Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 27, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 $.20 per share | |
Trading Symbol | WRB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 265,272,980 | |
Entity Central Index Key | 0000011544 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
5.700% Subordinated Debentures due 2058 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.700% Subordinated Debentures due 2058 | |
Trading Symbol | WRB-PE | |
Security Exchange Name | NYSE | |
5.100% Subordinated Debentures due 2059 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.100% Subordinated Debentures due 2059 | |
Trading Symbol | WRB-PF | |
Security Exchange Name | NYSE | |
4.250% Subordinated Debentures due 2060 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 4.250% Subordinated Debentures due 2060 | |
Trading Symbol | WRB-PG | |
Security Exchange Name | NYSE | |
4.125% Subordinated Debentures due 2061 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 4.125% Subordinated Debentures due 2061 | |
Trading Symbol | WRB-PH | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Investments: | ||
Fixed maturity securities (amortized cost of $17,697,420 and $16,471,304; allowance for expected credit losses of $33,405 and $22,625 at June 30, 2022 and December 31, 2021, respectively) | $ 16,851,514 | $ 16,602,673 |
Investment funds | 1,702,270 | 1,480,612 |
Real estate | 1,304,094 | 1,852,508 |
Equity securities | 1,155,326 | 941,243 |
Arbitrage trading account | 1,142,003 | 1,179,606 |
Loans receivable (net of allowance for expected credit losses of $2,175 and $1,718 at June 30, 2022 and December 31, 2021, respectively) | 113,483 | 115,172 |
Total investments | 22,268,690 | 22,171,814 |
Cash and cash equivalents | 1,316,603 | 1,568,843 |
Premiums and fees receivable (net of allowance for expected credit losses of $30,557 and $25,218 at June 30, 2022 and December 31, 2021, respectively) | 2,799,805 | 2,522,972 |
Due from reinsurers (net of allowance for expected credit losses of $7,744 and $7,713 at June 30, 2022 and December 31, 2021, respectively) | 3,046,754 | 2,923,026 |
Deferred policy acquisition costs | 753,185 | 676,145 |
Prepaid reinsurance premiums | 694,888 | 676,915 |
Trading account receivables from brokers and clearing organizations | 9,937 | 0 |
Property, furniture and equipment | 415,446 | 419,883 |
Goodwill | 169,652 | 169,652 |
Accrued investment income | 133,014 | 122,938 |
Current and deferred federal and foreign income taxes | 296,943 | 42,457 |
Other assets | 787,530 | 753,231 |
Total assets | 32,692,447 | 32,047,876 |
Liabilities: | ||
Reserves for losses and loss expenses | 16,145,821 | 15,390,888 |
Unearned premiums | 5,249,543 | 4,847,160 |
Due to reinsurers | 541,689 | 514,980 |
Trading account securities sold but not yet purchased | 68 | 1,169 |
Trading account payable to brokers and clearing organizations | 0 | 53,636 |
Other liabilities | 1,378,169 | 1,305,245 |
Senior notes and other debt | 1,832,273 | 2,259,416 |
Subordinated debentures | 1,008,011 | 1,007,652 |
Total liabilities | 26,155,574 | 25,380,146 |
Equity: | ||
Perferred 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, 177,930,502 and 183,411,907 shares, respectively | 105,803 | 105,803 |
Additional paid-in capital | 1,001,093 | 981,104 |
Retained earnings | 9,602,948 | 9,015,135 |
Accumulated other comprehensive loss | (1,029,630) | (281,955) |
Treasury stock, at cost, 263,741,648 and 263,843,868 shares, respectively | (3,165,729) | (3,167,076) |
Total stockholders’ equity | 6,514,485 | 6,653,011 |
Noncontrolling interests | 22,388 | 14,719 |
Total equity | 6,536,873 | 6,667,730 |
Total liabilities and equity | $ 32,692,447 | $ 32,047,876 |
Common shares authorized (in shares) | 1,250,000,000 | 750,000,000 |
Consolidated Balance Sheets C_2
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Fixed maturity securities, amortized cost | $ 17,697,420 | $ 16,471,304 |
Fixed maturity securities, allowance for credit loss | 33,405 | 22,625 |
Cumulative effect adjustment resulting from changes in accounting principles | 2,175 | 1,718 |
Cumulative effect adjustment resulting from changes in accounting principles | 30,557 | 25,218 |
Reinsurance recoverable, allowance for credit loss | $ 7,744 | $ 7,713 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock issued (in shares) | 5,000,000 | 5,000,000 |
Preferred stock outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollar per share) | $ 0.20 | $ 0.20 |
Common shares authorized (in shares) | 1,250,000,000 | 750,000,000 |
Common shares issued (in shares) | 265,272,980 | 265,170,882 |
Common shares outstanding (in shares) | 265,272,980 | 265,170,882 |
Treasury stock issued at cost (in shares) | 263,741,648 | 263,843,868 |
Consolidated Statements Income
Consolidated Statements Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
REVENUES: | ||||
Net premiums written | $ 2,585,635 | $ 2,212,181 | $ 4,998,889 | $ 4,262,219 |
Change in net unearned premiums | (228,477) | (240,557) | (392,645) | (440,639) |
Net premiums earned | 2,357,158 | 1,971,624 | 4,606,244 | 3,821,580 |
Net investment income | 171,574 | 168,187 | 345,086 | 326,764 |
Net realized and unrealized (losses) gains on investments | (163,935) | 20,461 | 205,947 | 72,219 |
Change in allowance for expected credit losses on investments | (7,620) | 3,603 | (11,237) | (13,316) |
Net investment (losses) gains | (171,555) | 24,064 | 194,710 | 58,903 |
Revenues from non-insurance businesses | 128,421 | 109,122 | 226,197 | 196,552 |
Insurance service fees | 26,393 | 22,256 | 54,344 | 48,064 |
Other income | 896 | 833 | 1,716 | 1,092 |
Total revenues | 2,512,887 | 2,296,086 | 5,428,297 | 4,452,955 |
OPERATING COSTS AND EXPENSES: | ||||
Losses and loss expenses | 1,435,817 | 1,203,647 | 2,775,069 | 2,325,238 |
Other operating costs and expenses | 699,819 | 647,705 | 1,413,718 | 1,263,973 |
Expenses from non-insurance businesses | 122,966 | 106,698 | 217,822 | 192,989 |
Interest expense | 31,723 | 38,096 | 66,693 | 74,747 |
Total operating costs and expenses | 2,290,325 | 1,996,146 | 4,473,302 | 3,856,947 |
Income before income taxes | 222,562 | 299,940 | 954,995 | 596,008 |
Income tax expense | (43,095) | (62,262) | (182,499) | (126,614) |
Net income before noncontrolling interests | 179,467 | 237,678 | 772,496 | 469,394 |
Noncontrolling interests | (145) | (440) | (2,536) | (2,631) |
Net income to common stockholders | $ 179,322 | $ 237,238 | $ 769,960 | $ 466,763 |
NET INCOME PER SHARE: | ||||
Basic (in dollar per share) | $ 0.65 | $ 0.85 | $ 2.78 | $ 1.68 |
Diluted (in dollar per share) | $ 0.64 | $ 0.85 | $ 2.76 | $ 1.66 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income before noncontrolling interests | $ 179,467 | $ 237,678 | $ 772,496 | $ 469,394 |
Other comprehensive (loss) income: | ||||
Change in unrealized currency translation adjustments | (43,393) | 2,537 | 12,879 | 6,587 |
Change in unrealized investment (losses) gains, net of taxes | (337,008) | 23,272 | (760,553) | (66,858) |
Other comprehensive (loss) income | (380,401) | 25,809 | (747,674) | (60,271) |
Comprehensive (loss) income | (200,934) | 263,487 | 24,822 | 409,123 |
Noncontrolling interests | (145) | (439) | (2,535) | (2,630) |
Comprehensive (loss) income to common stockholders | $ (201,079) | $ 263,048 | $ 22,287 | $ 406,493 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated Other Comprehensive Income (Loss) | Unrealized investment gain | Currency Translation Adjustments | Treasury stock | Noncontrolling interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 105,803 | $ 977,215 | $ 8,348,381 | $ (62,172) | $ 289,714 | $ (351,886) | $ (3,058,425) | $ 14,995 | |
Beginning of period at Dec. 31, 2020 | 105,803 | 977,215 | 8,348,381 | (62,172) | 289,714 | (351,886) | (3,058,425) | 14,995 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | 72 | ||||||||
Restricted stock units expensed | 22,611 | ||||||||
Net income before noncontrolling interests | $ 469,394 | 466,763 | 2,631 | ||||||
Dividends ($0.60, $0.42, $0.69 and $0.50 per share, respectively) | (133,056) | ||||||||
Change in unrealized (losses) gains on securities without an allowance for expected credit losses | (66,858) | (77,145) | |||||||
Change in unrealized (losses) gains on securities with an allowance for expected credit losses | 10,286 | ||||||||
Net change in period | 6,587 | 6,587 | |||||||
Stock exercised/vested | 1,039 | ||||||||
Stock repurchased | (29,683) | ||||||||
(Contributions) distributions | (7,947) | ||||||||
Other comprehensive loss, net of tax | $ (60,271) | (60,271) | 6,587 | (1) | |||||
End of period at Jun. 30, 2021 | 999,898 | 8,682,088 | (122,444) | 222,855 | (345,299) | (3,087,069) | 9,678 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock dividends, per share, cash paid (in dollars per share) | $ 0.50 | ||||||||
Cumulative effect adjustment resulting from changes in accounting principles | 105,803 | 988,288 | 8,556,621 | (148,252) | 199,584 | (347,836) | (3,087,860) | 15,684 | |
Beginning of period at Mar. 31, 2021 | 105,803 | 988,288 | 8,556,621 | (148,252) | 199,584 | (347,836) | (3,087,860) | 15,684 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | 597 | ||||||||
Restricted stock units expensed | 11,013 | ||||||||
Net income before noncontrolling interests | $ 237,678 | 237,238 | 440 | ||||||
Dividends ($0.60, $0.42, $0.69 and $0.50 per share, respectively) | (111,771) | ||||||||
Change in unrealized (losses) gains on securities without an allowance for expected credit losses | 23,272 | 23,340 | |||||||
Change in unrealized (losses) gains on securities with an allowance for expected credit losses | (69) | ||||||||
Net change in period | 2,537 | 2,537 | |||||||
Stock exercised/vested | 791 | ||||||||
Stock repurchased | 0 | ||||||||
(Contributions) distributions | (6,445) | ||||||||
Other comprehensive loss, net of tax | $ 25,809 | 25,809 | 2,537 | (1) | |||||
End of period at Jun. 30, 2021 | 999,898 | 8,682,088 | (122,444) | 222,855 | (345,299) | (3,087,069) | 9,678 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock dividends, per share, cash paid (in dollars per share) | $ 0.42 | ||||||||
Cumulative effect adjustment resulting from changes in accounting principles | 999,898 | 8,682,088 | (122,444) | 222,855 | (345,299) | (3,087,069) | 9,678 | ||
Cumulative effect adjustment resulting from changes in accounting principles | $ 6,667,730 | 105,803 | 981,104 | 9,015,135 | (281,955) | 90,900 | (372,855) | (3,167,076) | 14,719 |
Beginning of period at Dec. 31, 2021 | 6,667,730 | 105,803 | 981,104 | 9,015,135 | (281,955) | 90,900 | (372,855) | (3,167,076) | 14,719 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | (2,370) | ||||||||
Restricted stock units expensed | 22,359 | ||||||||
Net income before noncontrolling interests | 772,496 | 769,960 | 2,536 | ||||||
Dividends ($0.60, $0.42, $0.69 and $0.50 per share, respectively) | (182,147) | ||||||||
Change in unrealized (losses) gains on securities without an allowance for expected credit losses | (760,553) | (743,969) | |||||||
Change in unrealized (losses) gains on securities with an allowance for expected credit losses | (16,585) | ||||||||
Net change in period | 12,879 | 12,879 | |||||||
Stock exercised/vested | 1,347 | ||||||||
Stock repurchased | 0 | ||||||||
(Contributions) distributions | 5,134 | ||||||||
Other comprehensive loss, net of tax | (747,674) | (747,674) | 12,879 | (1) | |||||
End of period at Jun. 30, 2022 | $ 6,536,873 | 1,001,093 | 9,602,948 | (1,029,630) | (669,654) | (359,976) | (3,165,729) | 22,388 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock dividends, per share, cash paid (in dollars per share) | $ 0.69 | ||||||||
Cumulative effect adjustment resulting from changes in accounting principles | 105,803 | 992,012 | 9,582,790 | (649,229) | (332,646) | (316,583) | (3,166,873) | 23,296 | |
Beginning of period at Mar. 31, 2022 | $ 105,803 | 992,012 | 9,582,790 | (649,229) | (332,646) | (316,583) | (3,166,873) | 23,296 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | (1,840) | ||||||||
Restricted stock units expensed | 10,921 | ||||||||
Net income before noncontrolling interests | $ 179,467 | 179,322 | 145 | ||||||
Dividends ($0.60, $0.42, $0.69 and $0.50 per share, respectively) | (159,164) | ||||||||
Change in unrealized (losses) gains on securities without an allowance for expected credit losses | (337,008) | (320,130) | |||||||
Change in unrealized (losses) gains on securities with an allowance for expected credit losses | (16,878) | ||||||||
Net change in period | (43,393) | (43,393) | |||||||
Stock exercised/vested | 1,144 | ||||||||
Stock repurchased | 0 | ||||||||
(Contributions) distributions | (1,053) | ||||||||
Other comprehensive loss, net of tax | (380,401) | (380,401) | (43,393) | 0 | |||||
End of period at Jun. 30, 2022 | $ 6,536,873 | 1,001,093 | 9,602,948 | (1,029,630) | (669,654) | (359,976) | (3,165,729) | 22,388 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock dividends, per share, cash paid (in dollars per share) | $ 0.60 | ||||||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 6,536,873 | $ 1,001,093 | $ 9,602,948 | $ (1,029,630) | $ (669,654) | $ (359,976) | $ (3,165,729) | $ 22,388 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FROM OPERATING ACTIVITIES: | ||
Net income to common stockholders | $ 769,960 | $ 466,763 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Net investment gains | (194,710) | (58,903) |
Depreciation and amortization | 37,238 | 70,597 |
Noncontrolling interests | 2,536 | 2,631 |
Investment funds | (85,874) | (100,246) |
Stock incentive plans | 24,158 | 23,122 |
Change in: | ||
Arbitrage trading account | (27,071) | (139,520) |
Premiums and fees receivable | (284,092) | (321,718) |
Reinsurance accounts | (111,350) | (178,442) |
Deferred policy acquisition costs | (77,561) | (72,125) |
Income taxes | (56,725) | (71,205) |
Reserves for losses and loss expenses | 788,211 | 705,454 |
Unearned premiums | 409,450 | 473,395 |
Other | (188,517) | (103,994) |
Net cash from operating activities | 1,005,653 | 695,809 |
CASH USED IN INVESTING ACTIVITIES: | ||
Proceeds from sale of fixed maturity securities | 909,295 | 1,474,054 |
Proceeds from sale of equity securities | 19,842 | 98,765 |
(Contributions to) distributions from investment funds | (142,801) | 88,363 |
Proceeds from maturities and prepayments of fixed maturity securities | 2,655,789 | 3,156,861 |
Purchase of fixed maturity securities | (4,860,991) | (6,266,934) |
Purchase of equity securities | (271,296) | (143,836) |
Real estate (purchased) sold | (5,974) | 202,115 |
Change in loans receivable | 1,200 | (28,510) |
Net purchases of property, furniture and equipment | (22,028) | (48,273) |
Change in balances due to security brokers | 69,801 | 65,751 |
Cash received in connection with business disposition | 906,789 | 0 |
Payment for business purchased net of cash acquired | (49,572) | 0 |
Other | 37 | 2 |
Net cash used in investing activities | (789,909) | (1,401,642) |
CASH (USED IN) FROM FINANCING ACTIVITIES: | ||
Repayment of senior notes and other debt | (426,503) | (505,230) |
Net proceeds from issuance of debt | 192 | 686,893 |
Cash dividends to common stockholders | (22,983) | (21,285) |
Purchase of common treasury shares | 0 | (29,683) |
Other, net | (1,400) | (6,725) |
Net cash (used in) from financing activities | (450,694) | 123,970 |
Net impact on cash due to change in foreign exchange rates | (17,290) | (304) |
Net change in cash and cash equivalents | (252,240) | (582,167) |
Cash and cash equivalents at beginning of period | 1,568,843 | 2,372,366 |
Cash and cash equivalents at end of period | $ 1,316,603 | $ 1,790,199 |
Statements of Cash Flows
Statements of Cash Flows | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Statements of Cash Flows | Statements of Cash Flows Interest payments were $74,577,437 and $71,781,000 for the six months ended June 30, 2022 and 2021, respectively. Income taxes paid were $183,000,000 and $177,000,000 for the six months ended June 30, 2022 and 2021, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Consolidated Statements of Comprehensive Income | Consolidated Statements of Comprehensive (Loss) Income The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"): (In thousands) Unrealized Investment (Losses) Gains Currency Translation Adjustments Accumulated Other Comprehensive As of and for the six months ended June 30, 2022 Changes in AOCI Beginning of period $ 90,900 $ (372,855) $ (281,955) Other comprehensive (loss) income before reclassifications (799,623) 12,879 (786,744) Amounts reclassified from AOCI 39,070 — 39,070 Other comprehensive (loss) income (760,553) 12,879 (747,674) Unrealized investment loss related to noncontrolling interest (1) — (1) End of period $ (669,654) $ (359,976) $ (1,029,630) Amounts reclassified from AOCI Pre-tax $ 49,456 (1) $ — $ 49,456 Tax effect (10,386) (2) — (10,386) After-tax amounts reclassified $ 39,070 $ — $ 39,070 Other comprehensive (loss) income Pre-tax $ (970,232) $ 12,879 $ (957,353) Tax effect 209,679 — 209,679 Other comprehensive (loss) income $ (760,553) $ 12,879 $ (747,674) As of and for the three months ended June 30, 2022 Changes in AOCI Beginning of period $ (332,646) $ (316,583) $ (649,229) Other comprehensive loss before reclassifications (366,488) (43,393) (409,881) Amounts reclassified from AOCI 29,480 — 29,480 Other comprehensive loss (337,008) (43,393) (380,401) Unrealized investment loss related to noncontrolling interest — — — Ending balance $ (669,654) $ (359,976) $ (1,029,630) Amounts reclassified from AOCI Pre-tax $ 37,316 (1) $ — $ 37,316 Tax effect (7,836) (2) — (7,836) After-tax amounts reclassified $ 29,480 $ — $ 29,480 Other comprehensive loss Pre-tax $ (430,784) $ (43,393) $ (474,177) Tax effect 93,776 — 93,776 Other comprehensive loss $ (337,008) $ (43,393) $ (380,401) As of and for the six months ended June 30, 2021 Changes in AOCI Beginning of period $ 289,714 $ (351,886) $ (62,172) Other comprehensive (loss) income before reclassifications (87,168) 6,587 (80,581) Amounts reclassified from AOCI 20,310 — 20,310 Other comprehensive (loss) income (66,858) 6,587 (60,271) Unrealized investment loss related to noncontrolling interest (1) — (1) End of period $ 222,855 $ (345,299) $ (122,444) Amounts reclassified from AOCI Pre-tax $ 25,709 (1) $ — $ 25,709 Tax effect (5,399) (2) — (5,399) After-tax amounts reclassified $ 20,310 $ — $ 20,310 Other comprehensive (loss) income Pre-tax $ (84,931) $ 6,587 $ (78,344) Tax effect 18,073 — 18,073 Other comprehensive (loss) income $ (66,858) $ 6,587 $ (60,271) As of and for the three months ended June 30, 2021 Changes in AOCI Beginning of period $ 199,584 $ (347,836) $ (148,252) Other comprehensive income before reclassifications 11,823 2,537 14,360 Amounts reclassified from AOCI 11,449 — 11,449 Other comprehensive income 23,272 2,537 25,809 Unrealized investment loss related to noncontrolling interest (1) — (1) Ending balance $ 222,855 $ (345,299) $ (122,444) Amounts reclassified from AOCI Pre-tax $ 14,493 (1) $ — $ 14,493 Tax effect (3,044) (2) — (3,044) After-tax amounts reclassified $ 11,449 $ — $ 11,449 Other comprehensive income Pre-tax $ 28,804 $ 2,537 $ 31,341 Tax effect (5,532) — (5,532) Other comprehensive income $ 23,272 $ 2,537 $ 25,809 ____________ (1) Net investment (losses) gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
General
General | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”), have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Reclassifications have been made in the 2021 financial statements as originally reported to conform to the presentation of the 2022 financial statements. Shares outstanding and per share amounts have been adjusted to reflect the 3-for-2 common stock split effected on March 23, 2022. |
Per Share Data
Per Share Data | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Per Share Data | Per Share Data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 11,592,699 and 11,651,811 common shares held in a grantor trust as of June 30, 2022 and 2021, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Basic 276,815 277,733 276,794 277,763 Diluted 279,525 280,659 279,327 280,478 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements and Accounting Policies | Recent Accounting Pronouncements and Accounting Policies Recently adopted accounting pronouncements: All accounting and reporting standards that became effective in 2022 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. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisition In March 2022, the Company acquired an 80.0% ownership interest for $51.1 million in a company engaged in residential and commercial textiles. The fair value of the assets acquired and liabilities assumed have been estimated based on a preliminary valuation. The fair values of the assets and liabilities will be adjusted, as needed, following completion of the final valuation. The following table summarizes the initial estimated fair value of net assets acquired and liabilities assumed for the business combination completed in 2022: (In thousands) 2022 Cash and cash equivalents $ 1,564 Real estate, furniture and equipment 2,527 Intangible assets 48,787 Other assets 11,275 Total assets acquired 64,153 Other liabilities assumed (5,417) Noncontrolling interest (7,600) Net assets acquired $ 51,136 |
Investments In Fixed Maturity S
Investments In Fixed Maturity Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments In Fixed Maturity Securities | Investments in Fixed Maturity Securities At June 30, 2022 and December 31, 2021, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses June 30, 2022 Held to maturity: State and municipal $ 46,486 $ (127) $ 5,347 $ — $ 51,706 $ 46,359 Residential mortgage-backed 4,155 — 170 — 4,325 4,155 Total held to maturity 50,641 (127) 5,517 — 56,031 50,514 Available for sale: U.S. government and government agency 762,615 — 1,213 (42,914) 720,914 720,914 State and municipal: Special revenue 1,937,329 — 6,636 (76,329) 1,867,636 1,867,636 State general obligation 378,081 — 3,957 (13,458) 368,580 368,580 Pre-refunded 200,716 — 3,232 (49) 203,899 203,899 Corporate backed 166,591 — 453 (6,836) 160,208 160,208 Local general obligation 418,962 — 6,593 (8,615) 416,940 416,940 Total state and municipal 3,101,679 — 20,871 (105,287) 3,017,263 3,017,263 Mortgage-backed: Residential 1,181,482 — 794 (110,774) 1,071,502 1,071,502 Commercial 413,090 — 552 (8,045) 405,597 405,597 Total mortgage-backed 1,594,572 — 1,346 (118,819) 1,477,099 1,477,099 Asset-backed 4,421,553 — 484 (129,549) 4,292,488 4,292,488 Corporate: Industrial 3,412,383 (164) 2,643 (199,225) 3,215,637 3,215,637 Financial 1,909,682 (18) 341 (98,344) 1,811,661 1,811,661 Utilities 448,342 — 249 (26,490) 422,101 422,101 Other 247,531 — 29 (7,834) 239,726 239,726 Total corporate 6,017,938 (182) 3,262 (331,893) 5,689,125 5,689,125 Foreign government 1,748,422 (33,096) 528 (111,743) 1,604,111 1,604,111 Total available for sale 17,646,779 (33,278) 27,704 (840,205) 16,801,000 16,801,000 Total investments in fixed maturity securities $ 17,697,420 $ (33,405) $ 33,221 $ (840,205) $ 16,857,031 $ 16,851,514 ____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 2021 Held to maturity: State and municipal $ 69,539 $ (387) $ 10,813 $ — $ 79,965 $ 69,152 Residential mortgage-backed 4,829 — 632 — 5,461 4,829 Total held to maturity 74,368 (387) 11,445 — 85,426 73,981 Available for sale: U.S. government and government agency 851,128 — 8,509 (4,294) 855,343 855,343 State and municipal: Special revenue 2,016,382 — 62,961 (5,706) 2,073,637 2,073,637 State general obligation 388,110 — 23,152 (1,015) 410,247 410,247 Pre-refunded 202,633 — 14,891 (574) 216,950 216,950 Corporate backed 166,943 — 7,191 (1,532) 172,602 172,602 Local general obligation 401,974 — 29,455 (732) 430,697 430,697 Total state and municipal 3,176,042 — 137,650 (9,559) 3,304,133 3,304,133 Mortgage-backed: Residential 940,744 — 9,896 (11,321) 939,319 939,319 Commercial 125,709 — 3,388 (341) 128,756 128,756 Total mortgage-backed securities 1,066,453 — 13,284 (11,662) 1,068,075 1,068,075 Asset-backed 4,504,950 — 4,409 (18,794) 4,490,565 4,490,565 Corporate: Industrial 3,231,520 (16) 62,751 (21,092) 3,273,163 3,273,163 Financial 1,739,282 — 30,709 (6,591) 1,763,400 1,763,400 Utilities 396,242 — 13,262 (3,202) 406,302 406,302 Other 154,210 — 125 (1,525) 152,810 152,810 Total corporate 5,521,254 (16) 106,847 (32,410) 5,595,675 5,595,675 Foreign government 1,277,109 (22,222) 7,508 (47,494) 1,214,901 1,214,901 Total available for sale 16,396,936 (22,238) 278,207 (124,213) 16,528,692 16,528,692 Total investments in fixed maturity securities $ 16,471,304 $ (22,625) $ 289,652 $ (124,213) $ 16,614,118 $ 16,602,673 ____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the six months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 387 $ 798 Provision for expected credit losses (260) (345) Allowance for expected credit losses, end of period $ 127 $ 453 The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 378 $ 730 Provision for expected credit losses (251) (277) Allowance for expected credit losses, end of period $ 127 $ 453 The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the six months ended June 30, 2022 and 2021: 2022 2021 (In thousands) Foreign Government Corporate Total Foreign Government Corporate Total Allowance for expected credit losses, beginning of period $ 22,222 $ 16 22,238 $ 1,264 $ 518 $ 1,782 Expected credit losses on securities for which credit losses were not previously recorded 1,897 182 2,079 18,990 16 19,006 Expected credit losses (gains) on securities for which credit losses were previously recorded 9,010 (16) 8,994 (861) (517) (1,378) Reduction due to disposals (33) — (33) (494) (5) (499) Allowance for expected credit losses, end of period $ 33,096 $ 182 $ 33,278 $ 18,899 $ 12 $ 18,911 During the six months ended June 30, 2022, the Company increased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to an increase in unrealized losses primarily associated with foreign government securities. During the six months ended June 30, 2021, the Company increased the allowance for expected credit losses for available for sale securities, mainly due to foreign government securities that had no reserve in prior periods. The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended June 30, 2022 and 2021: 2022 2021 (In thousands) Foreign Government Corporate Total Foreign Government Corporate Total Allowance for expected credit losses, beginning of period $ 26,153 $ — $ 26,153 $ 19,993 $ 16 $ 20,009 Expected credit losses on securities for which credit losses were not previously recorded 1,413 182 1,595 — — — Expected credit losses (gains) on securities for which credit losses were previously recorded 5,563 — 5,563 (600) (4) (604) Reduction due to disposals (33) — (33) (494) — (494) Allowance for expected credit losses, end of period $ 33,096 $ 182 $ 33,278 $ 18,899 $ 12 $ 18,911 The amortized cost and fair value of fixed maturity securities at June 30, 2022, 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 Due in one year or less $ 1,859,431 $ 1,829,253 Due after one year through five years 8,188,520 7,879,921 Due after five years through ten years 3,970,551 3,716,098 Due after ten years 2,080,064 1,950,335 Mortgage-backed securities 1,598,727 1,481,424 Total $ 17,697,293 $ 16,857,031 ________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $127 thousand related to held to maturity securities. |
Investments in Equity Securitie
Investments in Equity Securities | 6 Months Ended |
Jun. 30, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |
Investments in Equity Securities | Investments in Fixed Maturity Securities At June 30, 2022 and December 31, 2021, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses June 30, 2022 Held to maturity: State and municipal $ 46,486 $ (127) $ 5,347 $ — $ 51,706 $ 46,359 Residential mortgage-backed 4,155 — 170 — 4,325 4,155 Total held to maturity 50,641 (127) 5,517 — 56,031 50,514 Available for sale: U.S. government and government agency 762,615 — 1,213 (42,914) 720,914 720,914 State and municipal: Special revenue 1,937,329 — 6,636 (76,329) 1,867,636 1,867,636 State general obligation 378,081 — 3,957 (13,458) 368,580 368,580 Pre-refunded 200,716 — 3,232 (49) 203,899 203,899 Corporate backed 166,591 — 453 (6,836) 160,208 160,208 Local general obligation 418,962 — 6,593 (8,615) 416,940 416,940 Total state and municipal 3,101,679 — 20,871 (105,287) 3,017,263 3,017,263 Mortgage-backed: Residential 1,181,482 — 794 (110,774) 1,071,502 1,071,502 Commercial 413,090 — 552 (8,045) 405,597 405,597 Total mortgage-backed 1,594,572 — 1,346 (118,819) 1,477,099 1,477,099 Asset-backed 4,421,553 — 484 (129,549) 4,292,488 4,292,488 Corporate: Industrial 3,412,383 (164) 2,643 (199,225) 3,215,637 3,215,637 Financial 1,909,682 (18) 341 (98,344) 1,811,661 1,811,661 Utilities 448,342 — 249 (26,490) 422,101 422,101 Other 247,531 — 29 (7,834) 239,726 239,726 Total corporate 6,017,938 (182) 3,262 (331,893) 5,689,125 5,689,125 Foreign government 1,748,422 (33,096) 528 (111,743) 1,604,111 1,604,111 Total available for sale 17,646,779 (33,278) 27,704 (840,205) 16,801,000 16,801,000 Total investments in fixed maturity securities $ 17,697,420 $ (33,405) $ 33,221 $ (840,205) $ 16,857,031 $ 16,851,514 ____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 2021 Held to maturity: State and municipal $ 69,539 $ (387) $ 10,813 $ — $ 79,965 $ 69,152 Residential mortgage-backed 4,829 — 632 — 5,461 4,829 Total held to maturity 74,368 (387) 11,445 — 85,426 73,981 Available for sale: U.S. government and government agency 851,128 — 8,509 (4,294) 855,343 855,343 State and municipal: Special revenue 2,016,382 — 62,961 (5,706) 2,073,637 2,073,637 State general obligation 388,110 — 23,152 (1,015) 410,247 410,247 Pre-refunded 202,633 — 14,891 (574) 216,950 216,950 Corporate backed 166,943 — 7,191 (1,532) 172,602 172,602 Local general obligation 401,974 — 29,455 (732) 430,697 430,697 Total state and municipal 3,176,042 — 137,650 (9,559) 3,304,133 3,304,133 Mortgage-backed: Residential 940,744 — 9,896 (11,321) 939,319 939,319 Commercial 125,709 — 3,388 (341) 128,756 128,756 Total mortgage-backed securities 1,066,453 — 13,284 (11,662) 1,068,075 1,068,075 Asset-backed 4,504,950 — 4,409 (18,794) 4,490,565 4,490,565 Corporate: Industrial 3,231,520 (16) 62,751 (21,092) 3,273,163 3,273,163 Financial 1,739,282 — 30,709 (6,591) 1,763,400 1,763,400 Utilities 396,242 — 13,262 (3,202) 406,302 406,302 Other 154,210 — 125 (1,525) 152,810 152,810 Total corporate 5,521,254 (16) 106,847 (32,410) 5,595,675 5,595,675 Foreign government 1,277,109 (22,222) 7,508 (47,494) 1,214,901 1,214,901 Total available for sale 16,396,936 (22,238) 278,207 (124,213) 16,528,692 16,528,692 Total investments in fixed maturity securities $ 16,471,304 $ (22,625) $ 289,652 $ (124,213) $ 16,614,118 $ 16,602,673 ____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the six months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 387 $ 798 Provision for expected credit losses (260) (345) Allowance for expected credit losses, end of period $ 127 $ 453 The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 378 $ 730 Provision for expected credit losses (251) (277) Allowance for expected credit losses, end of period $ 127 $ 453 The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the six months ended June 30, 2022 and 2021: 2022 2021 (In thousands) Foreign Government Corporate Total Foreign Government Corporate Total Allowance for expected credit losses, beginning of period $ 22,222 $ 16 22,238 $ 1,264 $ 518 $ 1,782 Expected credit losses on securities for which credit losses were not previously recorded 1,897 182 2,079 18,990 16 19,006 Expected credit losses (gains) on securities for which credit losses were previously recorded 9,010 (16) 8,994 (861) (517) (1,378) Reduction due to disposals (33) — (33) (494) (5) (499) Allowance for expected credit losses, end of period $ 33,096 $ 182 $ 33,278 $ 18,899 $ 12 $ 18,911 During the six months ended June 30, 2022, the Company increased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to an increase in unrealized losses primarily associated with foreign government securities. During the six months ended June 30, 2021, the Company increased the allowance for expected credit losses for available for sale securities, mainly due to foreign government securities that had no reserve in prior periods. The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended June 30, 2022 and 2021: 2022 2021 (In thousands) Foreign Government Corporate Total Foreign Government Corporate Total Allowance for expected credit losses, beginning of period $ 26,153 $ — $ 26,153 $ 19,993 $ 16 $ 20,009 Expected credit losses on securities for which credit losses were not previously recorded 1,413 182 1,595 — — — Expected credit losses (gains) on securities for which credit losses were previously recorded 5,563 — 5,563 (600) (4) (604) Reduction due to disposals (33) — (33) (494) — (494) Allowance for expected credit losses, end of period $ 33,096 $ 182 $ 33,278 $ 18,899 $ 12 $ 18,911 The amortized cost and fair value of fixed maturity securities at June 30, 2022, 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 Due in one year or less $ 1,859,431 $ 1,829,253 Due after one year through five years 8,188,520 7,879,921 Due after five years through ten years 3,970,551 3,716,098 Due after ten years 2,080,064 1,950,335 Mortgage-backed securities 1,598,727 1,481,424 Total $ 17,697,293 $ 16,857,031 ________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $127 thousand related to held to maturity securities. |
Equity securities | |
Debt Securities, Available-for-sale [Line Items] | |
Investments in Equity Securities | Investments in Equity Securities At June 30, 2022 and December 31, 2021, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses June 30, 2022 Common stocks $ 863,106 $ 111,393 $ (41,827) $ 932,672 $ 932,672 Preferred stocks 259,338 2,652 (39,336) 222,654 222,654 Total $ 1,122,444 $ 114,045 $ (81,163) $ 1,155,326 $ 1,155,326 December 31, 2021 Common stocks $ 619,896 $ 92,401 $ (16,894) $ 695,403 $ 695,403 Preferred stocks 250,149 7,874 (12,183) 245,840 245,840 Total $ 870,045 $ 100,275 $ (29,077) $ 941,243 $ 941,243 |
Arbitrage Trading Account
Arbitrage Trading Account | 6 Months Ended |
Jun. 30, 2022 | |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | |
Arbitrage Trading Account | Arbitrage Trading Account At June 30, 2022 and December 31, 2021, the fair and carrying values of the arbitrage trading account were $1,142 million and $1,180 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 June 30, 2022, the fair value of short option contracts outstanding was $68 thousand (notional amount of $13.5 million). Other than with respect to the use of these trading account securities, the Company does not make use of derivatives. |
Net Investment Income
Net Investment Income | 6 Months Ended |
Jun. 30, 2022 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net Investment Income Net investment income consisted of the following: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Investment income (loss) earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 124,389 $ 96,996 $ 225,673 $ 191,673 Investment funds 33,861 61,311 85,874 100,246 Equity securities 12,797 7,212 23,653 13,392 Arbitrage trading account 4,127 3,914 13,313 22,989 Real estate (1,551) 872 595 2,032 Gross investment income 173,623 170,305 349,108 330,332 Investment expense (2,049) (2,118) (4,022) (3,568) Net investment income $ 171,574 $ 168,187 $ 345,086 $ 326,764 |
Investment Funds
Investment Funds | 6 Months Ended |
Jun. 30, 2022 | |
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 investment funds under the equity method of accounting. The Company’s maximum exposure to loss with respect to these investments is limited to the carrying amount reported on the Company’s consolidated balance sheet and its unfunded commitments, which were $440 million as of June 30, 2022. Investment funds consisted of the following: Carrying Value as of Income (Loss) from June 30, December 31, For the Six Months (In thousands) 2022 2021 2022 2021 Financial services $ 469,474 $ 431,818 $ 24,135 $ 48,990 Transportation 338,555 336,688 25,355 17,177 Real Estate 275,075 273,690 28,243 10,506 Energy 132,728 150,224 3,708 9,492 Infrastructure 110,491 12,314 (133) 699 Other funds 375,947 275,878 4,566 13,382 Total $ 1,702,270 $ 1,480,612 $ 85,874 $ 100,246 The Company's share of the earnings or losses from investment funds is generally reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Financial services investment funds include the Company’s minority investment in Lifson Re, a Bermuda reinsurance company. Effective January 1, 2021, Lifson Re participates on a fully collateralized basis in a majority of the Company’s reinsurance placements for a 22.5% share of placed amounts. The percentage will be increased from 22.5% to 30.0% effective July 1, 2022. This pertains to all traditional reinsurance/retrocessional placements for both property and casualty business where there is more than one open market reinsurer participating. For the six months ended June 30, 2022 and 2021, the Company has ceded approximately $226 million and $139 million, respectively, of written premiums to Lifson Re. Other funds include deferred compensation trust assets of $31 million and $34 million as of June 30, 2022 and December 31, 2021, respectively. These assets support other liabilities reflected in the balance sheet of an equal amount for employees who have elected to defer a portion of their compensation. The change in the net asset value of the trust is recorded in other funds within net investment income with an offsetting equal amount within corporate expenses. |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Investment in real estate represents directly owned property held for investment, as follows: Carrying Value June 30, December 31, (In thousands) 2022 2021 Properties in operation $ 1,079,174 $ 1,626,826 Properties under development 224,920 225,682 Total $ 1,304,094 $ 1,852,508 As of June 30, 2022, properties in operation included a long-term ground lease in Washington, D.C., an office complex in New York City and the completed portion of a mixed-use project in Washington D.C. Properties in operation are net of accumulated depreciation and amortization of $32,743,000 and $57,391,000 as of June 30, 2022 and December 31, 2021, respectively. Related depreciation expense was $7,445,000 and $9,622,000 for the six months ended June 30, 2022 and 2021, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $15,974,530 in 2022, $31,172,279 in 2023, $31,529,168 in 2024, $28,867,842 in 2025, $26,877,236 in 2026, $26,067,784 in 2027 and $482,756,589 thereafter. During the first quarter of 2022, the Company sold a real estate investment in London. |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable At June 30, 2022 and December 31, 2021, loans receivable were as follows: (In thousands) June 30, December 31, Amortized cost (net of allowance for expected credit losses): Real estate loans $ 89,009 $ 89,431 Commercial loans 24,474 25,741 Total $ 113,483 $ 115,172 Fair value: Real estate loans $ 87,598 $ 90,793 Commercial loans 24,474 25,741 Total $ 112,072 $ 116,534 The real estate loans are secured by commercial and residential real estate primarily located in New York. These loans generally earn interest at fixed or stepped interest rates and have maturities through 2026. 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 none and $0.2 million as of June 30, 2022 and December 31, 2021, respectively. The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the six months ended June 30, 2022 and 2021: 2022 2021 (In thousands) Real Estate Loans Commercial Loans Total Real Estate Loans Commercial Loans Total Allowance for expected credit losses, beginning of period $ 1,362 $ 356 $ 1,718 $ 1,683 $ 3,754 $ 5,437 Change in expected credit losses (134) 591 457 (182) (3,285) (3,467) Allowance for expected credit losses, end of period $ 1,228 $ 947 $ 2,175 $ 1,501 $ 469 $ 1,970 During the six months ended June 30, 2022, the Company increased the allowance primarily due to an increase in the weighted average life of the loans receivable portfolio. During the six months ended June 30, 2021, the Company decreased the allowance primarily due to loan repayments. The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the three months ended June 30, 2022 and 2021: 2022 2021 (In thousands) Real Estate Loans Commercial Loans Total Real Estate Loans Commercial Loans Total Allowance for expected credit losses, beginning of period $ 1,295 $ 134 $ 1,429 $ 1,608 $ 2,590 $ 4,198 Change in expected credit losses (67) 813 746 (107) (2,121) (2,228) Allowance for expected credit losses, end of period $ 1,228 $ 947 $ 2,175 $ 1,501 $ 469 $ 1,970 |
