Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 11, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-15202 | ||
Entity Registrant Name | W. R. BERKLEY CORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 22-1867895 | ||
Entity Address, Address Line One | 475 Steamboat Road | ||
Entity Address, City or Town | Greenwich, | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06830 | ||
City Area Code | 203 | ||
Local Phone Number | 629-3000 | ||
Title of 12(b) Security | Common Stock, par value $.20 per share | ||
Trading Symbol | WRB | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8,077,532,224 | ||
Entity Common Stock, Shares Outstanding | 177,361,868 | ||
Entity Central Index Key | 0000011544 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference [Text Block] | Portions of the Company’s definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, 2020, are incorporated herein by reference in Part III. | ||
5.900% Subordinated Debentures due 2056 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.900% Subordinated Debentures due 2056 | ||
Trading Symbol | WRB-PC | ||
Security Exchange Name | NYSE | ||
5.750% Subordinated Debentures due 2056 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.750% Subordinated Debentures due 2056 | ||
Trading Symbol | WRB-PD | ||
Security Exchange Name | NYSE | ||
5.700% Subordinated Debentures due 2058 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.700% Subordinated Debentures due 2058 | ||
Trading Symbol | WRB-PE | ||
Security Exchange Name | NYSE | ||
5.100% Subordinated Debentures due 2059 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.100% Subordinated Debentures due 2059 | ||
Trading Symbol | WRB-PF | ||
Security Exchange Name | NYSE | ||
4.250% Subordinated Debentures due 2060 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 4.250% Subordinated Debentures due 2060 | ||
Trading Symbol | WRB-PG | ||
Security Exchange Name | NYSE | ||
4.125% Subordinated Debentures due 2061 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 4.125% Subordinated Debentures due 2061 | ||
Trading Symbol | WRB-PH | ||
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES: | |||
Net premiums written | $ 7,262,437 | $ 6,863,499 | $ 6,433,227 |
Change in net unearned premiums | (331,594) | (230,211) | (61,722) |
Net premiums earned | 6,930,843 | 6,633,288 | 6,371,505 |
Net investment income | 583,821 | 645,614 | 674,235 |
Net investment gains: | |||
Net realized and unrealized gains on investments | 73,514 | 120,703 | 160,175 |
Change in allowance for expected credit losses on investments | 29,486 | 0 | (5,687) |
Net investment gains (losses) | 103,000 | 120,703 | 154,488 |
Revenues from non-insurance businesses | 389,888 | 406,541 | 372,985 |
Insurance service fees | 88,777 | 92,680 | 117,757 |
Other income | 2,596 | 3,370 | 681 |
Total revenues | 8,098,925 | 7,902,196 | 7,691,651 |
OPERATING COSTS AND EXPENSES: | |||
Losses and loss expenses | 4,468,706 | 4,131,116 | 3,974,702 |
Other operating costs and expenses | 2,390,392 | 2,362,082 | 2,383,221 |
Expenses from non-insurance businesses | 384,488 | 402,669 | 364,449 |
Interest expense | 150,537 | 153,409 | 157,185 |
Total operating costs and expenses | 7,394,123 | 7,049,276 | 6,879,557 |
Pre-Tax Income (Loss) | 704,802 | 852,920 | 812,094 |
Income tax expense | (171,817) | (168,935) | (163,028) |
Net income before noncontrolling interests | 532,985 | 683,985 | 649,066 |
Noncontrolling interests | (2,315) | (2,041) | (8,317) |
Net income to common stockholders | $ 530,670 | $ 681,944 | $ 640,749 |
NET INCOME PER SHARE: | |||
Basic (dollars per share) | $ 2.84 | $ 3.58 | $ 3.37 |
Diluted (dollars per share) | $ 2.81 | $ 3.52 | $ 3.33 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments: | ||
Fixed maturity securities (amortized cost of $13,755,858 and $13,976,647; allowance for expected credit losses of $2,580 at December 31, 2020) | $ 14,159,369 | $ 14,180,961 |
Investment funds | 1,309,430 | 1,213,535 |
Real estate | 1,960,914 | 2,105,950 |
Arbitrage trading account | 341,473 | 400,809 |
Equity securities | 625,667 | 480,620 |
Loans receivable (net of allowance for expected credit losses of $5,437 at December 31, 2020) | 84,913 | 91,799 |
Total investments | 18,481,766 | 18,473,674 |
Cash and cash equivalents | 2,372,366 | 1,023,710 |
Premiums and fees receivable (net of allowance for expected credit losses of $22,883 at December 31, 2020) | 2,167,799 | 1,997,186 |
Due from reinsurers (net of allowance for expected credit losses of $7,801 at December 31, 2020) | 2,424,502 | 2,133,683 |
Deferred policy acquisition costs | 556,168 | 517,364 |
Prepaid reinsurance premiums | 648,376 | 567,595 |
Trading account receivable from brokers and clearing organizations | 524,727 | 423,543 |
Property, furniture and equipment | 405,930 | 422,091 |
Goodwill | 169,652 | 169,652 |
Accrued investment income | 120,464 | 138,789 |
Current federal and foreign income taxes | 5,893 | 23,404 |
Deferred federal and foreign income taxes | 29,055 | 8,710 |
Other assets | 700,215 | 762,743 |
Total assets | 28,606,913 | 26,662,144 |
Liabilities: | ||
Reserves for losses and loss expenses | 13,784,430 | 12,583,249 |
Unearned premiums | 4,073,191 | 3,656,507 |
Due to reinsurers | 426,124 | 360,314 |
Trading account securities sold but not yet purchased | 10,048 | 36,143 |
Current federal and foreign income taxes | 41,282 | 10,006 |
Deferred federal and foreign income taxes | 42,161 | 26,416 |
Other liabilities | 1,178,546 | 1,244,888 |
Senior notes and other debt | 1,623,025 | 1,427,575 |
Subordinated debentures | 1,102,309 | 1,198,704 |
Total liabilities | 22,281,116 | 20,543,802 |
Equity: | ||
Preferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none | 0 | 0 |
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,825,150 and 183,411,907 shares, respectively | 70,535 | 70,535 |
Additional paid-in capital | 1,012,483 | 1,056,042 |
Retained earnings | 8,348,381 | 7,932,372 |
Accumulated other comprehensive loss | (62,172) | (257,299) |
Treasury stock, at cost, 174,851,350 and 169,264,857 shares, respectively | (3,058,425) | (2,726,711) |
Total common stockholders’ equity | 6,310,802 | 6,074,939 |
Noncontrolling interests | 14,995 | 43,403 |
Total equity | 6,325,797 | 6,118,342 |
Total liabilities and equity | $ 28,606,913 | $ 26,662,144 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Fixed maturity securities, amortized cost | $ 13,755,858,000 | $ 13,976,647,000 |
Fixed maturity securities, allowance for credit loss | 2,580,000 | |
Financing receivable, allowance for credit loss | 5,437,000 | 2,146,000 |
Premium receivable, allowance for credit loss | 22,883,000 | 19,823,000 |
Uncollectible reinsurance | $ 7,800,649 | $ 690,127 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.20 | $ 0.20 |
Common stock, issued (in shares) | 177,825,150 | 183,411,907 |
Common stock, outstanding (in shares) | 177,825,150 | 183,411,907 |
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Treasury stock, at cost (in shares) | 174,851,350 | 169,264,857 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stocks | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Unrealized investment gains (losses | Currency Translation Adjustments | Treasury Stock | Noncontrolling Interests |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 215,939 | $ (214,539) | |||||||
Beginning of period at Dec. 31, 2017 | $ 70,535 | $ 1,024,772 | 6,956,882 | 375,421 | $ (306,880) | $ (2,709,386) | $ 39,819 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | (19,547) | ||||||||
Restricted stock units expensed | 34,408 | ||||||||
Change in controlling financial interest of a subsidiary | 0 | ||||||||
Change in unrealized gains (losses) on securities without an allowance for expected credit losses | $ (252,327) | (252,241) | |||||||
Change in unrealized gains (losses) on securities with an allowance for expected credit losses | (132) | ||||||||
Net change in period | (112,099) | (112,099) | |||||||
Stock exercised/vested | 12,981 | ||||||||
Stock issued | 689 | ||||||||
Stock repurchased | (24,750) | ||||||||
Distributions | (6,143) | ||||||||
Net income | 649,066 | 640,749 | 8,317 | ||||||
Dividends ($0.47, $1.68, and $1.39 per share, respectively) | (254,951) | ||||||||
Other comprehensive (loss) income, net of tax | (364,426) | (46) | |||||||
End of period at Dec. 31, 2018 | 70,535 | 1,039,633 | 7,558,619 | $ (510,470) | (91,491) | (418,979) | (2,720,466) | 41,947 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |||||||
Restricted stock units issued | (32,370) | ||||||||
Restricted stock units expensed | 48,779 | ||||||||
Change in controlling financial interest of a subsidiary | 0 | ||||||||
Change in unrealized gains (losses) on securities without an allowance for expected credit losses | 215,902 | 215,636 | |||||||
Change in unrealized gains (losses) on securities with an allowance for expected credit losses | 369 | ||||||||
Net change in period | 37,166 | 37,166 | |||||||
Stock exercised/vested | 11,431 | ||||||||
Stock issued | 549 | ||||||||
Stock repurchased | (18,225) | ||||||||
Distributions | (688) | ||||||||
Net income | 683,985 | 681,944 | 2,041 | ||||||
Dividends ($0.47, $1.68, and $1.39 per share, respectively) | (308,191) | ||||||||
Other comprehensive (loss) income, net of tax | 253,068 | 253,068 | 37,166 | 103 | |||||
End of period at Dec. 31, 2019 | 6,118,342 | $ 70,535 | 1,056,042 | 7,932,372 | (257,299) | 124,514 | (381,813) | (2,726,711) | 43,403 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect adjustment resulting from changes in accounting principles | (30,514) | 24,952 | |||||||
Restricted stock units issued | (38,491) | ||||||||
Restricted stock units expensed | 48,567 | ||||||||
Change in controlling financial interest of a subsidiary | (53,635) | ||||||||
Change in unrealized gains (losses) on securities without an allowance for expected credit losses | 140,250 | 108,244 | |||||||
Change in unrealized gains (losses) on securities with an allowance for expected credit losses | 32,004 | ||||||||
Net change in period | 29,927 | 29,927 | |||||||
Stock exercised/vested | 13,917 | ||||||||
Stock issued | 726 | ||||||||
Stock repurchased | (346,357) | ||||||||
Distributions | (30,721) | ||||||||
Net income | 532,985 | 530,670 | 2,315 | ||||||
Dividends ($0.47, $1.68, and $1.39 per share, respectively) | (84,147) | ||||||||
Other comprehensive (loss) income, net of tax | 170,177 | 170,177 | 29,927 | (2) | |||||
End of period at Dec. 31, 2020 | $ 6,325,797 | $ 1,012,483 | $ 8,348,381 | $ (62,172) | $ 289,714 | $ (351,886) | $ (3,058,425) | $ 14,995 |
Consolidated Statements of St_2
Consolidated Statements of Stockholder's Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends (in dollars per share) | $ 0.47 | $ 1.68 | $ 1.39 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income before noncontrolling interests | $ 532,985 | $ 683,985 | $ 649,066 |
Other comprehensive gain (loss): | |||
Change in unrealized translation adjustments | 29,927 | 37,166 | (112,099) |
Change in unrealized investment gains (losses), net of taxes | 140,250 | 215,902 | (252,327) |
Other comprehensive gain (loss) | 170,177 | 253,068 | (364,426) |
Comprehensive income | 703,162 | 937,053 | 284,640 |
Comprehensive income to the noncontrolling interest | (2,313) | (2,144) | (8,271) |
Comprehensive income to common stockholders | $ 700,849 | $ 934,909 | $ 276,369 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FROM OPERATING ACTIVITIES: | |||
Net income to common stockholders | $ 530,670 | $ 681,944 | $ 640,749 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Net investment gains | (103,000) | (120,703) | (154,488) |
Depreciation and amortization | 135,065 | 113,387 | 131,108 |
Noncontrolling interests | 2,315 | 2,041 | 8,317 |
Investment funds | (54,253) | (69,194) | (109,349) |
Stock incentive plans | 49,658 | 49,274 | 36,591 |
Change in: | |||
Arbitrage trading account | (67,943) | (26,553) | (19,093) |
Premiums and fees receivable | (173,618) | (189,151) | (43,813) |
Reinsurance accounts | (313,525) | (165,898) | (165,287) |
Deferred policy acquisition costs | (38,691) | (20,057) | 7,788 |
Current income taxes | 49,021 | (12,530) | (11,950) |
Deferred income taxes | (34,057) | 7,130 | (74,761) |
Reserves for losses and loss expenses | 1,176,049 | 612,254 | 339,015 |
Unearned premiums | 415,956 | 301,355 | 84,142 |
Other | 43,039 | (19,506) | (48,770) |
Net cash from operating activities | 1,616,686 | 1,143,793 | 620,199 |
CASH FLOWS FROM (USED) IN INVESTING ACTIVITIES: | |||
Proceeds from sale of fixed maturity securities | 3,832,555 | 2,093,271 | 3,525,149 |
Proceeds from sale of equity securities | 114,763 | 79,963 | 497,989 |
(Contributions) distributions from investment funds | 3,042 | (194,663) | 79,635 |
Proceeds from maturities and prepayments of fixed maturity securities | 3,864,327 | 2,933,980 | 2,676,455 |
Purchase of fixed maturity securities | (7,551,591) | (5,352,886) | (6,677,753) |
Purchase of equity securities | (253,031) | (172,978) | (85,610) |
Real estate sold (purchased) | 178,934 | (146,752) | (514,064) |
Change in loans receivable | 1,467 | 3,481 | (13,204) |
Net additions to property, furniture and equipment | (38,171) | (60,457) | (49,860) |
Change in balances due from security brokers | (26,515) | 2,844 | 4,262 |
Cash received in connection with business disposition | 0 | 0 | 8,664 |
Payment for business purchased, net of cash acquired | 0 | 0 | (6,637) |
Net cash from (used) in investing activities | 119,696 | (424,871) | (714,244) |
CASH FLOWS USED IN FINANCING ACTIVITIES: | |||
Net proceeds from issuance of debt | 741,637 | 290,974 | 294,562 |
Repayment and redemption of debt | (652,751) | (456,360) | (4,524) |
Cash dividends to common stockholders | (84,147) | (308,191) | (254,951) |
Purchase of common treasury shares | (346,357) | (18,225) | (24,750) |
Other, net | (56,225) | (21,391) | (17,740) |
Net cash used in financing activities | (397,843) | (513,193) | (7,403) |
Net impact on cash due to change in foreign exchange rates | 10,117 | 379 | (31,421) |
Net increase (decrease) in cash and cash equivalents | 1,348,656 | 206,108 | (132,869) |
Cash and cash equivalents at beginning of year | 1,023,710 | 817,602 | 950,471 |
Cash and cash equivalents at end of year | $ 2,372,366 | $ 1,023,710 | $ 817,602 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (A) Principles of consolidation and basis of presentation The 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"). All significant intercompany transactions and balances have been eliminated. Reclassifications have been made in the 2019 and 2018 financial statements as originally reported to conform to the presentation of the 2020 financial statements. 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. The most significant items on our balance sheet that involve a greater degree of accounting estimates that are subject to change in the future are the valuation of investments, allowance for expected credit losses on investments, reserves for losses and loss expenses and premium estimates. Actual results could differ from those estimates. (B) Revenue recognition Insurance premiums are recognized as written at the inception of the policy. Reinsurance premiums are estimated based upon information received from ceding companies, and subsequent differences from such estimates are recorded in the period they are determined. Insurance and reinsurance premiums are primarily earned on a pro rata basis over the policy term. Fees for services are earned over the period that the services are provided. Premiums and fees receivable are reported net of an allowance for expected credit losses, with the allowance being estimated based on current and future expected conditions, historical loss data and specific identification of collectability concerns where applicable. Changes in the allowance are reported within other operating costs and expenses. Audit premiums are recognized when they are reliably determinable. The change in accruals for earned but unbilled audit premiums (decreased) increased net premiums written and premiums earned by $(27) million, $4 million and $(4) million in 2020, 2019 and 2018, respectively. Revenues from non-insurance businesses are derived from businesses engaged in the distribution of promotional merchandise, world-wide textile solutions, and aircraft services provided to the general, commercial and military aviation markets. These aircraft services include (i) the distribution, manufacturing, repair and overhaul of aircraft parts and components, (ii) the sale of new and used aircraft, and (iii) avionics, fuel, maintenance, storage and charter services. Revenue is recognized upon the shipment of products and parts, the delivery of aircraft, the delivery of fuel, and over the completion period of services. Insurance service fee revenue represents servicing fees for program administration and claims management services provided by the Company, including workers' compensation assigned risk plans, as well as insurance brokerage and risk management services. Fees for program administration, claims management and risk management services are primarily recognized ratably over the related contract period for which the underlying services are rendered. Commissions for insurance brokerage are generally recognized when the underlying insurance policy is effective. (C) Cash and cash equivalents Cash equivalents consist of funds invested in money market accounts and investments with an effective maturity of three months or less when purchased. (D) Investments Fixed maturity securities classified as available for sale are carried at estimated fair value, with unrealized gains and losses, net of applicable income taxes, excluded from earnings and reported as a component of comprehensive income and a separate component of stockholders' equity. Fixed maturity securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment income from fixed maturity securities is recognized based on the constant effective yield method. Premiums and discounts on mortgage-backed securities are adjusted for the effects of actual and anticipated prepayments on a retrospective basis. Equity securities with readily determinable fair values are measured at fair value, with changes in the fair value recognized in net income within net realized and unrealized gains on investments. Fixed maturity securities that the Company purchased with the intent to sell in the near-term are classified as trading account securities and are reported at estimated fair value. Realized and unrealized gains and losses from trading activity are reported as net investment income and are recorded at the trade date. Short sales and short call options are presented as trading securities sold but not yet purchased. Unsettled trades and the net margin balances held by the clearing broker are presented as a trading account receivable from brokers and clearing organizations. Investment funds are carried under the equity method of accounting. The Company's share of the earnings or losses of investment funds is primarily reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Loans receivable primarily represent commercial real estate mortgage loans and bank loans and are carried at amortized cost. The accrual of interest on loans receivable is discontinued if the loan is 90 days past due based on the contractual terms of the loan unless the loan is adequately secured and in process of collection. In general, loans are placed on non-accrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. Interest on these loans is accounted for on a cash basis until qualifying for return to accrual status. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. 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.” Fair value of investments is determined based on a fair value hierarchy that prioritizes the use of observable inputs over the use of unobservable inputs and requires the use of observable inputs when available. (See Note 12 of the Notes to Consolidated Financial Statements.) Realized gains or losses represent the difference between the cost of securities sold and the proceeds realized upon sale and are recorded at the trade date. The Company uses primarily the first-in, first-out method to determine the cost of securities sold. For available for sale securities in an unrealized loss position where the Company intends to sell, or it is more likely than not that it will be required to sell the security before recovery in value, the amortized cost basis is written down to fair value through net investment gains. For available for sale securities in an unrealized loss position where the Company does not intend to sell, or it is more likely than not that it will not be required to sell the security before recovery in value, the Company evaluates whether the decline in fair value has resulted from credit losses or all other factors (non-credit factors). In making this assessment, the Company considers the extent to which fair value is less than amortized cost, changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for expected credit losses is recorded for the credit loss through net investment gains, limited by the amount that the fair value is less than the amortized cost basis. The allowance is adjusted for any change in expected credit losses and subsequent recoveries through net investment gains. The impairment related to non-credit factors is recognized in other comprehensive income. For financial assets carried at amortized cost, which includes held to maturity securities and loans receivable, the Company estimates an allowance for expected credit losses based on relevant information about past events, including historical loss experience, current conditions and forecasts that affect the expected collectability of the amortized cost of the financial asset. The allowance for expected credit losses is presented as a reduction to amortized cost of the financial asset in the consolidated balance sheet and changes to the estimate for expected credit losses are recognized through net investment gains. The Company’s credit assessment of allowance for expected credit losses uses a third party model for available for sale and held to maturity securities, as well as loans receivable. The allowance for expected credit losses is generally based on the performance of the underlying collateral under various economic and default scenarios that involve subjective judgments and estimates by management. Modeling these securities involves various factors, such as projected default rates, the nature and realizable value of the collateral, if any, the ability of the issuer to make scheduled payments, historical performance and other relevant economic and performance factors. A discounted cash flow analysis is used to ascertain the amount of the allowance for expected credit losses, if any. In general, the model reverts to the rating-level long-term average marginal default rates based on 10 years of historical data, beyond the forecast period. For other inputs, the model in most cases reverts to the baseline long-term assumptions linearly over 5 years beyond the forecast period. The long-term assumptions are based on the historical averages. The Company reports accrued investment income separately from fixed maturity securities, and has elected not to measure an allowance for expected credit losses for accrued investment income. Accrued investment income is written off through net investment income at the time the issuer of the bond defaults or is expected to default on payments. Real estate held for investment purposes is initially recorded at the purchase price, which is generally fair value, and is subsequently reported at cost less accumulated depreciation. Real estate taxes, interest and other costs incurred during development and construction are capitalized. Buildings are depreciated on a straight-line basis over the estimated useful lives of the building. Minimum rental income is recognized on a straight-line basis over the lease term. Income and expenses from real estate are reported as net investment income. The carrying value of real estate is reviewed for impairment and an impairment loss is recognized if the estimated undiscounted cash flows from the use and disposition of the property are less than the carrying value of the property. (E) 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 weighted average number of common shares outstanding during the year (including 7,767,874 common shares held in a grantor trust). 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 year 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. (F) Deferred policy acquisition costs Acquisition costs associated with the successful acquisition of new and renewed insurance and reinsurance contracts are deferred and amortized ratably over the terms of the related contracts. Ceding commissions received on reinsurance contracts are netted against acquisition costs and are recognized ratably over the life of the contract. Deferred policy acquisition costs are presented net of unearned ceding commissions. Deferred policy acquisition costs are comprised primarily of commissions, as well as employment-related underwriting costs and premium taxes. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income and, if not, are charged to expense. The recoverability of deferred policy acquisition costs is evaluated separately by each of our operating companies. Future investment income is taken into account in measuring the recoverability of deferred policy acquisition costs. (G) Reserves for losses and loss expenses Reserves for losses and loss expenses are an accumulation of amounts determined on the basis of (1) evaluation of claims for business written directly by the Company; (2) estimates received from other companies for reinsurance assumed by the Company; and (3) estimates for losses incurred but not reported (based on Company and industry experience). These estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the statements of income in the period in which they are determined. The Company discounts its reserves for excess and assumed workers' compensation claims using a risk-free or statutory rate. (See Note 13 of Notes to Consolidated Financial Statements.) (H) Reinsurance ceded The unearned portion of premiums ceded to reinsurers is reported as prepaid reinsurance premiums and earned ratably over the policy term. The estimated amounts of reinsurance recoverable on unpaid losses are reported as due from reinsurers. To the extent any reinsurer does not meet its obligations under reinsurance agreements, the Company must discharge its liability. Amounts due from reinsurers are reflected net of funds held where the right of offset is present. The Company has provided an allowance for expected credit losses for estimated uncollectible reinsurance. The allowance is estimated based on the composition of the recoverable balance, considering reinsurer credit ratings, collateral received from financial institutions and funds withheld arrangements, length of collection periods, probability of default methodology, and specific identification of collectability concerns. Changes in the allowance are reported within losses and loss expenses. (I) Deposit accounting Contracts that do not meet the risk transfer requirements of GAAP are accounted for using the deposit accounting method. Under this method, an asset or liability is recognized at the inception of the contract based on consideration paid or received. The amount of the deposit asset or liability is adjusted at subsequent reporting dates using the interest method with a corresponding credit or charge to interest income or expense. Deposit liabilities for assumed reinsurance contracts were $38 million and $41 million at December 31, 2020 and 2019, respectively. (J) Federal and foreign income taxes The Company files a consolidated income tax return in the U.S. and foreign tax returns in countries where it has overseas operations. The Company's method of accounting for income taxes is the asset and liability method. Under this method, deferred tax assets and liabilities are measured using tax rates currently in effect or expected to apply in the years in which those temporary differences are expected to reverse. Interest and penalties, if any, are reported as income tax expense. The Company believes there are no tax positions that would require disclosure under GAAP. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will not be realized. (K) Foreign currency Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the entity's functional currency) are reported on the statements of income as other operating costs and expenses. Unrealized gains or losses resulting from translating the results of non-U.S. dollar denominated operations are reported in accumulated other comprehensive income. Revenues and expenses denominated in currencies other than U.S. dollars are generally translated at the weighted average exchange rate during the year. Assets and liabilities are translated at the rate of exchange in effect at the balance sheet date. (L) Property, furniture and equipment Property, furniture and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the estimated useful lives of the respective assets. Depreciation expense was $53 million, $54 million and $54 million for 2020, 2019 and 2018, respectively. (M) Comprehensive income Comprehensive income encompasses all changes in stockholders' equity (except those arising from transactions with stockholders) and includes net income, net unrealized holding gains or losses on available for sale securities and unrealized foreign currency translation adjustments. (N) Goodwill and other intangible assets Goodwill and other intangible assets are tested for impairment on an annual basis and at interim periods where circumstances require. The Company's impairment test as of December 31, 2020 indicated that there were no material impairment losses related to goodwill and other intangible assets. Intangible assets of $93 million and $99 million are included in other assets as of December 31, 2020 and 2019, respectively. (O) Restricted stock units The costs resulting from all share-based payment transactions with employees are recognized in the consolidated financial statements using a fair-value-based measurement method. Compensation cost is recognized for financial reporting purposes over the period in which the employee is required to provide service in exchange for the award (generally the vesting period). (P) Statements of cash flows Interest payments were $155 million, $160 million and $155 million in 2020, 2019 and 2018, respectively. Income taxes paid were $103 million, $125 million and $186 million in 2020, 2019 and 2018, respectively. Other non-cash items include unrealized investment gains and losses. (See Note 10 of Notes to Consolidated Financial Statements.) (Q) Recent accounting pronouncements Recently adopted accounting pronouncements: In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses, which amended the accounting guidance for credit losses on financial instruments. The updated guidance amended the current other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to expected 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, such as reinsurance recoverables. The updated guidance was effective for reporting periods beginning after December 15, 2019. Prior to January 1, 2020, for available for sale securities the portion of the decline in value considered to be a credit loss (i.e., the difference between the present value of cash flows expected to be collected and the amortized cost basis of the security) was recognized in earnings as an other-than-temporary impairment. The portion of the decline in value not considered to be a credit loss (i.e., the difference in the present value of cash flows expected to be collected and the fair value of the security) was recognized in other comprehensive income. The adoption of this guidance on January 1, 2020 resulted in the recognition of an allowance for expected credit losses in connection with operating assets (premiums and fees receivable and due from reinsurers) of $5.7 million (net of tax) and a corresponding cumulative effect adjustment that decreased common stockholders' equity. Certain investments (primarily fixed maturity securities available for sale) established an allowance for expected credit loss of $24.8 million (net of tax), with a cumulative effect adjustment decreasing retained earnings by $24.8 million (net of tax) and increasing accumulated other comprehensive (loss) income ("AOCI") by $25.0 million (net of tax), resulting in $0.2 million net impact to total common stockholders' equity. All other accounting and reporting standards that became effective in 2020 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: All 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. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Consolidated Statement of Comprehensive Income | Consolidated Statements of Comprehensive Income The following tables present the components of the changes in accumulated other comprehensive loss as of and for the years ended December 31, 2020 and 2019: (In thousands) December 31, 2020 Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive Loss Changes in AOCI Beginning of period $ 124,514 $ (381,813) $ (257,299) Cumulative effect adjustment resulting from changes in accounting principles 24,952 — 24,952 Restated beginning of period 149,466 (381,813) (232,347) Other comprehensive income before reclassifications 114,049 29,927 143,976 Amounts reclassified from AOCI 26,201 — 26,201 Other comprehensive income 140,250 29,927 170,177 Unrealized investment loss related to noncontrolling interest (2) — (2) Ending balance $ 289,714 $ (351,886) $ (62,172) Amounts reclassified from AOCI Pre-tax $ 33,166 (1) $ — $ 33,166 Tax effect (6,965) (2) — (6,965) After-tax amounts reclassified $ 26,201 $ — $ 26,201 Other comprehensive income Pre-tax $ 164,645 $ 29,927 $ 194,572 Tax effect (24,395) — (24,395) Other comprehensive income $ 140,250 $ 29,927 $ 170,177 (In thousands) December 31, 2019 Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive Loss Changes in AOCI Beginning of period $ (91,491) $ (418,979) $ (510,470) Other comprehensive income before reclassifications 224,011 37,166 261,177 Amounts reclassified from AOCI (8,109) — (8,109) Other comprehensive income 215,902 37,166 253,068 Unrealized investment gain related to non-controlling interest 103 — 103 Ending balance $ 124,514 $ (381,813) $ (257,299) Amounts reclassified from AOCI Pre-tax $ (10,265) (1) $ — $ (10,265) Tax effect 2,156 (2) — 2,156 After-tax amounts reclassified $ (8,109) $ — $ (8,109) Other comprehensive income Pre-tax $ 261,970 $ 37,166 $ 299,136 Tax effect (46,068) — (46,068) Other comprehensive income $ 215,902 $ 37,166 $ 253,068 _______________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Investments In Fixed Maturity S
Investments In Fixed Maturity Securities | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Marketable Securities [Line Items] | |
Investments In Fixed Maturity Securities | Investments in Fixed Maturity Securities At December 31, 2020 and 2019, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 2020 Held to maturity: State and municipal $ 67,117 $ (798) $ 13,217 $ — $ 79,536 $ 66,319 Residential mortgage-backed 6,455 — 1,043 — 7,498 6,455 Total held to maturity 73,572 (798) 14,260 — 87,034 72,774 Available for sale: U.S. government and government agency 586,020 — 18,198 (347) 603,871 603,871 State and municipal: Special revenue 2,137,162 — 96,924 (714) 2,233,372 2,233,372 State general obligation 417,397 — 33,407 — 450,804 450,804 Pre-refunded 250,081 — 21,472 (162) 271,391 271,391 Corporate backed 206,356 — 8,755 (638) 214,473 214,473 Local general obligation 410,583 — 40,596 (555) 450,624 450,624 Total state and municipal 3,421,579 — 201,154 (2,069) 3,620,664 3,620,664 Mortgage-backed securities: Residential 813,187 — 24,664 (5,238) 832,613 832,613 Commercial 181,105 — 6,725 (113) 187,717 187,717 Total mortgage-backed securities 994,292 — 31,389 (5,351) 1,020,330 1,020,330 Asset-backed securities 3,218,048 — 10,035 (33,497) 3,194,586 3,194,586 Corporate: Industrial 2,456,516 (518) 115,926 (7,449) 2,564,475 2,564,475 Financial 1,513,943 — 62,947 (987) 1,575,903 1,575,903 Utilities 389,267 — 31,931 (33) 421,165 421,165 Other 109,353 — 696 (11) 110,038 110,038 Total corporate 4,469,079 (518) 211,500 (8,480) 4,671,581 4,671,581 Foreign government 993,268 (1,264) 28,007 (44,448) 975,563 975,563 Total available for sale 13,682,286 (1,782) 500,283 (94,192) 14,086,595 14,086,595 Total investments in fixed maturity securities $ 13,755,858 $ (2,580) $ 514,543 $ (94,192) $ 14,173,629 $ 14,159,369 ____________________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses, excluding the cumulative effect adjustment resulting from changes in accounting principles, is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. (In thousands) Amortized Gross Unrealized Fair Carrying Gains Losses December 31, 2019 Held to maturity: State and municipal $ 70,312 $ 13,000 $ — $ 83,312 $ 70,312 Residential mortgage-backed 8,371 994 — 9,365 8,371 Total held to maturity 78,683 13,994 — 92,677 78,683 Available for sale: U.S. government and government agency 775,157 13,249 (1,475) 786,931 786,931 State and municipal: Special revenue 2,343,209 64,586 (4,152) 2,403,643 2,403,643 State general obligation 359,298 22,074 (97) 381,275 381,275 Pre-refunded 364,571 20,342 (128) 384,785 384,785 Corporate backed 255,230 7,232 (903) 261,559 261,559 Local general obligation 432,333 32,684 (647) 464,370 464,370 Total state and municipal 3,754,641 146,918 (5,927) 3,895,632 3,895,632 Mortgage-backed securities: Residential 1,298,145 23,230 (5,155) 1,316,220 1,316,220 Commercial 304,506 5,214 (346) 309,374 309,374 Total mortgage-backed securities 1,602,651 28,444 (5,501) 1,625,594 1,625,594 Asset-backed securities 2,802,588 9,532 (21,490) 2,790,630 2,790,630 Corporate: Industrial 2,260,073 72,900 (3,800) 2,329,173 2,329,173 Financial 1,447,589 37,681 (4,118) 1,481,152 1,481,152 Utilities 325,762 15,281 (402) 340,641 340,641 Other 5,219 230 — 5,449 5,449 Total corporate 4,038,643 126,092 (8,320) 4,156,415 4,156,415 Foreign government 924,284 16,465 (93,673) 847,076 847,076 Total available for sale 13,897,964 340,700 (136,386) 14,102,278 14,102,278 Total investments in fixed maturity securities $ 13,976,647 $ 354,694 $ (136,386) $ 14,194,955 $ 14,180,961 The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the year ended December 31, 2020: State and Municipal (In thousands) Allowance for expected credit losses at January 1, 2020 $ — Cumulative effect adjustment resulting from changes in accounting principles 69 Provision for expected credit losses 729 Allowance for expected credit losses at December 31, 2020 $ 798 The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the year ended December 31, 2020: Foreign Government Corporate Total (In thousands) Allowance for expected credit losses at January 1, 2020 $ — $ — $ — Cumulative effect adjustment resulting from changes in accounting principles 35,645 — 35,645 Expected credit losses on securities for which credit losses were not previously recorded 12,590 7,058 19,648 Expected credit losses (gains) on securities for which credit losses were previously recorded 373 (3,841) (3,468) Reduction due to disposals (47,344) (2,699) (50,043) Allowance for expected credit losses at December 31, 2020 $ 1,264 $ 518 $ 1,782 During the year ended December 31, 2020, the Company decreased the allowance for expected credit losses utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to the disposition of securities which previously had an allowance recorded. The amortized cost and fair value of fixed maturity securities at December 31, 2020, 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 Fair Value Due in one year or less $ 1,618,794 $ 1,612,652 Due after one year through five years 5,319,638 5,511,880 Due after five years through ten years 3,382,528 3,550,286 Due after ten years 2,433,353 2,470,983 Mortgage-backed securities 1,000,747 1,027,828 Total $ 13,755,060 $ 14,173,629 ________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $798 thousand related to held to maturity securities. At December 31, 2020 and 2019, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2020, investments with a carrying value of $1,838 million were on deposit in custodial or trust accounts, of which $1,223 million was on deposit with insurance regulators, $576 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $35 million was on deposit as security for reinsurance clients and $4 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations. |
