Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 15, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14,340,165,170 | ||
Entity Common Stock, Shares Outstanding | 263,446,321 | ||
Entity Central Index Key | 0000011544 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference [Text Block] | Portions of the Company’s definitive proxy statement, which will be filed with the Securities and Exchange Commission within 120 days after December 31, 2022, are incorporated herein by reference in Part III. | ||
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 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 185 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES: | |||
Net premiums written | $ 10,004,070 | $ 8,862,867 | $ 7,262,437 |
Change in net unearned premiums | (442,641) | (756,836) | (331,594) |
Net premiums earned | 9,561,429 | 8,106,031 | 6,930,843 |
Net investment income | 779,185 | 671,618 | 583,821 |
Net investment gains: | |||
Unrealized investment gains (losses), before tax | 217,311 | 106,958 | 73,514 |
Change in allowance for expected credit losses on investments | (14,914) | (16,326) | 29,486 |
Net investment gains | 202,397 | 90,632 | 103,000 |
Revenues from non-insurance businesses | 509,548 | 489,151 | 389,888 |
Insurance service fees | 110,544 | 93,857 | 88,777 |
Other income | 3,396 | 4,177 | 2,596 |
Total revenues | 11,166,499 | 9,455,466 | 8,098,925 |
OPERATING COSTS AND EXPENSES: | |||
Losses and loss expenses | 5,861,750 | 4,953,960 | 4,468,706 |
Other operating costs and expenses | 2,961,505 | 2,599,270 | 2,390,392 |
Expenses from non-insurance businesses | 493,189 | 472,151 | 384,488 |
Interest expense | 130,374 | 147,180 | 150,537 |
Total operating costs and expenses | 9,446,818 | 8,172,561 | 7,394,123 |
Pre-Tax Income (Loss) | 1,719,681 | 1,282,905 | 704,802 |
Income tax expense | (334,727) | (251,890) | (171,817) |
Net income before noncontrolling interests | 1,384,954 | 1,031,015 | 532,985 |
Noncontrolling interests | (3,892) | (8,525) | (2,315) |
Net income to common stockholders | $ 1,381,062 | $ 1,022,490 | $ 530,670 |
NET INCOME PER SHARE: | |||
Basic (dollars per share) | $ 4.99 | $ 3.69 | $ 1.89 |
Diluted (dollars per share) | $ 4.94 | $ 3.66 | $ 1.87 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments: | ||
Fixed maturity securities (amortized cost of $18,715,483 and $16,471,304; allowance for expected credit losses of $37,466 and $22,625 at December 31, 2022 and 2021) | $ 17,587,349 | $ 16,602,673 |
Investment funds | 1,608,548 | 1,480,612 |
Real estate | 1,340,622 | 1,852,508 |
Arbitrage trading account | 944,230 | 1,179,606 |
Equity securities | 1,185,894 | 941,243 |
Loans receivable (net of allowance for expected credit losses of $1,791 and $1,718 at December 31, 2022 and 2021) | 193,002 | 115,172 |
Total investments | 22,859,645 | 22,171,814 |
Cash and cash equivalents | 1,449,346 | 1,568,843 |
Premiums and fees receivable (net of allowance for expected credit losses of $30,660 and $25,218 at December 31, 2022 and 2021) | 2,779,244 | 2,522,972 |
Due from reinsurers (net of allowance for expected credit losses of $8,064 and $7,713 at December 31, 2022 and 2021) | 3,187,730 | 2,923,026 |
Deferred policy acquisition costs | 763,486 | 676,145 |
Prepaid reinsurance premiums | 696,468 | 676,915 |
Trading account receivable from brokers and clearing organizations | 233,863 | 0 |
Property, furniture and equipment | 423,232 | 419,883 |
Goodwill | 185,509 | 169,652 |
Accrued investment income | 166,784 | 122,938 |
Current federal and foreign income taxes | 39,123 | 23,570 |
Deferred federal and foreign income taxes | 340,647 | 57,425 |
Other assets | 736,022 | 753,231 |
Total assets | 33,861,099 | 32,086,414 |
Liabilities: | ||
Reserves for losses and loss expenses | 17,011,223 | 15,390,888 |
Unearned premiums | 5,297,654 | 4,847,160 |
Due to reinsurers | 523,131 | 514,980 |
Trading account securities sold but not yet purchased | 0 | 1,169 |
Trading account payable to brokers and clearing organizations | 0 | 53,636 |
Current federal and foreign income taxes | 34,350 | 21,068 |
Deferred federal and foreign income taxes | 11,646 | 17,470 |
Senior notes and other debt | 1,828,823 | 2,259,416 |
Subordinated debentures | 1,008,371 | 1,007,652 |
Other liabilities | 1,377,740 | 1,305,245 |
Total liabilities | 27,092,938 | 25,418,684 |
Equity: | ||
Preferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none | 0 | 0 |
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,825,150 and 183,411,907 shares, respectively | 105,803 | 105,803 |
Additional paid-in capital | 997,534 | 981,104 |
Retained earnings | 10,161,005 | 9,015,135 |
Accumulated other comprehensive loss | (1,264,581) | (281,955) |
Treasury stock, at cost, 264,468,528 and 263,843,868 shares, respectively | (3,251,429) | (3,167,076) |
Total common stockholders’ equity | 6,748,332 | 6,653,011 |
Noncontrolling interests | 19,829 | 14,719 |
Total equity | 6,768,161 | 6,667,730 |
Total liabilities and equity | $ 33,861,099 | $ 32,086,414 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Fixed maturity securities, amortized cost | $ 18,715,483 | $ 16,471,304 |
Fixed maturity securities, allowance for credit loss | 37,466 | 22,625 |
Financing receivable, allowance for credit loss | 1,791 | 1,718 |
Premium receivable, allowance for credit loss | 30,660 | 25,218 |
Uncollectible reinsurance | $ 8,064 | $ 7,713 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.20 | $ 0.20 |
Common stock, issued (in shares) | 264,546,100 | 265,170,882 |
Common stock, outstanding (in shares) | 264,546,100 | 265,170,882 |
Common stock, authorized (in shares) | 1,250,000,000 | 750,000,000 |
Treasury stock, at cost (in shares) | 264,468,528 | 263,843,868 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stocks | Additional Paid In Capital | Retained Earnings | Retained Earnings Cumulative Effect, Period Of Adoption, Adjustment | Accumulated Other Comprehensive (Loss) Income | Unrealized investment gains (losses | Unrealized investment gains (losses Cumulative Effect, Period Of Adoption, Adjustment | Currency Translation Adjustments | Treasury Stock | Noncontrolling Interests |
Beginning of period at Dec. 31, 2019 | $ 105,803 | $ 1,020,774 | $ 7,932,372 | $ (30,514) | $ 124,514 | $ 24,952 | $ (381,813) | $ (2,726,711) | $ 43,403 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Restricted stock units issued | (38,491) | ||||||||||
Restricted stock units expensed | 48,567 | ||||||||||
Change in controlling financial interest of a subsidiary | (53,635) | ||||||||||
Change in unrealized (losses) gains on securities without an allowance for expected credit losses | $ 140,250 | 108,244 | |||||||||
Change in unrealized (losses) gains on securities with an allowance for expected credit losses | 32,004 | ||||||||||
Net change in period | 29,927 | 29,927 | |||||||||
Stock exercised/vested | 13,917 | ||||||||||
Stock issued | 726 | ||||||||||
Stock repurchased | (346,357) | ||||||||||
Contributions (distributions) | (30,721) | ||||||||||
Net income | 532,985 | 530,670 | 2,315 | ||||||||
Dividends ($0.89, $1.34, and $0.31 per share, respectively) | (84,147) | ||||||||||
Other comprehensive loss, net of tax | 170,177 | (2) | |||||||||
End of period at Dec. 31, 2020 | 105,803 | 977,215 | 8,348,381 | 0 | $ (62,172) | 289,714 | 0 | (351,886) | (3,058,425) | 14,995 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Restricted stock units issued | (44,041) | ||||||||||
Restricted stock units expensed | 47,930 | ||||||||||
Change in controlling financial interest of a subsidiary | 0 | ||||||||||
Change in unrealized (losses) gains on securities without an allowance for expected credit losses | (198,812) | (208,938) | |||||||||
Change in unrealized (losses) gains on securities with an allowance for expected credit losses | 10,124 | ||||||||||
Net change in period | (20,969) | (20,969) | |||||||||
Stock exercised/vested | 13,264 | ||||||||||
Stock issued | 511 | ||||||||||
Stock repurchased | (122,426) | ||||||||||
Contributions (distributions) | (8,799) | ||||||||||
Net income | 1,031,015 | 1,022,490 | 8,525 | ||||||||
Dividends ($0.89, $1.34, and $0.31 per share, respectively) | (355,736) | ||||||||||
Other comprehensive loss, net of tax | (219,781) | (219,781) | (20,969) | (2) | |||||||
End of period at Dec. 31, 2021 | 6,667,730 | $ 105,803 | 981,104 | 9,015,135 | $ 0 | (281,955) | 90,900 | $ 0 | (372,855) | (3,167,076) | 14,719 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Restricted stock units issued | (32,622) | ||||||||||
Restricted stock units expensed | 49,052 | ||||||||||
Change in controlling financial interest of a subsidiary | 0 | ||||||||||
Change in unrealized (losses) gains on securities without an allowance for expected credit losses | (983,803) | (955,435) | |||||||||
Change in unrealized (losses) gains on securities with an allowance for expected credit losses | (28,370) | ||||||||||
Net change in period | 1,179 | 1,179 | |||||||||
Stock exercised/vested | 9,428 | ||||||||||
Stock issued | 359 | ||||||||||
Stock repurchased | (94,140) | ||||||||||
Contributions (distributions) | 1,220 | ||||||||||
Net income | 1,384,954 | 1,381,062 | 3,892 | ||||||||
Dividends ($0.89, $1.34, and $0.31 per share, respectively) | (235,192) | ||||||||||
Other comprehensive loss, net of tax | (982,624) | (982,624) | 1,179 | (2) | |||||||
End of period at Dec. 31, 2022 | $ 6,768,161 | $ 997,534 | $ 10,161,005 | $ (1,264,581) | $ (892,905) | $ (371,676) | $ (3,251,429) | $ 19,829 |
Consolidated Statements of St_2
Consolidated Statements of Stockholder's Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends (in dollars per share) | $ 0.89 | $ 1.34 | $ 0.31 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income before noncontrolling interests | $ 1,384,954 | $ 1,031,015 | $ 532,985 |
Other comprehensive (loss) gain.: | |||
Change in unrealized translation adjustments | 1,179 | (20,969) | 29,927 |
Change in unrealized investment (losses) gains, net of taxes | (983,803) | (198,812) | 140,250 |
Other comprehensive (loss) gain | (982,624) | (219,781) | 170,177 |
Comprehensive income | 402,330 | 811,234 | 703,162 |
Noncontrolling interests | (3,890) | (8,523) | (2,313) |
Comprehensive income to common stockholders | $ 398,440 | $ 802,711 | $ 700,849 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FROM OPERATING ACTIVITIES: | |||
Net income to common stockholders | $ 1,381,062 | $ 1,022,490 | $ 530,670 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Net investment gains | (202,397) | (90,632) | (103,000) |
Depreciation and amortization | 55,872 | 129,682 | 135,065 |
Noncontrolling interests | 3,892 | 8,525 | 2,315 |
Investment funds | (145,099) | (220,015) | (54,253) |
Stock incentive plans | 49,411 | 46,680 | 49,658 |
Change in: | |||
Arbitrage trading account | (53,291) | (268,649) | (67,943) |
Premiums and fees receivable | (268,171) | (364,395) | (173,618) |
Reinsurance accounts | (266,307) | (433,644) | (313,525) |
Deferred policy acquisition costs | (88,844) | (121,663) | (38,691) |
Current income taxes | (3,534) | (43,890) | 49,021 |
Deferred income taxes | (64,712) | 7,630 | (34,057) |
Reserves for losses and loss expenses | 1,684,254 | 1,635,774 | 1,176,049 |
Unearned premiums | 466,590 | 786,627 | 415,956 |
Other | 19,878 | 89,467 | 43,039 |
Net cash from operating activities | 2,568,604 | 2,183,987 | 1,616,686 |
CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES: | |||
Proceeds from sale of fixed maturity securities | 797,948 | 1,842,139 | 3,832,555 |
Proceeds from sale of equity securities | 82,319 | 126,980 | 114,763 |
Distributions from (contributions to) investment funds | (24,623) | (101,050) | 3,042 |
Proceeds from maturities and prepayments of fixed maturity securities | 4,891,179 | 6,067,230 | 3,864,327 |
Purchase of fixed maturity securities | (8,036,680) | (10,716,748) | (7,551,591) |
Purchase of equity securities | (340,482) | (464,645) | (253,031) |
Real estate (purchased) sold | (45,920) | 166,886 | 178,934 |
Change in loans receivable | (83,212) | (27,421) | 1,467 |
Net additions to property, furniture and equipment | (52,684) | (66,634) | (38,171) |
Change in balances due from security brokers | 14,337 | (17,983) | (26,515) |
Cash received in connection with business disposition | 906,789 | 0 | 0 |
Payment for business purchased, net of cash acquired | (49,572) | 0 | 0 |
Net cash (used in) from investing activities | (1,891,355) | (2,989,146) | 119,696 |
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: | |||
Net (payments) proceeds from issuance of debt | (3,309) | ||
Net (payments) proceeds from issuance of debt | 1,034,107 | 741,637 | |
Repayment of senior notes and other debt | (426,503) | (504,952) | (652,751) |
Cash dividends to common stockholders | (235,192) | (355,736) | (84,147) |
Purchase of common treasury shares | (94,140) | (122,426) | (346,357) |
Other, net | (12,848) | (45,162) | (56,225) |
Net cash (used in) from financing activities | (771,992) | 5,831 | (397,843) |
Net impact on cash due to change in foreign exchange rates | (24,754) | (4,195) | 10,117 |
Net (decrease) increase in cash and cash equivalents | (119,497) | (803,523) | 1,348,656 |
Cash and cash equivalents at beginning of year | 1,568,843 | 2,372,366 | 1,023,710 |
Cash and cash equivalents at end of year | $ 1,449,346 | $ 1,568,843 | $ 2,372,366 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (A) Principles of consolidation and basis of presentation The consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the "Company"), have been prepared on the basis of U.S. generally accepted accounting principles ("GAAP"). All significant intercompany transactions and balances have been eliminated. Reclassifications have been made in the 2021 and 2020 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. In the fourth quarter of 2022, the Company adjusted the proceeds from sale of fixed maturity securities and purchase of fixed maturity securities lines within the consolidated statements of cash flows for an incremental inter-company elimination which resulted in no impact on the total amount of investing activities. For the years ended December 31, 2021 and 2020, the Company did not correct these line items as the effects were not material and had no impact on the total amount of investing activities. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. The most significant items on our balance sheet that involve a greater degree of accounting estimates that are subject to change in the future are the valuation of investments, allowance for expected credit losses on investments, reserves for losses and loss expenses and premium estimates. Actual results could differ from those estimates. (B) Revenue recognition Insurance premiums are recognized as written at the inception of the policy. Reinsurance premiums are estimated based upon information received from ceding companies, and subsequent differences from such estimates are recorded in the period they are determined. Insurance and reinsurance premiums are primarily earned on a pro rata basis over the policy term. Fees for services are earned over the period that the services are provided. Premiums and fees receivable are reported net of an allowance for expected credit losses, with the allowance being estimated based on current and future expected conditions, historical loss data and specific identification of collectability concerns where applicable. Changes in the allowance are reported within other operating costs and expenses. Audit premiums are recognized when they are reliably determinable. The change in accruals for earned but unbilled audit premiums increased (decreased) net premiums written and premiums earned by $25 million, $10 million and $(27) million in 2022, 2021 and 2020, respectively. Revenues from non-insurance businesses are derived from businesses engaged in the distribution of promotional merchandise, world-wide textile solutions, and aircraft services provided to the general, commercial and military aviation markets. These aircraft services include (i) the distribution, manufacturing, repair and overhaul of aircraft parts and components, (ii) the sale of new and used aircraft, and (iii) avionics, fuel, maintenance, storage and charter services. Revenue is recognized upon the shipment of products and parts, the delivery of aircraft, the delivery of fuel, and over the completion period of services. Insurance service fee revenue represents servicing fees for program administration and claims management services provided by the Company, including workers' compensation assigned risk plans, as well as insurance brokerage and risk management services. Fees for program administration, claims management and risk management services are primarily recognized ratably over the related contract period for which the underlying services are rendered. Commissions for insurance brokerage are generally recognized when the underlying insurance policy is effective. (C) Cash and cash equivalents Cash equivalents consist of funds invested in money market accounts and investments with an effective maturity of three months or less when purchased. (D) Investments Fixed maturity securities classified as available for sale are carried at estimated fair value, with unrealized gains and losses, net of applicable income taxes, excluded from earnings and reported as a component of comprehensive income and a separate component of stockholders' equity. Fixed maturity securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment income from fixed maturity securities is recognized based on the constant effective yield method. Premiums and discounts on mortgage-backed securities are adjusted for the effects of actual and anticipated prepayments on a retrospective basis. Equity securities with readily determinable fair values are measured at fair value, with changes in the fair value recognized in net income within net realized and unrealized gains on investments. Fixed maturity securities that the Company purchased with the intent to sell in the near-term are classified as trading account securities and are reported at estimated fair value. Realized and unrealized gains and losses from trading activity are reported as net investment income and are recorded at the trade date. Short sales and short call options are presented as trading securities sold but not yet purchased. Unsettled trades and the net margin balances held by the clearing broker are presented as a trading account receivable from brokers and clearing organizations. Investment funds are carried under the equity method of accounting. The Company's share of the earnings or losses of investment funds is primarily reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Loans receivable primarily represent commercial real estate mortgage loans and bank loans and are carried at amortized cost. The accrual of interest on loans receivable is discontinued if the loan is 90 days past due based on the contractual terms of the loan unless the loan is adequately secured and in process of collection. In general, loans are placed on non-accrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. Interest on these loans is accounted for on a cash basis until qualifying for return to accrual status. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value of investments is determined based on a fair value hierarchy that prioritizes the use of observable inputs over the use of unobservable inputs and requires the use of observable inputs when available. (See Note 13 of the Notes to Consolidated Financial Statements.) Realized gains or losses represent the difference between the cost of securities sold and the proceeds realized upon sale and are recorded at the trade date. The Company uses primarily the first-in, first-out method to determine the cost of securities sold. For available for sale securities in an unrealized loss position where the Company intends to sell, or it is more likely than not that it will be required to sell the security before recovery in value, the amortized cost basis is written down to fair value through net investment gains. For available for sale securities in an unrealized loss position where the Company does not intend to sell, or it is more likely than not that it will not be required to sell the security before recovery in value, the Company evaluates whether the decline in fair value has resulted from credit losses or all other factors (non-credit factors). In making this assessment, the Company considers the extent to which fair value is less than amortized cost, changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for expected credit losses is recorded for the credit loss through net investment gains, limited by the amount that the fair value is less than the amortized cost basis. The allowance is adjusted for any change in expected credit losses and subsequent recoveries through net investment gains. The impairment related to non-credit factors is recognized in comprehensive income (loss). For financial assets carried at amortized cost, which includes held to maturity securities and loans receivable, the Company estimates an allowance for expected credit losses based on relevant information about past events, including historical loss experience, current conditions and forecasts that affect the expected collectability of the amortized cost of the financial asset. The allowance for expected credit losses is presented as a reduction to amortized cost of the financial asset in the consolidated balance sheet and changes to the estimate for expected credit losses are recognized through net investment gains. The Company’s credit assessment of allowance for expected credit losses uses a third party model for available for sale and held to maturity securities, as well as loans receivable. The allowance for expected credit losses is generally based on the performance of the underlying collateral under various economic and default scenarios that involve subjective judgments and estimates by management. Modeling these securities involves various factors, such as projected default rates, the nature and realizable value of the collateral, if any, the ability of the issuer to make scheduled payments, historical performance and other relevant economic and performance factors. A discounted cash flow analysis is used to ascertain the amount of the allowance for expected credit losses, if any. In general, the model reverts to the rating-level long-term average marginal default rates based on 10 years of historical data, beyond the forecast period. For other inputs, the model in most cases reverts to the baseline long- term assumptions linearly over 5 years beyond the forecast period. The long-term assumptions are based on the historical averages. The Company reports accrued investment income separately from fixed maturity securities, and has elected not to measure an allowance for expected credit losses for accrued investment income. Accrued investment income is written off through net investment income at the time the issuer of the bond defaults or is expected to default on payments. Real estate held for investment purposes is initially recorded at the purchase price, which is generally fair value, and is subsequently reported at cost less accumulated depreciation. Real estate taxes, interest and other costs incurred during development and construction are capitalized. Buildings are depreciated on a straight-line basis over the estimated useful lives of the building. Minimum rental income is recognized on a straight-line basis over the lease term. Income and expenses from real estate are reported as net investment income. The carrying value of real estate is reviewed for impairment and an impairment loss is recognized if the estimated undiscounted cash flows from the use and disposition of the property are less than the carrying value of the property. (E) Per share data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by weighted average number of common shares outstanding during the year (including 11,416,856 common shares held in a grantor trust). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the year and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. (F) Deferred policy acquisition costs Acquisition costs associated with the successful acquisition of new and renewed insurance and reinsurance contracts are deferred and amortized ratably over the terms of the related contracts. Ceding commissions received on reinsurance contracts are netted against acquisition costs and are recognized ratably over the life of the contract. Deferred policy acquisition costs are presented net of unearned ceding commissions. Deferred policy acquisition costs are comprised primarily of commissions, as well as employment-related underwriting costs and premium taxes. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income and, if not, are charged to expense. The recoverability of deferred policy acquisition costs is evaluated separately by each of our operating companies. Future investment income is taken into account in measuring the recoverability of deferred policy acquisition costs. (G) Reserves for losses and loss expenses Reserves for losses and loss expenses are an accumulation of amounts determined on the basis of (1) evaluation of claims for business written directly by the Company; (2) estimates received from other companies for reinsurance assumed by the Company; and (3) estimates for losses incurred but not reported (based on Company and industry experience). These estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the statements of income in the period in which they are determined. The Company discounts its reserves for excess and assumed workers' compensation claims using a risk-free or statutory rate. (See Note 14 of Notes to Consolidated Financial Statements.) (H) Reinsurance ceded The unearned portion of premiums ceded to reinsurers is reported as prepaid reinsurance premiums and earned ratably over the policy term. The estimated amounts of reinsurance recoverable on unpaid losses are reported as due from reinsurers. To the extent any reinsurer does not meet its obligations under reinsurance agreements, the Company must discharge its liability. Amounts due from reinsurers are reflected net of funds held where the right of offset is present. The Company has provided an allowance for expected credit losses for estimated uncollectible reinsurance. The allowance is estimated based on the composition of the recoverable balance, considering reinsurer credit ratings, collateral received from financial institutions and funds withheld arrangements, length of collection periods, probability of default methodology, and specific identification of collectability concerns. Changes in the allowance are reported within losses and loss expenses. (I) Deposit accounting Contracts that do not meet the risk transfer requirements of GAAP are accounted for using the deposit accounting method. Under this method, an asset or liability is recognized at the inception of the contract based on consideration paid or received. The amount of the deposit asset or liability is adjusted at subsequent reporting dates using the interest method with a corresponding credit or charge to interest income or expense. Deposit liabilities for assumed reinsurance contracts were $33 million and $35 million at December 31, 2022 and 2021, respectively. (J) Federal and foreign income taxes The Company files a consolidated income tax return in the U.S. and foreign tax returns in countries where it has overseas operations. The Company's method of accounting for income taxes is the asset and liability method. Under this method, deferred tax assets and liabilities are measured using tax rates currently in effect or expected to apply in the years in which those temporary differences are expected to reverse. Interest and penalties, if any, are reported as income tax expense. The Company believes there are no tax positions that would require disclosure under GAAP. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will not be realized. (K) Foreign currency Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the entity's functional currency) are reported on the statements of income as other operating costs and expenses. Unrealized gains or losses resulting from translating the results of non-U.S. dollar denominated operations are reported in accumulated other comprehensive income. Revenues and expenses denominated in currencies other than U.S. dollars are generally translated at the weighted average exchange rate during the year. Assets and liabilities are translated at the rate of exchange in effect at the balance sheet date. (L) Property, furniture and equipment Property, furniture and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the estimated useful lives of the respective assets. Depreciation expense was $52 million, $52 million and $53 million for 2022, 2021 and 2020, respectively. (M) Comprehensive income Comprehensive income encompasses all changes in stockholders' equity (except those arising from transactions with stockholders) and includes net income, net unrealized holding gains or losses on available for sale securities and unrealized foreign currency translation adjustments. (N) Goodwill and other intangible assets Goodwill and other intangible assets are tested for impairment on an annual basis and at interim periods where circumstances require. The Company's impairment test as of December 31, 2022 indicated that there were no material impairment losses related to goodwill and other intangible assets. Intangible assets of $102 million and $85 million are included in other assets as of December 31, 2022 and 2021, respectively. (O) Restricted stock units The costs resulting from all share-based payment transactions with employees are recognized in the consolidated financial statements using a fair-value-based measurement method. Compensation cost is recognized for financial reporting purposes over the period in which the employee is required to provide service in exchange for the award (generally the vesting period). (P) Statements of cash flows Interest payments were $138 million, $141 million and $155 million in 2022, 2021 and 2020, respectively. Income taxes paid were $295 million, $244 million and $103 million in 2022, 2021 and 2020, respectively. Other non-cash items include unrealized investment gains and losses. (See Note 11 of Notes to Consolidated Financial Statements.) (Q) Recent accounting pronouncements 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 | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions 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 third party valuation. The following table summarizes the 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 6,000 Intangible assets 25,600 Goodwill 15,857 Other assets 20,349 Total assets acquired 69,370 Other liabilities assumed (12,420) Noncontrolling interest (5,814) Net assets acquired $ 51,136 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Consolidated Statement of Comprehensive Income | Consolidated Statements of Comprehensive (Loss) Income The following tables present the components of the changes in accumulated other comprehensive (loss) income as of and for the years ended December 31, 2022 and 2021: (In thousands) December 31, 2022 Unrealized Investment (Losses) Gains Currency Translation Adjustments Accumulated Other Comprehensive Loss Changes in AOCI Beginning of period $ 90,900 $ (372,855) $ (281,955) Other comprehensive (loss) income before reclassifications (1,054,838) 1,179 (1,053,659) Amounts reclassified from AOCI 71,035 — 71,035 Other comprehensive (loss) income (983,803) 1,179 (982,624) Unrealized investment loss related to noncontrolling interest (2) — (2) Ending balance $ (892,905) $ (371,676) $ (1,264,581) Amounts reclassified from AOCI Pre-tax $ 89,918 (1) $ — $ 89,918 Tax effect (18,883) (2) — (18,883) After-tax amounts reclassified $ 71,035 $ — $ 71,035 Other comprehensive (loss) income Pre-tax $ (1,248,128) $ 1,179 $ (1,246,949) Tax effect 264,325 — 264,325 Other comprehensive (loss) income $ (983,803) $ 1,179 $ (982,624) (In thousands) December 31, 2021 Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive Loss Changes in AOCI Beginning of period $ 289,714 $ (351,886) $ (62,172) Other comprehensive loss before reclassifications (222,359) (20,969) (243,328) Amounts reclassified from AOCI 23,547 — 23,547 Other comprehensive loss (198,812) (20,969) (219,781) Unrealized investment loss related to non-controlling interest (2) — (2) Ending balance $ 90,900 $ (372,855) $ (281,955) Amounts reclassified from AOCI Pre-tax $ 29,806 (1) $ — $ 29,806 Tax effect (6,259) (2) — (6,259) After-tax amounts reclassified $ 23,547 $ — $ 23,547 Other comprehensive loss Pre-tax $ (254,939) $ (20,969) $ (275,908) Tax effect 56,127 — 56,127 Other comprehensive loss $ (198,812) $ (20,969) $ (219,781) _______________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Investments In Fixed Maturity S
Investments In Fixed Maturity Securities | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Marketable Securities [Line Items] | |
Investments In Fixed Maturity Securities | Investments in Fixed Maturity Securities At December 31, 2022 and 2021, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 2022 Held to maturity: State and municipal $ 47,802 $ (114) $ 4,239 $ — $ 51,927 $ 47,688 Residential mortgage-backed 3,608 — 38 — 3,646 3,608 Total held to maturity 51,410 (114) 4,277 — 55,573 51,296 Available for sale: U.S. government and government agency 960,479 — 937 (69,158) 892,258 892,258 State and municipal: Special revenue 1,837,309 — 3,662 (119,474) 1,721,497 1,721,497 State general obligation 387,709 — 2,651 (21,335) 369,025 369,025 Pre-refunded 156,106 — 2,741 (7) 158,840 158,840 Corporate backed 210,228 — 334 (10,923) 199,639 199,639 Local general obligation 454,983 — 2,967 (16,853) 441,097 441,097 Total state and municipal 3,046,335 — 12,355 (168,592) 2,890,098 2,890,098 Mortgage-backed securities: Residential 1,308,019 (18) 395 (171,595) 1,136,801 1,136,801 Commercial 547,757 — 215 (19,363) 528,609 528,609 Total mortgage-backed securities 1,855,776 (18) 610 (190,958) 1,665,410 1,665,410 Asset-backed securities 4,132,365 — 2,730 (152,322) 3,982,773 3,982,773 Corporate: Industrial 3,491,645 (1,704) 4,439 (241,381) 3,252,999 3,252,999 Financial 2,585,247 (2,997) 5,505 (117,383) 2,470,372 2,470,372 Utilities 586,066 — 1,307 (36,325) 551,048 551,048 Other 441,230 — — (11,657) 429,573 429,573 Total corporate 7,104,188 (4,701) 11,251 (406,746) 6,703,992 6,703,992 Foreign government 1,564,930 (32,633) 4,283 (135,058) 1,401,522 1,401,522 Total available for sale 18,664,073 (37,352) 32,166 (1,122,834) 17,536,053 17,536,053 Total investments in fixed maturity securities $ 18,715,483 $ (37,466) $ 36,443 $ (1,122,834) $ 17,591,626 $ 17,587,349 (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 securities: 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 securities 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 years ended December 31, 2022 and 2021: State and Municipal (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 387 $ 798 Change in allowance for expected credit losses (273) (411) Allowance for expected credit losses, end of period $ 114 $ 387 The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the years ended December 31, 2022 and 2021: 2022 2021 (In thousands) Foreign Government Corporate Mortgage- Backed 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 1,910 2,648 21 4,579 19,072 16 19,088 Expected credit losses (gains) on securities for which credit losses were previously recorded 8,534 2,042 (3) 10,573 2,438 (513) 1,925 Reduction due to disposals (33) (5) — (38) (552) (5) (557) Allowance for expected credit losses, end of period $ 32,633 $ 4,701 $ 18 $ 37,352 $ 22,222 $ 16 $ 22,238 During the year ended December 31, 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 year ended December 31, 2021, the Company increased the allowance for expected credit losses primarily due to foreign government securities that had no reserve in prior periods. The amortized cost and fair value of fixed maturity securities at December 31, 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 Value Due in one year or less $ 1,570,480 $ 1,527,090 Due after one year through five years 8,746,271 8,299,945 Due after five years through ten years 4,395,236 4,119,772 Due after ten years 2,143,998 1,975,763 Mortgage-backed securities 1,859,384 1,669,056 Total $ 18,715,369 $ 17,591,626 ________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $114 thousand related to held to maturity securities. At December 31, 2022 and 2021, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2022, investments with a carrying value of $1,910 million were on deposit in custodial or trust accounts, of which $1,218 million was on deposit with insurance regulators, $656 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $31 million was on deposit as security for reinsurance clients and $5 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations. At December 31, 2022 and 2021, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses December 31, 2022 Common stocks $ 855,987 $ 192,165 $ (65,401) $ 982,751 $ 982,751 Preferred stocks 259,341 1,053 (57,251) 203,143 203,143 Total $ 1,115,328 $ 193,218 $ (122,652) $ 1,185,894 $ 1,185,894 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 |