Net Investment Gains (Losses)
Net Investment Gains (Losses) | 6 Months Ended |
Jun. 30, 2022 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Net Investment Gains (Losses) | Net Investment (Losses) Gains Net investment (losses) gains were as follows: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Net investment (losses) gains: Fixed maturity securities: Gains $ 647 $ 5,440 $ 2,352 $ 13,680 Losses (3,459) (2,236) (6,443) (4,307) Equity securities (1): Net realized gains on investment sales 41 6,256 946 14,828 Change in unrealized losses (131,530) (18,239) (38,317) (42,574) Investment funds (2,362) (300) (4,524) 47,371 Real estate (2) 358 49,492 286,550 62,401 Loans receivable — (881) (32) (881) Other (27,630) (19,071) (34,585) (18,299) Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses (163,935) 20,461 205,947 72,219 Change in allowance for expected credit losses on investments: Fixed maturity securities (6,874) 1,375 (10,780) (16,783) Loans receivable (746) 2,228 (457) 3,467 Change in allowance for expected credit losses on investments (7,620) 3,603 (11,237) (13,316) Net investment (losses) gains (171,555) 24,064 194,710 58,903 Income tax benefit (expense) 37,519 (5,264) (40,923) (11,151) After-tax net investment (losses) gains $ (134,036) $ 18,800 $ 153,787 $ 47,752 Change in unrealized investment (losses) gains on available for sale securities: Fixed maturity securities without allowance for expected credit losses $ (409,647) $ 28,511 $ (949,910) $ (94,058) Fixed maturity securities with allowance for expected credit losses (16,878) (69) (16,585) 10,286 Investment funds (3,302) 762 (2,833) (257) Other (957) (400) (904) (902) Total change in unrealized investment (losses) gains (430,784) 28,804 (970,232) (84,931) Income tax benefit (expense) 93,776 (5,532) 209,679 18,073 Noncontrolling interests — (1) (1) (1) After-tax change in unrealized investment (losses) gains of available for sale securities $ (337,008) $ 23,271 $ (760,554) $ (66,859) ______________________ (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 (losses) 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. |
Fixed Maturity Securities In An
Fixed Maturity Securities In An Unrealized Loss Position | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021 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 June 30, 2022 U.S. government and government agency $ 570,441 $ 40,355 $ 35,683 $ 2,559 $ 606,124 $ 42,914 State and municipal 1,789,266 92,972 95,746 12,315 1,885,012 105,287 Mortgage-backed 1,223,393 97,556 116,005 21,263 1,339,398 118,819 Asset-backed 3,788,329 124,135 193,620 5,414 3,981,949 129,549 Corporate 4,775,827 277,520 499,270 54,373 5,275,097 331,893 Foreign government 1,292,469 59,376 246,041 52,367 1,538,510 111,743 Fixed maturity securities $ 13,439,725 $ 691,914 $ 1,186,365 $ 148,291 $ 14,626,090 $ 840,205 December 31, 2021 U.S. government and government agency $ 487,712 $ 4,026 $ 17,021 $ 268 $ 504,733 $ 4,294 State and municipal 502,333 7,403 29,547 2,156 531,880 9,559 Mortgage-backed 558,751 6,900 106,130 4,762 664,881 11,662 Asset-backed 3,832,944 18,503 75,385 291 3,908,329 18,794 Corporate 2,582,860 29,322 51,095 3,088 2,633,955 32,410 Foreign government 758,975 15,793 82,057 31,701 841,032 47,494 Fixed maturity securities $ 8,723,575 $ 81,947 $ 361,235 $ 42,266 $ 9,084,810 $ 124,213 Substantially all of the securities in an unrealized loss position are rated investment grade, except for the securities in the foreign government classification. A significant amount of the unrealized loss on foreign government securities is the result of changes in currency exchange rates. A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at June 30, 2022 is presented in the table below: ($ in thousands) Number of Aggregate Gross Foreign government 42 $ 124,609 $ 52,655 Corporate 12 46,437 5,739 State and municipal 1 13,248 1,756 Mortgage-backed 11 3,513 144 Asset-backed 3 87 24 Total 69 $ 187,894 $ 60,318 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 | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company’s fixed maturity available for sale securities, equity securities and its arbitrage trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 by level: (In thousands) Total Level 1 Level 2 Level 3 June 30, 2022 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 720,914 $ — $ 720,914 $ — State and municipal 3,017,263 — 3,017,263 — Mortgage-backed 1,477,099 — 1,477,099 — Asset-backed 4,292,488 — 4,292,488 — Corporate 5,689,125 — 5,689,125 — Foreign government 1,604,111 — 1,604,111 — Total fixed maturity securities available for sale 16,801,000 — 16,801,000 — Equity securities: Common stocks 932,672 926,865 1,256 4,551 Preferred stocks 222,654 — 211,358 11,296 Total equity securities 1,155,326 926,865 212,614 15,847 Arbitrage trading account 1,142,003 1,121,579 20,424 — Total $ 19,098,329 $ 2,048,444 $ 17,034,038 $ 15,847 Liabilities: Trading account securities sold but not yet purchased $ 68 $ 68 $ — $ — December 31, 2021 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 855,343 $ — $ 855,343 $ — State and municipal 3,304,133 — 3,304,133 — Mortgage-backed 1,068,075 — 1,068,075 — Asset-backed 4,490,565 — 4,490,565 — Corporate 5,595,675 — 5,595,675 — Foreign government 1,214,901 — 1,214,901 — Total fixed maturity securities available for sale 16,528,692 — 16,528,692 — Equity securities: Common stocks 695,403 684,470 1,639 9,294 Preferred stocks 245,840 — 234,544 11,296 Total equity securities 941,243 684,470 236,183 20,590 Arbitrage trading account 1,179,606 1,153,079 26,527 — Total $ 18,649,541 $ 1,837,549 $ 16,791,402 $ 20,590 Liabilities: Trading account securities sold but not yet purchased $ 1,169 $ 1,137 $ 32 $ — The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2022 and for the year ended December 31, 2021: Gains (Losses) Included In: (In thousands) Beginning Earnings (Losses) Other Impairments Purchases Sales Paydowns / Maturities Transfers In / (Out) Ending Six Months Ended June 30, 2022 Assets: Equity securities: Common stocks $ 9,294 $ (4,743) $ — $ — $ — $ — $ — $ — $ 4,551 Preferred stocks 11,296 — — — 925 (925) — — 11,296 Total $ 20,590 $ (4,743) $ — $ — $ 925 $ (925) $ — $ — $ 15,847 Liabilities: Trading account securities sold but not yet purchased $ — $ — $ — $ — $ — $ — $ — $ — $ — Year Ended Assets: Fixed maturities securities available for sale: Corporate $ 1,000 $ — $ — $ — $ — $ (1,000) $ — $ — $ — Total 1,000 — — — — (1,000) — — — Equity securities: Common stocks 9,215 640 — — — (561) — — 9,294 Preferred stocks 9,331 (35) — — 2,000 — — — 11,296 Total 18,546 605 — — 2,000 (561) — — 20,590 Arbitrage trading account — 8 — — — (8) — — — Total $ 19,546 $ 613 $ — $ — $ 2,000 $ (1,569) $ — $ — $ 20,590 Liabilities: Trading account securities sold but not yet purchased $ — $ 1 $ — $ — $ (1) $ — $ — $ — $ — For the six months ended June 30, 2022 and for the year ended December 31, 2021, there were no securities transferred into or out of Level 3. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: June 30, 2022 December 31, 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 16,851,514 $ 16,857,031 $ 16,602,673 $ 16,614,118 Equity securities 1,155,326 1,155,326 941,243 941,243 Arbitrage trading account 1,142,003 1,142,003 1,179,606 1,179,606 Loans receivable 113,483 112,072 115,172 116,534 Cash and cash equivalents 1,316,603 1,316,603 1,568,843 1,568,843 Trading account receivables from brokers and clearing organizations 9,937 9,937 — — Due from broker — — 20,448 20,448 Liabilities: Due to broker 49,178 49,178 — — Trading account payable to brokers and clearing organizations — — 53,636 53,636 Trading account securities sold but not yet purchased 68 68 1,169 1,169 Senior notes and other debt 1,832,273 1,558,985 2,259,416 2,526,630 Subordinated debentures 1,008,011 810,028 1,007,652 1,095,600 |
Reserves for Loss and Loss Expe
Reserves for Loss and Loss Expenses | 6 Months Ended |
Jun. 30, 2022 | |
Insurance [Abstract] | |
Reserves for Loss and Loss Expenses | Reserves for Loss and Loss Expenses The Company's reserves for losses and loss expenses are comprised of case reserves and incurred but not reported liabilities ("IBNR"). When a claim is reported, a case reserve is established for the estimated ultimate payment based upon known information about the claim. As more information about the claim becomes available over time, case reserves are adjusted up or down as appropriate. Reserves are also established on an aggregate basis to provide for IBNR liabilities and expected loss reserve development on reported claims. Loss reserves included in the Company’s financial statements represent management’s best estimates based upon an actuarially derived point estimate and other considerations. The Company uses a variety of actuarial techniques and methods to derive an actuarial point estimate for each operating unit. These methods include paid loss development, incurred loss development, paid and incurred Bornhuetter-Ferguson methods and frequency and severity methods. In circumstances where one actuarial method is considered more credible than the others, that method is used to set the point estimate. The actuarial point estimate may also be based on a judgmental weighting of estimates produced from each of the methods considered. Industry loss experience is used to supplement the Company’s own data in selecting “tail factors” in areas where the Company’s own data is limited. The actuarial data is analyzed by line of business, coverage and accident or policy year, as appropriate, for each operating unit. The establishment of the actuarially derived loss reserve point estimate also includes consideration of qualitative factors that may affect the ultimate losses. These qualitative considerations include, among others, the impact of re-underwriting initiatives, changes in the mix of business, changes in distribution sources and changes in policy terms and conditions. The key assumptions used to arrive at the best estimate of loss reserves are the expected loss ratios, rate of loss cost inflation, and reported and paid loss emergence patterns. Expected loss ratios represent management’s expectation of losses at the time the business is priced and written, before any actual claims experience has emerged. This expectation is a significant determinant of the estimate of loss reserves for recently written business where there is little paid or incurred loss data to consider. Expected loss ratios are generally derived from historical loss ratios adjusted for the impact of rate changes, loss cost trends and known changes in the type of risks underwritten. Expected loss ratios are estimated for each key line of business within each operating unit. Expected loss cost inflation is particularly important for the long-tail lines, such as excess casualty, and claims with a high medical component, such as workers’ compensation. Reported and paid loss emergence patterns are used to project current reported or paid loss amounts to their ultimate settlement value. Loss development factors are based on the historical emergence patterns of paid and incurred losses, and are derived from the Company’s own experience and industry data. The paid loss emergence pattern is also significant to excess and assumed workers’ compensation reserves because those reserves are discounted to their estimated present value based upon such estimated payout patterns. Loss frequency and severity are measures of loss activity that are considered in determining the key assumptions described in our discussion of loss and loss expense reserves, including expected loss ratios, rate of loss cost inflation and reported and paid loss emergence patterns. Loss frequency is a measure of the number of claims per unit of insured exposure, and loss severity is a measure of the average size of claims. Factors affecting loss frequency include the effectiveness of loss controls and safety programs and changes in economic activity or weather patterns. Factors affecting loss severity include changes in policy limits, retentions, rate of inflation and judicial interpretations. Another factor affecting estimates of loss frequency and severity is the loss reporting lag, which is the period of time between the occurrence of a loss and the date the loss is reported to the Company. The length of the loss reporting lag affects our ability to accurately predict loss frequency (loss frequencies are more predictable for lines with short reporting lags) as well as the amount of reserves needed for incurred but not reported losses (less IBNR is required for lines with short reporting lags). As a result, loss reserves for lines with short reporting lags are likely to have less variation from initial loss estimates. For lines with short reporting lags, which include commercial automobile, primary workers’ compensation, other liability (claims-made) and property business, the key assumption is the loss emergence pattern used to project ultimate loss estimates from known losses paid or reported to date. For lines of business with long reporting lags, which include other liability (occurrence), products liability, excess workers’ compensation and liability reinsurance, the key assumption is the expected loss ratio since there is often little paid or incurred loss data to consider. Historically, the Company has experienced less variation from its initial loss estimates for lines of businesses with short reporting lags than for lines of business with long reporting lags. The key assumptions used in calculating the most recent estimate of the loss reserves are reviewed each quarter and adjusted, to the extent necessary, to reflect the latest reported loss data, current trends and other factors observed. The table below provides a reconciliation of the beginning and ending reserve balances: June 30, (In thousands) 2022 2021 Net reserves at beginning of period $ 12,848,362 $ 11,620,393 Net provision for losses and loss expenses: Claims occurring during the current year (1) 2,748,725 2,308,309 Increase in estimates for claims occurring in prior years (2) (3) 9,765 1,530 Loss reserve discount accretion 16,579 15,399 Total 2,775,069 2,325,238 Net payments for claims: Current year 318,129 279,703 Prior years 1,688,843 1,485,116 Total 2,006,972 1,764,819 Foreign currency translation (94,526) (16,153) Net reserves at end of period 13,521,933 12,164,659 Ceded reserves at end of period 2,623,888 2,316,288 Gross reserves at end of period $ 16,145,821 $ 14,480,947 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $15 million and $10 million for the six months ended June 30, 2022 and 2021, respectively. (2) 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 $22 million and $16 million for the six months ended June 30, 2022 and 2021, respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $3 million and $4 million for the six months ended June 30, 2022 and 2021, respectively. The COVID-19 global pandemic has impacted, and may further impact, the Company’s results through its effect on claim frequency and severity. Loss cost trends have been impacted and may be further impacted by COVID-19-related claims in certain lines of business. Losses incurred from COVID-19-related claims have been offset, to a certain extent, by lower claim frequency in certain lines of our businesses; however, as the economy and legal systems have reopened, the benefit of lower claim frequency has continued to abate. Although as populations continue to be vaccinated against the virus and the effects of the pandemic have receded in many jurisdictions, most particularly the United States, it remains too early to determine the ultimate net impact of COVID-19 on the Company. New variants of the COVID-19 virus, including the “Omicron” variant, continue to create risks with respect to loss costs and the potential for renewed impact of the other effects of COVID-19 associated with economic conditions, inflation, and social distancing and work from home rules. 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 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 are not material 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. 