Investments In Equity Securitie
Investments In Equity Securities | 12 Months Ended |
Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |
Investments in Equity Securities | Investments in Fixed Maturity Securities At December 31, 2020 and 2019, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 2020 Held to maturity: State and municipal $ 67,117 $ (798) $ 13,217 $ — $ 79,536 $ 66,319 Residential mortgage-backed 6,455 — 1,043 — 7,498 6,455 Total held to maturity 73,572 (798) 14,260 — 87,034 72,774 Available for sale: U.S. government and government agency 586,020 — 18,198 (347) 603,871 603,871 State and municipal: Special revenue 2,137,162 — 96,924 (714) 2,233,372 2,233,372 State general obligation 417,397 — 33,407 — 450,804 450,804 Pre-refunded 250,081 — 21,472 (162) 271,391 271,391 Corporate backed 206,356 — 8,755 (638) 214,473 214,473 Local general obligation 410,583 — 40,596 (555) 450,624 450,624 Total state and municipal 3,421,579 — 201,154 (2,069) 3,620,664 3,620,664 Mortgage-backed securities: Residential 813,187 — 24,664 (5,238) 832,613 832,613 Commercial 181,105 — 6,725 (113) 187,717 187,717 Total mortgage-backed securities 994,292 — 31,389 (5,351) 1,020,330 1,020,330 Asset-backed securities 3,218,048 — 10,035 (33,497) 3,194,586 3,194,586 Corporate: Industrial 2,456,516 (518) 115,926 (7,449) 2,564,475 2,564,475 Financial 1,513,943 — 62,947 (987) 1,575,903 1,575,903 Utilities 389,267 — 31,931 (33) 421,165 421,165 Other 109,353 — 696 (11) 110,038 110,038 Total corporate 4,469,079 (518) 211,500 (8,480) 4,671,581 4,671,581 Foreign government 993,268 (1,264) 28,007 (44,448) 975,563 975,563 Total available for sale 13,682,286 (1,782) 500,283 (94,192) 14,086,595 14,086,595 Total investments in fixed maturity securities $ 13,755,858 $ (2,580) $ 514,543 $ (94,192) $ 14,173,629 $ 14,159,369 ____________________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses, excluding the cumulative effect adjustment resulting from changes in accounting principles, is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. (In thousands) Amortized Gross Unrealized Fair Carrying Gains Losses December 31, 2019 Held to maturity: State and municipal $ 70,312 $ 13,000 $ — $ 83,312 $ 70,312 Residential mortgage-backed 8,371 994 — 9,365 8,371 Total held to maturity 78,683 13,994 — 92,677 78,683 Available for sale: U.S. government and government agency 775,157 13,249 (1,475) 786,931 786,931 State and municipal: Special revenue 2,343,209 64,586 (4,152) 2,403,643 2,403,643 State general obligation 359,298 22,074 (97) 381,275 381,275 Pre-refunded 364,571 20,342 (128) 384,785 384,785 Corporate backed 255,230 7,232 (903) 261,559 261,559 Local general obligation 432,333 32,684 (647) 464,370 464,370 Total state and municipal 3,754,641 146,918 (5,927) 3,895,632 3,895,632 Mortgage-backed securities: Residential 1,298,145 23,230 (5,155) 1,316,220 1,316,220 Commercial 304,506 5,214 (346) 309,374 309,374 Total mortgage-backed securities 1,602,651 28,444 (5,501) 1,625,594 1,625,594 Asset-backed securities 2,802,588 9,532 (21,490) 2,790,630 2,790,630 Corporate: Industrial 2,260,073 72,900 (3,800) 2,329,173 2,329,173 Financial 1,447,589 37,681 (4,118) 1,481,152 1,481,152 Utilities 325,762 15,281 (402) 340,641 340,641 Other 5,219 230 — 5,449 5,449 Total corporate 4,038,643 126,092 (8,320) 4,156,415 4,156,415 Foreign government 924,284 16,465 (93,673) 847,076 847,076 Total available for sale 13,897,964 340,700 (136,386) 14,102,278 14,102,278 Total investments in fixed maturity securities $ 13,976,647 $ 354,694 $ (136,386) $ 14,194,955 $ 14,180,961 The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the year ended December 31, 2020: State and Municipal (In thousands) Allowance for expected credit losses at January 1, 2020 $ — Cumulative effect adjustment resulting from changes in accounting principles 69 Provision for expected credit losses 729 Allowance for expected credit losses at December 31, 2020 $ 798 The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the year ended December 31, 2020: Foreign Government Corporate Total (In thousands) Allowance for expected credit losses at January 1, 2020 $ — $ — $ — Cumulative effect adjustment resulting from changes in accounting principles 35,645 — 35,645 Expected credit losses on securities for which credit losses were not previously recorded 12,590 7,058 19,648 Expected credit losses (gains) on securities for which credit losses were previously recorded 373 (3,841) (3,468) Reduction due to disposals (47,344) (2,699) (50,043) Allowance for expected credit losses at December 31, 2020 $ 1,264 $ 518 $ 1,782 During the year ended December 31, 2020, the Company decreased the allowance for expected credit losses utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to the disposition of securities which previously had an allowance recorded. The amortized cost and fair value of fixed maturity securities at December 31, 2020, 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 Fair Value Due in one year or less $ 1,618,794 $ 1,612,652 Due after one year through five years 5,319,638 5,511,880 Due after five years through ten years 3,382,528 3,550,286 Due after ten years 2,433,353 2,470,983 Mortgage-backed securities 1,000,747 1,027,828 Total $ 13,755,060 $ 14,173,629 ________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $798 thousand related to held to maturity securities. At December 31, 2020 and 2019, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2020, investments with a carrying value of $1,838 million were on deposit in custodial or trust accounts, of which $1,223 million was on deposit with insurance regulators, $576 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $35 million was on deposit as security for reinsurance clients and $4 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations. |
Equity securities | |
Debt Securities, Available-for-sale [Line Items] | |
Investments in Equity Securities | Investments in Equity Securities At December 31, 2020 and 2019, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses December 31, 2020 Common stocks $ 335,617 $ 28,742 $ (14,178) $ 350,181 $ 350,181 Preferred stocks 180,397 95,581 (492) 275,486 275,486 Total $ 516,014 $ 124,323 $ (14,670) $ 625,667 $ 625,667 December 31, 2019 Common stocks $ 175,928 $ 16,967 $ (26,090) $ 166,805 $ 166,805 Preferred stocks 169,171 148,243 (3,599) 313,815 313,815 Total $ 345,099 $ 165,210 $ (29,689) $ 480,620 $ 480,620 |
Arbitrage Trading Account
Arbitrage Trading Account | 12 Months Ended |
Dec. 31, 2020 | |
Trading Securities and Derivative Instruments [Abstract] | |
Arbitrage Trading Account | Arbitrage Trading Account At December 31, 2020 and 2019, the fair value and carrying value of the arbitrage trading account were $341 million and $401 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 and call options in order to mitigate the impact of potential changes in market conditions on the merger arbitrage trading account. These options are reported at fair value. As of December 31, 2020, the fair value of long option contracts outstanding was zero (notional amount of $12.0 million) and the fair value of short option contracts outstanding was $326 thousand (notional amount of $3.2 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 | 12 Months Ended |
Dec. 31, 2020 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net Investment Income Net investment income consists of the following: (In thousands) 2020 2019 2018 Investment income earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 426,563 $ 517,925 $ 519,269 Investment funds 54,253 69,194 109,349 Arbitrage trading account 77,931 34,585 28,157 Real estate 24,027 24,218 18,591 Equity securities 10,172 5,439 3,230 Gross investment income 592,946 651,361 678,596 Investment expense (9,125) (5,747) (4,361) Net investment income $ 583,821 $ 645,614 $ 674,235 |
Investment Funds
Investment Funds | 12 Months Ended |
Dec. 31, 2020 | |
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 of $124 million as of December 31, 2020. Investment funds consist of the following: Carrying Value Income (Losses) (In thousands) 2020 2019 2020 2019 2018 Financial services $ 434,437 $ 280,705 $ 34,763 $ 29,005 $ 11,044 Real estate 310,783 412,275 7,543 19,154 61,453 Energy 140,935 156,869 (11,039) (18,136) 7,084 Transportation 190,125 147,034 (616) 14,193 15,390 Other funds 233,150 216,652 23,602 24,978 14,378 Total $ 1,309,430 $ 1,213,535 $ 54,253 $ 69,194 $ 109,349 |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Investment in real estate represents directly owned property held for investment, as follows: As of December 31, (In thousands) 2020 2019 Properties in operation $ 1,738,144 $ 1,351,249 Properties under development 222,770 754,701 Total $ 1,960,914 $ 2,105,950 In 2020, properties in operation included a long-term ground lease in Washington, D.C., an office complex in New York City, office buildings in West Palm Beach and Palm Beach, Florida, an office building in London, U.K., and the completed portion of a mixed-use project in Washington D.C. Properties in operation are net of accumulated depreciation and amortization of $86,970,000 and $59,832,000 as of December 31, 2020 and 2019, respectively. Related depreciation expense was $27,090,000 and $15,033,000 for the years ended December 31, 2020 and 2019, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $66,558,703 in 2021, $68,750,145 in 2022, $62,144,246 in 2023, $59,270,828 in 2024, $55,265,048 in 2025 and $643,109,471 thereafter. The Company borrowed $101,750,000 through a non-recourse loan secured by the West Palm Beach office building in 2018. The loan matures in November 2028 and carries a fixed interest rate of 4.21%. The carrying value does not reflect the outstanding financing, but rather is reflected in subsidiary debt referenced in Note 15, Indebtedness. A mixed-use project in Washington, D.C. has been under development in 2020 and 2019, with the completed portion as noted above reported in properties in operation as of December 31, 2020. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable At December 31, 2020 and December 31, 2019, loans receivable are as follows: As of December 31, (In thousands) 2020 2019 Amortized cost (net of allowance for expected credit losses): Real estate loans $ 51,910 $ 58,541 Commercial loans 33,003 33,258 Total $ 84,913 $ 91,799 Fair value: Real estate loans $ 53,593 $ 59,853 Commercial loans 33,003 34,760 Total $ 86,596 $ 94,613 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. Loans receivable in non-accrual status were $0.2 million as of both December 31, 2020 and 2019. The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the year ended December 31, 2020: Real Estate Loans Commercial Loans Total (In thousands) Allowance for expected credit losses at January 1, 2020 $ 1,502 $ 644 $ 2,146 Cumulative effect adjustment resulting from changes in accounting principles (905) 548 (357) Provision for expected credit losses 1,086 2,562 3,648 Allowance for expected credit losses at December 31, 2020 $ 1,683 $ 3,754 $ 5,437 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. |
Net Investment Gains
Net Investment Gains | 12 Months Ended |
Dec. 31, 2020 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Net Investment Gains | Net Investment Gains Net investment gains are as follows: (In thousands) 2020 2019 2018 Net investment gains: Fixed maturity securities: Gains $ 27,819 $ 23,900 $ 26,752 Losses (56,096) (13,636) (13,733) Equity securities (1): Net realized gains on investment sales 32,647 23,306 435,150 Change in unrealized (losses) gains (25,868) 85,292 (320,413) Investment funds 31,481 (2,825) (212) Real estate (2) 101,554 5,965 27,816 Loans receivable — (970) 2,838 Other (38,023) (329) 1,977 Net realized and unrealized gains on investments in earnings before allowance for expected credit losses 73,514 120,703 160,175 Change in allowance for expected credit losses on investments (3): Fixed maturity securities 33,134 — (5,687) Loans receivable (3,648) — — Change in allowance for expected credit losses on investments 29,486 — (5,687) Net investment gains 103,000 120,703 154,488 Income tax expense (21,630) (25,348) (32,442) After-tax net investment gains $ 81,370 $ 95,355 $ 122,046 Change in unrealized investment gains (losses) of available for sales securities: Fixed maturity securities without allowance for expected credit losses $ 134,129 $ 271,825 $ (297,084) Fixed maturity securities with allowance for expected credit losses 32,004 369 (132) Investment funds 2,280 (2,299) (5,672) Other (3,768) (7,925) 151 Total change in unrealized investment gains (losses) 164,645 261,970 (302,737) Income tax (expense) benefit (24,395) (46,068) 50,410 Noncontrolling interests (2) 103 (46) After-tax change in unrealized investment gains (losses) of available for sale securities $ 140,248 $ 216,005 $ (252,373) ____________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held. (2) For 2020, net investment gains on real estate includes an $105 million gain from the sale of a New York City complex that occurred during the fourth quarter. (3) The inclusion of the allowance for expected credit losses on investments commenced on January 1, 2020 due to the adoption of ASU 2016-13. See Note 1 for more details. |
Fixed Maturity Securities in an
Fixed Maturity Securities in an Unrealized Loss Position | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Fixed Maturity Securities in an Unrealized Loss Position | Fixed Maturity Securities in an Unrealized Loss Position The following tables summarize all fixed maturity securities in an unrealized loss position at December 31, 2020 and 2019 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 Gross Fair Gross Fair Gross December 31, 2020 U.S. government and government agency $ 47,649 $ 347 $ 17 $ — $ 47,666 $ 347 State and municipal 147,754 1,165 20,528 904 168,282 2,069 Mortgage-backed securities 212,388 5,121 23,943 230 236,331 5,351 Asset-backed securities 1,389,133 6,563 656,877 26,934 2,046,010 33,497 Corporate 612,177 6,721 39,985 1,759 652,162 8,480 Foreign government 143,729 22,871 6,218 21,577 149,947 44,448 Fixed maturity securities $ 2,552,830 $ 42,788 $ 747,568 $ 51,404 $ 3,300,398 $ 94,192 December 31, 2019 U.S. government and government agency $ 83,837 $ 618 $ 53,089 $ 857 $ 136,926 $ 1,475 State and municipal 365,184 4,245 127,210 1,682 492,394 5,927 Mortgage-backed securities 301,358 2,281 180,148 3,220 481,506 5,501 Asset-backed securities 755,259 2,307 774,508 19,183 1,529,767 21,490 Corporate 307,367 3,148 121,470 5,172 428,837 8,320 Foreign government 164,536 32,028 107,266 61,645 271,802 93,673 Fixed maturity securities $ 1,977,541 $ 44,627 $ 1,363,691 $ 91,759 $ 3,341,232 $ 136,386 Substantially all of the securities in an unrealized loss position are rated investment grade, except for the securities in the foreign government classification. In general, fair value in all classifications were negatively affected by market disruptions caused, in significant part, by COVID-19. A significant amount of the unrealized loss on foreign government securities is the result of changes in currency exchange rates. Fixed Maturity Securities — A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at December 31, 2020 is presented in the table below: ($ in thousands) Number of Aggregate Gross Foreign government 18 $ 75,555 $ 44,310 Corporate 11 26,617 3,025 Mortgage-backed securities 7 1,393 31 Total 36 $ 103,565 $ 47,366 For 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
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 as of December 31, 2020 and 2019 by level: (In thousands) Total Level 1 Level 2 Level 3 December 31, 2020 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 603,871 $ — $ 603,871 $ — State and municipal 3,620,664 — 3,620,664 — Mortgage-backed securities 1,020,330 — 1,020,330 — Asset-backed securities 3,194,586 — 3,194,586 — Corporate 4,671,581 — 4,670,581 1,000 Foreign government 975,563 — 975,563 — Total fixed maturity securities available for sale 14,086,595 — 14,085,595 1,000 Equity securities: Common stocks 350,181 340,966 — 9,215 Preferred stocks 275,486 — 266,155 9,331 Total equity securities 625,667 340,966 266,155 18,546 Arbitrage trading account 341,473 298,359 43,114 — Total $ 15,053,735 $ 639,325 $ 14,394,864 $ 19,546 Liabilities: Trading account securities sold but not yet purchased $ 10,048 $ 10,048 $ — $ — December 31, 2019 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 786,931 $ — $ 786,931 $ — State and municipal 3,895,632 — 3,895,632 — Mortgage-backed securities 1,625,594 — 1,625,594 — Asset-backed securities 2,790,630 — 2,790,630 — Corporate 4,156,415 — 4,156,415 — Foreign government 847,076 — 847,076 — Total fixed maturity securities available for sale 14,102,278 — 14,102,278 — Equity securities: Common stocks 166,805 157,752 — 9,053 Preferred stocks 313,815 — 307,310 6,505 Total equity securities 480,620 157,752 307,310 15,558 Arbitrage trading account 400,809 381,061 19,748 — Total $ 14,983,707 $ 538,813 $ 14,429,336 $ 15,558 Liabilities: Trading account securities sold but not yet purchased $ 36,143 $ 36,143 $ — $ — The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2020 and 2019: Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Losses) Impairments Purchases Sales Paydowns/Maturities Transfers In / Out Ending Balance Year ended December 31, 2020 Assets: Fixed maturity securities available for sale: Corporate $ — $ — $ — $ — $ — $ — $ — $ 1,000 $ 1,000 Total — — — — — — — 1,000 1,000 Equity securities: Common stocks 9,053 1,228 — — — (1,066) — — 9,215 Preferred stocks 6,505 (174) — — 3,000 — — — 9,331 Total 15,558 1,054 — — 3,000 (1,066) — — 18,546 Arbitrage trading account — 19 — — — (19) — — — Total $ 15,558 $ 1,073 $ — $ — $ 3,000 $ (1,085) $ — $ 1,000 $ 19,546 Year ended December 31, 2019 Assets: Fixed maturity securities available for sale: Asset-backed securities $ 99 $ (26) $ 61 $ — $ — $ (134) $ — $ — $ — Total 99 (26) 61 — — (134) — — — Equity securities: Common stocks 8,596 2,005 — — — (1,548) — — 9,053 Preferred stocks 3,945 (42) — — 2,602 — — — 6,505 Total 12,541 1,963 — — 2,602 (1,548) — — 15,558 Arbitrage trading account 17,308 (8,731) — — 14,767 (38,233) — 14,889 — Total $ 29,948 $ (6,794) $ 61 $ — $ 17,369 $ (39,915) $ — $ 14,889 $ 15,558 Liabilities: Trading account securities sold but not yet purchased $ 793 $ 133 $ — $ — $ 7,609 $ (8,535) $ — $ — $ — The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2020 and 2019: 2020 2019 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 14,159,369 $ 14,173,629 $ 14,180,961 $ 14,194,955 Equity securities 625,667 625,667 480,620 480,620 Arbitrage trading account 341,473 341,473 400,809 400,809 Loans receivable 84,913 86,596 91,799 94,613 Cash and cash equivalents 2,372,366 2,372,366 1,023,710 1,023,710 Trading accounts receivable from brokers and clearing organizations 524,727 524,727 423,543 423,543 Due from broker 2,585 2,585 — — Liabilities: Due to broker — — 27,116 27,116 Trading account securities sold but not yet purchased 10,048 10,048 36,143 36,143 Senior notes and other debt 1,623,025 1,892,444 1,427,575 1,582,290 Subordinated debentures 1,102,309 1,202,842 1,198,704 1,274,088 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 12 above. The fair value of loans receivable is 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 Losses And Loss Ex
Reserves For Losses And Loss Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Reserves For Losses And Loss Expenses | Reserves for Losses 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 may 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 claims handling procedures, 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. A claim may be defined as an event, as a claimant (number of parties claiming damages from an event) or by exposure type (e.g., an event may give rise to two parties, each claiming loss for bodily injury and property damage). The most commonly used claim count method is by event. Most of the Company's operating units use the number of events to define and quantify the number of claims. However, in certain lines of business, where it is common for multiple parties to claim damages arising from a single event, an operating unit may quantify claims on the basis of the number of separate parties involved in an event. This may be the case with businesses writing substantial automobile or transportation exposure. Claim counts for assumed reinsurance will vary based on whether the business is written on a facultative or treaty basis. Further variability as respects treaty claim counts may be reflective of the nature of the treaty, line of business coverage, and type of participation such as quota share or excess of loss contracts. Accordingly, the claim counts have been excluded from the below Reinsurance & Monoline Excess segment tables due to this variability. The claim count information set forth in the tables presented below may not provide an accurate reflection of ultimate loss payouts by product line. The following tables present undiscounted incurred and paid claims development as of December 31, 2020, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR). The information about incurred and paid claims development for the years ended December 31, 2011 to 2019 is presented as supplementary information. To enhance the comparability of the loss development data, the Company has removed the impact of foreign exchange rate movements by using the December 31, 2020 exchange rate for all periods. Beginning with accident year 2012, the Company's U.K. and European insurance business is included in the Insurance segment's tables for Other Liability, Professional Liability, Commercial Automobile and Short-Tail Lines. Prior to 2012, the actuarial analysis for its U.K. and European insurance business was performed on an underwriting year basis and accident year data is not available for those years. Insurance Other Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR Cumulative Number of Reported Claims 2011 $ 665,626 $ 671,712 $ 657,819 $ 657,143 $ 652,134 $ 647,241 $ 643,358 $ 632,565 $ 643,446 $ 644,565 $ 16,298 24 2012 — 692,549 701,212 702,022 708,805 712,698 722,946 717,453 715,466 713,714 23,827 24 2013 — — 750,993 791,768 784,674 784,487 805,447 811,775 806,348 810,500 41,398 26 2014 — — — 848,658 851,404 849,440 853,826 866,096 872,150 867,239 66,901 27 2015 — — — — 953,198 988,569 963,451 966,872 968,783 979,014 99,480 27 2016 — — — — — 1,019,851 1,012,851 1,021,524 1,032,780 1,046,823 171,325 27 2017 — — — — — — 1,067,556 1,101,376 1,123,930 1,140,639 253,192 27 2018 — — — — — — — 1,106,108 1,133,601 1,123,121 408,131 26 2019 — — — — — — — — 1,243,287 1,240,028 662,084 25 2020 — — — — — — — — — 1,342,065 1,099,126 17 Total $ 9,907,708 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 48,846 $ 141,216 $ 265,109 $ 377,836 $ 469,123 $ 522,488 $ 554,278 $ 573,364 $ 592,637 $ 604,657 2012 — 57,599 157,499 298,644 416,561 512,283 579,454 621,454 652,178 667,749 2013 — — 63,358 188,411 331,779 472,731 588,650 649,657 695,301 721,879 2014 — — — 79,111 191,320 339,194 481,706 595,794 681,976 732,313 2015 — — — — 82,817 211,212 382,869 539,242 677,386 758,890 2016 — — — — — 69,579 209,217 390,664 559,218 678,209 2017 — — — — — — 80,163 256,345 453,973 639,977 2018 — — — — — — — 86,958 264,629 436,282 2019 — — — — — — — — 88,422 275,803 2020 — — — — — — — — — 72,274 Total $ 5,588,033 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 117,290 Reserves for loss and loss adjustment expenses, net of reinsurance $ 4,436,965 Workers' Compensation (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR Cumulative Number of Reported Claims 2011 $ 413,429 $ 444,887 $ 457,134 $ 470,026 $ 472,087 $ 474,076 $ 475,729 $ 471,471 $ 473,766 $ 472,593 $ 14,609 46 2012 — 501,681 501,810 503,956 503,863 509,167 512,707 508,169 506,730 506,827 19,328 48 2013 — — 552,570 547,295 546,995 543,238 547,000 542,274 541,926 540,322 23,485 53 2014 — — — 639,436 637,307 627,767 617,242 615,435 604,030 600,194 36,001 57 2015 — — — — 712,800 690,525 650,997 641,169 626,432 620,741 50,083 58 2016 — — — — — 702,716 696,339 684,700 660,520 651,278 51,369 58 2017 — — — — — — 762,093 733,505 689,622 673,216 64,176 58 2018 — — — — — — — 778,964 724,697 715,055 80,252 56 2019 — — — — — — — — 784,281 721,018 141,657 53 2020 — — — — — — — — — 725,245 319,131 39 Total $ 6,226,489 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 106,899 $ 236,207 $ 309,509 $ 355,909 $ 385,759 $ 408,304 $ 420,945 $ 428,811 $ 436,905 $ 442,163 2012 — 115,536 255,063 339,560 387,368 419,588 437,196 451,991 459,119 466,028 2013 — — 117,900 277,538 363,028 414,160 447,894 466,580 479,104 489,075 2014 — — — 148,405 319,743 412,611 471,235 503,915 521,141 531,475 2015 — — — — 139,320 323,744 421,734 477,541 512,933 531,512 2016 — — — — — 142,998 338,835 446,072 504,850 537,861 2017 — — — — — — 153,456 362,299 468,817 525,753 2018 — — — — — — — 171,006 397,464 508,546 2019 — — — — — — — — 184,715 397,376 2020 — — — — — — — — — 172,478 Total $ 4,602,267 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 219,529 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,843,751 Professional Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR Cumulative Number of Reported Claims 2011 $ 180,508 $ 165,844 $ 187,797 $ 190,849 $ 177,748 $ 174,038 $ 177,335 $ 176,396 $ 176,944 $ 181,874 $ 5,325 4 2012 — 242,530 245,962 268,761 253,146 241,342 247,789 246,478 247,072 249,846 5,919 6 2013 — — 275,051 251,419 245,984 252,024 273,679 282,150 287,310 284,837 10,867 6 2014 — — — 257,442 250,025 263,540 246,983 242,449 261,150 259,892 19,573 7 2015 — — — — 262,459 261,069 278,012 278,868 294,435 285,557 29,712 8 2016 — — — — — 313,365 327,706 364,312 405,390 442,521 49,740 9 2017 — — — — — — 335,565 334,682 340,569 379,408 85,159 10 2018 — — — — — — — 337,865 324,934 335,852 125,091 10 2019 — — — — — — — — 339,825 336,559 176,941 11 2020 — — — — — — — — — 398,429 328,303 10 Total $ 3,154,775 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 18,803 $ 62,560 $ 103,263 $ 134,862 $ 151,135 $ 159,309 $ 167,595 $ 169,191 $ 170,873 $ 172,294 2012 — 22,269 87,951 129,282 160,243 191,702 216,199 225,442 233,637 236,481 2013 — — 24,893 64,439 120,224 178,579 208,368 250,507 260,023 265,297 2014 — — — 19,773 84,457 139,934 177,575 201,002 218,055 229,615 2015 — — — — 20,565 85,945 140,517 188,608 217,625 234,585 2016 — — — — — 28,833 103,321 202,906 257,221 299,813 2017 — — — — — — 36,839 97,034 163,731 244,396 2018 — — — — — — — 28,432 100,284 156,102 2019 — — — — — — — — 32,081 98,625 2020 — — — — — — — — — 28,474 Total $ 1,965,682 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 14,011 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,203,104 Commercial Automobile (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR Cumulative Number of Reported Claims 2011 $ 314,028 $ 322,516 $ 329,917 $ 334,816 $ 343,421 $ 344,174 $ 345,044 $ 346,619 $ 346,490 $ 342,581 $ 100 37 2012 — 314,309 326,831 342,588 355,609 364,717 364,966 367,216 366,493 366,649 365 41 2013 — — 327,514 349,136 368,894 377,696 368,106 367,720 366,885 365,820 586 44 2014 — — — 363,996 385,329 420,139 418,150 415,727 415,621 411,158 1,506 47 2015 — — — — 390,002 419,663 425,865 434,254 435,438 433,888 3,111 53 2016 — — — — — 434,582 434,117 445,516 446,521 443,338 8,135 52 2017 — — — — — — 431,504 429,372 431,177 435,099 14,298 47 2018 — — — — — — — 443,045 463,057 479,502 29,712 45 2019 — — — — — — — — 483,483 488,777 74,684 44 2020 — — — — — — — — — 523,753 264,630 28 Total $ 4,290,565 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 135,350 $ 211,756 $ 262,685 $ 296,370 $ 321,814 $ 333,987 $ 338,325 $ 340,360 $ 340,799 $ 341,781 2012 — 136,844 215,214 273,446 312,342 344,952 356,264 361,342 362,426 363,587 2013 — — 142,929 218,596 267,253 323,227 344,357 354,280 363,038 363,805 2014 — — — 155,614 237,765 329,979 367,283 396,089 404,087 406,795 2015 — — — — 160,237 267,420 327,462 372,587 400,304 413,838 2016 — — — — — 186,867 282,375 344,503 393,509 412,967 2017 — — — — — — 181,317 268,201 327,765 372,689 2018 — — — — — — — 180,306 281,888 350,572 2019 — — — — — — — — 185,488 290,449 2020 — — — — — — — — — 142,826 Total $ 3,459,309 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 4,119 Reserves for loss and loss adjustment expenses, net of reinsurance $ 835,375 Short-tail lines (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR Cumulative Number of Reported Claims 2011 $ 494,704 $ 490,235 $ 472,041 $ 467,989 $ 467,205 $ 461,629 $ 459,369 $ 459,557 $ 463,053 $ 456,106 $ 550 22 2012 — 532,843 540,714 542,017 537,142 508,366 507,344 509,216 508,294 509,058 2,406 24 2013 — — 580,902 591,686 582,666 555,715 554,167 550,604 548,672 547,932 2,160 25 2014 — — — 714,360 719,508 667,627 666,246 667,061 667,278 669,729 2,930 30 2015 — — — — 747,683 734,204 730,251 728,720 720,324 718,820 8,958 32 2016 — — — — — 775,477 778,376 765,311 759,735 754,184 9,360 34 2017 — — — — — — 754,135 754,217 748,399 747,739 12,056 42 2018 — — — — — — — 761,177 750,123 747,396 23,631 48 2019 — — — — — — — — 722,122 702,281 43,842 43 2020 — — — — — — — — — 901,698 244,828 34 Total $ 6,754,943 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 303,049 $ 417,792 $ 436,787 $ 441,025 $ 445,323 $ 447,016 $ 447,619 $ 450,432 $ 454,991 $ 455,702 2012 — 282,703 456,872 508,333 519,093 499,014 500,181 504,451 505,183 506,308 2013 — — 315,304 491,801 541,563 533,269 540,132 541,400 541,990 543,195 2014 — — — 374,757 604,942 615,833 635,415 650,762 658,053 660,640 2015 — — — — 397,261 613,868 669,706 691,705 701,503 707,349 2016 — — — — — 417,988 672,013 713,634 729,011 734,110 2017 — — — — — — 445,835 690,343 719,286 731,440 2018 — — — — — — — 415,529 662,657 709,202 2019 — — — — — — — — 405,500 616,695 2020 — — — — — — — — — 460,656 Total $ 6,125,297 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 1,571 Reserves for loss and loss adjustment expenses, net of reinsurance $ 631,217 Reinsurance & Monoline Excess Casualty (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR 2011 $ 293,274 $ 312,321 $ 306,721 $ 301,847 $ 309,235 $ 307,772 $ 299,076 $ 295,376 $ 301,670 $ 298,292 $ 13,368 2012 — 335,187 339,236 334,299 326,934 337,777 340,026 337,901 334,461 337,437 14,927 2013 — — 322,718 273,683 276,688 288,556 297,121 302,768 307,426 305,080 21,094 2014 — — — 323,837 323,920 323,130 334,617 328,741 328,289 339,941 25,778 2015 — — — — 262,448 234,862 233,443 255,400 296,297 306,296 35,570 2016 — — — — — 243,970 256,011 248,367 270,833 304,845 45,117 2017 — — — — — — 234,561 224,835 242,603 265,111 58,308 2018 — — — — — — — 224,640 213,665 234,286 88,934 2019 — — — — — — — — 240,408 234,813 142,399 2020 — — — — — — — — — 305,114 255,936 Total $ 2,931,215 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 17,976 $ 52,597 $ 98,086 $ 134,814 $ 170,629 $ 194,320 $ 210,245 $ 222,618 $ 234,552 $ 246,140 2012 — 22,516 62,563 112,474 153,950 188,955 221,679 243,586 259,429 279,123 2013 — — 29,122 64,239 111,189 145,508 179,494 207,312 227,884 244,082 2014 — — — 21,441 69,568 116,908 156,495 199,846 229,562 254,532 2015 — — — — 17,952 48,833 91,949 142,334 179,884 206,864 2016 — — — — — 19,998 62,094 100,862 141,301 172,994 2017 — — — — — — 16,498 40,440 70,129 124,641 2018 — — — — — — — 11,187 41,382 78,219 2019 — — — — — — — — 14,641 39,435 2020 — — — — — — — — — 20,845 Total $ 1,666,875 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 380,546 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,644,886 Monoline Excess (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR 2011 $ 88,650 $ 93,993 $ 98,051 $ 89,031 $ 87,030 $ 83,850 $ 78,246 $ 74,109 $ 72,091 $ 69,205 $ 10,955 2012 — 72,366 73,230 73,670 75,274 72,441 67,878 69,361 67,205 66,269 9,184 2013 — — 63,995 50,355 48,143 42,419 38,551 35,120 31,752 29,758 11,097 2014 — — — 63,561 57,650 49,478 45,758 41,671 42,541 42,618 15,319 2015 — — — — 69,977 57,897 50,099 45,115 39,682 39,781 17,184 2016 — — — — — 72,657 70,281 71,404 64,957 65,485 20,435 2017 — — — — — — 76,701 80,508 70,749 71,025 27,947 2018 — — — — — — — 77,820 72,505 71,448 34,366 2019 — — — — — — — 78,929 77,482 39,832 2020 — — — — — — — — — 84,354 59,854 Total $ 617,425 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 2,593 $ 4,848 $ 6,395 $ 14,042 $ 15,684 $ 18,638 $ 20,164 $ 21,463 $ 23,686 $ 24,842 2012 — 1,127 6,097 10,815 11,167 13,234 15,738 17,982 20,004 22,528 2013 — — 647 1,897 2,158 3,008 3,396 4,418 5,349 6,476 2014 — — — 377 1,729 3,354 4,175 5,808 7,595 11,154 2015 — — — — 2,069 2,481 3,272 4,099 4,416 5,083 2016 — — — — — 2,498 4,783 5,573 5,928 7,685 2017 — — — — — — 6,282 12,810 15,356 17,327 2018 — — — — — — — 6,141 8,230 9,368 2019 — — — — — — — — 6,241 10,884 2020 — — — — — — — — — 4,869 Total $ 120,216 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 735,818 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,233,027 Property (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR 2011 $ 95,737 $ 88,345 $ 85,462 $ 86,879 $ 85,304 $ 85,028 $ 84,744 $ 85,160 $ 84,938 $ 84,112 $ 366 2012 — 104,336 95,164 86,809 85,846 84,285 84,286 85,222 85,025 91,342 1,429 2013 — — 142,340 113,201 114,638 112,419 113,053 112,373 110,165 108,017 1,757 2014 — — — 113,962 97,411 97,933 100,640 99,892 99,535 99,924 2,185 2015 — — — — 127,852 118,026 132,399 130,888 130,005 131,669 2,404 2016 — — — — — 168,634 174,935 182,171 181,429 186,786 4,318 2017 — — — — — — 207,096 200,917 199,892 198,529 8,040 2018 — — — — — — — 108,829 112,503 103,751 2,423 2019 — — — — — — — — 103,749 77,618 6,913 2020 — — — — — — — — — 115,116 48,509 Total $ 1,196,864 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 31,545 $ 59,054 $ 73,601 $ 76,267 $ 78,835 $ 82,038 $ 82,587 $ 83,669 $ 83,750 $ 83,229 2012 — 15,725 51,964 64,489 70,955 77,842 79,407 82,129 83,007 89,194 2013 — — 36,668 74,806 92,968 101,947 104,756 106,483 108,062 104,863 2014 — — — 39,019 67,251 82,646 88,857 92,011 93,723 95,222 2015 — — — — 53,482 89,366 109,378 118,977 123,023 125,939 2016 — — — — — 78,994 133,805 157,834 169,013 176,509 2017 — — — — — — 72,180 141,651 172,100 180,242 2018 — — — — — — — 34,195 65,527 82,815 2019 — — — — — — — — 23,103 54,864 2020 — — — — — — — — — 26,637 Total $ 1,019,514 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 1,928 Reserves for loss and loss adjustment expenses, net of reinsurance $ 179,278 The reconciliation of the net incurred and paid claims development tables to the reserves for losses and loss expenses in the consolidated balance sheet is as follows: (In thousands) December 31, 2020 Undiscounted reserves for loss and loss expenses, net of reinsurance: Other liability $ 4,436,965 Workers' compensation 1,843,751 Professional liability 1,203,104 Commercial automobile 835,375 Short-tail lines 631,217 Other 96,257 Insurance 9,046,669 Casualty 1,644,886 Monoline excess 1,233,027 Property 179,278 Reinsurance & Monoline Excess 3,057,191 Total undiscounted reserves for loss and loss expenses, net of reinsurance $ 12,103,860 (In thousands) December 31, 2020 Due from reinsurers on unpaid claims: Other liability $ 609,006 Workers' compensation 267,707 Professional liability 644,841 Commercial automobile 32,140 Short-tail lines 352,168 Other 36,070 Insurance 1,941,932 Casualty 104,372 Monoline excess 41,598 Property 76,135 Reinsurance & Monoline Excess 222,105 Total due from reinsurers on unpaid claims $ 2,164,037 (In thousands) December 31, 2020 Loss reserve discount: Other liability $ — Workers' compensation (11,700) Professional liability — Commercial