Investments In Equity Securitie
Investments In Equity Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Equity Securities | Investments in Fixed Maturity Securities At December 31, 2022 and 2021, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 2022 Held to maturity: State and municipal $ 47,802 $ (114) $ 4,239 $ — $ 51,927 $ 47,688 Residential mortgage-backed 3,608 — 38 — 3,646 3,608 Total held to maturity 51,410 (114) 4,277 — 55,573 51,296 Available for sale: U.S. government and government agency 960,479 — 937 (69,158) 892,258 892,258 State and municipal: Special revenue 1,837,309 — 3,662 (119,474) 1,721,497 1,721,497 State general obligation 387,709 — 2,651 (21,335) 369,025 369,025 Pre-refunded 156,106 — 2,741 (7) 158,840 158,840 Corporate backed 210,228 — 334 (10,923) 199,639 199,639 Local general obligation 454,983 — 2,967 (16,853) 441,097 441,097 Total state and municipal 3,046,335 — 12,355 (168,592) 2,890,098 2,890,098 Mortgage-backed securities: Residential 1,308,019 (18) 395 (171,595) 1,136,801 1,136,801 Commercial 547,757 — 215 (19,363) 528,609 528,609 Total mortgage-backed securities 1,855,776 (18) 610 (190,958) 1,665,410 1,665,410 Asset-backed securities 4,132,365 — 2,730 (152,322) 3,982,773 3,982,773 Corporate: Industrial 3,491,645 (1,704) 4,439 (241,381) 3,252,999 3,252,999 Financial 2,585,247 (2,997) 5,505 (117,383) 2,470,372 2,470,372 Utilities 586,066 — 1,307 (36,325) 551,048 551,048 Other 441,230 — — (11,657) 429,573 429,573 Total corporate 7,104,188 (4,701) 11,251 (406,746) 6,703,992 6,703,992 Foreign government 1,564,930 (32,633) 4,283 (135,058) 1,401,522 1,401,522 Total available for sale 18,664,073 (37,352) 32,166 (1,122,834) 17,536,053 17,536,053 Total investments in fixed maturity securities $ 18,715,483 $ (37,466) $ 36,443 $ (1,122,834) $ 17,591,626 $ 17,587,349 (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 securities: 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 securities 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 years ended December 31, 2022 and 2021: State and Municipal (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 387 $ 798 Change in allowance for expected credit losses (273) (411) Allowance for expected credit losses, end of period $ 114 $ 387 The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the years ended December 31, 2022 and 2021: 2022 2021 (In thousands) Foreign Government Corporate Mortgage- Backed 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 1,910 2,648 21 4,579 19,072 16 19,088 Expected credit losses (gains) on securities for which credit losses were previously recorded 8,534 2,042 (3) 10,573 2,438 (513) 1,925 Reduction due to disposals (33) (5) — (38) (552) (5) (557) Allowance for expected credit losses, end of period $ 32,633 $ 4,701 $ 18 $ 37,352 $ 22,222 $ 16 $ 22,238 During the year ended December 31, 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 year ended December 31, 2021, the Company increased the allowance for expected credit losses primarily due to foreign government securities that had no reserve in prior periods. The amortized cost and fair value of fixed maturity securities at December 31, 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 Value Due in one year or less $ 1,570,480 $ 1,527,090 Due after one year through five years 8,746,271 8,299,945 Due after five years through ten years 4,395,236 4,119,772 Due after ten years 2,143,998 1,975,763 Mortgage-backed securities 1,859,384 1,669,056 Total $ 18,715,369 $ 17,591,626 ________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $114 thousand related to held to maturity securities. At December 31, 2022 and 2021, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2022, investments with a carrying value of $1,910 million were on deposit in custodial or trust accounts, of which $1,218 million was on deposit with insurance regulators, $656 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $31 million was on deposit as security for reinsurance clients and $5 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations. At December 31, 2022 and 2021, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses December 31, 2022 Common stocks $ 855,987 $ 192,165 $ (65,401) $ 982,751 $ 982,751 Preferred stocks 259,341 1,053 (57,251) 203,143 203,143 Total $ 1,115,328 $ 193,218 $ (122,652) $ 1,185,894 $ 1,185,894 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 | 12 Months Ended |
Dec. 31, 2022 | |
Trading Securities and Derivative Instruments [Abstract] | |
Arbitrage Trading Account | Arbitrage Trading Account At December 31, 2022 and 2021, the fair value and carrying value of the arbitrage trading account were $944 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 December 31, 2022, the fair value of short option contracts outstanding was $0.1 thousand (notional amount of $10 thousand). Other than with respect to the use of these trading account securities, the Company does not make use of derivatives. |
Net Investment Income
Net Investment Income | 12 Months Ended |
Dec. 31, 2022 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net Investment Income Net investment income consists of the following: (In thousands) 2022 2021 2020 Investment income (loss) earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 549,281 $ 382,001 $ 426,563 Investment funds 145,099 220,014 54,253 Arbitrage trading account 45,213 37,676 77,931 Real estate (3,087) 7,703 24,027 Equity securities 52,600 32,020 10,172 Gross investment income 789,106 679,414 592,946 Investment expense (9,921) (7,796) (9,125) Net investment income $ 779,185 $ 671,618 $ 583,821 |
Investment Funds
Investment Funds | 12 Months Ended |
Dec. 31, 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 investments funds under the equity method of accounting. The Company’s maximum exposure to loss with respect to these investments is limited to the carrying amount reported on the Company’s consolidated balance sheet and its unfunded commitments of $402 million as of December 31, 2022. Investment funds consist of the following: Carrying Value Income (Loss) From Investment Funds For the Year Ended (In thousands) 2022 2021 2022 2021 2020 Financial services $ 465,683 $ 431,818 $ 34,030 $ 98,893 $ 34,763 Transportation 336,753 336,688 53,180 42,424 (616) Real estate 204,644 273,690 48,723 29,484 7,543 Energy 116,432 150,224 1,425 22,118 (11,039) Infrastructure 115,428 12,314 4,603 1,372 1,672 Other funds 369,608 275,878 3,138 25,723 21,930 Total $ 1,608,548 $ 1,480,612 $ 145,099 $ 220,014 $ 54,253 The Company's share of the earnings or losses of investment funds is primarily reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Financial services investment funds include the Company’s minority investment in Lifson Re, a Bermuda reinsurance company. Effective January 1, 2021, Lifson Re participated on a fully collateralized basis in a majority of the Company’s reinsurance placements for a 22.5% share of placed amounts. The percentage 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 years ended December 31, 2022 and 2021, the Company ceded approximately $399 million and $245 million, respectively, of written premiums to Lifson Re. Other funds include deferred compensation trust assets of $30 million and $34 million in 2022 and 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 | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Investment in real estate represents directly owned property held for investment, as follows: As of December 31, (In thousands) 2022 2021 Properties in operation $ 1,114,167 $ 1,626,826 Properties under development 226,455 225,682 Total $ 1,340,622 $ 1,852,508 In 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 $33,206,000 and $57,391,000 as of December 31, 2022 and 2021, respectively. Related depreciation expense was $12,269,000 and $19,688,000 for the years ended December 31, 2022 and 2021, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $32,282,796 in 2023, $33,528,105 in 2024, $31,015,149 in 2025, $29,250,535 in 2026, $28,334,384 in 2027 and $510,771,307 thereafter. During the first quarter of 2022, the Company sold a real estate investment in London (proceeds from the real estate and related entity is presented on the business disposition line within the consolidated statements of cash flows). A mixed-use project in Washington, D.C. had been under development in 2022 and 2021, with the completed portion as noted above reported in properties in operation as of December 31, 2022. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable At December 31, 2022 and 2021, loans receivable were as follows: As of December 31, (In thousands) 2022 2021 Amortized cost (net of allowance for expected credit losses): Real estate loans $ 173,616 $ 89,431 Commercial loans 19,386 25,741 Total $ 193,002 $ 115,172 Fair value: Real estate loans $ 168,595 $ 90,793 Commercial loans 19,386 25,741 Total $ 187,981 $ 116,534 The real estate loans are secured by commercial and residential real estate primarily located in London and 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 was none and $0.2 million as of December 31, 2022 and 2021, respectively. The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the years ended December 31, 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 allowance for expected credit losses (262) 335 73 (321) (3,398) (3,719) Allowance for expected credit losses, end of period $ 1,100 $ 691 $ 1,791 $ 1,362 $ 356 $ 1,718 The Company monitors the performance of its loans receivable and assesses the ability of the borrower to pay principal and interest based upon loan structure, underlying property values, cash flow and related financial and operating performance of the property and market conditions. |
Net Investment Gains
Net Investment Gains | 12 Months Ended |
Dec. 31, 2022 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Net Investment Gains | Net Investment Gains Net investment gains were as follows: (In thousands) 2022 2021 2020 Net investment gains: Fixed maturity securities: Gains $ 4,224 $ 18,981 $ 27,819 Losses (11,654) (6,975) (56,096) Equity securities (1): Net realized (losses) gains on investment sales (12,879) 16,365 32,647 Change in unrealized losses (632) (38,455) (25,868) Investment funds 12,407 44,778 31,481 Real estate (2) 293,525 94,911 101,554 Loans receivable (32) (881) — Other (67,648) (21,766) (38,023) Net realized and unrealized gains on investments in earnings before allowance for expected credit losses 217,311 106,958 73,514 Change in allowance for expected credit losses on investments: Fixed maturity securities (14,841) (20,045) 33,134 Loans receivable (73) 3,719 (3,648) Change in allowance for expected credit losses on investments (14,914) (16,326) 29,486 Net investment gains 202,397 90,632 103,000 Income tax expense (42,670) (17,710) (21,630) After-tax net investment gains $ 159,727 $ 72,922 $ 81,370 Change in unrealized investment (losses) gains: Fixed maturity securities without allowance for expected credit losses $ (1,216,292) $ (262,221) $ 134,129 Fixed maturity securities with allowance for expected credit losses (28,370) 10,124 32,004 Investment funds (2,019) (1,270) 2,280 Other (1,447) (1,572) (3,768) Total change in unrealized investment (losses) gains (1,248,128) (254,939) 164,645 Income tax benefit (expense) 264,325 56,127 (24,395) Noncontrolling interests (2) (2) (2) After-tax change in unrealized investment (losses) gains $ (983,805) $ (198,814) $ 140,248 ____________________ (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. (2) During March 2022, the Company realized a gain on the sale of a real estate investment in London, U.K. of $251 million, net of transaction expenses and the foreign currency impact, including the reversal of the currency translation adjustment. |
Fixed Maturity Securities in an
Fixed Maturity Securities in an Unrealized Loss Position | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 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 December 31, 2022 U.S. government and government agency $ 285,391 $ 10,219 $ 453,520 $ 58,939 $ 738,911 $ 69,158 State and municipal 1,720,443 89,272 598,797 79,320 2,319,240 168,592 Mortgage-backed securities 1,099,549 75,430 473,318 115,528 1,572,867 190,958 Asset-backed securities 1,569,647 48,390 2,176,638 103,932 3,746,285 152,322 Corporate 3,690,856 150,115 2,349,281 256,631 6,040,137 406,746 Foreign government 477,672 29,815 711,786 105,243 1,189,458 135,058 Fixed maturity securities $ 8,843,558 $ 403,241 $ 6,763,340 $ 719,593 $ 15,606,898 $ 1,122,834 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 securities 558,751 6,900 106,130 4,762 664,881 11,662 Asset-backed securities 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. Fixed Maturity Securities — A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at December 31, 2022 is presented in the table below: ($ in thousands) Number of Aggregate Gross Foreign government 36 $ 119,332 $ 73,900 Corporate 10 39,347 4,649 State and municipal 1 12,247 2,756 Mortgage-backed securities 14 4,464 269 Asset-backed securities 1 16 10 Total 62 $ 175,406 $ 81,584 For fixed maturity securities that management does not intend to sell or to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company’s fixed maturity and equity securities classified as available for sale and its trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date”. The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value as of December 31, 2022 and 2021 by level: (In thousands) Total Level 1 Level 2 Level 3 December 31, 2022 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 892,258 $ — $ 892,258 $ — State and municipal 2,890,098 — 2,890,098 — Mortgage-backed securities 1,665,410 — 1,665,410 — Asset-backed securities 3,982,773 — 3,982,773 — Corporate 6,703,992 — 6,703,992 Foreign government 1,401,522 — 1,401,522 — Total fixed maturity securities available for sale 17,536,053 — 17,536,053 — Equity securities: Common stocks 982,751 978,991 1,161 2,599 Preferred stocks 203,143 — 191,844 11,299 Total equity securities 1,185,894 978,991 193,005 13,898 Arbitrage trading account 944,230 822,192 118,448 3,590 Total $ 19,666,177 $ 1,801,183 $ 17,847,506 $ 17,488 Liabilities: Trading account securities sold but not yet purchased $ — $ — $ — $ — 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 securities 1,068,075 — 1,068,075 — Asset-backed securities 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 years ended December 31, 2022 and 2021: Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Losses) Impairments Purchases Sales Paydowns/Maturities Transfers In / Out Ending Balance Year ended December 31, 2022 Assets: Fixed maturity securities available for sale: Corporate $ — $ — $ — $ — $ — $ — $ — $ — $ — Total — — — — — — — — — Equity securities: Common stocks 9,294 (6,695) — — — — — — 2,599 Preferred stocks 11,296 3 — — 925 (925) — — 11,299 Total 20,590 (6,692) — — 925 (925) — — 13,898 Arbitrage trading account — (179) — — 4,685 (917) — 1 3,590 Total $ 20,590 $ (6,871) $ — $ — $ 5,610 $ (1,842) $ — $ 1 $ 17,488 Liabilities: Trading account securities sold but not yet purchased $ — $ — $ — $ — $ — $ — $ — $ — $ — Year ended December 31, 2021 Assets: Fixed maturity 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) $ — $ — $ — $ — The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2022 and 2021: 2022 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 17,587,349 $ 17,591,626 $ 16,602,673 $ 16,614,118 Equity securities 1,185,894 1,185,894 941,243 941,243 Arbitrage trading account 944,230 944,230 1,179,606 1,179,606 Loans receivable 193,002 187,981 115,172 116,534 Cash and cash equivalents 1,449,346 1,449,346 1,568,843 1,568,843 Trading accounts receivable from brokers and clearing organizations 233,863 233,863 — — Due from broker 3,609 3,609 20,448 20,448 Liabilities: Due to broker — — 53,636 53,636 Trading account securities sold but not yet purchased — — 1,169 1,169 Senior notes and other debt 1,828,823 1,439,188 2,259,416 2,526,630 Subordinated debentures 1,008,371 805,600 1,007,652 1,095,600 The estimated fair values of the Company’s fixed maturity securities, equity securities available for sale and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 13 above. The fair value of loans receivable is estimated by using current institutional purchaser yield requirements for loans with similar credit characteristics, which is considered a Level 2 input. The fair value of the senior notes and other debt and the subordinated debentures is based on spreads for similar securities, which is considered a Level 2 input. |
Reserves For Losses And Loss Ex
Reserves For Losses And Loss Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Reserves For Losses And Loss Expenses | Reserves for Losses and Loss Expenses The Company's reserves for losses and loss expenses are comprised of case reserves and incurred but not reported liabilities (IBNR). When a claim is reported, a case reserve is established for the estimated ultimate payment based upon known information about the claim. As more information about the claim becomes available over time, case reserves are adjusted up or down as appropriate. Reserves are also established on an aggregate basis to provide for IBNR liabilities and expected loss reserve development on reported claims. Loss reserves included in the Company’s financial statements represent management’s best estimates based upon an actuarially derived point estimate and other considerations. The Company uses a variety of actuarial techniques and methods to derive an actuarial point estimate for each business. These methods may include paid loss development, incurred loss development, paid and incurred Bornhuetter-Ferguson methods and frequency and severity methods. In circumstances where one actuarial method is considered more credible than the others, that method is used to set the point estimate. The actuarial point estimate may also be based on a judgmental weighting of estimates produced from each of the methods considered. Industry loss experience is used to supplement the Company’s own data in selecting “tail factors” in areas where the Company’s own data is limited. The actuarial data is analyzed by line of business, coverage and accident or policy year, as appropriate, for each business. The establishment of the actuarially derived loss reserve point estimate also includes consideration of qualitative factors that may affect the ultimate losses. These qualitative considerations include, among others, the impact of re-underwriting initiatives, changes in claims handling procedures, changes in the mix of business, changes in distribution sources and changes in policy terms and conditions. The key assumptions used to arrive at the best estimate of loss reserves are the expected loss ratios, rate of loss cost inflation, and reported and paid loss emergence patterns. Expected loss ratios represent management’s expectation of losses at the time the business is priced and written, before any actual claims experience has emerged. This expectation is a significant determinant of the estimate of loss reserves for recently written business where there is little paid or incurred loss data to consider. Expected loss ratios are generally derived from historical loss ratios adjusted for the impact of rate changes, loss cost trends and known changes in the type of risks underwritten. Expected loss ratios are estimated for each key line of business within each business. Expected loss cost inflation is particularly important for the long-tail lines, such as excess casualty, and claims with a high medical component, such as workers’ compensation. Reported and paid loss emergence patterns are used to project current reported or paid loss amounts to their ultimate settlement value. Loss development factors are based on the historical emergence patterns of paid and incurred losses, and are derived from the Company’s own experience and industry data. The paid loss emergence pattern is also significant to excess and assumed workers’ compensation reserves because those reserves are discounted to their estimated present value based upon such estimated payout patterns. Loss frequency and severity are measures of loss activity that are considered in determining the key assumptions described in our discussion of loss and loss expense reserves, including expected loss ratios, rate of loss cost inflation and reported and paid loss emergence patterns. Loss frequency is a measure of the number of claims per unit of insured exposure, and loss severity is a measure of the average size of claims. Factors affecting loss frequency include the effectiveness of loss controls and safety programs and changes in economic activity or weather patterns. Factors affecting loss severity include changes in policy limits, retentions, rate of inflation and judicial interpretations. Another factor affecting estimates of loss frequency and severity is the loss reporting lag, which is the period of time between the occurrence of a loss and the date the loss is reported to the Company. The length of the loss reporting lag affects our ability to accurately predict loss frequency (loss frequencies are more predictable for lines with short reporting lags) as well as the amount of reserves needed for incurred but not reported losses (less IBNR is required for lines with short reporting lags). As a result, loss reserves for lines with short reporting lags are likely to have less variation from initial loss estimates. For lines with short reporting lags, which include commercial automobile, primary workers’ compensation, other liability (claims-made) and property business, the key assumption is the loss emergence pattern used to project ultimate loss estimates from known losses paid or reported to date. For lines of business with long reporting lags, which include other liability (occurrence), products liability, excess workers’ compensation and liability reinsurance, the key assumption is the expected loss ratio since there is often little paid or incurred loss data to consider. Historically, the Company has experienced less variation from its initial loss estimates for lines of businesses with short reporting lags than for lines of business with long reporting lags. The key assumptions used in calculating the most recent estimate of the loss reserves are reviewed each quarter and adjusted, to the extent necessary, to reflect the latest reported loss data, current trends and other factors observed. A claim may be defined as an event, as a claimant (number of parties claiming damages from an event) or by exposure type (e.g., an event may give rise to two parties, each claiming loss for bodily injury and property damage). The most commonly used claim count method is by event. Most of the Company's businesses use the number of events to define and quantify the number of claims. However, in certain lines of business, where it is common for multiple parties to claim damages arising from a single event, a business may quantify claims on the basis of the number of separate parties involved in an event. This may be the case with businesses writing substantial automobile or transportation exposure. Claim counts for assumed reinsurance will vary based on whether the business is written on a facultative or treaty basis. Further variability as respects treaty claim counts may be reflective of the nature of the treaty, line of business coverage, and type of participation such as quota share or excess of loss contracts. Accordingly, the claim counts have been excluded from the below Reinsurance & Monoline Excess segment tables due to this variability. The claim count information set forth in the tables presented below may not provide an accurate reflection of ultimate loss payouts by product line. The following tables present undiscounted incurred and paid claims development as of December 31, 2022, net of reinsurance, as well as cumulative claim frequency and the total of incurred but not reported liabilities (IBNR). The information about incurred and paid claims development for the years ended December 31, 2013 to 2021 is presented as supplementary information. To enhance the comparability of the loss development data, the Company has removed the impact of foreign exchange rate movements by using the December 31, 2022 exchange rate for all periods. Insurance Other Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited IBNR Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 749,261 $ 788,581 $ 779,908 $ 779,706 $ 800,593 $ 806,914 $ 801,689 $ 805,915 $ 807,998 $ 809,358 $ 21,362 26 2014 844,832 845,564 843,501 848,138 861,313 867,400 862,749 861,382 862,630 35,808 28 2015 948,389 984,262 958,734 961,761 964,301 974,345 981,071 1,010,796 55,430 27 2016 1,016,106 1,009,051 1,018,253 1,029,821 1,043,948 1,059,897 1,091,569 96,310 28 2017 1,065,550 1,099,396 1,121,833 1,138,785 1,178,604 1,249,129 142,974 28 2018 1,103,900 1,131,549 1,121,317 1,156,157 1,232,803 181,880 27 2019 1,240,560 1,237,336 1,237,824 1,294,681 292,625 28 2020 1,339,565 1,212,790 1,158,880 489,718 22 2021 1,534,580 1,390,790 841,854 23 2022 1,823,680 1,507,284 20 Total $ 11,924,316 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 63,243 $ 188,023 $ 330,127 $ 470,566 $ 585,608 $ 646,257 $ 691,495 $ 717,908 $ 738,858 $ 761,461 2014 78,705 190,419 337,426 478,924 592,828 678,490 728,718 758,098 781,533 2015 82,638 210,151 381,328 536,855 674,665 755,641 814,191 872,657 2016 69,407 208,828 389,862 557,998 676,735 766,515 870,981 2017 79,887 255,603 453,097 638,934 774,738 930,630 2018 86,798 264,299 435,729 615,753 806,869 2019 88,195 275,343 471,239 704,928 2020 72,232 225,068 423,283 2021 76,612 267,685 2022 93,519 Total $ 6,513,546 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 125,357 Reserves for loss and loss adjustment expenses, net of reinsurance $ 5,536,127 Workers' Compensation (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited IBNR Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 552,570 $ 547,295 $ 546,995 $ 543,238 $ 547,000 $ 542,274 $ 541,926 $ 540,322 $ 538,503 $ 534,948 $ 11,473 53 2014 639,436 637,307 627,767 617,242 615,435 604,030 600,194 602,000 598,977 21,528 57 2015 712,800 690,525 650,997 641,169 626,432 620,741 617,478 612,687 29,213 58 2016 702,716 696,339 684,700 660,520 651,278 657,972 654,385 36,834 58 2017 762,093 733,505 689,622 673,216 683,880 682,153 41,944 58 2018 778,964 724,697 715,055 724,056 721,170 43,766 56 2019 784,281 721,018 732,762 734,034 67,254 54 2020 725,245 716,430 704,008 96,322 42 2021 742,687 701,703 149,447 45 2022 772,620 348,348 41 Total $ 6,716,685 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 117,900 $ 277,538 $ 363,028 $ 414,160 $ 447,894 $ 466,580 $ 479,104 $ 489,075 $ 496,809 $ 502,181 2014 148,405 319,743 412,611 471,235 503,915 521,141 531,475 538,914 547,894 2015 139,320 323,744 421,734 477,541 512,933 531,512 544,849 557,215 2016 142,998 338,835 446,072 504,850 537,861 558,934 572,669 2017 153,456 362,299 468,817 525,753 559,198 583,258 2018 171,006 397,464 508,546 574,889 613,675 2019 184,715 397,376 515,914 581,003 2020 172,478 380,454 485,203 2021 172,729 384,867 2022 180,982 Total $ 5,008,947 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 214,233 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,921,971 Professional Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited IBNR Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 265,061 $ 244,556 $ 241,046 $ 246,943 $ 267,978 $ 276,566 $ 281,888 $ 279,824 $ 279,870 $ 283,216 $ 4,681 7 2014 250,740 244,574 257,309 241,376 236,961 255,850 254,868 254,243 253,244 12,284 7 2015 257,946 256,595 272,899 274,546 290,141 281,718 282,065 286,271 19,949 8 2016 309,417 323,222 360,110 400,799 438,065 467,545 463,102 33,241 9 2017 333,267 332,400 338,723 377,410 384,416 393,409 53,786 10 2018 334,848 322,176 333,408 359,566 382,409 73,828 10 2019 336,129 332,385 345,614 354,283 93,387 11 2020 394,107 375,577 337,961 159,767 11 2021 524,879 471,266 315,877 11 2022 648,941 543,483 10 Total $ 3,874,102 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 23,295 $ 63,503 $ 118,767 $ 176,079 $ 204,955 $ 246,616 $ 255,863 $ 261,106 $ 267,776 $ 273,094 2014 19,225 83,063 137,341 174,524 197,272 213,888 225,236 234,459 237,145 2015 20,331 85,047 139,205 186,688 215,408 232,143 239,150 246,031 2016 28,517 102,173 201,019 254,872 296,863 356,812 404,742 2017 36,503 96,312 162,829 243,088 261,225 306,713 2018 28,101 99,598 155,212 198,697 244,284 2019 31,674 97,466 147,985 200,521 2020 28,106 80,408 129,168 2021 28,586 86,056 2022 33,446 Total $ 2,161,200 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 36,484 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,749,386 Commercial Automobile (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited IBNR Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 327,514 $ 349,136 $ 368,894 $ 376,243 $ 366,646 $ 366,166 $ 365,275 $ 364,207 $ 364,439 $ 364,607 $ 103 44 2014 363,891 385,241 416,802 414,732 412,120 411,920 407,470 406,589 407,970 403 47 2015 389,577 415,446 421,522 429,608 430,557 428,981 426,107 427,923 1,362 53 2016 429,329 429,074 440,334 441,408 438,192 437,884 439,682 2,244 52 2017 430,440 428,419 430,198 434,170 439,991 444,472 4,800 47 2018 442,610 462,544 478,966 494,315 521,667 10,720 46 2019 483,019 488,291 504,813 530,876 22,483 45 2020 523,736 428,759 442,163 31,172 30 2021 614,422 596,810 111,412 38 2022 792,553 342,905 40 Total $ 4,968,723 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 142,929 $ 218,596 $ 267,253 $ 321,855 $ 342,961 $ 352,792 $ 361,499 $ 362,252 $ 362,624 $ 364,147 2014 155,564 237,648 326,854 364,054 392,658 400,577 403,273 404,259 405,004 2015 159,987 263,663 323,429 368,448 396,018 409,426 415,170 418,993 2016 183,160 277,665 339,657 388,554 407,989 418,499 426,955 2017 180,545 267,326 326,861 371,761 401,844 419,545 2018 180,056 281,475 350,110 412,874 463,117 2019 185,236 290,124 374,479 440,378 2020 142,815 228,357 308,451 2021 180,860 319,941 2022 253,206 Total $ 3,819,737 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 3,731 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,152,717 Short-tail lines (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited IBNR Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 565,391 $ 573,905 $ 565,810 $ 549,518 $ 548,169 $ 544,681 $ 542,863 $ 542,148 $ 541,857 $ 541,728 $ 1,125 25 2014 691,971 697,845 659,563 658,252 659,230 659,568 662,012 660,250 658,557 1,549 30 2015 736,523 726,287 723,206 721,789 713,899 712,361 710,663 710,978 3,842 32 2016 771,390 775,308 762,460 757,009 751,530 753,952 752,604 3,363 34 2017 752,727 753,326 747,630 747,003 746,603 747,869 8,195 42 2018 759,634 748,931 746,265 744,544 742,289 11,491 48 2019 721,073 701,241 691,015 684,708 18,311 43 2020 900,683 904,580 922,333 24,934 38 2021 828,187 832,183 57,246 36 2022 944,842 235,121 32 Total $ 7,538,091 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 310,750 $ 480,140 $ 526,031 $ 527,789 $ 534,569 $ 535,756 $ 536,416 $ 537,582 $ 538,985 $ 539,081 2014 368,865 587,607 609,948 628,440 643,619 650,816 653,272 653,784 654,089 2015 392,921 608,748 664,084 686,029 695,563 701,341 708,065 708,214 2016 416,611 669,891 711,385 726,549 731,651 738,390 739,244 2017 445,285 689,662 718,538 730,688 734,509 741,685 2018 414,910 661,741 708,214 725,138 725,228 2019 404,975 615,869 645,374 657,819 2020 460,434 784,670 845,714 2021 405,512 698,092 2022 472,024 Total $ 6,781,190 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 4,727 Reserves for loss and loss adjustment expenses, net of reinsurance $ 761,628 Reinsurance & Monoline Excess Casualty (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 IBNR 2013 $ 318,365 $ 269,340 $ 272,475 $ 282,307 $ 291,105 $ 298,317 $ 302,595 $ 301,415 $ 302,672 $ 302,135 $ 12,543 2014 319,454 318,904 318,443 330,382 324,693 324,150 335,883 336,990 341,649 16,184 2015 259,019 231,430 230,085 252,277 293,094 303,261 304,805 309,317 19,728 2016 240,655 252,638 245,268 267,850 301,663 301,355 310,451 24,928 2017 231,082 220,699 238,883 261,482 281,254 298,486 36,491 2018 221,193 210,397 230,790 246,898 261,148 44,474 2019 236,318 230,460 239,131 240,848 72,504 2020 299,602 293,345 289,878 136,865 2021 359,952 346,736 243,222 2022 446,676 402,204 Total $ 3,147,324 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 28,945 $ 63,745 $ 108,852 $ 144,331 $ 178,060 $ 205,553 $ 225,882 $ 241,573 $ 254,273 $ 263,467 2014 21,297 68,374 115,779 155,070 197,996 227,448 252,155 271,512 284,360 2015 17,888 48,442 91,140 141,254 178,521 205,289 233,643 250,880 2016 19,904 61,770 100,200 140,299 171,719 205,354 225,077 2017 16,469 40,085 69,350 123,614 147,311 175,059 2018 11,076 40,953 77,498 109,474 141,553 2019 14,560 39,091 64,020 94,856 2020 20,750 49,664 81,789 2021 10,918 43,838 2022 11,595 Total $ 1,572,474 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 417,861 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,992,711 Monoline Excess (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 IBNR 2013 $ 63,995 $ 50,355 $ 48,143 $ 44,162 $ 40,207 $ 35,120 $ 31,752 $ 29,758 $ 25,701 $ 23,306 $ 5,184 2014 63,561 57,650 49,570 45,823 41,671 42,541 42,618 40,652 35,707 7,484 2015 69,977 57,897 50,099 45,115 39,682 39,781 36,774 30,104 8,683 2016 72,657 70,281 71,404 64,957 65,485 65,222 61,432 13,634 2017 76,701 80,508 70,749 71,025 66,795 62,647 16,529 2018 77,820 72,505 71,448 66,180 57,847 20,826 2019 78,929 77,482 76,242 73,978 21,878 2020 84,354 83,468 80,452 35,638 2021 98,110 87,980 48,670 2022 98,923 66,865 Total $ 612,376 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 647 $ 1,897 $ 3,588 $ 3,008 $ 3,396 $ 4,418 $ 5,349 $ 6,476 $ 8,805 $ 9,490 2014 377 2,341 3,354 4,175 5,808 7,595 11,154 11,938 13,491 2015 2,069 2,481 3,272 4,099 4,416 5,083 5,421 6,457 2016 2,498 4,783 5,573 5,928 7,685 9,883 11,819 2017 6,282 12,810 15,356 17,327 18,375 19,275 2018 6,141 8,230 9,368 10,359 12,414 2019 6,241 10,884 12,728 15,436 2020 4,869 8,699 10,471 2021 4,586 6,026 2022 5,898 Total $ 110,777 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 644,712 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,146,311 Property (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 IBNR 2013 $ 141,380 $ 112,616 $ 114,100 $ 111,937 $ 112,572 $ 111,890 $ 109,697 $ 107,552 $ 106,316 $ 105,711 $ 72 2014 112,907 96,492 97,195 99,941 99,176 98,838 99,244 97,315 96,656 177 2015 127,118 117,452 131,625 130,301 129,398 131,071 130,642 131,342 1,061 2016 167,901 174,423 181,634 180,885 186,159 184,150 185,249 1,482 2017 206,560 200,394 199,410 197,978 191,867 192,379 1,209 2018 108,220 112,068 103,104 105,101 102,953 1,754 2019 103,113 77,062 81,858 81,014 3,637 2020 114,590 117,867 116,774 3,946 2021 133,938 146,761 28,634 2022 