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 continued evolving impact, there remains a high degree of uncertainty around the Company’s COVID-19 reserves. In addition, should the pandemic continue or worsen as a result of new COVID-19 variants or otherwise, governments in the jurisdictions where we operate may renew their efforts to expand policy coverage terms beyond the policy’s intended coverage. Accordingly, losses arising from these actions, and the other factors described above, could exceed the Company’s reserves established for those related policies. As of June 30, 2022, the Company had recognized losses for COVID-19-related claims activity, net of reinsurance, of approximately $303 million, of which $255 million relates to the Insurance segment and $48 million relates to the Reinsurance & Monoline Excess segment. Such $303 million of COVID-19-related losses included $292 million of reported losses and $11 million of IBNR. For the six months ended June 30, 2022, the Company recognized current accident year losses for COVID-19-related claims activity, net of reinsurance, of approximately $3 million, of which $1 million relates to the Insurance segment and $2 million relates to the Reinsurance & Monoline Excess segment. During the six months ended June 30, 2022, favorable prior year development (net of additional and return premiums) of $3 million included $3 million of favorable development for the Insurance segment, slightly offset by $0.3 million of adverse development for the Reinsurance & Monoline Excess segment. The overall favorable development for the Insurance segment was primarily attributable to favorable development on the 2020 and 2021 accident years, partially offset by adverse development on the 2015 through 2019 accident years. The favorable development on the 2020 and 2021 accident years was concentrated in the other liability lines of business, including products liability and commercial multi-peril liability, and to a lesser extent professional liability and workers’ compensation. The Company experienced lower reported claim frequency in these lines of business during 2020 and 2021 relative to historical averages, and continues to experience lower reported incurred losses relative to our expectations for these accident years as they develop during 2022. These trends began in 2020 and we believe were caused by the impacts of the COVID-19 pandemic, including for example, lockdowns, reduced driving/traffic and increased work from home. Due to the ongoing uncertainty regarding the ultimate impacts of the pandemic on accident years 2020 and 2021 incurred losses, the Company has been cautious in reacting to these lower trends in setting and updating its loss ratio estimates for these years. As these accident years have continued to mature, the Company has continued to recognize some of the favorable reported experience in its ultimate loss estimates made during 2022. The adverse development on the 2015 through 2019 accident years is concentrated in the other liability and professional liability, including medical professional, lines of business, and to a lesser degree commercial auto liability. The development is driven by a larger than expected number of large losses reported. The Company believes social inflation is contributing to an increase in the frequency of large losses for these accident years. Social inflation can include higher settlement demands from plaintiffs, use of tactics such as litigation funding by the plaintiffs’ bar, negative public sentiment towards large businesses and corporations, and erosion of tort reforms, among others. The overall slight adverse development for the Reinsurance & Monoline Excess segment was driven mainly by adverse development in the professional liability and non-proportional reinsurance assumed property and liability lines of business, substantially offset by favorable development in excess workers’ compensation. The adverse development spread mainly across accident years 2015 through 2021 was associated primarily with our U.S. assumed reinsurance business and related to accounts insuring construction projects and professional liability exposures. The favorable excess workers’ compensation development was mainly in 2011 and prior accident years, and was driven by a review of the Company’s claim reporting patterns as well as a number of favorable claim settlements relative to expectations. During the six months ended June 30, 2021, favorable prior year development (net of additional and return premiums) of $4 million included $12 million of favorable development for the Insurance segment, partially offset by $8 million of adverse development for the Reinsurance & Monoline Excess segment. The overall favorable development for the Insurance segment was primarily attributable to favorable development on the 2020 accident year, partially offset by adverse development on the 2016 through 2019 accident years. The favorable development on the 2020 accident year was largely concentrated in the commercial auto liability and other liability lines of business. During 2020 the Company achieved larger rate increases in these lines of business than were contemplated in our budget and in our initial loss ratio selections. The Company also experienced significantly lower reported claim frequency in these lines in 2020 relative to historical averages, and lower reported incurred losses relative to our expectations. We believe that the lower claim frequency and lower reported incurred losses were caused by the impacts of the COVID-19 pandemic, for example, lockdowns, reduced driving and traffic, work from home, court closures, etc.; however, due to the ongoing uncertainty regarding the ultimate impacts of the pandemic on accident year 2020 incurred losses, the Company did not adjust its reserves due to these lower trends during 2020. However, as the accident year has begun to mature, the Company has recognized some of the favorable accident year 2020 experience in its ultimate loss estimates made as of June 30, 2021. The adverse development on the 2016 through 2019 accident years is concentrated in the other liability line of business, and is driven by a larger number than expected of large losses reported. The large losses particularly impacted directors and officers liability and excess and surplus lines casualty classes of business. The overall adverse development for the Reinsurance & Monoline Excess segment was mainly concentrated in the non-proportional reinsurance assumed liability and non-proportional reinsurance assumed property lines of business, related to accident years 2018 through 2020. The development was driven by higher than expected reported losses on excess of loss treaties written in the U.S. and U.K. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | Fair Value Measurements The Company’s fixed maturity available for sale securities, equity securities and its arbitrage trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 by level: (In thousands) Total Level 1 Level 2 Level 3 June 30, 2022 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 720,914 $ — $ 720,914 $ — State and municipal 3,017,263 — 3,017,263 — Mortgage-backed 1,477,099 — 1,477,099 — Asset-backed 4,292,488 — 4,292,488 — Corporate 5,689,125 — 5,689,125 — Foreign government 1,604,111 — 1,604,111 — Total fixed maturity securities available for sale 16,801,000 — 16,801,000 — Equity securities: Common stocks 932,672 926,865 1,256 4,551 Preferred stocks 222,654 — 211,358 11,296 Total equity securities 1,155,326 926,865 212,614 15,847 Arbitrage trading account 1,142,003 1,121,579 20,424 — Total $ 19,098,329 $ 2,048,444 $ 17,034,038 $ 15,847 Liabilities: Trading account securities sold but not yet purchased $ 68 $ 68 $ — $ — December 31, 2021 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 855,343 $ — $ 855,343 $ — State and municipal 3,304,133 — 3,304,133 — Mortgage-backed 1,068,075 — 1,068,075 — Asset-backed 4,490,565 — 4,490,565 — Corporate 5,595,675 — 5,595,675 — Foreign government 1,214,901 — 1,214,901 — Total fixed maturity securities available for sale 16,528,692 — 16,528,692 — Equity securities: Common stocks 695,403 684,470 1,639 9,294 Preferred stocks 245,840 — 234,544 11,296 Total equity securities 941,243 684,470 236,183 20,590 Arbitrage trading account 1,179,606 1,153,079 26,527 — Total $ 18,649,541 $ 1,837,549 $ 16,791,402 $ 20,590 Liabilities: Trading account securities sold but not yet purchased $ 1,169 $ 1,137 $ 32 $ — The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2022 and for the year ended December 31, 2021: Gains (Losses) Included In: (In thousands) Beginning Earnings (Losses) Other Impairments Purchases Sales Paydowns / Maturities Transfers In / (Out) Ending Six Months Ended June 30, 2022 Assets: Equity securities: Common stocks $ 9,294 $ (4,743) $ — $ — $ — $ — $ — $ — $ 4,551 Preferred stocks 11,296 — — — 925 (925) — — 11,296 Total $ 20,590 $ (4,743) $ — $ — $ 925 $ (925) $ — $ — $ 15,847 Liabilities: Trading account securities sold but not yet purchased $ — $ — $ — $ — $ — $ — $ — $ — $ — Year Ended Assets: Fixed maturities securities available for sale: Corporate $ 1,000 $ — $ — $ — $ — $ (1,000) $ — $ — $ — Total 1,000 — — — — (1,000) — — — Equity securities: Common stocks 9,215 640 — — — (561) — — 9,294 Preferred stocks 9,331 (35) — — 2,000 — — — 11,296 Total 18,546 605 — — 2,000 (561) — — 20,590 Arbitrage trading account — 8 — — — (8) — — — Total $ 19,546 $ 613 $ — $ — $ 2,000 $ (1,569) $ — $ — $ 20,590 Liabilities: Trading account securities sold but not yet purchased $ — $ 1 $ — $ — $ (1) $ — $ — $ — $ — For the six months ended June 30, 2022 and for the year ended December 31, 2021, there were no securities transferred into or out of Level 3. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: June 30, 2022 December 31, 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 16,851,514 $ 16,857,031 $ 16,602,673 $ 16,614,118 Equity securities 1,155,326 1,155,326 941,243 941,243 Arbitrage trading account 1,142,003 1,142,003 1,179,606 1,179,606 Loans receivable 113,483 112,072 115,172 116,534 Cash and cash equivalents 1,316,603 1,316,603 1,568,843 1,568,843 Trading account receivables from brokers and clearing organizations 9,937 9,937 — — Due from broker — — 20,448 20,448 Liabilities: Due to broker 49,178 49,178 — — Trading account payable to brokers and clearing organizations — — 53,636 53,636 Trading account securities sold but not yet purchased 68 68 1,169 1,169 Senior notes and other debt 1,832,273 1,558,985 2,259,416 2,526,630 Subordinated debentures 1,008,011 810,028 1,007,652 1,095,600 |
Premiums and Reinsurance Relate
Premiums and Reinsurance Related Information | 6 Months Ended |
Jun. 30, 2022 | |
Insurance [Abstract] | |
Premiums and Reinsurance Related Information | Premiums and Reinsurance Related Information The following is a summary of insurance and reinsurance financial information: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Written premiums: Direct $ 2,757,739 $ 2,395,114 $ 5,300,075 $ 4,572,276 Assumed 294,662 266,122 612,163 573,672 Ceded (466,766) (449,055) (913,349) (883,729) Total net premiums written $ 2,585,635 $ 2,212,181 $ 4,998,889 $ 4,262,219 Earned premiums: Direct $ 2,511,579 $ 2,151,739 $ 4,916,177 $ 4,154,784 Assumed 292,547 259,166 584,920 518,707 Ceded (446,968) (439,281) (894,853) (851,911) Total net premiums earned $ 2,357,158 $ 1,971,624 $ 4,606,244 $ 3,821,580 Ceded losses and loss expenses incurred $ 305,196 $ 255,163 $ 548,490 $ 553,903 Ceded commissions earned $ 116,991 $ 106,834 $ 234,436 $ 208,515 The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the six months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 25,218 $ 22,883 Provision for expected credit losses 5,339 1,925 Allowance for expected credit losses, end of period $ 30,557 $ 24,808 The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the three months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 28,236 $ 24,264 Provision for expected credit losses 2,321 544 Allowance for expected credit losses, end of period $ 30,557 $ 24,808 The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. The Company also cedes premiums to state assigned risk plans and captive insurance companies. Estimated amounts due from reinsurers are reported net of an allowance for expected credit losses. The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the six months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 7,713 $ 7,801 Change in expected credit losses 31 (518) Allowance for expected credit losses, end of period $ 7,744 $ 7,283 The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the three months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 7,655 $ 7,373 Change in expected credit losses 89 (90) Allowance for expected credit losses, end of period $ 7,744 $ 7,283 |
Restricted Stock Units
Restricted Stock Units | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Restricted Stock Units | Restricted Stock Units Pursuant to its stock incentive plan, the Company may issue restricted stock units ("RSUs") to employees of the Company and its subsidiaries. The RSUs generally vest three ($ in thousands) Units Fair Value 2022 6,918 $ 450 2021 2,297 $ 115 |
Litigation and Contingent Liabi
Litigation and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingent Liabilities | Litigation and Contingent Liabilities In the ordinary course of business, the Company is subject to disputes, litigation and arbitration arising from its insurance and reinsurance businesses. These matters are generally related to insurance and reinsurance claims and are considered in the establishment of loss and loss expense reserves. In addition, the Company may also become involved in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in handling of insurance claims. The Company expects its ultimate liability with respect to such matters will not be material to its financial condition. However, adverse outcomes on such matters are possible, from time to time, and could be material to the Company’s results of operations in any particular financial reporting period. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
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 footnote 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 are as follows: For the Three Months Ended For the Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Leases: Lease cost $ 12,152 $ 11,429 $ 22,351 $ 22,693 Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 11,054 $ 11,920 $ 22,047 $ 23,297 Right-of-use assets obtained (reduced) in exchange for new lease liabilities $ 2,933 $ (181) $ 20,202 $ (151) As of June 30, ($ in thousands) 2022 2021 Right-of-use assets $ 171,871 $ 148,455 Lease liabilities $ 207,959 $ 185,738 Weighted-average remaining lease term 7.2 years 6.7 years Weighted-average discount rate 4.53 % 5.95 % Contractual maturities of the Company’s future minimum lease payments are as follows: (In thousands) June 30, 2022 Contractual Maturities: 2022 $ 23,209 2023 44,933 2024 39,548 2025 29,704 2026 23,188 Thereafter 78,322 Total undiscounted future minimum lease payments 238,904 Less: Discount impact 30,945 Total lease liability $ 207,959 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Business 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, the 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 tables. Income (loss) before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment. Revenues (In thousands) Earned Investment Other Total (2) Pre-Tax Income (Loss) Net Income (Loss) to Common Stockholders Three months ended June 30, 2022 Insurance $ 2,070,157 $ 114,124 $ 8,335 $ 2,192,616 $ 347,461 $ 276,133 Reinsurance & Monoline Excess 287,001 57,111 — 344,112 92,177 73,374 Corporate, other and eliminations (3) — 339 147,375 147,714 (45,521) (36,149) Net investment gains — — (171,555) (171,555) (171,555) (134,036) Total $ 2,357,158 $ 171,574 $ (15,845) $ 2,512,887 $ 222,562 $ 179,322 Three months ended June 30, 2021 Insurance $ 1,727,202 $ 116,703 $ 8,212 $ 1,852,117 $ 291,290 $ 230,313 Reinsurance & Monoline Excess 244,422 46,879 — 291,301 74,794 59,334 Corporate, other and eliminations (3) — 4,605 124,000 128,604 (90,208) (71,209) Net investment gains — — 24,064 24,064 24,064 18,800 Total $ 1,971,624 $ 168,187 $ 156,276 $ 2,296,086 $ 299,940 $ 237,238 Six months ended June 30, 2022 Insurance $ 4,032,991 $ 251,778 $ 17,012 $ 4,301,781 $ 729,873 $ 591,685 Reinsurance & Monoline Excess 573,253 84,534 — 657,787 149,805 120,454 Corporate, other and eliminations (3) — 8,774 265,245 274,019 (119,393) (95,966) Net investment gains — — 194,710 194,710 194,710 153,787 Total $ 4,606,244 $ 345,086 $ 476,967 $ 5,428,297 $ 954,995 $ 769,960 Six Months Ended June 30, 2021 Insurance $ 3,332,181 $ 221,941 $ 16,490 $ 3,570,612 $ 548,399 $ 429,022 Reinsurance & Monoline Excess 489,399 84,587 — 573,986 143,443 113,806 Corporate, other and eliminations (3) — 20,236 229,218 249,454 (154,737) (123,817) Net investment losses — — 58,903 58,903 58,903 47,752 Total $ 3,821,580 $ 326,764 $ 304,611 $ 4,452,955 $ 596,008 $ 466,763 _________________ (1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. (2) Revenues for Insurance from foreign countries for the three months ended June 30, 2022 and 2021 were $263 million and $221 million, respectively, and for the six months ended June 30, 2022 and 2021 were $498 million and $418 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign countries for the three months ended June 30, 2022 and 2021 were $93 million and $90 million, respectively, and for the six months ended June 30, 2022 and 2021 were $189 million and $178 million, respectively. (3) Corporate, other and eliminations represent corporate revenues and expenses that are not allocated to business segments. Identifiable Assets (In thousands) June 30, December 31, Insurance $ 25,671,814 $ 24,403,918 Reinsurance & Monoline Excess 4,924,298 4,917,985 Corporate, other and eliminations 2,096,335 2,725,973 Consolidated $ 32,692,447 $ 32,047,876 Net premiums earned by major line of business are as follows: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Insurance: Other liability $ 789,363 $ 646,321 $ 1,538,754 $ 1,255,582 Short-tail lines (1) 401,768 339,890 776,980 664,630 Workers' compensation 299,645 291,471 585,067 558,920 Commercial automobile 301,741 237,444 583,975 458,205 Professional liability 277,640 212,077 548,215 394,844 Total Insurance 2,070,157 1,727,202 4,032,991 3,332,181 Reinsurance & Monoline Excess: Casualty reinsurance 190,659 152,531 374,781 302,169 Monoline excess (2) 54,611 48,247 106,507 94,120 Property reinsurance 41,731 43,644 91,965 93,110 Total Reinsurance & Monoline Excess 287,001 244,422 573,253 489,399 Total $ 2,357,158 $ 1,971,624 $ 4,606,244 $ 3,821,580 ______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Per Share Data | Per Share Data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 11,592,699 and 11,651,811 common shares held in a grantor trust as of June 30, 2022 and 2021, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Basic 276,815 277,733 276,794 277,763 Diluted 279,525 280,659 279,327 280,478 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements and Accounting Policies Recently adopted accounting pronouncements: All accounting and reporting standards that became effective in 2022 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 Statements of Co_3