automobile — Short-tail lines — Other — Insurance (11,700) Casualty (100,536) Monoline excess (371,231) Property — Reinsurance & Monoline Excess (471,767) Total loss reserve discount $ (483,467) Total gross reserves for loss and loss expenses $ 13,784,430 The following is supplementary information regarding average historical claims duration as of December 31, 2020: Insurance Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Other liability 7.5 % 14.4 % 17.7 % 16.6 % 13.4 % 8.7 % 5.6 % 3.5 % 2.6 % 1.9 % Workers' compensation 23.2 % 29.4 % 15.9 % 9.3 % 5.9 % 3.5 % 2.4 % 1.6 % 1.5 % 1.1 % Professional liability 8.4 % 20.7 % 19.5 % 16.4 % 10.1 % 8.3 % 4.0 % 2.0 % 2.3 % 0.8 % Commercial automobile 37.7 % 21.5 % 15.3 % 10.9 % 6.6 % 2.9 % 1.4 % 0.4 % 0.2 % 0.3 % Short-tail lines 57.0 % 31.7 % 6.0 % 1.6 % 0.4 % 0.5 % 0.4 % 0.3 % 0.6 % 0.2 % Reinsurance & Monoline Excess Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Casualty 6.5 % 11.7 % 14.1 % 14.0 % 11.5 % 8.9 % 6.5 % 4.7 % 4.9 % 3.9 % Monoline excess 4.9 % 4.5 % 2.8 % 3.1 % 2.4 % 3.5 % 4.3 % 2.9 % 3.5 % 1.7 % Property 33.3 % 33.2 % 15.4 % 6.0 % 3.9 % 2.2 % 1.6 % 1.2 % 0.8 % 0.6 % The table below provides a reconciliation of the beginning and ending reserve balances: (In thousands) 2020 2019 2018 Net reserves at beginning of year $ 10,697,998 $ 10,248,883 $ 10,056,914 Cumulative effect adjustment resulting from changes in accounting principles (1) 5,927 — — Restated net reserves at beginning of period 10,703,925 10,248,883 10,056,914 Net provision for losses and loss expenses: Claims occurring during the current year (2) 4,432,937 4,057,989 3,926,489 Increase in estimates for claims occurring in prior years (3) 627 34,079 6,831 Loss reserve discount accretion 35,142 39,048 41,382 Total 4,468,706 4,131,116 3,974,702 Net payments for claims: Current year 921,054 985,599 964,808 Prior year 2,677,595 2,673,803 2,700,077 Total 3,598,649 3,659,402 3,664,885 Foreign currency translation 46,411 (22,599) (117,848) Net reserves at end of year 11,620,393 10,697,998 10,248,883 Ceded reserve at end of year 2,164,037 1,885,251 1,717,565 Gross reserves at end of year $ 13,784,430 $ 12,583,249 $ 11,966,448 Net change in premiums and losses occurring in prior years: Increase in estimates for claims occurring in prior years (3) $ (627) $ (34,079) $ (6,831) Retrospective premium adjustments for claims occurring in prior years (4) 16,807 53,511 45,638 Net favorable premium and reserve development on prior years $ 16,180 $ 19,432 $ 38,807 _______________________________________ (1) The cumulative effect adjustment resulting from changes in accounting principals relates to the allowance for expected credit losses on reinsurance recoverables that commenced on January 1, 2020 due to the adoption of ASU 2016-13. See Note 1 for more details. (2) Claims occurring during the current year are net of loss reserve discounts of $10 million, $20 million and $24 million in 2020, 2019, and 2018, respectively. (3) The change 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 $21 million in 2020, increased by $19 million in 2019, and decreased by $4 million in 2018, respectively. (4) For certain retrospectively rated insurance polices and reinsurance agreements, changes in loss and loss expenses for prior years are offset by additional or return premiums. The ongoing COVID-19 global pandemic has impacted, and will likely continue to impact, the Company’s results through its effect on claim frequency and severity. Loss cost trends have been impacted and will likely be further impacted by COVID-19-related claims in certain lines of business, as well as by other effects of COVID-19 associated with economic conditions, inflation, and social distancing and work from home rules, for example. Although it is still too early to determine the net impact, it appears that the losses incurred due to COVID-19-related claims are being offset, to a certain extent, by lower claim frequency in certain lines of our businesses, including commercial auto, workers’ compensation, and other liability. However, given the continuing nature of the pandemic, the impact of COVID-19 could ultimately increase or decrease overall loss cost trends and is likely to have differing impacts on the Company's different lines of business. Most of the COVID-19-related claims reported to the Company to date involve certain short-tailed lines of business, including contingency and event cancellation, business interruption, and film production delay. The Company expects additional claims to be reported for these lines of business. The Company has also received COVID-19-related claims for longer-tailed casualty lines of business such as workers’ compensation and other liability; however, the estimated incurred loss impact for these reported claims appears to be modest at this time. Given the continuing uncertainty regarding the pandemic's pervasiveness, the future impact that the pandemic may have on claim frequency and severity remains uncertain at this time. In workers’ compensation, for example, nearly two-thirds of the states have enacted rules, legislation or administrative orders creating a presumption that certain “essential” workers who contract COVID-19 did so through the course of their employment. Several other states are considering similar actions, including varying the definition of “essential” workers. While the ultimate impact of these presumptions are unknown at this time, the Company believes that such state actions will likely increase workers’ compensation claims with respect to workers deemed “essential,” although this impact may be partially offset by lower workers’ compensation claim frequency with respect to non-essential workers. The Company has estimated the potential COVID-19 impact to its contingency and event cancellation, workers’ compensation, and other lines of business under a number of possible scenarios; however, due to COVID-19’s evolving impact and the still limited amount of available data, there remains a high degree of uncertainty around the Company’s COVID-19 reserves. In addition, several states (and international jurisdictions), through regulation, legislation and/or judicial action, continue to seek to expand policy coverage terms beyond the policy’s intended coverage, including, for example, but not limited to, property coverages, where there are attempts to extend business interruption coverage where there is no physical damage or loss to property, and attempts to disregard policy exclusions for communicable disease. Accordingly, losses arising from these actions, and the other factors described above, could exceed the Company’s reserves established for those related policies. For the year ended December 31, 2020, the Company recognized losses for COVID-19-related claims activity, net of reinsurance, of approximately $171 million, of which $161 million related to the Insurance segment and $10 million related to the Reinsurance & Monoline Excess segment. Such $171 million of COVID-19-related losses included $95 million of reported losses and $76 million of IBNR. Favorable prior year development (net of additional and return premiums) was $16 million in 2020. Insurance – Reserves for the Insurance segment developed favorably by $24 million in 2020 net of additional and return premiums). Continuing the pattern seen in recent years, the overall favorable development in 2020 resulted from more significant favorable development on workers’ compensation business, which was partially offset by unfavorable development on professional liability, including excess professional liability. For workers’ compensation, the favorable development was spread across almost all prior accident years, including prior to 2011, but was most significant in accident years 2016 through 2019. The favorable workers’ compensation development reflects a continuation of the benign loss cost trends experienced during recent years, particularly the favorable claim frequency trends (i.e., number of reported claims per unit of exposure). The long term trend of declining workers’ compensation frequency can be attributable to improved workplace s |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2020 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Premiums and Reinsurance Related Information The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. Reinsurance coverage and retentions vary depending on the line of business, location of the risk and nature of loss. The Company’s reinsurance purchases include the following: property reinsurance treaties that reduce exposure to large individual property losses and catastrophe events; casualty reinsurance treaties that reduce its exposure to large individual casualty losses, workers’ compensation catastrophe losses and casualty losses involving multiple claimants or insureds; and facultative reinsurance that reduces exposure on individual policies or risks for losses that exceed treaty reinsurance capacity. Depending on the operating unit, the Company purchases specific additional reinsurance to supplement the above programs. The following is a summary of reinsurance financial information: (In thousands) 2020 2019 2018 Written premiums: Direct $ 7,874,050 $ 7,386,759 $ 6,973,216 Assumed 973,597 875,459 729,278 Ceded (1,585,210) (1,398,719) (1,269,267) Total net written premiums $ 7,262,437 $ 6,863,499 $ 6,433,227 Earned premiums: Direct $ 7,489,470 $ 7,141,427 $ 6,851,795 Assumed 941,321 820,705 755,759 Ceded (1,499,948) (1,328,844) (1,236,049) Total net earned premiums $ 6,930,843 $ 6,633,288 $ 6,371,505 Ceded losses and loss expenses incurred $ 955,630 $ 836,831 $ 829,742 Ceded commission earned $ 358,253 $ 314,191 $ 268,037 The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the year ended December 31, 2020: (In thousands) Allowance for expected credit losses at January 1, 2020 $ 19,823 Cumulative effect adjustment resulting from changes in accounting principles 1,270 Provision for expected credit losses 1,790 Allowance for expected credit losses at December 31, 2020 $ 22,883 Estimated amounts due from reinsurers are reported net of an allowance for expected credit losses of $7,800,649, $690,127 and $946,965 as of December 31, 2020, 2019 and 2018, respectively. The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the year ended December 31, 2020: (In thousands) Allowance for expected credit losses at January 1, 2020 $ 690 Cumulative effect adjustment resulting from changes in accounting principles 5,927 Provision for expected credit losses 1,184 Allowance for expected credit losses at December 31, 2020 $ 7,801 The following table presents the amounts due from reinsurers as of December 31, 2020: (In thousands) Munich Re $ 275,841 Lloyd’s of London 255,184 Swiss Re 182,532 Alleghany Group 182,015 Partner Re 164,535 Hannover Re Group 129,752 Berkshire Hathaway 104,775 Everest Re 102,085 Renaissance Re 101,014 Axis Capital 87,948 Liberty Mutual 66,263 Korean Re 56,091 Fairfax Financial 37,310 Axa Insurance 35,012 Validus Holdings Ltd. 29,599 Arch Capital Group 27,739 Qatar Re 20,321 Other reinsurers less than $20,000 330,929 Subtotal 2,188,945 Residual market pools 243,358 Allowance for expected credit losses (7,801) Total $ 2,424,502 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness Indebtedness consisted of the following as of December 31, 2020 (the difference between the face value and the carrying value is unamortized discount and debt issuance costs): Carrying Value (In thousands) Interest Rate Face Value 2020 2019 Senior notes and other debt due on: September 15, 2020 5.375% $ — $ — $ 299,756 January 1, 2022 8.700% 76,503 76,419 76,343 March 15, 2022 4.625% 350,000 349,505 349,088 February 15, 2037 6.250% 250,000 248,226 248,116 August 1, 2044 4.750% 350,000 345,652 345,467 May 12, 2050 4.000% 470,000 492,236 — Subsidiary debt (1) (2) Various 110,987 110,987 108,805 Total senior notes and other debt $ 1,607,490 $ 1,623,025 $ 1,427,575 Subordinated debentures due on: April 30, 2053 5.625% $ — $ — $ 341,356 March 1, 2056 (3) 5.900% 110,000 106,365 106,262 June 1, 2056 5.750% 290,000 282,003 281,777 March 30, 2058 5.700% 185,000 179,006 178,845 December 30, 2059 5.100% 300,000 290,702 290,464 September 30, 2060 4.250% 250,000 244,233 — Total subordinated debentures $ 1,135,000 $ 1,102,309 $ 1,198,704 ________________ (1) Subsidiary debt is due as follows: $3 million in 2021, $6 million in 2025, and $102 million in 2028. (2) Includes non-recourse loan in the amount of $102 million secured by an office building. See Note 8, Real Estate, for more details. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) consists of: (In thousands) Current Deferred Total December 31, 2020 Domestic $ 162,305 $ 17 $ 162,322 Foreign 23,375 (13,880) 9,495 Total expense (benefit) $ 185,680 $ (13,863) $ 171,817 December 31, 2019 Domestic $ 124,231 $ 27,616 $ 151,847 Foreign 9,030 8,058 17,088 Total expense $ 133,261 $ 35,674 $ 168,935 December 31, 2018 Domestic $ 188,712 $ (63,134) $ 125,578 Foreign 13,963 23,487 37,450 Total expense (benefit) $ 202,675 $ (39,647) $ 163,028 Income before income taxes from domestic operations was $831 million, $739 million and $755 million for the years ended December 31, 2020, 2019 and 2018, respectively. (Loss) income before income taxes from foreign operations was ($126) million, $114 million and $57 million for the years ended December 31, 2020, 2019 and 2018, respectively. A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 21% for 2020, 2019 and 2018 to pre-tax income are as follows: (In thousands) 2020 2019 2018 Computed “expected” tax expense $ 148,008 $ 179,113 $ 170,540 Tax-exempt investment income (12,770) (14,666) (18,833) Change in valuation allowance 46,238 (1,945) 18,576 Impact of foreign tax rates 6,753 7,700 7,683 State and local taxes 2,561 4,842 3,901 Impact of change in U.S. tax rate — — (10,950) Other, net (18,973) (6,109) (7,889) Total expense $ 171,817 $ 168,935 $ 163,028 At December 31, 2020 and 2019, the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows: (In thousands) 2020 2019 Deferred tax asset: Loss reserve discounting $ 141,877 $ 136,100 Unearned premiums 134,971 120,246 Net operating losses 64,494 37,147 Other-than-temporary impairments 5,973 8,049 Employee compensation plans 60,551 60,552 Other 85,327 63,633 Gross deferred tax asset 493,193 425,727 Less valuation allowance (79,488) (33,250) Deferred tax asset 413,705 392,477 Deferred tax liability: Amortization of intangibles 12,761 12,832 Loss reserve discounting - transition rule 24,747 29,697 Deferred policy acquisition costs 113,084 103,947 Unrealized investment gains 100,241 93,330 Property, furniture and equipment 48,235 47,082 Investment funds 64,944 73,083 Other 62,809 50,212 Deferred tax liability 426,821 410,183 Net deferred tax liability $ 13,116 $ 17,706 The Company had a current tax net payable of $35.4 million and net receivable of $13.4 million at December 31, 2020 and 2019, respectively. At December 31, 2020, the Company had foreign net operating loss carryforwards of $7.7 million that expire beginning in 2027, and an additional $305.4 million that have no expiration date. At December 31, 2020, the Company had a valuation allowance of $79.5 million, as compared to $33.3 million at December 31, 2019. The Company has provided a valuation allowance against the utilization of foreign tax credits and the future net operating loss carryforward benefits of certain foreign operations. The statute of limitations for the Company’s U.S. Federal tax returns has closed for calendar year 2016 and all years through December 31, 2013. The realization of the deferred tax asset is dependent upon the Company’s ability to generate sufficient taxable income in future periods. Based on historical results and the prospects for future current operations, management anticipates that it is more likely than not that future taxable income will be sufficient for the realization of this asset. The Tax Cuts and Jobs Act of 2017 (the "Tax Act") provided for a reduction of the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. The U.S. tax law requires insurance reserves to be discounted for tax purposes. The Tax Act modified this computation. The IRS issued revised discount factors to be applied to the 2017 reserves, which increased the beginning of year 2018 deferred tax asset for loss reserve discounting. Under the related transition rule, a deferred tax liability was established which will be included in taxable income over the eight year period that began in 2018. The Company has not provided U.S. deferred income taxes on the undistributed earnings of approximately $111 million of its non-U.S. subsidiaries since these earnings are intended to be permanently reinvested in the non-U.S. subsidiaries. In the future, if such earnings were distributed the Company projects that the incremental tax, if any, will be immaterial. |
Dividends From Subsidiaries And
Dividends From Subsidiaries And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Dividends From Subsidiaries And Statutory Financial Information | Dividends from Subsidiaries and Statutory Financial Information The Company’s insurance subsidiaries are restricted by law as to the amount of dividends they may pay without the approval of regulatory authorities. The Company’s lead insurer, Berkley Insurance Company ("BIC"), directly or indirectly owns all of the Company’s other insurance companies. During 2021, the maximum amount of dividends that can be paid by BIC without such approval is approximately $721 million. BIC’s combined net income and statutory capital and surplus, as determined in accordance with statutory accounting practices ("SAP"), are as follows: (In thousands) 2020 2019 2018 Net income $ 771,990 $ 601,564 $ 1,099,953 Statutory capital and surplus $ 6,188,121 $ 6,013,062 $ 5,587,930 The significant variances between SAP and GAAP are that for statutory purposes bonds are carried at amortized cost, unrealized gains and losses on equity securities are recorded in surplus, acquisition costs are charged to income as incurred, deferred Federal income taxes are subject to limitations, excess and assumed workers’ compensation reserves are discounted at different discount rates and certain assets designated as “non-admitted assets” are charged against surplus. The Commissioner of Insurance of the State of Delaware has allowed BIC to recognize a non-tabular discount on certain workers' compensation loss reserves, which is a permitted practice that differs from SAP. The effect of using this permitted practice was an increase to BIC’s statutory capital and surplus by $200 million at December 31, 2020 . The National Association of Insurance Commissioners (“NAIC”) has risk-based capital (“RBC”) requirements that require insurance companies to calculate and report information under a risk-based formula which measures statutory capital and surplus needs based on a regulatory definition of risk in a company’s mix of products and its balance sheet. This guidance is used to calculate two capital measurements: Total Adjusted Capital and RBC Authorized Control Level. Total Adjusted Capital is equal to the Company’s statutory capital and surplus excluding capital and surplus derived from the use of permitted practices that differ from statutory accounting practices. RBC Authorized Control Level is the capital level used by regulatory authorities to determine whether remedial action is required. Generally, no remedial action is required if Total Adjusted Capital is 200% or more of the RBC Authorized Control Level. At December 31, 2020, BIC’s Total Adjusted Capital of $5.989 billion was 388% of its RBC Authorized Control Level. See Note 3, Investments in Fixed Maturity Securities, for a description of assets held on deposit as security. |
Common Stockholders' Equity
Common Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Common Stockholders' Equity | Common Stockholders’ Equity The weighted average number of shares used in the computation of net income per share was as follows: (In thousands) 2020 2019 2018 Basic 186,924 190,722 190,048 Diluted 188,763 193,521 192,395 Treasury shares have been excluded from average outstanding shares from the date of acquisition. The weighted average number of basic shares outstanding includes the impact of 7,767,874 common shares held in a grantor trust. 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 shares deliverable under vested RSUs were already included in diluted shares outstanding. The difference in calculating basic and diluted net income per share is attributable entirely to the dilutive effect of stock-based compensation plans. Changes in shares of common stock outstanding, net of treasury shares, are presented below. Shares of common stock issued and outstanding do not include shares related to unissued restricted stock units (including shares held in the grantor trust). 2020 2019 2018 Balance, beginning of year 183,411,907 182,993,640 182,272,278 Shares issued 776,544 687,339 1,257,762 Shares repurchased (6,363,301) (269,072) (536,400) Balance, end of year 177,825,150 183,411,907 182,993,640 The amount of dividends paid is dependent upon factors such as the receipt of dividends from our subsidiaries, our results of operations, cash flow, financial condition and business needs, the capital and surplus requirements of our subsidiaries, and applicable insurance regulations that limit the amount of dividends that may be paid by our regulated insurance subsidiaries. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
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 as of December 31, 2020 and 2019 by level: (In thousands) Total Level 1 Level 2 Level 3 December 31, 2020 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 603,871 $ — $ 603,871 $ — State and municipal 3,620,664 — 3,620,664 — Mortgage-backed securities 1,020,330 — 1,020,330 — Asset-backed securities 3,194,586 — 3,194,586 — Corporate 4,671,581 — 4,670,581 1,000 Foreign government 975,563 — 975,563 — Total fixed maturity securities available for sale 14,086,595 — 14,085,595 1,000 Equity securities: Common stocks 350,181 340,966 — 9,215 Preferred stocks 275,486 — 266,155 9,331 Total equity securities 625,667 340,966 266,155 18,546 Arbitrage trading account 341,473 298,359 43,114 — Total $ 15,053,735 $ 639,325 $ 14,394,864 $ 19,546 Liabilities: Trading account securities sold but not yet purchased $ 10,048 $ 10,048 $ — $ — December 31, 2019 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 786,931 $ — $ 786,931 $ — State and municipal 3,895,632 — 3,895,632 — Mortgage-backed securities 1,625,594 — 1,625,594 — Asset-backed securities 2,790,630 — 2,790,630 — Corporate 4,156,415 — 4,156,415 — Foreign government 847,076 — 847,076 — Total fixed maturity securities available for sale 14,102,278 — 14,102,278 — Equity securities: Common stocks 166,805 157,752 — 9,053 Preferred stocks 313,815 — 307,310 6,505 Total equity securities 480,620 157,752 307,310 15,558 Arbitrage trading account 400,809 381,061 19,748 — Total $ 14,983,707 $ 538,813 $ 14,429,336 $ 15,558 Liabilities: Trading account securities sold but not yet purchased $ 36,143 $ 36,143 $ — $ — The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2020 and 2019: Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Losses) Impairments Purchases Sales Paydowns/Maturities Transfers In / Out Ending Balance Year ended December 31, 2020 Assets: Fixed maturity securities available for sale: Corporate $ — $ — $ — $ — $ — $ — $ — $ 1,000 $ 1,000 Total — — — — — — — 1,000 1,000 Equity securities: Common stocks 9,053 1,228 — — — (1,066) — — 9,215 Preferred stocks 6,505 (174) — — 3,000 — — — 9,331 Total 15,558 1,054 — — 3,000 (1,066) — — 18,546 Arbitrage trading account — 19 — — — (19) — — — Total $ 15,558 $ 1,073 $ — $ — $ 3,000 $ (1,085) $ — $ 1,000 $ 19,546 Year ended December 31, 2019 Assets: Fixed maturity securities available for sale: Asset-backed securities $ 99 $ (26) $ 61 $ — $ — $ (134) $ — $ — $ — Total 99 (26) 61 — — (134) — — — Equity securities: Common stocks 8,596 2,005 — — — (1,548) — — 9,053 Preferred stocks 3,945 (42) — — 2,602 — — — 6,505 Total 12,541 1,963 — — 2,602 (1,548) — — 15,558 Arbitrage trading account 17,308 (8,731) — — 14,767 (38,233) — 14,889 — Total $ 29,948 $ (6,794) $ 61 $ — $ 17,369 $ (39,915) $ — $ 14,889 $ 15,558 Liabilities: Trading account securities sold but not yet purchased $ 793 $ 133 $ — $ — $ 7,609 $ (8,535) $ — $ — $ — The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2020 and 2019: 2020 2019 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 14,159,369 $ 14,173,629 $ 14,180,961 $ 14,194,955 Equity securities 625,667 625,667 480,620 480,620 Arbitrage trading account 341,473 341,473 400,809 400,809 Loans receivable 84,913 86,596 91,799 94,613 Cash and cash equivalents 2,372,366 2,372,366 1,023,710 1,023,710 Trading accounts receivable from brokers and clearing organizations 524,727 524,727 423,543 423,543 Due from broker 2,585 2,585 — — Liabilities: Due to broker — — 27,116 27,116 Trading account securities sold but not yet purchased 10,048 10,048 36,143 36,143 Senior notes and other debt 1,623,025 1,892,444 1,427,575 1,582,290 Subordinated debentures 1,102,309 1,202,842 1,198,704 1,274,088 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 12 above. The fair value of loans receivable is 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. |
Commitments, Litigation And Con
Commitments, Litigation And Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Litigation And Contingent Liabilities | Commitments, 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. At December 31, 2020, the Company had commitments to invest up to $124 million and $200 million in certain investment funds and real estate construction projects, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases Lessees are required to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months on the balance sheet. All leases disclosed within this note are classified as operating leases. Recognized right-of-use asset and lease liability are reported within other assets and other liabilities, respectively, in the consolidated balance sheet. Lease expense is reported in other operating costs and expenses in the consolidated statement of income and accounted for on a straight-line basis over the lease term. To determine the discount rate used to calculate present value of future minimum lease payments, the Company uses its incremental borrowing rate during the lease commencement period in line with the respective lease duration. In certain cases, the Company has the option to renew the lease. Lease renewal future payments are included in the present value of the future minimum lease payments when the Company determines it is reasonably certain to renew. The main leases entered into by the Company are for office space used by the Company’s operating units across the world. Additionally, the Company, to a lesser extent, has equipment leases mainly for office equipment. Further information relating to operating lease expense and other operating lease information is as follows: For the Year Ended December 31, (In thousands) 2020 2019 Leases: Lease cost $ 44,291 $ 44,107 Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 45,348 $ 40,083 Right-of-use assets obtained in exchange for new lease liabilities $ 8,870 $ 32,881 As of December 31, ($ in thousands) 2020 2019 Right-of-use assets $ 164,476 $ 193,311 Lease liabilities $ 203,643 $ 230,338 Weighted-average remaining lease term 6.82 years 7.11 years Weighted-average discount rate 5.94 % 5.97 % Contractual maturities of the Company’s future minimum lease payments are as follows: (In thousands) December 31, 2020 Contractual Maturities: 2021 $ 47,477 2022 41,442 2023 37,843 2024 31,283 2025 22,452 Thereafter 58,124 Total undiscounted future minimum lease payments 238,621 Less: Discount impact 34,978 Total lease liability $ 203,643 |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Plan | Stock Incentive Plan Pursuant to the Company's stock incentive plan, the Company may issue restricted stock units ("RSUs") to employees of the Company and its subsidiaries. The RSUs generally vest three 2020 2019 2018 RSUs granted and unvested at beginning of period: 4,124,260 5,062,661 5,216,972 Granted 962,453 840,796 1,140,048 Vested (1,111,588) (1,447,522) (900,254) Canceled (170,789) (331,675) (394,105) RSUs granted and unvested at end of period: 3,804,336 4,124,260 5,062,661 Upon vesting, shares of the Company’s common stock equal to the number of vested RSUs are issued or deferred to a later date, depending on the terms of the specific award agreement. As of December 31, 2020, 7,519,447 RSUs had been deferred. RSUs that have not yet vested and vested RSUs that have been deferred are not considered to be issued and outstanding shares. The fair value of RSUs at the date of grant are recorded as unearned compensation, a component of stockholders’ equity, and expensed over the vesting period. Following is a summary of changes in unearned compensation for the three years ended December 31, 2020: (In thousands) 2020 2019 2018 Unearned compensation at beginning of year $ 128,390 $ 129,669 $ 122,910 RSUs granted, net of cancellations 54,270 53,583 52,204 RSUs expensed (47,108) (47,329) (34,408) RSUs forfeitures (3,242) (7,533) (11,037) Unearned compensation at end of year $ 132,310 $ 128,390 $ 129,669 |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation Related Costs [Abstract] | |
Compensation Plans | Compensation Plans The Company and its subsidiaries have profit sharing plans in which substantially all employees participate. The plans provide for minimum annual contributions of 5% of eligible compensation; contributions above the minimum are discretionary and vary with each participating operating unit's profitability. Employees become eligible to participate in the plan on the first day of the calendar quarter following the first full calendar quarter after the employee's date of hire provided the employee has completed 250 hours of service during the calendar quarter. The plans provide that 40% of the contributions vest immediately and that the remaining 60% vest at varying percentages based upon years of service. Profit sharing expense was $48 million, $47 million and $42 million in 2020, 2019 and 2018, respectively. The Company has a long-term incentive compensation plan ("LTIP") that provides for compensation to key executives based on the growth in the Company's book value per share over a five year period. The following table summarizes the outstanding LTIP awards as of December 31, 2020: Units Outstanding Maximum Value Inception to date earned through December 31, 2020 on outstanding units 2016 grant 190,000 19,000,000 17,732,700 2017 grant 202,750 20,275,000 13,509,233 2018 grant 208,750 20,875,000 10,007,475 2019 grant 224,250 22,425,000 5,497,623 2020 grant 225,500 22,550,000 2,271,701 The following table summarizes the LTIP expense for each of the three years ended December 31, 2020: (In thousands) 2020 2019 2018 2013 grant $ — $ — $ (1,124) 2014 grant — (558) 3,227 2015 grant (168) 3,319 5,170 2016 grant 3,176 3,548 5,148 2017 grant 2,914 3,432 4,700 2018 grant 2,776 3,310 4,317 2019 grant 2,490 3,068 — 2020 grant 2,276 — — Total $ 13,464 $ 16,119 $ 21,438 |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Supplemental Financial Statement Data | Supplemental Financial Statement Data Other operating costs and expenses consist of the following: (In thousands) 2020 2019 2018 Amortization of deferred policy acquisition costs $ 904,955 $ 1,001,611 $ 915,246 Insurance operating expenses 1,206,058 1,088,690 1,183,635 Insurance service expenses 85,724 101,317 118,357 Net foreign currency losses (gains) 363 (30,715) (27,067) Debt extinguishment costs 8,440 — — Other costs and expenses 184,852 201,179 193,050 Total $ 2,390,392 $ 2,362,082 $ 2,383,221 |
Industry Segments
Industry Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Industry Segments | Industry Segments The Company’s reportable segments include the following two business segments, plus a corporate segment: • Insurance - predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia. • Reinsurance & Monoline Excess - 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, as well as operations that solely retain risk on an excess basis. 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 table. Income 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 Investment Other Total (2) Pre-Tax Net Year ended December 31, 2020 Insurance $ 6,067,669 $ 375,554 $ 35,611 $ 6,478,834 $ 668,012 $ 487,125 Reinsurance & Monoline Excess 863,174 146,029 — 1,009,203 205,587 164,655 Corporate, other and eliminations (3) — 62,238 445,650 507,888 (271,797) (214,291) Net investment gains — — 103,000 103,000 103,000 93,181 Consolidated $ 6,930,843 $ 583,821 $ 584,261 $ 8,098,925 $ 704,802 $ 530,670 Year ended December 31, 2019 Insurance $ 5,919,819 $ 429,405 $ 47,850 $ 6,397,074 $ 814,862 $ 650,510 Reinsurance & Monoline Excess 713,469 164,082 — 877,551 189,188 152,046 Corporate, other and eliminations (3) — 52,127 454,741 506,868 (271,833) (215,967) Net investment gains — — 120,703 120,703 120,703 95,355 Consolidated $ 6,633,288 $ 645,614 $ 623,294 $ 7,902,196 $ 852,920 $ 681,944 Year ended December 31, 2018 Insurance $ 5,702,073 $ 433,490 $ 72,727 $ 6,208,290 $ 717,154 $ 571,381 Reinsurance & Monoline Excess 669,432 179,534 — 848,966 201,001 160,791 Corporate, other and eliminations (3) — 61,211 418,696 479,907 (260,549) (213,469) Net investment gains — — 154,488 154,488 154,488 122,046 Consolidated $ 6,371,505 $ 674,235 $ 645,911 $ 7,691,651 $ 812,094 $ 640,749 Identifiable Assets (In thousands) December 31, 2020 2019 Insurance $ 21,739,360 $ 20,020,455 Reinsurance & Monoline Excess 4,652,074 4,710,445 Corporate, other and eliminations (3) 2,215,479 1,931,244 Consolidated $ 28,606,913 $ 26,662,144 _______________________________________ (1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. (2) Revenues for Insurance includes $691.5 million, $725.4 million, and $714.2 million in 2020, 2019, and 2018, respectively, from foreign countries. Revenues for Reinsurance & Monoline Excess includes $291.6 million, $249.6 million, and $228.1 million in 2020, 2019 and 2018, respectively, from foreign countries. (3) Corporate, other and eliminations represent corporate revenues and expenses and other items that are not allocated to business segments. Net premiums earned by major line of business are as follows: (In thousands) 2020 2019 2018 Insurance Other liability $ 2,237,285 $ 2,063,401 $ 1,912,071 Short-tail lines 1,247,908 1,223,902 1,184,447 Workers' compensation 1,127,487 1,301,980 1,327,206 Commercial automobile 794,171 750,051 722,236 Professional liability 660,818 580,485 556,113 Total Insurance 6,067,669 5,919,819 5,702,073 Reinsurance & Monoline Excess Casualty 521,559 405,063 362,886 Monoline Excess 171,522 160,071 162,908 Property 170,093 148,335 143,638 Total Reinsurance & Monoline Excess 863,174 713,469 669,432 Total $ 6,930,843 $ 6,633,288 $ 6,371,505 |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | Schedule II W. R. Berkley Corporation Condensed Financial Information of Registrant Balance Sheets (Parent Company) December 31, (In thousands) 2020 2019 Assets: Cash and cash equivalents $ 296,960 $ 389,801 Fixed maturity securities available for sale at fair value (cost $792,752 and $718,642 at December 31, 2020 and 2019, respectively) 800,263 723,959 Loans receivable 75,789 55,794 Equity securities, at fair value (cost $3,430 in 2020 and 2019 respectively.) 