167,039 78,818 Total $ 1,325,878 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 36,577 $ 74,572 $ 92,625 $ 101,538 $ 104,323 $ 106,043 $ 107,603 $ 104,403 $ 104,388 $ 105,059 2014 38,780 66,829 82,119 88,257 91,390 93,099 94,565 95,198 95,633 2015 53,474 89,121 109,051 118,552 122,566 125,439 126,848 127,995 2016 78,920 133,516 157,404 168,506 175,949 178,060 182,411 2017 72,126 141,340 171,675 179,749 182,609 185,823 2018 33,991 65,079 82,259 87,736 94,870 2019 23,081 54,499 68,457 71,054 2020 26,574 65,575 86,888 2021 15,235 71,797 2022 25,584 Total $ 1,047,114 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 1,036 Reserves for loss and loss adjustment expenses, net of reinsurance $ 279,800 The reconciliation of the net incurred and paid claims development tables to the reserves for losses and loss expenses in the consolidated balance sheet is as follows: (In thousands) December 31, 2022 Undiscounted reserves for loss and loss expenses, net of reinsurance: Other liability $ 5,536,127 Workers' compensation 1,921,971 Professional liability 1,749,386 Commercial automobile 1,152,717 Short-tail lines 761,628 Other 124,586 Insurance 11,246,415 Casualty 1,992,711 Monoline excess 1,146,311 Property 279,800 Reinsurance & Monoline Excess 3,418,822 Total undiscounted reserves for loss and loss expenses, net of reinsurance $ 14,665,237 (In thousands) December 31, 2022 Due from reinsurers on unpaid claims: Other liability $ 730,029 Workers' compensation 221,769 Professional liability 1,019,810 Commercial automobile 67,895 Short-tail lines 414,549 Other 97,511 Insurance 2,551,563 Casualty 108,390 Monoline excess 35,926 Property 66,465 Reinsurance & Monoline Excess 210,781 Total due from reinsurers on unpaid claims $ 2,762,344 (In thousands) December 31, 2022 Loss reserve discount: Other liability $ — Workers' compensation (12,491) Professional liability — Commercial automobile — Short-tail lines — Other — Insurance (12,491) Casualty (84,668) Monoline excess (319,199) Property — Reinsurance & Monoline Excess (403,867) Total loss reserve discount $ (416,358) Total gross reserves for loss and loss expenses $ 17,011,223 The following is supplementary information regarding average historical claims duration as of December 31, 2022: Insurance Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Other liability 6.9 % 13.7 % 16.3 % 16.0 % 13.1 % 9.2 % 6.7 % 4.2 % 2.7 % 2.8 % Workers' compensation 23.5 % 29.9 % 15.7 % 9.1 % 5.5 % 3.2 % 2.1 % 1.7 % 1.5 % 1.0 % Professional liability 7.4 % 17.6 % 17.7 % 15.7 % 9.1 % 10.3 % 5.1 % 2.6 % 3.0 % 1.9 % Commercial automobile 36.1 % 20.9 % 15.5 % 11.5 % 6.7 % 2.8 % 1.6 % 0.4 % 0.1 % 0.4 % Short-tail lines 54.7 % 32.8 % 5.8 % 2.0 % 1.0 % 0.8 % 0.4 % 0.1 % 0.2 % — % Reinsurance & Monoline Excess Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Casualty 5.7 % 10.9 % 12.5 % 13.7 % 11.0 % 9.3 % 7.4 % 5.5 % 4.0 % 3.0 % Monoline excess 6.1 % 4.7 % 3.1 % 1.7 % 2.6 % 3.3 % 4.6 % 3.5 % 7.2 % 2.9 % Property 30.5 % 33.2 % 16.1 % 5.8 % 3.6 % 1.7 % 1.6 % 0.3 % 0.1 % — % The table below provides a reconciliation of the beginning and ending reserve balances: (In thousands) 2022 2021 2020 Net reserves at beginning of year $ 12,848,362 $ 11,620,393 $ 10,697,998 Cumulative effect adjustment resulting from changes in accounting principles (1) — — 5,927 Restated net reserves at beginning of period 12,848,362 11,620,393 10,703,925 Net provision for losses and loss expenses: Claims occurring during the current year (2) 5,774,713 4,921,191 4,432,937 Increase in estimates for claims occurring in prior years (3) 54,511 863 627 Loss reserve discount accretion 32,526 31,906 35,142 Total 5,861,750 4,953,960 4,468,706 Net payments for claims: Current year 1,068,577 887,896 921,054 Prior year 3,279,333 2,777,798 2,677,595 Total 4,347,910 3,665,694 3,598,649 Foreign currency translation (113,323) (60,297) 46,411 Net reserves at end of year 14,248,879 12,848,362 11,620,393 Ceded reserve at end of year 2,762,344 2,542,526 2,164,037 Gross reserves at end of year $ 17,011,223 $ 15,390,888 $ 13,784,430 Net change in premiums and losses occurring in prior years: Increase in estimates for claims occurring in prior years (3) $ (54,511) $ (863) $ (627) Retrospective premium adjustments for claims occurring in prior years (4) 18,106 7,510 16,807 Net premium and reserve development on prior years $ (36,405) $ 6,647 $ 16,180 _______________________________________ (1) The cumulative effect adjustment resulting from changes in accounting principals relates to the allowance for expected credit losses on reinsurance recoverables that commenced on January 1, 2020 due to the adoption of ASU 2016-13. See Note 1 for more details. (2) Claims occurring during the current year are net of loss reserve discounts of $35 million, $21 million and $10 million in 2022, 2021, and 2020, respectively. (3) The change in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years increased by $16 million in 2022, decreased by $19 million in 2021, and decreased by $21 million in 2020, respectively. (4) For certain retrospectively rated insurance polices and reinsurance agreements, changes in loss and loss expenses for prior years are offset by additional or return premiums. The 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 partially abated. The ultimate net impact of COVID-19 on the Company remains uncertain. New variants of the COVID-19 virus 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 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 impose restrictions, including lockdowns, as well as 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 December 31, 2022, the Company had recognized losses for COVID-19-related claims activity, net of reinsurance, of approximately $341 million, of which $290 million relates to the Insurance segment and $51 million relates to the Reinsurance & Monoline Excess segment. Such $341 million of COVID-19-related losses included $337 million of reported losses and $4 million of IBNR. For the year ended December 31, 2022, the Company recognized current accident year losses for COVID-19-related claims activity, net of reinsurance, of approximately $5 million, of which $3 million relates to the Insurance segment and $2 million relates to the Reinsurance & Monoline Excess segment. Unfavorable prior year development (net of additional and return premiums) was $36 million in 2022. Insurance – Reserves for the Insurance segment developed unfavorably by $40 million in 2022 (net of additional and return premiums). The unfavorable development in the segment primarily related to COVID-19 losses at two businesses. These businesses wrote policies providing coverage for event cancellation and film production delay which were heavily impacted by losses directly caused by the COVID-19 pandemic. Most of this COVID-19 related unfavorable development emerged during the third quarter as a result of settlements of claims at values higher than our expectations. However, the Company believes that as a result of these settlements the remaining level of uncertainty around the ultimate value of its known COVID-19 claims has been significantly reduced. The unfavorable development mentioned above also includes favorable prior year development for the Insurance segment primarily attributable to the 2020 and 2021 accident years and unfavorable development on the 2015 through 2019 accident years. The favorable development on the 2020 and 2021 accident years was concentrated in certain casualty lines of business including general liability, 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 continued to experience lower reported incurred losses relative to our expectations for these accident years as they developed 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 unfavorable development on the 2015 through 2019 accident years was concentrated in the general liability and professional liability, including medical professional, lines of business, as well as commercial auto liability. The development was 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. Reinsurance & Monoline Excess – Reserves for the Reinsurance & Monoline Excess segment developed favorably by $4 million in 2022 (net of additional and return premiums). The overall favorable development for the segment was driven mainly by favorable development in excess workers compensation, substantially offset by unfavorable development in the professional liability and non-proportional reinsurance assumed liability lines of business. The favorable excess workers’ compensation development was spread across most prior accident years, including 2012 and prior 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. The unfavorable professional liability and non-proportional reinsurance assumed liability development was concen |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Premiums and Reinsurance Related Information The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. Reinsurance coverage and retentions vary depending on the line of business, location of the risk and nature of loss. The Company’s reinsurance purchases include the following: property reinsurance treaties that reduce exposure to large individual property losses and catastrophe events; casualty reinsurance treaties that reduce its exposure to large individual casualty losses, workers’ compensation catastrophe losses and casualty losses involving multiple claimants or insureds; and facultative reinsurance that reduces exposure on individual policies or risks for losses that exceed treaty reinsurance capacity. Depending on the business, the Company purchases specific additional reinsurance to supplement the above programs. The following is a summary of reinsurance financial information: (In thousands) 2022 2021 2020 Written premiums: Direct $ 10,695,138 $ 9,531,050 $ 7,874,050 Assumed 1,213,914 1,169,084 973,597 Ceded (1,904,982) (1,837,267) (1,585,210) Total net written premiums $ 10,004,070 $ 8,862,867 $ 7,262,437 Earned premiums: Direct $ 10,217,891 $ 8,825,568 $ 7,489,470 Assumed 1,226,801 1,085,804 941,321 Ceded (1,883,263) (1,805,341) (1,499,948) Total net earned premiums $ 9,561,429 $ 8,106,031 $ 6,930,843 Ceded losses and loss expenses incurred $ 1,269,338 $ 1,236,960 $ 955,630 Ceded commission earned $ 477,437 $ 449,739 $ 358,253 The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the years ended December 31, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 25,218 $ 22,883 Change in allowance for expected credit losses 5,442 2,335 Allowance for expected credit losses, end of period $ 30,660 $ 25,218 Estimated amounts due from reinsurers are reported net of an allowance for expected credit losses of $8.1 million, $7.7 million and $7.8 million as of December 31, 2022, 2021 and 2020, respectively. The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the years ended December 31, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 7,713 $ 7,801 Change in allowance for expected credit losses 351 (88) Allowance for expected credit losses, end of period $ 8,064 $ 7,713 The following table presents the amounts due from reinsurers as of December 31, 2022: (In thousands) Lloyd’s of London $ 347,927 Berkshire Hathaway 332,034 Munich Re 306,530 Partner Re 275,410 Hannover Re Group 191,264 Swiss Re 189,591 Lifson Re 180,724 Renaissance Re 163,973 Everest Re 155,847 Liberty Mutual 96,402 Axis Capital 81,538 Korean Re 59,884 Fairfax Financial 55,228 Axa Insurance 46,058 Arch Capital Group 45,663 Sompo Holdings Group 36,157 Helvetia Holdings Group 30,823 Markel Corp Group 30,216 Validus Holdings Group 24,548 TOA Re 22,945 Other reinsurers less than $20,000 342,275 Subtotal 3,015,037 Residual market pools (1) 180,757 Allowance for expected credit losses (8,064) Total $ 3,187,730 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness Indebtedness consisted of the following as of December 31, 2022 (the difference between the face value and the carrying value is unamortized discount and debt issuance costs): Carrying Value (In thousands) Interest Rate Face Value 2022 2021 Senior notes and other debt due on: January 1, 2022 (1) 8.700% $ — $ — $ 76,503 March 15, 2022 (1) 4.625% — — 349,923 February 15, 2037 6.250% 250,000 248,446 248,336 August 1, 2044 4.750% 350,000 346,020 345,836 May 12, 2050 4.000% 470,000 490,721 491,478 March 30, 2052 3.550% 400,000 394,213 394,015 September 30, 2061 3.150% 350,000 342,945 342,761 Subsidiary debt and other (2) Various 6,478 6,478 10,564 Total senior notes and other debt $ 1,826,478 $ 1,828,823 $ 2,259,416 Subordinated debentures due on: March 30, 2058 5.700% $ 185,000 $ 179,328 $ 179,166 December 30, 2059 5.100% 300,000 291,179 290,941 September 30, 2060 4.250% 250,000 244,523 244,378 March 30, 2061 4.125% 300,000 293,341 293,167 Total subordinated debentures $ 1,035,000 $ 1,008,371 $ 1,007,652 ________________ (1) In the first quarter of 2022, the Company repaid at maturity its $77 million aggregate principal amount of 8.7% senior notes in January and its $350 million aggregate principal amount of 4.625% senior notes in March. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) consists of: (In thousands) Current Deferred (Benefit) Expense Total December 31, 2022 Domestic $ 295,849 $ (27,544) $ 268,305 Foreign 42,890 23,532 66,422 Total expense (benefit) $ 338,739 $ (4,012) $ 334,727 December 31, 2021 Domestic $ 239,090 $ 2,752 $ 241,842 Foreign — 10,048 10,048 Total expense $ 239,090 $ 12,800 $ 251,890 December 31, 2020 Domestic $ 162,305 $ 17 $ 162,322 Foreign 23,375 (13,880) 9,495 Total expense (benefit) $ 185,680 $ (13,863) $ 171,817 Income before income taxes from domestic operations was $1,240 million, $1,224 million and $831 million for the years ended December 31, 2022, 2021 and 2020, respectively. Income (loss) before income taxes from foreign operations was $480 million, $59 million and ($126) million for the years ended December 31, 2022, 2021 and 2020, respectively. A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 21% for 2022, 2021 and 2020 to pre-tax income are as follows: (In thousands) 2022 2021 2020 Computed “expected” tax expense $ 361,133 $ 269,410 $ 148,008 Tax-exempt investment income (10,815) (11,380) (12,770) Change in valuation allowance (28,064) 2,974 46,238 Impact of foreign tax rates (453) (2,368) 6,753 State and local taxes 8,976 4,230 2,561 Other, net 3,950 (10,976) (18,973) Total expense $ 334,727 $ 251,890 $ 171,817 At December 31, 2022 and 2021, the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows: (In thousands) 2022 2021 Deferred tax asset: Loss reserve discounting $ 192,181 $ 162,636 Unearned premiums 180,326 163,143 Unrealized investment losses 228,456 — Net operating losses & foreign tax credits 58,182 88,502 Other-than-temporary impairments 5,935 5,176 Employee compensation plans 63,313 61,301 Other 72,536 54,269 Gross deferred tax asset 800,929 535,027 Less valuation allowance (47,166) (75,230) Deferred tax asset 753,763 459,797 Deferred tax liability: Amortization of intangibles 13,973 12,787 Loss reserve discounting - transition rule 14,843 19,796 Deferred policy acquisition costs 157,055 137,893 Unrealized investment gains — 36,850 Property, furniture and equipment 45,887 43,186 Investment funds 125,525 101,999 Other 67,479 67,331 Deferred tax liability 424,762 419,842 Net deferred tax asset $ 329,001 $ 39,955 The Company had a current tax net receivable of $5 million and $3 million at December 31, 2022 and 2021, respectively. At December 31, 2022, the Company had foreign net operating loss carryforwards of $4 million that begin to expire in 2027 and an additional $225 million that have no expiration date. At December 31, 2022, the Company had a valuation allowance of $47 million as compared to $75 million at December 31, 2021. The Company has provided a valuation allowance against the utilization of foreign tax credits and the future net operating loss carryforward benefits of certain foreign operations. The statute of limitations for the Company’s U.S. Federal income tax returns has closed for all years through December 31, 2018. The realization of the deferred tax asset is dependent upon the Company’s ability to generate sufficient taxable income in future periods. Based on historical results and the prospects for future current operations, management anticipates that it is more likely than not that future taxable income will be sufficient for the realization of this asset. The Tax Cuts and Jobs Act of 2017 (the "Tax Act") provided for a reduction of the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. The U.S. tax law requires insurance reserves to be discounted for tax purposes. The Tax Act modified this computation. The IRS issued revised discount factors to be applied to the 2017 reserves, which increased the beginning of year 2018 deferred tax asset for loss reserve discounting. Under the related transition rule, a deferred tax liability was established which will be included in taxable income over the eight year period that began in 2018. The Company has not provided U.S. deferred income taxes on the undistributed earnings of approximately $169 million of its non-U.S. subsidiaries since these earnings are intended to be permanently reinvested in the non-U.S. subsidiaries. In the future, if such earnings were distributed the Company projects that the incremental tax, if any, will be immaterial. |
Dividends From Subsidiaries And
Dividends From Subsidiaries And Statutory Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Dividends From Subsidiaries And Statutory Financial Information | Dividends from Subsidiaries and Statutory Financial Information The Company’s insurance subsidiaries are restricted by law as to the amount of dividends they may pay without the approval of regulatory authorities. The Company’s lead insurer, Berkley Insurance Company ("BIC"), directly or indirectly owns all of the Company’s other insurance companies. During 2023, the maximum amount of dividends that can be paid by BIC without such approval is approximately $1.2 billion. BIC’s combined net income and statutory capital and surplus, as determined in accordance with statutory accounting practices ("SAP"), are as follows: (In thousands) 2022 2021 2020 Net income $ 1,358,813 $ 1,040,342 $ 771,990 Statutory capital and surplus $ 8,330,587 $ 6,817,535 $ 6,188,121 The significant variances between SAP and GAAP are that for statutory purposes bonds are carried at amortized cost, unrealized gains and losses on equity securities are recorded in surplus, acquisition costs are charged to income as incurred, deferred Federal income taxes are subject to limitations, excess and assumed workers’ compensation reserves are discounted at different discount rates and certain assets designated as “non-admitted assets” are charged against surplus. The Commissioner of Insurance of the State of Delaware has allowed BIC to recognize a non-tabular discount on certain workers' compensation loss reserves, which is a permitted practice that differs from SAP. The effect of using this permitted practice was an increase to BIC’s statutory capital and surplus by $171 million at December 31, 2022 . The National Association of Insurance Commissioners (“NAIC”) has risk-based capital (“RBC”) requirements that require insurance companies to calculate and report information under a risk-based formula which measures statutory capital and surplus needs based on a regulatory definition of risk in a company’s mix of products and its balance sheet. This guidance is used to calculate two capital measurements: Total Adjusted Capital and RBC Authorized Control Level. Total Adjusted Capital is equal to the Company’s statutory capital and surplus excluding capital and surplus derived from the use of permitted practices that differ from statutory accounting practices. RBC Authorized Control Level is the capital level used by regulatory authorities to determine whether remedial action is required. Generally, no remedial action is required if Total Adjusted Capital is 200% or more of the RBC Authorized Control Level. At December 31, 2022, BIC’s Total Adjusted Capital of $8.2 billion was 408% of its RBC Authorized Control Level. See Note 4, Investments in Fixed Maturity Securities, for a description of assets held on deposit as security. |
Common Stockholders' Equity
Common Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Common Stockholders' Equity | Common Stockholders’ Equity The weighted average number of shares used in the computation of net income per share was as follows: (In thousands) 2022 2021 2020 Basic 276,852 277,430 280,386 Diluted 279,461 279,749 283,145 Treasury shares have been excluded from average outstanding shares from the date of acquisition. The weighted average number of basic shares outstanding includes the impact of 11,416,856 common shares held in a grantor trust. The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since shares deliverable under vested RSUs were already included in diluted shares outstanding. The difference in calculating basic and diluted net income per share is attributable entirely to the dilutive effect of stock-based compensation plans. Changes in shares of common stock outstanding, net of treasury shares, are presented below. Shares of common stock issued and outstanding do not include shares related to unissued restricted stock units (including shares held in the grantor trust). 2022 2021 2020 Balance, beginning of year 265,170,882 266,737,725 275,117,861 Shares issued 745,612 1,062,086 1,164,816 Shares repurchased (1,370,394) (2,628,929) (9,544,952) Balance, end of year 264,546,100 265,170,882 266,737,725 The amount of dividends paid is dependent upon factors such as the receipt of dividends from our subsidiaries, our results of operations, cash flow, financial condition and business needs, the capital and surplus requirements of our subsidiaries, and applicable insurance regulations that limit the amount of dividends that may be paid by our regulated insurance subsidiaries. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | Fair Value Measurements The Company’s fixed maturity and equity securities classified as available for sale and its trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date”. The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value as of December 31, 2022 and 2021 by level: (In thousands) Total Level 1 Level 2 Level 3 December 31, 2022 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 892,258 $ — $ 892,258 $ — State and municipal 2,890,098 — 2,890,098 — Mortgage-backed securities 1,665,410 — 1,665,410 — Asset-backed securities 3,982,773 — 3,982,773 — Corporate 6,703,992 — 6,703,992 Foreign government 1,401,522 — 1,401,522 — Total fixed maturity securities available for sale 17,536,053 — 17,536,053 — Equity securities: Common stocks 982,751 978,991 1,161 2,599 Preferred stocks 203,143 — 191,844 11,299 Total equity securities 1,185,894 978,991 193,005 13,898 Arbitrage trading account 944,230 822,192 118,448 3,590 Total $ 19,666,177 $ 1,801,183 $ 17,847,506 $ 17,488 Liabilities: Trading account securities sold but not yet purchased $ — $ — $ — $ — 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 securities 1,068,075 — 1,068,075 — Asset-backed securities 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 years ended December 31, 2022 and 2021: Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Losses) Impairments Purchases Sales Paydowns/Maturities Transfers In / Out Ending Balance Year ended December 31, 2022 Assets: Fixed maturity securities available for sale: Corporate $ — $ — $ — $ — $ — $ — $ — $ — $ — Total — — — — — — — — — Equity securities: Common stocks 9,294 (6,695) — — — — — — 2,599 Preferred stocks 11,296 3 — — 925 (925) — — 11,299 Total 20,590 (6,692) — — 925 (925) — — 13,898 Arbitrage trading account — (179) — — 4,685 (917) — 1 3,590 Total $ 20,590 $ (6,871) $ — $ — $ 5,610 $ (1,842) $ — $ 1 $ 17,488 Liabilities: Trading account securities sold but not yet purchased $ — $ — $ — $ — $ — $ — $ — $ — $ — Year ended December 31, 2021 Assets: Fixed maturity 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) $ — $ — $ — $ — The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2022 and 2021: 2022 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 17,587,349 $ 17,591,626 $ 16,602,673 $ 16,614,118 Equity securities 1,185,894 1,185,894 941,243 941,243 Arbitrage trading account 944,230 944,230 1,179,606 1,179,606 Loans receivable 193,002 187,981 115,172 116,534 Cash and cash equivalents 1,449,346 1,449,346 1,568,843 1,568,843 Trading accounts receivable from brokers and clearing organizations 233,863 233,863 — — Due from broker 3,609 3,609 20,448 20,448 Liabilities: Due to broker — — 53,636 53,636 Trading account securities sold but not yet purchased — — 1,169 1,169 Senior notes and other debt 1,828,823 1,439,188 2,259,416 2,526,630 Subordinated debentures 1,008,371 805,600 1,007,652 1,095,600 The estimated fair values of the Company’s fixed maturity securities, equity securities available for sale and arbitrage trading account securities are based on various valuation techniques that rely on fair value measurements as described in Note 13 above. The fair value of loans receivable is estimated by using current institutional purchaser yield requirements for loans with similar credit characteristics, which is considered a Level 2 input. The fair value of the senior notes and other debt and the subordinated debentures is based on spreads for similar securities, which is considered a Level 2 input. |
Commitments, Litigation And Con
Commitments, Litigation And Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Litigation And Contingent Liabilities | Commitments, Litigation and Contingent Liabilities In the ordinary course of business, the Company is subject to disputes, litigation and arbitration arising from its insurance and reinsurance businesses. These matters are generally related to insurance and reinsurance claims and are considered in the establishment of loss and loss expense reserves. In addition, the Company may also become involved in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in handling of insurance claims. The Company expects its ultimate liability with respect to such matters will not be material to its financial condition. However, adverse outcomes on such matters are possible, from time to time, and could be material to the Company’s results of operations in any particular financial reporting period. At December 31, 2022, the Company had commitments to invest up to $402 million and $146 million in certain investment funds and real estate construction projects, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 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 note are classified as operating leases. Recognized right-of-use asset and lease liability are reported within other assets and other liabilities, respectively, in the consolidated balance sheet. Lease expense is reported in other operating costs and expenses in the consolidated statement of income and accounted for on a straight-line basis over the lease term. To determine the discount rate used to calculate present value of future minimum lease payments, the Company uses its incremental borrowing rate during the lease commencement period in line with the respective lease duration. In certain cases, the Company has the option to renew the lease. Lease renewal future payments are included in the present value of the future minimum lease payments when the Company determines it is reasonably certain to renew. The main leases entered into by the Company are for office space used by the Company’s operating units across the world. Additionally, the Company, to a lesser extent, has equipment leases mainly for office equipment. Further information relating to operating lease expense and other operating lease information is as follows: For the Year Ended December 31, (In thousands) 2022 2021 Leases: Lease cost $ 43,383 $ 44,051 Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 43,871 $ 45,592 Right-of-use assets obtained in exchange for new lease liabilities $ 28,075 $ 38,929 As of December 31, ($ in thousands) 2022 2021 Right-of-use assets $ 169,271 $ 172,180 Lease liabilities $ 204,088 $ 208,729 Weighted-average remaining lease term 7.1 years 7.2 years Weighted-average discount rate 4.40 % 4.83 % Contractual maturities of the Company’s future minimum lease payments are as follows: (In thousands) December 31, 2022 Contractual Maturities: 2023 $ 47,024 2024 41,788 2025 32,928 2026 25,973 2027 16,472 Thereafter 68,912 Total undiscounted future minimum lease payments 233,097 Less: Discount impact 29,009 Total lease liability $ 204,088 |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Plan | Stock Incentive Plan Pursuant to the Company's stock incentive plan, the Company may issue restricted stock units ("RSUs") to employees of the Company and its subsidiaries. The RSUs generally vest three 2022 2021 2020 RSUs granted and unvested at beginning of period: 5,144,519 5,706,504 6,186,390 Granted 1,024,960 1,272,990 1,443,680 Vested (1,258,680) (1,523,960) (1,667,382) Canceled (292,373) (311,016) (256,184) RSUs granted and unvested at end of period: 4,618,426 5,144,519 5,706,504 Upon vesting, shares of the Company’s common stock equal to the number of vested RSUs are issued or deferred to a later date, depending on the terms of the specific award agreement. As of December 31, 2022, 11,403,456 RSUs had been deferred. RSUs that have not yet vested and vested RSUs that have been deferred are not considered to be issued and outstanding shares. The fair value of RSUs at the date of grant are recorded as unearned compensation, a component of stockholders’ equity, and expensed over the vesting period. Following is a summary of changes in unearned compensation for the three years ended December 31, 2022: (In thousands) 2022 2021 2020 Unearned compensation at beginning of year $ 135,535 $ 132,310 $ 128,390 RSUs granted, net of cancellations 60,628 56,711 54,270 RSUs expensed (47,611) (46,441) (47,108) RSUs forfeitures (6,492) (7,045) (3,242) Unearned compensation at end of year $ 142,060 $ 135,535 $ 132,310 |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Compensation Related Costs [Abstract] | |
Compensation Plans | Compensation Plans The Company and its subsidiaries have profit sharing plans in which substantially all employees participate. The plans provide for minimum annual contributions of 5% of eligible compensation; contributions above the minimum are discretionary and vary with each participating businesses's profitability. Employees become eligible to participate in the plan on the first day of the calendar quarter following the first full calendar quarter after the employee's date of hire provided the employee has completed 250 hours of service during the calendar quarter. The plans provide that 40% of the contributions vest immediately and that the remaining 60% vest at varying percentages based upon years of service. Profit sharing expense was $62 million, $50 million and $48 million in 2022, 2021 and 2020, respectively. The Company has a long-term incentive compensation plan ("LTIP") that provides for compensation to key executives based on the growth in the Company's book value per share over a five year period. The following table summarizes the outstanding LTIP awards as of December 31, 2022: Units Outstanding Maximum Value Inception to date earned through December 31, 2022 on outstanding units 2018 grant 188,500 $ 18,850,000 $ 18,850,000 2019 grant 205,000 20,500,000 17,164,589 2020 grant 216,000 21,600,000 13,943,707 2021 grant 221,750 22,175,000 11,426,223 2022 grant 241,000 24,100,000 6,232,260 The following table summarizes the LTIP expense for each of the three years ended December 31, 2022: (In thousands) 2022 2021 2020 2015 grant $ — $ — $ (168) 2016 grant — (117) 3,176 2017 grant — 6,012 2,914 2018 grant 4,299 5,503 2,776 2019 grant 6,904 5,309 2,490 2020 grant 6,653 5,065 2,276 2021 grant 6,574 4,906 — 2022 grant 6,232 — — Total $ 30,662 $ 26,678 $ 13,464 |
Supplemental Financial Statemen
Supplemental Financial Statement Data | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Supplemental Financial Statement Data | Supplemental Financial Statement Data Other operating costs and expenses consist of the following: (In thousands) 2022 2021 2020 Amortization of deferred policy acquisition costs $ 1,038,903 $ 961,628 $ 904,955 Insurance operating expenses 1,635,000 1,345,099 1,206,058 Insurance service expenses 96,419 86,003 85,724 Net foreign currency (gains) losses (50,930) (25,725) 363 Debt extinguishment costs — 11,521 8,440 Other costs and expenses 242,113 220,744 184,852 Total $ 2,961,505 $ 2,599,270 $ 2,390,392 |
Industry Segments