Consolidated Statements of Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Components of changes in accumulated other comprehensive income (loss) | The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"): (In thousands) Unrealized Investment (Losses) Gains Currency Translation Adjustments Accumulated Other Comprehensive As of and for the six months ended June 30, 2022 Changes in AOCI Beginning of period $ 90,900 $ (372,855) $ (281,955) Other comprehensive (loss) income before reclassifications (799,623) 12,879 (786,744) Amounts reclassified from AOCI 39,070 — 39,070 Other comprehensive (loss) income (760,553) 12,879 (747,674) Unrealized investment loss related to noncontrolling interest (1) — (1) End of period $ (669,654) $ (359,976) $ (1,029,630) Amounts reclassified from AOCI Pre-tax $ 49,456 (1) $ — $ 49,456 Tax effect (10,386) (2) — (10,386) After-tax amounts reclassified $ 39,070 $ — $ 39,070 Other comprehensive (loss) income Pre-tax $ (970,232) $ 12,879 $ (957,353) Tax effect 209,679 — 209,679 Other comprehensive (loss) income $ (760,553) $ 12,879 $ (747,674) As of and for the three months ended June 30, 2022 Changes in AOCI Beginning of period $ (332,646) $ (316,583) $ (649,229) Other comprehensive loss before reclassifications (366,488) (43,393) (409,881) Amounts reclassified from AOCI 29,480 — 29,480 Other comprehensive loss (337,008) (43,393) (380,401) Unrealized investment loss related to noncontrolling interest — — — Ending balance $ (669,654) $ (359,976) $ (1,029,630) Amounts reclassified from AOCI Pre-tax $ 37,316 (1) $ — $ 37,316 Tax effect (7,836) (2) — (7,836) After-tax amounts reclassified $ 29,480 $ — $ 29,480 Other comprehensive loss Pre-tax $ (430,784) $ (43,393) $ (474,177) Tax effect 93,776 — 93,776 Other comprehensive loss $ (337,008) $ (43,393) $ (380,401) As of and for the six months ended June 30, 2021 Changes in AOCI Beginning of period $ 289,714 $ (351,886) $ (62,172) Other comprehensive (loss) income before reclassifications (87,168) 6,587 (80,581) Amounts reclassified from AOCI 20,310 — 20,310 Other comprehensive (loss) income (66,858) 6,587 (60,271) Unrealized investment loss related to noncontrolling interest (1) — (1) End of period $ 222,855 $ (345,299) $ (122,444) Amounts reclassified from AOCI Pre-tax $ 25,709 (1) $ — $ 25,709 Tax effect (5,399) (2) — (5,399) After-tax amounts reclassified $ 20,310 $ — $ 20,310 Other comprehensive (loss) income Pre-tax $ (84,931) $ 6,587 $ (78,344) Tax effect 18,073 — 18,073 Other comprehensive (loss) income $ (66,858) $ 6,587 $ (60,271) As of and for the three months ended June 30, 2021 Changes in AOCI Beginning of period $ 199,584 $ (347,836) $ (148,252) Other comprehensive income before reclassifications 11,823 2,537 14,360 Amounts reclassified from AOCI 11,449 — 11,449 Other comprehensive income 23,272 2,537 25,809 Unrealized investment loss related to noncontrolling interest (1) — (1) Ending balance $ 222,855 $ (345,299) $ (122,444) Amounts reclassified from AOCI Pre-tax $ 14,493 (1) $ — $ 14,493 Tax effect (3,044) (2) — (3,044) After-tax amounts reclassified $ 11,449 $ — $ 11,449 Other comprehensive income Pre-tax $ 28,804 $ 2,537 $ 31,341 Tax effect (5,532) — (5,532) Other comprehensive income $ 23,272 $ 2,537 $ 25,809 ____________ (1) Net investment (losses) gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Per Share Data (Tables)
Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Weighted average number of common shares | The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Basic 276,815 277,733 276,794 277,763 Diluted 279,525 280,659 279,327 280,478 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Estimated Fair Value of Net Assets Acquired and Liabilities Assumed | The following table summarizes the initial estimated fair value of net assets acquired and liabilities assumed for the business combination completed in 2022: (In thousands) 2022 Cash and cash equivalents $ 1,564 Real estate, furniture and equipment 2,527 Intangible assets 48,787 Other assets 11,275 Total assets acquired 64,153 Other liabilities assumed (5,417) Noncontrolling interest (7,600) Net assets acquired $ 51,136 |
Investments in Fixed Maturity_2
Investments in Fixed Maturity Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in fixed maturity securities | At June 30, 2022 and December 31, 2021, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses June 30, 2022 Held to maturity: State and municipal $ 46,486 $ (127) $ 5,347 $ — $ 51,706 $ 46,359 Residential mortgage-backed 4,155 — 170 — 4,325 4,155 Total held to maturity 50,641 (127) 5,517 — 56,031 50,514 Available for sale: U.S. government and government agency 762,615 — 1,213 (42,914) 720,914 720,914 State and municipal: Special revenue 1,937,329 — 6,636 (76,329) 1,867,636 1,867,636 State general obligation 378,081 — 3,957 (13,458) 368,580 368,580 Pre-refunded 200,716 — 3,232 (49) 203,899 203,899 Corporate backed 166,591 — 453 (6,836) 160,208 160,208 Local general obligation 418,962 — 6,593 (8,615) 416,940 416,940 Total state and municipal 3,101,679 — 20,871 (105,287) 3,017,263 3,017,263 Mortgage-backed: Residential 1,181,482 — 794 (110,774) 1,071,502 1,071,502 Commercial 413,090 — 552 (8,045) 405,597 405,597 Total mortgage-backed 1,594,572 — 1,346 (118,819) 1,477,099 1,477,099 Asset-backed 4,421,553 — 484 (129,549) 4,292,488 4,292,488 Corporate: Industrial 3,412,383 (164) 2,643 (199,225) 3,215,637 3,215,637 Financial 1,909,682 (18) 341 (98,344) 1,811,661 1,811,661 Utilities 448,342 — 249 (26,490) 422,101 422,101 Other 247,531 — 29 (7,834) 239,726 239,726 Total corporate 6,017,938 (182) 3,262 (331,893) 5,689,125 5,689,125 Foreign government 1,748,422 (33,096) 528 (111,743) 1,604,111 1,604,111 Total available for sale 17,646,779 (33,278) 27,704 (840,205) 16,801,000 16,801,000 Total investments in fixed maturity securities $ 17,697,420 $ (33,405) $ 33,221 $ (840,205) $ 16,857,031 $ 16,851,514 ____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 2021 Held to maturity: State and municipal $ 69,539 $ (387) $ 10,813 $ — $ 79,965 $ 69,152 Residential mortgage-backed 4,829 — 632 — 5,461 4,829 Total held to maturity 74,368 (387) 11,445 — 85,426 73,981 Available for sale: U.S. government and government agency 851,128 — 8,509 (4,294) 855,343 855,343 State and municipal: Special revenue 2,016,382 — 62,961 (5,706) 2,073,637 2,073,637 State general obligation 388,110 — 23,152 (1,015) 410,247 410,247 Pre-refunded 202,633 — 14,891 (574) 216,950 216,950 Corporate backed 166,943 — 7,191 (1,532) 172,602 172,602 Local general obligation 401,974 — 29,455 (732) 430,697 430,697 Total state and municipal 3,176,042 — 137,650 (9,559) 3,304,133 3,304,133 Mortgage-backed: Residential 940,744 — 9,896 (11,321) 939,319 939,319 Commercial 125,709 — 3,388 (341) 128,756 128,756 Total mortgage-backed securities 1,066,453 — 13,284 (11,662) 1,068,075 1,068,075 Asset-backed 4,504,950 — 4,409 (18,794) 4,490,565 4,490,565 Corporate: Industrial 3,231,520 (16) 62,751 (21,092) 3,273,163 3,273,163 Financial 1,739,282 — 30,709 (6,591) 1,763,400 1,763,400 Utilities 396,242 — 13,262 (3,202) 406,302 406,302 Other 154,210 — 125 (1,525) 152,810 152,810 Total corporate 5,521,254 (16) 106,847 (32,410) 5,595,675 5,595,675 Foreign government 1,277,109 (22,222) 7,508 (47,494) 1,214,901 1,214,901 Total available for sale 16,396,936 (22,238) 278,207 (124,213) 16,528,692 16,528,692 Total investments in fixed maturity securities $ 16,471,304 $ (22,625) $ 289,652 $ (124,213) $ 16,614,118 $ 16,602,673 |
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 six months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 387 $ 798 Provision for expected credit losses (260) (345) Allowance for expected credit losses, end of period $ 127 $ 453 The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 378 $ 730 Provision for expected credit losses (251) (277) Allowance for expected credit losses, end of period $ 127 $ 453 |
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 six months ended June 30, 2022 and 2021: 2022 2021 (In thousands) Foreign Government Corporate Total Foreign Government Corporate Total Allowance for expected credit losses, beginning of period $ 22,222 $ 16 22,238 $ 1,264 $ 518 $ 1,782 Expected credit losses on securities for which credit losses were not previously recorded 1,897 182 2,079 18,990 16 19,006 Expected credit losses (gains) on securities for which credit losses were previously recorded 9,010 (16) 8,994 (861) (517) (1,378) Reduction due to disposals (33) — (33) (494) (5) (499) Allowance for expected credit losses, end of period $ 33,096 $ 182 $ 33,278 $ 18,899 $ 12 $ 18,911 During the six months ended June 30, 2022, the Company increased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to an increase in unrealized losses primarily associated with foreign government securities. During the six months ended June 30, 2021, the Company increased the allowance for expected credit losses for available for sale securities, mainly due to foreign government securities that had no reserve in prior periods. The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended June 30, 2022 and 2021: 2022 2021 (In thousands) Foreign Government Corporate Total Foreign Government Corporate Total Allowance for expected credit losses, beginning of period $ 26,153 $ — $ 26,153 $ 19,993 $ 16 $ 20,009 Expected credit losses on securities for which credit losses were not previously recorded 1,413 182 1,595 — — — Expected credit losses (gains) on securities for which credit losses were previously recorded 5,563 — 5,563 (600) (4) (604) Reduction due to disposals (33) — (33) (494) — (494) Allowance for expected credit losses, end of period $ 33,096 $ 182 $ 33,278 $ 18,899 $ 12 $ 18,911 |
Amortized cost and fair value of fixed maturity securities by contractual maturity | The amortized cost and fair value of fixed maturity securities at June 30, 2022, 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 Due in one year or less $ 1,859,431 $ 1,829,253 Due after one year through five years 8,188,520 7,879,921 Due after five years through ten years 3,970,551 3,716,098 Due after ten years 2,080,064 1,950,335 Mortgage-backed securities 1,598,727 1,481,424 Total $ 17,697,293 $ 16,857,031 ________________ |
Investments in Equity Securit_2
Investments in Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity securities | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Investments in Equity Securities | At June 30, 2022 and December 31, 2021, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses June 30, 2022 Common stocks $ 863,106 $ 111,393 $ (41,827) $ 932,672 $ 932,672 Preferred stocks 259,338 2,652 (39,336) 222,654 222,654 Total $ 1,122,444 $ 114,045 $ (81,163) $ 1,155,326 $ 1,155,326 December 31, 2021 Common stocks $ 619,896 $ 92,401 $ (16,894) $ 695,403 $ 695,403 Preferred stocks 250,149 7,874 (12,183) 245,840 245,840 Total $ 870,045 $ 100,275 $ (29,077) $ 941,243 $ 941,243 |
Net Investment Income (Tables)
Net Investment Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Net Investment Income [Abstract] | |
Schedule of Net Investment Income | Net investment income consisted of the following: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Investment income (loss) earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 124,389 $ 96,996 $ 225,673 $ 191,673 Investment funds 33,861 61,311 85,874 100,246 Equity securities 12,797 7,212 23,653 13,392 Arbitrage trading account 4,127 3,914 13,313 22,989 Real estate (1,551) 872 595 2,032 Gross investment income 173,623 170,305 349,108 330,332 Investment expense (2,049) (2,118) (4,022) (3,568) Net investment income $ 171,574 $ 168,187 $ 345,086 $ 326,764 |
Investment Funds (Tables)
Investment Funds (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investment Funds | Investment funds consisted of the following: Carrying Value as of Income (Loss) from June 30, December 31, For the Six Months (In thousands) 2022 2021 2022 2021 Financial services $ 469,474 $ 431,818 $ 24,135 $ 48,990 Transportation 338,555 336,688 25,355 17,177 Real Estate 275,075 273,690 28,243 10,506 Energy 132,728 150,224 3,708 9,492 Infrastructure 110,491 12,314 (133) 699 Other funds 375,947 275,878 4,566 13,382 Total $ 1,702,270 $ 1,480,612 $ 85,874 $ 100,246 |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investments | Investment in real estate represents directly owned property held for investment, as follows: Carrying Value June 30, December 31, (In thousands) 2022 2021 Properties in operation $ 1,079,174 $ 1,626,826 Properties under development 224,920 225,682 Total $ 1,304,094 $ 1,852,508 |
Loans Receivable Loans Receivab
Loans Receivable Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | At June 30, 2022 and December 31, 2021, loans receivable were as follows: (In thousands) June 30, December 31, Amortized cost (net of allowance for expected credit losses): Real estate loans $ 89,009 $ 89,431 Commercial loans 24,474 25,741 Total $ 113,483 $ 115,172 Fair value: Real estate loans $ 87,598 $ 90,793 Commercial loans 24,474 25,741 Total $ 112,072 $ 116,534 |
Financing Receivable, Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the six months ended June 30, 2022 and 2021: 2022 2021 (In thousands) Real Estate Loans Commercial Loans Total Real Estate Loans Commercial Loans Total Allowance for expected credit losses, beginning of period $ 1,362 $ 356 $ 1,718 $ 1,683 $ 3,754 $ 5,437 Change in expected credit losses (134) 591 457 (182) (3,285) (3,467) Allowance for expected credit losses, end of period $ 1,228 $ 947 $ 2,175 $ 1,501 $ 469 $ 1,970 During the six months ended June 30, 2022, the Company increased the allowance primarily due to an increase in the weighted average life of the loans receivable portfolio. During the six months ended June 30, 2021, the Company decreased the allowance primarily due to loan repayments. The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the three months ended June 30, 2022 and 2021: 2022 2021 (In thousands) Real Estate Loans Commercial Loans Total Real Estate Loans Commercial Loans Total Allowance for expected credit losses, beginning of period $ 1,295 $ 134 $ 1,429 $ 1,608 $ 2,590 $ 4,198 Change in expected credit losses (67) 813 746 (107) (2,121) (2,228) Allowance for expected credit losses, end of period $ 1,228 $ 947 $ 2,175 $ 1,501 $ 469 $ 1,970 |
Net Investment Gains (Losses) (
Net Investment Gains (Losses) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized And Unrealized Investment Gains (Losses) | Net investment (losses) gains were as follows: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Net investment (losses) gains: Fixed maturity securities: Gains $ 647 $ 5,440 $ 2,352 $ 13,680 Losses (3,459) (2,236) (6,443) (4,307) Equity securities (1): Net realized gains on investment sales 41 6,256 946 14,828 Change in unrealized losses (131,530) (18,239) (38,317) (42,574) Investment funds (2,362) (300) (4,524) 47,371 Real estate (2) 358 49,492 286,550 62,401 Loans receivable — (881) (32) (881) Other (27,630) (19,071) (34,585) (18,299) Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses (163,935) 20,461 205,947 72,219 Change in allowance for expected credit losses on investments: Fixed maturity securities (6,874) 1,375 (10,780) (16,783) Loans receivable (746) 2,228 (457) 3,467 Change in allowance for expected credit losses on investments (7,620) 3,603 (11,237) (13,316) Net investment (losses) gains (171,555) 24,064 194,710 58,903 Income tax benefit (expense) 37,519 (5,264) (40,923) (11,151) After-tax net investment (losses) gains $ (134,036) $ 18,800 $ 153,787 $ 47,752 Change in unrealized investment (losses) gains on available for sale securities: Fixed maturity securities without allowance for expected credit losses $ (409,647) $ 28,511 $ (949,910) $ (94,058) Fixed maturity securities with allowance for expected credit losses (16,878) (69) (16,585) 10,286 Investment funds (3,302) 762 (2,833) (257) Other (957) (400) (904) (902) Total change in unrealized investment (losses) gains (430,784) 28,804 (970,232) (84,931) Income tax benefit (expense) 93,776 (5,532) 209,679 18,073 Noncontrolling interests — (1) (1) (1) After-tax change in unrealized investment (losses) gains of available for sale securities $ (337,008) $ 23,271 $ (760,554) $ (66,859) ______________________ (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 (losses) 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. |
Fixed Maturity Securities In _2
Fixed Maturity Securities In An Unrealized Loss Position (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021 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 June 30, 2022 U.S. government and government agency $ 570,441 $ 40,355 $ 35,683 $ 2,559 $ 606,124 $ 42,914 State and municipal 1,789,266 92,972 95,746 12,315 1,885,012 105,287 Mortgage-backed 1,223,393 97,556 116,005 21,263 1,339,398 118,819 Asset-backed 3,788,329 124,135 193,620 5,414 3,981,949 129,549 Corporate 4,775,827 277,520 499,270 54,373 5,275,097 331,893 Foreign government 1,292,469 59,376 246,041 52,367 1,538,510 111,743 Fixed maturity securities $ 13,439,725 $ 691,914 $ 1,186,365 $ 148,291 $ 14,626,090 $ 840,205 December 31, 2021 U.S. government and government agency $ 487,712 $ 4,026 $ 17,021 $ 268 $ 504,733 $ 4,294 State and municipal 502,333 7,403 29,547 2,156 531,880 9,559 Mortgage-backed 558,751 6,900 106,130 4,762 664,881 11,662 Asset-backed 3,832,944 18,503 75,385 291 3,908,329 18,794 Corporate 2,582,860 29,322 51,095 3,088 2,633,955 32,410 Foreign government 758,975 15,793 82,057 31,701 841,032 47,494 Fixed maturity securities $ 8,723,575 $ 81,947 $ 361,235 $ 42,266 $ 9,084,810 $ 124,213 |
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 June 30, 2022 is presented in the table below: ($ in thousands) Number of Aggregate Gross Foreign government 42 $ 124,609 $ 52,655 Corporate 12 46,437 5,739 State and municipal 1 13,248 1,756 Mortgage-backed 11 3,513 144 Asset-backed 3 87 24 Total 69 $ 187,894 $ 60,318 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair value, On A Recurring Basis | The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 by level: (In thousands) Total Level 1 Level 2 Level 3 June 30, 2022 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 720,914 $ — $ 720,914 $ — State and municipal 3,017,263 — 3,017,263 — Mortgage-backed 1,477,099 — 1,477,099 — Asset-backed 4,292,488 — 4,292,488 — Corporate 5,689,125 — 5,689,125 — Foreign government 1,604,111 — 1,604,111 — Total fixed maturity securities available for sale 16,801,000 — 16,801,000 — Equity securities: Common stocks 932,672 926,865 1,256 4,551 Preferred stocks 222,654 — 211,358 11,296 Total equity securities 1,155,326 926,865 212,614 15,847 Arbitrage trading account 1,142,003 1,121,579 20,424 — Total $ 19,098,329 $ 2,048,444 $ 17,034,038 $ 15,847 Liabilities: Trading account securities sold but not yet purchased $ 68 $ 68 $ — $ — December 31, 2021 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 855,343 $ — $ 855,343 $ — State and municipal 3,304,133 — 3,304,133 — Mortgage-backed 1,068,075 — 1,068,075 — Asset-backed 4,490,565 — 4,490,565 — Corporate 5,595,675 — 5,595,675 — Foreign government 1,214,901 — 1,214,901 — Total fixed maturity securities available for sale 16,528,692 — 16,528,692 — Equity securities: Common stocks 695,403 684,470 1,639 9,294 Preferred stocks 245,840 — 234,544 11,296 Total equity securities 941,243 684,470 236,183 20,590 Arbitrage trading account 1,179,606 1,153,079 26,527 — Total $ 18,649,541 $ 1,837,549 $ 16,791,402 $ 20,590 Liabilities: Trading account securities sold but not yet purchased $ 1,169 $ 1,137 $ 32 $ — |
Summarize Changes In Level 3 Assets | The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2022 and for the year ended December 31, 2021: Gains (Losses) Included In: (In thousands) Beginning Earnings (Losses) Other Impairments Purchases Sales Paydowns / Maturities Transfers In / (Out) Ending Six Months Ended June 30, 2022 Assets: Equity securities: Common stocks $ 9,294 $ (4,743) $ — $ — $ — $ — $ — $ — $ 4,551 Preferred stocks 11,296 — — — 925 (925) — — 11,296 Total $ 20,590 $ (4,743) $ — $ — $ 925 $ (925) $ — $ — $ 15,847 Liabilities: Trading account securities sold but not yet purchased $ — $ — $ — $ — $ — $ — $ — $ — $ — Year Ended Assets: Fixed maturities securities available for sale: Corporate $ 1,000 $ — $ — $ — $ — $ (1,000) $ — $ — $ — Total 1,000 — — — — (1,000) — — — Equity securities: Common stocks 9,215 640 — — — (561) — — 9,294 Preferred stocks 9,331 (35) — — 2,000 — — — 11,296 Total 18,546 605 — — 2,000 (561) — — 20,590 Arbitrage trading account — 8 — — — (8) — — — Total $ 19,546 $ 613 $ — $ — $ 2,000 $ (1,569) $ — $ — $ 20,590 Liabilities: Trading account securities sold but not yet purchased $ — $ 1 $ — $ — $ (1) $ — $ — $ — $ — |
Reserves for Loss and Loss Ex_2