3,430 3,430 Investment in subsidiaries 7,957,501 7,623,639 Current federal income taxes — 18,857 Property, furniture and equipment at cost, less accumulated depreciation 11,412 12,323 Other assets 11,231 13,294 Total assets $ 9,156,586 $ 8,841,097 Liabilities and stockholders’ equity: Liabilities: Due to subsidiaries $ 77,860 $ 107,245 Other liabilities 106,064 118,593 Current federal income taxes 15,662 — Deferred federal income taxes 31,851 22,846 Subordinated debentures 1,102,309 1,198,704 Senior notes 1,512,038 1,318,770 Total liabilities 2,845,784 2,766,158 Stockholders’ equity: Preferred stock — — Common stock 70,535 70,535 Additional paid-in capital 1,012,483 1,056,042 Retained earnings (including accumulated undistributed net income of subsidiaries of $5,700,515 and $5,564,980 at December 31, 2020 and 2019, respectively) 8,348,381 7,932,372 Accumulated other comprehensive income (62,172) (257,299) Treasury stock, at cost (3,058,425) (2,726,711) Total stockholders’ equity 6,310,802 6,074,939 Total liabilities and stockholders’ equity $ 9,156,586 $ 8,841,097 ________________ See Report of Independent Registered Public Accounting Firm and note to condensed financial information. Schedule II, Continued W. R. Berkley Corporation Condensed Financial Information of Registrant, Continued Statements of Income (Parent Company) Year Ended December 31, (In thousands) 2020 2019 2018 Management fees and investment income including dividends from subsidiaries of $617,424, $416,027, and $639,477 for the years ended December 31, 2020, 2019 and 2018, respectively $ 654,485 $ 470,773 $ 697,687 Net investment gains (losses) 3,580 850 (1,685) Other income 568 117 530 Total revenues 658,633 471,740 696,532 Operating costs and expense 166,892 204,812 191,873 Interest expense 145,417 148,282 155,082 Income before federal income taxes 346,324 118,646 349,577 Federal income taxes: Federal income taxes provided by subsidiaries on a separate return basis 188,490 207,647 409,439 Federal income tax expense on a consolidated return basis (139,679) (141,190) (113,138) Net federal income tax expense 48,811 66,457 296,301 Income before undistributed equity in net income of subsidiaries 395,135 185,103 645,878 Equity in undistributed net income (loss) of subsidiaries 135,535 496,841 (5,129) Net income $ 530,670 $ 681,944 $ 640,749 ________________ See Report of Independent Registered Public Accounting Firm and note to condensed financial information. Schedule II, Continued W. R. Berkley Corporation Condensed Financial Information of Registrant, Continued Statements of Cash Flows (Parent Company) Year Ended December 31, (In thousands) 2020 2019 2018 Cash flows from operating activities: Net income $ 530,670 $ 681,944 $ 640,749 Adjustments to reconcile net income to net cash from operating activities: Net investment (gains) losses (3,580) (850) 1,685 Depreciation and amortization 15,133 7,058 9,441 Equity in undistributed earnings of subsidiaries (135,535) (496,841) 5,129 Tax payments received from subsidiaries 165,495 192,407 282,084 Federal income taxes provided by subsidiaries on a separate return basis (188,489) (207,646) (409,439) Stock incentive plans 49,599 28,389 28,531 Change in: Federal income taxes 32,069 11,841 (77,415) Other assets 1,220 (5,343) 1,348 Other liabilities 3,964 11,866 109,016 Accrued investment income 836 4,395 (2,870) Net cash from operating activities 471,382 227,220 588,259 Cash (used in) from investing activities: Proceeds from sales of fixed maturity securities 414,802 619,334 668,447 Proceeds from maturities and prepayments of fixed maturity securities 258,413 435,473 255,528 Cost of purchases of fixed maturity securities (747,713) (459,418) (1,188,821) Change in loans receivable (20,023) (4,250) 1,475 Investments in and advances to subsidiaries, net (100,704) (36,170) (184,597) Change in balance due to security broker (245) 245 — Net additions to real estate, furniture & equipment (81) (112) (264) Other, net 103 142 — Net cash (used in) from investing activities (195,448) 555,244 (448,232) Cash used in financing activities: Net proceeds from issuance of senior notes 736,609 290,454 178,562 Repayment and redemption of debt (650,000) (440,651) — Purchase of common treasury shares (346,357) (18,225) (24,750) Cash dividends to common stockholders (84,147) (308,191) (254,951) Other, net (24,880) — — Net cash used in financing activities (368,775) (476,613) (101,139) Net (decrease) increase in cash and cash equivalents (92,841) 305,851 38,888 Cash and cash equivalents at beginning of year 389,801 83,950 45,062 Cash and cash equivalents at end of year $ 296,960 $ 389,801 $ 83,950 ________________ See Report of Independent Registered Public Accounting Firm and note to condensed financial information. W. R. Berkley Corporation Condensed Financial Information of Registrant, Continued December 31, 2020 Note to Condensed Financial Information (Parent Company) The accompanying condensed financial information should be read in conjunction with the notes to consolidated financial statements included elsewhere herein. Reclassifications have been made in the 2019 and 2018 financial statements as originally reported to conform them to the presentation of the 2020 financial statements. The Company files a consolidated federal tax return with the results of its domestic insurance subsidiaries included on a statutory basis. Under present Company policy, federal income taxes payable by subsidiary companies on a separate-return basis are paid to W. R. Berkley Corporation, and the Company pays the tax due on a consolidated return basis. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | Schedule III W. R. Berkley Corporation and Subsidiaries Supplementary Insurance Information December 31, 2020, 2019 and 2018 (In thousands) Deferred Reserve for Unearned Net Premiums Net Loss and Loss Amortization of Other Net December 31, 2020 Insurance $ 467,871 $ 10,977,674 $ 3,660,758 $ 6,067,669 $ 375,554 $ 3,939,759 $ 734,062 $ 1,137,002 $ 6,347,101 Reinsurance & Monoline Excess 88,297 2,806,756 412,433 863,174 146,029 528,947 170,893 103,775 915,336 Corporate, other and eliminations — — — — 62,238 — — 244,660 — Total $ 556,168 $ 13,784,430 $ 4,073,191 $ 6,930,843 $ 583,821 $ 4,468,706 $ 904,955 $ 1,485,437 $ 7,262,437 December 31, 2019 Insurance $ 438,082 $ 9,836,950 $ 3,304,152 $ 5,919,819 $ 429,405 $ 3,692,551 $ 840,333 $ 1,049,328 $ 6,086,009 Reinsurance & Monoline Excess 79,282 2,746,299 352,355 713,469 164,082 438,565 161,278 88,520 777,490 Corporate, other and eliminations — — — — 52,127 — — 222,623 — Total $ 517,364 $ 12,583,249 $ 3,656,507 $ 6,633,288 $ 645,614 $ 4,131,116 $ 1,001,611 $ 1,360,471 $ 6,863,499 December 31, 2018 Insurance $ 432,568 $ 9,278,729 $ 3,081,433 $ 5,702,073 $ 433,490 $ 3,566,358 $ 788,508 $ 1,136,269 $ 5,791,905 Reinsurance & Monoline Excess 65,061 2,687,719 278,558 669,432 179,534 408,344 126,738 112,885 641,322 Corporate, other and eliminations — — — — 61,211 — — 218,821 — Total $ 497,629 $ 11,966,448 $ 3,359,991 $ 6,371,505 $ 674,235 $ 3,974,702 $ 915,246 $ 1,467,975 $ 6,433,227 __________________________ See Report of Independent Registered Public Accounting Firm. |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance | Schedule IV W. R. Berkley Corporation and Subsidiaries Reinsurance Years ended December 31, 2020, 2019 and 2018 Premiums Written (In thousands, other than percentages) Direct Ceded Assumed Net Percentage Year ended December 31, 2020 Insurance $ 7,625,981 $ 1,490,395 $ 211,515 $ 6,347,101 3.3 % Reinsurance & Monoline Excess 248,069 94,815 762,082 915,336 83.3 % Total $ 7,874,050 $ 1,585,210 $ 973,597 $ 7,262,437 13.4 % Year ended December 31, 2019 Insurance $ 7,180,759 $ 1,312,564 $ 217,814 $ 6,086,009 3.6 % Reinsurance & Monoline Excess 206,000 86,155 657,645 777,490 84.6 % Total $ 7,386,759 $ 1,398,719 $ 875,459 $ 6,863,499 12.8 % Year ended December 31, 2018 Insurance $ 6,782,757 $ 1,188,297 $ 197,445 $ 5,791,905 3.4 % Reinsurance & Monoline Excess 190,459 80,970 531,833 641,322 82.9 % Total $ 6,973,216 $ 1,269,267 $ 729,278 $ 6,433,227 11.3 % ___________________________ See Report of Independent Registered Public Accounting Firm. |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Valuation and Qualifying Accounts | Schedule V W. R. Berkley Corporation and Subsidiaries Valuation and Qualifying Accounts Years ended December 31, 2020, 2019 and 2018 (In thousands) Opening Cumulative Effect Adjustment - CECL Additions- Deduction- Ending Year ended December 31, 2020 Premiums, fees and other receivables $ 26,546 $ 1,270 $ 6,783 $ (6,744) $ 27,855 Due from reinsurers 690 5,927 1,187 (3) 7,801 Deferred federal and foreign income taxes 33,250 — 46,756 (518) 79,488 Fixed maturity securities — 35,714 16,909 (50,043) 2,580 Loan loss reserves 2,146 (357) 3,648 — 5,437 Total $ 62,632 $ 42,554 $ 75,283 $ (57,308) $ 123,161 Year ended December 31, 2019 Premiums, fees and other receivables $ 39,093 $ — $ (5,549) $ (6,998) $ 26,546 Due from reinsurers 947 — — (257) 690 Deferred federal and foreign income taxes 35,195 — 1,298 (3,243) 33,250 Loan loss reserves 3,383 — — (1,237) 2,146 Total $ 78,618 $ — $ (4,251) $ (11,735) $ 62,632 Year ended December 31, 2018 Premiums, fees and other receivables $ 39,926 $ — $ 6,985 $ (7,817) $ 39,093 Due from reinsurers 1,010 — 65 (128) 947 Deferred federal and foreign income taxes 16,619 — 18,772 (196) 35,195 Loan loss reserves 3,383 — — — 3,383 Total $ 60,938 $ — $ 25,822 $ (8,141) $ 78,618 _______________________ See Report of Independent Registered Public Accounting Firm. |
Schedule VI - Supplementary Inf
Schedule VI - Supplementary Information Concerning Property-Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
Schedule VI - Supplementary Information Concerning Property-Casualty Insurance Operations | Schedule VI W. R. Berkley Corporation and Subsidiaries Supplementary Information Concerning Property-Casualty Insurance Operations Years Ended December 31, 2020, 2019 and 2018 (In thousands) 2020 2019 2018 Deferred policy acquisition costs $ 556,168 $ 517,364 $ 497,629 Reserves for losses and loss expenses 13,784,430 12,583,249 11,966,448 Unearned premiums 4,073,191 3,656,507 3,359,991 Net premiums earned 6,930,843 6,633,288 6,371,505 Net investment income 583,821 645,614 674,235 Losses and loss expenses incurred: Current year 4,432,937 4,057,989 3,926,489 Prior years 627 34,079 6,831 Loss reserve discount accretion 35,142 39,048 41,382 Amortization of deferred policy acquisition costs 904,955 1,001,611 915,246 Paid losses and loss expenses 3,598,649 3,659,402 3,664,885 Net premiums written 7,262,437 6,863,499 6,433,227 ___________________ See Report of Independent Registered Public Accounting Firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of consolidation and basis of presentation | Principles of consolidation and basis of presentation The 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"). All significant intercompany transactions and balances have been eliminated. Reclassifications have been made in the 2019 and 2018 financial statements as originally reported to conform to the presentation of the 2020 financial statements.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. The most significant items on our balance sheet that involve a greater degree of accounting estimates that are subject to change in the future are the valuation of investments, allowance for expected credit losses on investments, reserves for losses and loss expenses and premium estimates. Actual results could differ from those estimates. |
Revenue recognition | Revenue recognition Insurance premiums are recognized as written at the inception of the policy. Reinsurance premiums are estimated based upon information received from ceding companies, and subsequent differences from such estimates are recorded in the period they are determined. Insurance and reinsurance premiums are primarily earned on a pro rata basis over the policy term. Fees for services are earned over the period that the services are provided. Premiums and fees receivable are reported net of an allowance for expected credit losses, with the allowance being estimated based on current and future expected conditions, historical loss data and specific identification of collectability concerns where applicable. Changes in the allowance are reported within other operating costs and expenses. Audit premiums are recognized when they are reliably determinable. The change in accruals for earned but unbilled audit premiums (decreased) increased net premiums written and premiums earned by $(27) million, $4 million and $(4) million in 2020, 2019 and 2018, respectively. Revenues from non-insurance businesses are derived from businesses engaged in the distribution of promotional merchandise, world-wide textile solutions, and aircraft services provided to the general, commercial and military aviation markets. These aircraft services include (i) the distribution, manufacturing, repair and overhaul of aircraft parts and components, (ii) the sale of new and used aircraft, and (iii) avionics, fuel, maintenance, storage and charter services. Revenue is recognized upon the shipment of products and parts, the delivery of aircraft, the delivery of fuel, and over the completion period of services. Insurance service fee revenue represents servicing fees for program administration and claims management services provided by the Company, including workers' compensation assigned risk plans, as well as insurance brokerage and risk management services. Fees for program administration, claims management and risk management services are primarily recognized ratably over the related contract period for which the underlying services are rendered. Commissions for insurance brokerage are generally recognized when the underlying insurance policy is effective. |
Cash and cash equivalents | Cash and cash equivalentsCash equivalents consist of funds invested in money market accounts and investments with an effective maturity of three months or less when purchased. |
Investments | InvestmentsFixed maturity securities classified as available for sale are carried at estimated fair value, with unrealized gains and losses, net of applicable income taxes, excluded from earnings and reported as a component of comprehensive income and a separate component of stockholders' equity. Fixed maturity securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment income from fixed maturity securities is recognized based on the constant effective yield method. Premiums and discounts on mortgage-backed securities are adjusted for the effects of actual and anticipated prepayments on a retrospective basis. Equity securities with readily determinable fair values are measured at fair value, with changes in the fair value recognized in net income within net realized and unrealized gains on investments. Fixed maturity securities that the Company purchased with the intent to sell in the near-term are classified as trading account securities and are reported at estimated fair value. Realized and unrealized gains and losses from trading activity are reported as net investment income and are recorded at the trade date. Short sales and short call options are presented as trading securities sold but not yet purchased. Unsettled trades and the net margin balances held by the clearing broker are presented as a trading account receivable from brokers and clearing organizations. Investment funds are carried under the equity method of accounting. The Company's share of the earnings or losses of investment funds is primarily reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Loans receivable primarily represent commercial real estate mortgage loans and bank loans and are carried at amortized cost. The accrual of interest on loans receivable is discontinued if the loan is 90 days past due based on the contractual terms of the loan unless the loan is adequately secured and in process of collection. In general, loans are placed on non-accrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. Interest on these loans is accounted for on a cash basis until qualifying for return to accrual status. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. 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.” Fair value of investments is determined based on a fair value hierarchy that prioritizes the use of observable inputs over the use of unobservable inputs and requires the use of observable inputs when available. (See Note 12 of the Notes to Consolidated Financial Statements.) Realized gains or losses represent the difference between the cost of securities sold and the proceeds realized upon sale and are recorded at the trade date. The Company uses primarily the first-in, first-out method to determine the cost of securities sold. For available for sale securities in an unrealized loss position where the Company intends to sell, or it is more likely than not that it will be required to sell the security before recovery in value, the amortized cost basis is written down to fair value through net investment gains. For available for sale securities in an unrealized loss position where the Company does not intend to sell, or it is more likely than not that it will not be required to sell the security before recovery in value, the Company evaluates whether the decline in fair value has resulted from credit losses or all other factors (non-credit factors). In making this assessment, the Company considers the extent to which fair value is less than amortized cost, changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for expected credit losses is recorded for the credit loss through net investment gains, limited by the amount that the fair value is less than the amortized cost basis. The allowance is adjusted for any change in expected credit losses and subsequent recoveries through net investment gains. The impairment related to non-credit factors is recognized in other comprehensive income. For financial assets carried at amortized cost, which includes held to maturity securities and loans receivable, the Company estimates an allowance for expected credit losses based on relevant information about past events, including historical loss experience, current conditions and forecasts that affect the expected collectability of the amortized cost of the financial asset. The allowance for expected credit losses is presented as a reduction to amortized cost of the financial asset in the consolidated balance sheet and changes to the estimate for expected credit losses are recognized through net investment gains. The Company’s credit assessment of allowance for expected credit losses uses a third party model for available for sale and held to maturity securities, as well as loans receivable. The allowance for expected credit losses is generally based on the performance of the underlying collateral under various economic and default scenarios that involve subjective judgments and estimates by management. Modeling these securities involves various factors, such as projected default rates, the nature and realizable value of the collateral, if any, the ability of the issuer to make scheduled payments, historical performance and other relevant economic and performance factors. A discounted cash flow analysis is used to ascertain the amount of the allowance for expected credit losses, if any. In general, the model reverts to the rating-level long-term average marginal default rates based on 10 years of historical data, beyond the forecast period. For other inputs, the model in most cases reverts to the baseline long-term assumptions linearly over 5 years beyond the forecast period. The long-term assumptions are based on the historical averages. The Company reports accrued investment income separately from fixed maturity securities, and has elected not to measure an allowance for expected credit losses for accrued investment income. Accrued investment income is written off through net investment income at the time the issuer of the bond defaults or is expected to default on payments. Real estate held for investment purposes is initially recorded at the purchase price, which is generally fair value, and is subsequently reported at cost less accumulated depreciation. Real estate taxes, interest and other costs incurred during development and construction are capitalized. Buildings are depreciated on a straight-line basis over the estimated useful lives of the building. Minimum rental income is recognized on a straight-line basis over the lease term. Income and expenses from real estate are reported as net investment income. The carrying value of real estate is reviewed for impairment and an impairment loss is recognized if the estimated undiscounted cash flows from the use and disposition of the property are less than the carrying value of the property. |
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 weighted average number of common shares outstanding during the year (including 7,767,874 common shares held in a grantor trust). 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 year 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. |
Deferred policy acquisition costs | Deferred policy acquisition costs Acquisition costs associated with the successful acquisition of new and renewed insurance and reinsurance contracts are deferred and amortized ratably over the terms of the related contracts. Ceding commissions received on reinsurance contracts are netted against acquisition costs and are recognized ratably over the life of the contract. Deferred policy acquisition costs are presented net of unearned ceding commissions. Deferred policy acquisition costs are comprised primarily of commissions, as well as employment-related underwriting costs and premium taxes. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income and, if not, are charged to expense. The recoverability of deferred policy acquisition costs is evaluated separately by each of our operating companies. Future investment income is taken into account in measuring the recoverability of deferred policy acquisition costs. |
Reserves for losses and loss expenses | Reserves for losses and loss expenses Reserves for losses and loss expenses are an accumulation of amounts determined on the basis of (1) evaluation of claims for business written directly by the Company; (2) estimates received from other companies for reinsurance assumed by the Company; and (3) estimates for losses incurred but not reported (based on Company and industry experience). These estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the statements of income in the period in which they are determined. The Company discounts its reserves for excess and assumed workers' compensation claims using a risk-free or statutory rate. (See Note 13 of Notes to Consolidated Financial Statements.) |
Reinsurance ceded | Reinsurance ceded The unearned portion of premiums ceded to reinsurers is reported as prepaid reinsurance premiums and earned ratably over the policy term. The estimated amounts of reinsurance recoverable on unpaid losses are reported as due from reinsurers. To the extent any reinsurer does not meet its obligations under reinsurance agreements, the Company must discharge its liability. Amounts due from reinsurers are reflected net of funds held where the right of offset is present. The Company has provided an allowance for expected credit losses for estimated uncollectible reinsurance. The allowance is estimated based on the composition of the recoverable balance, considering reinsurer credit ratings, collateral received from financial institutions and funds withheld arrangements, length of collection periods, probability of default methodology, and specific identification of collectability concerns. Changes in the allowance are reported within losses and loss expenses. |
Deposit accounting | Deposit accounting Contracts that do not meet the risk transfer requirements of GAAP are accounted for using the deposit accounting method. Under this method, an asset or liability is recognized at the inception of the contract based on consideration paid or received. The amount of the deposit asset or liability is adjusted at subsequent reporting dates using the interest method with a corresponding credit or charge to interest income or expense. |
Federal and foreign income taxes | Federal and foreign income taxesThe Company files a consolidated income tax return in the U.S. and foreign tax returns in countries where it has overseas operations. The Company's method of accounting for income taxes is the asset and liability method. Under this method, deferred tax assets and liabilities are measured using tax rates currently in effect or expected to apply in the years in which those temporary differences are expected to reverse. Interest and penalties, if any, are reported as income tax expense. The Company believes there are no tax positions that would require disclosure under GAAP. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will not be realized. |
Foreign currency | Foreign currency Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the entity's functional currency) are reported on the statements of income as other operating costs and expenses. Unrealized gains or losses resulting from translating the results of non-U.S. dollar denominated operations are reported in accumulated other comprehensive income. Revenues and expenses denominated in currencies other than U.S. dollars are generally translated at the weighted average exchange rate during the year. Assets and liabilities are translated at the rate of exchange in effect at the balance sheet date. |
Property, furniture and equipment | Property, furniture and equipment Property, furniture and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the estimated useful lives of the respective assets. |
Comprehensive income | Comprehensive incomeComprehensive income encompasses all changes in stockholders' equity (except those arising from transactions with stockholders) and includes net income, net unrealized holding gains or losses on available for sale securities and unrealized foreign currency translation adjustments. |
Goodwill and other intangible assets | Goodwill and other intangible assets Goodwill and other intangible assets are tested for impairment on an annual basis and at interim periods where circumstances require. |
Stock options | Restricted stock units The costs resulting from all share-based payment transactions with employees are recognized in the consolidated financial statements using a fair-value-based measurement method. Compensation cost is recognized for financial reporting purposes over the period in which the employee is required to provide service in exchange for the award (generally the vesting period). |
Recent accounting pronouncements | Recent accounting pronouncements Recently adopted accounting pronouncements: In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses, which amended the accounting guidance for credit losses on financial instruments. The updated guidance amended the current other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to expected 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, such as reinsurance recoverables. The updated guidance was effective for reporting periods beginning after December 15, 2019. Prior to January 1, 2020, for available for sale securities the portion of the decline in value considered to be a credit loss (i.e., the difference between the present value of cash flows expected to be collected and the amortized cost basis of the security) was recognized in earnings as an other-than-temporary impairment. The portion of the decline in value not considered to be a credit loss (i.e., the difference in the present value of cash flows expected to be collected and the fair value of the security) was recognized in other comprehensive income. The adoption of this guidance on January 1, 2020 resulted in the recognition of an allowance for expected credit losses in connection with operating assets (premiums and fees receivable and due from reinsurers) of $5.7 million (net of tax) and a corresponding cumulative effect adjustment that decreased common stockholders' equity. Certain investments (primarily fixed maturity securities available for sale) established an allowance for expected credit loss of $24.8 million (net of tax), with a cumulative effect adjustment decreasing retained earnings by $24.8 million (net of tax) and increasing accumulated other comprehensive (loss) income ("AOCI") by $25.0 million (net of tax), resulting in $0.2 million net impact to total common stockholders' equity. All other accounting and reporting standards that became effective in 2020 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: All 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. |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following tables present the components of the changes in accumulated other comprehensive loss as of and for the years ended December 31, 2020 and 2019: (In thousands) December 31, 2020 Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive Loss Changes in AOCI Beginning of period $ 124,514 $ (381,813) $ (257,299) Cumulative effect adjustment resulting from changes in accounting principles 24,952 — 24,952 Restated beginning of period 149,466 (381,813) (232,347) Other comprehensive income before reclassifications 114,049 29,927 143,976 Amounts reclassified from AOCI 26,201 — 26,201 Other comprehensive income 140,250 29,927 170,177 Unrealized investment loss related to noncontrolling interest (2) — (2) Ending balance $ 289,714 $ (351,886) $ (62,172) Amounts reclassified from AOCI Pre-tax $ 33,166 (1) $ — $ 33,166 Tax effect (6,965) (2) — (6,965) After-tax amounts reclassified $ 26,201 $ — $ 26,201 Other comprehensive income Pre-tax $ 164,645 $ 29,927 $ 194,572 Tax effect (24,395) — (24,395) Other comprehensive income $ 140,250 $ 29,927 $ 170,177 (In thousands) December 31, 2019 Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive Loss Changes in AOCI Beginning of period $ (91,491) $ (418,979) $ (510,470) Other comprehensive income before reclassifications 224,011 37,166 261,177 Amounts reclassified from AOCI (8,109) — (8,109) Other comprehensive income 215,902 37,166 253,068 Unrealized investment gain related to non-controlling interest 103 — 103 Ending balance $ 124,514 $ (381,813) $ (257,299) Amounts reclassified from AOCI Pre-tax $ (10,265) (1) $ — $ (10,265) Tax effect 2,156 (2) — 2,156 After-tax amounts reclassified $ (8,109) $ — $ (8,109) Other comprehensive income Pre-tax $ 261,970 $ 37,166 $ 299,136 Tax effect (46,068) — (46,068) Other comprehensive income $ 215,902 $ 37,166 $ 253,068 _______________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Investments In Fixed Maturity_2
Investments In Fixed Maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments In Fixed Maturity Securities | At December 31, 2020 and 2019, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 2020 Held to maturity: State and municipal $ 67,117 $ (798) $ 13,217 $ — $ 79,536 $ 66,319 Residential mortgage-backed 6,455 — 1,043 — 7,498 6,455 Total held to maturity 73,572 (798) 14,260 — 87,034 72,774 Available for sale: U.S. government and government agency 586,020 — 18,198 (347) 603,871 603,871 State and municipal: Special revenue 2,137,162 — 96,924 (714) 2,233,372 2,233,372 State general obligation 417,397 — 33,407 — 450,804 450,804 Pre-refunded 250,081 — 21,472 (162) 271,391 271,391 Corporate backed 206,356 — 8,755 (638) 214,473 214,473 Local general obligation 410,583 — 40,596 (555) 450,624 450,624 Total state and municipal 3,421,579 — 201,154 (2,069) 3,620,664 3,620,664 Mortgage-backed securities: Residential 813,187 — 24,664 (5,238) 832,613 832,613 Commercial 181,105 — 6,725 (113) 187,717 187,717 Total mortgage-backed securities 994,292 — 31,389 (5,351) 1,020,330 1,020,330 Asset-backed securities 3,218,048 — 10,035 (33,497) 3,194,586 3,194,586 Corporate: Industrial 2,456,516 (518) 115,926 (7,449) 2,564,475 2,564,475 Financial 1,513,943 — 62,947 (987) 1,575,903 1,575,903 Utilities 389,267 — 31,931 (33) 421,165 421,165 Other 109,353 — 696 (11) 110,038 110,038 Total corporate 4,469,079 (518) 211,500 (8,480) 4,671,581 4,671,581 Foreign government 993,268 (1,264) 28,007 (44,448) 975,563 975,563 Total available for sale 13,682,286 (1,782) 500,283 (94,192) 14,086,595 14,086,595 Total investments in fixed maturity securities $ 13,755,858 $ (2,580) $ 514,543 $ (94,192) $ 14,173,629 $ 14,159,369 ____________________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses, excluding the cumulative effect adjustment resulting from changes in accounting principles, is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. (In thousands) Amortized Gross Unrealized Fair Carrying Gains Losses December 31, 2019 Held to maturity: State and municipal $ 70,312 $ 13,000 $ — $ 83,312 $ 70,312 Residential mortgage-backed 8,371 994 — 9,365 8,371 Total held to maturity 78,683 13,994 — 92,677 78,683 Available for sale: U.S. government and government agency 775,157 13,249 (1,475) 786,931 786,931 State and municipal: Special revenue 2,343,209 64,586 (4,152) 2,403,643 2,403,643 State general obligation 359,298 22,074 (97) 381,275 381,275 Pre-refunded 364,571 20,342 (128) 384,785 384,785 Corporate backed 255,230 7,232 (903) 261,559 261,559 Local general obligation 432,333 32,684 (647) 464,370 464,370 Total state and municipal 3,754,641 146,918 (5,927) 3,895,632 3,895,632 Mortgage-backed securities: Residential 1,298,145 23,230 (5,155) 1,316,220 1,316,220 Commercial 304,506 5,214 (346) 309,374 309,374 Total mortgage-backed securities 1,602,651 28,444 (5,501) 1,625,594 1,625,594 Asset-backed securities 2,802,588 9,532 (21,490) 2,790,630 2,790,630 Corporate: Industrial 2,260,073 72,900 (3,800) 2,329,173 2,329,173 Financial 1,447,589 37,681 (4,118) 1,481,152 1,481,152 Utilities 325,762 15,281 (402) 340,641 340,641 Other 5,219 230 — 5,449 5,449 Total corporate 4,038,643 126,092 (8,320) 4,156,415 4,156,415 Foreign government 924,284 16,465 (93,673) 847,076 847,076 Total available for sale 13,897,964 340,700 (136,386) 14,102,278 14,102,278 Total investments in fixed maturity securities $ 13,976,647 $ 354,694 $ (136,386) $ 14,194,955 $ 14,180,961 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the year ended December 31, 2020: State and Municipal (In thousands) Allowance for expected credit losses at January 1, 2020 $ — Cumulative effect adjustment resulting from changes in accounting principles 69 Provision for expected credit losses 729 Allowance for expected credit losses at December 31, 2020 $ 798 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the year ended December 31, 2020: Foreign Government Corporate Total (In thousands) Allowance for expected credit losses at January 1, 2020 $ — $ — $ — Cumulative effect adjustment resulting from changes in accounting principles 35,645 — 35,645 Expected credit losses on securities for which credit losses were not previously recorded 12,590 7,058 19,648 Expected credit losses (gains) on securities for which credit losses were previously recorded 373 (3,841) (3,468) Reduction due to disposals (47,344) (2,699) (50,043) Allowance for expected credit losses at December 31, 2020 $ 1,264 $ 518 $ 1,782 |
The Amortized Cost And Fair Value of Fixed Maturity Securities | The amortized cost and fair value of fixed maturity securities at December 31, 2020, 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 Fair Value Due in one year or less $ 1,618,794 $ 1,612,652 Due after one year through five years 5,319,638 5,511,880 Due after five years through ten years 3,382,528 3,550,286 Due after ten years 2,433,353 2,470,983 Mortgage-backed securities 1,000,747 1,027,828 Total $ 13,755,060 $ 14,173,629 ________________ |
Investments In Equity Securit_2
Investments In Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity securities | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Investments in Equity Securities | At December 31, 2020 and 2019, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses December 31, 2020 Common stocks $ 335,617 $ 28,742 $ (14,178) $ 350,181 $ 350,181 Preferred stocks 180,397 95,581 (492) 275,486 275,486 Total $ 516,014 $ 124,323 $ (14,670) $ 625,667 $ 625,667 December 31, 2019 Common stocks $ 175,928 $ 16,967 $ (26,090) $ 166,805 $ 166,805 Preferred stocks 169,171 148,243 (3,599) 313,815 313,815 Total $ 345,099 $ 165,210 $ (29,689) $ 480,620 $ 480,620 |
Net Investment Income (Tables)
Net Investment Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net investment income consists of the following: (In thousands) 2020 2019 2018 Investment income earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 426,563 $ 517,925 $ 519,269 Investment funds 54,253 69,194 109,349 Arbitrage trading account 77,931 34,585 28,157 Real estate 24,027 24,218 18,591 Equity securities 10,172 5,439 3,230 Gross investment income 592,946 651,361 678,596 Investment expense (9,125) (5,747) (4,361) Net investment income $ 583,821 $ 645,614 $ 674,235 |
Investment Funds (Tables)
Investment Funds (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investment Funds | Investment funds consist of the following: Carrying Value Income (Losses) (In thousands) 2020 2019 2020 2019 2018 Financial services $ 434,437 $ 280,705 $ 34,763 $ 29,005 $ 11,044 Real estate 310,783 412,275 7,543 19,154 61,453 Energy 140,935 156,869 (11,039) (18,136) 7,084 Transportation 190,125 147,034 (616) 14,193 15,390 Other funds 233,150 216,652 23,602 24,978 14,378 Total $ 1,309,430 $ 1,213,535 $ 54,253 $ 69,194 $ 109,349 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of real estate properties | Investment in real estate represents directly owned property held for investment, as follows: As of December 31, (In thousands) 2020 2019 Properties in operation $ 1,738,144 $ 1,351,249 Properties under development 222,770 754,701 Total $ 1,960,914 $ 2,105,950 |
Loans Receivable Loans Receivab
Loans Receivable Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | At December 31, 2020 and December 31, 2019, loans receivable are as follows: As of December 31, (In thousands) 2020 2019 Amortized cost (net of allowance for expected credit losses): Real estate loans $ 51,910 $ 58,541 Commercial loans 33,003 33,258 Total $ 84,913 $ 91,799 Fair value: Real estate loans $ 53,593 $ 59,853 Commercial loans 33,003 34,760 Total $ 86,596 $ 94,613 |
Financing Receivable, Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the year ended December 31, 2020: Real Estate Loans Commercial Loans Total (In thousands) Allowance for expected credit losses at January 1, 2020 $ 1,502 $ 644 $ 2,146 Cumulative effect adjustment resulting from changes in accounting principles (905) 548 (357) Provision for expected credit losses 1,086 2,562 3,648 Allowance for expected credit losses at December 31, 2020 $ 1,683 $ 3,754 $ 5,437 |
Net Investment Gains (Tables)
Net Investment Gains (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized And Unrealized Investment Gains (Losses) | Net investment gains are as follows: (In thousands) 2020 2019 2018 Net investment gains: Fixed maturity securities: Gains $ 27,819 $ 23,900 $ 26,752 Losses (56,096) (13,636) (13,733) Equity securities (1): Net realized gains on investment sales 32,647 23,306 435,150 Change in unrealized (losses) gains (25,868) 85,292 (320,413) Investment funds 31,481 (2,825) (212) Real estate (2) 101,554 5,965 27,816 Loans receivable — (970) 2,838 Other (38,023) (329) 1,977 Net realized and unrealized gains on investments in earnings before allowance for expected credit losses 73,514 120,703 160,175 Change in allowance for expected credit losses on investments (3): Fixed maturity securities 33,134 — (5,687) Loans receivable (3,648) — — Change in allowance for expected credit losses on investments 29,486 — (5,687) Net investment gains 103,000 120,703 154,488 Income tax expense (21,630) (25,348) (32,442) After-tax net investment gains $ 81,370 $ 95,355 $ 122,046 Change in unrealized investment gains (losses) of available for sales securities: Fixed maturity securities without allowance for expected credit losses $ 134,129 $ 271,825 $ (297,084) Fixed maturity securities with allowance for expected credit losses 32,004 369 (132) Investment funds 2,280 (2,299) (5,672) Other (3,768) (7,925) 151 Total change in unrealized investment gains (losses) 164,645 261,970 (302,737) Income tax (expense) benefit (24,395) (46,068) 50,410 Noncontrolling interests (2) 103 (46) After-tax change in unrealized investment gains (losses) of available for sale securities $ 140,248 $ 216,005 $ (252,373) ____________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held. (2) For 2020, net investment gains on real estate includes an $105 million gain from the sale of a New York City complex that occurred during the fourth quarter. (3) The inclusion of the allowance for expected credit losses on investments commenced on January 1, 2020 due to the adoption of ASU 2016-13. See Note 1 for more details. |
