premiums, ceded | (291,918) | (275,494) | (543,868) | (534,593) | |
Net premiums earned | 1,568,703 | 1,559,793 | 3,138,744 | 3,087,128 | |
Ceded losses and loss expenses incurred | 142,609 | 167,265 | 177,801 | 294,194 | |
Ceded commissions earned | 57,752 | $ 50,172 | 114,302 | $ 96,494 | |
Uncollectible reinsurance | $ 1,000 | $ 1,000 | $ 1,000 |
Restricted Stock Units (Summary
Restricted Stock Units (Summary of Restricted Stock Units Issued) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Share based compensation expense | $ 21,000 | $ 16,000 |
Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Restricted stock units (in units) | 6,020 | 17,654,000 |
Fair Value | $ 405 | $ 964 |
Minimum | Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 3 years | |
Maximum | Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 5 years |
Business Segments (Financial In
Business Segments (Financial Information of Company Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Earned Premiums | $ 1,568,703 | $ 1,559,793 | $ 3,138,744 | $ 3,087,128 |
Investment Income and Funds | 135,264 | 129,049 | 284,123 | 259,182 |
Other | 144,082 | 167,072 | 295,600 | 316,815 |
Total revenues | 1,848,049 | 1,855,914 | 3,718,467 | 3,663,125 |
Pre-Tax Income (Loss) | 160,961 | 158,314 | 345,258 | 332,990 |
Net Income (Loss) to Common Stockholders | 109,004 | 108,967 | 232,451 | 228,477 |
Net investment gains | 40,453 | 6,315 | 92,801 | 13,658 |
Net investment gains, net of tax | 26,294 | 4,105 | 60,321 | 8,878 |
Corporate, other and eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 0 | 0 | 0 | 0 |
Investment Income and Funds | 11,054 | 9,522 | 23,226 | 16,025 |
Other | 80,645 | 133,154 | 161,528 | 248,761 |
Total revenues | 91,699 | 142,676 | 184,754 | 264,786 |
Pre-Tax Income (Loss) | (80,397) | (48,335) | (153,034) | (108,714) |
Net Income (Loss) to Common Stockholders | (52,056) | (30,954) | (99,311) | (70,110) |
Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 1,415,586 | 1,390,744 | 2,828,755 | 2,757,350 |
Insurance | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 1,415,586 | 1,390,744 | 2,828,755 | 2,757,350 |
Investment Income and Funds | 102,719 | 94,155 | 214,628 | 193,605 |
Other | 22,984 | 27,603 | 41,271 | 54,396 |
Total revenues | 1,541,289 | 1,512,502 | 3,084,654 | 3,005,351 |
Pre-Tax Income (Loss) | 186,134 | 176,500 | 386,127 | 376,153 |
Net Income (Loss) to Common Stockholders | 124,442 | 119,135 | 257,458 | 253,639 |
Reinsurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 153,117 | 169,049 | 309,989 | 329,778 |
Reinsurance | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 153,117 | 169,049 | 309,989 | 329,778 |
Investment Income and Funds | 21,491 | 25,372 | 46,269 | 49,552 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 174,608 | 194,421 | 356,258 | 379,330 |
Pre-Tax Income (Loss) | 14,771 | 23,834 | 19,364 | 51,893 |
Net Income (Loss) to Common Stockholders | 10,324 | 16,681 | 13,983 | 36,070 |
Re-insurance - International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 50,000 | 50,000 | 101,000 | 105,000 |
Net investment gains | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums | 0 | 0 | ||
Investment Income and Funds | 0 | 0 | 0 | |
Insurance-International Segment | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 168,000 | $ 179,000 | $ 347,000 | $ 359,000 |
Business Segments (Identifiable
Business Segments (Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 23,993,491 | $ 23,350,076 |
Operating Segments | Insurance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 18,687,170 | 19,137,758 |
Operating Segments | Reinsurance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 3,085,961 | 2,524,338 |
Corporate, other and eliminations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 2,220,360 | $ 1,687,980 |
Business Segments (Net Premiums
Business Segments (Net Premiums Earned By Major Line of Business) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue from External Customer [Line Items] | ||||
Premiums Earned, Net | $ 1,568,703 | $ 1,559,793 | $ 3,138,744 | $ 3,087,128 |
Insurance | ||||
Revenue from External Customer [Line Items] | ||||
Premiums Earned, Net | 1,415,586 | 1,390,744 | 2,828,755 | 2,757,350 |
Insurance | Other liability | ||||
Revenue from External Customer [Line Items] | ||||
Premiums Earned, Net | 460,059 | 433,472 | 911,889 | 847,000 |
Insurance | Workers’ compensation | ||||
Revenue from External Customer [Line Items] | ||||
Premiums Earned, Net | 366,950 | 344,736 | 728,086 | 688,317 |
Insurance | Property | ||||
Revenue from External Customer [Line Items] | ||||
Premiums Earned, Net | 290,696 | 322,493 | 599,930 | 649,570 |
Insurance | Commercial automobile | ||||
Revenue from External Customer [Line Items] | ||||
Premiums Earned, Net | 161,526 | 159,892 | 319,653 | 316,709 |
Insurance | Professional liability | ||||
Revenue from External Customer [Line Items] | ||||
Premiums Earned, Net | 136,355 | 130,151 | 269,197 | 255,754 |
Reinsurance | ||||
Revenue from External Customer [Line Items] | ||||
Premiums Earned, Net | 153,117 | 169,049 | 309,989 | 329,778 |
Reinsurance | Property | ||||
Revenue from External Customer [Line Items] | ||||
Premiums Earned, Net | 59,905 | 68,936 | 122,037 | 125,360 |
Reinsurance | Casualty | ||||
Revenue from External Customer [Line Items] | ||||
Premiums Earned, Net | $ 93,212 | $ 100,113 | $ 187,952 | $ 204,418 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | 1 Months Ended |
Jul. 31, 2017USD ($) | |
Subsequent event | |
Subsequent Event [Line Items] | |
Pre-tax realized gain from sale of wholly owned non insurance business | $ 120 |