Reserves for Loss and Loss Expenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Insurance [Abstract] | |
Reserve Balances | The table below provides a reconciliation of the beginning and ending reserve balances: June 30, (In thousands) 2022 2021 Net reserves at beginning of period $ 12,848,362 $ 11,620,393 Net provision for losses and loss expenses: Claims occurring during the current year (1) 2,748,725 2,308,309 Increase in estimates for claims occurring in prior years (2) (3) 9,765 1,530 Loss reserve discount accretion 16,579 15,399 Total 2,775,069 2,325,238 Net payments for claims: Current year 318,129 279,703 Prior years 1,688,843 1,485,116 Total 2,006,972 1,764,819 Foreign currency translation (94,526) (16,153) Net reserves at end of period 13,521,933 12,164,659 Ceded reserves at end of period 2,623,888 2,316,288 Gross reserves at end of period $ 16,145,821 $ 14,480,947 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $15 million and $10 million for the six months ended June 30, 2022 and 2021, respectively. (2) 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 $22 million and $16 million for the six months ended June 30, 2022 and 2021, respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Favorable development, net of additional and return premiums, was $3 million and $4 million for the six months ended June 30, 2022 and 2021, respectively. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts And Estimated Fair Values Of Financial Instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: June 30, 2022 December 31, 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 16,851,514 $ 16,857,031 $ 16,602,673 $ 16,614,118 Equity securities 1,155,326 1,155,326 941,243 941,243 Arbitrage trading account 1,142,003 1,142,003 1,179,606 1,179,606 Loans receivable 113,483 112,072 115,172 116,534 Cash and cash equivalents 1,316,603 1,316,603 1,568,843 1,568,843 Trading account receivables from brokers and clearing organizations 9,937 9,937 — — Due from broker — — 20,448 20,448 Liabilities: Due to broker 49,178 49,178 — — Trading account payable to brokers and clearing organizations — — 53,636 53,636 Trading account securities sold but not yet purchased 68 68 1,169 1,169 Senior notes and other debt 1,832,273 1,558,985 2,259,416 2,526,630 Subordinated debentures 1,008,011 810,028 1,007,652 1,095,600 |
Premiums and Reinsurance Rela_2
Premiums and Reinsurance Related Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Insurance [Abstract] | |
Reinsurance Financial Information | The following is a summary of insurance and reinsurance financial information: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Written premiums: Direct $ 2,757,739 $ 2,395,114 $ 5,300,075 $ 4,572,276 Assumed 294,662 266,122 612,163 573,672 Ceded (466,766) (449,055) (913,349) (883,729) Total net premiums written $ 2,585,635 $ 2,212,181 $ 4,998,889 $ 4,262,219 Earned premiums: Direct $ 2,511,579 $ 2,151,739 $ 4,916,177 $ 4,154,784 Assumed 292,547 259,166 584,920 518,707 Ceded (446,968) (439,281) (894,853) (851,911) Total net premiums earned $ 2,357,158 $ 1,971,624 $ 4,606,244 $ 3,821,580 Ceded losses and loss expenses incurred $ 305,196 $ 255,163 $ 548,490 $ 553,903 Ceded commissions earned $ 116,991 $ 106,834 $ 234,436 $ 208,515 |
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 six months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 25,218 $ 22,883 Provision for expected credit losses 5,339 1,925 Allowance for expected credit losses, end of period $ 30,557 $ 24,808 The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the three months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 28,236 $ 24,264 Provision for expected credit losses 2,321 544 Allowance for expected credit losses, end of period $ 30,557 $ 24,808 |
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 six months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 7,713 $ 7,801 Change in expected credit losses 31 (518) Allowance for expected credit losses, end of period $ 7,744 $ 7,283 The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the three months ended June 30, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 7,655 $ 7,373 Change in expected credit losses 89 (90) Allowance for expected credit losses, end of period $ 7,744 $ 7,283 |
Restricted Stock Units (Tables)
Restricted Stock Units (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary Of Restricted Stock Units Issued | A summary of RSUs issued in the six months ended June 30, 2022 and 2021 follows: ($ in thousands) Units Fair Value 2022 6,918 $ 450 2021 2,297 $ 115 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Lease, Cost | Further information relating to operating lease expense and other operating lease information are as follows: For the Three Months Ended For the Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Leases: Lease cost $ 12,152 $ 11,429 $ 22,351 $ 22,693 Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 11,054 $ 11,920 $ 22,047 $ 23,297 Right-of-use assets obtained (reduced) in exchange for new lease liabilities $ 2,933 $ (181) $ 20,202 $ (151) |
Supplemental Balance Sheet Information | As of June 30, ($ in thousands) 2022 2021 Right-of-use assets $ 171,871 $ 148,455 Lease liabilities $ 207,959 $ 185,738 Weighted-average remaining lease term 7.2 years 6.7 years Weighted-average discount rate 4.53 % 5.95 % |
Maturities of Operating Lease Liabilities | Contractual maturities of the Company’s future minimum lease payments are as follows: (In thousands) June 30, 2022 Contractual Maturities: 2022 $ 23,209 2023 44,933 2024 39,548 2025 29,704 2026 23,188 Thereafter 78,322 Total undiscounted future minimum lease payments 238,904 Less: Discount impact 30,945 Total lease liability $ 207,959 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Financial Information Of Company Operating Segments | Revenues (In thousands) Earned Investment Other Total (2) Pre-Tax Income (Loss) Net Income (Loss) to Common Stockholders Three months ended June 30, 2022 Insurance $ 2,070,157 $ 114,124 $ 8,335 $ 2,192,616 $ 347,461 $ 276,133 Reinsurance & Monoline Excess 287,001 57,111 — 344,112 92,177 73,374 Corporate, other and eliminations (3) — 339 147,375 147,714 (45,521) (36,149) Net investment gains — — (171,555) (171,555) (171,555) (134,036) Total $ 2,357,158 $ 171,574 $ (15,845) $ 2,512,887 $ 222,562 $ 179,322 Three months ended June 30, 2021 Insurance $ 1,727,202 $ 116,703 $ 8,212 $ 1,852,117 $ 291,290 $ 230,313 Reinsurance & Monoline Excess 244,422 46,879 — 291,301 74,794 59,334 Corporate, other and eliminations (3) — 4,605 124,000 128,604 (90,208) (71,209) Net investment gains — — 24,064 24,064 24,064 18,800 Total $ 1,971,624 $ 168,187 $ 156,276 $ 2,296,086 $ 299,940 $ 237,238 Six months ended June 30, 2022 Insurance $ 4,032,991 $ 251,778 $ 17,012 $ 4,301,781 $ 729,873 $ 591,685 Reinsurance & Monoline Excess 573,253 84,534 — 657,787 149,805 120,454 Corporate, other and eliminations (3) — 8,774 265,245 274,019 (119,393) (95,966) Net investment gains — — 194,710 194,710 194,710 153,787 Total $ 4,606,244 $ 345,086 $ 476,967 $ 5,428,297 $ 954,995 $ 769,960 Six Months Ended June 30, 2021 Insurance $ 3,332,181 $ 221,941 $ 16,490 $ 3,570,612 $ 548,399 $ 429,022 Reinsurance & Monoline Excess 489,399 84,587 — 573,986 143,443 113,806 Corporate, other and eliminations (3) — 20,236 229,218 249,454 (154,737) (123,817) Net investment losses — — 58,903 58,903 58,903 47,752 Total $ 3,821,580 $ 326,764 $ 304,611 $ 4,452,955 $ 596,008 $ 466,763 _________________ (1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. |
Identifiable Assets By Segment | (In thousands) June 30, December 31, Insurance $ 25,671,814 $ 24,403,918 Reinsurance & Monoline Excess 4,924,298 4,917,985 Corporate, other and eliminations 2,096,335 2,725,973 Consolidated $ 32,692,447 $ 32,047,876 |
Net Premiums Earned By Major Line Of Business | Net premiums earned by major line of business are as follows: For the Three Months For the Six Months (In thousands) 2022 2021 2022 2021 Insurance: Other liability $ 789,363 $ 646,321 $ 1,538,754 $ 1,255,582 Short-tail lines (1) 401,768 339,890 776,980 664,630 Workers' compensation 299,645 291,471 585,067 558,920 Commercial automobile 301,741 237,444 583,975 458,205 Professional liability 277,640 212,077 548,215 394,844 Total Insurance 2,070,157 1,727,202 4,032,991 3,332,181 Reinsurance & Monoline Excess: Casualty reinsurance 190,659 152,531 374,781 302,169 Monoline excess (2) 54,611 48,247 106,507 94,120 Property reinsurance 41,731 43,644 91,965 93,110 Total Reinsurance & Monoline Excess 287,001 244,422 573,253 489,399 Total $ 2,357,158 $ 1,971,624 $ 4,606,244 $ 3,821,580 ______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines. |
Consolidated Statements of Co_4
Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | $ 6,667,730 | |||
Other comprehensive (loss) income | $ (380,401) | $ 25,809 | (747,674) | $ (60,271) |
End of period | 6,536,873 | 6,536,873 | ||
Net realized and unrealized (losses) gains on investments | (163,935) | 20,461 | 205,947 | 72,219 |
Income before income taxes | 222,562 | 299,940 | 954,995 | 596,008 |
Tax effect | (43,095) | (62,262) | (182,499) | (126,614) |
Net income before noncontrolling interests | 179,467 | 237,678 | 772,496 | 469,394 |
Total change in unrealized investment (losses) gains | (430,784) | 28,804 | (970,232) | (84,931) |
Net change in period | (43,393) | 2,537 | 12,879 | 6,587 |
Other comprehensive income (loss), pre-tax | (474,177) | 31,341 | (957,353) | (78,344) |
Other comprehensive income (loss), tax effect | 93,776 | (5,532) | 209,679 | 18,073 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | (649,229) | (148,252) | (281,955) | (62,172) |
Other comprehensive income (loss) before reclassifications | (409,881) | 14,360 | (786,744) | (80,581) |
Amounts reclassified from AOCI | 29,480 | 11,449 | 39,070 | 20,310 |
Other comprehensive (loss) income | (380,401) | 25,809 | (747,674) | (60,271) |
Unrealized investment loss related to noncontrolling interest | 0 | (1) | (1) | (1) |
End of period | (1,029,630) | (122,444) | (1,029,630) | (122,444) |
Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Income before income taxes | 37,316 | 14,493 | 49,456 | 25,709 |
Tax effect | (7,836) | (3,044) | (10,386) | (5,399) |
Net income before noncontrolling interests | 29,480 | 11,449 | 39,070 | 20,310 |
Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | (332,646) | 199,584 | 90,900 | 289,714 |
Other comprehensive income (loss) before reclassifications | (366,488) | 11,823 | (799,623) | (87,168) |
Amounts reclassified from AOCI | 29,480 | 11,449 | 39,070 | 20,310 |
Other comprehensive (loss) income | (337,008) | 23,272 | (760,553) | (66,858) |
Unrealized investment loss related to noncontrolling interest | 0 | (1) | (1) | (1) |
End of period | (669,654) | 222,855 | (669,654) | 222,855 |
Total change in unrealized investment (losses) gains | (430,784) | 28,804 | (970,232) | (84,931) |
Unrealized investment gains, tax effect | 93,776 | (5,532) | 209,679 | 18,073 |
Unrealized investment gains (losses), after-tax amounts | (337,008) | 23,272 | (760,553) | (66,858) |
Unrealized Investment Gains (Losses) | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Net realized and unrealized (losses) gains on investments | 37,316 | 14,493 | 49,456 | 25,709 |
Tax effect | (7,836) | (3,044) | (10,386) | (5,399) |
Net income before noncontrolling interests | 29,480 | 11,449 | 39,070 | 20,310 |
Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning of period | (316,583) | (347,836) | (372,855) | (351,886) |
Other comprehensive income (loss) before reclassifications | (43,393) | 2,537 | 12,879 | 6,587 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income | (43,393) | 2,537 | 12,879 | 6,587 |
Unrealized investment loss related to noncontrolling interest | 0 | 0 | 0 | 0 |
End of period | (359,976) | (345,299) | (359,976) | (345,299) |
Currency translation adjustment, pre-tax | (43,393) | 2,537 | 12,879 | 6,587 |
Currency translation adjustment, tax effect | 0 | 0 | 0 | 0 |
Net change in period | (43,393) | 2,537 | 12,879 | 6,587 |
Currency Translation Adjustments | Amounts reclassified from AOCI | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Income before income taxes | 0 | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Net income before noncontrolling interests | $ 0 | $ 0 | $ 0 | $ 0 |
Statements of Cash Flows (Detai
Statements of Cash Flows (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest payments | $ 74,577,437 | $ 71,781,000 |
Income taxes paid | $ 183,000,000 | $ 177,000,000 |
General (Details)
General (Details) | Mar. 23, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.5 |
Per Share Data (Narrative) (Det
Per Share Data (Narrative) (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Weighted average number of shares held in grantor trust (in shares) | 11,592,699,000 | 11,651,811 |
Per Share Data (Weighted Averag
Per Share Data (Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Basic (shares) | 276,815 | 277,733 | 276,794 | 277,763 |
Diluted (shares) | 279,525 | 280,659 | 279,327 | 280,478 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - Placemat and rug manufacturing business - USD ($) $ in Millions | 1 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2022 | |
Business Combination, Separately Recognized Transactions [Line Items] | ||
Ownership interest acquired | 80% | |
Consideration transferred | $ 51.1 |
Acquisitions - Estimated Fair V
Acquisitions - Estimated Fair Value of Net Assets Acquired and Liabilities Assumed (Details) - Placemat and rug manufacturing business $ in Thousands | Jun. 30, 2022 USD ($) |
Net assets acquired and liabilities assumed | |
Cash and cash equivalents | $ 1,564 |
Real estate, furniture and equipment | 2,527 |
Intangible assets | 48,787 |
Other assets | 11,275 |
Total assets acquired | 64,153 |
Other liabilities assumed | (5,417) |
Noncontrolling interest | (7,600) |
Net assets acquired | $ 51,136 |
Investments in Fixed Maturity_3
Investments in Fixed Maturity Securities (Investments in fixed maturity securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Total held to maturity, Amortized Cost | $ 50,641 | $ 74,368 | ||||
Held-to-maturity, Allowance for Credit Loss | (127) | $ (378) | (387) | $ (453) | $ (730) | $ (798) |
Held to maturity, Gross Unrealized Gains | 5,517 | 11,445 | ||||
Held to maturity, Gross Unrealized Losses | 0 | 0 | ||||
Total held to maturity, Fair Value | 56,031 | 85,426 | ||||
Total held to maturity, Carrying Value | 50,514 | 73,981 | ||||
Total available for sale, Amortized Cost | 17,646,779 | 16,396,936 | ||||
Available-for-sale, Allowance for Credit Loss | (33,278) | (26,153) | (22,238) | (18,911) | (20,009) | (1,782) |
Total available for sale, Gross Unrealized Gains | 27,704 | 278,207 | ||||
Total available for sale, Gross Unrealized Losses | (840,205) | (124,213) | ||||
Total available for sale, Fair Value | 16,801,000 | 16,528,692 | ||||
Total available for sale, Carrying Value | 16,801,000 | 16,528,692 | ||||
Total investments in fixed maturity securities, Amortized Value | 17,697,420 | 16,471,304 | ||||
Fixed maturity securities, allowance for credit loss | (33,405) | (22,625) | ||||
Total investments in fixed maturity securities, Gross Unrealized Gains | 33,221 | 289,652 | ||||
Total investments in fixed maturity securities, Gross Unrealized Losses | (840,205) | (124,213) | ||||
Total investments in fixed maturity securities, Fair Value | 16,857,031 | 16,614,118 | ||||
Total investments in fixed maturity securities, Carrying Value | 16,851,514 | 16,602,673 | ||||
State and municipal | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total held to maturity, Amortized Cost | 46,486 | 69,539 | ||||
Held-to-maturity, Allowance for Credit Loss | (127) | (387) | ||||
Held to maturity, Gross Unrealized Gains | 5,347 | 10,813 | ||||
Held to maturity, Gross Unrealized Losses | 0 | 0 | ||||
Total held to maturity, Fair Value | 51,706 | 79,965 | ||||
Total held to maturity, Carrying Value | 46,359 | 69,152 | ||||
Total available for sale, Amortized Cost | 3,101,679 | 3,176,042 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 20,871 | 137,650 | ||||
Total available for sale, Gross Unrealized Losses | (105,287) | (9,559) | ||||
Total available for sale, Fair Value | 3,017,263 | 3,304,133 | ||||
Total available for sale, Carrying Value | 3,017,263 | 3,304,133 | ||||
Residential mortgage-backed | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total held to maturity, Amortized Cost | 4,155 | 4,829 | ||||
Held-to-maturity, Allowance for Credit Loss | 0 | 0 | ||||
Held to maturity, Gross Unrealized Gains | 170 | 632 | ||||
Held to maturity, Gross Unrealized Losses | 0 | 0 | ||||
Total held to maturity, Fair Value | 4,325 | 5,461 | ||||
Total held to maturity, Carrying Value | 4,155 | 4,829 | ||||
Total available for sale, Amortized Cost | 1,181,482 | 940,744 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 794 | 9,896 | ||||
Total available for sale, Gross Unrealized Losses | (110,774) | (11,321) | ||||
Total available for sale, Fair Value | 1,071,502 | 939,319 | ||||
Total available for sale, Carrying Value | 1,071,502 | 939,319 | ||||
U.S. government and government agency | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 762,615 | 851,128 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 1,213 | 8,509 | ||||
Total available for sale, Gross Unrealized Losses | (42,914) | (4,294) | ||||
Total available for sale, Fair Value | 720,914 | 855,343 | ||||
Total available for sale, Carrying Value | 720,914 | 855,343 | ||||
Special revenue | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 1,937,329 | 2,016,382 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 6,636 | 62,961 | ||||
Total available for sale, Gross Unrealized Losses | (76,329) | (5,706) | ||||
Total available for sale, Fair Value | 1,867,636 | 2,073,637 | ||||
Total available for sale, Carrying Value | 1,867,636 | 2,073,637 | ||||
State general obligation | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 378,081 | 388,110 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 3,957 | 23,152 | ||||
Total available for sale, Gross Unrealized Losses | (13,458) | (1,015) | ||||
Total available for sale, Fair Value | 368,580 | 410,247 | ||||
Total available for sale, Carrying Value | 368,580 | 410,247 | ||||
Pre-refunded | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 200,716 | 202,633 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 3,232 | 14,891 | ||||
Total available for sale, Gross Unrealized Losses | (49) | (574) | ||||
Total available for sale, Fair Value | 203,899 | 216,950 | ||||
Total available for sale, Carrying Value | 203,899 | 216,950 | ||||
Corporate backed | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 166,591 | 166,943 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 453 | 7,191 | ||||
Total available for sale, Gross Unrealized Losses | (6,836) | (1,532) | ||||
Total available for sale, Fair Value | 160,208 | 172,602 | ||||
Total available for sale, Carrying Value | 160,208 | 172,602 | ||||
Local general obligation | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 418,962 | 401,974 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 6,593 | 29,455 | ||||
Total available for sale, Gross Unrealized Losses | (8,615) | (732) | ||||
Total available for sale, Fair Value | 416,940 | 430,697 | ||||
Total available for sale, Carrying Value | 416,940 | 430,697 | ||||