Fixed Maturity Securities in _2
Fixed Maturity Securities in an Unrealized Loss Position (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities In An Unrealized Loss Position | The following tables summarize all fixed maturity securities in an unrealized loss position at December 31, 2020 and 2019 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 Gross Fair Gross Fair Gross December 31, 2020 U.S. government and government agency $ 47,649 $ 347 $ 17 $ — $ 47,666 $ 347 State and municipal 147,754 1,165 20,528 904 168,282 2,069 Mortgage-backed securities 212,388 5,121 23,943 230 236,331 5,351 Asset-backed securities 1,389,133 6,563 656,877 26,934 2,046,010 33,497 Corporate 612,177 6,721 39,985 1,759 652,162 8,480 Foreign government 143,729 22,871 6,218 21,577 149,947 44,448 Fixed maturity securities $ 2,552,830 $ 42,788 $ 747,568 $ 51,404 $ 3,300,398 $ 94,192 December 31, 2019 U.S. government and government agency $ 83,837 $ 618 $ 53,089 $ 857 $ 136,926 $ 1,475 State and municipal 365,184 4,245 127,210 1,682 492,394 5,927 Mortgage-backed securities 301,358 2,281 180,148 3,220 481,506 5,501 Asset-backed securities 755,259 2,307 774,508 19,183 1,529,767 21,490 Corporate 307,367 3,148 121,470 5,172 428,837 8,320 Foreign government 164,536 32,028 107,266 61,645 271,802 93,673 Fixed maturity securities $ 1,977,541 $ 44,627 $ 1,363,691 $ 91,759 $ 3,341,232 $ 136,386 |
Non-Investment Grade Fixed Maturity Securities | A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at December 31, 2020 is presented in the table below: ($ in thousands) Number of Aggregate Gross Foreign government 18 $ 75,555 $ 44,310 Corporate 11 26,617 3,025 Mortgage-backed securities 7 1,393 31 Total 36 $ 103,565 $ 47,366 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 as of December 31, 2020 and 2019 by level: (In thousands) Total Level 1 Level 2 Level 3 December 31, 2020 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 603,871 $ — $ 603,871 $ — State and municipal 3,620,664 — 3,620,664 — Mortgage-backed securities 1,020,330 — 1,020,330 — Asset-backed securities 3,194,586 — 3,194,586 — Corporate 4,671,581 — 4,670,581 1,000 Foreign government 975,563 — 975,563 — Total fixed maturity securities available for sale 14,086,595 — 14,085,595 1,000 Equity securities: Common stocks 350,181 340,966 — 9,215 Preferred stocks 275,486 — 266,155 9,331 Total equity securities 625,667 340,966 266,155 18,546 Arbitrage trading account 341,473 298,359 43,114 — Total $ 15,053,735 $ 639,325 $ 14,394,864 $ 19,546 Liabilities: Trading account securities sold but not yet purchased $ 10,048 $ 10,048 $ — $ — December 31, 2019 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 786,931 $ — $ 786,931 $ — State and municipal 3,895,632 — 3,895,632 — Mortgage-backed securities 1,625,594 — 1,625,594 — Asset-backed securities 2,790,630 — 2,790,630 — Corporate 4,156,415 — 4,156,415 — Foreign government 847,076 — 847,076 — Total fixed maturity securities available for sale 14,102,278 — 14,102,278 — Equity securities: Common stocks 166,805 157,752 — 9,053 Preferred stocks 313,815 — 307,310 6,505 Total equity securities 480,620 157,752 307,310 15,558 Arbitrage trading account 400,809 381,061 19,748 — Total $ 14,983,707 $ 538,813 $ 14,429,336 $ 15,558 Liabilities: Trading account securities sold but not yet purchased $ 36,143 $ 36,143 $ — $ — |
Summarize Changes In Level 3 Assets and Liabilities | The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2020 and 2019: Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Losses) Impairments Purchases Sales Paydowns/Maturities Transfers In / Out Ending Balance Year ended December 31, 2020 Assets: Fixed maturity securities available for sale: Corporate $ — $ — $ — $ — $ — $ — $ — $ 1,000 $ 1,000 Total — — — — — — — 1,000 1,000 Equity securities: Common stocks 9,053 1,228 — — — (1,066) — — 9,215 Preferred stocks 6,505 (174) — — 3,000 — — — 9,331 Total 15,558 1,054 — — 3,000 (1,066) — — 18,546 Arbitrage trading account — 19 — — — (19) — — — Total $ 15,558 $ 1,073 $ — $ — $ 3,000 $ (1,085) $ — $ 1,000 $ 19,546 Year ended December 31, 2019 Assets: Fixed maturity securities available for sale: Asset-backed securities $ 99 $ (26) $ 61 $ — $ — $ (134) $ — $ — $ — Total 99 (26) 61 — — (134) — — — Equity securities: Common stocks 8,596 2,005 — — — (1,548) — — 9,053 Preferred stocks 3,945 (42) — — 2,602 — — — 6,505 Total 12,541 1,963 — — 2,602 (1,548) — — 15,558 Arbitrage trading account 17,308 (8,731) — — 14,767 (38,233) — 14,889 — Total $ 29,948 $ (6,794) $ 61 $ — $ 17,369 $ (39,915) $ — $ 14,889 $ 15,558 Liabilities: Trading account securities sold but not yet purchased $ 793 $ 133 $ — $ — $ 7,609 $ (8,535) $ — $ — $ — |
Reserves For Losses And Loss _2
Reserves For Losses And Loss Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Loss and loss expenses incurred, net of reinsurance, and cumulative paid claims and claim adjustment expenses, net of reinsurance | Insurance Other Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR Cumulative Number of Reported Claims 2011 $ 665,626 $ 671,712 $ 657,819 $ 657,143 $ 652,134 $ 647,241 $ 643,358 $ 632,565 $ 643,446 $ 644,565 $ 16,298 24 2012 — 692,549 701,212 702,022 708,805 712,698 722,946 717,453 715,466 713,714 23,827 24 2013 — — 750,993 791,768 784,674 784,487 805,447 811,775 806,348 810,500 41,398 26 2014 — — — 848,658 851,404 849,440 853,826 866,096 872,150 867,239 66,901 27 2015 — — — — 953,198 988,569 963,451 966,872 968,783 979,014 99,480 27 2016 — — — — — 1,019,851 1,012,851 1,021,524 1,032,780 1,046,823 171,325 27 2017 — — — — — — 1,067,556 1,101,376 1,123,930 1,140,639 253,192 27 2018 — — — — — — — 1,106,108 1,133,601 1,123,121 408,131 26 2019 — — — — — — — — 1,243,287 1,240,028 662,084 25 2020 — — — — — — — — — 1,342,065 1,099,126 17 Total $ 9,907,708 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 48,846 $ 141,216 $ 265,109 $ 377,836 $ 469,123 $ 522,488 $ 554,278 $ 573,364 $ 592,637 $ 604,657 2012 — 57,599 157,499 298,644 416,561 512,283 579,454 621,454 652,178 667,749 2013 — — 63,358 188,411 331,779 472,731 588,650 649,657 695,301 721,879 2014 — — — 79,111 191,320 339,194 481,706 595,794 681,976 732,313 2015 — — — — 82,817 211,212 382,869 539,242 677,386 758,890 2016 — — — — — 69,579 209,217 390,664 559,218 678,209 2017 — — — — — — 80,163 256,345 453,973 639,977 2018 — — — — — — — 86,958 264,629 436,282 2019 — — — — — — — — 88,422 275,803 2020 — — — — — — — — — 72,274 Total $ 5,588,033 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 117,290 Reserves for loss and loss adjustment expenses, net of reinsurance $ 4,436,965 Workers' Compensation (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR Cumulative Number of Reported Claims 2011 $ 413,429 $ 444,887 $ 457,134 $ 470,026 $ 472,087 $ 474,076 $ 475,729 $ 471,471 $ 473,766 $ 472,593 $ 14,609 46 2012 — 501,681 501,810 503,956 503,863 509,167 512,707 508,169 506,730 506,827 19,328 48 2013 — — 552,570 547,295 546,995 543,238 547,000 542,274 541,926 540,322 23,485 53 2014 — — — 639,436 637,307 627,767 617,242 615,435 604,030 600,194 36,001 57 2015 — — — — 712,800 690,525 650,997 641,169 626,432 620,741 50,083 58 2016 — — — — — 702,716 696,339 684,700 660,520 651,278 51,369 58 2017 — — — — — — 762,093 733,505 689,622 673,216 64,176 58 2018 — — — — — — — 778,964 724,697 715,055 80,252 56 2019 — — — — — — — — 784,281 721,018 141,657 53 2020 — — — — — — — — — 725,245 319,131 39 Total $ 6,226,489 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 106,899 $ 236,207 $ 309,509 $ 355,909 $ 385,759 $ 408,304 $ 420,945 $ 428,811 $ 436,905 $ 442,163 2012 — 115,536 255,063 339,560 387,368 419,588 437,196 451,991 459,119 466,028 2013 — — 117,900 277,538 363,028 414,160 447,894 466,580 479,104 489,075 2014 — — — 148,405 319,743 412,611 471,235 503,915 521,141 531,475 2015 — — — — 139,320 323,744 421,734 477,541 512,933 531,512 2016 — — — — — 142,998 338,835 446,072 504,850 537,861 2017 — — — — — — 153,456 362,299 468,817 525,753 2018 — — — — — — — 171,006 397,464 508,546 2019 — — — — — — — — 184,715 397,376 2020 — — — — — — — — — 172,478 Total $ 4,602,267 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 219,529 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,843,751 Professional Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR Cumulative Number of Reported Claims 2011 $ 180,508 $ 165,844 $ 187,797 $ 190,849 $ 177,748 $ 174,038 $ 177,335 $ 176,396 $ 176,944 $ 181,874 $ 5,325 4 2012 — 242,530 245,962 268,761 253,146 241,342 247,789 246,478 247,072 249,846 5,919 6 2013 — — 275,051 251,419 245,984 252,024 273,679 282,150 287,310 284,837 10,867 6 2014 — — — 257,442 250,025 263,540 246,983 242,449 261,150 259,892 19,573 7 2015 — — — — 262,459 261,069 278,012 278,868 294,435 285,557 29,712 8 2016 — — — — — 313,365 327,706 364,312 405,390 442,521 49,740 9 2017 — — — — — — 335,565 334,682 340,569 379,408 85,159 10 2018 — — — — — — — 337,865 324,934 335,852 125,091 10 2019 — — — — — — — — 339,825 336,559 176,941 11 2020 — — — — — — — — — 398,429 328,303 10 Total $ 3,154,775 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 18,803 $ 62,560 $ 103,263 $ 134,862 $ 151,135 $ 159,309 $ 167,595 $ 169,191 $ 170,873 $ 172,294 2012 — 22,269 87,951 129,282 160,243 191,702 216,199 225,442 233,637 236,481 2013 — — 24,893 64,439 120,224 178,579 208,368 250,507 260,023 265,297 2014 — — — 19,773 84,457 139,934 177,575 201,002 218,055 229,615 2015 — — — — 20,565 85,945 140,517 188,608 217,625 234,585 2016 — — — — — 28,833 103,321 202,906 257,221 299,813 2017 — — — — — — 36,839 97,034 163,731 244,396 2018 — — — — — — — 28,432 100,284 156,102 2019 — — — — — — — — 32,081 98,625 2020 — — — — — — — — — 28,474 Total $ 1,965,682 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 14,011 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,203,104 Commercial Automobile (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR Cumulative Number of Reported Claims 2011 $ 314,028 $ 322,516 $ 329,917 $ 334,816 $ 343,421 $ 344,174 $ 345,044 $ 346,619 $ 346,490 $ 342,581 $ 100 37 2012 — 314,309 326,831 342,588 355,609 364,717 364,966 367,216 366,493 366,649 365 41 2013 — — 327,514 349,136 368,894 377,696 368,106 367,720 366,885 365,820 586 44 2014 — — — 363,996 385,329 420,139 418,150 415,727 415,621 411,158 1,506 47 2015 — — — — 390,002 419,663 425,865 434,254 435,438 433,888 3,111 53 2016 — — — — — 434,582 434,117 445,516 446,521 443,338 8,135 52 2017 — — — — — — 431,504 429,372 431,177 435,099 14,298 47 2018 — — — — — — — 443,045 463,057 479,502 29,712 45 2019 — — — — — — — — 483,483 488,777 74,684 44 2020 — — — — — — — — — 523,753 264,630 28 Total $ 4,290,565 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 135,350 $ 211,756 $ 262,685 $ 296,370 $ 321,814 $ 333,987 $ 338,325 $ 340,360 $ 340,799 $ 341,781 2012 — 136,844 215,214 273,446 312,342 344,952 356,264 361,342 362,426 363,587 2013 — — 142,929 218,596 267,253 323,227 344,357 354,280 363,038 363,805 2014 — — — 155,614 237,765 329,979 367,283 396,089 404,087 406,795 2015 — — — — 160,237 267,420 327,462 372,587 400,304 413,838 2016 — — — — — 186,867 282,375 344,503 393,509 412,967 2017 — — — — — — 181,317 268,201 327,765 372,689 2018 — — — — — — — 180,306 281,888 350,572 2019 — — — — — — — — 185,488 290,449 2020 — — — — — — — — — 142,826 Total $ 3,459,309 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 4,119 Reserves for loss and loss adjustment expenses, net of reinsurance $ 835,375 Short-tail lines (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR Cumulative Number of Reported Claims 2011 $ 494,704 $ 490,235 $ 472,041 $ 467,989 $ 467,205 $ 461,629 $ 459,369 $ 459,557 $ 463,053 $ 456,106 $ 550 22 2012 — 532,843 540,714 542,017 537,142 508,366 507,344 509,216 508,294 509,058 2,406 24 2013 — — 580,902 591,686 582,666 555,715 554,167 550,604 548,672 547,932 2,160 25 2014 — — — 714,360 719,508 667,627 666,246 667,061 667,278 669,729 2,930 30 2015 — — — — 747,683 734,204 730,251 728,720 720,324 718,820 8,958 32 2016 — — — — — 775,477 778,376 765,311 759,735 754,184 9,360 34 2017 — — — — — — 754,135 754,217 748,399 747,739 12,056 42 2018 — — — — — — — 761,177 750,123 747,396 23,631 48 2019 — — — — — — — — 722,122 702,281 43,842 43 2020 — — — — — — — — — 901,698 244,828 34 Total $ 6,754,943 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 303,049 $ 417,792 $ 436,787 $ 441,025 $ 445,323 $ 447,016 $ 447,619 $ 450,432 $ 454,991 $ 455,702 2012 — 282,703 456,872 508,333 519,093 499,014 500,181 504,451 505,183 506,308 2013 — — 315,304 491,801 541,563 533,269 540,132 541,400 541,990 543,195 2014 — — — 374,757 604,942 615,833 635,415 650,762 658,053 660,640 2015 — — — — 397,261 613,868 669,706 691,705 701,503 707,349 2016 — — — — — 417,988 672,013 713,634 729,011 734,110 2017 — — — — — — 445,835 690,343 719,286 731,440 2018 — — — — — — — 415,529 662,657 709,202 2019 — — — — — — — — 405,500 616,695 2020 — — — — — — — — — 460,656 Total $ 6,125,297 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 1,571 Reserves for loss and loss adjustment expenses, net of reinsurance $ 631,217 Reinsurance & Monoline Excess Casualty (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR 2011 $ 293,274 $ 312,321 $ 306,721 $ 301,847 $ 309,235 $ 307,772 $ 299,076 $ 295,376 $ 301,670 $ 298,292 $ 13,368 2012 — 335,187 339,236 334,299 326,934 337,777 340,026 337,901 334,461 337,437 14,927 2013 — — 322,718 273,683 276,688 288,556 297,121 302,768 307,426 305,080 21,094 2014 — — — 323,837 323,920 323,130 334,617 328,741 328,289 339,941 25,778 2015 — — — — 262,448 234,862 233,443 255,400 296,297 306,296 35,570 2016 — — — — — 243,970 256,011 248,367 270,833 304,845 45,117 2017 — — — — — — 234,561 224,835 242,603 265,111 58,308 2018 — — — — — — — 224,640 213,665 234,286 88,934 2019 — — — — — — — — 240,408 234,813 142,399 2020 — — — — — — — — — 305,114 255,936 Total $ 2,931,215 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 17,976 $ 52,597 $ 98,086 $ 134,814 $ 170,629 $ 194,320 $ 210,245 $ 222,618 $ 234,552 $ 246,140 2012 — 22,516 62,563 112,474 153,950 188,955 221,679 243,586 259,429 279,123 2013 — — 29,122 64,239 111,189 145,508 179,494 207,312 227,884 244,082 2014 — — — 21,441 69,568 116,908 156,495 199,846 229,562 254,532 2015 — — — — 17,952 48,833 91,949 142,334 179,884 206,864 2016 — — — — — 19,998 62,094 100,862 141,301 172,994 2017 — — — — — — 16,498 40,440 70,129 124,641 2018 — — — — — — — 11,187 41,382 78,219 2019 — — — — — — — — 14,641 39,435 2020 — — — — — — — — — 20,845 Total $ 1,666,875 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 380,546 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,644,886 Monoline Excess (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR 2011 $ 88,650 $ 93,993 $ 98,051 $ 89,031 $ 87,030 $ 83,850 $ 78,246 $ 74,109 $ 72,091 $ 69,205 $ 10,955 2012 — 72,366 73,230 73,670 75,274 72,441 67,878 69,361 67,205 66,269 9,184 2013 — — 63,995 50,355 48,143 42,419 38,551 35,120 31,752 29,758 11,097 2014 — — — 63,561 57,650 49,478 45,758 41,671 42,541 42,618 15,319 2015 — — — — 69,977 57,897 50,099 45,115 39,682 39,781 17,184 2016 — — — — — 72,657 70,281 71,404 64,957 65,485 20,435 2017 — — — — — — 76,701 80,508 70,749 71,025 27,947 2018 — — — — — — — 77,820 72,505 71,448 34,366 2019 — — — — — — — 78,929 77,482 39,832 2020 — — — — — — — — — 84,354 59,854 Total $ 617,425 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 2,593 $ 4,848 $ 6,395 $ 14,042 $ 15,684 $ 18,638 $ 20,164 $ 21,463 $ 23,686 $ 24,842 2012 — 1,127 6,097 10,815 11,167 13,234 15,738 17,982 20,004 22,528 2013 — — 647 1,897 2,158 3,008 3,396 4,418 5,349 6,476 2014 — — — 377 1,729 3,354 4,175 5,808 7,595 11,154 2015 — — — — 2,069 2,481 3,272 4,099 4,416 5,083 2016 — — — — — 2,498 4,783 5,573 5,928 7,685 2017 — — — — — — 6,282 12,810 15,356 17,327 2018 — — — — — — — 6,141 8,230 9,368 2019 — — — — — — — — 6,241 10,884 2020 — — — — — — — — — 4,869 Total $ 120,216 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 735,818 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,233,027 Property (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR 2011 $ 95,737 $ 88,345 $ 85,462 $ 86,879 $ 85,304 $ 85,028 $ 84,744 $ 85,160 $ 84,938 $ 84,112 $ 366 2012 — 104,336 95,164 86,809 85,846 84,285 84,286 85,222 85,025 91,342 1,429 2013 — — 142,340 113,201 114,638 112,419 113,053 112,373 110,165 108,017 1,757 2014 — — — 113,962 97,411 97,933 100,640 99,892 99,535 99,924 2,185 2015 — — — — 127,852 118,026 132,399 130,888 130,005 131,669 2,404 2016 — — — — — 168,634 174,935 182,171 181,429 186,786 4,318 2017 — — — — — — 207,096 200,917 199,892 198,529 8,040 2018 — — — — — — — 108,829 112,503 103,751 2,423 2019 — — — — — — — — 103,749 77,618 6,913 2020 — — — — — — — — — 115,116 48,509 Total $ 1,196,864 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 31,545 $ 59,054 $ 73,601 $ 76,267 $ 78,835 $ 82,038 $ 82,587 $ 83,669 $ 83,750 $ 83,229 2012 — 15,725 51,964 64,489 70,955 77,842 79,407 82,129 83,007 89,194 2013 — — 36,668 74,806 92,968 101,947 104,756 106,483 108,062 104,863 2014 — — — 39,019 67,251 82,646 88,857 92,011 93,723 95,222 2015 — — — — 53,482 89,366 109,378 118,977 123,023 125,939 2016 — — — — — 78,994 133,805 157,834 169,013 176,509 2017 — — — — — — 72,180 141,651 172,100 180,242 2018 — — — — — — — 34,195 65,527 82,815 2019 — — — — — — — — 23,103 54,864 2020 — — — — — — — — — 26,637 Total $ 1,019,514 Reserves for loss and loss adjustment expenses before 2011, net of reinsurance 1,928 Reserves for loss and loss adjustment expenses, net of reinsurance $ 179,278 |
Reconciliation of net incurred and paid claims development to reserves for loss and loss adjustment expenses | The reconciliation of the net incurred and paid claims development tables to the reserves for losses and loss expenses in the consolidated balance sheet is as follows: (In thousands) December 31, 2020 Undiscounted reserves for loss and loss expenses, net of reinsurance: Other liability $ 4,436,965 Workers' compensation 1,843,751 Professional liability 1,203,104 Commercial automobile 835,375 Short-tail lines 631,217 Other 96,257 Insurance 9,046,669 Casualty 1,644,886 Monoline excess 1,233,027 Property 179,278 Reinsurance & Monoline Excess 3,057,191 Total undiscounted reserves for loss and loss expenses, net of reinsurance $ 12,103,860 (In thousands) December 31, 2020 Due from reinsurers on unpaid claims: Other liability $ 609,006 Workers' compensation 267,707 Professional liability 644,841 Commercial automobile 32,140 Short-tail lines 352,168 Other 36,070 Insurance 1,941,932 Casualty 104,372 Monoline excess 41,598 Property 76,135 Reinsurance & Monoline Excess 222,105 Total due from reinsurers on unpaid claims $ 2,164,037 (In thousands) December 31, 2020 Loss reserve discount: Other liability $ — Workers' compensation (11,700) Professional liability — Commercial automobile — Short-tail lines — Other — Insurance (11,700) Casualty (100,536) Monoline excess (371,231) Property — Reinsurance & Monoline Excess (471,767) Total loss reserve discount $ (483,467) Total gross reserves for loss and loss expenses $ 13,784,430 |
Supplementary information regarding average historical claims duration | The following is supplementary information regarding average historical claims duration as of December 31, 2020: Insurance Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Other liability 7.5 % 14.4 % 17.7 % 16.6 % 13.4 % 8.7 % 5.6 % 3.5 % 2.6 % 1.9 % Workers' compensation 23.2 % 29.4 % 15.9 % 9.3 % 5.9 % 3.5 % 2.4 % 1.6 % 1.5 % 1.1 % Professional liability 8.4 % 20.7 % 19.5 % 16.4 % 10.1 % 8.3 % 4.0 % 2.0 % 2.3 % 0.8 % Commercial automobile 37.7 % 21.5 % 15.3 % 10.9 % 6.6 % 2.9 % 1.4 % 0.4 % 0.2 % 0.3 % Short-tail lines 57.0 % 31.7 % 6.0 % 1.6 % 0.4 % 0.5 % 0.4 % 0.3 % 0.6 % 0.2 % Reinsurance & Monoline Excess Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Casualty 6.5 % 11.7 % 14.1 % 14.0 % 11.5 % 8.9 % 6.5 % 4.7 % 4.9 % 3.9 % Monoline excess 4.9 % 4.5 % 2.8 % 3.1 % 2.4 % 3.5 % 4.3 % 2.9 % 3.5 % 1.7 % Property 33.3 % 33.2 % 15.4 % 6.0 % 3.9 % 2.2 % 1.6 % 1.2 % 0.8 % 0.6 % |
Reconciliation of beginning and ending reserve balance | The table below provides a reconciliation of the beginning and ending reserve balances: (In thousands) 2020 2019 2018 Net reserves at beginning of year $ 10,697,998 $ 10,248,883 $ 10,056,914 Cumulative effect adjustment resulting from changes in accounting principles (1) 5,927 — — Restated net reserves at beginning of period 10,703,925 10,248,883 10,056,914 Net provision for losses and loss expenses: Claims occurring during the current year (2) 4,432,937 4,057,989 3,926,489 Increase in estimates for claims occurring in prior years (3) 627 34,079 6,831 Loss reserve discount accretion 35,142 39,048 41,382 Total 4,468,706 4,131,116 3,974,702 Net payments for claims: Current year 921,054 985,599 964,808 Prior year 2,677,595 2,673,803 2,700,077 Total 3,598,649 3,659,402 3,664,885 Foreign currency translation 46,411 (22,599) (117,848) Net reserves at end of year 11,620,393 10,697,998 10,248,883 Ceded reserve at end of year 2,164,037 1,885,251 1,717,565 Gross reserves at end of year $ 13,784,430 $ 12,583,249 $ 11,966,448 Net change in premiums and losses occurring in prior years: Increase in estimates for claims occurring in prior years (3) $ (627) $ (34,079) $ (6,831) Retrospective premium adjustments for claims occurring in prior years (4) 16,807 53,511 45,638 Net favorable premium and reserve development on prior years $ 16,180 $ 19,432 $ 38,807 _______________________________________ (1) The cumulative effect adjustment resulting from changes in accounting principals relates to the allowance for expected credit losses on reinsurance recoverables that commenced on January 1, 2020 due to the adoption of ASU 2016-13. See Note 1 for more details. (2) Claims occurring during the current year are net of loss reserve discounts of $10 million, $20 million and $24 million in 2020, 2019, and 2018, respectively. (3) The change 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 $21 million in 2020, increased by $19 million in 2019, and decreased by $4 million in 2018, respectively. |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Financial Information | The following is a summary of reinsurance financial information: (In thousands) 2020 2019 2018 Written premiums: Direct $ 7,874,050 $ 7,386,759 $ 6,973,216 Assumed 973,597 875,459 729,278 Ceded (1,585,210) (1,398,719) (1,269,267) Total net written premiums $ 7,262,437 $ 6,863,499 $ 6,433,227 Earned premiums: Direct $ 7,489,470 $ 7,141,427 $ 6,851,795 Assumed 941,321 820,705 755,759 Ceded (1,499,948) (1,328,844) (1,236,049) Total net earned premiums $ 6,930,843 $ 6,633,288 $ 6,371,505 Ceded losses and loss expenses incurred $ 955,630 $ 836,831 $ 829,742 Ceded commission earned $ 358,253 $ 314,191 $ 268,037 |
Schedule of Premium Receivable Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the year ended December 31, 2020: (In thousands) Allowance for expected credit losses at January 1, 2020 $ 19,823 Cumulative effect adjustment resulting from changes in accounting principles 1,270 Provision for expected credit losses 1,790 Allowance for expected credit losses at December 31, 2020 $ 22,883 |
Schedule of Reinsurance Recoverable Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the year ended December 31, 2020: (In thousands) Allowance for expected credit losses at January 1, 2020 $ 690 Cumulative effect adjustment resulting from changes in accounting principles 5,927 Provision for expected credit losses 1,184 Allowance for expected credit losses at December 31, 2020 $ 7,801 |
Schedule of Ceded Credit Risk by Reinsurer | The following table presents the amounts due from reinsurers as of December 31, 2020: (In thousands) Munich Re $ 275,841 Lloyd’s of London 255,184 Swiss Re 182,532 Alleghany Group 182,015 Partner Re 164,535 Hannover Re Group 129,752 Berkshire Hathaway 104,775 Everest Re 102,085 Renaissance Re 101,014 Axis Capital 87,948 Liberty Mutual 66,263 Korean Re 56,091 Fairfax Financial 37,310 Axa Insurance 35,012 Validus Holdings Ltd. 29,599 Arch Capital Group 27,739 Qatar Re 20,321 Other reinsurers less than $20,000 330,929 Subtotal 2,188,945 Residual market pools 243,358 Allowance for expected credit losses (7,801) Total $ 2,424,502 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Indebtedness consisted of the following as of December 31, 2020 (the difference between the face value and the carrying value is unamortized discount and debt issuance costs): Carrying Value (In thousands) Interest Rate Face Value 2020 2019 Senior notes and other debt due on: September 15, 2020 5.375% $ — $ — $ 299,756 January 1, 2022 8.700% 76,503 76,419 76,343 March 15, 2022 4.625% 350,000 349,505 349,088 February 15, 2037 6.250% 250,000 248,226 248,116 August 1, 2044 4.750% 350,000 345,652 345,467 May 12, 2050 4.000% 470,000 492,236 — Subsidiary debt (1) (2) Various 110,987 110,987 108,805 Total senior notes and other debt $ 1,607,490 $ 1,623,025 $ 1,427,575 Subordinated debentures due on: April 30, 2053 5.625% $ — $ — $ 341,356 March 1, 2056 (3) 5.900% 110,000 106,365 106,262 June 1, 2056 5.750% 290,000 282,003 281,777 March 30, 2058 5.700% 185,000 179,006 178,845 December 30, 2059 5.100% 300,000 290,702 290,464 September 30, 2060 4.250% 250,000 244,233 — Total subordinated debentures $ 1,135,000 $ 1,102,309 $ 1,198,704 ________________ (1) Subsidiary debt is due as follows: $3 million in 2021, $6 million in 2025, and $102 million in 2028. (2) Includes non-recourse loan in the amount of $102 million secured by an office building. See Note 8, Real Estate, for more details. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of: (In thousands) Current Deferred Total December 31, 2020 Domestic $ 162,305 $ 17 $ 162,322 Foreign 23,375 (13,880) 9,495 Total expense (benefit) $ 185,680 $ (13,863) $ 171,817 December 31, 2019 Domestic $ 124,231 $ 27,616 $ 151,847 Foreign 9,030 8,058 17,088 Total expense $ 133,261 $ 35,674 $ 168,935 December 31, 2018 Domestic $ 188,712 $ (63,134) $ 125,578 Foreign 13,963 23,487 37,450 Total expense (benefit) $ 202,675 $ (39,647) $ 163,028 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 21% for 2020, 2019 and 2018 to pre-tax income are as follows: (In thousands) 2020 2019 2018 Computed “expected” tax expense $ 148,008 $ 179,113 $ 170,540 Tax-exempt investment income (12,770) (14,666) (18,833) Change in valuation allowance 46,238 (1,945) 18,576 Impact of foreign tax rates 6,753 7,700 7,683 State and local taxes 2,561 4,842 3,901 Impact of change in U.S. tax rate — — (10,950) Other, net (18,973) (6,109) (7,889) Total expense $ 171,817 $ 168,935 $ 163,028 |
Schedule of Deferred Tax Assets and Liabilities | (In thousands) 2020 2019 2018 Computed “expected” tax expense $ 148,008 $ 179,113 $ 170,540 Tax-exempt investment income (12,770) (14,666) (18,833) Change in valuation allowance 46,238 (1,945) 18,576 Impact of foreign tax rates 6,753 7,700 7,683 State and local taxes 2,561 4,842 3,901 Impact of change in U.S. tax rate — — (10,950) Other, net (18,973) (6,109) (7,889) Total expense $ 171,817 $ 168,935 $ 163,028 At December 31, 2020 and 2019, the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows: (In thousands) 2020 2019 Deferred tax asset: Loss reserve discounting $ 141,877 $ 136,100 Unearned premiums 134,971 120,246 Net operating losses 64,494 37,147 Other-than-temporary impairments 5,973 8,049 Employee compensation plans 60,551 60,552 Other 85,327 63,633 Gross deferred tax asset 493,193 425,727 Less valuation allowance (79,488) (33,250) Deferred tax asset 413,705 392,477 Deferred tax liability: Amortization of intangibles 12,761 12,832 Loss reserve discounting - transition rule 24,747 29,697 Deferred policy acquisition costs 113,084 103,947 Unrealized investment gains 100,241 93,330 Property, furniture and equipment 48,235 47,082 Investment funds 64,944 73,083 Other 62,809 50,212 Deferred tax liability 426,821 410,183 Net deferred tax liability $ 13,116 $ 17,706 |
Dividends From Subsidiaries A_2
Dividends From Subsidiaries And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Schedule of Combined Net Income and Policyholders' Surplus in Accordance with Statutory Accounting Practices | BIC’s combined net income and statutory capital and surplus, as determined in accordance with statutory accounting practices ("SAP"), are as follows: (In thousands) 2020 2019 2018 Net income $ 771,990 $ 601,564 $ 1,099,953 Statutory capital and surplus $ 6,188,121 $ 6,013,062 $ 5,587,930 |
Common Stockholders' Equity (Ta
Common Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share | The weighted average number of shares used in the computation of net income per share was as follows: (In thousands) 2020 2019 2018 Basic 186,924 190,722 190,048 Diluted 188,763 193,521 192,395 |
Schedule of Changes in Shares of Common Stock Outstanding | Changes in shares of common stock outstanding, net of treasury shares, are presented below. Shares of common stock issued and outstanding do not include shares related to unissued restricted stock units (including shares held in the grantor trust). 2020 2019 2018 Balance, beginning of year 183,411,907 182,993,640 182,272,278 Shares issued 776,544 687,339 1,257,762 Shares repurchased (6,363,301) (269,072) (536,400) Balance, end of year 177,825,150 183,411,907 182,993,640 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Estimated Fair Values of Financial Insruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2020 and 2019: 2020 2019 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 14,159,369 $ 14,173,629 $ 14,180,961 $ 14,194,955 Equity securities 625,667 625,667 480,620 480,620 Arbitrage trading account 341,473 341,473 400,809 400,809 Loans receivable 84,913 86,596 91,799 94,613 Cash and cash equivalents 2,372,366 2,372,366 1,023,710 1,023,710 Trading accounts receivable from brokers and clearing organizations 524,727 524,727 423,543 423,543 Due from broker 2,585 2,585 — — Liabilities: Due to broker — — 27,116 27,116 Trading account securities sold but not yet purchased 10,048 10,048 36,143 36,143 Senior notes and other debt 1,623,025 1,892,444 1,427,575 1,582,290 Subordinated debentures 1,102,309 1,202,842 1,198,704 1,274,088 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | Further information relating to operating lease expense and other operating lease information is as follows: For the Year Ended December 31, (In thousands) 2020 2019 Leases: Lease cost $ 44,291 $ 44,107 Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 45,348 $ 40,083 Right-of-use assets obtained in exchange for new lease liabilities $ 8,870 $ 32,881 |
Supplemental Balance Sheet Information | As of December 31, ($ in thousands) 2020 2019 Right-of-use assets $ 164,476 $ 193,311 Lease liabilities $ 203,643 $ 230,338 Weighted-average remaining lease term 6.82 years 7.11 years Weighted-average discount rate 5.94 % 5.97 % |
Maturities of Operating Lease Liabilities | Contractual maturities of the Company’s future minimum lease payments are as follows: (In thousands) December 31, 2020 Contractual Maturities: 2021 $ 47,477 2022 41,442 2023 37,843 2024 31,283 2025 22,452 Thereafter 58,124 Total undiscounted future minimum lease payments 238,621 Less: Discount impact 34,978 Total lease liability $ 203,643 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes RSU information for the three years ended December 31, 2020: 2020 2019 2018 RSUs granted and unvested at beginning of period: 4,124,260 5,062,661 5,216,972 Granted 962,453 840,796 1,140,048 Vested (1,111,588) (1,447,522) (900,254) Canceled (170,789) (331,675) (394,105) RSUs granted and unvested at end of period: 3,804,336 4,124,260 5,062,661 |
Schedule of Share-based Compensation, Unearned Compensation Related to RSU's | The fair value of RSUs at the date of grant are recorded as unearned compensation, a component of stockholders’ equity, and expensed over the vesting period. Following is a summary of changes in unearned compensation for the three years ended December 31, 2020: (In thousands) 2020 2019 2018 Unearned compensation at beginning of year $ 128,390 $ 129,669 $ 122,910 RSUs granted, net of cancellations 54,270 53,583 52,204 RSUs expensed (47,108) (47,329) (34,408) RSUs forfeitures (3,242) (7,533) (11,037) Unearned compensation at end of year $ 132,310 $ 128,390 $ 129,669 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation Related Costs [Abstract] | |
Long-Term Incentive Compensation Plan Expense | The following table summarizes the outstanding LTIP awards as of December 31, 2020: Units Outstanding Maximum Value Inception to date earned through December 31, 2020 on outstanding units 2016 grant 190,000 19,000,000 17,732,700 2017 grant 202,750 20,275,000 13,509,233 2018 grant 208,750 20,875,000 10,007,475 2019 grant 224,250 22,425,000 5,497,623 2020 grant 225,500 22,550,000 2,271,701 The following table summarizes the LTIP expense for each of the three years ended December 31, 2020: (In thousands) 2020 2019 2018 2013 grant $ — $ — $ (1,124) 2014 grant — (558) 3,227 2015 grant (168) 3,319 5,170 2016 grant 3,176 3,548 5,148 2017 grant 2,914 3,432 4,700 2018 grant 2,776 3,310 4,317 2019 grant 2,490 3,068 — 2020 grant 2,276 — — Total $ 13,464 $ 16,119 $ 21,438 |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other operating costs and expenses consist of the following: (In thousands) 2020 2019 2018 Amortization of deferred policy acquisition costs $ 904,955 $ 1,001,611 $ 915,246 Insurance operating expenses 1,206,058 1,088,690 1,183,635 Insurance service expenses 85,724 101,317 118,357 Net foreign currency losses (gains) 363 (30,715) (27,067) Debt extinguishment costs 8,440 — — Other costs and expenses 184,852 201,179 193,050 Total $ 2,390,392 $ 2,362,082 $ 2,383,221 |
Industry Segments (Tables)
Industry Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Financial Information Of Company Operating Segments | Summary financial information about the Company’s reporting segments is presented in the following table. Income 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 Investment Other Total (2) Pre-Tax Net Year ended December 31, 2020 Insurance $ 6,067,669 $ 375,554 $ 35,611 $ 6,478,834 $ 668,012 $ 487,125 Reinsurance & Monoline Excess 863,174 146,029 — 1,009,203 205,587 164,655 Corporate, other and eliminations (3) — 62,238 445,650 507,888 (271,797) (214,291) Net investment gains — — 103,000 103,000 103,000 93,181 Consolidated $ 6,930,843 $ 583,821 $ 584,261 $ 8,098,925 $ 704,802 $ 530,670 Year ended December 31, 2019 Insurance $ 5,919,819 $ 429,405 $ 47,850 $ 6,397,074 $ 814,862 $ 650,510 Reinsurance & Monoline Excess 713,469 164,082 — 877,551 189,188 152,046 Corporate, other and eliminations (3) — 52,127 454,741 506,868 (271,833) (215,967) Net investment gains — — 120,703 120,703 120,703 95,355 Consolidated $ 6,633,288 $ 645,614 $ 623,294 $ 7,902,196 $ 852,920 $ 681,944 Year ended December 31, 2018 Insurance $ 5,702,073 $ 433,490 $ 72,727 $ 6,208,290 $ 717,154 $ 571,381 Reinsurance & Monoline Excess 669,432 179,534 — 848,966 201,001 160,791 Corporate, other and eliminations (3) — 61,211 418,696 479,907 (260,549) (213,469) Net investment gains — — 154,488 154,488 154,488 122,046 Consolidated $ 6,371,505 $ 674,235 $ 645,911 $ 7,691,651 $ 812,094 $ 640,749 |
Identifiable Assets by Segments | Identifiable Assets (In thousands) December 31, 2020 2019 Insurance $ 21,739,360 $ 20,020,455 Reinsurance & Monoline Excess 4,652,074 4,710,445 Corporate, other and eliminations (3) 2,215,479 1,931,244 Consolidated $ 28,606,913 $ 26,662,144 _______________________________________ (1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. (2) Revenues for Insurance includes $691.5 million, $725.4 million, and $714.2 million in 2020, 2019, and 2018, respectively, from foreign countries. Revenues for Reinsurance & Monoline Excess includes $291.6 million, $249.6 million, and $228.1 million in 2020, 2019 and 2018, respectively, from foreign countries. |
Net Premiums Earned By Major Line Of Business | Net premiums earned by major line of business are as follows: (In thousands) 2020 2019 2018 Insurance Other liability $ 2,237,285 $ 2,063,401 $ 1,912,071 Short-tail lines 1,247,908 1,223,902 1,184,447 Workers' compensation 1,127,487 1,301,980 1,327,206 Commercial automobile 794,171 750,051 722,236 Professional liability 660,818 580,485 556,113 Total Insurance 6,067,669 5,919,819 5,702,073 Reinsurance & Monoline Excess Casualty 521,559 405,063 362,886 Monoline Excess 171,522 160,071 162,908 Property 170,093 148,335 143,638 Total Reinsurance & Monoline Excess 863,174 713,469 669,432 Total $ 6,930,843 $ 6,633,288 $ 6,371,505 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||||
Unbilled Audit Premiums | $ (27) | $ (27) | $ 4 | $ (4) |
Indefinite-lived Intangible Assets [Line Items] | ||||
Basic weighted average number of shares outstanding (in shares) | 186,924 | 190,722 | 190,048 | |
Deposit contracts, liabilities | 38 | $ 38 | $ 41 | |
Depreciation | 53 | 54 | $ 54 | |
Interest payments | 155 | 160 | 155 | |
Income taxes paid | 103 | 125 | $ 186 | |
Other Assets | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Intangible assets, net (excluding goodwill) | $ 93 | $ 93 | $ 99 | |
Grantor Trust | Restricted Stock Units (RSUs) | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Basic weighted average number of shares outstanding (in shares) | 7,767,874 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Recent accounting change) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net after tax unamortized periodic pension cost | $ (6,325,797) | $ (6,118,342) | |||
Fixed maturity securities, allowance for credit loss | 2,580 | ||||
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net after tax unamortized periodic pension cost | (8,348,381) | (7,932,372) | $ (7,558,619) | $ (6,956,882) | |
Accumulated Other Comprehensive Income (Loss) | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net after tax unamortized periodic pension cost | $ (289,714) | $ (124,514) | $ 91,491 | $ (375,421) | |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period Of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Premium receivable and reinsurance recoverable, allowance for credit loss | $ 5,700 | ||||
