W. R. Berkley (WRB) 10-Q 2 Aug 22 2021 Q2 Quarterly report Financial data

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