Industry Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Industry Segments | Industry Segments The Company’s reportable segments include the following two business segments, plus a corporate segment: • Insurance - predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom. • Reinsurance & Monoline Excess - reinsurance business on a facultative and treaty basis, primarily in the United States, United Kingdom, Continental Europe, Australia, the Asia-Pacific region and South Africa, as well as operations that solely retain risk on an excess basis. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Income tax expense and benefits are calculated based upon the Company’s overall effective tax rate. Summary financial information about the Company’s reporting segments is presented in the following table. Income before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment. Revenues (In thousands) Earned Investment Other Total (2) Pre-Tax Net Year ended December 31, 2022 Insurance $ 8,369,062 $ 550,084 $ 33,347 $ 8,952,493 $ 1,455,658 $ 1,173,425 Reinsurance & Monoline Excess 1,192,367 194,272 — 1,386,639 316,527 251,386 Corporate, other and eliminations (3) — 34,829 590,141 624,970 (254,901) (203,476) Net investment gains — — 202,397 202,397 202,397 159,727 Consolidated $ 9,561,429 $ 779,185 $ 825,885 $ 11,166,499 $ 1,719,681 $ 1,381,062 Year ended December 31, 2021 Insurance $ 7,077,708 $ 468,821 $ 32,063 $ 7,578,592 $ 1,219,798 $ 976,184 Reinsurance & Monoline Excess 1,028,323 175,324 — 1,203,647 270,563 215,439 Corporate, other and eliminations (3) — 27,473 555,122 582,595 (298,088) (242,055) Net investment gains — — 90,632 90,632 90,632 72,922 Consolidated $ 8,106,031 $ 671,618 $ 677,817 $ 9,455,466 $ 1,282,905 $ 1,022,490 Year ended December 31, 2020 Insurance $ 6,067,669 $ 375,554 $ 35,611 $ 6,478,834 $ 668,012 $ 487,125 Reinsurance & Monoline Excess 863,174 146,029 — 1,009,203 205,587 164,655 Corporate, other and eliminations (3) — 62,238 445,650 507,888 (271,797) (214,291) Net investment gains — — 103,000 103,000 103,000 93,181 Consolidated $ 6,930,843 $ 583,821 $ 584,261 $ 8,098,925 $ 704,802 $ 530,670 Identifiable Assets (In thousands) December 31, 2022 2021 Insurance $ 27,009,652 $ 24,414,305 Reinsurance & Monoline Excess 5,195,752 4,916,894 Corporate, other and eliminations (3) 1,655,695 2,755,215 Consolidated $ 33,861,099 $ 32,086,414 _______________________________________ (1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. (2) Revenues for Insurance includes $1,029 million, $873 million, and $692 million in 2022, 2021, and 2020, respectively, from foreign countries. Revenues for Reinsurance & Monoline Excess includes $412 million, $380 million, and $292 million in 2022, 2021 and 2020, respectively, from foreign countries. (3) Corporate, other and eliminations represent corporate revenues and expenses and other items that are not allocated to business segments. Net premiums earned by major line of business were as follows: (In thousands) 2022 2021 2020 Insurance Other liability $ 3,206,846 $ 2,673,098 $ 2,269,458 Short-tail lines 1,630,371 1,389,068 1,247,908 Workers' compensation 1,197,811 1,131,283 1,127,487 Commercial automobile 1,208,241 990,945 794,171 Professional liability 1,125,793 893,314 628,645 Total Insurance 8,369,062 7,077,708 6,067,669 Reinsurance & Monoline Excess Casualty 764,793 643,193 521,559 Monoline Excess 217,017 201,187 171,522 Property 210,557 183,943 170,093 Total Reinsurance & Monoline Excess 1,192,367 1,028,323 863,174 Total $ 9,561,429 $ 8,106,031 $ 6,930,843 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn January 3, 2023, the Company's Board of Directors declared a special cash dividend on its common stock of 50 cents per share that was paid on January 24, 2023 to stockholders of record at the close of business on January 13, 2023. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | Schedule II W. R. Berkley Corporation Condensed Financial Information of Registrant Balance Sheets (Parent Company) December 31, (In thousands) 2022 2021 Assets: Cash and cash equivalents $ 103,522 $ 684,037 Fixed maturity securities available for sale at fair value (cost $285,900 and $805,211 at December 31, 2022 and 2021, respectively) 275,511 806,074 Loans receivable (net of allowance for expected credit losses of $559 and $647 at December 31, 2022 and 2021, respectively) 109,793 93,397 Equity securities, at fair value (cost $3,430 in both 2022 and 2021) 3,430 3,430 Investment in subsidiaries 8,888,455 8,516,916 Current federal income taxes 34,452 23,424 Deferred federal income taxes 304,191 11,796 Property, furniture and equipment at cost, less accumulated depreciation 11,356 11,916 Other assets 39,741 43,793 Total assets $ 9,770,451 $ 10,194,783 Liabilities and stockholders’ equity: Liabilities: Due to subsidiaries $ 53,029 $ 138,376 Other liabilities 139,150 146,892 Subordinated debentures 1,008,371 1,007,652 Senior notes 1,821,569 2,248,852 Total liabilities 3,022,119 3,541,772 Stockholders’ equity: Preferred stock — — Common stock 105,803 105,803 Additional paid-in capital 997,534 981,104 Retained earnings (including accumulated undistributed net income of subsidiaries of $7,975,360 and $6,463,882 at December 31, 2022 and 2021, respectively) 10,161,005 9,015,135 Accumulated other comprehensive loss (1,264,581) (281,955) Treasury stock, at cost (3,251,429) (3,167,076) Total stockholders’ equity 6,748,332 6,653,011 Total liabilities and stockholders’ equity $ 9,770,451 $ 10,194,783 ________________ See Report of Independent Registered Public Accounting Firm and note to condensed financial information. Schedule II, Continued W. R. Berkley Corporation Condensed Financial Information of Registrant, Continued Statements of Income (Parent Company) Year Ended December 31, (In thousands) 2022 2021 2020 Management fees and investment income including dividends from subsidiaries of $22,807, $520,251, and $617,424 for the years ended December 31, 2022, 2021 and 2020, respectively $ 32,585 $ 548,512 $ 654,485 Net investment gains 1,007 1,474 3,580 Other income 1,916 1,138 568 Total revenues 35,508 551,124 658,633 Operating costs and expense 192,175 214,995 166,892 Interest expense 129,633 144,837 145,417 (Loss) income before federal income taxes (286,300) 191,292 346,324 Federal income taxes: Federal income taxes provided by subsidiaries on a separate return basis 414,660 294,731 188,490 Federal income tax expense on a consolidated return basis (258,776) (226,900) (139,679) Net federal income tax expense 155,884 67,831 48,811 (Loss) income before undistributed equity in net income of subsidiaries (130,416) 259,123 395,135 Equity in undistributed net income of subsidiaries 1,511,478 763,367 135,535 Net income $ 1,381,062 $ 1,022,490 $ 530,670 ________________ See Report of Independent Registered Public Accounting Firm and note to condensed financial information. Schedule II, Continued W. R. Berkley Corporation Condensed Financial Information of Registrant, Continued Statements of Cash Flows (Parent Company) Year Ended December 31, (In thousands) 2022 2021 2020 Cash flow (used in) from operating activities: Net income $ 1,381,062 $ 1,022,490 $ 530,670 Adjustments to reconcile net income to net cash from operating activities: Net investment gains (1,007) (1,474) (3,580) Depreciation and amortization 4,281 18,761 15,133 Equity in undistributed earnings of subsidiaries (1,511,478) (763,367) (135,535) Tax payments received from subsidiaries 321,682 328,851 165,495 Federal income taxes provided by subsidiaries on a separate return basis (414,660) (294,731) (188,489) Stock incentive plans 49,411 48,440 49,599 Change in: Federal income taxes (40,746) (22,017) 32,069 Other assets 3,163 (33,319) 1,220 Other liabilities 87,100 (11,758) 3,964 Accrued investment income 890 755 836 Net cash (used in) from operating activities (120,302) 292,631 471,382 Cash from (used in) investing activities: Proceeds from sales of fixed maturity securities 543,549 402,046 414,802 Proceeds from maturities and prepayments of fixed maturity securities 83,134 654,134 258,413 Cost of purchases of fixed maturity securities (109,289) (1,071,823) (747,713) Change in loans receivable (16,249) (18,227) (20,023) Investments in and advances to subsidiaries, net (171,062) (1,411) (100,704) Change in balance due to security broker (10,289) 10,487 (245) Net additions to real estate, furniture & equipment (432) (1,496) (81) Other, net 368 95 103 Net cash from (used in) investing activities 319,730 (26,195) (195,448) Cash (used in) from financing activities: Net proceeds from issuance of senior notes (914) 1,029,579 736,609 Repayment and redemption of debt (426,503) (400,000) (650,000) Purchase of common treasury shares (94,140) (122,426) (346,357) Cash dividends to common stockholders (235,192) (355,736) (84,147) Other, net (23,194) (30,776) (24,880) Net cash (used in) from financing activities (779,943) 120,641 (368,775) Net (decrease) increase in cash and cash equivalents (580,515) 387,077 (92,841) Cash and cash equivalents at beginning of year 684,037 296,960 389,801 Cash and cash equivalents at end of year $ 103,522 $ 684,037 $ 296,960 ________________ See Report of Independent Registered Public Accounting Firm and note to condensed financial information. W. R. Berkley Corporation Condensed Financial Information of Registrant, Continued December 31, 2022 Note to Condensed Financial Information (Parent Company) The accompanying condensed financial information should be read in conjunction with the notes to consolidated financial statements included elsewhere herein. Reclassifications have been made in the 2021 and 2020 financial statements as originally reported to conform them to the presentation of the 2022 financial statements. The Company files a consolidated federal income tax return with the results of its domestic insurance subsidiaries included on a statutory basis. Under present Company policy, federal income taxes payable by subsidiary companies on a separate-return basis are paid to W. R. Berkley Corporation, and the Company pays the tax due on a consolidated return basis. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | Schedule III W. R. Berkley Corporation and Subsidiaries Supplementary Insurance Information December 31, 2022, 2021 and 2020 (In thousands) Deferred Reserve for Unearned Net Premiums Net Loss and Loss Amortization of Other Net December 31, 2022 Insurance $ 651,257 $ 13,786,112 $ 4,779,214 $ 8,369,062 $ 550,084 $ 5,130,909 $ 935,469 $ 1,430,456 $ 8,784,146 Reinsurance & Monoline Excess 112,229 3,225,111 518,440 1,192,367 194,272 730,841 103,434 235,836 1,219,924 Corporate, other and eliminations — — — — 34,829 — — 256,310 — Total $ 763,486 $ 17,011,223 $ 5,297,654 $ 9,561,429 $ 779,185 $ 5,861,750 $ 1,038,903 $ 1,922,602 $ 10,004,070 December 31, 2021 Insurance $ 566,718 $ 12,379,395 $ 4,348,171 $ 7,077,708 $ 468,821 $ 4,326,403 $ 830,199 $ 1,202,192 $ 7,743,814 Reinsurance & Monoline Excess 109,427 3,011,493 498,989 1,028,323 175,324 627,557 131,429 174,098 1,119,053 Corporate, other and eliminations — — — — 27,473 — — 261,352 — Total $ 676,145 $ 15,390,888 $ 4,847,160 $ 8,106,031 $ 671,618 $ 4,953,960 $ 961,628 $ 1,637,642 $ 8,862,867 December 31, 2020 Insurance $ 467,871 $ 10,977,674 $ 3,660,758 $ 6,067,669 $ 375,554 $ 3,939,759 $ 734,062 $ 1,137,002 $ 6,347,101 Reinsurance & Monoline Excess 88,297 2,806,756 412,433 863,174 146,029 528,947 170,893 103,775 915,336 Corporate, other and eliminations — — — — 62,238 — — 244,660 — Total $ 556,168 $ 13,784,430 $ 4,073,191 $ 6,930,843 $ 583,821 $ 4,468,706 $ 904,955 $ 1,485,437 $ 7,262,437 __________________________ See Report of Independent Registered Public Accounting Firm. |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance | Schedule IV W. R. Berkley Corporation and Subsidiaries Reinsurance Years ended December 31, 2022, 2021 and 2020 Premiums Written (In thousands, other than percentages) Direct Ceded Assumed Net Percentage Year ended December 31, 2022 Insurance $ 10,363,730 $ 1,799,639 $ 220,055 $ 8,784,146 2.5 % Reinsurance & Monoline Excess 331,408 105,343 993,859 1,219,924 81.5 % Total $ 10,695,138 $ 1,904,982 $ 1,213,914 $ 10,004,070 12.1 % Year ended December 31, 2021 Insurance $ 9,220,683 $ 1,727,854 $ 250,985 $ 7,743,814 3.2 % Reinsurance & Monoline Excess 310,367 109,413 918,099 1,119,053 82.0 % Total $ 9,531,050 $ 1,837,267 $ 1,169,084 $ 8,862,867 13.2 % Year ended December 31, 2020 Insurance $ 7,625,981 $ 1,490,395 $ 211,515 $ 6,347,101 3.3 % Reinsurance & Monoline Excess 248,069 94,815 762,082 915,336 83.3 % Total $ 7,874,050 $ 1,585,210 $ 973,597 $ 7,262,437 13.4 % ___________________________ See Report of Independent Registered Public Accounting Firm. |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Valuation and Qualifying Accounts | Schedule V W. R. Berkley Corporation and Subsidiaries Valuation and Qualifying Accounts Years ended December 31, 2022, 2021 and 2020 (In thousands) Opening Allowance Cumulative Effect Adjustment - CECL Additions- Deduction- Ending Allowance Year ended December 31, 2022 Premiums, fees and other receivables $ 30,860 $ — $ 13,734 $ (7,663) $ 36,931 Due from reinsurers 7,713 — 352 (1) 8,064 Deferred federal and foreign income taxes 75,230 — 1,046 (29,110) 47,166 Fixed maturity securities 22,625 — 15,152 (311) 37,466 Loan loss reserves 1,718 — 73 — 1,791 Total $ 138,146 $ — $ 30,357 $ (37,085) $ 131,418 Year ended December 31, 2021 Premiums, fees and other receivables $ 27,855 $ — $ 10,807 $ (7,802) $ 30,860 Due from reinsurers 7,801 — 334 (422) 7,713 Deferred federal and foreign income taxes 79,488 — 6,011 (10,269) 75,230 Fixed maturity securities 2,580 — 21,013 (968) 22,625 Loan loss reserves 5,437 — — (3,719) 1,718 Total $ 123,161 $ — $ 38,165 $ (23,180) $ 138,146 Year ended December 31, 2020 Premiums, fees and other receivables $ 26,546 $ 1,270 $ 6,783 $ (6,744) $ 27,855 Due from reinsurers 690 5,927 1,187 (3) 7,801 Deferred federal and foreign income taxes 33,250 — 46,756 (518) 79,488 Fixed maturity securities — 35,714 16,909 (50,043) 2,580 Loan loss reserves 2,146 (357) 3,648 — 5,437 Total $ 62,632 $ 42,554 $ 75,283 $ (57,308) $ 123,161 _______________________ See Report of Independent Registered Public Accounting Firm. |
Schedule VI - Supplementary Inf
Schedule VI - Supplementary Information Concerning Property-Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
Schedule VI - Supplementary Information Concerning Property-Casualty Insurance Operations | Schedule VI W. R. Berkley Corporation and Subsidiaries Supplementary Information Concerning Property-Casualty Insurance Operations Years Ended December 31, 2022, 2021 and 2020 (In thousands) 2022 2021 2020 Deferred policy acquisition costs $ 763,486 $ 676,145 $ 556,168 Reserves for losses and loss expenses 17,011,223 15,390,888 13,784,430 Unearned premiums 5,297,654 4,847,160 4,073,191 Net premiums earned 9,561,429 8,106,031 6,930,843 Net investment income 779,185 671,618 583,821 Losses and loss expenses incurred: Current year 5,774,713 4,921,191 4,432,937 Prior years 54,511 863 627 Loss reserve discount accretion 32,526 31,906 35,142 Amortization of deferred policy acquisition costs 1,038,903 961,628 904,955 Paid losses and loss expenses 4,347,910 3,665,694 3,598,649 Net premiums written 10,004,070 8,862,867 7,262,437 ___________________ See Report of Independent Registered Public Accounting Firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of consolidation and basis of presentation | Principles of consolidation and basis of presentation The consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the "Company"), have been prepared on the basis of U.S. generally accepted accounting principles ("GAAP"). All significant intercompany transactions and balances have been eliminated. Reclassifications have been made in the 2021 and 2020 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. In the fourth quarter of 2022, the Company adjusted the proceeds from sale of fixed maturity securities and purchase of fixed maturity securities lines within the consolidated statements of cash flows for an incremental inter-company elimination which resulted in no impact on the total amount of investing activities. For the years ended December 31, 2021 and 2020, the Company did not correct these line items as the effects were not material and had no impact on the total amount of investing activities.The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. The most significant items on our balance sheet that involve a greater degree of accounting estimates that are subject to change in the future are the valuation of investments, allowance for expected credit losses on investments, reserves for losses and loss expenses and premium estimates. Actual results could differ from those estimates. |
Revenue recognition | Revenue recognition Insurance premiums are recognized as written at the inception of the policy. Reinsurance premiums are estimated based upon information received from ceding companies, and subsequent differences from such estimates are recorded in the period they are determined. Insurance and reinsurance premiums are primarily earned on a pro rata basis over the policy term. Fees for services are earned over the period that the services are provided. Premiums and fees receivable are reported net of an allowance for expected credit losses, with the allowance being estimated based on current and future expected conditions, historical loss data and specific identification of collectability concerns where applicable. Changes in the allowance are reported within other operating costs and expenses. Audit premiums are recognized when they are reliably determinable. The change in accruals for earned but unbilled audit premiums increased (decreased) net premiums written and premiums earned by $25 million, $10 million and $(27) million in 2022, 2021 and 2020, respectively. Revenues from non-insurance businesses are derived from businesses engaged in the distribution of promotional merchandise, world-wide textile solutions, and aircraft services provided to the general, commercial and military aviation markets. These aircraft services include (i) the distribution, manufacturing, repair and overhaul of aircraft parts and components, (ii) the sale of new and used aircraft, and (iii) avionics, fuel, maintenance, storage and charter services. Revenue is recognized upon the shipment of products and parts, the delivery of aircraft, the delivery of fuel, and over the completion period of services. Insurance service fee revenue represents servicing fees for program administration and claims management services provided by the Company, including workers' compensation assigned risk plans, as well as insurance brokerage and risk management services. Fees for program administration, claims management and risk management services are primarily recognized ratably over the related contract period for which the underlying services are rendered. Commissions for insurance brokerage are generally recognized when the underlying insurance policy is effective. |
Cash and cash equivalents | Cash and cash equivalentsCash equivalents consist of funds invested in money market accounts and investments with an effective maturity of three months or less when purchased. |
Investments | InvestmentsFixed maturity securities classified as available for sale are carried at estimated fair value, with unrealized gains and losses, net of applicable income taxes, excluded from earnings and reported as a component of comprehensive income and a separate component of stockholders' equity. Fixed maturity securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment income from fixed maturity securities is recognized based on the constant effective yield method. Premiums and discounts on mortgage-backed securities are adjusted for the effects of actual and anticipated prepayments on a retrospective basis. Equity securities with readily determinable fair values are measured at fair value, with changes in the fair value recognized in net income within net realized and unrealized gains on investments. Fixed maturity securities that the Company purchased with the intent to sell in the near-term are classified as trading account securities and are reported at estimated fair value. Realized and unrealized gains and losses from trading activity are reported as net investment income and are recorded at the trade date. Short sales and short call options are presented as trading securities sold but not yet purchased. Unsettled trades and the net margin balances held by the clearing broker are presented as a trading account receivable from brokers and clearing organizations. Investment funds are carried under the equity method of accounting. The Company's share of the earnings or losses of investment funds is primarily reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Loans receivable primarily represent commercial real estate mortgage loans and bank loans and are carried at amortized cost. The accrual of interest on loans receivable is discontinued if the loan is 90 days past due based on the contractual terms of the loan unless the loan is adequately secured and in process of collection. In general, loans are placed on non-accrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. Interest on these loans is accounted for on a cash basis until qualifying for return to accrual status. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value of investments is determined based on a fair value hierarchy that prioritizes the use of observable inputs over the use of unobservable inputs and requires the use of observable inputs when available. (See Note 13 of the Notes to Consolidated Financial Statements.) Realized gains or losses represent the difference between the cost of securities sold and the proceeds realized upon sale and are recorded at the trade date. The Company uses primarily the first-in, first-out method to determine the cost of securities sold. For available for sale securities in an unrealized loss position where the Company intends to sell, or it is more likely than not that it will be required to sell the security before recovery in value, the amortized cost basis is written down to fair value through net investment gains. For available for sale securities in an unrealized loss position where the Company does not intend to sell, or it is more likely than not that it will not be required to sell the security before recovery in value, the Company evaluates whether the decline in fair value has resulted from credit losses or all other factors (non-credit factors). In making this assessment, the Company considers the extent to which fair value is less than amortized cost, changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for expected credit losses is recorded for the credit loss through net investment gains, limited by the amount that the fair value is less than the amortized cost basis. The allowance is adjusted for any change in expected credit losses and subsequent recoveries through net investment gains. The impairment related to non-credit factors is recognized in comprehensive income (loss). For financial assets carried at amortized cost, which includes held to maturity securities and loans receivable, the Company estimates an allowance for expected credit losses based on relevant information about past events, including historical loss experience, current conditions and forecasts that affect the expected collectability of the amortized cost of the financial asset. The allowance for expected credit losses is presented as a reduction to amortized cost of the financial asset in the consolidated balance sheet and changes to the estimate for expected credit losses are recognized through net investment gains. The Company’s credit assessment of allowance for expected credit losses uses a third party model for available for sale and held to maturity securities, as well as loans receivable. The allowance for expected credit losses is generally based on the performance of the underlying collateral under various economic and default scenarios that involve subjective judgments and estimates by management. Modeling these securities involves various factors, such as projected default rates, the nature and realizable value of the collateral, if any, the ability of the issuer to make scheduled payments, historical performance and other relevant economic and performance factors. A discounted cash flow analysis is used to ascertain the amount of the allowance for expected credit losses, if any. In general, the model reverts to the rating-level long-term average marginal default rates based on 10 years of historical data, beyond the forecast period. For other inputs, the model in most cases reverts to the baseline long- term assumptions linearly over 5 years beyond the forecast period. The long-term assumptions are based on the historical averages. The Company reports accrued investment income separately from fixed maturity securities, and has elected not to measure an allowance for expected credit losses for accrued investment income. Accrued investment income is written off through net investment income at the time the issuer of the bond defaults or is expected to default on payments. Real estate held for investment purposes is initially recorded at the purchase price, which is generally fair value, and is subsequently reported at cost less accumulated depreciation. Real estate taxes, interest and other costs incurred during development and construction are capitalized. Buildings are depreciated on a straight-line basis over the estimated useful lives of the building. Minimum rental income is recognized on a straight-line basis over the lease term. Income and expenses from real estate are reported as net investment income. The carrying value of real estate is reviewed for impairment and an impairment loss is recognized if the estimated undiscounted cash flows from the use and disposition of the property are less than the carrying value of the property. |
Per share data | Per share data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by weighted average number of common shares outstanding during the year (including 11,416,856 common shares held in a grantor trust). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the year and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. |
Deferred policy acquisition costs | Deferred policy acquisition costs Acquisition costs associated with the successful acquisition of new and renewed insurance and reinsurance contracts are deferred and amortized ratably over the terms of the related contracts. Ceding commissions received on reinsurance contracts are netted against acquisition costs and are recognized ratably over the life of the contract. Deferred policy acquisition costs are presented net of unearned ceding commissions. Deferred policy acquisition costs are comprised primarily of commissions, as well as employment-related underwriting costs and premium taxes. Deferred policy acquisition costs are reviewed to determine if they are recoverable from future income and, if not, are charged to expense. The recoverability of deferred policy acquisition costs is evaluated separately by each of our operating companies. Future investment income is taken into account in measuring the recoverability of deferred policy acquisition costs. |
Reserves for losses and loss expenses | Reserves for losses and loss expenses Reserves for losses and loss expenses are an accumulation of amounts determined on the basis of (1) evaluation of claims for business written directly by the Company; (2) estimates received from other companies for reinsurance assumed by the Company; and (3) estimates for losses incurred but not reported (based on Company and industry experience). These estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the statements of income in the period in which they are determined. The Company discounts its reserves for excess and assumed workers' compensation claims using a risk-free or statutory rate. (See Note 14 of Notes to Consolidated Financial Statements.) |
Reinsurance ceded | Reinsurance ceded The unearned portion of premiums ceded to reinsurers is reported as prepaid reinsurance premiums and earned ratably over the policy term. The estimated amounts of reinsurance recoverable on unpaid losses are reported as due from reinsurers. To the extent any reinsurer does not meet its obligations under reinsurance agreements, the Company must discharge its liability. Amounts due from reinsurers are reflected net of funds held where the right of offset is present. The Company has provided an allowance for expected credit losses for estimated uncollectible reinsurance. The allowance is estimated based on the composition of the recoverable balance, considering reinsurer credit ratings, collateral received from financial institutions and funds withheld arrangements, length of collection periods, probability of default methodology, and specific identification of collectability concerns. Changes in the allowance are reported within losses and loss expenses. |
Deposit accounting | Deposit accounting Contracts that do not meet the risk transfer requirements of GAAP are accounted for using the deposit accounting method. Under this method, an asset or liability is recognized at the inception of the contract based on consideration paid or received. The amount of the deposit asset or liability is adjusted at subsequent reporting dates using the interest method with a corresponding credit or charge to interest income or expense. |
Federal and foreign income taxes | Federal and foreign income taxesThe Company files a consolidated income tax return in the U.S. and foreign tax returns in countries where it has overseas operations. The Company's method of accounting for income taxes is the asset and liability method. Under this method, deferred tax assets and liabilities are measured using tax rates currently in effect or expected to apply in the years in which those temporary differences are expected to reverse. Interest and penalties, if any, are reported as income tax expense. The Company believes there are no tax positions that would require disclosure under GAAP. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will not be realized. |
Foreign currency | Foreign currency Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the entity's functional currency) are reported on the statements of income as other operating costs and expenses. Unrealized gains or losses resulting from translating the results of non-U.S. dollar denominated operations are reported in accumulated other comprehensive income. Revenues and expenses denominated in currencies other than U.S. dollars are generally translated at the weighted average exchange rate during the year. Assets and liabilities are translated at the rate of exchange in effect at the balance sheet date. |
Property, furniture and equipment | Property, furniture and equipment Property, furniture and equipment are carried at cost less accumulated depreciation. Depreciation is calculated using the estimated useful lives of the respective assets. |
Comprehensive income | Comprehensive incomeComprehensive income encompasses all changes in stockholders' equity (except those arising from transactions with stockholders) and includes net income, net unrealized holding gains or losses on available for sale securities and unrealized foreign currency translation adjustments. |
Goodwill and other intangible assets | Goodwill and other intangible assets Goodwill and other intangible assets are tested for impairment on an annual basis and at interim periods where circumstances require. |
Stock options | Restricted stock units The costs resulting from all share-based payment transactions with employees are recognized in the consolidated financial statements using a fair-value-based measurement method. Compensation cost is recognized for financial reporting purposes over the period in which the employee is required to provide service in exchange for the award (generally the vesting period). |
Recent accounting pronouncements | Recent accounting pronouncements Recently adopted accounting pronouncements: 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 (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Estimated Fair Value of Net Assets Acquired and Liabilities Assumed | The following table summarizes the 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 6,000 Intangible assets 25,600 Goodwill 15,857 Other assets 20,349 Total assets acquired 69,370 Other liabilities assumed (12,420) Noncontrolling interest (5,814) Net assets acquired $ 51,136 |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following tables present the components of the changes in accumulated other comprehensive (loss) income as of and for the years ended December 31, 2022 and 2021: (In thousands) December 31, 2022 Unrealized Investment (Losses) Gains Currency Translation Adjustments Accumulated Other Comprehensive Loss Changes in AOCI Beginning of period $ 90,900 $ (372,855) $ (281,955) Other comprehensive (loss) income before reclassifications (1,054,838) 1,179 (1,053,659) Amounts reclassified from AOCI 71,035 — 71,035 Other comprehensive (loss) income (983,803) 1,179 (982,624) Unrealized investment loss related to noncontrolling interest (2) — (2) Ending balance $ (892,905) $ (371,676) $ (1,264,581) Amounts reclassified from AOCI Pre-tax $ 89,918 (1) $ — $ 89,918 Tax effect (18,883) (2) — (18,883) After-tax amounts reclassified $ 71,035 $ — $ 71,035 Other comprehensive (loss) income Pre-tax $ (1,248,128) $ 1,179 $ (1,246,949) Tax effect 264,325 — 264,325 Other comprehensive (loss) income $ (983,803) $ 1,179 $ (982,624) (In thousands) December 31, 2021 Unrealized Investment Gains (Losses) Currency Translation Adjustments Accumulated Other Comprehensive Loss Changes in AOCI Beginning of period $ 289,714 $ (351,886) $ (62,172) Other comprehensive loss before reclassifications (222,359) (20,969) (243,328) Amounts reclassified from AOCI 23,547 — 23,547 Other comprehensive loss (198,812) (20,969) (219,781) Unrealized investment loss related to non-controlling interest (2) — (2) Ending balance $ 90,900 $ (372,855) $ (281,955) Amounts reclassified from AOCI Pre-tax $ 29,806 (1) $ — $ 29,806 Tax effect (6,259) (2) — (6,259) After-tax amounts reclassified $ 23,547 $ — $ 23,547 Other comprehensive loss Pre-tax $ (254,939) $ (20,969) $ (275,908) Tax effect 56,127 — 56,127 Other comprehensive loss $ (198,812) $ (20,969) $ (219,781) _______________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Investments In Fixed Maturity_2
Investments In Fixed Maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments In Fixed Maturity Securities | At December 31, 2022 and 2021, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 2022 Held to maturity: State and municipal $ 47,802 $ (114) $ 4,239 $ — $ 51,927 $ 47,688 Residential mortgage-backed 3,608 — 38 — 3,646 3,608 Total held to maturity 51,410 (114) 4,277 — 55,573 51,296 Available for sale: U.S. government and government agency 960,479 — 937 (69,158) 892,258 892,258 State and municipal: Special revenue 1,837,309 — 3,662 (119,474) 1,721,497 1,721,497 State general obligation 387,709 — 2,651 (21,335) 369,025 369,025 Pre-refunded 156,106 — 2,741 (7) 158,840 158,840 Corporate backed 210,228 — 334 (10,923) 199,639 199,639 Local general obligation 454,983 — 2,967 (16,853) 441,097 441,097 Total state and municipal 3,046,335 — 12,355 (168,592) 2,890,098 2,890,098 Mortgage-backed securities: Residential 1,308,019 (18) 395 (171,595) 1,136,801 1,136,801 Commercial 547,757 — 215 (19,363) 528,609 528,609 Total mortgage-backed securities 1,855,776 (18) 610 (190,958) 1,665,410 1,665,410 Asset-backed securities 4,132,365 — 2,730 (152,322) 3,982,773 3,982,773 Corporate: Industrial 3,491,645 (1,704) 4,439 (241,381) 3,252,999 3,252,999 Financial 2,585,247 (2,997) 5,505 (117,383) 2,470,372 2,470,372 Utilities 586,066 — 1,307 (36,325) 551,048 551,048 Other 441,230 — — (11,657) 429,573 429,573 Total corporate 7,104,188 (4,701) 11,251 (406,746) 6,703,992 6,703,992 Foreign government 1,564,930 (32,633) 4,283 (135,058) 1,401,522 1,401,522 Total available for sale 18,664,073 (37,352) 32,166 (1,122,834) 17,536,053 17,536,053 Total investments in fixed maturity securities $ 18,715,483 $ (37,466) $ 36,443 $ (1,122,834) $ 17,591,626 $ 17,587,349 (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 securities: 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 securities 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 years ended December 31, 2022 and 2021: State and Municipal (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 387 $ 798 Change in allowance for expected credit losses (273) (411) Allowance for expected credit losses, end of period $ 114 $ 387 |
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 years ended December 31, 2022 and 2021: 2022 2021 (In thousands) Foreign Government Corporate Mortgage- Backed 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 1,910 2,648 21 4,579 19,072 16 19,088 Expected credit losses (gains) on securities for which credit losses were previously recorded 8,534 2,042 (3) 10,573 2,438 (513) 1,925 Reduction due to disposals (33) (5) — (38) (552) (5) (557) Allowance for expected credit losses, end of period $ 32,633 $ 4,701 $ 18 $ 37,352 $ 22,222 $ 16 $ 22,238 |
The Amortized Cost And Fair Value of Fixed Maturity Securities | The amortized cost and fair value of fixed maturity securities at December 31, 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 Value Due in one year or less $ 1,570,480 $ 1,527,090 Due after one year through five years 8,746,271 8,299,945 Due after five years through ten years 4,395,236 4,119,772 Due after ten years 2,143,998 1,975,763 Mortgage-backed securities 1,859,384 1,669,056 Total $ 18,715,369 $ 17,591,626 ________________ |
Investments In Equity Securit_2
Investments In Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments in Equity Securities | At December 31, 2022 and 2021, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses December 31, 2022 Common stocks $ 855,987 $ 192,165 $ (65,401) $ 982,751 $ 982,751 Preferred stocks 259,341 1,053 (57,251) 203,143 203,143 Total $ 1,115,328 $ 193,218 $ (122,652) $ 1,185,894 $ 1,185,894 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 Investment funds consist of the following: Carrying Value Income (Loss) From Investment Funds For the Year Ended (In thousands) 2022 2021 2022 2021 2020 Financial services $ 465,683 $ 431,818 $ 34,030 $ 98,893 $ 34,763 Transportation 336,753 336,688 53,180 42,424 (616) Real estate 204,644 273,690 48,723 29,484 7,543 Energy 116,432 150,224 1,425 22,118 (11,039) Infrastructure 115,428 12,314 4,603 1,372 1,672 Other funds 369,608 275,878 3,138 25,723 21,930 Total $ 1,608,548 $ 1,480,612 $ 145,099 $ 220,014 $ 54,253 |
Net Investment Income (Tables)
Net Investment Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net investment income consists of the following: (In thousands) 2022 2021 2020 Investment income (loss) earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 549,281 $ 382,001 $ 426,563 Investment funds 145,099 220,014 54,253 Arbitrage trading account 45,213 37,676 77,931 Real estate (3,087) 7,703 24,027 Equity securities 52,600 32,020 10,172 Gross investment income 789,106 679,414 592,946 Investment expense (9,921) (7,796) (9,125) Net investment income $ 779,185 $ 671,618 $ 583,821 |
Investment Funds (Tables)