Fixed maturity securities, allowance for credit loss | 24,800 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period Of Adoption, Adjustment | Investments | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net after tax unamortized periodic pension cost | (200) | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period Of Adoption, Adjustment | Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net after tax unamortized periodic pension cost | 5,700 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period Of Adoption, Adjustment | Retained Earnings | Investments | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net after tax unamortized periodic pension cost | 24,800 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period Of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Investments | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net after tax unamortized periodic pension cost | $ (25,000) |
Consolidated Statement of Com_3
Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | $ 6,118,342 | ||
Other comprehensive gain (loss) | 170,177 | $ 253,068 | $ (364,426) |
End of period | 6,325,797 | 6,118,342 | |
Net investment gains | 103,000 | 120,703 | 154,488 |
Federal and foreign income taxes | (171,817) | (168,935) | (163,028) |
Net income | 532,985 | 683,985 | 649,066 |
Unrealized investment gains, before tax | 164,645 | 261,970 | (302,737) |
Currency translation adjustments, before tax | 29,927 | 37,166 | |
Other comprehensive income (loss), before tax | 194,572 | 299,136 | |
Unrealized investment gains, tax | (24,395) | (46,068) | |
Currency translation adjustments, tax | 0 | 0 | |
Other comprehensive income (loss), tax | (24,395) | (46,068) | |
Unrealized investment gains, net of tax | 140,250 | 215,902 | |
Change in unrealized translation adjustments | 29,927 | 37,166 | (112,099) |
Pre-Tax Income (Loss) | 704,802 | 852,920 | 812,094 |
Unrealized Investment Gains (Losses) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | 124,514 | (91,491) | |
Other comprehensive income before reclassifications | 114,049 | 224,011 | |
Amounts reclassified from AOCI | 26,201 | (8,109) | |
Other comprehensive gain (loss) | 140,250 | 215,902 | |
Unrealized investment loss related to noncontrolling interest | (2) | 103 | |
End of period | 289,714 | 124,514 | (91,491) |
Unrealized Investment Gains (Losses) | Cumulative Effect, Period Of Adoption, Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | 24,952 | ||
End of period | 24,952 | ||
Unrealized Investment Gains (Losses) | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | 149,466 | ||
End of period | 149,466 | ||
Unrealized Investment Gains (Losses) | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net investment gains | (10,265) | ||
Federal and foreign income taxes | (6,965) | 2,156 | |
Net income | 26,201 | (8,109) | |
Unrealized investment gains (losses), before tax | 33,166 | ||
Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | (381,813) | (418,979) | (306,880) |
Other comprehensive income before reclassifications | 29,927 | 37,166 | |
Amounts reclassified from AOCI | 0 | 0 | |
Other comprehensive gain (loss) | 29,927 | 37,166 | |
Unrealized investment loss related to noncontrolling interest | 0 | 0 | |
End of period | (351,886) | (381,813) | (418,979) |
Change in unrealized translation adjustments | 29,927 | 37,166 | (112,099) |
Currency Translation Adjustments | Cumulative Effect, Period Of Adoption, Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | 0 | ||
End of period | 0 | ||
Currency Translation Adjustments | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | (381,813) | ||
End of period | (381,813) | ||
Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net investment gains | 0 | ||
Federal and foreign income taxes | 0 | 0 | |
Net income | 0 | 0 | |
Pre-Tax Income (Loss) | 0 | ||
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | (257,299) | (510,470) | |
Other comprehensive income before reclassifications | 143,976 | 261,177 | |
Amounts reclassified from AOCI | 26,201 | (8,109) | |
Other comprehensive gain (loss) | 170,177 | 253,068 | |
Unrealized investment loss related to noncontrolling interest | (2) | 103 | |
End of period | (62,172) | (257,299) | $ (510,470) |
Accumulated Other Comprehensive Loss | Cumulative Effect, Period Of Adoption, Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | 24,952 | ||
End of period | 24,952 | ||
Accumulated Other Comprehensive Loss | Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | (232,347) | ||
End of period | (232,347) | ||
Accumulated Other Comprehensive Loss | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net investment gains | (10,265) | ||
Federal and foreign income taxes | (6,965) | 2,156 | |
Net income | 26,201 | $ (8,109) | |
Pre-Tax Income (Loss) | $ 33,166 |
Investments in Fixed Maturity_3
Investments in Fixed Maturity Securities (Investments in Fixed Maturity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total held to maturity, Amortized Cost | $ 73,572 | $ 78,683 |
Held-to-maturity, allowance for credit loss | (798) | 0 |
Total held to maturity, Gross Unrealized Gains | 14,260 | 13,994 |
Total held to maturity, Gross Unrealized Losses | 0 | 0 |
Total held to maturity, Fair Value | 87,034 | 92,677 |
Total held to maturity, Carrying Value | 72,774 | 78,683 |
Fixed maturity securities available for sale at cost | 13,682,286 | 13,897,964 |
Cumulative effect adjustment resulting from changes in accounting principles | (1,782) | 0 |
Total available for sale, Gross Unrealized Gains | 500,283 | 340,700 |
Total available for sale, Gross Unrealized Losses | (94,192) | (136,386) |
Total available for sale, Fair Value | 14,086,595 | 14,102,278 |
Total available for sale, Carrying Value | 14,086,595 | 14,102,278 |
Fixed maturity securities, amortized cost | 13,755,858 | 13,976,647 |
Total investments in fixed maturity securities, Gross Unrealized Gains | 514,543 | 354,694 |
Total investments in fixed maturity securities, Gross Unrealized Losses | (94,192) | (136,386) |
Total investments in fixed maturity securities, Fair Value | 14,173,629 | 14,194,955 |
Total investments in fixed maturity securities, carrying value | 14,159,369 | 14,180,961 |
Fixed maturity securities, allowance for credit loss | (2,580) | |
State and municipal | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total held to maturity, Amortized Cost | 67,117 | 70,312 |
Held-to-maturity, allowance for credit loss | (798) | |
Total held to maturity, Gross Unrealized Gains | 13,217 | 13,000 |
Total held to maturity, Gross Unrealized Losses | 0 | 0 |
Total held to maturity, Fair Value | 79,536 | 83,312 |
Total held to maturity, Carrying Value | 66,319 | 70,312 |
Fixed maturity securities available for sale at cost | 3,421,579 | 3,754,641 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 201,154 | 146,918 |
Total available for sale, Gross Unrealized Losses | (2,069) | (5,927) |
Total available for sale, Fair Value | 3,620,664 | 3,895,632 |
Total available for sale, Carrying Value | 3,620,664 | 3,895,632 |
Residential mortgage-backed | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Total held to maturity, Amortized Cost | 6,455 | 8,371 |
Held-to-maturity, allowance for credit loss | 0 | |
Total held to maturity, Gross Unrealized Gains | 1,043 | 994 |
Total held to maturity, Gross Unrealized Losses | 0 | 0 |
Total held to maturity, Fair Value | 7,498 | 9,365 |
Total held to maturity, Carrying Value | 6,455 | 8,371 |
Fixed maturity securities available for sale at cost | 813,187 | 1,298,145 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 24,664 | 23,230 |
Total available for sale, Gross Unrealized Losses | (5,238) | (5,155) |
Total available for sale, Fair Value | 832,613 | 1,316,220 |
Total available for sale, Carrying Value | 832,613 | 1,316,220 |
U.S. government and government agency | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 586,020 | 775,157 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 18,198 | 13,249 |
Total available for sale, Gross Unrealized Losses | (347) | (1,475) |
Total available for sale, Fair Value | 603,871 | 786,931 |
Total available for sale, Carrying Value | 603,871 | 786,931 |
Special Revenue | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 2,137,162 | 2,343,209 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 96,924 | 64,586 |
Total available for sale, Gross Unrealized Losses | (714) | (4,152) |
Total available for sale, Fair Value | 2,233,372 | 2,403,643 |
Total available for sale, Carrying Value | 2,233,372 | 2,403,643 |
Debt, State Government | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 417,397 | 359,298 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 33,407 | 22,074 |
Total available for sale, Gross Unrealized Losses | 0 | (97) |
Total available for sale, Fair Value | 450,804 | 381,275 |
Total available for sale, Carrying Value | 450,804 | 381,275 |
Revenue Subject to Refund | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 250,081 | 364,571 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 21,472 | 20,342 |
Total available for sale, Gross Unrealized Losses | (162) | (128) |
Total available for sale, Fair Value | 271,391 | 384,785 |
Total available for sale, Carrying Value | 271,391 | 384,785 |
Corporation | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 206,356 | 255,230 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 8,755 | 7,232 |
Total available for sale, Gross Unrealized Losses | (638) | (903) |
Total available for sale, Fair Value | 214,473 | 261,559 |
Total available for sale, Carrying Value | 214,473 | 261,559 |
Debt, Local Government | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 410,583 | 432,333 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 40,596 | 32,684 |
Total available for sale, Gross Unrealized Losses | (555) | (647) |
Total available for sale, Fair Value | 450,624 | 464,370 |
Total available for sale, Carrying Value | 450,624 | 464,370 |
Commercial Mortgage Backed Securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 181,105 | 304,506 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 6,725 | 5,214 |
Total available for sale, Gross Unrealized Losses | (113) | (346) |
Total available for sale, Fair Value | 187,717 | 309,374 |
Total available for sale, Carrying Value | 187,717 | 309,374 |
Mortgage-backed securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 994,292 | 1,602,651 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 31,389 | 28,444 |
Total available for sale, Gross Unrealized Losses | (5,351) | (5,501) |
Total available for sale, Fair Value | 1,020,330 | 1,625,594 |
Total available for sale, Carrying Value | 1,020,330 | 1,625,594 |
Asset-backed Securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 3,218,048 | 2,802,588 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 10,035 | 9,532 |
Total available for sale, Gross Unrealized Losses | (33,497) | (21,490) |
Total available for sale, Fair Value | 3,194,586 | 2,790,630 |
Total available for sale, Carrying Value | 3,194,586 | 2,790,630 |
Industrial Property | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 2,456,516 | 2,260,073 |
Cumulative effect adjustment resulting from changes in accounting principles | (518) | |
Total available for sale, Gross Unrealized Gains | 115,926 | 72,900 |
Total available for sale, Gross Unrealized Losses | (7,449) | (3,800) |
Total available for sale, Fair Value | 2,564,475 | 2,329,173 |
Total available for sale, Carrying Value | 2,564,475 | 2,329,173 |
Debt Security, Corporate, US | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 1,513,943 | 1,447,589 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 62,947 | 37,681 |
Total available for sale, Gross Unrealized Losses | (987) | (4,118) |
Total available for sale, Fair Value | 1,575,903 | 1,481,152 |
Total available for sale, Carrying Value | 1,575,903 | 1,481,152 |
Public Utility, Bonds | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 389,267 | 325,762 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 31,931 | 15,281 |
Total available for sale, Gross Unrealized Losses | (33) | (402) |
Total available for sale, Fair Value | 421,165 | 340,641 |
Total available for sale, Carrying Value | 421,165 | 340,641 |
Other Security Investments | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 109,353 | 5,219 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | |
Total available for sale, Gross Unrealized Gains | 696 | 230 |
Total available for sale, Gross Unrealized Losses | (11) | 0 |
Total available for sale, Fair Value | 110,038 | 5,449 |
Total available for sale, Carrying Value | 110,038 | 5,449 |
Corporate | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 4,469,079 | 4,038,643 |
Cumulative effect adjustment resulting from changes in accounting principles | (518) | 0 |
Total available for sale, Gross Unrealized Gains | 211,500 | 126,092 |
Total available for sale, Gross Unrealized Losses | (8,480) | (8,320) |
Total available for sale, Fair Value | 4,671,581 | 4,156,415 |
Total available for sale, Carrying Value | 4,671,581 | 4,156,415 |
Foreign government | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Fixed maturity securities available for sale at cost | 993,268 | 924,284 |
Cumulative effect adjustment resulting from changes in accounting principles | (1,264) | 0 |
Total available for sale, Gross Unrealized Gains | 28,007 | 16,465 |
Total available for sale, Gross Unrealized Losses | (44,448) | (93,673) |
Total available for sale, Fair Value | 975,563 | 847,076 |
Total available for sale, Carrying Value | $ 975,563 | $ 847,076 |
Investments in Fixed Maturity_4
Investments in Fixed Maturity Securities (HTM Allowance for Credit Loss) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | $ 0 |
Held-to-maturity, allowance for credit loss | 798 |
Provision for expected credit losses | 729 |
Allowance for expected credit losses at September 30, 2020 | 798 |
Cumulative Effect, Period Of Adoption, Adjustment | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | 69 |
Held-to-maturity, allowance for credit loss | $ 69 |
Investments in Fixed Maturity_5
Investments in Fixed Maturity Securities (AFS Allowance for Credit Loss) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | $ 0 |
Cumulative effect adjustment resulting from changes in accounting principles | 0 |
Expected credit losses on securities for which credit losses were not previously recorded | 19,648 |
Expected credit losses on securities for which credit losses were previously recorded | (3,468) |
Reduction due to disposals | (50,043) |
Allowance for expected credit losses at September 30, 2020 | 1,782 |
Cumulative Effect, Period Of Adoption, Adjustment | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | 35,645 |
Cumulative effect adjustment resulting from changes in accounting principles | 35,645 |
Foreign government | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | 0 |
Cumulative effect adjustment resulting from changes in accounting principles | 1,264 |
Expected credit losses on securities for which credit losses were not previously recorded | 12,590 |
Expected credit losses on securities for which credit losses were previously recorded | 373 |
Reduction due to disposals | (47,344) |
Allowance for expected credit losses at September 30, 2020 | 1,264 |
Foreign government | Cumulative Effect, Period Of Adoption, Adjustment | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | 35,645 |
Cumulative effect adjustment resulting from changes in accounting principles | 35,645 |
Corporate | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | 0 |
Cumulative effect adjustment resulting from changes in accounting principles | 518 |
Expected credit losses on securities for which credit losses were not previously recorded | 7,058 |
Expected credit losses on securities for which credit losses were previously recorded | (3,841) |
Reduction due to disposals | (2,699) |
Allowance for expected credit losses at September 30, 2020 | 518 |
Corporate | Cumulative Effect, Period Of Adoption, Adjustment | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | 0 |
Cumulative effect adjustment resulting from changes in accounting principles | $ 0 |
Investments in Fixed Maturity_6
Investments in Fixed Maturity Securities (The Amortized Cost and Fair Value of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 1,618,794 | |
Amortized Cost, Due after one year through five years | 5,319,638 | |
Amortized Cost, Due after five years through ten years | 3,382,528 | |
Amortized Cost, Due after ten years | 2,433,353 | |
Amortized Cost, Mortgage-backed securities | 1,000,747 | |
Total investment in fixed maturity securities, Amortized Cost | 13,755,060 | |
Fair Value, Due in one year or less | 1,612,652 | |
Fair Value, Due after one year through five years | 5,511,880 | |
Fair Value, Due after five years through ten years | 3,550,286 | |
Fair Value, Due after ten years | 2,470,983 | |
Fair Value, Mortgage-backed securities | 1,027,828 | |
Total investments in fixed maturity securities, Fair Value | 14,173,629 | |
Held-to-maturity, allowance for credit loss | $ 798 | $ 0 |
Investments in Fixed Maturity_7
Investments in Fixed Maturity Securities (Narrative) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |
Debt Securities, Held-to-maturity, Restricted | $ 1,223 |
Insurance | |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |
Debt Securities, Held-to-maturity, Restricted | 576 |
Reinsurance & Monoline Excess | |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |
Debt Securities, Held-to-maturity, Restricted | 35 |
Letters of Credit Outstanding, Amount | 4 |
523991 Trust, Fiduciary, and Custody Activities | |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |
Debt Securities, Held-to-maturity, Restricted | $ 1,838 |
Investments in Equity Securit_3
Investments in Equity Securities (Investments in Equity Securities Available for Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 516,014 | $ 345,099 |
Gross unrealized gains | 124,323 | 165,210 |
Gross unrealized losses | (14,670) | (29,689) |
Equity securities | 625,667 | 480,620 |
Fair Value | Common stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 335,617 | 175,928 |
Gross unrealized gains | 28,742 | 16,967 |
Gross unrealized losses | (14,178) | (26,090) |
Equity securities | 350,181 | 166,805 |
Fair Value | Preferred stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 180,397 | 169,171 |
Gross unrealized gains | 95,581 | 148,243 |
Gross unrealized losses | (492) | (3,599) |
Equity securities | 275,486 | 313,815 |
Carrying Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | 625,667 | 480,620 |
Carrying Value | Common stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | 350,181 | 166,805 |
Carrying Value | Preferred stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 275,486 | $ 313,815 |
Arbitrage Trading Account (Deta
Arbitrage Trading Account (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trading Securities and Derivative Instruments [Abstract] | ||
Arbitrage trading account | $ 341,473 | $ 400,809 |
Options Held | Long | ||
Derivative [Line Items] | ||
Other derivatives not designated as hedging instruments at fair value, net | 0 | |
Derivative, notional amount | 12,000 | |
Options Held | Short | ||
Derivative [Line Items] | ||
Other derivatives not designated as hedging instruments at fair value, net | 326 | |
Derivative, notional amount | $ 3,200 |
Net Investment Income (Net Inve
Net Investment Income (Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Investment Income [Line Items] | |||
Gross investment income | $ 592,946 | $ 651,361 | $ 678,596 |
Investment expense | (9,125) | (5,747) | (4,361) |
Net investment income | 583,821 | 645,614 | 674,235 |
Fixed maturity securities, including cash and cash equivalents and loans receivable | |||
Net Investment Income [Line Items] | |||
Gross investment income | 426,563 | 517,925 | 519,269 |
Investment funds | |||
Net Investment Income [Line Items] | |||
Gross investment income | 54,253 | 69,194 | 109,349 |
Arbitrage trading account | |||
Net Investment Income [Line Items] | |||
Gross investment income | 77,931 | 34,585 | 28,157 |
Real estate | |||
Net Investment Income [Line Items] | |||
Gross investment income | 24,027 | 24,218 | 18,591 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross investment income | $ 10,172 | $ 5,439 | $ 3,230 |
Investment Funds (Schedule of I
Investment Funds (Schedule of Investment Funds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Maximum loss exposure | $ 124,000 | ||
Investment funds | 1,309,430 | $ 1,213,535 | |
Income (Losses) | 54,253 | 69,194 | $ 109,349 |
Financial services | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 434,437 | 280,705 | |
Income (Losses) | 34,763 | 29,005 | 11,044 |
Real estate | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 310,783 | 412,275 | |
Income (Losses) | 7,543 | 19,154 | 61,453 |
Energy | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 140,935 | 156,869 | |
Income (Losses) | (11,039) | (18,136) | 7,084 |
Transportation | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 190,125 | 147,034 | |
Income (Losses) | (616) | 14,193 | 15,390 |
Other funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment funds | 233,150 | 216,652 | |
Income (Losses) | $ 23,602 | $ 24,978 | $ 14,378 |
Real Estate (Details)
Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate [Abstract] | ||
Properties in operation | $ 1,738,144 | $ 1,351,249 |
Properties under development | 222,770 | 754,701 |
Total | $ 1,960,914 | $ 2,105,950 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Abstract] | ||
Accumulated depreciation and amortization on properites | $ 86,970,000 | $ 59,832,000 |
Depreciation | 27,090,000 | $ 15,033,000 |
Lease future minimum payments 2019 | 66,558,703 | |
Lease future minimum payments 2020 | 68,750,145 | |
Lease future minimum payments 2021 | 62,144,246 | |
Lease future minimum payments 2022 | 59,270,828 | |
Lease future minimum payments 2023 | 55,265,048 | |
Lease future minimum payments thereafter | 643,109,471 | |
Non-recourse loan | ||
Debt Instrument [Line Items] | ||
Face value of debt | $ 101,750,000 | |
Interest rate | 4.21% |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans Receivable [Line Items] | ||
Loans receivable | $ 84,913 | $ 91,799 |
Loans receivable | 86,596 | 94,613 |
Loans in nonaccrual status | 200 | 200 |
Real Estate | ||
Loans Receivable [Line Items] | ||
Loans receivable | 51,910 | 58,541 |
Loans receivable | 53,593 | 59,853 |
Commercial | ||
Loans Receivable [Line Items] | ||
Loans receivable | 33,003 | 33,258 |
Loans receivable | $ 33,003 | $ 34,760 |
Loans receivable maturity term | 10 years |
Loans Receivable - Allowance Fo
Loans Receivable - Allowance For Credit Loss (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Allowance for expected credit losses at January 1, 2020 | $ 2,146 |
Financing receivable, allowance for credit loss | 2,146 |
Provision for expected credit losses | 3,648 |
Allowance for expected credit losses at September 30, 2020 | 5,437 |
Real Estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Allowance for expected credit losses at January 1, 2020 | 1,502 |
Financing receivable, allowance for credit loss | 1,683 |
Provision for expected credit losses | 1,086 |
Allowance for expected credit losses at September 30, 2020 | 1,683 |
Commercial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Allowance for expected credit losses at January 1, 2020 | 644 |
Financing receivable, allowance for credit loss | 3,754 |
Provision for expected credit losses | 2,562 |
Allowance for expected credit losses at September 30, 2020 | 3,754 |
Cumulative Effect, Period Of Adoption, Adjustment | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Allowance for expected credit losses at January 1, 2020 | (357) |
Financing receivable, allowance for credit loss | (357) |
Cumulative Effect, Period Of Adoption, Adjustment | Real Estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Allowance for expected credit losses at January 1, 2020 | (905) |
Financing receivable, allowance for credit loss | (905) |
Cumulative Effect, Period Of Adoption, Adjustment | Commercial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Allowance for expected credit losses at January 1, 2020 | 548 |
Financing receivable, allowance for credit loss | $ 548 |
Net Investment Gains (Losses) (
Net Investment Gains (Losses) (Net Investment Gains (Losses)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Fixed maturity securities, Gains | $ 27,819 | $ 23,900 | $ 26,752 |
Fixed maturity securities, losses | (56,096) | (13,636) | (13,733) |
Net realized gains on investment sales | 32,647 | 23,306 | 435,150 |
Change in unrealized (losses) gains | (25,868) | 85,292 | (320,413) |
Investment funds | 31,481 | (2,825) | (212) |
Real estate (2) | 101,554 | 5,965 | 27,816 |
Loans receivable | 0 | (970) | 2,838 |
Other | (38,023) | (329) | 1,977 |
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses | 73,514 | 120,703 | 160,175 |
Fixed maturity securities | 33,134 | 0 | (5,687) |
Loans receivable | (3,648) | 0 | 0 |
Change in allowance for expected credit losses on investments | 29,486 | 0 | (5,687) |
Net investment gains | 103,000 | 120,703 | 154,488 |
Income tax expense | (21,630) | (25,348) | (32,442) |
After-tax net investment gains | 81,370 | $ 95,355 | $ 122,046 |
New York City Complex | |||
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Real estate (2) | $ 105,000 |
Net Investment Gains (Losses)_2
Net Investment Gains (Losses) (Change in Unrealized Gains (Losses) of Available For Sales Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Unrealized investment gains, before tax | $ 164,645 | $ 261,970 | $ (302,737) |
Income tax (expense) benefit | (24,395) | (46,068) | 50,410 |
Noncontrolling interests | (2) | 103 | (46) |
Total change in unrealized gains and losses | 140,248 | 216,005 | (252,373) |
Debt Securities | |||
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Unrealized investment gains, before tax | 134,129 | 271,825 | (297,084) |
Fixed maturity securities with allowance for expected credit losses | |||
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Unrealized investment gains, before tax | 32,004 | 369 | (132) |
Investment funds | |||
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Unrealized investment gains, before tax | 2,280 | (2,299) | (5,672) |
Other | |||
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Unrealized investment gains, before tax | $ (3,768) | $ (7,925) | $ 151 |
Fixed Maturity Securities in _3
Fixed Maturity Securities in an Unrealized Loss Position (Securities in an Unrealized Loss Position) (Details) - External Credit Rating, Investment Grade - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
U.S. government and government agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 47,649 | $ 83,837 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 347 | 618 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 17 | 53,089 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 0 | 857 |
Available-for-sale Securities, Fair Value | 47,666 | 136,926 |
Available For Sale Securities, Gross Unrealized Losses | 347 | 1,475 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 147,754 | 365,184 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 1,165 | 4,245 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 20,528 | 127,210 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 904 | 1,682 |
Available-for-sale Securities, Fair Value | 168,282 | 492,394 |
Available For Sale Securities, Gross Unrealized Losses | 2,069 | 5,927 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 212,388 | 301,358 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 5,121 | 2,281 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 23,943 | 180,148 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 230 | 3,220 |
Available-for-sale Securities, Fair Value | 236,331 | 481,506 |
Available For Sale Securities, Gross Unrealized Losses | 5,351 | 5,501 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 1,389,133 | 755,259 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 6,563 | 2,307 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 656,877 | 774,508 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 26,934 | 19,183 |
Available-for-sale Securities, Fair Value | 2,046,010 | 1,529,767 |
Available For Sale Securities, Gross Unrealized Losses | 33,497 | 21,490 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 612,177 | 307,367 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 6,721 | 3,148 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 39,985 | 121,470 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 1,759 | 5,172 |
Available-for-sale Securities, Fair Value | 652,162 | 428,837 |
Available For Sale Securities, Gross Unrealized Losses | 8,480 | 8,320 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 143,729 | 164,536 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 22,871 | 32,028 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 6,218 | 107,266 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 21,577 | 61,645 |
Available-for-sale Securities, Fair Value | 149,947 | 271,802 |
Available For Sale Securities, Gross Unrealized Losses | 44,448 | 93,673 |
Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 2,552,830 | 1,977,541 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 42,788 | 44,627 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 747,568 | 1,363,691 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 51,404 | 91,759 |
Available-for-sale Securities, Fair Value | 3,300,398 | 3,341,232 |
Available For Sale Securities, Gross Unrealized Losses | $ 94,192 | $ 136,386 |
Fixed Maturity Securities in _4
Fixed Maturity Securities in an Unrealized Loss Position (Non-Investment Grade Fixed Maturity Securities) (Details) - External Credit Rating, Non Investment Grade $ in Thousands | Dec. 31, 2020USD ($) |
Foreign government | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 18 |
Aggregate Fair Value | $ 75,555 |
Gross Unrealized Loss | $ 44,310 |
Corporate | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 11 |
Aggregate Fair Value | $ 26,617 |
Gross Unrealized Loss | $ 3,025 |
Mortgage-backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 7 |
Aggregate Fair Value | $ 1,393 |
Gross Unrealized Loss | $ 31 |
Debt Securities | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 36 |
Aggregate Fair Value | $ 103,565 |
Gross Unrealized Loss | $ 47,366 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured At Fair Value, On a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | $ 14,086,595 | $ 14,102,278 |
Arbitrage trading account | 341,473 | 400,809 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 14,086,595 | 14,102,278 |
Equity securities | 625,667 | 480,620 |
Arbitrage trading account | 341,473 | 400,809 |
Total | 15,053,735 | 14,983,707 |
Trading account securities sold but not yet purchased | 10,048 | 36,143 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Equity securities | 340,966 | 157,752 |
Arbitrage trading account | 298,359 | 381,061 |
Total | 639,325 | 538,813 |
Trading account securities sold but not yet purchased | 10,048 | 36,143 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 14,085,595 | 14,102,278 |
Equity securities | 266,155 | 307,310 |
Arbitrage trading account | 43,114 | 19,748 |
Total | 14,394,864 | 14,429,336 |
Trading account securities sold but not yet purchased | 0 | 0 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 1,000 | 0 |
Equity securities | 18,546 | 15,558 |
Arbitrage trading account | 0 | 0 |
Total | 19,546 | 15,558 |
Trading account securities sold but not yet purchased | 0 | 0 |
Recurring | U.S. government and government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 603,871 | 786,931 |
Recurring | U.S. government and government agency | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | U.S. government and government agency | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 603,871 | 786,931 |
Recurring | U.S. government and government agency | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 3,620,664 | 3,895,632 |
Recurring | State and municipal | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | State and municipal | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 3,620,664 | 3,895,632 |
Recurring | State and municipal | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 1,020,330 | 1,625,594 |
Recurring | Mortgage-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 1,020,330 | 1,625,594 |
Recurring | Mortgage-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 3,194,586 | 2,790,630 |
Recurring | Asset-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Asset-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 3,194,586 | 2,790,630 |
Recurring | Asset-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 4,671,581 | 4,156,415 |
Recurring | Corporate | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Corporate | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 4,670,581 | 4,156,415 |
Recurring | Corporate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 1,000 | 0 |
Recurring | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 975,563 | 847,076 |
Recurring | Foreign government | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Foreign government | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 975,563 | 847,076 |
Recurring | Foreign government | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Common stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 350,181 | 166,805 |
Recurring | Common stocks | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 340,966 | 157,752 |
Recurring | Common stocks | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Recurring | Common stocks | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 9,215 | 9,053 |
Recurring | Preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 275,486 | 313,815 |
Recurring | Preferred stocks | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Recurring | Preferred stocks | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 266,155 | 307,310 |
Recurring | Preferred stocks | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 9,331 | $ 6,505 |
Fair Value Measurements (Summar
Fair Value Measurements (Summarize Changes in Level 3 Assets and Liabilities) (Details) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assets: | ||
Beginning Balance | $ 15,558 | $ 29,948 |
Earnings (Losses) | 1,073 | (6,794) |
Other Comprehensive Income (Losses) | 0 | 61 |
Impairments | 0 | 0 |
Purchases | 3,000 | 17,369 |
Sales | (1,085) | (39,915) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 1,000 | 14,889 |
Ending Balance | 19,546 | 15,558 |
Liabilities: | ||
Beginning Balance | 0 | 793 |
Earnings (Losses) | 133 | |
Other Comprehensive Income (Losses) | 0 | |
Impairments | 0 | |
Purchases | 7,609 | |
Sales | (8,535) | |
Paydowns/Maturities | 0 | |
Transfers In / Out | 0 | |
Ending Balance | 0 | |
Debt Securities | ||
Assets: | ||
Beginning Balance | 0 | 99 |
Earnings (Losses) | 0 | (26) |
Other Comprehensive Income (Losses) | 0 | 61 |
Impairments | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | (134) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 1,000 | 0 |
Ending Balance | 1,000 | 0 |
Corporate | ||
Assets: | ||
Beginning Balance | 0 | |
Earnings (Losses) | 0 | |
Other Comprehensive Income (Losses) | 0 | |
Impairments | 0 | |
Purchases | 0 | |
Sales | 0 | |
Paydowns/Maturities | 0 | |
Transfers In / Out | 1,000 | |
Ending Balance | 1,000 | 0 |
Asset-backed securities | ||
Assets: | ||
Beginning Balance | 0 | 99 |
Earnings (Losses) | (26) | |
Other Comprehensive Income (Losses) | 61 | |
Impairments | 0 | |
Purchases | 0 | |
Sales | (134) | |
Paydowns/Maturities | 0 | |
Transfers In / Out | 0 | |
Ending Balance | 0 | |
Equity securities | ||
Assets: | ||
Beginning Balance | 15,558 | 12,541 |
Earnings (Losses) | 1,054 | 1,963 |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 3,000 | 2,602 |
Sales | (1,066) | (1,548) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 0 | 0 |
Ending Balance | 18,546 | 15,558 |
Common stocks | ||
Assets: | ||
Beginning Balance | 9,053 | 8,596 |
Earnings (Losses) | 1,228 | 2,005 |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 0 | 0 |
Sales | (1,066) | (1,548) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 0 | 0 |
Ending Balance | 9,215 | 9,053 |
Preferred stocks | ||
Assets: | ||
Beginning Balance | 6,505 | 3,945 |
Earnings (Losses) | (174) | (42) |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 3,000 | 2,602 |
Sales | 0 | 0 |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 0 | 0 |
Ending Balance | 9,331 | 6,505 |
Trading account | ||
Assets: | ||
Beginning Balance | 0 | 17,308 |
Earnings (Losses) | 19 | (8,731) |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 0 | 14,767 |
Sales | (19) | (38,233) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 0 | 14,889 |
Ending Balance | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value Disclosures [Abstract] | |
Securities transferred into or out of level 3, net | $ 2 |
Reserves For Losses And Loss _3
Reserves For Losses And Loss Expenses (Loss and Loss Expenses Incurred, Net of Reinsurance, and Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance) (Details) $ in Thousands | Dec. 31, 2020USD ($)claim | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) |
Claims Development [Line Items] | ||||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | $ 12,103,860 | |||||||||
Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 9,907,708 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 5,588,033 | |||||||||
Reserves for loss and loss adjustment expenses before 2011, net of reinsurance | 117,290 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 4,436,965 | |||||||||
Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 6,226,489 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 4,602,267 | |||||||||
Reserves for loss and loss adjustment expenses before 2011, net of reinsurance | 219,529 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,843,751 | |||||||||
Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 3,154,775 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 1,965,682 | |||||||||
Reserves for loss and loss adjustment expenses before 2011, net of reinsurance | 14,011 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,203,104 | |||||||||
Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 4,290,565 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 3,459,309 | |||||||||
Reserves for loss and loss adjustment expenses before 2011, net of reinsurance | 4,119 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 835,375 | |||||||||
Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 6,754,943 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 6,125,297 | |||||||||
Reserves for loss and loss adjustment expenses before 2011, net of reinsurance | 1,571 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 631,217 | |||||||||
Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 2,931,215 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 1,666,875 | |||||||||
Reserves for loss and loss adjustment expenses before 2011, net of reinsurance | 380,546 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,644,886 | |||||||||
Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 617,425 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 120,216 | |||||||||
Reserves for loss and loss adjustment expenses before 2011, net of reinsurance | 735,818 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,233,027 | |||||||||
Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,196,864 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 1,019,514 | |||||||||
Reserves for loss and loss adjustment expenses before 2011, net of reinsurance | 1,928 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 179,278 | |||||||||
Accident Year 2011 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 644,565 | $ 643,446 | $ 632,565 | $ 643,358 | $ 647,241 | $ 652,134 | $ 657,143 | $ 657,819 | $ 671,712 | $ 665,626 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 604,657 | 592,637 | 573,364 | 554,278 | 522,488 | 469,123 | 377,836 | 265,109 | 141,216 | 48,846 |
IBNR | $ 16,298 | |||||||||
Cumulative Number of Reported Claims | claim | 24,000 | |||||||||
Accident Year 2011 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 472,593 | 473,766 | 471,471 | 475,729 | 474,076 | 472,087 | 470,026 | 457,134 | 444,887 | 413,429 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 442,163 | 436,905 | 428,811 | 420,945 | 408,304 | 385,759 | 355,909 | 309,509 | 236,207 | 106,899 |
IBNR | $ 14,609 | |||||||||
Cumulative Number of Reported Claims | claim | 46,000 | |||||||||
Accident Year 2011 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 181,874 | 176,944 | 176,396 | 177,335 | 174,038 | 177,748 | 190,849 | 187,797 | 165,844 | 180,508 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 172,294 | 170,873 | 169,191 | 167,595 | 159,309 | 151,135 | 134,862 | 103,263 | 62,560 | 18,803 |
IBNR | $ 5,325 | |||||||||
Cumulative Number of Reported Claims | claim | 4,000 | |||||||||
Accident Year 2011 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 342,581 | 346,490 | 346,619 | 345,044 | 344,174 | 343,421 | 334,816 | 329,917 | 322,516 | 314,028 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 341,781 | 340,799 | 340,360 | 338,325 | 333,987 | 321,814 | 296,370 | 262,685 | 211,756 | 135,350 |
IBNR | $ 100 | |||||||||
Cumulative Number of Reported Claims | claim | 37,000 | |||||||||
Accident Year 2011 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 456,106 | 463,053 | 459,557 | 459,369 | 461,629 | 467,205 | 467,989 | 472,041 | 490,235 | 494,704 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 455,702 | 454,991 | 450,432 | 447,619 | 447,016 | 445,323 | 441,025 | 436,787 | 417,792 | 303,049 |
IBNR | $ 550 | |||||||||
Cumulative Number of Reported Claims | claim | 22,000 | |||||||||
Accident Year 2011 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 298,292 | 301,670 | 295,376 | 299,076 | 307,772 | 309,235 | 301,847 | 306,721 | 312,321 | 293,274 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 246,140 | 234,552 | 222,618 | 210,245 | 194,320 | 170,629 | 134,814 | 98,086 | 52,597 | 17,976 |
IBNR | 13,368 | |||||||||
Accident Year 2011 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 69,205 | 72,091 | 74,109 | 78,246 | 83,850 | 87,030 | 89,031 | 98,051 | 93,993 | 88,650 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 24,842 | 23,686 | 21,463 | 20,164 | 18,638 | 15,684 | 14,042 | 6,395 | 4,848 | 2,593 |
IBNR | 10,955 | |||||||||
Accident Year 2011 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 84,112 | 84,938 | 85,160 | 84,744 | 85,028 | 85,304 | 86,879 | 85,462 | 88,345 | 95,737 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 83,229 | 83,750 | 83,669 | 82,587 | 82,038 | 78,835 | 76,267 | 73,601 | 59,054 | $ 31,545 |
IBNR | 366 | |||||||||
Accident Year 2012 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 713,714 | 715,466 | 717,453 | 722,946 | 712,698 | 708,805 | 702,022 | 701,212 | 692,549 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 667,749 | 652,178 | 621,454 | 579,454 | 512,283 | 416,561 | 298,644 | 157,499 | 57,599 | |
IBNR | $ 23,827 | |||||||||
Cumulative Number of Reported Claims | claim | 24,000 | |||||||||
Accident Year 2012 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 506,827 | 506,730 | 508,169 | 512,707 | 509,167 | 503,863 | 503,956 | 501,810 | 501,681 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 466,028 | 459,119 | 451,991 | 437,196 | 419,588 | 387,368 | 339,560 | 255,063 | 115,536 | |
IBNR | $ 19,328 | |||||||||
Cumulative Number of Reported Claims | claim | 48,000 | |||||||||
Accident Year 2012 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 249,846 | 247,072 | 246,478 | 247,789 | 241,342 | 253,146 | 268,761 | 245,962 | 242,530 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 236,481 | 233,637 | 225,442 | 216,199 | 191,702 | 160,243 | 129,282 | 87,951 | 22,269 | |
IBNR | $ 5,919 | |||||||||
Cumulative Number of Reported Claims | claim | 6,000 | |||||||||
Accident Year 2012 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 366,649 | 366,493 | 367,216 | 364,966 | 364,717 | 355,609 | 342,588 | 326,831 | 314,309 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 363,587 | 362,426 | 361,342 | 356,264 | 344,952 | 312,342 | 273,446 | 215,214 | 136,844 | |
IBNR | $ 365 | |||||||||
Cumulative Number of Reported Claims | claim | 41,000 | |||||||||
Accident Year 2012 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 509,058 | 508,294 | 509,216 | 507,344 | 508,366 | 537,142 | 542,017 | 540,714 | 532,843 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 506,308 | 505,183 | 504,451 | 500,181 | 499,014 | 519,093 | 508,333 | 456,872 | 282,703 | |
IBNR | $ 2,406 | |||||||||
Cumulative Number of Reported Claims | claim | 24,000 | |||||||||
Accident Year 2012 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 337,437 | 334,461 | 337,901 | 340,026 | 337,777 | 326,934 | 334,299 | 339,236 | 335,187 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 279,123 | 259,429 | 243,586 | 221,679 | 188,955 | 153,950 | 112,474 | 62,563 | 22,516 | |
IBNR | 14,927 | |||||||||
Accident Year 2012 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 66,269 | 67,205 | 69,361 | 67,878 | 72,441 | 75,274 | 73,670 | 73,230 | 72,366 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 22,528 | 20,004 | 17,982 | 15,738 | 13,234 | 11,167 | 10,815 | 6,097 | 1,127 | |
IBNR | 9,184 | |||||||||
Accident Year 2012 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 91,342 | 85,025 | 85,222 | 84,286 | 84,285 | 85,846 | 86,809 | 95,164 | 104,336 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 89,194 | 83,007 | 82,129 | 79,407 | 77,842 | 70,955 | 64,489 | 51,964 | $ 15,725 | |
IBNR | 1,429 | |||||||||
Accident Year 2013 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 810,500 | 806,348 | 811,775 | 805,447 | 784,487 | 784,674 | 791,768 | 750,993 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 721,879 | 695,301 | 649,657 | 588,650 | 472,731 | 331,779 | 188,411 | 63,358 | ||
IBNR | $ 41,398 | |||||||||
Cumulative Number of Reported Claims | claim | 26,000 | |||||||||
Accident Year 2013 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 540,322 | 541,926 | 542,274 | 547,000 | 543,238 | 546,995 | 547,295 | 552,570 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 489,075 | 479,104 | 466,580 | 447,894 | 414,160 | 363,028 | 277,538 | 117,900 | ||
IBNR | $ 23,485 | |||||||||
Cumulative Number of Reported Claims | claim | 53,000 | |||||||||
Accident Year 2013 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 284,837 | 287,310 | 282,150 | 273,679 | 252,024 | 245,984 | 251,419 | 275,051 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 265,297 | 260,023 | 250,507 | 208,368 | 178,579 | 120,224 | 64,439 | 24,893 | ||
IBNR | $ 10,867 | |||||||||
Cumulative Number of Reported Claims | claim | 6,000 | |||||||||
Accident Year 2013 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 365,820 | 366,885 | 367,720 | 368,106 | 377,696 | 368,894 | 349,136 | 327,514 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 363,805 | 363,038 | 354,280 | 344,357 | 323,227 | 267,253 | 218,596 | 142,929 | ||
IBNR | $ 586 | |||||||||
Cumulative Number of Reported Claims | claim | 44,000 | |||||||||
Accident Year 2013 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 547,932 | 548,672 | 550,604 | 554,167 | 555,715 | 582,666 | 591,686 | 580,902 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 543,195 | 541,990 | 541,400 | 540,132 | 533,269 | 541,563 | 491,801 | 315,304 | ||
IBNR | $ 2,160 | |||||||||
Cumulative Number of Reported Claims | claim | 25,000 | |||||||||
Accident Year 2013 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 305,080 | 307,426 | 302,768 | 297,121 | 288,556 | 276,688 | 273,683 | 322,718 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 244,082 | 227,884 | 207,312 | 179,494 | 145,508 | 111,189 | 64,239 | 29,122 | ||
IBNR | 21,094 | |||||||||
Accident Year 2013 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 29,758 | 31,752 | 35,120 | 38,551 | 42,419 | 48,143 | 50,355 | 63,995 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 6,476 | 5,349 | 4,418 | 3,396 | 3,008 | 2,158 | 1,897 | 647 | ||
IBNR | 11,097 | |||||||||
Accident Year 2013 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 108,017 | 110,165 | 112,373 | 113,053 | 112,419 | 114,638 | 113,201 | 142,340 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 104,863 | 108,062 | 106,483 | 104,756 | 101,947 | 92,968 | 74,806 | $ 36,668 | ||
IBNR | 1,757 | |||||||||
Accident Year 2014 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 867,239 | 872,150 | 866,096 | 853,826 | 849,440 | 851,404 | 848,658 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 732,313 | 681,976 | 595,794 | 481,706 | 339,194 | 191,320 | 79,111 | |||
IBNR | $ 66,901 | |||||||||
Cumulative Number of Reported Claims | claim | 27,000 | |||||||||
Accident Year 2014 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 600,194 | 604,030 | 615,435 | 617,242 | 627,767 | 637,307 | 639,436 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 531,475 | 521,141 | 503,915 | 471,235 | 412,611 | 319,743 | 148,405 | |||
IBNR | $ 36,001 | |||||||||
Cumulative Number of Reported Claims | claim | 57,000 | |||||||||
Accident Year 2014 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 259,892 | 261,150 | 242,449 | 246,983 | 263,540 | 250,025 | 257,442 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 229,615 | 218,055 | 201,002 | 177,575 | 139,934 | 84,457 | 19,773 | |||
IBNR | $ 19,573 | |||||||||
Cumulative Number of Reported Claims | claim | 7,000 | |||||||||
Accident Year 2014 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 411,158 | 415,621 | 415,727 | 418,150 | 420,139 | 385,329 | 363,996 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 406,795 | 404,087 | 396,089 | 367,283 | 329,979 | 237,765 | 155,614 | |||
IBNR | $ 1,506 | |||||||||
Cumulative Number of Reported Claims | claim | 47,000 | |||||||||
Accident Year 2014 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 669,729 | 667,278 | 667,061 | 666,246 | 667,627 | 719,508 | 714,360 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 660,640 | 658,053 | 650,762 | 635,415 | 615,833 | 604,942 | 374,757 | |||
IBNR | $ 2,930 | |||||||||
Cumulative Number of Reported Claims | claim | 30,000 | |||||||||
Accident Year 2014 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 339,941 | 328,289 | 328,741 | 334,617 | 323,130 | 323,920 | 323,837 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 254,532 | 229,562 | 199,846 | 156,495 | 116,908 | 69,568 | 21,441 | |||
IBNR | 25,778 | |||||||||
Accident Year 2014 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 42,618 | 42,541 | 41,671 | 45,758 | 49,478 | 57,650 | 63,561 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 11,154 | 7,595 | 5,808 | 4,175 | 3,354 | 1,729 | 377 | |||
IBNR | 15,319 | |||||||||
Accident Year 2014 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 99,924 | 99,535 | 99,892 | 100,640 | 97,933 | 97,411 | 113,962 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 95,222 | 93,723 | 92,011 | 88,857 | 82,646 | 67,251 | $ 39,019 | |||
IBNR | 2,185 | |||||||||
Accident Year 2015 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 979,014 | 968,783 | 966,872 | 963,451 | 988,569 | 953,198 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 758,890 | 677,386 | 539,242 | 382,869 | 211,212 | 82,817 | ||||
IBNR | $ 99,480 | |||||||||
Cumulative Number of Reported Claims | claim | 27,000 | |||||||||
Accident Year 2015 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 620,741 | 626,432 | 641,169 | 650,997 | 690,525 | 712,800 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 531,512 | 512,933 | 477,541 | 421,734 | 323,744 | 139,320 | ||||
IBNR | $ 50,083 | |||||||||
Cumulative Number of Reported Claims | claim | 58,000 | |||||||||
Accident Year 2015 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 285,557 | 294,435 | 278,868 | 278,012 | 261,069 | 262,459 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 234,585 | 217,625 | 188,608 | 140,517 | 85,945 | 20,565 | ||||
IBNR | $ 29,712 | |||||||||
Cumulative Number of Reported Claims | claim | 8,000 | |||||||||
Accident Year 2015 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 433,888 | 435,438 | 434,254 | 425,865 | 419,663 | 390,002 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 413,838 | 400,304 | 372,587 | 327,462 | 267,420 | 160,237 | ||||
IBNR | $ 3,111 | |||||||||
Cumulative Number of Reported Claims | claim | 53,000 | |||||||||
Accident Year 2015 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 718,820 | 720,324 | 728,720 | 730,251 | 734,204 | 747,683 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 707,349 | 701,503 | 691,705 | 669,706 | 613,868 | 397,261 | ||||
IBNR | $ 8,958 | |||||||||
Cumulative Number of Reported Claims | claim | 32,000 | |||||||||
Accident Year 2015 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 306,296 | 296,297 | 255,400 | 233,443 | 234,862 | 262,448 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 206,864 | 179,884 | 142,334 | 91,949 | 48,833 | 17,952 | ||||
IBNR | 35,570 | |||||||||
Accident Year 2015 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 39,781 | 39,682 | 45,115 | 50,099 | 57,897 | 69,977 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 5,083 | 4,416 | 4,099 | 3,272 | 2,481 | 2,069 | ||||
IBNR | 17,184 | |||||||||
Accident Year 2015 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 131,669 | 130,005 | 130,888 | 132,399 | 118,026 | 127,852 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 125,939 | 123,023 | 118,977 | 109,378 | 89,366 | $ 53,482 | ||||
IBNR | 2,404 | |||||||||
Accident Year 2016 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,046,823 | 1,032,780 | 1,021,524 | 1,012,851 | 1,019,851 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 678,209 | 559,218 | 390,664 | 209,217 | 69,579 | |||||
IBNR | $ 171,325 | |||||||||
Cumulative Number of Reported Claims | claim | 27,000 | |||||||||
Accident Year 2016 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 651,278 | 660,520 | 684,700 | 696,339 | 702,716 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 537,861 | 504,850 | 446,072 | 338,835 | 142,998 | |||||
IBNR | $ 51,369 | |||||||||
Cumulative Number of Reported Claims | claim | 58,000 | |||||||||
Accident Year 2016 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 442,521 | 405,390 | 364,312 | 327,706 | 313,365 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 299,813 | 257,221 | 202,906 | 103,321 | 28,833 | |||||
IBNR | $ 49,740 | |||||||||
Cumulative Number of Reported Claims | claim | 9,000 | |||||||||
Accident Year 2016 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 443,338 | 446,521 | 445,516 | 434,117 | 434,582 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 412,967 | 393,509 | 344,503 | 282,375 | 186,867 | |||||
IBNR | $ 8,135 | |||||||||
Cumulative Number of Reported Claims | claim | 52,000 | |||||||||
Accident Year 2016 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 754,184 | 759,735 | 765,311 | 778,376 | 775,477 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 734,110 | 729,011 | 713,634 | 672,013 | 417,988 | |||||
IBNR | $ 9,360 | |||||||||
Cumulative Number of Reported Claims | claim | 34,000 | |||||||||
Accident Year 2016 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 304,845 | 270,833 | 248,367 | 256,011 | 243,970 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 172,994 | 141,301 | 100,862 | 62,094 | 19,998 | |||||
IBNR | 45,117 | |||||||||
Accident Year 2016 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 65,485 | 64,957 | 71,404 | 70,281 | 72,657 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 7,685 | 5,928 | 5,573 | 4,783 | 2,498 | |||||
IBNR | 20,435 | |||||||||
Accident Year 2016 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 186,786 | 181,429 | 182,171 | 174,935 | 168,634 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 176,509 | 169,013 | 157,834 | 133,805 | $ 78,994 | |||||
IBNR | 4,318 | |||||||||
Accident Year 2017 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,140,639 | 1,123,930 | 1,101,376 | 1,067,556 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 639,977 | 453,973 | 256,345 | 80,163 | ||||||
IBNR | $ 253,192 | |||||||||
Cumulative Number of Reported Claims | claim | 27,000 | |||||||||
Accident Year 2017 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 673,216 | 689,622 | 733,505 | 762,093 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 525,753 | 468,817 | 362,299 | 153,456 | ||||||
IBNR | $ 64,176 | |||||||||
Cumulative Number of Reported Claims | claim | 58,000 | |||||||||
Accident Year 2017 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 379,408 | 340,569 | 334,682 | 335,565 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 244,396 | 163,731 | 97,034 | 36,839 | ||||||
IBNR | $ 85,159 | |||||||||
Cumulative Number of Reported Claims | claim | 10,000 | |||||||||
Accident Year 2017 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 435,099 | 431,177 | 429,372 | 431,504 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 372,689 | 327,765 | 268,201 | 181,317 | ||||||
IBNR | $ 14,298 | |||||||||
Cumulative Number of Reported Claims | claim | 47,000 | |||||||||
Accident Year 2017 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 747,739 | 748,399 | 754,217 | 754,135 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 731,440 | 719,286 | 690,343 | 445,835 | ||||||
IBNR | $ 12,056 | |||||||||
Cumulative Number of Reported Claims | claim | 42,000 | |||||||||
Accident Year 2017 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 265,111 | 242,603 | 224,835 | 234,561 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 124,641 | 70,129 | 40,440 | 16,498 | ||||||
IBNR | 58,308 | |||||||||
Accident Year 2017 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 71,025 | 70,749 | 80,508 | 76,701 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 17,327 | 15,356 | 12,810 | 6,282 | ||||||
IBNR | 27,947 | |||||||||
Accident Year 2017 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 198,529 | 199,892 | 200,917 | 207,096 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 180,242 | 172,100 | 141,651 | $ 72,180 | ||||||
IBNR | 8,040 | |||||||||
Accident Year 2018 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,123,121 | 1,133,601 | 1,106,108 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 436,282 | 264,629 | 86,958 | |||||||
IBNR | $ 408,131 | |||||||||
Cumulative Number of Reported Claims | claim | 26,000 | |||||||||
Accident Year 2018 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 715,055 | 724,697 | 778,964 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 508,546 | 397,464 | 171,006 | |||||||
IBNR | $ 80,252 | |||||||||
Cumulative Number of Reported Claims | claim | 56,000 | |||||||||
Accident Year 2018 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 335,852 | 324,934 | 337,865 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 156,102 | 100,284 | 28,432 | |||||||
IBNR | $ 125,091 | |||||||||
Cumulative Number of Reported Claims | claim | 10,000 | |||||||||
Accident Year 2018 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 479,502 | 463,057 | 443,045 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 350,572 | 281,888 | 180,306 | |||||||
IBNR | $ 29,712 | |||||||||
Cumulative Number of Reported Claims | claim | 45,000 | |||||||||
Accident Year 2018 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 747,396 | 750,123 | 761,177 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 709,202 | 662,657 | 415,529 | |||||||
IBNR | $ 23,631 | |||||||||
Cumulative Number of Reported Claims | claim | 48,000 | |||||||||
Accident Year 2018 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 234,286 | 213,665 | 224,640 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 78,219 | 41,382 | 11,187 | |||||||
IBNR | 88,934 | |||||||||
Accident Year 2018 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 71,448 | 72,505 | 77,820 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 9,368 | 8,230 | 6,141 | |||||||
IBNR | 34,366 | |||||||||
Accident Year 2018 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 103,751 | 112,503 | 108,829 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 82,815 | 65,527 | $ 34,195 | |||||||
IBNR | 2,423 | |||||||||
Accident Year 2019 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,240,028 | 1,243,287 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 275,803 | 88,422 | ||||||||
IBNR | $ 662,084 | |||||||||
Cumulative Number of Reported Claims | claim | 25,000 | |||||||||
Accident Year 2019 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 721,018 | 784,281 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 397,376 | 184,715 | ||||||||
IBNR | $ 141,657 | |||||||||
Cumulative Number of Reported Claims | claim | 53,000 | |||||||||
Accident Year 2019 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 336,559 | 339,825 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 98,625 | 32,081 | ||||||||
IBNR | $ 176,941 | |||||||||
Cumulative Number of Reported Claims | claim | 11,000 | |||||||||
Accident Year 2019 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 488,777 | 483,483 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 290,449 | 185,488 | ||||||||
IBNR | $ 74,684 | |||||||||
Cumulative Number of Reported Claims | claim | 44,000 | |||||||||
Accident Year 2019 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 702,281 | 722,122 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 616,695 | 405,500 | ||||||||
IBNR | $ 43,842 | |||||||||
Cumulative Number of Reported Claims | claim | 43,000 | |||||||||
Accident Year 2019 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 234,813 | 240,408 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 39,435 | 14,641 | ||||||||
IBNR | 142,399 | |||||||||
Accident Year 2019 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 77,482 | 78,929 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 10,884 | 6,241 | ||||||||
IBNR | 39,832 | |||||||||
Accident Year 2019 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 77,618 | 103,749 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 54,864 | $ 23,103 | ||||||||
IBNR | 6,913 | |||||||||
Accident Year 2020 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,342,065 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 72,274 | |||||||||
IBNR | $ 1,099,126 | |||||||||
Cumulative Number of Reported Claims | claim | 17,000 | |||||||||
Accident Year 2020 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 725,245 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 172,478 | |||||||||
IBNR | $ 319,131 | |||||||||
Cumulative Number of Reported Claims | claim | 39,000 | |||||||||
Accident Year 2020 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 398,429 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 28,474 | |||||||||
IBNR | $ 328,303 | |||||||||
Cumulative Number of Reported Claims | claim | 10,000 | |||||||||
Accident Year 2020 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 523,753 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 142,826 | |||||||||
IBNR | $ 264,630 | |||||||||
Cumulative Number of Reported Claims | claim | 28,000 | |||||||||
Accident Year 2020 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 901,698 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 460,656 | |||||||||
IBNR | $ 244,828 | |||||||||
Cumulative Number of Reported Claims | claim | 34,000 | |||||||||
Accident Year 2020 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 305,114 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 20,845 | |||||||||
IBNR | 255,936 | |||||||||
Accident Year 2020 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 84,354 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 4,869 | |||||||||
IBNR | 59,854 | |||||||||
Accident Year 2020 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 115,116 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 26,637 | |||||||||
IBNR | $ 48,509 |
Reserves For Losses And Loss _4
Reserves For Losses And Loss Expenses (Reconciliation of Net Incurred and Paid Claims Development to Reserves for Loss and Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | $ 12,103,860 | ||
Total due from reinsurers on unpaid claims | 2,164,037 | ||
Total loss reserve discount | (483,467) | ||
Gross reserves at end of year | 13,784,430 | $ 12,583,249 | $ 11,966,448 |
Other liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 4,436,965 | ||
Workers' compensation | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,843,751 | ||
Professional liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,203,104 | ||
Commercial automobile | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 835,375 | ||
Short-tail lines | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 631,217 | ||
Casualty | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,644,886 | ||
Monoline excess | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,233,027 | ||
Property | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 179,278 | ||
Insurance | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 9,046,669 | ||
Total due from reinsurers on unpaid claims | 1,941,932 | ||
Total loss reserve discount | (11,700) | ||
Insurance | Other liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 4,436,965 | ||
Total due from reinsurers on unpaid claims | 609,006 | ||
Total loss reserve discount | 0 | ||
Insurance | Workers' compensation | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,843,751 | ||
Total due from reinsurers on unpaid claims | 267,707 | ||
Total loss reserve discount | (11,700) | ||
Insurance | Professional liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,203,104 | ||
Total due from reinsurers on unpaid claims | 644,841 | ||
Total loss reserve discount | 0 | ||
Insurance | Commercial automobile | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 835,375 | ||
Total due from reinsurers on unpaid claims | 32,140 | ||
Total loss reserve discount | 0 | ||
Insurance | Short-tail lines | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 631,217 | ||
Total due from reinsurers on unpaid claims | 352,168 | ||
Total loss reserve discount | 0 | ||
Insurance | Other | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 96,257 | ||
Total due from reinsurers on unpaid claims | 36,070 | ||
Total loss reserve discount | 0 | ||
Reinsurance & Monoline Excess | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 3,057,191 | ||
Total due from reinsurers on unpaid claims | 222,105 | ||
Total loss reserve discount | (471,767) | ||
Reinsurance & Monoline Excess | Casualty | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,644,886 | ||
Total due from reinsurers on unpaid claims | 104,372 | ||
Total loss reserve discount | (100,536) | ||
Reinsurance & Monoline Excess | Monoline excess | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,233,027 | ||
Total due from reinsurers on unpaid claims | 41,598 | ||
Total loss reserve discount | 371,231 | ||
Reinsurance & Monoline Excess | Property | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 179,278 | ||
Total due from reinsurers on unpaid claims | 76,135 | ||
Total loss reserve discount | $ 0 |
Reserves For Losses And Loss _5
Reserves For Losses And Loss Expenses (Supplementary Information Regarding Average Historical Claims Duration) (Details) | Dec. 31, 2020 |
Insurance | Other liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 7.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 14.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 17.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 16.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 13.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 8.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 5.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 3.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 2.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 1.90% |
Insurance | Workers' compensation | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 23.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 29.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 15.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 9.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 5.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 3.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 2.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 1.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 1.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 1.10% |
Insurance | Professional liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 8.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 20.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 19.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 16.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 10.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 8.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 4.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 2.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 2.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 0.80% |
Insurance | Commercial automobile | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 37.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 21.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 15.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 10.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 6.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 2.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 1.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 0.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 0.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 0.30% |
Insurance | Short-tail lines | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 57.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 31.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 6.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 1.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 0.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 0.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 0.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 0.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 0.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 0.20% |
Reinsurance & Monoline Excess | Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 6.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 11.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 14.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 14.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 11.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 8.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 6.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 4.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 4.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 3.90% |
Reinsurance & Monoline Excess | Monoline excess | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 4.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 4.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 2.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 3.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 2.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 3.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 4.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 2.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 3.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 1.70% |
Reinsurance & Monoline Excess | Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 33.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 33.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 15.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 6.00% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 3.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 2.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 1.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 1.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 0.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 0.60% |
Reserves For Losses And Loss _6
Reserves For Losses And Loss Expenses (Schedule of Liability for Unpaid Claims and Claims Adjustment Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of year | $ 10,697,998 | $ 10,248,883 | $ 10,056,914 |
Net provision for losses and loss expenses: | |||
Claims occuring during the current year | 4,432,937 | 4,057,989 | 3,926,489 |
Increase in estimates for claims occurring in prior years (3) | 627 | 34,079 | 6,831 |
Loss reserve discount accretion | 35,142 | 39,048 | 41,382 |
Total | 4,468,706 | 4,131,116 | 3,974,702 |
Net payments for claims: | |||
Current year | 921,054 | 985,599 | 964,808 |
Prior year | 2,677,595 | 2,673,803 | 2,700,077 |
Total | 3,598,649 | 3,659,402 | 3,664,885 |
Foreign currency translation | 46,411 | (22,599) | (117,848) |
Net reserves at end of year | 11,620,393 | 10,697,998 | 10,248,883 |
Ceded reserve at end of year | 2,164,037 | 1,885,251 | 1,717,565 |
Gross reserves at end of year | 13,784,430 | 12,583,249 | 11,966,448 |
Increase in estimates for claims occurring in prior years (3) | (627) | (34,079) | (6,831) |
Retrospective premium adjustments for claims occurring in prior years (4) | 16,807 | 53,511 | 45,638 |
Net favorable premium and reserve development on prior years | 16,180 | 19,432 | 38,807 |
Workers' compensation discount, amount | 10,000 | 20,000 | 24,000 |
Increase (decrease) in estimates for claims occurring in prior years, undiscounted basis | 21,000 | (19,000) | (4,000) |
Cumulative Effect, Period Of Adoption, Adjustment | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of year | 5,927 | 0 | 0 |
Net payments for claims: | |||
Net reserves at end of year | 5,927 | 0 | |
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of year | $ 10,703,925 | 10,248,883 | 10,056,914 |
Net payments for claims: | |||
Net reserves at end of year | $ 10,703,925 | $ 10,248,883 |
Reserves For Losses And Loss _7
Reserves For Losses And Loss Expenses (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reserves For Losses And Loss Expenses [Line Items] | |||
Liability recognized for best estimate net of reinsurance | $ 171,000 | ||
Liability recognized for best estimate net of reinsurance, reported losses | 95,000 | ||
Liability recognized for best estimate net of reinsurance, incurred but not reported (IBNR) | 76,000 | ||
Favorable reserve development net of premium offsets | 16,180 | $ 19,432 | $ 38,807 |
Reserve for losses and loss adjustment expenses relating to asbestos and environmental claims, net | 19,000 | 24,000 | |
Workers' compensation discount, amount | 10,000 | 20,000 | 24,000 |
Workers' Compensation Discount, Prior Year Amount | 1,731,000 | ||
Workers' compensation discount after effects of ceded reinsurance, amount | $ 483,000 | 530,000 | |
Minimum | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 0.70% | ||
Maximum | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 6.50% | ||
Weighted Average | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 3.60% | ||
Discounted [Member] | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 3.00% | ||
Insurance | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Liability recognized for best estimate net of reinsurance | $ 161,000 | ||
Favorable reserve development net of premium offsets | 24,000 | 21,000 | 19,000 |
Reinsurance & Monoline Excess | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Liability recognized for best estimate net of reinsurance | 10,000 | ||
Favorable reserve development net of premium offsets | $ 20,000 | ||
Unfavorable reserve development net of premium offsets | 8,000 | $ 2,000 | |
Short-tail lines | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, amount | $ 1,655,000 | ||
Excess workers' compensation | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 97.00% |
Reinsurance (Reinsurance Financ
Reinsurance (Reinsurance Financial Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reinsurance Disclosures [Abstract] | |||