Commercial | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 413,090 | 125,709 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 552 | 3,388 | ||||
Total available for sale, Gross Unrealized Losses | (8,045) | (341) | ||||
Total available for sale, Fair Value | 405,597 | 128,756 | ||||
Total available for sale, Carrying Value | 405,597 | 128,756 | ||||
Mortgage-backed | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 1,594,572 | 1,066,453 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 1,346 | 13,284 | ||||
Total available for sale, Gross Unrealized Losses | (118,819) | (11,662) | ||||
Total available for sale, Fair Value | 1,477,099 | 1,068,075 | ||||
Total available for sale, Carrying Value | 1,477,099 | 1,068,075 | ||||
Asset-backed | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 4,421,553 | 4,504,950 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 484 | 4,409 | ||||
Total available for sale, Gross Unrealized Losses | (129,549) | (18,794) | ||||
Total available for sale, Fair Value | 4,292,488 | 4,490,565 | ||||
Total available for sale, Carrying Value | 4,292,488 | 4,490,565 | ||||
Industrial | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 3,412,383 | 3,231,520 | ||||
Available-for-sale, Allowance for Credit Loss | (164) | (16) | ||||
Total available for sale, Gross Unrealized Gains | 2,643 | 62,751 | ||||
Total available for sale, Gross Unrealized Losses | (199,225) | (21,092) | ||||
Total available for sale, Fair Value | 3,215,637 | 3,273,163 | ||||
Total available for sale, Carrying Value | 3,215,637 | 3,273,163 | ||||
Financial | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 1,909,682 | 1,739,282 | ||||
Available-for-sale, Allowance for Credit Loss | (18) | 0 | ||||
Total available for sale, Gross Unrealized Gains | 341 | 30,709 | ||||
Total available for sale, Gross Unrealized Losses | (98,344) | (6,591) | ||||
Total available for sale, Fair Value | 1,811,661 | 1,763,400 | ||||
Total available for sale, Carrying Value | 1,811,661 | 1,763,400 | ||||
Utilities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 448,342 | 396,242 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 249 | 13,262 | ||||
Total available for sale, Gross Unrealized Losses | (26,490) | (3,202) | ||||
Total available for sale, Fair Value | 422,101 | 406,302 | ||||
Total available for sale, Carrying Value | 422,101 | 406,302 | ||||
Other | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 247,531 | 154,210 | ||||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Total available for sale, Gross Unrealized Gains | 29 | 125 | ||||
Total available for sale, Gross Unrealized Losses | (7,834) | (1,525) | ||||
Total available for sale, Fair Value | 239,726 | 152,810 | ||||
Total available for sale, Carrying Value | 239,726 | 152,810 | ||||
Corporate | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 6,017,938 | 5,521,254 | ||||
Available-for-sale, Allowance for Credit Loss | (182) | 0 | (16) | (12) | (16) | (518) |
Total available for sale, Gross Unrealized Gains | 3,262 | 106,847 | ||||
Total available for sale, Gross Unrealized Losses | (331,893) | (32,410) | ||||
Total available for sale, Fair Value | 5,689,125 | 5,595,675 | ||||
Total available for sale, Carrying Value | 5,689,125 | 5,595,675 | ||||
Foreign government | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Total available for sale, Amortized Cost | 1,748,422 | 1,277,109 | ||||
Available-for-sale, Allowance for Credit Loss | (33,096) | $ (26,153) | (22,222) | $ (18,899) | $ (19,993) | $ (1,264) |
Total available for sale, Gross Unrealized Gains | 528 | 7,508 | ||||
Total available for sale, Gross Unrealized Losses | (111,743) | (47,494) | ||||
Total available for sale, Fair Value | 1,604,111 | 1,214,901 | ||||
Total available for sale, Carrying Value | $ 1,604,111 | $ 1,214,901 |
Investments in Fixed Maturity_4
Investments in Fixed Maturity Securities (HTM Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for expected credit losses, beginning of period | $ 378 | $ 730 | $ 387 | $ 798 |
Cumulative effect adjustment resulting from changes in accounting principles | 127 | 453 | 127 | 453 |
Provision for expected credit losses | (251) | (277) | (260) | (345) |
Allowance for expected credit losses, end of period | $ 127 | $ 453 | $ 127 | $ 453 |
Investments in Fixed Maturity_5
Investments in Fixed Maturity Securities (AFS Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for expected credit losses, beginning of period | $ 26,153 | $ 20,009 | $ 22,238 | $ 1,782 |
Cumulative effect adjustment resulting from changes in accounting principles | 33,278 | 18,911 | 33,278 | 18,911 |
Expected credit losses on securities for which credit losses were not previously recorded | 1,595 | 0 | 2,079 | 19,006 |
Expected credit losses (gains) on securities for which credit losses were previously recorded | 5,563 | (604) | 8,994 | (1,378) |
Reduction due to disposals | (33) | (494) | (33) | (499) |
Allowance for expected credit losses, end of period | 33,278 | 18,911 | 33,278 | 18,911 |
Foreign government | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for expected credit losses, beginning of period | 26,153 | 19,993 | 22,222 | 1,264 |
Cumulative effect adjustment resulting from changes in accounting principles | 33,096 | 18,899 | 33,096 | 18,899 |
Expected credit losses on securities for which credit losses were not previously recorded | 1,413 | 0 | 1,897 | 18,990 |
Expected credit losses (gains) on securities for which credit losses were previously recorded | 5,563 | (600) | 9,010 | (861) |
Reduction due to disposals | (33) | (494) | (33) | (494) |
Allowance for expected credit losses, end of period | 33,096 | 18,899 | 33,096 | 18,899 |
Corporate | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for expected credit losses, beginning of period | 0 | 16 | 16 | 518 |
Cumulative effect adjustment resulting from changes in accounting principles | 182 | 12 | 182 | 12 |
Expected credit losses on securities for which credit losses were not previously recorded | 182 | 0 | 182 | 16 |
Expected credit losses (gains) on securities for which credit losses were previously recorded | 0 | (4) | (16) | (517) |
Reduction due to disposals | 0 | 0 | 0 | (5) |
Allowance for expected credit losses, end of period | $ 182 | $ 12 | $ 182 | $ 12 |
Investments in Fixed Maturity_6
Investments in Fixed Maturity Securities (Amortized cost and fair value of fixed maturity securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||||||
Amortized Cost, Due in one year or less | $ 1,859,431 | |||||
Amortized Cost, Due after one year through five years | 8,188,520 | |||||
Amortized Cost, Due after five years through ten years | 3,970,551 | |||||
Amortized Cost, Due after ten years | 2,080,064 | |||||
Amortized Cost, Mortgaged-backed securities | 1,598,727 | |||||
Total investments in fixed maturity securities, Amortized Value | 17,697,293 | |||||
Fair Value, Due in one year or less | 1,829,253 | |||||
Fair Value, Due after one year through five years | 7,879,921 | |||||
Fair Value, Due after five years through ten years | 3,716,098 | |||||
Fair Value, Due after ten years | 1,950,335 | |||||
Fair Value, Mortgage-backed securities | 1,481,424 | |||||
Total investments in fixed maturity securities, Fair Value | 16,857,031 | $ 16,614,118 | ||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 127 | $ 378 | $ 387 | $ 453 | $ 730 | $ 798 |
Investments in Equity Securit_3
Investments in Equity Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 1,155,326 | $ 941,243 |
Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,122,444 | 870,045 |
Gross Unrealized, Gains | 114,045 | 100,275 |
Gross Unrealized, Losses | (81,163) | (29,077) |
Equity securities | 1,155,326 | 941,243 |
Fair Value | Common stock | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 863,106 | 619,896 |
Gross Unrealized, Gains | 111,393 | 92,401 |
Gross Unrealized, Losses | (41,827) | (16,894) |
Equity securities | 932,672 | 695,403 |
Fair Value | Preferred stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 259,338 | 250,149 |
Gross Unrealized, Gains | 2,652 | 7,874 |
Gross Unrealized, Losses | (39,336) | (12,183) |
Equity securities | 222,654 | 245,840 |
Carrying Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | 1,155,326 | 941,243 |
Carrying Value | Common stock | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | 932,672 | 695,403 |
Carrying Value | Preferred stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 222,654 | $ 245,840 |
Arbitrage Trading Account (Deta
Arbitrage Trading Account (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Equity securities | $ 1,142,000,000 | $ 1,180,000,000 |
Short | Options held | ||
Derivative [Line Items] | ||
Fair value of derivative | 68,000 | |
Notional amount of derivative | $ 13,500,000 |
Net Investment Income (Details)
Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net Investment Income [Line Items] | ||||
Gross investment income | $ 173,623 | $ 170,305 | $ 349,108 | $ 330,332 |
Investment expense | (2,049) | (2,118) | (4,022) | (3,568) |
Net investment income | 171,574 | 168,187 | 345,086 | 326,764 |
Fixed maturity securities, including cash and cash equivalents and loans receivable | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 124,389 | 96,996 | 225,673 | 191,673 |
Investment funds | ||||
Net Investment Income [Line Items] | ||||
Investment funds | 33,861 | 61,311 | 85,874 | 100,246 |
Equity securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 12,797 | 7,212 | 23,653 | 13,392 |
Arbitrage trading account | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 4,127 | 3,914 | 13,313 | 22,989 |
Real estate | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | $ (1,551) | $ 872 | $ 595 | $ 2,032 |
Investment Funds (Details)
Investment Funds (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Unfunded commitments | $ 440,000 | $ 440,000 | ||||
Investment funds | 1,702,270 | 1,702,270 | $ 1,480,612 | |||
Income (Loss) from Investment Funds | 85,874 | $ 100,246 | ||||
Written premiums ceded | 466,766 | $ 449,055 | $ 913,349 | 883,729 | ||
Lifson Re | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of reinsurance placements of share placed amounts | 22.50% | |||||
Written premiums ceded | $ 226,000 | 139,000 | ||||
Lifson Re | Subsequent event | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of reinsurance placements of share placed amounts | 30% | |||||
Financial services | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment funds | 275,075 | 275,075 | 273,690 | |||
Income (Loss) from Investment Funds | 28,243 | 10,506 | ||||
Transportation | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment funds | 469,474 | 469,474 | 431,818 | |||
Income (Loss) from Investment Funds | 24,135 | 48,990 | ||||
Real Estate | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment funds | 338,555 | 338,555 | 336,688 | |||
Income (Loss) from Investment Funds | 25,355 | 17,177 | ||||
Energy | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment funds | 132,728 | 132,728 | 150,224 | |||
Income (Loss) from Investment Funds | 3,708 | 9,492 | ||||
Infrastructure | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment funds | 110,491 | 110,491 | 12,314 | |||
Income (Loss) from Investment Funds | (133) | 699 | ||||
Other funds | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment funds | 375,947 | 375,947 | 275,878 | |||
Income (Loss) from Investment Funds | 4,566 | $ 13,382 | ||||
Deferred compensation trust assets | $ 31,000 | $ 31,000 | $ 34,000 |
Real Estate (Details)
Real Estate (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
Properties in operation | $ 1,079,174 | $ 1,626,826 |
Properties under development | 224,920 | 225,682 |
Total | $ 1,304,094 | $ 1,852,508 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Real Estate [Abstract] | |||
Accumulated depreciation and amortization on properties | $ 32,743,000 | $ 57,391,000 | |
Real estate depreciation expense | 7,445,000 | $ 9,622,000 | |
Lease future minimum payments 2021 | 15,974,530 | ||
Lease future minimum payments 2022 | 31,172,279 | ||
Lease future minimum payments 2023 | 31,529,168 | ||
Lease future minimum payments 2024 | 28,867,842 | ||
Lease future minimum payments 2025 | 26,877,236 | ||
Lease future minimum payments 2026 | 26,067,784 | ||
Lease future minimum payments there after | $ 482,756,589 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 113,483 | $ 115,172 |
Loans receivable | 112,072 | 116,534 |
Loans in nonaccrual status | 200 | 200 |
Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 89,009 | 89,431 |
Loans receivable | 87,598 | 90,793 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 24,474 | 25,741 |
Loans receivable | $ 24,474 | $ 25,741 |
Loans receivable maturity term | 10 years |
Loans Receivable - Allowance Fo
Loans Receivable - Allowance For Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for expected credit losses, beginning of period | $ 1,429 | $ 4,198 | $ 1,718 | $ 5,437 |
Change in expected credit losses | 746 | (2,228) | 457 | (3,467) |
Allowance for expected credit losses, end of period | 2,175 | 1,970 | 2,175 | 1,970 |
Real estate loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for expected credit losses, beginning of period | 1,295 | 1,608 | 1,362 | 1,683 |
Change in expected credit losses | (67) | (107) | (134) | (182) |
Allowance for expected credit losses, end of period | 1,228 | 1,501 | 1,228 | 1,501 |
Commercial loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for expected credit losses, beginning of period | 134 | 2,590 | 356 | 3,754 |
Change in expected credit losses | 813 | (2,121) | 591 | (3,285) |
Allowance for expected credit losses, end of period | $ 947 | $ 469 | $ 947 | $ 469 |
Net Investment Gains (Losses)_2
Net Investment Gains (Losses) (Net Investment Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Fixed maturity securities, gains | $ 647 | $ 5,440 | $ 2,352 | $ 13,680 |
Fixed maturity securities, losses | (3,459) | (2,236) | (6,443) | (4,307) |
Net realized gains on investment sales | 41 | 6,256 | 946 | 14,828 |
Change in unrealized losses | (131,530) | (18,239) | (38,317) | (42,574) |
Investment funds | (2,362) | (300) | (4,524) | 47,371 |
Real estate (2) | 358 | 49,492 | 286,550 | 62,401 |
Loans receivable | 0 | (881) | (32) | (881) |
Other | (27,630) | (19,071) | (34,585) | (18,299) |
Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses | (163,935) | 20,461 | 205,947 | 72,219 |
Fixed maturity securities | (6,874) | 1,375 | (10,780) | (16,783) |
Loans receivable | (746) | 2,228 | (457) | 3,467 |
Change in allowance for expected credit losses on investments | (7,620) | 3,603 | (11,237) | (13,316) |
Net investment (losses) gains | (171,555) | 24,064 | 194,710 | 58,903 |
Income tax benefit (expense) | 37,519 | (5,264) | (40,923) | (11,151) |
After-tax net investment (losses) gains | $ (134,036) | $ 18,800 | $ 153,787 | $ 47,752 |
Net Investment Gains (Losses)_3
Net Investment Gains (Losses) (Change in Unrealized Gains (Losses) of Available For Sales Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Total change in unrealized investment (losses) gains | $ (430,784) | $ 28,804 | $ (970,232) | $ (84,931) |
Income tax benefit (expense) | 93,776 | (5,532) | 209,679 | 18,073 |
Noncontrolling interests | 0 | (1) | (1) | (1) |
Total change in unrealized gains | (337,008) | 23,271 | (760,554) | (66,859) |
Debt securities | ||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Total change in unrealized investment (losses) gains | (409,647) | 28,511 | (949,910) | (94,058) |
Fixed maturity securities with allowance for expected credit losses | ||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Total change in unrealized investment (losses) gains | (16,878) | (69) | (16,585) | 10,286 |
Investment funds | ||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Total change in unrealized investment (losses) gains | (3,302) | 762 | (2,833) | (257) |
Other | ||||
Realized and Unrealized Investment Gains Losses [Line Items] | ||||
Total change in unrealized investment (losses) gains | $ (957) | $ (400) | $ (904) | $ (902) |
Fixed Maturity Securities In _3
Fixed Maturity Securities In An Unrealized Loss Position (Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | $ 13,439,725 | $ 8,723,575 |
Gross Unrealized Losses, Less than 12 Months | 691,914 | 81,947 |
Fair Value, 12 Months or Greater | 1,186,365 | 361,235 |
Gross Unrealized Losses, 12 Months or Greater | 148,291 | 42,266 |
Fair Value, Total | 14,626,090 | 9,084,810 |
Gross Unrealized Losses, Total | 840,205 | 124,213 |
U.S. government and government agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 570,441 | 487,712 |
Gross Unrealized Losses, Less than 12 Months | 40,355 | 4,026 |
Fair Value, 12 Months or Greater | 35,683 | 17,021 |
Gross Unrealized Losses, 12 Months or Greater | 2,559 | 268 |
Fair Value, Total | 606,124 | 504,733 |
Gross Unrealized Losses, Total | 42,914 | 4,294 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 1,789,266 | 502,333 |
Gross Unrealized Losses, Less than 12 Months | 92,972 | 7,403 |
Fair Value, 12 Months or Greater | 95,746 | 29,547 |
Gross Unrealized Losses, 12 Months or Greater | 12,315 | 2,156 |
Fair Value, Total | 1,885,012 | 531,880 |
Gross Unrealized Losses, Total | 105,287 | 9,559 |
Mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 1,223,393 | 558,751 |
Gross Unrealized Losses, Less than 12 Months | 97,556 | 6,900 |
Fair Value, 12 Months or Greater | 116,005 | 106,130 |
Gross Unrealized Losses, 12 Months or Greater | 21,263 | 4,762 |
Fair Value, Total | 1,339,398 | 664,881 |
Gross Unrealized Losses, Total | 118,819 | 11,662 |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 3,788,329 | 3,832,944 |
Gross Unrealized Losses, Less than 12 Months | 124,135 | 18,503 |
Fair Value, 12 Months or Greater | 193,620 | 75,385 |
Gross Unrealized Losses, 12 Months or Greater | 5,414 | 291 |
Fair Value, Total | 3,981,949 | 3,908,329 |
Gross Unrealized Losses, Total | 129,549 | 18,794 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 4,775,827 | 2,582,860 |
Gross Unrealized Losses, Less than 12 Months | 277,520 | 29,322 |
Fair Value, 12 Months or Greater | 499,270 | 51,095 |
Gross Unrealized Losses, 12 Months or Greater | 54,373 | 3,088 |
Fair Value, Total | 5,275,097 | 2,633,955 |
Gross Unrealized Losses, Total | 331,893 | 32,410 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 1,292,469 | 758,975 |
Gross Unrealized Losses, Less than 12 Months | 59,376 | 15,793 |
Fair Value, 12 Months or Greater | 246,041 | 82,057 |
Gross Unrealized Losses, 12 Months or Greater | 52,367 | 31,701 |
Fair Value, Total | 1,538,510 | 841,032 |
Gross Unrealized Losses, Total | $ 111,743 | $ 47,494 |
Fixed Maturity Securities In _4
Fixed Maturity Securities In An Unrealized Loss Position (Non-Investment Grade Fixed Maturity Securities) (Details) $ in Thousands | Jun. 30, 2022 USD ($) position | Dec. 31, 2021 USD ($) |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | $ 5,275,097 | $ 2,633,955 |
Gross Unrealized Loss | 331,893 | 32,410 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | 1,885,012 | 531,880 |
Gross Unrealized Loss | 105,287 | 9,559 |
Mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | 1,339,398 | 664,881 |
Gross Unrealized Loss | 118,819 | 11,662 |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | 3,981,949 | 3,908,329 |
Gross Unrealized Loss | $ 129,549 | $ 18,794 |