Investment Funds (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investment Funds | At December 31, 2022 and 2021, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses December 31, 2022 Common stocks $ 855,987 $ 192,165 $ (65,401) $ 982,751 $ 982,751 Preferred stocks 259,341 1,053 (57,251) 203,143 203,143 Total $ 1,115,328 $ 193,218 $ (122,652) $ 1,185,894 $ 1,185,894 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 Investment funds consist of the following: Carrying Value Income (Loss) From Investment Funds For the Year Ended (In thousands) 2022 2021 2022 2021 2020 Financial services $ 465,683 $ 431,818 $ 34,030 $ 98,893 $ 34,763 Transportation 336,753 336,688 53,180 42,424 (616) Real estate 204,644 273,690 48,723 29,484 7,543 Energy 116,432 150,224 1,425 22,118 (11,039) Infrastructure 115,428 12,314 4,603 1,372 1,672 Other funds 369,608 275,878 3,138 25,723 21,930 Total $ 1,608,548 $ 1,480,612 $ 145,099 $ 220,014 $ 54,253 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of real estate properties | Investment in real estate represents directly owned property held for investment, as follows: As of December 31, (In thousands) 2022 2021 Properties in operation $ 1,114,167 $ 1,626,826 Properties under development 226,455 225,682 Total $ 1,340,622 $ 1,852,508 |
Loans Receivable Loans Receivab
Loans Receivable Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | At December 31, 2022 and 2021, loans receivable were as follows: As of December 31, (In thousands) 2022 2021 Amortized cost (net of allowance for expected credit losses): Real estate loans $ 173,616 $ 89,431 Commercial loans 19,386 25,741 Total $ 193,002 $ 115,172 Fair value: Real estate loans $ 168,595 $ 90,793 Commercial loans 19,386 25,741 Total $ 187,981 $ 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 years ended December 31, 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 allowance for expected credit losses (262) 335 73 (321) (3,398) (3,719) Allowance for expected credit losses, end of period $ 1,100 $ 691 $ 1,791 $ 1,362 $ 356 $ 1,718 |
Net Investment Gains (Tables)
Net Investment Gains (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized And Unrealized Investment Gains (Losses) | Net investment gains were as follows: (In thousands) 2022 2021 2020 Net investment gains: Fixed maturity securities: Gains $ 4,224 $ 18,981 $ 27,819 Losses (11,654) (6,975) (56,096) Equity securities (1): Net realized (losses) gains on investment sales (12,879) 16,365 32,647 Change in unrealized losses (632) (38,455) (25,868) Investment funds 12,407 44,778 31,481 Real estate (2) 293,525 94,911 101,554 Loans receivable (32) (881) — Other (67,648) (21,766) (38,023) Net realized and unrealized gains on investments in earnings before allowance for expected credit losses 217,311 106,958 73,514 Change in allowance for expected credit losses on investments: Fixed maturity securities (14,841) (20,045) 33,134 Loans receivable (73) 3,719 (3,648) Change in allowance for expected credit losses on investments (14,914) (16,326) 29,486 Net investment gains 202,397 90,632 103,000 Income tax expense (42,670) (17,710) (21,630) After-tax net investment gains $ 159,727 $ 72,922 $ 81,370 Change in unrealized investment (losses) gains: Fixed maturity securities without allowance for expected credit losses $ (1,216,292) $ (262,221) $ 134,129 Fixed maturity securities with allowance for expected credit losses (28,370) 10,124 32,004 Investment funds (2,019) (1,270) 2,280 Other (1,447) (1,572) (3,768) Total change in unrealized investment (losses) gains (1,248,128) (254,939) 164,645 Income tax benefit (expense) 264,325 56,127 (24,395) Noncontrolling interests (2) (2) (2) After-tax change in unrealized investment (losses) gains $ (983,805) $ (198,814) $ 140,248 ____________________ (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. (2) During March 2022, the Company realized a gain on the sale of a real estate investment in London, U.K. of $251 million, net of transaction expenses and the foreign currency impact, including the reversal of the currency translation adjustment. |
Fixed Maturity Securities in _2
Fixed Maturity Securities in an Unrealized Loss Position (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 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 December 31, 2022 U.S. government and government agency $ 285,391 $ 10,219 $ 453,520 $ 58,939 $ 738,911 $ 69,158 State and municipal 1,720,443 89,272 598,797 79,320 2,319,240 168,592 Mortgage-backed securities 1,099,549 75,430 473,318 115,528 1,572,867 190,958 Asset-backed securities 1,569,647 48,390 2,176,638 103,932 3,746,285 152,322 Corporate 3,690,856 150,115 2,349,281 256,631 6,040,137 406,746 Foreign government 477,672 29,815 711,786 105,243 1,189,458 135,058 Fixed maturity securities $ 8,843,558 $ 403,241 $ 6,763,340 $ 719,593 $ 15,606,898 $ 1,122,834 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 securities 558,751 6,900 106,130 4,762 664,881 11,662 Asset-backed securities 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 December 31, 2022 is presented in the table below: ($ in thousands) Number of Aggregate Gross Foreign government 36 $ 119,332 $ 73,900 Corporate 10 39,347 4,649 State and municipal 1 12,247 2,756 Mortgage-backed securities 14 4,464 269 Asset-backed securities 1 16 10 Total 62 $ 175,406 $ 81,584 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 as of December 31, 2022 and 2021 by level: (In thousands) Total Level 1 Level 2 Level 3 December 31, 2022 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 892,258 $ — $ 892,258 $ — State and municipal 2,890,098 — 2,890,098 — Mortgage-backed securities 1,665,410 — 1,665,410 — Asset-backed securities 3,982,773 — 3,982,773 — Corporate 6,703,992 — 6,703,992 Foreign government 1,401,522 — 1,401,522 — Total fixed maturity securities available for sale 17,536,053 — 17,536,053 — Equity securities: Common stocks 982,751 978,991 1,161 2,599 Preferred stocks 203,143 — 191,844 11,299 Total equity securities 1,185,894 978,991 193,005 13,898 Arbitrage trading account 944,230 822,192 118,448 3,590 Total $ 19,666,177 $ 1,801,183 $ 17,847,506 $ 17,488 Liabilities: Trading account securities sold but not yet purchased $ — $ — $ — $ — 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 securities 1,068,075 — 1,068,075 — Asset-backed securities 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 and Liabilities | The following tables summarize changes in Level 3 assets and liabilities for the years ended December 31, 2022 and 2021: Gains (Losses) Included in: (In thousands) Beginning Balance Earnings (Losses) Other Comprehensive Income (Losses) Impairments Purchases Sales Paydowns/Maturities Transfers In / Out Ending Balance Year ended December 31, 2022 Assets: Fixed maturity securities available for sale: Corporate $ — $ — $ — $ — $ — $ — $ — $ — $ — Total — — — — — — — — — Equity securities: Common stocks 9,294 (6,695) — — — — — — 2,599 Preferred stocks 11,296 3 — — 925 (925) — — 11,299 Total 20,590 (6,692) — — 925 (925) — — 13,898 Arbitrage trading account — (179) — — 4,685 (917) — 1 3,590 Total $ 20,590 $ (6,871) $ — $ — $ 5,610 $ (1,842) $ — $ 1 $ 17,488 Liabilities: Trading account securities sold but not yet purchased $ — $ — $ — $ — $ — $ — $ — $ — $ — Year ended December 31, 2021 Assets: Fixed maturity 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 Losses And Loss _2
Reserves For Losses And Loss Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Loss and loss expenses incurred, net of reinsurance, and cumulative paid claims and claim adjustment expenses, net of reinsurance | Insurance Other Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited IBNR Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 749,261 $ 788,581 $ 779,908 $ 779,706 $ 800,593 $ 806,914 $ 801,689 $ 805,915 $ 807,998 $ 809,358 $ 21,362 26 2014 844,832 845,564 843,501 848,138 861,313 867,400 862,749 861,382 862,630 35,808 28 2015 948,389 984,262 958,734 961,761 964,301 974,345 981,071 1,010,796 55,430 27 2016 1,016,106 1,009,051 1,018,253 1,029,821 1,043,948 1,059,897 1,091,569 96,310 28 2017 1,065,550 1,099,396 1,121,833 1,138,785 1,178,604 1,249,129 142,974 28 2018 1,103,900 1,131,549 1,121,317 1,156,157 1,232,803 181,880 27 2019 1,240,560 1,237,336 1,237,824 1,294,681 292,625 28 2020 1,339,565 1,212,790 1,158,880 489,718 22 2021 1,534,580 1,390,790 841,854 23 2022 1,823,680 1,507,284 20 Total $ 11,924,316 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 63,243 $ 188,023 $ 330,127 $ 470,566 $ 585,608 $ 646,257 $ 691,495 $ 717,908 $ 738,858 $ 761,461 2014 78,705 190,419 337,426 478,924 592,828 678,490 728,718 758,098 781,533 2015 82,638 210,151 381,328 536,855 674,665 755,641 814,191 872,657 2016 69,407 208,828 389,862 557,998 676,735 766,515 870,981 2017 79,887 255,603 453,097 638,934 774,738 930,630 2018 86,798 264,299 435,729 615,753 806,869 2019 88,195 275,343 471,239 704,928 2020 72,232 225,068 423,283 2021 76,612 267,685 2022 93,519 Total $ 6,513,546 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 125,357 Reserves for loss and loss adjustment expenses, net of reinsurance $ 5,536,127 Workers' Compensation (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited IBNR Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 552,570 $ 547,295 $ 546,995 $ 543,238 $ 547,000 $ 542,274 $ 541,926 $ 540,322 $ 538,503 $ 534,948 $ 11,473 53 2014 639,436 637,307 627,767 617,242 615,435 604,030 600,194 602,000 598,977 21,528 57 2015 712,800 690,525 650,997 641,169 626,432 620,741 617,478 612,687 29,213 58 2016 702,716 696,339 684,700 660,520 651,278 657,972 654,385 36,834 58 2017 762,093 733,505 689,622 673,216 683,880 682,153 41,944 58 2018 778,964 724,697 715,055 724,056 721,170 43,766 56 2019 784,281 721,018 732,762 734,034 67,254 54 2020 725,245 716,430 704,008 96,322 42 2021 742,687 701,703 149,447 45 2022 772,620 348,348 41 Total $ 6,716,685 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 117,900 $ 277,538 $ 363,028 $ 414,160 $ 447,894 $ 466,580 $ 479,104 $ 489,075 $ 496,809 $ 502,181 2014 148,405 319,743 412,611 471,235 503,915 521,141 531,475 538,914 547,894 2015 139,320 323,744 421,734 477,541 512,933 531,512 544,849 557,215 2016 142,998 338,835 446,072 504,850 537,861 558,934 572,669 2017 153,456 362,299 468,817 525,753 559,198 583,258 2018 171,006 397,464 508,546 574,889 613,675 2019 184,715 397,376 515,914 581,003 2020 172,478 380,454 485,203 2021 172,729 384,867 2022 180,982 Total $ 5,008,947 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 214,233 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,921,971 Professional Liability (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited IBNR Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 265,061 $ 244,556 $ 241,046 $ 246,943 $ 267,978 $ 276,566 $ 281,888 $ 279,824 $ 279,870 $ 283,216 $ 4,681 7 2014 250,740 244,574 257,309 241,376 236,961 255,850 254,868 254,243 253,244 12,284 7 2015 257,946 256,595 272,899 274,546 290,141 281,718 282,065 286,271 19,949 8 2016 309,417 323,222 360,110 400,799 438,065 467,545 463,102 33,241 9 2017 333,267 332,400 338,723 377,410 384,416 393,409 53,786 10 2018 334,848 322,176 333,408 359,566 382,409 73,828 10 2019 336,129 332,385 345,614 354,283 93,387 11 2020 394,107 375,577 337,961 159,767 11 2021 524,879 471,266 315,877 11 2022 648,941 543,483 10 Total $ 3,874,102 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 23,295 $ 63,503 $ 118,767 $ 176,079 $ 204,955 $ 246,616 $ 255,863 $ 261,106 $ 267,776 $ 273,094 2014 19,225 83,063 137,341 174,524 197,272 213,888 225,236 234,459 237,145 2015 20,331 85,047 139,205 186,688 215,408 232,143 239,150 246,031 2016 28,517 102,173 201,019 254,872 296,863 356,812 404,742 2017 36,503 96,312 162,829 243,088 261,225 306,713 2018 28,101 99,598 155,212 198,697 244,284 2019 31,674 97,466 147,985 200,521 2020 28,106 80,408 129,168 2021 28,586 86,056 2022 33,446 Total $ 2,161,200 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 36,484 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,749,386 Commercial Automobile (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited IBNR Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 327,514 $ 349,136 $ 368,894 $ 376,243 $ 366,646 $ 366,166 $ 365,275 $ 364,207 $ 364,439 $ 364,607 $ 103 44 2014 363,891 385,241 416,802 414,732 412,120 411,920 407,470 406,589 407,970 403 47 2015 389,577 415,446 421,522 429,608 430,557 428,981 426,107 427,923 1,362 53 2016 429,329 429,074 440,334 441,408 438,192 437,884 439,682 2,244 52 2017 430,440 428,419 430,198 434,170 439,991 444,472 4,800 47 2018 442,610 462,544 478,966 494,315 521,667 10,720 46 2019 483,019 488,291 504,813 530,876 22,483 45 2020 523,736 428,759 442,163 31,172 30 2021 614,422 596,810 111,412 38 2022 792,553 342,905 40 Total $ 4,968,723 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 142,929 $ 218,596 $ 267,253 $ 321,855 $ 342,961 $ 352,792 $ 361,499 $ 362,252 $ 362,624 $ 364,147 2014 155,564 237,648 326,854 364,054 392,658 400,577 403,273 404,259 405,004 2015 159,987 263,663 323,429 368,448 396,018 409,426 415,170 418,993 2016 183,160 277,665 339,657 388,554 407,989 418,499 426,955 2017 180,545 267,326 326,861 371,761 401,844 419,545 2018 180,056 281,475 350,110 412,874 463,117 2019 185,236 290,124 374,479 440,378 2020 142,815 228,357 308,451 2021 180,860 319,941 2022 253,206 Total $ 3,819,737 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 3,731 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,152,717 Short-tail lines (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited IBNR Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 565,391 $ 573,905 $ 565,810 $ 549,518 $ 548,169 $ 544,681 $ 542,863 $ 542,148 $ 541,857 $ 541,728 $ 1,125 25 2014 691,971 697,845 659,563 658,252 659,230 659,568 662,012 660,250 658,557 1,549 30 2015 736,523 726,287 723,206 721,789 713,899 712,361 710,663 710,978 3,842 32 2016 771,390 775,308 762,460 757,009 751,530 753,952 752,604 3,363 34 2017 752,727 753,326 747,630 747,003 746,603 747,869 8,195 42 2018 759,634 748,931 746,265 744,544 742,289 11,491 48 2019 721,073 701,241 691,015 684,708 18,311 43 2020 900,683 904,580 922,333 24,934 38 2021 828,187 832,183 57,246 36 2022 944,842 235,121 32 Total $ 7,538,091 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 310,750 $ 480,140 $ 526,031 $ 527,789 $ 534,569 $ 535,756 $ 536,416 $ 537,582 $ 538,985 $ 539,081 2014 368,865 587,607 609,948 628,440 643,619 650,816 653,272 653,784 654,089 2015 392,921 608,748 664,084 686,029 695,563 701,341 708,065 708,214 2016 416,611 669,891 711,385 726,549 731,651 738,390 739,244 2017 445,285 689,662 718,538 730,688 734,509 741,685 2018 414,910 661,741 708,214 725,138 725,228 2019 404,975 615,869 645,374 657,819 2020 460,434 784,670 845,714 2021 405,512 698,092 2022 472,024 Total $ 6,781,190 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 4,727 Reserves for loss and loss adjustment expenses, net of reinsurance $ 761,628 Reinsurance & Monoline Excess Casualty (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 IBNR 2013 $ 318,365 $ 269,340 $ 272,475 $ 282,307 $ 291,105 $ 298,317 $ 302,595 $ 301,415 $ 302,672 $ 302,135 $ 12,543 2014 319,454 318,904 318,443 330,382 324,693 324,150 335,883 336,990 341,649 16,184 2015 259,019 231,430 230,085 252,277 293,094 303,261 304,805 309,317 19,728 2016 240,655 252,638 245,268 267,850 301,663 301,355 310,451 24,928 2017 231,082 220,699 238,883 261,482 281,254 298,486 36,491 2018 221,193 210,397 230,790 246,898 261,148 44,474 2019 236,318 230,460 239,131 240,848 72,504 2020 299,602 293,345 289,878 136,865 2021 359,952 346,736 243,222 2022 446,676 402,204 Total $ 3,147,324 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 28,945 $ 63,745 $ 108,852 $ 144,331 $ 178,060 $ 205,553 $ 225,882 $ 241,573 $ 254,273 $ 263,467 2014 21,297 68,374 115,779 155,070 197,996 227,448 252,155 271,512 284,360 2015 17,888 48,442 91,140 141,254 178,521 205,289 233,643 250,880 2016 19,904 61,770 100,200 140,299 171,719 205,354 225,077 2017 16,469 40,085 69,350 123,614 147,311 175,059 2018 11,076 40,953 77,498 109,474 141,553 2019 14,560 39,091 64,020 94,856 2020 20,750 49,664 81,789 2021 10,918 43,838 2022 11,595 Total $ 1,572,474 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 417,861 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,992,711 Monoline Excess (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 IBNR 2013 $ 63,995 $ 50,355 $ 48,143 $ 44,162 $ 40,207 $ 35,120 $ 31,752 $ 29,758 $ 25,701 $ 23,306 $ 5,184 2014 63,561 57,650 49,570 45,823 41,671 42,541 42,618 40,652 35,707 7,484 2015 69,977 57,897 50,099 45,115 39,682 39,781 36,774 30,104 8,683 2016 72,657 70,281 71,404 64,957 65,485 65,222 61,432 13,634 2017 76,701 80,508 70,749 71,025 66,795 62,647 16,529 2018 77,820 72,505 71,448 66,180 57,847 20,826 2019 78,929 77,482 76,242 73,978 21,878 2020 84,354 83,468 80,452 35,638 2021 98,110 87,980 48,670 2022 98,923 66,865 Total $ 612,376 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 647 $ 1,897 $ 3,588 $ 3,008 $ 3,396 $ 4,418 $ 5,349 $ 6,476 $ 8,805 $ 9,490 2014 377 2,341 3,354 4,175 5,808 7,595 11,154 11,938 13,491 2015 2,069 2,481 3,272 4,099 4,416 5,083 5,421 6,457 2016 2,498 4,783 5,573 5,928 7,685 9,883 11,819 2017 6,282 12,810 15,356 17,327 18,375 19,275 2018 6,141 8,230 9,368 10,359 12,414 2019 6,241 10,884 12,728 15,436 2020 4,869 8,699 10,471 2021 4,586 6,026 2022 5,898 Total $ 110,777 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 644,712 Reserves for loss and loss adjustment expenses, net of reinsurance $ 1,146,311 Property (In thousands) Loss and Loss Expenses Incurred, Net of Reinsurance As of December 31, 2022 For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 IBNR 2013 $ 141,380 $ 112,616 $ 114,100 $ 111,937 $ 112,572 $ 111,890 $ 109,697 $ 107,552 $ 106,316 $ 105,711 $ 72 2014 112,907 96,492 97,195 99,941 99,176 98,838 99,244 97,315 96,656 177 2015 127,118 117,452 131,625 130,301 129,398 131,071 130,642 131,342 1,061 2016 167,901 174,423 181,634 180,885 186,159 184,150 185,249 1,482 2017 206,560 200,394 199,410 197,978 191,867 192,379 1,209 2018 108,220 112,068 103,104 105,101 102,953 1,754 2019 103,113 77,062 81,858 81,014 3,637 2020 114,590 117,867 116,774 3,946 2021 133,938 146,761 28,634 2022 167,039 78,818 Total $ 1,325,878 Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Unaudited Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 36,577 $ 74,572 $ 92,625 $ 101,538 $ 104,323 $ 106,043 $ 107,603 $ 104,403 $ 104,388 $ 105,059 2014 38,780 66,829 82,119 88,257 91,390 93,099 94,565 95,198 95,633 2015 53,474 89,121 109,051 118,552 122,566 125,439 126,848 127,995 2016 78,920 133,516 157,404 168,506 175,949 178,060 182,411 2017 72,126 141,340 171,675 179,749 182,609 185,823 2018 33,991 65,079 82,259 87,736 94,870 2019 23,081 54,499 68,457 71,054 2020 26,574 65,575 86,888 2021 15,235 71,797 2022 25,584 Total $ 1,047,114 Reserves for loss and loss adjustment expenses before 2013, net of reinsurance 1,036 Reserves for loss and loss adjustment expenses, net of reinsurance $ 279,800 |
Reconciliation of net incurred and paid claims development to reserves for loss and loss adjustment expenses | The reconciliation of the net incurred and paid claims development tables to the reserves for losses and loss expenses in the consolidated balance sheet is as follows: (In thousands) December 31, 2022 Undiscounted reserves for loss and loss expenses, net of reinsurance: Other liability $ 5,536,127 Workers' compensation 1,921,971 Professional liability 1,749,386 Commercial automobile 1,152,717 Short-tail lines 761,628 Other 124,586 Insurance 11,246,415 Casualty 1,992,711 Monoline excess 1,146,311 Property 279,800 Reinsurance & Monoline Excess 3,418,822 Total undiscounted reserves for loss and loss expenses, net of reinsurance $ 14,665,237 (In thousands) December 31, 2022 Due from reinsurers on unpaid claims: Other liability $ 730,029 Workers' compensation 221,769 Professional liability 1,019,810 Commercial automobile 67,895 Short-tail lines 414,549 Other 97,511 Insurance 2,551,563 Casualty 108,390 Monoline excess 35,926 Property 66,465 Reinsurance & Monoline Excess 210,781 Total due from reinsurers on unpaid claims $ 2,762,344 (In thousands) December 31, 2022 Loss reserve discount: Other liability $ — Workers' compensation (12,491) Professional liability — Commercial automobile — Short-tail lines — Other — Insurance (12,491) Casualty (84,668) Monoline excess (319,199) Property — Reinsurance & Monoline Excess (403,867) Total loss reserve discount $ (416,358) Total gross reserves for loss and loss expenses $ 17,011,223 |
Supplementary information regarding average historical claims duration | The following is supplementary information regarding average historical claims duration as of December 31, 2022: Insurance Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Other liability 6.9 % 13.7 % 16.3 % 16.0 % 13.1 % 9.2 % 6.7 % 4.2 % 2.7 % 2.8 % Workers' compensation 23.5 % 29.9 % 15.7 % 9.1 % 5.5 % 3.2 % 2.1 % 1.7 % 1.5 % 1.0 % Professional liability 7.4 % 17.6 % 17.7 % 15.7 % 9.1 % 10.3 % 5.1 % 2.6 % 3.0 % 1.9 % Commercial automobile 36.1 % 20.9 % 15.5 % 11.5 % 6.7 % 2.8 % 1.6 % 0.4 % 0.1 % 0.4 % Short-tail lines 54.7 % 32.8 % 5.8 % 2.0 % 1.0 % 0.8 % 0.4 % 0.1 % 0.2 % — % Reinsurance & Monoline Excess Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Casualty 5.7 % 10.9 % 12.5 % 13.7 % 11.0 % 9.3 % 7.4 % 5.5 % 4.0 % 3.0 % Monoline excess 6.1 % 4.7 % 3.1 % 1.7 % 2.6 % 3.3 % 4.6 % 3.5 % 7.2 % 2.9 % Property 30.5 % 33.2 % 16.1 % 5.8 % 3.6 % 1.7 % 1.6 % 0.3 % 0.1 % — % |
Reconciliation of beginning and ending reserve balance | The table below provides a reconciliation of the beginning and ending reserve balances: (In thousands) 2022 2021 2020 Net reserves at beginning of year $ 12,848,362 $ 11,620,393 $ 10,697,998 Cumulative effect adjustment resulting from changes in accounting principles (1) — — 5,927 Restated net reserves at beginning of period 12,848,362 11,620,393 10,703,925 Net provision for losses and loss expenses: Claims occurring during the current year (2) 5,774,713 4,921,191 4,432,937 Increase in estimates for claims occurring in prior years (3) 54,511 863 627 Loss reserve discount accretion 32,526 31,906 35,142 Total 5,861,750 4,953,960 4,468,706 Net payments for claims: Current year 1,068,577 887,896 921,054 Prior year 3,279,333 2,777,798 2,677,595 Total 4,347,910 3,665,694 3,598,649 Foreign currency translation (113,323) (60,297) 46,411 Net reserves at end of year 14,248,879 12,848,362 11,620,393 Ceded reserve at end of year 2,762,344 2,542,526 2,164,037 Gross reserves at end of year $ 17,011,223 $ 15,390,888 $ 13,784,430 Net change in premiums and losses occurring in prior years: Increase in estimates for claims occurring in prior years (3) $ (54,511) $ (863) $ (627) Retrospective premium adjustments for claims occurring in prior years (4) 18,106 7,510 16,807 Net premium and reserve development on prior years $ (36,405) $ 6,647 $ 16,180 _______________________________________ (1) The cumulative effect adjustment resulting from changes in accounting principals relates to the allowance for expected credit losses on reinsurance recoverables that commenced on January 1, 2020 due to the adoption of ASU 2016-13. See Note 1 for more details. (2) Claims occurring during the current year are net of loss reserve discounts of $35 million, $21 million and $10 million in 2022, 2021, and 2020, respectively. (3) The change in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years increased by $16 million in 2022, decreased by $19 million in 2021, and decreased by $21 million in 2020, respectively. |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Financial Information | The following is a summary of reinsurance financial information: (In thousands) 2022 2021 2020 Written premiums: Direct $ 10,695,138 $ 9,531,050 $ 7,874,050 Assumed 1,213,914 1,169,084 973,597 Ceded (1,904,982) (1,837,267) (1,585,210) Total net written premiums $ 10,004,070 $ 8,862,867 $ 7,262,437 Earned premiums: Direct $ 10,217,891 $ 8,825,568 $ 7,489,470 Assumed 1,226,801 1,085,804 941,321 Ceded (1,883,263) (1,805,341) (1,499,948) Total net earned premiums $ 9,561,429 $ 8,106,031 $ 6,930,843 Ceded losses and loss expenses incurred $ 1,269,338 $ 1,236,960 $ 955,630 Ceded commission earned $ 477,437 $ 449,739 $ 358,253 |
Schedule of Premium Receivable Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the years ended December 31, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 25,218 $ 22,883 Change in allowance for expected credit losses 5,442 2,335 Allowance for expected credit losses, end of period $ 30,660 $ 25,218 |
Schedule of Reinsurance Recoverable Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the years ended December 31, 2022 and 2021: (In thousands) 2022 2021 Allowance for expected credit losses, beginning of period $ 7,713 $ 7,801 Change in allowance for expected credit losses 351 (88) Allowance for expected credit losses, end of period $ 8,064 $ 7,713 |
Schedule of Ceded Credit Risk by Reinsurer | The following table presents the amounts due from reinsurers as of December 31, 2022: (In thousands) Lloyd’s of London $ 347,927 Berkshire Hathaway 332,034 Munich Re 306,530 Partner Re 275,410 Hannover Re Group 191,264 Swiss Re 189,591 Lifson Re 180,724 Renaissance Re 163,973 Everest Re 155,847 Liberty Mutual 96,402 Axis Capital 81,538 Korean Re 59,884 Fairfax Financial 55,228 Axa Insurance 46,058 Arch Capital Group 45,663 Sompo Holdings Group 36,157 Helvetia Holdings Group 30,823 Markel Corp Group 30,216 Validus Holdings Group 24,548 TOA Re 22,945 Other reinsurers less than $20,000 342,275 Subtotal 3,015,037 Residual market pools (1) 180,757 Allowance for expected credit losses (8,064) Total $ 3,187,730 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Indebtedness consisted of the following as of December 31, 2022 (the difference between the face value and the carrying value is unamortized discount and debt issuance costs): Carrying Value (In thousands) Interest Rate Face Value 2022 2021 Senior notes and other debt due on: January 1, 2022 (1) 8.700% $ — $ — $ 76,503 March 15, 2022 (1) 4.625% — — 349,923 February 15, 2037 6.250% 250,000 248,446 248,336 August 1, 2044 4.750% 350,000 346,020 345,836 May 12, 2050 4.000% 470,000 490,721 491,478 March 30, 2052 3.550% 400,000 394,213 394,015 September 30, 2061 3.150% 350,000 342,945 342,761 Subsidiary debt and other (2) Various 6,478 6,478 10,564 Total senior notes and other debt $ 1,826,478 $ 1,828,823 $ 2,259,416 Subordinated debentures due on: March 30, 2058 5.700% $ 185,000 $ 179,328 $ 179,166 December 30, 2059 5.100% 300,000 291,179 290,941 September 30, 2060 4.250% 250,000 244,523 244,378 March 30, 2061 4.125% 300,000 293,341 293,167 Total subordinated debentures $ 1,035,000 $ 1,008,371 $ 1,007,652 ________________ (1) In the first quarter of 2022, the Company repaid at maturity its $77 million aggregate principal amount of 8.7% senior notes in January and its $350 million aggregate principal amount of 4.625% senior notes in March. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of: (In thousands) Current Deferred (Benefit) Expense Total December 31, 2022 Domestic $ 295,849 $ (27,544) $ 268,305 Foreign 42,890 23,532 66,422 Total expense (benefit) $ 338,739 $ (4,012) $ 334,727 December 31, 2021 Domestic $ 239,090 $ 2,752 $ 241,842 Foreign — 10,048 10,048 Total expense $ 239,090 $ 12,800 $ 251,890 December 31, 2020 Domestic $ 162,305 $ 17 $ 162,322 Foreign 23,375 (13,880) 9,495 Total expense (benefit) $ 185,680 $ (13,863) $ 171,817 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 21% for 2022, 2021 and 2020 to pre-tax income are as follows: (In thousands) 2022 2021 2020 Computed “expected” tax expense $ 361,133 $ 269,410 $ 148,008 Tax-exempt investment income (10,815) (11,380) (12,770) Change in valuation allowance (28,064) 2,974 46,238 Impact of foreign tax rates (453) (2,368) 6,753 State and local taxes 8,976 4,230 2,561 Other, net 3,950 (10,976) (18,973) Total expense $ 334,727 $ 251,890 $ 171,817 |
Schedule of Deferred Tax Assets and Liabilities | (In thousands) 2022 2021 2020 Computed “expected” tax expense $ 361,133 $ 269,410 $ 148,008 Tax-exempt investment income (10,815) (11,380) (12,770) Change in valuation allowance (28,064) 2,974 46,238 Impact of foreign tax rates (453) (2,368) 6,753 State and local taxes 8,976 4,230 2,561 Other, net 3,950 (10,976) (18,973) Total expense $ 334,727 $ 251,890 $ 171,817 At December 31, 2022 and 2021, the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows: (In thousands) 2022 2021 Deferred tax asset: Loss reserve discounting $ 192,181 $ 162,636 Unearned premiums 180,326 163,143 Unrealized investment losses 228,456 — Net operating losses & foreign tax credits 58,182 88,502 Other-than-temporary impairments 5,935 5,176 Employee compensation plans 63,313 61,301 Other 72,536 54,269 Gross deferred tax asset 800,929 535,027 Less valuation allowance (47,166) (75,230) Deferred tax asset 753,763 459,797 Deferred tax liability: Amortization of intangibles 13,973 12,787 Loss reserve discounting - transition rule 14,843 19,796 Deferred policy acquisition costs 157,055 137,893 Unrealized investment gains — 36,850 Property, furniture and equipment 45,887 43,186 Investment funds 125,525 101,999 Other 67,479 67,331 Deferred tax liability 424,762 419,842 Net deferred tax asset $ 329,001 $ 39,955 |
Dividends From Subsidiaries A_2
Dividends From Subsidiaries And Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Schedule of Combined Net Income and Policyholders' Surplus in Accordance with Statutory Accounting Practices | BIC’s combined net income and statutory capital and surplus, as determined in accordance with statutory accounting practices ("SAP"), are as follows: (In thousands) 2022 2021 2020 Net income $ 1,358,813 $ 1,040,342 $ 771,990 Statutory capital and surplus $ 8,330,587 $ 6,817,535 $ 6,188,121 |
Common Stockholders' Equity (Ta
Common Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share | The weighted average number of shares used in the computation of net income per share was as follows: (In thousands) 2022 2021 2020 Basic 276,852 277,430 280,386 Diluted 279,461 279,749 283,145 |
Schedule of Changes in Shares of Common Stock Outstanding | Changes in shares of common stock outstanding, net of treasury shares, are presented below. Shares of common stock issued and outstanding do not include shares related to unissued restricted stock units (including shares held in the grantor trust). 2022 2021 2020 Balance, beginning of year 265,170,882 266,737,725 275,117,861 Shares issued 745,612 1,062,086 1,164,816 Shares repurchased (1,370,394) (2,628,929) (9,544,952) Balance, end of year 264,546,100 265,170,882 266,737,725 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Estimated Fair Values of Financial Insruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2022 and 2021: 2022 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 17,587,349 $ 17,591,626 $ 16,602,673 $ 16,614,118 Equity securities 1,185,894 1,185,894 941,243 941,243 Arbitrage trading account 944,230 944,230 1,179,606 1,179,606 Loans receivable 193,002 187,981 115,172 116,534 Cash and cash equivalents 1,449,346 1,449,346 1,568,843 1,568,843 Trading accounts receivable from brokers and clearing organizations 233,863 233,863 — — Due from broker 3,609 3,609 20,448 20,448 Liabilities: Due to broker — — 53,636 53,636 Trading account securities sold but not yet purchased — — 1,169 1,169 Senior notes and other debt 1,828,823 1,439,188 2,259,416 2,526,630 Subordinated debentures 1,008,371 805,600 1,007,652 1,095,600 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost | Further information relating to operating lease expense and other operating lease information is as follows: For the Year Ended December 31, (In thousands) 2022 2021 Leases: Lease cost $ 43,383 $ 44,051 Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 43,871 $ 45,592 Right-of-use assets obtained in exchange for new lease liabilities $ 28,075 $ 38,929 |
Supplemental Balance Sheet Information | As of December 31, ($ in thousands) 2022 2021 Right-of-use assets $ 169,271 $ 172,180 Lease liabilities $ 204,088 $ 208,729 Weighted-average remaining lease term 7.1 years 7.2 years Weighted-average discount rate 4.40 % 4.83 % |
Maturities of Operating Lease Liabilities | Contractual maturities of the Company’s future minimum lease payments are as follows: (In thousands) December 31, 2022 Contractual Maturities: 2023 $ 47,024 2024 41,788 2025 32,928 2026 25,973 2027 16,472 Thereafter 68,912 Total undiscounted future minimum lease payments 233,097 Less: Discount impact 29,009 Total lease liability $ 204,088 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes RSU information for the three years ended December 31, 2022: 2022 2021 2020 RSUs granted and unvested at beginning of period: 5,144,519 5,706,504 6,186,390 Granted 1,024,960 1,272,990 1,443,680 Vested (1,258,680) (1,523,960) (1,667,382) Canceled (292,373) (311,016) (256,184) RSUs granted and unvested at end of period: 4,618,426 5,144,519 5,706,504 |
Schedule of Share-based Compensation, Unearned Compensation Related to RSU's | The fair value of RSUs at the date of grant are recorded as unearned compensation, a component of stockholders’ equity, and expensed over the vesting period. Following is a summary of changes in unearned compensation for the three years ended December 31, 2022: (In thousands) 2022 2021 2020 Unearned compensation at beginning of year $ 135,535 $ 132,310 $ 128,390 RSUs granted, net of cancellations 60,628 56,711 54,270 RSUs expensed (47,611) (46,441) (47,108) RSUs forfeitures (6,492) (7,045) (3,242) Unearned compensation at end of year $ 142,060 $ 135,535 $ 132,310 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Compensation Related Costs [Abstract] | |
Long-Term Incentive Compensation Plan Expense | The following table summarizes the outstanding LTIP awards as of December 31, 2022: Units Outstanding Maximum Value Inception to date earned through December 31, 2022 on outstanding units 2018 grant 188,500 $ 18,850,000 $ 18,850,000 2019 grant 205,000 20,500,000 17,164,589 2020 grant 216,000 21,600,000 13,943,707 2021 grant 221,750 22,175,000 11,426,223 2022 grant 241,000 24,100,000 6,232,260 The following table summarizes the LTIP expense for each of the three years ended December 31, 2022: (In thousands) 2022 2021 2020 2015 grant $ — $ — $ (168) 2016 grant — (117) 3,176 2017 grant — 6,012 2,914 2018 grant 4,299 5,503 2,776 2019 grant 6,904 5,309 2,490 2020 grant 6,653 5,065 2,276 2021 grant 6,574 4,906 — 2022 grant 6,232 — — Total $ 30,662 $ 26,678 $ 13,464 |
Supplemental Financial Statem_2
Supplemental Financial Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other operating costs and expenses consist of the following: (In thousands) 2022 2021 2020 Amortization of deferred policy acquisition costs $ 1,038,903 $ 961,628 $ 904,955 Insurance operating expenses 1,635,000 1,345,099 1,206,058 Insurance service expenses 96,419 86,003 85,724 Net foreign currency (gains) losses (50,930) (25,725) 363 Debt extinguishment costs — 11,521 8,440 Other costs and expenses 242,113 220,744 184,852 Total $ 2,961,505 $ 2,599,270 $ 2,390,392 |
Industry Segments (Tables)
Industry Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Financial Information Of Company Operating Segments | Summary financial information about the Company’s reporting segments is presented in the following table. Income before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment. Revenues (In thousands) Earned Investment Other Total (2) Pre-Tax Net Year ended December 31, 2022 Insurance $ 8,369,062 $ 550,084 $ 33,347 $ 8,952,493 $ 1,455,658 $ 1,173,425 Reinsurance & Monoline Excess 1,192,367 194,272 — 1,386,639 316,527 251,386 Corporate, other and eliminations (3) — 34,829 590,141 624,970 (254,901) (203,476) Net investment gains — — 202,397 202,397 202,397 159,727 Consolidated $ 9,561,429 $ 779,185 $ 825,885 $ 11,166,499 $ 1,719,681 $ 1,381,062 Year ended December 31, 2021 Insurance $ 7,077,708 $ 468,821 $ 32,063 $ 7,578,592 $ 1,219,798 $ 976,184 Reinsurance & Monoline Excess 1,028,323 175,324 — 1,203,647 270,563 215,439 Corporate, other and eliminations (3) — 27,473 555,122 582,595 (298,088) (242,055) Net investment gains — — 90,632 90,632 90,632 72,922 Consolidated $ 8,106,031 $ 671,618 $ 677,817 $ 9,455,466 $ 1,282,905 $ 1,022,490 Year ended December 31, 2020 Insurance $ 6,067,669 $ 375,554 $ 35,611 $ 6,478,834 $ 668,012 $ 487,125 Reinsurance & Monoline Excess 863,174 146,029 — 1,009,203 205,587 164,655 Corporate, other and eliminations (3) — 62,238 445,650 507,888 (271,797) (214,291) Net investment gains — — 103,000 103,000 103,000 93,181 Consolidated $ 6,930,843 $ 583,821 $ 584,261 $ 8,098,925 $ 704,802 $ 530,670 |