Written premiums, Direct | $ 7,874,050,000 | $ 7,386,759,000 | $ 6,973,216,000 |
Written premiums, Assumed | 973,597,000 | 875,459,000 | 729,278,000 |
Written premiums, Ceded | (1,585,210,000) | (1,398,719,000) | (1,269,267,000) |
Total net premiums written | 7,262,437,000 | 6,863,499,000 | 6,433,227,000 |
Earned premiums, Direct | 7,489,470,000 | 7,141,427,000 | 6,851,795,000 |
Earned premiums, Assumed | 941,321,000 | 820,705,000 | 755,759,000 |
Earned premiums, Ceded | (1,499,948,000) | (1,328,844,000) | (1,236,049,000) |
Net premiums earned | 6,930,843,000 | 6,633,288,000 | 6,371,505,000 |
Ceded losses and loss expenses incurred | 955,630,000 | 836,831,000 | 829,742,000 |
Ceded commission earned | 358,253,000 | 314,191,000 | 268,037,000 |
Uncollectible reinsurance | $ 7,800,649 | $ 690,127 | $ 946,965 |
Reinsurance (Schedule of Premiu
Reinsurance (Schedule of Premium Receivable Allowance for Credit Loss) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | $ 19,823 |
Provision for expected credit losses | 1,790 |
Allowance for expected credit losses at December 31, 2020 | 22,883 |
Cumulative Effect, Period Of Adoption, Adjustment | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | $ 1,270 |
Reinsurance (Schedule of Reinsu
Reinsurance (Schedule of Reinsurance Recoverable Allowance for Credit Loss) (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | $ 690,127 |
Provision for expected credit losses | 1,184,000 |
Allowance for expected credit losses at December 31, 2020 | 7,800,649 |
Cumulative Effect, Period Of Adoption, Adjustment | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | |
Allowance for expected credit losses at January 1, 2020 | $ 5,927,000 |
Reinsurance (Schedule Of Ceded
Reinsurance (Schedule Of Ceded Credit Risk by Reinsurer) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Ceded Credit Risk [Line Items] | |||
Uncollectible reinsurance | $ (7,800,649) | $ (690,127) | $ (946,965) |
Ceded reserve at end of year | 2,424,502,000 | ||
Credit Risk Reinsurers, Subtotal, Excluding Residual Market Pools [Member] | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 2,188,945,000 | ||
Munich Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 275,841,000 | ||
Lloyds of London | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 255,184,000 | ||
Swiss Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 182,532,000 | ||
Alleghany Group | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 182,015,000 | ||
Partner Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 164,535,000 | ||
Hannover Re Group | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 129,752,000 | ||
Berkshire Hathaway | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 104,775,000 | ||
Everest Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 102,085,000 | ||
Renaissance Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 101,014,000 | ||
Axis Capital | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 87,948,000 | ||
Liberty Mutual | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 66,263,000 | ||
Korean Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 56,091,000 | ||
Fairfax Financial | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 37,310,000 | ||
Axa Insurance | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 35,012,000 | ||
Validus Holdings LTD | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 29,599,000 | ||
Arch Capital Group | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 27,739,000 | ||
Qatar Re GRP | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 20,321,000 | ||
Other Reinsurers Less than $20,000 | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 330,929,000 | ||
Residual Market Pools | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | $ 243,358,000 |
Indebtedness (Details)
Indebtedness (Details) - USD ($) | 1 Months Ended | |||
Jan. 31, 2021 | Feb. 18, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subsidiary Debt | ||||
Debt Instrument [Line Items] | ||||
Face Value | $ 110,987,000 | |||
Carrying Value | 110,987,000 | $ 108,805,000 | ||
Repayments in 2019 | 3,000,000 | |||
Repayments in 2020 | 6,000,000 | |||
Repayments thereafter | 102,000,000 | |||
Subordinated Debt due March 1, 2056 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of debt | $ 110,000,000 | |||
Total senior notes and other debt | ||||
Debt Instrument [Line Items] | ||||
Face Value | 1,607,490,000 | |||
Carrying Value | $ 1,623,025,000 | 1,427,575,000 | ||
Senior Notes | Senior Notes Due September 15 2020 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.375% | |||
Face Value | $ 0 | |||
Carrying Value | $ 0 | 299,756,000 | ||
Senior Notes | Senior Notes due January 1, 2022 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 8.70% | |||
Face Value | $ 76,503,000 | |||
Carrying Value | $ 76,419,000 | 76,343,000 | ||
Senior Notes | Senior Notes due March 15, 2022 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.625% | |||
Face Value | $ 350,000,000 | |||
Carrying Value | $ 349,505,000 | 349,088,000 | ||
Senior Notes | Senior Notes due February 15, 2037 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.25% | |||
Face Value | $ 250,000,000 | |||
Carrying Value | $ 248,226,000 | 248,116,000 | ||
Senior Notes | Senior Notes due August 1, 2044 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.75% | |||
Face Value | $ 350,000,000 | |||
Carrying Value | $ 345,652,000 | 345,467,000 | ||
Senior Notes | Senior Notes Due May 12 2050 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.00% | |||
Face Value | $ 470,000,000 | |||
Carrying Value | 492,236,000 | 0 | ||
Total subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
Face Value | 1,135,000,000 | |||
Carrying Value | $ 1,102,309,000 | 1,198,704,000 | ||
Total subordinated debentures | Subordinated Debt due April 30,2053 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.625% | |||
Face Value | $ 0 | |||
Carrying Value | $ 0 | 341,356,000 | ||
Total subordinated debentures | Subordinated Debt due March 1, 2056 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.90% | |||
Face Value | $ 110,000,000 | |||
Carrying Value | $ 106,365,000 | 106,262,000 | ||
Total subordinated debentures | Subordinated Debt due March 1, 2056 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.90% | |||
Total subordinated debentures | Subordinated Debt due June1, 2056 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.75% | |||
Face Value | $ 290,000,000 | |||
Carrying Value | $ 282,003,000 | 281,777,000 | ||
Total subordinated debentures | Subordinated Debt due March 30, 2058 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.70% | |||
Face Value | $ 185,000,000 | |||
Carrying Value | $ 179,006,000 | 178,845,000 | ||
Total subordinated debentures | Subordinated Debt due December 30, 2059 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.10% | |||
Face Value | $ 300,000,000 | |||
Carrying Value | $ 290,702,000 | 290,464,000 | ||
Total subordinated debentures | Subordinated Debt Due September 30 2060 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.25% | |||
Face Value | $ 250,000,000 | |||
Carrying Value | $ 244,233,000 | $ 0 | ||
Total subordinated debentures | Subordinated Debt Due 2061 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.125% | |||
Face Value | $ 300,000,000 | |||
Non-recourse loan | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.21% | |||
Face Value | $ 101,750,000 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current Expense, Domestic | $ 162,305 | $ 124,231 | $ 188,712 |
Deferred Expense (Benefit), Domestic | 17 | 27,616 | (63,134) |
Domestic, Total | 162,322 | 151,847 | 125,578 |
Current Expense, Foreign | 23,375 | 9,030 | 13,963 |
Deferred Expense (Benefit), Foreign | (13,880) | 8,058 | 23,487 |
Foreign, Total | 9,495 | 17,088 | 37,450 |
Current Expense, Total | 185,680 | 133,261 | 202,675 |
Deferred Expense (Benefit), Total | (13,863) | 35,674 | (39,647) |
Total expense | 171,817 | 168,935 | 163,028 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 831,000 | 739,000 | 755,000 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ (126,000) | $ 114,000 | $ 57,000 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed “expected” tax expense | $ 148,008 | $ 179,113 | $ 170,540 |
Tax-exempt investment income | (12,770) | (14,666) | (18,833) |
Change in valuation allowance | 46,238 | (1,945) | 18,576 |
Impact of foreign tax rates | 6,753 | 7,700 | 7,683 |
State and local taxes | 2,561 | 4,842 | 3,901 |
Impact of change in U.S. tax rate | 0 | 0 | (10,950) |
Other, net | (18,973) | (6,109) | (7,889) |
Total expense | $ 171,817 | $ 168,935 | $ 163,028 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax asset: | ||
Loss reserve discounting | $ 141,877 | $ 136,100 |
Unearned premiums | 134,971 | 120,246 |
Net operating losses | 64,494 | 37,147 |
Other-than-temporary impairments | 5,973 | 8,049 |
Employee compensation plans | 60,551 | 60,552 |
Other | 85,327 | 63,633 |
Gross deferred tax asset | 493,193 | 425,727 |
Less valuation allowance | (79,488) | (33,250) |
Deferred tax asset | 413,705 | 392,477 |
Deferred tax liability: | ||
Amortization of intangibles | 12,761 | 12,832 |
Loss reserve discounting - transition rule | 24,747 | 29,697 |
Deferred policy acquisition costs | 113,084 | 103,947 |
Unrealized investment gains | 100,241 | 93,330 |
Property, furniture and equipment | 48,235 | 47,082 |
Investment funds | 64,944 | 73,083 |
Other | 62,809 | 50,212 |
Deferred tax liability | 426,821 | 410,183 |
Net deferred tax liability | 13,116 | 17,706 |
Operating Loss Carryforwards [Line Items] | ||
Income taxes receivable | 35,400 | |
Current federal income taxes | 13,400 | |
Valuation allowance | 79,500 | $ 33,300 |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, subject to expire | 7,700 | |
Operating loss carryforwards, not subject to expire | $ 305,400 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Loss reserve discounting | $ 141,877 | $ 136,100 |
undistributed earnings of non-U.S. subsidiaries | $ 111,000 |
Dividends From Subsidiaries A_3
Dividends From Subsidiaries And Statutory Financial Information (Schedule of Combined Net Income and Policyholders' Surplus in Accordance with Statutory Accounting Practices) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Insurance [Abstract] | |||
Amount available for dividend distribution without prior approval from regulatory authorities | $ 721,000 | ||
Net income | 771,990 | $ 601,564 | $ 1,099,953 |
Policyholders' surplus | 6,188,121 | $ 6,013,062 | $ 5,587,930 |
Increase in BIC's statutory capital and surplus | $ 200,000 | ||
Total Adjusted Capital percentage threshold | 200.00% | ||
BIC's Total Adjusted Capital balance | $ 5,989,000 | ||
BIC's Total Adjusted Capital balance as percentage of RBC Authorized Control Level | 388.00% |
Common Stockholders' Equity (We
Common Stockholders' Equity (Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share) (Details) - shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||||
Basic | 186,924 | 190,722 | 190,048 | |
Diluted | 188,763 | 193,521 | 192,395 | |
Restricted Stock Units (RSUs) | Grantor Trust | ||||
Class of Stock [Line Items] | ||||
Basic | 7,767,874 |
Common Stockholders' Equity (Sc
Common Stockholders' Equity (Schedule of Changes in Shares of Common Stock Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock Shares Outstanding [Roll Forward] | |||
Balance, beginning of year | 183,411,907 | 182,993,640 | 182,272,278 |
Shares issued | 776,544 | 687,339 | 1,257,762 |
Shares repurchased | (6,363,301) | (269,072) | (536,400) |
Balance, end of year | 177,825,150 | 183,411,907 | 182,993,640 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Arbitrage trading account | $ 341,473 | $ 400,809 |
Loans receivable | 86,596 | 94,613 |
Liabilities: | ||
Due to broker | 0 | 27,116 |
Due to broker | 0 | 27,116 |
Carrying Value | ||
Assets: | ||
Fixed maturity securities | 14,159,369 | 14,180,961 |
Equity securities | 625,667 | 480,620 |
Arbitrage trading account | 341,473 | 400,809 |
Loans receivable | 84,913 | 91,799 |
Cash and cash equivalents | 2,372,366 | 1,023,710 |
Trading accounts receivable from brokers and clearing organizations | 524,727 | 423,543 |
Due from broker | 2,585 | 0 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 10,048 | 36,143 |
Subordinated debentures | 1,102,309 | 1,427,575 |
Subordinated Debt Obligations, Fair Value Disclosure | 1,623,025 | 1,198,704 |
Fair Value | ||
Assets: | ||
Fixed maturity securities | 14,173,629 | 14,194,955 |
Equity securities | 625,667 | 480,620 |
Arbitrage trading account | 341,473 | 400,809 |
Loans receivable | 86,596 | 94,613 |
Cash and cash equivalents | 2,372,366 | 1,023,710 |
Trading accounts receivable from brokers and clearing organizations | 524,727 | 423,543 |
Due from broker | 2,585 | 0 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 10,048 | 36,143 |
Subordinated debentures | 1,892,444 | 1,582,290 |
Subordinated Debt Obligations, Fair Value Disclosure | $ 1,202,842 | $ 1,274,088 |
Commitments, Litigation And C_2
Commitments, Litigation And Contingent Liabilities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment to Invest in Certain Investment Funds | $ 124 |
Commitment to Invest in Real Estate Construction Projects | $ 200 |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Lease cost | $ 44,291 | $ 44,107 |
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows | 45,348 | 40,083 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 8,870 | $ 32,881 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Right-of-use assets | $ 164,476 | $ 193,311 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Lease liabilities | $ 203,643 | $ 230,338 |
Weighted-average remaining lease term | 6 years 9 months 25 days | 7 years 1 month 9 days |
Weighted-average discount rate | 5.94% | 5.97% |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 47,477 | |
2022 | 41,442 | |
2023 | 37,843 | |
2024 | 31,283 | |
2025 | 22,452 | |
Thereafter | 58,124 | |
Total undiscounted future minimum lease payments | 238,621 | |
Less: Discount impact | 34,978 | |
Total lease liability | $ 203,643 | $ 230,338 |
Stock Incentive Plan (Schedule
Stock Incentive Plan (Schedule of Share-based Compensation, Stock Options, Activity) (Details) | 12 Months Ended |
Dec. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Deferred shares | 7,519,447 |
Restricted Stock Units (RSUs) | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Restricted Stock Units (RSUs) | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Stock Incentive Plan (Schedul_2
Stock Incentive Plan (Schedule of Nonvested Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
RSUs granted and unvested at beginning of period: | 4,124,260 | 5,062,661 | 5,216,972 |
Granted | 962,453 | 840,796 | 1,140,048 |
Vested | (1,111,588) | (1,447,522) | (900,254) |
Canceled | (170,789) | (331,675) | (394,105) |
RSUs granted and unvested at end of period: | 3,804,336 | 4,124,260 | 5,062,661 |
Stock Incentive Plan (Schedul_3
Stock Incentive Plan (Schedule of Share-based Compensation, Unearned Compensation Related to RSU's) (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Changes In Unearned Compensation [Roll Forward] | |||
Unearned compensation at beginning of year | $ 128,390 | $ 129,669 | $ 122,910 |
RSUs granted, net of cancellations | 54,270 | 53,583 | 52,204 |
RSUs expensed | 47,108 | (47,329) | (34,408) |
RSUs forfeitures | 3,242 | (7,533) | (11,037) |
Unearned compensation at end of year | $ 132,310 | $ 128,390 | $ 129,669 |
Compensation Plans (Details)
Compensation Plans (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)hourshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
LTIP Expense | $ 13,464,000 | $ 16,119,000 | $ 21,438,000 |
Deferred Profit Sharing | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Profit Sharing Plan Minimum Contribution, Percent | 5.00% | ||
Number of service hours required (in hours) | hour | 250 | ||
Profit Sharing Plan, Contributions Vesting Immediately, Percent | 40.00% | ||
Profit Sharing Plan, Contributions Vesting Based on Years of Service, Percent | 60.00% | ||
Profit sharing expense | $ 48,000,000 | 47,000,000 | 42,000,000 |
2013 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
LTIP Expense | 0 | 0 | (1,124,000) |
2014 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
LTIP Expense | 0 | (558,000) | 3,227,000 |
2015 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
LTIP Expense | $ (168,000) | 3,319,000 | 5,170,000 |
2016 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 190,000 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 19,000,000 | ||
Long-Term Incentive Compensation Plan, Earned | 17,732,700 | ||
LTIP Expense | $ 3,176,000 | 3,548,000 | 5,148,000 |
2017 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 202,750 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 20,275,000 | ||
Long-Term Incentive Compensation Plan, Earned | 13,509,233 | ||
LTIP Expense | $ 2,914,000 | 3,432,000 | 4,700,000 |
2018 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 208,750,000 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 20,875,000 | ||
Long-Term Incentive Compensation Plan, Earned | 10,007,475 | ||
LTIP Expense | $ 2,776,000 | 3,310,000 | 4,317,000 |
2019 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 224,250,000 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 22,425,000 | ||
Long-Term Incentive Compensation Plan, Earned | 5,497,623 | ||
LTIP Expense | $ 2,490,000 | 3,068,000 | 0 |
2020 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 225,500,000 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 22,550,000 | ||
Long-Term Incentive Compensation Plan, Earned | 2,271,701 | ||
LTIP Expense | $ 2,276,000 | $ 0 | $ 0 |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Schedule of Other Operating Cost and Expense, by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Amortization of deferred policy acquisition costs | $ 904,955 | $ 1,001,611 | $ 915,246 |
Insurance operating expenses | 1,206,058 | 1,088,690 | 1,183,635 |
Insurance service expenses | 85,724 | 101,317 | 118,357 |
Net foreign currency losses (gains) | 363 | (30,715) | (27,067) |
Debt extinguishment costs | 8,440 | 0 | 0 |
Other costs and expenses | 184,852 | 201,179 | 193,050 |
Total | $ 2,390,392 | $ 2,362,082 | $ 2,383,221 |
Industry Segments (Financial In
Industry Segments (Financial Information of Company Operating Segments) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | ||
Earned Premiums | $ 6,930,843 | $ 6,633,288 | $ 6,371,505 |
Investment Income | 583,821 | 645,614 | 674,235 |
Net investment gains | 103,000 | 120,703 | 154,488 |
Other Revenues | 584,261 | 623,294 | 645,911 |
Total revenues | 8,098,925 | 7,902,196 | 7,691,651 |
Pre-Tax Income (Loss) | 704,802 | 852,920 | 812,094 |
Net investment gains | 93,181 | 95,355 | 122,046 |
Net income to common stockholders | 530,670 | 681,944 | 640,749 |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Earned Premiums | 6,067,669 | 5,919,819 | 5,702,073 |
Reinsurance & Monoline Excess | |||
Segment Reporting Information [Line Items] | |||
Earned Premiums | 863,174 | 713,469 | 669,432 |
Operating Segments | Insurance | |||
Segment Reporting Information [Line Items] | |||
Earned Premiums | 6,067,669 | 5,919,819 | 5,702,073 |
Investment Income | 375,554 | 429,405 | 433,490 |
Other Revenues | 35,611 | 47,850 | 72,727 |
Total revenues | 6,478,834 | 6,397,074 | 6,208,290 |
Pre-Tax Income (Loss) | 668,012 | 814,862 | 717,154 |
Net income to common stockholders | 487,125 | 650,510 | 571,381 |
Operating Segments | Reinsurance & Monoline Excess | |||
Segment Reporting Information [Line Items] | |||
Earned Premiums | 863,174 | 713,469 | 669,432 |
Investment Income | 146,029 | 164,082 | 179,534 |
Other Revenues | 0 | 0 | 0 |
Total revenues | 1,009,203 | 877,551 | 848,966 |
Pre-Tax Income (Loss) | 205,587 | 189,188 | 201,001 |
Net income to common stockholders | 164,655 | 152,046 | 160,791 |
Corporate, other and eliminations | |||
Segment Reporting Information [Line Items] | |||
Investment Income | 62,238 | 52,127 | 61,211 |
Other Revenues | 445,650 | 454,741 | 418,696 |
Total revenues | 507,888 | 506,868 | 479,907 |
Pre-Tax Income (Loss) | (271,797) | (271,833) | (260,549) |
Net income to common stockholders | $ (214,291) | $ (215,967) | $ (213,469) |
Industry Segments (Identifiable
Industry Segments (Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable Assets | $ 28,606,913 | $ 26,662,144 | |
Revenues | 8,098,925 | 7,902,196 | $ 7,691,651 |
Operating Segments | Insurance | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable Assets | 21,739,360 | 20,020,455 | |
Revenues | 6,478,834 | 6,397,074 | 6,208,290 |
Operating Segments | Insurance | Foreign countries | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Revenues | 691,500 | 725,400 | 714,200 |
Operating Segments | Reinsurance & Monoline Excess | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable Assets | 4,652,074 | 4,710,445 | |
Revenues | 1,009,203 | 877,551 | 848,966 |
Operating Segments | Reinsurance & Monoline Excess | Foreign countries | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Revenues | 291,600 | 249,600 | 228,100 |
Corporate, other and eliminations | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable Assets | 2,215,479 | 1,931,244 | |
Revenues | $ 507,888 | $ 506,868 | $ 479,907 |
Industry Segments (Net Premiums
Industry Segments (Net Premiums Earned By Major Line of Business) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net premiums earned | $ 6,930,843 | $ 6,633,288 | $ 6,371,505 |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 6,067,669 | 5,919,819 | 5,702,073 |
Insurance | Other liability | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 2,237,285 | 2,063,401 | 1,912,071 |
Insurance | Short-tail lines | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 1,247,908 | 1,223,902 | 1,184,447 |
Insurance | Short-tail lines | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 1,127,487 | 1,301,980 | 1,327,206 |
Insurance | Commercial automobile | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 794,171 | 750,051 | 722,236 |
Insurance | Professional liability | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 660,818 | 580,485 | 556,113 |
Reinsurance & Monoline Excess | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 863,174 | 713,469 | 669,432 |
Reinsurance & Monoline Excess | Casualty | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 521,559 | 405,063 | 362,886 |
Reinsurance & Monoline Excess | Monoline Excess | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 171,522 | 160,071 | 162,908 |
Reinsurance & Monoline Excess | Property | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | $ 170,093 | $ 148,335 | $ 143,638 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information of Registrant (Balance Sheets (Parent Company)) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and cash equivalents | $ 2,372,366 | $ 1,023,710 |
Fixed maturity securities available for sale at fair value (cost $792,752 and $718,642 at December 31, 2020 and 2019, respectively) | 14,159,369 | 14,180,961 |
Current federal income taxes | 5,893 | 23,404 |
Property, furniture and equipment at cost, less accumulated depreciation | 405,930 | 422,091 |
Other assets | 700,215 | 762,743 |
Total assets | 28,606,913 | 26,662,144 |
Liabilities: | ||
Other liabilities | 1,178,546 | 1,244,888 |
Current federal income taxes | 41,282 | 10,006 |
Deferred federal income taxes | 42,161 | 26,416 |
Subordinated debentures | 1,102,309 | 1,198,704 |
Total liabilities | 22,281,116 | 20,543,802 |
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 70,535 | 70,535 |
Additional paid-in capital | 1,012,483 | 1,056,042 |
Retained earnings (including accumulated undistributed net income of subsidiaries of $5,700,515 and $5,564,980 at December 31, 2020 and 2019, respectively) | 8,348,381 | 7,932,372 |
Accumulated other comprehensive loss | (62,172) | (257,299) |
Treasury stock, at cost | (3,058,425) | (2,726,711) |
Total common stockholders’ equity | 6,310,802 | 6,074,939 |
Total liabilities and equity | 28,606,913 | 26,662,144 |
Fixed maturity securities available for sale at cost | 13,682,286 | 13,897,964 |
Parent Company | ||
Assets: | ||
Cash and cash equivalents | 296,960 | 389,801 |
Fixed maturity securities available for sale at fair value (cost $792,752 and $718,642 at December 31, 2020 and 2019, respectively) | 800,263 | 723,959 |
Loans receivable | 75,789 | 55,794 |
Equity securities, at fair value (cost $3,430 in 2020 and 2019 respectively.) | 3,430 | 3,430 |
Investment in subsidiaries | 7,957,501 | 7,623,639 |
Current federal income taxes | 0 | 18,857 |
Property, furniture and equipment at cost, less accumulated depreciation | 11,412 | 12,323 |
Other assets | 11,231 | 13,294 |
Total assets | 9,156,586 | 8,841,097 |
Liabilities: | ||
Due to subsidiaries | 77,860 | 107,245 |
Other liabilities | 106,064 | 118,593 |
Current federal income taxes | 15,662 | 0 |
Deferred federal income taxes | 31,851 | 22,846 |
Subordinated debentures | 1,102,309 | 1,198,704 |
Senior notes | 1,512,038 | 1,318,770 |
Total liabilities | 2,845,784 | 2,766,158 |
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 70,535 | 70,535 |
Additional paid-in capital | 1,012,483 | 1,056,042 |
Retained earnings (including accumulated undistributed net income of subsidiaries of $5,700,515 and $5,564,980 at December 31, 2020 and 2019, respectively) | 8,348,381 | 7,932,372 |
Accumulated other comprehensive loss | (62,172) | (257,299) |
Treasury stock, at cost | (3,058,425) | (2,726,711) |
Total common stockholders’ equity | 6,310,802 | 6,074,939 |
Total liabilities and equity | 9,156,586 | 8,841,097 |
Fixed maturity securities available for sale at cost | 792,752 | 718,642 |
Equity securities available for sale at cost | 3,430 | 3,430 |
Accumulated undistributed net income of subsidiaries | $ 5,700,515 | $ 5,564,980 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information of Registrant (Statements of Income (Parent Company)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||
Net investment gains (losses) | $ 103,000 | $ 120,703 | $ 154,488 |
Other income | 2,596 | 3,370 | 681 |
Total revenues | 8,098,925 | 7,902,196 | 7,691,651 |
Operating costs and expense | 7,394,123 | 7,049,276 | 6,879,557 |
Income before income taxes | 704,802 | 852,920 | 812,094 |
Federal income taxes: | |||
Net federal income tax expense | (171,817) | (168,935) | (163,028) |
Net income to common stockholders | 530,670 | 681,944 | 640,749 |
Dividends from subsidiaries | 617,424 | 416,027 | 639,477 |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Management fees and investment income including dividends from subsidiaries of $617,424, $416,027, and $639,477 for the years ended December 31, 2020, 2019 and 2018, respectively | 654,485 | 470,773 | 697,687 |
Net investment gains (losses) | 3,580 | 850 | (1,685) |
Other income | 568 | 117 | 530 |
Total revenues | 658,633 | 471,740 | 696,532 |
Operating costs and expense | 166,892 | 204,812 | 191,873 |
Interest expense | 145,417 | 148,282 | 155,082 |
Income before income taxes | 346,324 | 118,646 | 349,577 |
Federal income taxes: | |||
Federal income taxes provided by subsidiaries on a separate return basis | 188,490 | 207,647 | 409,439 |
Federal income tax expense on a consolidated return basis | (139,679) | (141,190) | (113,138) |
Net federal income tax expense | 48,811 | 66,457 | 296,301 |
Income before undistributed equity in net income of subsidiaries | 395,135 | 185,103 | 645,878 |
Equity in undistributed net income (loss) of subsidiaries | 135,535 | 496,841 | (5,129) |
Net income to common stockholders | $ 530,670 | $ 681,944 | $ 640,749 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information of Registrant (Statements of Cash Flows (Parent Company)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 530,670 | $ 681,944 | $ 640,749 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 135,065 | 113,387 | 131,108 |
Stock incentive plans | 49,658 | 49,274 | 36,591 |
Change in: | |||
Other liabilities | 43,039 | (19,506) | (48,770) |
Net cash from operating activities | 1,616,686 | 1,143,793 | 620,199 |
Cash (used in) from investing activities: | |||
Proceeds from sale of fixed maturity securities | 3,832,555 | 2,093,271 | 3,525,149 |
Proceeds from maturities and prepayments of fixed maturity securities | 3,864,327 | 2,933,980 | 2,676,455 |
Cost of purchases of fixed maturity securities | (7,551,591) | (5,352,886) | (6,677,753) |
Change in loans receivable | 1,467 | 3,481 | (13,204) |
Change in balances due from security brokers | (26,515) | 2,844 | 4,262 |
Net cash from (used) in investing activities | 119,696 | (424,871) | (714,244) |
Cash used in financing activities: | |||
Purchase of common treasury shares | (346,357) | (18,225) | (24,750) |
Cash dividends to common stockholders | (84,147) | (308,191) | (254,951) |
Other, net | (56,225) | (21,391) | (17,740) |
Net cash used in financing activities | (397,843) | (513,193) | (7,403) |
Net increase (decrease) in cash and cash equivalents | 1,348,656 | 206,108 | (132,869) |
Cash and cash equivalents at beginning of year | 1,023,710 | 817,602 | 950,471 |
Cash and cash equivalents at end of year | 2,372,366 | 1,023,710 | 817,602 |
Parent Company | |||
Cash flows from operating activities: | |||
Net income | 530,670 | 681,944 | 640,749 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Net investment (gains) losses | (3,580) | (850) | 1,685 |
Depreciation and amortization | 15,133 | 7,058 | 9,441 |
Equity in undistributed earnings of subsidiaries | (135,535) | (496,841) | 5,129 |
Tax payments received from subsidiaries | 165,495 | 192,407 | 282,084 |
Federal income taxes provided by subsidiaries on a separate return basis | (188,489) | (207,646) | (409,439) |
Stock incentive plans | 49,599 | 28,389 | 28,531 |
Change in: | |||
Federal income taxes | 32,069 | 11,841 | (77,415) |
Other assets | 1,220 | (5,343) | 1,348 |
Other liabilities | 3,964 | 11,866 | 109,016 |
Accrued investment income | 836 | 4,395 | (2,870) |
Net cash from operating activities | 471,382 | 227,220 | 588,259 |
Cash (used in) from investing activities: | |||
Proceeds from sale of fixed maturity securities | 414,802 | 619,334 | 668,447 |
Proceeds from maturities and prepayments of fixed maturity securities | 258,413 | 435,473 | 255,528 |
Cost of purchases of fixed maturity securities | (747,713) | (459,418) | (1,188,821) |
Change in loans receivable | (20,023) | (4,250) | 1,475 |
Investments in and advances to subsidiaries, net | (100,704) | (36,170) | (184,597) |
Change in balances due from security brokers | (245) | 245 | 0 |
Net additions to real estate, furniture & equipment | (81) | (112) | (264) |
Other, net | 103 | 142 | 0 |
Net cash from (used) in investing activities | (195,448) | 555,244 | (448,232) |
Cash used in financing activities: | |||
Net proceeds from issuance of senior notes | 736,609 | 290,454 | 178,562 |
Repayment and redemption of debt | (650,000) | (440,651) | 0 |
Purchase of common treasury shares | (346,357) | (18,225) | (24,750) |
Cash dividends to common stockholders | (84,147) | (308,191) | (254,951) |
Other, net | (24,880) | 0 | 0 |
Net cash used in financing activities | (368,775) | (476,613) | (101,139) |
Net increase (decrease) in cash and cash equivalents | (92,841) | 305,851 | 38,888 |
Cash and cash equivalents at beginning of year | 389,801 | 83,950 | 45,062 |
Cash and cash equivalents at end of year | $ 296,960 | $ 389,801 | $ 83,950 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Cost | $ 556,168 | $ 517,364 | $ 497,629 |
Reserve for Losses and Loss Expenses | 13,784,430 | 12,583,249 | 11,966,448 |
Unearned Premiums | 4,073,191 | 3,656,507 | 3,359,991 |
Net Premiums Earned | 6,930,843 | 6,633,288 | 6,371,505 |
Net Investment Income | 583,821 | 645,614 | 674,235 |
Loss and Loss Expenses | 4,468,706 | 4,131,116 | 3,974,702 |
Amortization of Deferred Policy Acquisition Cost | 904,955 | 1,001,611 | 915,246 |
Other Operating Costs and Expenses | 1,485,437 | 1,360,471 | 1,467,975 |
Net Premiums Written | 7,262,437 | 6,863,499 | 6,433,227 |
Operating Segments | Insurance | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Cost | 467,871 | 438,082 | 432,568 |
Reserve for Losses and Loss Expenses | 10,977,674 | 9,836,950 | 9,278,729 |
Unearned Premiums | 3,660,758 | 3,304,152 | 3,081,433 |
Net Premiums Earned | 6,067,669 | 5,919,819 | 5,702,073 |
Net Investment Income | 375,554 | 429,405 | 433,490 |
Loss and Loss Expenses | 3,939,759 | 3,692,551 | 3,566,358 |
Amortization of Deferred Policy Acquisition Cost | 734,062 | 840,333 | 788,508 |
Other Operating Costs and Expenses | 1,137,002 | 1,049,328 | 1,136,269 |
Net Premiums Written | 6,347,101 | 6,086,009 | 5,791,905 |
Operating Segments | Reinsurance & Monoline Excess | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Cost | 88,297 | 79,282 | 65,061 |
Reserve for Losses and Loss Expenses | 2,806,756 | 2,746,299 | 2,687,719 |
Unearned Premiums | 412,433 | 352,355 | 278,558 |
Net Premiums Earned | 863,174 | 713,469 | 669,432 |
Net Investment Income | 146,029 | 164,082 | 179,534 |
Loss and Loss Expenses | 528,947 | 438,565 | 408,344 |
Amortization of Deferred Policy Acquisition Cost | 170,893 | 161,278 | 126,738 |
Other Operating Costs and Expenses | 103,775 | 88,520 | 112,885 |
Net Premiums Written | 915,336 | 777,490 | 641,322 |
Corporate, other and eliminations | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Cost | 0 | 0 | 0 |
Reserve for Losses and Loss Expenses | 0 | 0 | 0 |
Unearned Premiums | 0 | 0 | 0 |
Net Premiums Earned | 0 | 0 | 0 |
Net Investment Income | 62,238 | 52,127 | 61,211 |
Loss and Loss Expenses | 0 | 0 | 0 |
Amortization of Deferred Policy Acquisition Cost | 0 | 0 | 0 |
Other Operating Costs and Expenses | 244,660 | 222,623 | 218,821 |
Net Premiums Written | $ 0 | $ 0 | $ 0 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Amount | $ 7,874,050 | $ 7,386,759 | $ 6,973,216 |
Ceded to Other Companies | 1,585,210 | 1,398,719 | 1,269,267 |
Assumed from Other Companies | 973,597 | 875,459 | 729,278 |
Total net premiums written | $ 7,262,437 | $ 6,863,499 | $ 6,433,227 |
Percentage of Amount Assumed to Net | 13.40% | 12.80% | 11.30% |
Insurance | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Amount | $ 7,625,981 | $ 7,180,759 | $ 6,782,757 |
Ceded to Other Companies | 1,490,395 | 1,312,564 | 1,188,297 |
Assumed from Other Companies | 211,515 | 217,814 | 197,445 |
Total net premiums written | $ 6,347,101 | $ 6,086,009 | $ 5,791,905 |
Percentage of Amount Assumed to Net | 3.30% | 3.60% | 3.40% |
Reinsurance & Monoline Excess | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Amount | $ 248,069 | $ 206,000 | $ 190,459 |
Ceded to Other Companies | 94,815 | 86,155 | 80,970 |
Assumed from Other Companies | 762,082 | 657,645 | 531,833 |
Total net premiums written | $ 915,336 | $ 777,490 | $ 641,322 |
Percentage of Amount Assumed to Net | 83.30% | 84.60% | 82.90% |
Schedule V - Valuation and Qu_2
Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Premiums, fees and other receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | $ 26,546 | $ 39,093 | $ 39,926 |
Additions - Charged to Expense | 6,783 | (5,549) | 6,985 |
Deductions - Amounts Written Off | (6,744) | (6,998) | (7,817) |
Ending Balance | 27,855 | 26,546 | 39,093 |
Premiums, fees and other receivables | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 1,270 | ||
Ending Balance | 1,270 | ||
Due from reinsurers | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 690 | 947 | 1,010 |
Additions - Charged to Expense | 1,187 | 0 | 65 |
Deductions - Amounts Written Off | (3) | (257) | (128) |
Ending Balance | 7,801 | 690 | 947 |
Due from reinsurers | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 5,927 | ||
Ending Balance | 5,927 | ||
Deferred federal and foreign income taxes | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 33,250 | 35,195 | 16,619 |
Additions - Charged to Expense | 46,756 | 1,298 | 18,772 |
Deductions - Amounts Written Off | (518) | (3,243) | (196) |
Ending Balance | 79,488 | 33,250 | 35,195 |
Deferred federal and foreign income taxes | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 0 | ||
Ending Balance | 0 | ||
Loan loss reserves | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 2,146 | 3,383 | 3,383 |
Additions - Charged to Expense | 3,648 | 0 | 0 |
Deductions - Amounts Written Off | 0 | (1,237) | 0 |
Ending Balance | 5,437 | 2,146 | 3,383 |
Loan loss reserves | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | (357) | ||
Ending Balance | (357) | ||
Fixed maturity securities | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 0 | ||
Additions - Charged to Expense | 16,909 | ||
Deductions - Amounts Written Off | (50,043) | ||
Ending Balance | 2,580 | 0 | |
Fixed maturity securities | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 35,714 | ||
Ending Balance | 35,714 | ||
General Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 62,632 | 78,618 | 60,938 |
Additions - Charged to Expense | 75,283 | (4,251) | 25,822 |
Deductions - Amounts Written Off | (57,308) | (11,735) | (8,141) |
Ending Balance | 123,161 | 62,632 | $ 78,618 |
General Valuation Allowance | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | $ 42,554 | ||
Ending Balance | $ 42,554 |
Schedule VI - Supplementary I_2
Schedule VI - Supplementary Information Concerning Property-Casualty Insurance Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |||
Deferred policy acquisition costs | $ 556,168 | $ 517,364 | $ 497,629 |
Reserves for losses and loss expenses | 13,784,430 | 12,583,249 | 11,966,448 |
Unearned premiums | 4,073,191 | 3,656,507 | 3,359,991 |
Net premiums earned | 6,930,843 | 6,633,288 | 6,371,505 |
Net investment income | 583,821 | 645,614 | 674,235 |
Losses and loss expenses incurred: | |||
Current year | 4,432,937 | 4,057,989 | 3,926,489 |
Prior years | 627 | 34,079 | 6,831 |
Loss reserve discount accretion | 35,142 | 39,048 | 41,382 |
Amortization of deferred policy acquisition costs | 1,001,611 | 915,246 | |
Paid losses and loss expenses | 3,598,649 | 3,659,402 | 3,664,885 |
Net premiums written | $ 7,262,437 | $ 6,863,499 | $ 6,433,227 |