Noninvestment Grade Investments at Loss Position | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 69 | |
Aggregate Fair Value | $ 187,894 | |
Gross Unrealized Loss | $ 60,318 | |
Noninvestment Grade Investments at Loss Position | Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 42 | |
Aggregate Fair Value | $ 124,609 | |
Gross Unrealized Loss | $ 52,655 | |
Noninvestment Grade Investments at Loss Position | Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 12 | |
Aggregate Fair Value | $ 46,437 | |
Gross Unrealized Loss | $ 5,739 | |
Noninvestment Grade Investments at Loss Position | State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 1 | |
Aggregate Fair Value | $ 13,248 | |
Gross Unrealized Loss | $ 1,756 | |
Noninvestment Grade Investments at Loss Position | Mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 11 | |
Aggregate Fair Value | $ 3,513 | |
Gross Unrealized Loss | $ 144 | |
Noninvestment Grade Investments at Loss Position | Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 3 | |
Aggregate Fair Value | $ 87 | |
Gross Unrealized Loss | $ 24 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured At Fair Value, On a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Total fixed maturity securities available for sale | $ 16,801,000 | $ 16,528,692 |
Equity securities | 1,155,326 | 941,243 |
Equity securities | 1,142,000 | 1,180,000 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 16,801,000 | 16,528,692 |
Equity securities | 1,155,326 | 941,243 |
Equity securities | 1,142,003 | 1,179,606 |
Assets, fair value disclosure | 19,098,329 | 18,649,541 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 68 | 1,169 |
Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 720,914 | 855,343 |
Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 3,017,263 | 3,304,133 |
Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,477,099 | 1,068,075 |
Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 4,292,488 | 4,490,565 |
Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 5,689,125 | 5,595,675 |
Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,604,111 | 1,214,901 |
Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 932,672 | 695,403 |
Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 222,654 | 245,840 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Equity securities | 926,865 | 684,470 |
Equity securities | 1,121,579 | 1,153,079 |
Assets, fair value disclosure | 2,048,444 | 1,837,549 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 68 | 1,137 |
Level 1 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 926,865 | 684,470 |
Level 1 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 16,801,000 | 16,528,692 |
Equity securities | 212,614 | 236,183 |
Equity securities | 20,424 | 26,527 |
Assets, fair value disclosure | 17,034,038 | 16,791,402 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 0 | 32 |
Level 2 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 720,914 | 855,343 |
Level 2 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 3,017,263 | 3,304,133 |
Level 2 | Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,477,099 | 1,068,075 |
Level 2 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 4,292,488 | 4,490,565 |
Level 2 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 5,689,125 | 5,595,675 |
Level 2 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,604,111 | 1,214,901 |
Level 2 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 1,256 | 1,639 |
Level 2 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 211,358 | 234,544 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Equity securities | 15,847 | 20,590 |
Equity securities | 0 | 0 |
Assets, fair value disclosure | 15,847 | 20,590 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 4,551 | 9,294 |
Level 3 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | $ 11,296 | $ 11,296 |
Fair Value Measurements (Summar
Fair Value Measurements (Summarize Changes in Level 3 Assets) (Details) - USD ($) | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Assets, impairments | $ 0 | |||
Securities transferred into or out of level 3, net | $ 0 | |||
Level 3 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Assets, beginning balance | 20,590,000 | 19,546,000 | ||
Assets, earnings | (4,743,000) | 613,000 | ||
Assets, other comprehensive income | 0 | 0 | ||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | |||
Assets, purchases | 925,000 | 2,000,000 | ||
Assets, (sales) | (925,000) | (1,569,000) | ||
Assets, maturities | 0 | |||
Assets. transfers out | 0 | |||
Securities transferred into or out of level 3, net | 0 | |||
Assets, ending balance | 15,847,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 0 | $ 0 | ||
Liabilities, earnings | 0 | 1,000 | ||
Liabilities, other comprehensive income | 0 | 0 | ||
Liabilities, impairments | 0 | 0 | ||
Liabilities, purchases | 0 | (1,000) | ||
Liabilities, (sales) | 0 | 0 | ||
Liabilities, maturities | 0 | 0 | ||
Liabilities, transfers out | 0 | 0 | ||
Level 3 | Debt securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Assets, beginning balance | 0 | 1,000,000 | ||
Assets, earnings | 0 | |||
Assets, other comprehensive income | 0 | |||
Assets, impairments | 0 | |||
Assets, purchases | 0 | |||
Assets, (sales) | (1,000,000) | |||
Assets. transfers out | 0 | |||
Level 3 | Equity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Assets, beginning balance | 20,590,000 | 18,546,000 | ||
Assets, earnings | 605,000 | |||
Assets, other comprehensive income | 0 | |||
Assets, impairments | 0 | |||
Assets, purchases | 2,000,000 | |||
Assets, (sales) | (561,000) | |||
Assets, maturities | 0 | |||
Assets. transfers out | 0 | |||
Level 3 | Common stock | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Assets, beginning balance | 9,294,000 | 9,215,000 | ||
Assets, earnings | (4,743,000) | 640,000 | ||
Assets, other comprehensive income | 0 | 0 | ||
Assets, impairments | 0 | 0 | ||
Assets, purchases | 0 | 0 | ||
Assets, (sales) | 0 | (561,000) | ||
Assets. transfers out | 0 | 0 | ||
Assets, ending balance | 4,551,000 | |||
Level 3 | Preferred stocks | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Assets, beginning balance | 11,296,000 | 9,331,000 | ||
Assets, earnings | 0 | (35,000) | ||
Assets, other comprehensive income | 0 | 0 | ||
Assets, impairments | 0 | 0 | ||
Assets, purchases | 925,000 | 2,000,000 | ||
Assets, (sales) | (925,000) | 0 | ||
Assets. transfers out | 0 | 0 | ||
Assets, ending balance | 11,296,000 | |||
Level 3 | Arbitrage trading account | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Assets, beginning balance | 0 | 0 | ||
Assets, earnings | 8,000 | |||
Assets, other comprehensive income | 0 | |||
Assets, impairments | 0 | |||
Assets, purchases | 0 | |||
Assets, (sales) | (8,000) | |||
Level 3 | Corporate | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Assets, beginning balance | $ 0 | 1,000,000 | ||
Assets, earnings | 0 | |||
Assets, other comprehensive income | 0 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | |||
Assets, purchases | 0 | |||
Assets, (sales) | (1,000,000) | |||
Assets, maturities | 0 | |||
Securities transferred into or out of level 3, net | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Fair Value Disclosures [Abstract] | |
Securities transferred into or out of level 3, net | $ 0 |
Reserves for Loss and Loss Ex_3
Reserves for Loss and Loss Expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of period | $ 12,848,362 | $ 11,620,393 | |
Net provision for losses and loss expenses: | |||
Claims occurring during the current year | 2,748,725 | 2,308,309 | |
Decrease in estimates for claims occurring in prior years | 9,765 | 1,530 | |
Loss reserve discount accretion | 16,579 | 15,399 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 2,775,069 | 2,325,238 | |
Net payments for claims: | |||
Current year | 318,129 | 279,703 | |
Prior years | 1,688,843 | 1,485,116 | |
Total | 2,006,972 | 1,764,819 | |
Foreign currency translation | (94,526) | (16,153) | |
Net reserves at end of period | 13,521,933 | 12,164,659 | $ 12,848,362 |
Ceded reserves at end of period | 2,623,888 | 2,316,288 | |
Gross reserves at end of period | $ 16,145,821 | $ 14,480,947 | $ 15,390,888 |
Reserves for Loss and Loss Ex_4
Reserves for Loss and Loss Expenses (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net of loss reserve discounts | $ 15 | $ 10 |
Increase (decrease) in estimates for claims | 22 | (16) |
Adjustment expense | 3 | 4 |
Liability recognized for best estimate net of reinsurance | 303 | |
Liability recognized for best estimate net of reinsurance, reported losses | 292 | |
Liability recognized for best estimate net of reinsurance, incurred but not reported (IBNR) | 11 | |
Liability recognized for best estimate net of reinsurance, current accident year losses | 3 | |
Insurance | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liability recognized for best estimate net of reinsurance | 255 | |
Liability recognized for best estimate net of reinsurance, current accident year losses | 1 | |
Favorable reserve development net of premium offsets | 3 | 12 |
Reinsurance & Monoline Excess | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liability recognized for best estimate net of reinsurance | 48 | |
Liability recognized for best estimate net of reinsurance, current accident year losses | 2 | |
Unfavorable reserve development net of premium offsets | $ 0.3 | $ 8 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Equity securities | $ 1,155,326 | $ 941,243 |
Arbitrage trading account | 1,142,000 | 1,180,000 |
Loans receivable | 112,072 | 116,534 |
Liabilities: | ||
Trading account payable to brokers and clearing organizations | 0 | 53,636 |
Carrying Value | ||
Assets: | ||
Fixed maturity securities | 16,851,514 | 16,602,673 |
Equity securities | 1,155,326 | 941,243 |
Arbitrage trading account | 1,142,003 | 1,179,606 |
Loans receivable | 113,483 | 115,172 |
Cash and cash equivalents | 1,316,603 | 1,568,843 |
Trading account receivables from brokers and clearing organizations | 9,937 | 0 |
Due from broker | 0 | 20,448 |
Liabilities: | ||
Due to broker | 49,178 | 0 |
Trading account payable to brokers and clearing organizations | 0 | 53,636 |
Trading account securities sold but not yet purchased | 68 | 1,169 |
Senior notes and other debt | 1,832,273 | 2,259,416 |
Subordinated debentures | 1,008,011 | 1,007,652 |
Fair Value | ||
Assets: | ||
Fixed maturity securities | 16,857,031 | 16,614,118 |
Equity securities | 1,155,326 | 941,243 |
Arbitrage trading account | 1,142,003 | 1,179,606 |
Loans receivable | 112,072 | 116,534 |
Cash and cash equivalents | 1,316,603 | 1,568,843 |
Trading account receivables from brokers and clearing organizations | 9,937 | 0 |
Due from broker | 0 | 20,448 |
Liabilities: | ||
Due to broker | 49,178 | 0 |
Trading account payable to brokers and clearing organizations | 0 | 53,636 |
Trading account securities sold but not yet purchased | 68 | 1,169 |
Senior notes and other debt | 1,558,985 | 2,526,630 |
Subordinated debentures | $ 810,028 | $ 1,095,600 |
Premiums and Reinsurance Rela_3
Premiums and Reinsurance Related Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Written premiums: | ||||||||
Written premiums, direct | $ 2,757,739 | $ 2,395,114 | $ 5,300,075 | $ 4,572,276 | ||||
Written premiums, assumed | 294,662 | 266,122 | 612,163 | 573,672 | ||||
Written premiums, ceded | (466,766) | (449,055) | (913,349) | (883,729) | ||||
Total net premiums written | 2,585,635 | 2,212,181 | 4,998,889 | 4,262,219 | ||||
Earned premiums: | ||||||||
Earned premiums, direct | 2,511,579 | 2,151,739 | 4,916,177 | 4,154,784 | ||||
Earned premiums, assumed | 292,547 | 259,166 | 584,920 | 518,707 | ||||
Earned premiums, ceded | (446,968) | (439,281) | (894,853) | (851,911) | ||||
Net premiums earned | 2,357,158 | 1,971,624 | 4,606,244 | 3,821,580 | ||||
Ceded losses and loss expenses incurred | 305,196 | 255,163 | 548,490 | 553,903 | ||||
Ceded commissions earned | 116,991 | 106,834 | 234,436 | 208,515 | ||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 7,744 | $ 7,283 | $ 7,744 | $ 7,283 | $ 7,655 | $ 7,713 | $ 7,373 | $ 7,801 |
Premiums and Reinsurance Rela_4
Premiums and Reinsurance Related Information - Premiums and Reinsurance, Allowance For Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for expected credit losses, beginning of period | $ 28,236 | $ 24,264 | $ 25,218 | $ 22,883 |
Cumulative effect adjustment resulting from changes in accounting principles | 30,557 | 24,808 | 30,557 | 24,808 |
Provision for expected credit losses | 2,321 | 544 | 5,339 | 1,925 |
Allowance for expected credit losses, end of period | 30,557 | 24,808 | 30,557 | 24,808 |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for expected credit losses, beginning of period | 7,655 | 7,373 | 7,713 | 7,801 |
Cumulative effect adjustment resulting from changes in accounting principles | 7,744 | 7,283 | 7,744 | 7,283 |
Reinsurance Recoverable, Credit Loss Expense (Reversal) | 89 | (90) | 31 | (518) |
Allowance for expected credit losses, end of period | $ 7,744 | $ 7,283 | $ 7,744 | $ 7,283 |
Restricted Stock Units (Summary
Restricted Stock Units (Summary of Restricted Stock Units Issued) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Share based compensation expense | $ 22,000 | $ 23,000 |
Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Restricted stock units (in units) | 6,918 | 2,297 |
Fair Value | $ 450 | $ 115 |
Minimum | Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 3 years | |
Maximum | Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 5 years |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Lease cost | $ 12,152 | $ 11,429 | $ 22,351 | $ 22,693 |
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows | 11,054 | 11,920 | 22,047 | 23,297 |
Right-of-use assets obtained (reduced) in exchange for new lease liabilities | $ 2,933 | $ (181) | $ 20,202 | $ (151) |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Leases [Abstract] | ||
Operating lease, right-of-use asset | $ 171,871 | $ 148,455 |
Operating lease, liability | $ 207,959 | $ 185,738 |
Weighted-average remaining lease term | 7 years 2 months 12 days | 6 years 8 months 12 days |
Weighted-average discount rate | 4.53% | 5.95% |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Leases [Abstract] | ||
2022 | $ 23,209 | |
2023 | 44,933 | |
2024 | 39,548 | |
2025 | 29,704 | |
2026 | 23,188 | |
Thereafter | 78,322 | |
Total undiscounted future minimum lease payments | 238,904 | |
Less: Discount impact | 30,945 | |
Total lease liability | $ 207,959 | $ 185,738 |
Business Segments (Financial In
Business Segments (Financial Information of Company Operating Segments) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 2 | |||
Segment Reporting Information [Line Items] | ||||
Earned Premiums (1) | $ 2,357,158 | $ 1,971,624 | $ 4,606,244 | $ 3,821,580 |
Investment Income | 171,574 | 168,187 | 345,086 | 326,764 |
Other | (15,845) | 156,276 | 476,967 | 304,611 |
Total revenues | 2,512,887 | 2,296,086 | 5,428,297 | 4,452,955 |
Pre-Tax Income (Loss) | 222,562 | 299,940 | 954,995 | 596,008 |
Net Income (Loss) to Common Stockholders | 179,322 | 237,238 | 769,960 | 466,763 |
Net investment gains | (171,555) | 24,064 | 194,710 | 58,903 |
Net investment gains, net of tax | (134,036) | 18,800 | 153,787 | 47,752 |
Corporate, other and eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums (1) | 0 | 0 | 0 | 0 |
Investment Income | 339 | 4,605 | 8,774 | 20,236 |
Other | 147,375 | 124,000 | 265,245 | 229,218 |
Total revenues | 147,714 | 128,604 | 274,019 | 249,454 |
Pre-Tax Income (Loss) | (45,521) | (90,208) | (119,393) | (154,737) |
Net Income (Loss) to Common Stockholders | (36,149) | (71,209) | (95,966) | (123,817) |
Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums (1) | 1,727,202 | 3,332,181 | ||
Insurance | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums (1) | 2,070,157 | 1,727,202 | 4,032,991 | 3,332,181 |
Investment Income | 114,124 | 116,703 | 251,778 | 221,941 |
Other | 8,335 | 8,212 | 17,012 | 16,490 |
Total revenues | 2,192,616 | 1,852,117 | 4,301,781 | 3,570,612 |
Pre-Tax Income (Loss) | 347,461 | 291,290 | 729,873 | 548,399 |
Net Income (Loss) to Common Stockholders | 276,133 | 230,313 | 591,685 | 429,022 |
Reinsurance & Monoline Excess | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums (1) | 244,422 | 489,399 | ||
Reinsurance & Monoline Excess | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums (1) | 287,001 | 244,422 | 573,253 | 489,399 |
Investment Income | 57,111 | 46,879 | 84,534 | 84,587 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 344,112 | 291,301 | 657,787 | 573,986 |
Pre-Tax Income (Loss) | 92,177 | 74,794 | 149,805 | 143,443 |
Net Income (Loss) to Common Stockholders | 73,374 | 59,334 | 120,454 | 113,806 |
Re-insurance - International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 93,000 | 90,000 | 189,000 | 178,000 |
Net investment gains | ||||
Segment Reporting Information [Line Items] | ||||
Earned Premiums (1) | 0 | 0 | 0 | 0 |
Investment Income | 0 | 0 | 0 | 0 |
Insurance-International Segment | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 263,000 | $ 221,000 | $ 498,000 | $ 418,000 |
Business Segments (Identifiable
Business Segments (Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 32,692,447 | $ 32,047,876 |
Operating Segments | Insurance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 25,671,814 | 24,403,918 |
Operating Segments | Reinsurance & Monoline Excess | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 4,924,298 | 4,917,985 |
Corporate, other and eliminations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 2,096,335 | $ 2,725,973 |
Business Segments (Net Premiums
Business Segments (Net Premiums Earned By Major Line of Business) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue from External Customer [Line Items] | ||||
Net premiums earned | $ 2,357,158 | $ 1,971,624 | $ 4,606,244 | $ 3,821,580 |
Insurance | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 1,727,202 | 3,332,181 | ||
Insurance | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 2,070,157 | 1,727,202 | 4,032,991 | 3,332,181 |
Insurance | Other liability | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 789,363 | 646,321 | 1,538,754 | 1,255,582 |
Insurance | Short-tail lines | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 401,768 | 339,890 | 776,980 | 664,630 |
Insurance | Workers' compensation | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 299,645 | 291,471 | 585,067 | 558,920 |
Insurance | Commercial automobile | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 301,741 | 237,444 | 583,975 | 458,205 |
Insurance | Professional liability | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 277,640 | 212,077 | 548,215 | 394,844 |
Reinsurance & Monoline Excess | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 244,422 | 489,399 | ||
Reinsurance & Monoline Excess | Operating Segments | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 287,001 | 244,422 | 573,253 | 489,399 |
Reinsurance & Monoline Excess | Casualty reinsurance | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 190,659 | 152,531 | 374,781 | 302,169 |
Reinsurance & Monoline Excess | Monoline excess | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | 54,611 | 48,247 | 106,507 | 94,120 |
Reinsurance & Monoline Excess | Property reinsurance | ||||
Revenue from External Customer [Line Items] | ||||
Net premiums earned | $ 41,731 | $ 43,644 | $ 91,965 | $ 93,110 |