Identifiable Assets by Segments | Identifiable Assets (In thousands) December 31, 2022 2021 Insurance $ 27,009,652 $ 24,414,305 Reinsurance & Monoline Excess 5,195,752 4,916,894 Corporate, other and eliminations (3) 1,655,695 2,755,215 Consolidated $ 33,861,099 $ 32,086,414 _______________________________________ (1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. (2) Revenues for Insurance includes $1,029 million, $873 million, and $692 million in 2022, 2021, and 2020, respectively, from foreign countries. Revenues for Reinsurance & Monoline Excess includes $412 million, $380 million, and $292 million in 2022, 2021 and 2020, respectively, from foreign countries. (3) Corporate, other and eliminations represent corporate revenues and expenses and other items that are not allocated to |
Net Premiums Earned By Major Line Of Business | Net premiums earned by major line of business were as follows: (In thousands) 2022 2021 2020 Insurance Other liability $ 3,206,846 $ 2,673,098 $ 2,269,458 Short-tail lines 1,630,371 1,389,068 1,247,908 Workers' compensation 1,197,811 1,131,283 1,127,487 Commercial automobile 1,208,241 990,945 794,171 Professional liability 1,125,793 893,314 628,645 Total Insurance 8,369,062 7,077,708 6,067,669 Reinsurance & Monoline Excess Casualty 764,793 643,193 521,559 Monoline Excess 217,017 201,187 171,522 Property 210,557 183,943 170,093 Total Reinsurance & Monoline Excess 1,192,367 1,028,323 863,174 Total $ 9,561,429 $ 8,106,031 $ 6,930,843 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Unbilled Audit Premiums | $ 25 | $ 10 | $ (27) |
Weighted average shares held in grantor trust | 11,416,856 | ||
Indefinite-lived Intangible Assets [Line Items] | |||
Basic weighted average number of shares outstanding (in shares) | 276,852 | 277,430 | 280,386 |
Deposit contracts, liabilities | $ 33 | $ 35 | |
Depreciation | 52 | 52 | $ 53 |
Interest payments | 138 | 141 | 155 |
Income taxes paid | 295 | 244 | $ 103 |
Other Assets | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Intangible assets, net (excluding goodwill) | $ 102 | $ 85 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Recent accounting change) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net after tax unamortized periodic pension cost | $ (6,768,161) | $ (6,667,730) | ||
Fixed maturity securities, allowance for credit loss | 37,466 | 22,625 | ||
Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net after tax unamortized periodic pension cost | (10,161,005) | (9,015,135) | $ (8,348,381) | $ (7,932,372) |
Accumulated Other Comprehensive Income (Loss) | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net after tax unamortized periodic pension cost | $ 892,905 | (90,900) | (289,714) | (124,514) |
Cumulative Effect, Period Of Adoption, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net after tax unamortized periodic pension cost | 0 | 0 | 30,514 | |
Cumulative Effect, Period Of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net after tax unamortized periodic pension cost | $ 0 | $ 0 | $ (24,952) |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - Placemat and rug manufacturing business $ in Millions | 1 Months Ended |
Mar. 31, 2022 USD ($) | |
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) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Net assets acquired and liabilities assumed | ||
Goodwill | $ 185,509 | $ 169,652 |
Placemat and rug manufacturing business | ||
Net assets acquired and liabilities assumed | ||
Cash and cash equivalents | 1,564 | |
Real estate, furniture and equipment | 6,000 | |
Intangible assets | 25,600 | |
Goodwill | 15,857 | |
Other assets | 20,349 | |
Total assets acquired | 69,370 | |
Other liabilities assumed | (12,420) | |
Noncontrolling interest | (5,814) | |
Net assets acquired | $ 51,136 |
Consolidated Statement of Com_3
Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | $ 6,667,730 | ||
Other comprehensive (loss) gain | (982,624) | $ (219,781) | $ 170,177 |
End of period | 6,768,161 | 6,667,730 | |
Unrealized investment gains (losses), before tax | 217,311 | 106,958 | 73,514 |
Pre-Tax Income (Loss) | 1,719,681 | 1,282,905 | 704,802 |
Federal and foreign income taxes | (334,727) | (251,890) | (171,817) |
Net income | 1,384,954 | 1,031,015 | 532,985 |
Unrealized investment gains, before tax | (1,248,128) | (254,939) | 164,645 |
Currency translation adjustments, before tax | 1,179 | (20,969) | |
Other comprehensive income (loss), before tax | (1,246,949) | (275,908) | |
Unrealized investment gains, tax | 264,325 | 56,127 | |
Currency translation adjustments, tax | 0 | 0 | |
Other comprehensive income (loss), tax | 264,325 | 56,127 | |
Unrealized investment gains, net of tax | (983,803) | (198,812) | |
Change in unrealized translation adjustments | 1,179 | (20,969) | 29,927 |
Unrealized Investment (Losses) Gains | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | 90,900 | 289,714 | |
Other comprehensive (loss) income before reclassifications | (1,054,838) | (222,359) | |
Amounts reclassified from AOCI | 71,035 | 23,547 | |
Other comprehensive (loss) gain | (983,803) | (198,812) | |
Unrealized investment loss related to noncontrolling interest | (2) | (2) | |
End of period | (892,905) | 90,900 | 289,714 |
Unrealized Investment (Losses) Gains | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized investment gains (losses), before tax | 89,918 | 29,806 | |
Federal and foreign income taxes | (18,883) | (6,259) | |
Net income | 71,035 | 23,547 | |
Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | (372,855) | (351,886) | (381,813) |
Other comprehensive (loss) income before reclassifications | 1,179 | (20,969) | |
Amounts reclassified from AOCI | 0 | 0 | |
Other comprehensive (loss) gain | 1,179 | (20,969) | |
Unrealized investment loss related to noncontrolling interest | 0 | 0 | |
End of period | (371,676) | (372,855) | (351,886) |
Change in unrealized translation adjustments | 1,179 | (20,969) | 29,927 |
Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-Tax Income (Loss) | 0 | 0 | |
Federal and foreign income taxes | 0 | 0 | |
Net income | 0 | 0 | |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning of period | (281,955) | (62,172) | |
Other comprehensive (loss) income before reclassifications | (1,053,659) | (243,328) | |
Amounts reclassified from AOCI | 71,035 | 23,547 | |
Other comprehensive (loss) gain | (982,624) | (219,781) | |
Unrealized investment loss related to noncontrolling interest | (2) | (2) | |
End of period | (1,264,581) | (281,955) | $ (62,172) |
Accumulated Other Comprehensive Loss | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-Tax Income (Loss) | 89,918 | 29,806 | |
Federal and foreign income taxes | (18,883) | (6,259) | |
Net income | $ 71,035 | $ 23,547 |
Investments in Fixed Maturity_3
Investments in Fixed Maturity Securities (Investments in Fixed Maturity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Total held to maturity, Amortized Cost | $ 51,410 | $ 74,368 | |
Held-to-maturity, allowance for credit loss | (114) | (387) | $ (798) |
Total held to maturity, Gross Unrealized Gains | 4,277 | 11,445 | |
Total held to maturity, Gross Unrealized Losses | 0 | 0 | |
Total held to maturity, Fair Value | 55,573 | 85,426 | |
Total held to maturity, Carrying Value | 51,296 | 73,981 | |
Fixed maturity securities available for sale at cost | 18,664,073 | 16,396,936 | |
Cumulative effect adjustment resulting from changes in accounting principles | (37,352) | (22,238) | (1,782) |
Total available for sale, Gross Unrealized Gains | 32,166 | 278,207 | |
Total available for sale, Gross Unrealized Losses | (1,122,834) | (124,213) | |
Total available for sale, Fair Value | 17,536,053 | 16,528,692 | |
Total available for sale, Carrying Value | 17,536,053 | 16,528,692 | |
Fixed maturity securities, amortized cost | 18,715,483 | 16,471,304 | |
Total investments in fixed maturity securities, Gross Unrealized Gains | 36,443 | 289,652 | |
Total investments in fixed maturity securities, Gross Unrealized Losses | (1,122,834) | (124,213) | |
Total investments in fixed maturity securities, Fair Value | 17,591,626 | 16,614,118 | |
Total investments in fixed maturity securities, carrying value | 17,587,349 | 16,602,673 | |
Fixed maturity securities, allowance for credit loss | (37,466) | (22,625) | |
State and municipal | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Total held to maturity, Amortized Cost | 47,802 | 69,539 | |
Held-to-maturity, allowance for credit loss | (114) | (387) | |
Total held to maturity, Gross Unrealized Gains | 4,239 | 10,813 | |
Total held to maturity, Gross Unrealized Losses | 0 | 0 | |
Total held to maturity, Fair Value | 51,927 | 79,965 | |
Total held to maturity, Carrying Value | 47,688 | 69,152 | |
Fixed maturity securities available for sale at cost | 3,046,335 | 3,176,042 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 12,355 | 137,650 | |
Total available for sale, Gross Unrealized Losses | (168,592) | (9,559) | |
Total available for sale, Fair Value | 2,890,098 | 3,304,133 | |
Total available for sale, Carrying Value | 2,890,098 | 3,304,133 | |
Residential mortgage-backed | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Total held to maturity, Amortized Cost | 3,608 | 4,829 | |
Held-to-maturity, allowance for credit loss | 0 | 0 | |
Total held to maturity, Gross Unrealized Gains | 38 | 632 | |
Total held to maturity, Gross Unrealized Losses | 0 | 0 | |
Total held to maturity, Fair Value | 3,646 | 5,461 | |
Total held to maturity, Carrying Value | 3,608 | 4,829 | |
Fixed maturity securities available for sale at cost | 1,308,019 | 940,744 | |
Cumulative effect adjustment resulting from changes in accounting principles | (18) | 0 | |
Total available for sale, Gross Unrealized Gains | 395 | 9,896 | |
Total available for sale, Gross Unrealized Losses | (171,595) | (11,321) | |
Total available for sale, Fair Value | 1,136,801 | 939,319 | |
Total available for sale, Carrying Value | 1,136,801 | 939,319 | |
U.S. government and government agency | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 960,479 | 851,128 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 937 | 8,509 | |
Total available for sale, Gross Unrealized Losses | (69,158) | (4,294) | |
Total available for sale, Fair Value | 892,258 | 855,343 | |
Total available for sale, Carrying Value | 892,258 | 855,343 | |
Special Revenue | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 1,837,309 | 2,016,382 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 3,662 | 62,961 | |
Total available for sale, Gross Unrealized Losses | (119,474) | (5,706) | |
Total available for sale, Fair Value | 1,721,497 | 2,073,637 | |
Total available for sale, Carrying Value | 1,721,497 | 2,073,637 | |
Debt, State Government | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 387,709 | 388,110 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 2,651 | 23,152 | |
Total available for sale, Gross Unrealized Losses | (21,335) | (1,015) | |
Total available for sale, Fair Value | 369,025 | 410,247 | |
Total available for sale, Carrying Value | 369,025 | 410,247 | |
Revenue Subject to Refund | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 156,106 | 202,633 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 2,741 | 14,891 | |
Total available for sale, Gross Unrealized Losses | (7) | (574) | |
Total available for sale, Fair Value | 158,840 | 216,950 | |
Total available for sale, Carrying Value | 158,840 | 216,950 | |
Corporation | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 210,228 | 166,943 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 334 | 7,191 | |
Total available for sale, Gross Unrealized Losses | (10,923) | (1,532) | |
Total available for sale, Fair Value | 199,639 | 172,602 | |
Total available for sale, Carrying Value | 199,639 | 172,602 | |
Debt, Local Government | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 454,983 | 401,974 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 2,967 | 29,455 | |
Total available for sale, Gross Unrealized Losses | (16,853) | (732) | |
Total available for sale, Fair Value | 441,097 | 430,697 | |
Total available for sale, Carrying Value | 441,097 | 430,697 | |
Commercial Mortgage Backed Securities | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 547,757 | 125,709 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 215 | 3,388 | |
Total available for sale, Gross Unrealized Losses | (19,363) | (341) | |
Total available for sale, Fair Value | 528,609 | 128,756 | |
Total available for sale, Carrying Value | 528,609 | 128,756 | |
Mortgage- Backed | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 1,855,776 | 1,066,453 | |
Cumulative effect adjustment resulting from changes in accounting principles | (18) | 0 | |
Total available for sale, Gross Unrealized Gains | 610 | 13,284 | |
Total available for sale, Gross Unrealized Losses | (190,958) | (11,662) | |
Total available for sale, Fair Value | 1,665,410 | 1,068,075 | |
Total available for sale, Carrying Value | 1,665,410 | 1,068,075 | |
Asset-backed Securities | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 4,132,365 | 4,504,950 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 2,730 | 4,409 | |
Total available for sale, Gross Unrealized Losses | (152,322) | (18,794) | |
Total available for sale, Fair Value | 3,982,773 | 4,490,565 | |
Total available for sale, Carrying Value | 3,982,773 | 4,490,565 | |
Industrial Property | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 3,491,645 | 3,231,520 | |
Cumulative effect adjustment resulting from changes in accounting principles | (1,704) | (16) | |
Total available for sale, Gross Unrealized Gains | 4,439 | 62,751 | |
Total available for sale, Gross Unrealized Losses | (241,381) | (21,092) | |
Total available for sale, Fair Value | 3,252,999 | 3,273,163 | |
Total available for sale, Carrying Value | 3,252,999 | 3,273,163 | |
Debt Security, Corporate, US | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 2,585,247 | 1,739,282 | |
Cumulative effect adjustment resulting from changes in accounting principles | (2,997) | 0 | |
Total available for sale, Gross Unrealized Gains | 5,505 | 30,709 | |
Total available for sale, Gross Unrealized Losses | (117,383) | (6,591) | |
Total available for sale, Fair Value | 2,470,372 | 1,763,400 | |
Total available for sale, Carrying Value | 2,470,372 | 1,763,400 | |
Public Utility, Bonds | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 586,066 | 396,242 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 1,307 | 13,262 | |
Total available for sale, Gross Unrealized Losses | (36,325) | (3,202) | |
Total available for sale, Fair Value | 551,048 | 406,302 | |
Total available for sale, Carrying Value | 551,048 | 406,302 | |
Other Security Investments | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 441,230 | 154,210 | |
Cumulative effect adjustment resulting from changes in accounting principles | 0 | 0 | |
Total available for sale, Gross Unrealized Gains | 0 | 125 | |
Total available for sale, Gross Unrealized Losses | (11,657) | (1,525) | |
Total available for sale, Fair Value | 429,573 | 152,810 | |
Total available for sale, Carrying Value | 429,573 | 152,810 | |
Corporate | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 7,104,188 | 5,521,254 | |
Cumulative effect adjustment resulting from changes in accounting principles | (4,701) | (16) | (518) |
Total available for sale, Gross Unrealized Gains | 11,251 | 106,847 | |
Total available for sale, Gross Unrealized Losses | (406,746) | (32,410) | |
Total available for sale, Fair Value | 6,703,992 | 5,595,675 | |
Total available for sale, Carrying Value | 6,703,992 | 5,595,675 | |
Foreign government | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Fixed maturity securities available for sale at cost | 1,564,930 | 1,277,109 | |
Cumulative effect adjustment resulting from changes in accounting principles | (32,633) | (22,222) | $ (1,264) |
Total available for sale, Gross Unrealized Gains | 4,283 | 7,508 | |
Total available for sale, Gross Unrealized Losses | (135,058) | (47,494) | |
Total available for sale, Fair Value | 1,401,522 | 1,214,901 | |
Total available for sale, Carrying Value | $ 1,401,522 | $ 1,214,901 |
Investments in Fixed Maturity_4
Investments in Fixed Maturity Securities (HTM Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses at January 1, 2020 | $ 387 | $ 798 |
Provision for expected credit losses | (273) | (411) |
Allowance for expected credit losses at September 30, 2020 | $ 114 | $ 387 |
Investments in Fixed Maturity_5
Investments in Fixed Maturity Securities (AFS Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses at January 1, 2020 | $ 22,238 | $ 1,782 |
Expected credit losses on securities for which credit losses were not previously recorded | 4,579 | 19,088 |
Expected credit losses on securities for which credit losses were previously recorded | 10,573 | 1,925 |
Reduction due to disposals | (38) | (557) |
Allowance for expected credit losses at September 30, 2020 | 37,352 | 22,238 |
Foreign Government | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses at January 1, 2020 | 22,222 | 1,264 |
Expected credit losses on securities for which credit losses were not previously recorded | 1,910 | 19,072 |
Expected credit losses on securities for which credit losses were previously recorded | 8,534 | 2,438 |
Reduction due to disposals | (33) | (552) |
Allowance for expected credit losses at September 30, 2020 | 32,633 | 22,222 |
Corporate | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses at January 1, 2020 | 16 | 518 |
Expected credit losses on securities for which credit losses were not previously recorded | 2,648 | 16 |
Expected credit losses on securities for which credit losses were previously recorded | 2,042 | (513) |
Reduction due to disposals | (5) | (5) |
Allowance for expected credit losses at September 30, 2020 | 4,701 | 16 |
Mortgage- Backed | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses at January 1, 2020 | 0 | |
Expected credit losses on securities for which credit losses were not previously recorded | 21 | |
Expected credit losses on securities for which credit losses were previously recorded | (3) | |
Reduction due to disposals | 0 | |
Allowance for expected credit losses at September 30, 2020 | $ 18 | $ 0 |
Investments in Fixed Maturity_6
Investments in Fixed Maturity Securities (The Amortized Cost and Fair Value of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | |||
Amortized Cost, Due in one year or less | $ 1,570,480 | ||
Amortized Cost, Due after one year through five years | 8,746,271 | ||
Amortized Cost, Due after five years through ten years | 4,395,236 | ||
Amortized Cost, Due after ten years | 2,143,998 | ||
Amortized Cost, Mortgage-backed securities | 1,859,384 | ||
Total investment in fixed maturity securities, Amortized Cost | 18,715,369 | ||
Fair Value, Due in one year or less | 1,527,090 | ||
Fair Value, Due after one year through five years | 8,299,945 | ||
Fair Value, Due after five years through ten years | 4,119,772 | ||
Fair Value, Due after ten years | 1,975,763 | ||
Fair Value, Mortgage-backed securities | 1,669,056 | ||
Total investments in fixed maturity securities, Fair Value | 17,591,626 | ||
Held-to-maturity, allowance for credit loss | $ 114 | $ 387 | $ 798 |
Investments in Fixed Maturity_7
Investments in Fixed Maturity Securities (Narrative) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |
Debt Securities, Held-to-maturity, Restricted | $ 1,218 |
Insurance | |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |
Debt Securities, Held-to-maturity, Restricted | 656 |
Reinsurance & Monoline Excess | |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |
Debt Securities, Held-to-maturity, Restricted | 31 |
Letters of Credit Outstanding, Amount | 5 |
523991 Trust, Fiduciary, and Custody Activities | |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |
Debt Securities, Held-to-maturity, Restricted | $ 1,910 |
Investments in Equity Securit_3
Investments in Equity Securities (Investments in Equity Securities Available for Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 1,115,328 | $ 870,045 |
Gross unrealized gains | 193,218 | 100,275 |
Gross unrealized losses | (122,652) | (29,077) |
Equity securities | 1,185,894 | 941,243 |
Fair Value | Common stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 855,987 | 619,896 |
Gross unrealized gains | 192,165 | 92,401 |
Gross unrealized losses | (65,401) | (16,894) |
Equity securities | 982,751 | 695,403 |
Fair Value | Preferred stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 259,341 | 250,149 |
Gross unrealized gains | 1,053 | 7,874 |
Gross unrealized losses | (57,251) | (12,183) |
Equity securities | 203,143 | 245,840 |
Carrying Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | 1,185,894 | 941,243 |
Carrying Value | Common stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | 982,751 | 695,403 |
Carrying Value | Preferred stocks | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 203,143 | $ 245,840 |
Arbitrage Trading Account (Deta
Arbitrage Trading Account (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Trading Securities and Derivative Instruments [Abstract] | ||
Arbitrage trading account | $ 944,000,000 | $ 1,180,000,000 |
Options Held | Short | ||
Derivative [Line Items] | ||
Other derivatives not designated as hedging instruments at fair value, net | 100 | |
Derivative, notional amount | $ 10,000 |
Net Investment Income (Net Inve
Net Investment Income (Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Investment Income [Line Items] | |||
Gross investment income | $ 789,106 | $ 679,414 | $ 592,946 |
Investment expense | (9,921) | (7,796) | (9,125) |
Net investment income | 779,185 | 671,618 | 583,821 |
Fixed maturity securities, including cash and cash equivalents and loans receivable | |||
Net Investment Income [Line Items] | |||
Gross investment income | 549,281 | 382,001 | 426,563 |
Investment funds | |||
Net Investment Income [Line Items] | |||
Gross investment income | 145,099 | 220,014 | 54,253 |
Arbitrage trading account | |||
Net Investment Income [Line Items] | |||
Gross investment income | 45,213 | 37,676 | 77,931 |
Real estate | |||
Net Investment Income [Line Items] | |||
Gross investment income | (3,087) | 7,703 | 24,027 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross investment income | $ 52,600 | $ 32,020 | $ 10,172 |
Investment Funds (Schedule of I
Investment Funds (Schedule of Investment Funds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jul. 01, 2022 | Jan. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Maximum loss exposure | $ 402,000 | ||||
Investment funds | 1,608,548 | $ 1,480,612 | |||
Income (Loss) From Investment Funds For the Year Ended | 145,099 | 220,014 | $ 54,253 | ||
Ceded to Other Companies | 1,904,982 | 1,837,267 | 1,585,210 | ||
Deferred compensation trust assets | 30,000 | 34,000 | |||
Lifson Re | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ceded to Other Companies | 399,000 | 245,000 | |||
Percentage of reinsurance placements of share placed amounts | 30% | 22.50% | |||
Financial services | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 465,683 | 431,818 | |||
Income (Loss) From Investment Funds For the Year Ended | 34,030 | 98,893 | 34,763 | ||
Transportation | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 336,753 | 336,688 | |||
Income (Loss) From Investment Funds For the Year Ended | 53,180 | 42,424 | (616) | ||
Real estate | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 204,644 | 273,690 | |||
Income (Loss) From Investment Funds For the Year Ended | 48,723 | 29,484 | 7,543 | ||
Energy | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 116,432 | 150,224 | |||
Income (Loss) From Investment Funds For the Year Ended | 1,425 | 22,118 | (11,039) | ||
Infrastructure | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 115,428 | 12,314 | |||
Income (Loss) From Investment Funds For the Year Ended | 4,603 | 1,372 | 1,672 | ||
Other funds | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment funds | 369,608 | 275,878 | |||
Income (Loss) From Investment Funds For the Year Ended | $ 3,138 | $ 25,723 | $ 21,930 |
Real Estate (Details)
Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
Properties in operation | $ 1,114,167 | $ 1,626,826 |
Properties under development | 226,455 | 225,682 |
Total | $ 1,340,622 | $ 1,852,508 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Abstract] | ||
Accumulated depreciation and amortization on properites | $ 33,206,000 | $ 57,391,000 |
Depreciation | 12,269,000 | $ 19,688,000 |
Lease future minimum payments 2022 | 32,282,796 | |
Lease future minimum payments 2023 | 33,528,105 | |
Lease future minimum payments 2024 | 31,015,149 | |
Lease future minimum payments 2025 | 29,250,535 | |
Lease future minimum payments 2026 | 28,334,384 | |
Lease future minimum payments thereafter | $ 510,771,307 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans Receivable [Line Items] | ||
Loans receivable | $ 193,002 | $ 115,172 |
Loans receivable | 187,981 | 116,534 |
Loans in nonaccrual status | 200 | 200 |
Real Estate | ||
Loans Receivable [Line Items] | ||
Loans receivable | 173,616 | 89,431 |
Loans receivable | 168,595 | 90,793 |
Commercial | ||
Loans Receivable [Line Items] | ||
Loans receivable | 19,386 | 25,741 |
Loans receivable | $ 19,386 | $ 25,741 |
Loans receivable maturity term | 10 years |
Loans Receivable - Allowance Fo
Loans Receivable - Allowance For Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses at January 1, 2020 | $ 1,718 | $ 5,437 |
Financing receivable, allowance for credit loss | 1,791 | 1,718 |
Provision for expected credit losses | 73 | (3,719) |
Allowance for expected credit losses at September 30, 2020 | 1,791 | 1,718 |
Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses at January 1, 2020 | 1,362 | 1,683 |
Financing receivable, allowance for credit loss | 1,100 | 1,362 |
Provision for expected credit losses | (262) | (321) |
Allowance for expected credit losses at September 30, 2020 | 1,100 | 1,362 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses at January 1, 2020 | 356 | 3,754 |
Financing receivable, allowance for credit loss | 691 | 356 |
Provision for expected credit losses | 335 | (3,398) |
Allowance for expected credit losses at September 30, 2020 | $ 691 | $ 356 |
Net Investment Gains (Losses) (
Net Investment Gains (Losses) (Net Investment Gains (Losses)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Fixed maturity securities, Gains | $ 4,224 | $ 18,981 | $ 27,819 |
Fixed maturity securities, losses | (11,654) | (6,975) | (56,096) |
Net realized (losses) gains on investment sales | (12,879) | 16,365 | 32,647 |
Change in unrealized losses | (632) | (38,455) | (25,868) |
Investment funds | 12,407 | 44,778 | 31,481 |
Real estate (2) | 293,525 | 94,911 | 101,554 |
Loans receivable | (32) | (881) | 0 |
Other | (67,648) | (21,766) | (38,023) |
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses | 217,311 | 106,958 | 73,514 |
Fixed maturity securities | (14,841) | (20,045) | 33,134 |
Loans receivable | (73) | 3,719 | (3,648) |
Change in allowance for expected credit losses on investments | (14,914) | (16,326) | 29,486 |
Net investment gains | 202,397 | 90,632 | 103,000 |
Income tax expense | $ (42,670) | (17,710) | (21,630) |
After-tax net investment gains | $ 72,922 | $ 81,370 |
Net Investment Gains (Losses)_2
Net Investment Gains (Losses) (Change in Unrealized Gains (Losses) of Available For Sales Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Unrealized investment gains, before tax | $ (1,248,128) | $ (254,939) | $ 164,645 |
Income tax benefit (expense) | 264,325 | 56,127 | (24,395) |
Noncontrolling interests | (2) | (2) | (2) |
Total change in unrealized gains and losses | (983,805) | (198,814) | 140,248 |
Debt Securities | |||
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Unrealized investment gains, before tax | (1,216,292) | (262,221) | 134,129 |
Fixed maturity securities with allowance for expected credit losses | |||
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Unrealized investment gains, before tax | (28,370) | 10,124 | 32,004 |
Investment funds | |||
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Unrealized investment gains, before tax | (2,019) | (1,270) | 2,280 |
Other | |||
Realized and Unrealized Investment Gains Losses [Line Items] | |||
Unrealized investment gains, before tax | $ (1,447) | $ (1,572) | $ (3,768) |
Fixed Maturity Securities in _3
Fixed Maturity Securities in an Unrealized Loss Position (Securities in an Unrealized Loss Position) (Details) - External Credit Rating, Investment Grade - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. government and government agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | $ 285,391 | $ 487,712 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 10,219 | 4,026 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 453,520 | 17,021 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 58,939 | 268 |
Available-for-sale Securities, Fair Value | 738,911 | 504,733 |
Available For Sale Securities, Gross Unrealized Losses | 69,158 | 4,294 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 1,720,443 | 502,333 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 89,272 | 7,403 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 598,797 | 29,547 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 79,320 | 2,156 |
Available-for-sale Securities, Fair Value | 2,319,240 | 531,880 |
Available For Sale Securities, Gross Unrealized Losses | 168,592 | 9,559 |
Mortgage- Backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 1,099,549 | 558,751 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 75,430 | 6,900 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 473,318 | 106,130 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 115,528 | 4,762 |
Available-for-sale Securities, Fair Value | 1,572,867 | 664,881 |
Available For Sale Securities, Gross Unrealized Losses | 190,958 | 11,662 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 1,569,647 | 3,832,944 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 48,390 | 18,503 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 2,176,638 | 75,385 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 103,932 | 291 |
Available-for-sale Securities, Fair Value | 3,746,285 | 3,908,329 |
Available For Sale Securities, Gross Unrealized Losses | 152,322 | 18,794 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 3,690,856 | 2,582,860 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 150,115 | 29,322 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 2,349,281 | 51,095 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 256,631 | 3,088 |
Available-for-sale Securities, Fair Value | 6,040,137 | 2,633,955 |
Available For Sale Securities, Gross Unrealized Losses | 406,746 | 32,410 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 477,672 | 758,975 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 29,815 | 15,793 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 711,786 | 82,057 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 105,243 | 31,701 |
Available-for-sale Securities, Fair Value | 1,189,458 | 841,032 |
Available For Sale Securities, Gross Unrealized Losses | 135,058 | 47,494 |
Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Less Than 12 Months, Fair Value | 8,843,558 | 8,723,575 |
Available-for-sale Securities, Less Than 12 Months, Gross Unrealized Losses | 403,241 | 81,947 |
Available-for-sale Securities, 12 Months or Greater, Fair Value | 6,763,340 | 361,235 |
Available-for-sale Securities, 12 Months or Greater, Gross Unrealized Losses | 719,593 | 42,266 |
Available-for-sale Securities, Fair Value | 15,606,898 | 9,084,810 |
Available For Sale Securities, Gross Unrealized Losses | $ 1,122,834 | $ 124,213 |
Fixed Maturity Securities in _4
Fixed Maturity Securities in an Unrealized Loss Position (Non-Investment Grade Fixed Maturity Securities) (Details) - External Credit Rating, Non Investment Grade $ in Thousands | Dec. 31, 2022 USD ($) |
Foreign government | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 1 |
Aggregate Fair Value | $ 16 |
Gross Unrealized Loss | $ 10 |
Corporate | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 14 |
Aggregate Fair Value | $ 4,464 |
Gross Unrealized Loss | $ 269 |
Mortgage- Backed | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 10 |
Aggregate Fair Value | $ 39,347 |
Gross Unrealized Loss | $ 4,649 |
Asset-backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 1 |
Aggregate Fair Value | $ 12,247 |
Gross Unrealized Loss | $ 2,756 |
Debt Securities | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 62 |
Aggregate Fair Value | $ 175,406 |
Gross Unrealized Loss | $ 81,584 |
State and municipal | |
Debt Securities, Available-for-sale [Line Items] | |
Number of Securities | 36 |
Aggregate Fair Value | $ 119,332 |
Gross Unrealized Loss | $ 73,900 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured At Fair Value, On a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | $ 17,536,053 | $ 16,528,692 |
Arbitrage trading account | 944,000 | 1,180,000 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 17,536,053 | 16,528,692 |
Equity securities | 1,185,894 | 941,243 |
Arbitrage trading account | 944,230 | 1,179,606 |
Total | 19,666,177 | 18,649,541 |
Trading account securities sold but not yet purchased | 0 | 1,169 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Equity securities | 978,991 | 684,470 |
Arbitrage trading account | 822,192 | 1,153,079 |
Total | 1,801,183 | 1,837,549 |
Trading account securities sold but not yet purchased | 0 | 1,137 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 17,536,053 | 16,528,692 |
Equity securities | 193,005 | 236,183 |
Arbitrage trading account | 118,448 | 26,527 |
Total | 17,847,506 | 16,791,402 |
Trading account securities sold but not yet purchased | 0 | 32 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Equity securities | 13,898 | 20,590 |
Arbitrage trading account | 3,590 | 0 |
Total | 17,488 | 20,590 |
Trading account securities sold but not yet purchased | 0 | 0 |
Recurring | U.S. government and government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 892,258 | 855,343 |
Recurring | U.S. government and government agency | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | U.S. government and government agency | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 892,258 | 855,343 |
Recurring | U.S. government and government agency | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 2,890,098 | 3,304,133 |
Recurring | State and municipal | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | State and municipal | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 2,890,098 | 3,304,133 |
Recurring | State and municipal | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Mortgage- Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 1,665,410 | 1,068,075 |
Recurring | Mortgage- Backed | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Mortgage- Backed | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 1,665,410 | 1,068,075 |
Recurring | Mortgage- Backed | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 3,982,773 | 4,490,565 |
Recurring | Asset-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Asset-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 3,982,773 | 4,490,565 |
Recurring | Asset-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 6,703,992 | 5,595,675 |
Recurring | Corporate | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Corporate | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 6,703,992 | 5,595,675 |
Recurring | Corporate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | |
Recurring | Foreign government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 1,401,522 | 1,214,901 |
Recurring | Foreign government | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Foreign government | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 1,401,522 | 1,214,901 |
Recurring | Foreign government | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity securities available for sale | 0 | 0 |
Recurring | Common stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 982,751 | 695,403 |
Recurring | Common stocks | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 978,991 | 684,470 |
Recurring | Common stocks | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 1,161 | 1,639 |
Recurring | Common stocks | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 2,599 | 9,294 |
Recurring | Preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 203,143 | 245,840 |
Recurring | Preferred stocks | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Recurring | Preferred stocks | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 191,844 | 234,544 |
Recurring | Preferred stocks | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 11,299 | $ 11,296 |
Fair Value Measurements (Summar
Fair Value Measurements (Summarize Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Liabilities: | ||
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Income Extensible List Not Disclosed Flag | Earnings (Losses) | Earnings (Losses) |
Level 3 | ||
Assets: | ||
Beginning Balance | $ 20,590 | $ 19,546 |
Earnings (Losses) | (6,871) | 613 |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 5,610 | 2,000 |
Sales | (1,842) | (1,569) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 1 | 0 |
Ending Balance | 17,488 | 20,590 |
Liabilities: | ||
Beginning Balance | 0 | 0 |
Earnings (Losses) | 0 | 1 |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 0 | (1) |
Sales | 0 | 0 |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 0 | 0 |
Ending Balance | 0 | 0 |
Level 3 | Debt Securities | ||
Assets: | ||
Beginning Balance | 0 | 1,000 |
Earnings (Losses) | 0 | 0 |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | (1,000) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 0 | 0 |
Ending Balance | 0 | 0 |
Level 3 | Corporate | ||
Assets: | ||
Beginning Balance | 0 | 1,000 |
Earnings (Losses) | 0 | 0 |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | (1,000) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 0 | 0 |
Ending Balance | 0 | 0 |
Level 3 | Equity securities | ||
Assets: | ||
Beginning Balance | 20,590 | 18,546 |
Earnings (Losses) | (6,692) | 605 |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 925 | 2,000 |
Sales | (925) | (561) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 0 | 0 |
Ending Balance | 13,898 | 20,590 |
Level 3 | Common stocks | ||
Assets: | ||
Beginning Balance | 9,294 | 9,215 |
Earnings (Losses) | (6,695) | 640 |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | (561) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 0 | 0 |
Ending Balance | 2,599 | 9,294 |
Level 3 | Preferred stocks | ||
Assets: | ||
Beginning Balance | 11,296 | 9,331 |
Earnings (Losses) | 3 | (35) |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 925 | 2,000 |
Sales | (925) | 0 |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 0 | 0 |
Ending Balance | 11,299 | 11,296 |
Level 3 | Trading account | ||
Assets: | ||
Beginning Balance | 0 | 0 |
Earnings (Losses) | (179) | 8 |
Other Comprehensive Income (Losses) | 0 | 0 |
Impairments | 0 | 0 |
Purchases | 4,685 | 0 |
Sales | (917) | (8) |
Paydowns/Maturities | 0 | 0 |
Transfers In / Out | 1 | 0 |
Ending Balance | $ 3,590 | $ 0 |
Reserves For Losses And Loss _3
Reserves For Losses And Loss Expenses (Loss and Loss Expenses Incurred, Net of Reinsurance, and Cumulative Paid Claims and Claim Adjustment Expenses, Net of Reinsurance) (Details) $ in Thousands | Dec. 31, 2022 USD ($) claim | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) | Dec. 31, 2013 USD ($) |
Claims Development [Line Items] | ||||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | $ 14,665,237 | |||||||||
Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 11,924,316 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 6,513,546 | |||||||||
Reserves for loss and loss adjustment expenses before 2013, net of reinsurance | 125,357 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 5,536,127 | |||||||||
Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 6,716,685 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 5,008,947 | |||||||||
Reserves for loss and loss adjustment expenses before 2013, net of reinsurance | 214,233 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,921,971 | |||||||||
Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 3,874,102 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 2,161,200 | |||||||||
Reserves for loss and loss adjustment expenses before 2013, net of reinsurance | 36,484 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,749,386 | |||||||||
Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 4,968,723 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 3,819,737 | |||||||||
Reserves for loss and loss adjustment expenses before 2013, net of reinsurance | 3,731 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,152,717 | |||||||||
Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 7,538,091 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 6,781,190 | |||||||||
Reserves for loss and loss adjustment expenses before 2013, net of reinsurance | 4,727 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 761,628 | |||||||||
Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 3,147,324 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 1,572,474 | |||||||||
Reserves for loss and loss adjustment expenses before 2013, net of reinsurance | 417,861 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,992,711 | |||||||||
Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 612,376 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 110,777 | |||||||||
Reserves for loss and loss adjustment expenses before 2013, net of reinsurance | 644,712 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 1,146,311 | |||||||||
Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,325,878 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 1,047,114 | |||||||||
Reserves for loss and loss adjustment expenses before 2013, net of reinsurance | 1,036 | |||||||||
Reserves for loss and loss adjustment expenses, net of reinsurance | 279,800 | |||||||||
Accident Year 2011 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 809,358 | $ 807,998 | $ 805,915 | $ 801,689 | $ 806,914 | $ 800,593 | $ 779,706 | $ 779,908 | $ 788,581 | $ 749,261 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 761,461 | 738,858 | 717,908 | 691,495 | 646,257 | 585,608 | 470,566 | 330,127 | 188,023 | 63,243 |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 21,362 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 26,000 | |||||||||
Accident Year 2011 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 534,948 | 538,503 | 540,322 | 541,926 | 542,274 | 547,000 | 543,238 | 546,995 | 547,295 | 552,570 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 502,181 | 496,809 | 489,075 | 479,104 | 466,580 | 447,894 | 414,160 | 363,028 | 277,538 | 117,900 |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 11,473 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 53,000 | |||||||||
Accident Year 2011 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 283,216 | 279,870 | 279,824 | 281,888 | 276,566 | 267,978 | 246,943 | 241,046 | 244,556 | 265,061 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 273,094 | 267,776 | 261,106 | 255,863 | 246,616 | 204,955 | 176,079 | 118,767 | 63,503 | 23,295 |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 4,681 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 7,000 | |||||||||
Accident Year 2011 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 364,607 | 364,439 | 364,207 | 365,275 | 366,166 | 366,646 | 376,243 | 368,894 | 349,136 | 327,514 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 364,147 | 362,624 | 362,252 | 361,499 | 352,792 | 342,961 | 321,855 | 267,253 | 218,596 | 142,929 |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 103 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 44,000 | |||||||||
Accident Year 2011 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 541,728 | 541,857 | 542,148 | 542,863 | 544,681 | 548,169 | 549,518 | 565,810 | 573,905 | 565,391 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 539,081 | 538,985 | 537,582 | 536,416 | 535,756 | 534,569 | 527,789 | 526,031 | 480,140 | 310,750 |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 1,125 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 25,000 | |||||||||
Accident Year 2011 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 302,135 | 302,672 | 301,415 | 302,595 | 298,317 | 291,105 | 282,307 | 272,475 | 269,340 | 318,365 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 263,467 | 254,273 | 241,573 | 225,882 | 205,553 | 178,060 | 144,331 | 108,852 | 63,745 | 28,945 |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 12,543 | |||||||||
Accident Year 2011 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 23,306 | 25,701 | 29,758 | 31,752 | 35,120 | 40,207 | 44,162 | 48,143 | 50,355 | 63,995 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 9,490 | 8,805 | 6,476 | 5,349 | 4,418 | 3,396 | 3,008 | 3,588 | 1,897 | 647 |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 5,184 | |||||||||
Accident Year 2011 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 105,711 | 106,316 | 107,552 | 109,697 | 111,890 | 112,572 | 111,937 | 114,100 | 112,616 | 141,380 |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 105,059 | 104,388 | 104,403 | 107,603 | 106,043 | 104,323 | 101,538 | 92,625 | 74,572 | $ 36,577 |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 72 | |||||||||
Accident Year 2012 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 862,630 | 861,382 | 862,749 | 867,400 | 861,313 | 848,138 | 843,501 | 845,564 | 844,832 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 781,533 | 758,098 | 728,718 | 678,490 | 592,828 | 478,924 | 337,426 | 190,419 | 78,705 | |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 35,808 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 28,000 | |||||||||
Accident Year 2012 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 598,977 | 602,000 | 600,194 | 604,030 | 615,435 | 617,242 | 627,767 | 637,307 | 639,436 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 547,894 | 538,914 | 531,475 | 521,141 | 503,915 | 471,235 | 412,611 | 319,743 | 148,405 | |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 21,528 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 57,000 | |||||||||
Accident Year 2012 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 253,244 | 254,243 | 254,868 | 255,850 | 236,961 | 241,376 | 257,309 | 244,574 | 250,740 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 237,145 | 234,459 | 225,236 | 213,888 | 197,272 | 174,524 | 137,341 | 83,063 | 19,225 | |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 12,284 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 7,000 | |||||||||
Accident Year 2012 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 407,970 | 406,589 | 407,470 | 411,920 | 412,120 | 414,732 | 416,802 | 385,241 | 363,891 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 405,004 | 404,259 | 403,273 | 400,577 | 392,658 | 364,054 | 326,854 | 237,648 | 155,564 | |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 403 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 47,000 | |||||||||
Accident Year 2012 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 658,557 | 660,250 | 662,012 | 659,568 | 659,230 | 658,252 | 659,563 | 697,845 | 691,971 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 654,089 | 653,784 | 653,272 | 650,816 | 643,619 | 628,440 | 609,948 | 587,607 | 368,865 | |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 1,549 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 30,000 | |||||||||
Accident Year 2012 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 341,649 | 336,990 | 335,883 | 324,150 | 324,693 | 330,382 | 318,443 | 318,904 | 319,454 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 284,360 | 271,512 | 252,155 | 227,448 | 197,996 | 155,070 | 115,779 | 68,374 | 21,297 | |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 16,184 | |||||||||
Accident Year 2012 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 35,707 | 40,652 | 42,618 | 42,541 | 41,671 | 45,823 | 49,570 | 57,650 | 63,561 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 13,491 | 11,938 | 11,154 | 7,595 | 5,808 | 4,175 | 3,354 | 2,341 | 377 | |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 7,484 | |||||||||
Accident Year 2012 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 96,656 | 97,315 | 99,244 | 98,838 | 99,176 | 99,941 | 97,195 | 96,492 | 112,907 | |
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 95,633 | 95,198 | 94,565 | 93,099 | 91,390 | 88,257 | 82,119 | 66,829 | $ 38,780 | |
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 177 | |||||||||
Accident Year 2013 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,010,796 | 981,071 | 974,345 | 964,301 | 961,761 | 958,734 | 984,262 | 948,389 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 872,657 | 814,191 | 755,641 | 674,665 | 536,855 | 381,328 | 210,151 | 82,638 | ||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 55,430 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 27,000 | |||||||||
Accident Year 2013 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 612,687 | 617,478 | 620,741 | 626,432 | 641,169 | 650,997 | 690,525 | 712,800 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 557,215 | 544,849 | 531,512 | 512,933 | 477,541 | 421,734 | 323,744 | 139,320 | ||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 29,213 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 58,000 | |||||||||
Accident Year 2013 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 286,271 | 282,065 | 281,718 | 290,141 | 274,546 | 272,899 | 256,595 | 257,946 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 246,031 | 239,150 | 232,143 | 215,408 | 186,688 | 139,205 | 85,047 | 20,331 | ||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 19,949 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 8,000 | |||||||||
Accident Year 2013 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 427,923 | 426,107 | 428,981 | 430,557 | 429,608 | 421,522 | 415,446 | 389,577 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 418,993 | 415,170 | 409,426 | 396,018 | 368,448 | 323,429 | 263,663 | 159,987 | ||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 1,362 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 53,000 | |||||||||
Accident Year 2013 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 710,978 | 710,663 | 712,361 | 713,899 | 721,789 | 723,206 | 726,287 | 736,523 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 708,214 | 708,065 | 701,341 | 695,563 | 686,029 | 664,084 | 608,748 | 392,921 | ||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 3,842 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 32,000 | |||||||||
Accident Year 2013 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 309,317 | 304,805 | 303,261 | 293,094 | 252,277 | 230,085 | 231,430 | 259,019 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 250,880 | 233,643 | 205,289 | 178,521 | 141,254 | 91,140 | 48,442 | 17,888 | ||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 19,728 | |||||||||
Accident Year 2013 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 30,104 | 36,774 | 39,781 | 39,682 | 45,115 | 50,099 | 57,897 | 69,977 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 6,457 | 5,421 | 5,083 | 4,416 | 4,099 | 3,272 | 2,481 | 2,069 | ||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 8,683 | |||||||||
Accident Year 2013 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 131,342 | 130,642 | 131,071 | 129,398 | 130,301 | 131,625 | 117,452 | 127,118 | ||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 127,995 | 126,848 | 125,439 | 122,566 | 118,552 | 109,051 | 89,121 | $ 53,474 | ||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 1,061 | |||||||||
Accident Year 2014 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,091,569 | 1,059,897 | 1,043,948 | 1,029,821 | 1,018,253 | 1,009,051 | 1,016,106 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 870,981 | 766,515 | 676,735 | 557,998 | 389,862 | 208,828 | 69,407 | |||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 96,310 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 28,000 | |||||||||
Accident Year 2014 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 654,385 | 657,972 | 651,278 | 660,520 | 684,700 | 696,339 | 702,716 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 572,669 | 558,934 | 537,861 | 504,850 | 446,072 | 338,835 | 142,998 | |||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 36,834 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 58,000 | |||||||||
Accident Year 2014 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 463,102 | 467,545 | 438,065 | 400,799 | 360,110 | 323,222 | 309,417 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 404,742 | 356,812 | 296,863 | 254,872 | 201,019 | 102,173 | 28,517 | |||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 33,241 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 9,000 | |||||||||
Accident Year 2014 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 439,682 | 437,884 | 438,192 | 441,408 | 440,334 | 429,074 | 429,329 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 426,955 | 418,499 | 407,989 | 388,554 | 339,657 | 277,665 | 183,160 | |||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 2,244 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 52,000 | |||||||||
Accident Year 2014 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 752,604 | 753,952 | 751,530 | 757,009 | 762,460 | 775,308 | 771,390 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 739,244 | 738,390 | 731,651 | 726,549 | 711,385 | 669,891 | 416,611 | |||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 3,363 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 34,000 | |||||||||
Accident Year 2014 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 310,451 | 301,355 | 301,663 | 267,850 | 245,268 | 252,638 | 240,655 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 225,077 | 205,354 | 171,719 | 140,299 | 100,200 | 61,770 | 19,904 | |||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 24,928 | |||||||||
Accident Year 2014 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 61,432 | 65,222 | 65,485 | 64,957 | 71,404 | 70,281 | 72,657 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 11,819 | 9,883 | 7,685 | 5,928 | 5,573 | 4,783 | 2,498 | |||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 13,634 | |||||||||
Accident Year 2014 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 185,249 | 184,150 | 186,159 | 180,885 | 181,634 | 174,423 | 167,901 | |||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 182,411 | 178,060 | 175,949 | 168,506 | 157,404 | 133,516 | $ 78,920 | |||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 1,482 | |||||||||
Accident Year 2015 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,249,129 | 1,178,604 | 1,138,785 | 1,121,833 | 1,099,396 | 1,065,550 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 930,630 | 774,738 | 638,934 | 453,097 | 255,603 | 79,887 | ||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 142,974 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 28,000 | |||||||||
Accident Year 2015 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 682,153 | 683,880 | 673,216 | 689,622 | 733,505 | 762,093 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 583,258 | 559,198 | 525,753 | 468,817 | 362,299 | 153,456 | ||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 41,944 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 58,000 | |||||||||
Accident Year 2015 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 393,409 | 384,416 | 377,410 | 338,723 | 332,400 | 333,267 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 306,713 | 261,225 | 243,088 | 162,829 | 96,312 | 36,503 | ||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 53,786 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 10,000 | |||||||||
Accident Year 2015 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 444,472 | 439,991 | 434,170 | 430,198 | 428,419 | 430,440 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 419,545 | 401,844 | 371,761 | 326,861 | 267,326 | 180,545 | ||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 4,800 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 47,000 | |||||||||
Accident Year 2015 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 747,869 | 746,603 | 747,003 | 747,630 | 753,326 | 752,727 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 741,685 | 734,509 | 730,688 | 718,538 | 689,662 | 445,285 | ||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 8,195 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 42,000 | |||||||||
Accident Year 2015 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 298,486 | 281,254 | 261,482 | 238,883 | 220,699 | 231,082 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 175,059 | 147,311 | 123,614 | 69,350 | 40,085 | 16,469 | ||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 36,491 | |||||||||
Accident Year 2015 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 62,647 | 66,795 | 71,025 | 70,749 | 80,508 | 76,701 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 19,275 | 18,375 | 17,327 | 15,356 | 12,810 | 6,282 | ||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 16,529 | |||||||||
Accident Year 2015 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 192,379 | 191,867 | 197,978 | 199,410 | 200,394 | 206,560 | ||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 185,823 | 182,609 | 179,749 | 171,675 | 141,340 | $ 72,126 | ||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 1,209 | |||||||||
Accident Year 2016 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,232,803 | 1,156,157 | 1,121,317 | 1,131,549 | 1,103,900 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 806,869 | 615,753 | 435,729 | 264,299 | 86,798 | |||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 181,880 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 27,000 | |||||||||
Accident Year 2016 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 721,170 | 724,056 | 715,055 | 724,697 | 778,964 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 613,675 | 574,889 | 508,546 | 397,464 | 171,006 | |||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 43,766 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 56,000 | |||||||||
Accident Year 2016 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 382,409 | 359,566 | 333,408 | 322,176 | 334,848 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 244,284 | 198,697 | 155,212 | 99,598 | 28,101 | |||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 73,828 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 10,000 | |||||||||
Accident Year 2016 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 521,667 | 494,315 | 478,966 | 462,544 | 442,610 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 463,117 | 412,874 | 350,110 | 281,475 | 180,056 | |||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 10,720 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 46,000 | |||||||||
Accident Year 2016 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 742,289 | 744,544 | 746,265 | 748,931 | 759,634 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 725,228 | 725,138 | 708,214 | 661,741 | 414,910 | |||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 11,491 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 48,000 | |||||||||
Accident Year 2016 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 261,148 | 246,898 | 230,790 | 210,397 | 221,193 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 141,553 | 109,474 | 77,498 | 40,953 | 11,076 | |||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 44,474 | |||||||||
Accident Year 2016 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 57,847 | 66,180 | 71,448 | 72,505 | 77,820 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 12,414 | 10,359 | 9,368 | 8,230 | 6,141 | |||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 20,826 | |||||||||
Accident Year 2016 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 102,953 | 105,101 | 103,104 | 112,068 | 108,220 | |||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 94,870 | 87,736 | 82,259 | 65,079 | $ 33,991 | |||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 1,754 | |||||||||
Accident Year 2017 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,294,681 | 1,237,824 | 1,237,336 | 1,240,560 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 704,928 | 471,239 | 275,343 | 88,195 | ||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 292,625 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 28,000 | |||||||||
Accident Year 2017 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 734,034 | 732,762 | 721,018 | 784,281 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 581,003 | 515,914 | 397,376 | 184,715 | ||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 67,254 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 54,000 | |||||||||
Accident Year 2017 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 354,283 | 345,614 | 332,385 | 336,129 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 200,521 | 147,985 | 97,466 | 31,674 | ||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 93,387 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 11,000 | |||||||||
Accident Year 2017 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 530,876 | 504,813 | 488,291 | 483,019 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 440,378 | 374,479 | 290,124 | 185,236 | ||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 22,483 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 45,000 | |||||||||
Accident Year 2017 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 684,708 | 691,015 | 701,241 | 721,073 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 657,819 | 645,374 | 615,869 | 404,975 | ||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 18,311 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 43,000 | |||||||||
Accident Year 2017 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 240,848 | 239,131 | 230,460 | 236,318 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 94,856 | 64,020 | 39,091 | 14,560 | ||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 72,504 | |||||||||
Accident Year 2017 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 73,978 | 76,242 | 77,482 | 78,929 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 15,436 | 12,728 | 10,884 | 6,241 | ||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 21,878 | |||||||||
Accident Year 2017 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 81,014 | 81,858 | 77,062 | 103,113 | ||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 71,054 | 68,457 | 54,499 | $ 23,081 | ||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 3,637 | |||||||||
Accident Year 2018 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,158,880 | 1,212,790 | 1,339,565 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 423,283 | 225,068 | 72,232 | |||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 489,718 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 22,000 | |||||||||
Accident Year 2018 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 704,008 | 716,430 | 725,245 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 485,203 | 380,454 | 172,478 | |||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 96,322 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 42,000 | |||||||||
Accident Year 2018 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 337,961 | 375,577 | 394,107 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 129,168 | 80,408 | 28,106 | |||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 159,767 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 11,000 | |||||||||
Accident Year 2018 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 442,163 | 428,759 | 523,736 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 308,451 | 228,357 | 142,815 | |||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 31,172 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 30,000 | |||||||||
Accident Year 2018 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 922,333 | 904,580 | 900,683 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 845,714 | 784,670 | 460,434 | |||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 24,934 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 38,000 | |||||||||
Accident Year 2018 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 289,878 | 293,345 | 299,602 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 81,789 | 49,664 | 20,750 | |||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 136,865 | |||||||||
Accident Year 2018 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 80,452 | 83,468 | 84,354 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 10,471 | 8,699 | 4,869 | |||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 35,638 | |||||||||
Accident Year 2018 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 116,774 | 117,867 | 114,590 | |||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 86,888 | 65,575 | $ 26,574 | |||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 3,946 | |||||||||
Accident Year 2019 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,390,790 | 1,534,580 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 267,685 | 76,612 | ||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 841,854 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 23,000 | |||||||||
Accident Year 2019 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 701,703 | 742,687 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 384,867 | 172,729 | ||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 149,447 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 45,000 | |||||||||
Accident Year 2019 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 471,266 | 524,879 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 86,056 | 28,586 | ||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 315,877 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 11,000 | |||||||||
Accident Year 2019 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 596,810 | 614,422 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 319,941 | 180,860 | ||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 111,412 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 38,000 | |||||||||
Accident Year 2019 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 832,183 | 828,187 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 698,092 | 405,512 | ||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 57,246 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 36,000 | |||||||||
Accident Year 2019 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 346,736 | 359,952 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 43,838 | 10,918 | ||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 243,222 | |||||||||
Accident Year 2019 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 87,980 | 98,110 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 6,026 | 4,586 | ||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 48,670 | |||||||||
Accident Year 2019 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 146,761 | 133,938 | ||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 71,797 | $ 15,235 | ||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 28,634 | |||||||||
Accident Year 2020 | Other liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 1,823,680 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 93,519 | |||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 1,507,284 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 20,000 | |||||||||
Accident Year 2020 | Workers' compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 772,620 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 180,982 | |||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 348,348 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 41,000 | |||||||||
Accident Year 2020 | Professional liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 648,941 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 33,446 | |||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 543,483 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 10,000 | |||||||||
Accident Year 2020 | Commercial automobile | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 792,553 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 253,206 | |||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 342,905 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 40,000 | |||||||||
Accident Year 2020 | Short-tail lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 944,842 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 472,024 | |||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 235,121 | |||||||||
Short-duration insurance contract, cumulative number of reported claims | claim | 32,000 | |||||||||
Accident Year 2020 | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | $ 446,676 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 11,595 | |||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 402,204 | |||||||||
Accident Year 2020 | Monoline excess | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 98,923 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 5,898 | |||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | 66,865 | |||||||||
Accident Year 2020 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and loss expenses incurred, net of reinsurance | 167,039 | |||||||||
Cumulative paid claims and claim adjustment expenses, net of reinsurance | 25,584 | |||||||||
Short-duration insurance contracts, incurred but not reported (IBNR) claims liability, net | $ 78,818 |
Reserves For Losses And Loss _4
Reserves For Losses And Loss Expenses (Reconciliation of Net Incurred and Paid Claims Development to Reserves for Loss and Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | $ 14,665,237 | ||
Total due from reinsurers on unpaid claims | 2,762,344 | ||
Total loss reserve discount | (416,358) | ||
Gross reserves at end of year | 17,011,223 | $ 15,390,888 | $ 13,784,430 |
Other liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 5,536,127 | ||
Workers' compensation | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,921,971 | ||
Professional liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,749,386 | ||
Commercial automobile | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,152,717 | ||
Short-tail lines | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 761,628 | ||
Casualty | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,992,711 | ||
Monoline excess | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,146,311 | ||
Property | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 279,800 | ||
Insurance | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 11,246,415 | ||
Total due from reinsurers on unpaid claims | 2,551,563 | ||
Total loss reserve discount | (12,491) | ||
Insurance | Other liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 5,536,127 | ||
Total due from reinsurers on unpaid claims | 730,029 | ||
Total loss reserve discount | 0 | ||
Insurance | Workers' compensation | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,921,971 | ||
Total due from reinsurers on unpaid claims | 221,769 | ||
Total loss reserve discount | (12,491) | ||
Insurance | Professional liability | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,749,386 | ||
Total due from reinsurers on unpaid claims | 1,019,810 | ||
Total loss reserve discount | 0 | ||
Insurance | Commercial automobile | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,152,717 | ||
Total due from reinsurers on unpaid claims | 67,895 | ||
Total loss reserve discount | 0 | ||
Insurance | Short-tail lines | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 761,628 | ||
Total due from reinsurers on unpaid claims | 414,549 | ||
Total loss reserve discount | 0 | ||
Insurance | Other | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 124,586 | ||
Total due from reinsurers on unpaid claims | 97,511 | ||
Total loss reserve discount | 0 | ||
Reinsurance & Monoline Excess | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 3,418,822 | ||
Total due from reinsurers on unpaid claims | 210,781 | ||
Total loss reserve discount | (403,867) | ||
Reinsurance & Monoline Excess | Casualty | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,992,711 | ||
Total due from reinsurers on unpaid claims | 108,390 | ||
Total loss reserve discount | (84,668) | ||
Reinsurance & Monoline Excess | Monoline excess | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 1,146,311 | ||
Total due from reinsurers on unpaid claims | 35,926 | ||
Total loss reserve discount | 319,199 | ||
Reinsurance & Monoline Excess | Property | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Total undiscounted reserves for loss and loss expenses, net of reinsurance | 279,800 | ||
Total due from reinsurers on unpaid claims | 66,465 | ||
Total loss reserve discount | $ 0 |
Reserves For Losses And Loss _5
Reserves For Losses And Loss Expenses (Supplementary Information Regarding Average Historical Claims Duration) (Details) | Dec. 31, 2022 |
Insurance | Other liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 6.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 13.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 16.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 16% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 13.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 9.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 6.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 4.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 2.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 2.80% |
Insurance | Workers' compensation | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 23.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 29.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 15.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 9.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 5.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 3.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 2.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 1.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 1.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 1% |
Insurance | Professional liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 7.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 17.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 17.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 15.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 9.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 10.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 5.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 2.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 3% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 1.90% |
Insurance | Commercial automobile | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 36.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 20.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 15.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 11.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 6.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 2.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 1.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 0.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 0.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 0.40% |
Insurance | Short-tail lines | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 54.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 32.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 5.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 2% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 1% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 0.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 0.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 0.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 0.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 0% |
Reinsurance & Monoline Excess | Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 5.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 10.90% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 12.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 13.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 11% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 9.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 7.40% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 5.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 4% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 3% |
Reinsurance & Monoline Excess | Monoline excess | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 6.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 4.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 3.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 1.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 2.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 3.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 4.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 3.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 7.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 2.90% |
Reinsurance & Monoline Excess | Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 1 | 30.50% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 2 | 33.20% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 3 | 16.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 4 | 5.80% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 5 | 3.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 6 | 1.70% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 7 | 1.60% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 8 | 0.30% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 9 | 0.10% |
Average annual percentage payout of incurred claims by age, net of reinsurance, Year 10 | 0% |
Reserves For Losses And Loss _6
Reserves For Losses And Loss Expenses (Schedule of Liability for Unpaid Claims and Claims Adjustment Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of year | $ 12,848,362 | $ 11,620,393 | $ 10,697,998 |
Net provision for losses and loss expenses: | |||
Claims occuring during the current year | 5,774,713 | 4,921,191 | 4,432,937 |
Increase in estimates for claims occurring in prior years (3) | 54,511 | 863 | 627 |
Loss reserve discount accretion | 32,526 | 31,906 | 35,142 |
Total | 5,861,750 | 4,953,960 | 4,468,706 |
Net payments for claims: | |||
Current year | 1,068,577 | 887,896 | 921,054 |
Prior year | 3,279,333 | 2,777,798 | 2,677,595 |
Total | 4,347,910 | 3,665,694 | 3,598,649 |
Foreign currency translation | (113,323) | (60,297) | 46,411 |
Net reserves at end of year | 14,248,879 | 12,848,362 | 11,620,393 |
Ceded reserve at end of year | 2,762,344 | 2,542,526 | 2,164,037 |
Gross reserves at end of year | 17,011,223 | 15,390,888 | 13,784,430 |
Increase in estimates for claims occurring in prior years (3) | (54,511) | (863) | (627) |
Retrospective premium adjustments for claims occurring in prior years (4) | 18,106 | 7,510 | 16,807 |
Net premium and reserve development on prior years | (36,405) | 6,647 | 16,180 |
Workers' compensation discount, amount | 35,000 | 21,000 | 10,000 |
Increase (decrease) in estimates for claims occurring in prior years, undiscounted basis | 16,000 | (19,000) | (21,000) |
Cumulative Effect, Period Of Adoption, Adjustment | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of year | 0 | 0 | 5,927 |
Net payments for claims: | |||
Net reserves at end of year | 0 | 0 | |
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of year | $ 12,848,362 | 11,620,393 | 10,703,925 |
Net payments for claims: | |||
Net reserves at end of year | $ 12,848,362 | $ 11,620,393 |
Reserves For Losses And Loss _7
Reserves For Losses And Loss Expenses (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reserves For Losses And Loss Expenses [Line Items] | |||
Liability recognized for best estimate net of reinsurance | $ 341,000 | ||
Liability recognized for best estimate net of reinsurance, incurred but not reported (IBNR) | 4,000 | ||
Favorable reserve development net of premium offsets | (36,405) | $ 6,647 | $ 16,180 |
Reserve for losses and loss adjustment expenses relating to asbestos and environmental claims, net | 20,000 | ||
Workers' compensation discount, amount | 35,000 | 21,000 | 10,000 |
Workers' Compensation Discount, Prior Year Amount | 1,387,000 | ||
Workers' compensation discount after effects of ceded reinsurance, amount | 416,000 | 452,000 | |
Liability recognized for best estimate net of reinsurance, reported losses | 337,000 | ||
Liability recognized for best estimate net of reinsurance, current accident year losses | $ 5,000 | ||
Minimum | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 0.70% | ||
Maximum | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 6.50% | ||
Weighted Average | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 3.40% | ||
Discounted [Member] | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 3% | ||
Insurance | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Liability recognized for best estimate net of reinsurance | $ 290,000 | ||
Favorable reserve development net of premium offsets | 20,000 | 24,000 | |
Unfavorable reserve development net of premium offsets | (40,000) | ||
Liability recognized for best estimate net of reinsurance, current accident year losses | 3,000 | ||
Reinsurance & Monoline Excess | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Liability recognized for best estimate net of reinsurance | 51,000 | ||
Favorable reserve development net of premium offsets | 4,000 | ||
Unfavorable reserve development net of premium offsets | $ 13,000 | $ 8,000 | |
Liability recognized for best estimate net of reinsurance, current accident year losses | 2,000 | ||
Short-tail lines | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, amount | $ 1,267,000 | ||
Excess workers' compensation | |||
Reserves For Losses And Loss Expenses [Line Items] | |||
Workers' compensation discount, percent | 97% |
Reinsurance (Reinsurance Financ
Reinsurance (Reinsurance Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reinsurance Disclosures [Abstract] | |||
Written premiums, Direct | $ 10,695,138 | $ 9,531,050 | $ 7,874,050 |
Written premiums, Assumed | 1,213,914 | 1,169,084 | 973,597 |
Written premiums, Ceded | (1,904,982) | (1,837,267) | (1,585,210) |
Total net premiums written | 10,004,070 | 8,862,867 | 7,262,437 |
Earned premiums, Direct | 10,217,891 | 8,825,568 | 7,489,470 |
Earned premiums, Assumed | 1,226,801 | 1,085,804 | 941,321 |
Earned premiums, Ceded | (1,883,263) | (1,805,341) | (1,499,948) |
Net premiums earned | 9,561,429 | 8,106,031 | 6,930,843 |
Ceded losses and loss expenses incurred | 1,269,338 | 1,236,960 | 955,630 |
Ceded commission earned | 477,437 | 449,739 | 358,253 |
Uncollectible reinsurance | $ 8,064 | $ 7,713 | $ 7,801 |
Reinsurance (Schedule of Premiu
Reinsurance (Schedule of Premium Receivable Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | $ 25,218 | $ 22,883 |
Change in allowance for expected credit losses | 5,442 | 2,335 |
Allowance for expected credit losses, end of period | $ 30,660 | $ 25,218 |
Reinsurance (Schedule of Reinsu
Reinsurance (Schedule of Reinsurance Recoverable Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | $ 7,713 | $ 7,801 |
Change in allowance for expected credit losses | 351 | (88) |
Allowance for expected credit losses, end of period | $ 8,064 | $ 7,713 |
Reinsurance (Schedule Of Ceded
Reinsurance (Schedule Of Ceded Credit Risk by Reinsurer) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Ceded Credit Risk [Line Items] | |||
Uncollectible reinsurance | $ (8,064) | $ (7,713) | $ (7,801) |
Ceded reserve at end of year | 3,187,730 | ||
Credit Risk Reinsurers, Subtotal, Excluding Residual Market Pools [Member] | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 3,015,037 | ||
Lloyds of London | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 347,927 | ||
Berkshire Hathaway | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 332,034 | ||
Munich Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 306,530 | ||
Partner Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 275,410 | ||
Hannover Re Group | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 191,264 | ||
Swiss Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 189,591 | ||
Lifson Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 180,724 | ||
Renaissance Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 163,973 | ||
Everest Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 155,847 | ||
Liberty Mutual | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 96,402 | ||
Axis Capital | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 81,538 | ||
Korean Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 59,884 | ||
Fairfax Financial | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 55,228 | ||
Axa Insurance | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 46,058 | ||
Arch Capital Group | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 45,663 | ||
Sompo Holdings Group | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 36,157 | ||
Helvetia Holdings Group | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 30,823 | ||
Markel Corp Group | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 30,216 | ||
Validus Holdings Group | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 24,548 | ||
TOA Re | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 22,945 | ||
Other Reinsurers Less than $20,000 | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | 342,275 | ||
Residual Market Pools | |||
Ceded Credit Risk [Line Items] | |||
Ceded reserve at end of year | $ 180,757 |
Indebtedness (Details)
Indebtedness (Details) - USD ($) | Dec. 31, 2022 | Apr. 01, 2022 | Mar. 31, 2022 | Jan. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||||
Unsecured borrowings, limit increase | $ 500,000,000 | ||||
Standby Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Unsecured borrowings | 50,000,000 | ||||
Subsidiary Debt | |||||
Debt Instrument [Line Items] | |||||
Face Value | $ 6,478,000 | ||||
Carrying Value | 6,478,000 | $ 10,564,000 | |||
Repayments in 2020 | 2,000,000 | ||||
Repayments thereafter | 5,000,000 | ||||
Total senior notes and other debt | |||||
Debt Instrument [Line Items] | |||||
Face Value | 1,826,478,000 | ||||
Carrying Value | $ 1,828,823,000 | 2,259,416,000 | |||
Senior Notes | Senior Notes due January 1, 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 8.70% | 8.70% | |||
Face Value | $ 0 | $ 77,000,000 | |||
Carrying Value | $ 0 | 76,503,000 | |||
Senior Notes | Senior Notes due March 15, 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.625% | 4.625% | |||
Face Value | $ 0 | $ 350,000,000 | |||
Carrying Value | $ 0 | 349,923,000 | |||
Senior Notes | Senior Notes due February 15, 2037 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 6.25% | ||||
Face Value | $ 250,000,000 | ||||
Carrying Value | $ 248,446,000 | 248,336,000 | |||
Senior Notes | Senior Notes due August 1, 2044 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.75% | ||||
Face Value | $ 350,000,000 | ||||
Carrying Value | $ 346,020,000 | 345,836,000 | |||
Senior Notes | Senior Notes Due May 12 2050 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4% | ||||
Face Value | $ 470,000,000 | ||||
Carrying Value | $ 490,721,000 | 491,478,000 | |||
Senior Notes | Senior Notes Due September 30, 2061 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 3.15% | ||||
Face Value | $ 350,000,000 | ||||
Carrying Value | $ 342,945,000 | 342,761,000 | |||
Senior Notes | Senior Notes Due March 30, 2052 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 3.55% | ||||
Face Value | $ 400,000,000 | ||||
Carrying Value | 394,213,000 | 394,015,000 | |||
Total subordinated debentures | |||||
Debt Instrument [Line Items] | |||||
Face Value | 1,035,000,000 | ||||
Carrying Value | $ 1,008,371,000 | 1,007,652,000 | |||
Total subordinated debentures | Subordinated Debt due March 30, 2058 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.70% | ||||
Face Value | $ 185,000,000 | ||||
Carrying Value | $ 179,328,000 | 179,166,000 | |||
Total subordinated debentures | Subordinated Debt due December 30, 2059 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.10% | ||||
Face Value | $ 300,000,000 | ||||
Carrying Value | $ 291,179,000 | 290,941,000 | |||
Total subordinated debentures | Subordinated Debt Due September 30 2060 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.25% | ||||
Face Value | $ 250,000,000 | ||||
Carrying Value | $ 244,523,000 | 244,378,000 | |||
Total subordinated debentures | Subordinated Debt Due March 30, 2061 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.125% | ||||
Face Value | $ 300,000,000 | ||||
Carrying Value | $ 293,341,000 | $ 293,167,000 | |||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Unsecured borrowings | $ 300,000,000 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current Expense, Domestic | $ 295,849 | $ 239,090 | $ 162,305 |
Deferred Expense (Benefit), Domestic | (27,544) | 2,752 | 17 |
Domestic, Total | 268,305 | 241,842 | 162,322 |
Current Expense, Foreign | 42,890 | 0 | 23,375 |
Deferred Expense (Benefit), Foreign | 23,532 | 10,048 | (13,880) |
Foreign, Total | 66,422 | 10,048 | 9,495 |
Current Expense, Total | 338,739 | 239,090 | 185,680 |
Deferred Expense (Benefit), Total | (4,012) | 12,800 | (13,863) |
Total expense | 334,727 | 251,890 | 171,817 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 1,240,000 | 1,224,000 | 831,000 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 480,000 | $ 59,000 | $ (126,000) |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed “expected” tax expense | $ 361,133 | $ 269,410 | $ 148,008 |
Tax-exempt investment income | (10,815) | (11,380) | (12,770) |
Change in valuation allowance | (28,064) | 2,974 | 46,238 |
Impact of foreign tax rates | (453) | (2,368) | 6,753 |
State and local taxes | 8,976 | 4,230 | 2,561 |
Other, net | 3,950 | (10,976) | (18,973) |
Total expense | $ 334,727 | $ 251,890 | $ 171,817 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax asset: | ||
Loss reserve discounting | $ 192,181 | $ 162,636 |
Unearned premiums | 180,326 | 163,143 |
Unrealized investment losses | 228,456 | 0 |
Net operating losses & foreign tax credits | 58,182 | 88,502 |
Other-than-temporary impairments | 5,935 | 5,176 |
Employee compensation plans | 63,313 | 61,301 |
Other | 72,536 | 54,269 |
Gross deferred tax asset | 800,929 | 535,027 |
Less valuation allowance | (47,166) | (75,230) |
Deferred tax asset | 753,763 | 459,797 |
Deferred tax liability: | ||
Amortization of intangibles | 13,973 | 12,787 |
Loss reserve discounting - transition rule | 14,843 | 19,796 |
Deferred policy acquisition costs | 157,055 | 137,893 |
Unrealized investment gains | 0 | 36,850 |
Property, furniture and equipment | 45,887 | 43,186 |
Investment funds | 125,525 | 101,999 |
Other | 67,479 | 67,331 |
Deferred tax liability | 424,762 | 419,842 |
Net deferred tax asset | 329,001 | 39,955 |
Operating Loss Carryforwards [Line Items] | ||
Income taxes receivable | 5,000 | |
Current federal income taxes | 3,000 | |
Valuation allowance | 47,000 | $ 75,000 |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, subject to expire | 4,000 | |
Operating loss carryforwards, not subject to expire | $ 225,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Loss reserve discounting | $ 192,181 | $ 162,636 |
undistributed earnings of non-U.S. subsidiaries | $ 169,000 |
Dividends From Subsidiaries A_3
Dividends From Subsidiaries And Statutory Financial Information (Schedule of Combined Net Income and Policyholders' Surplus in Accordance with Statutory Accounting Practices) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Insurance [Abstract] | |||
Amount available for dividend distribution without prior approval from regulatory authorities | $ 1,200,000 | ||
Net income | 1,358,813 | $ 1,040,342 | $ 771,990 |
Policyholders' surplus | 8,330,587 | $ 6,817,535 | $ 6,188,121 |
Increase in BIC's statutory capital and surplus | $ 171,000 | ||
Total Adjusted Capital percentage threshold | 200% | ||
BIC's Total Adjusted Capital balance | $ 8,200,000 | ||
BIC's Total Adjusted Capital balance as percentage of RBC Authorized Control Level | 408% |
Common Stockholders' Equity (We
Common Stockholders' Equity (Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Basic | 276,852 | 277,430 | 280,386 |
Diluted | 279,461 | 279,749 | 283,145 |
Weighted average shares held in grantor trust | 11,416,856 |
Common Stockholders' Equity (Sc
Common Stockholders' Equity (Schedule of Changes in Shares of Common Stock Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock Shares Outstanding [Roll Forward] | |||
Balance, beginning of year | 265,170,882 | 266,737,725 | 275,117,861 |
Shares issued | 745,612 | 1,062,086 | 1,164,816 |
Shares repurchased | (1,370,394) | (2,628,929) | (9,544,952) |
Balance, end of year | 264,546,100 | 265,170,882 | 266,737,725 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Equity securities | $ 1,185,894 | $ 941,243 |
Arbitrage trading account | 944,000 | 1,180,000 |
Loans receivable | 187,981 | 116,534 |
Liabilities: | ||
Due to broker | 0 | 53,636 |
Due to broker | 0 | 53,636 |
Carrying Value | ||
Assets: | ||
Fixed maturity securities | 17,587,349 | 16,602,673 |
Equity securities | 1,185,894 | 941,243 |
Arbitrage trading account | 944,230 | 1,179,606 |
Loans receivable | 193,002 | 115,172 |
Cash and cash equivalents | 1,449,346 | 1,568,843 |
Trading accounts receivable from brokers and clearing organizations | 233,863 | 0 |
Due from broker | 3,609 | 20,448 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 0 | 1,169 |
Carrying Value | Total senior notes and other debt | ||
Liabilities: | ||
Long-term debt fair value | 1,828,823 | 2,259,416 |
Carrying Value | Total subordinated debentures | ||
Liabilities: | ||
Long-term debt fair value | 1,008,371 | 1,007,652 |
Fair Value | ||
Assets: | ||
Fixed maturity securities | 17,591,626 | 16,614,118 |
Equity securities | 1,185,894 | 941,243 |
Arbitrage trading account | 944,230 | 1,179,606 |
Loans receivable | 187,981 | 116,534 |
Cash and cash equivalents | 1,449,346 | 1,568,843 |
Trading accounts receivable from brokers and clearing organizations | 233,863 | 0 |
Due from broker | 3,609 | 20,448 |
Liabilities: | ||
Trading account securities sold but not yet purchased | 0 | 1,169 |
Fair Value | Total senior notes and other debt | ||
Liabilities: | ||
Long-term debt fair value | 1,439,188 | 2,526,630 |
Fair Value | Total subordinated debentures | ||
Liabilities: | ||
Long-term debt fair value | $ 805,600 | $ 1,095,600 |
Commitments, Litigation And C_2
Commitments, Litigation And Contingent Liabilities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment to Invest in Certain Investment Funds | $ 402 |
Commitment to Invest in Real Estate Construction Projects | $ 146 |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Lease cost | $ 43,383 | $ 44,051 |
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows | 43,871 | 45,592 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 28,075 | $ 38,929 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Right-of-use assets | $ 169,271 | $ 172,180 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Lease liabilities | $ 204,088 | $ 208,729 |
Weighted-average remaining lease term | 7 years 1 month 6 days | 7 years 2 months 12 days |
Weighted-average discount rate | 4.40% | 4.83% |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2021 | $ 47,024 | |
2022 | 41,788 | |
2023 | 32,928 | |
2024 | 25,973 | |
2025 | 16,472 | |
Thereafter | 68,912 | |
Total undiscounted future minimum lease payments | 233,097 | |
Less: Discount impact | 29,009 | |
Total lease liability | $ 204,088 | $ 208,729 |
Stock Incentive Plan (Schedule
Stock Incentive Plan (Schedule of Share-based Compensation, Stock Options, Activity) (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Deferred shares | 11,403,456 |
Restricted Stock Units (RSUs) | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Restricted Stock Units (RSUs) | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Stock Incentive Plan (Schedul_2
Stock Incentive Plan (Schedule of Nonvested Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
RSUs granted and unvested at beginning of period: | 5,144,519 | 5,706,504 | 6,186,390 |
Granted | 1,024,960 | 1,272,990 | 1,443,680 |
Vested | (1,258,680) | (1,523,960) | (1,667,382) |
Canceled | (292,373) | (311,016) | (256,184) |
RSUs granted and unvested at end of period: | 4,618,426 | 5,144,519 | 5,706,504 |
Stock Incentive Plan (Schedul_3
Stock Incentive Plan (Schedule of Share-based Compensation, Unearned Compensation Related to RSU's) (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Changes In Unearned Compensation [Roll Forward] | |||
Unearned compensation at beginning of year | $ 135,535 | $ 132,310 | $ 128,390 |
RSUs granted, net of cancellations | 60,628 | 56,711 | 54,270 |
RSUs expensed | 47,611 | (46,441) | (47,108) |
RSUs forfeitures | 6,492 | (7,045) | (3,242) |
Unearned compensation at end of year | $ 142,060 | $ 135,535 | $ 132,310 |
Compensation Plans (Details)
Compensation Plans (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) hour shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
LTIP Expense | $ 30,662,000 | $ 26,678,000 | $ 13,464,000 |
Deferred Profit Sharing | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Profit Sharing Plan Minimum Contribution, Percent | 5% | ||
Number of service hours required (in hours) | hour | 250 | ||
Profit Sharing Plan, Contributions Vesting Immediately, Percent | 40% | ||
Profit Sharing Plan, Contributions Vesting Based on Years of Service, Percent | 60% | ||
Profit sharing expense | $ 62,000,000 | 50,000,000 | 48,000,000 |
2015 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
LTIP Expense | $ 0 | 0 | (168,000) |
2016 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 188,500 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 18,850,000 | ||
Long-Term Incentive Compensation Plan, Earned | 18,850,000 | ||
LTIP Expense | $ 0 | (117,000) | 3,176,000 |
2017 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 205,000 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 20,500,000 | ||
Long-Term Incentive Compensation Plan, Earned | 17,164,589 | ||
LTIP Expense | $ 0 | 6,012,000 | 2,914,000 |
2018 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 216,000,000 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 21,600,000 | ||
Long-Term Incentive Compensation Plan, Earned | 13,943,707 | ||
LTIP Expense | $ 4,299,000 | 5,503,000 | 2,776,000 |
2019 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 221,750,000 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 22,175,000 | ||
Long-Term Incentive Compensation Plan, Earned | 11,426,223 | ||
LTIP Expense | $ 6,904,000 | 5,309,000 | 2,490,000 |
2022 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Long-Term Incentive Compensation Plan, Number of Units Oustanding | shares | 241,000,000 | ||
Long-Term Incentive Compensation Plan, Maximum Value | $ 24,100,000 | ||
Long-Term Incentive Compensation Plan, Earned | 6,232,260 | ||
LTIP Expense | 6,653,000 | 5,065,000 | 2,276,000 |
2021 grant | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
LTIP Expense | 6,574,000 | 4,906,000 | 0 |
Long-Term Incentive Compensation Plan, 2022 | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
LTIP Expense | $ 6,232,000 | $ 0 | $ 0 |
Supplemental Financial Statem_3
Supplemental Financial Statement Data (Schedule of Other Operating Cost and Expense, by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Amortization of deferred policy acquisition costs | $ 1,038,903 | $ 961,628 | $ 904,955 |
Insurance operating expenses | 1,635,000 | 1,345,099 | 1,206,058 |
Insurance service expenses | 96,419 | 86,003 | 85,724 |
Net foreign currency (gains) losses | (50,930) | (25,725) | 363 |
Debt extinguishment costs | 0 | 11,521 | 8,440 |
Other costs and expenses | 242,113 | 220,744 | 184,852 |
Total | $ 2,961,505 | $ 2,599,270 | $ 2,390,392 |
Industry Segments (Financial In
Industry Segments (Financial Information of Company Operating Segments) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | ||
Earned Premiums | $ 9,561,429 | $ 8,106,031 | $ 6,930,843 |
Investment Income | 779,185 | 671,618 | 583,821 |
Net investment gains | 202,397 | 90,632 | 103,000 |
Other Revenues | 825,885 | 677,817 | 584,261 |
Total revenues | 11,166,499 | 9,455,466 | 8,098,925 |
Pre-Tax Income (Loss) | 1,719,681 | 1,282,905 | 704,802 |
Net investment gains | 159,727 | 72,922 | 93,181 |
Net income to common stockholders | 1,381,062 | 1,022,490 | 530,670 |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Earned Premiums | 8,369,062 | 7,077,708 | 6,067,669 |
Reinsurance & Monoline Excess | |||
Segment Reporting Information [Line Items] | |||
Earned Premiums | 1,192,367 | 1,028,323 | 863,174 |
Operating Segments | Insurance | |||
Segment Reporting Information [Line Items] | |||
Earned Premiums | 8,369,062 | 7,077,708 | 6,067,669 |
Investment Income | 550,084 | 468,821 | 375,554 |
Other Revenues | 33,347 | 32,063 | 35,611 |
Total revenues | 8,952,493 | 7,578,592 | 6,478,834 |
Pre-Tax Income (Loss) | 1,455,658 | 1,219,798 | 668,012 |
Net income to common stockholders | 1,173,425 | 976,184 | 487,125 |
Operating Segments | Reinsurance & Monoline Excess | |||
Segment Reporting Information [Line Items] | |||
Earned Premiums | 1,192,367 | 1,028,323 | 863,174 |
Investment Income | 194,272 | 175,324 | 146,029 |
Other Revenues | 0 | 0 | 0 |
Total revenues | 1,386,639 | 1,203,647 | 1,009,203 |
Pre-Tax Income (Loss) | 316,527 | 270,563 | 205,587 |
Net income to common stockholders | 251,386 | 215,439 | 164,655 |
Corporate, other and eliminations | |||
Segment Reporting Information [Line Items] | |||
Investment Income | 34,829 | 27,473 | 62,238 |
Other Revenues | 590,141 | 555,122 | 445,650 |
Total revenues | 624,970 | 582,595 | 507,888 |
Pre-Tax Income (Loss) | (254,901) | (298,088) | (271,797) |
Net income to common stockholders | $ (203,476) | $ (242,055) | $ (214,291) |
Industry Segments (Identifiable
Industry Segments (Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable Assets | $ 33,861,099 | $ 32,086,414 | |
Revenues | 11,166,499 | 9,455,466 | $ 8,098,925 |
Operating Segments | Insurance | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable Assets | 27,009,652 | 24,414,305 | |
Revenues | 8,952,493 | 7,578,592 | 6,478,834 |
Operating Segments | Insurance | Foreign countries | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Revenues | 1,029,000 | 873,000 | 692,000 |
Operating Segments | Reinsurance & Monoline Excess | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable Assets | 5,195,752 | 4,916,894 | |
Revenues | 1,386,639 | 1,203,647 | 1,009,203 |
Operating Segments | Reinsurance & Monoline Excess | Foreign countries | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Revenues | 412,000 | 380,000 | 292,000 |
Corporate, other and eliminations | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable Assets | 1,655,695 | 2,755,215 | |
Revenues | $ 624,970 | $ 582,595 | $ 507,888 |
Industry Segments (Net Premiums
Industry Segments (Net Premiums Earned By Major Line of Business) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net premiums earned | $ 9,561,429 | $ 8,106,031 | $ 6,930,843 |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 8,369,062 | 7,077,708 | 6,067,669 |
Insurance | Other liability | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 3,206,846 | 2,673,098 | 2,269,458 |
Insurance | Short-tail lines | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 1,630,371 | 1,389,068 | 1,247,908 |
Insurance | Workers' compensation | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 1,197,811 | 1,131,283 | 1,127,487 |
Insurance | Commercial automobile | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 1,208,241 | 990,945 | 794,171 |
Insurance | Professional liability | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 1,125,793 | 893,314 | 628,645 |
Reinsurance & Monoline Excess | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 1,192,367 | 1,028,323 | 863,174 |
Reinsurance & Monoline Excess | Casualty | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 764,793 | 643,193 | 521,559 |
Reinsurance & Monoline Excess | Monoline Excess | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | 217,017 | 201,187 | 171,522 |
Reinsurance & Monoline Excess | Property | |||
Segment Reporting Information [Line Items] | |||
Net premiums earned | $ 210,557 | $ 183,943 | $ 170,093 |
Subsequent Event (Details)
Subsequent Event (Details) | Jan. 03, 2023 $ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Dividends declared (in dollars per share) | $ 0.50 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information of Registrant (Balance Sheets (Parent Company)) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | |||
Cash and cash equivalents | $ 1,449,346 | $ 1,568,843 | |
Fixed maturity securities available for sale at fair value (cost $285,900 and $805,211 at December 31, 2022 and 2021, respectively) | 17,587,349 | 16,602,673 | |
Loans receivable (net of allowance for expected credit losses of $559 and $647 at December 31, 2022 and 2021, respectively) | 193,002 | 115,172 | |
Current federal income taxes | 39,123 | 23,570 | |
Deferred federal and foreign income taxes | 340,647 | 57,425 | |
Property, furniture and equipment at cost, less accumulated depreciation | 423,232 | 419,883 | |
Other assets | 736,022 | 753,231 | |
Total assets | 33,861,099 | 32,086,414 | |
Liabilities: | |||
Other liabilities | 1,377,740 | 1,305,245 | |
Current federal income taxes | 34,350 | 21,068 | |
Deferred federal income taxes | 11,646 | 17,470 | |
Subordinated debentures | 1,008,371 | 1,007,652 | |
Total liabilities | 27,092,938 | 25,418,684 | |
Stockholders' equity: | |||
Preferred stock | 0 | 0 | |
Common stock | 105,803 | 105,803 | |
Additional paid-in capital | 997,534 | 981,104 | |
Retained earnings (including accumulated undistributed net income of subsidiaries of $7,975,360 and $6,463,882 at December 31, 2022 and 2021, respectively) | 10,161,005 | 9,015,135 | |
Accumulated other comprehensive loss | (1,264,581) | (281,955) | |
Treasury stock, at cost | (3,251,429) | (3,167,076) | |
Total common stockholders’ equity | 6,748,332 | 6,653,011 | |
Total liabilities and equity | 33,861,099 | 32,086,414 | |
Fixed maturity securities available for sale at cost | 18,664,073 | 16,396,936 | |
Financing receivable, allowance for credit loss | 1,791 | 1,718 | $ 5,437 |
Parent Company | |||
Assets: | |||
Cash and cash equivalents | 103,522 | 684,037 | |
Fixed maturity securities available for sale at fair value (cost $285,900 and $805,211 at December 31, 2022 and 2021, respectively) | 275,511 | 806,074 | |
Loans receivable (net of allowance for expected credit losses of $559 and $647 at December 31, 2022 and 2021, respectively) | 109,793 | 93,397 | |
Equity securities, at fair value (cost $3,430 in both 2022 and 2021) | 3,430 | 3,430 | |
Investment in subsidiaries | 8,888,455 | 8,516,916 | |
Current federal income taxes | 34,452 | 23,424 | |
Deferred federal and foreign income taxes | 304,191 | 11,796 | |
Property, furniture and equipment at cost, less accumulated depreciation | 11,356 | 11,916 | |
Other assets | 39,741 | 43,793 | |
Total assets | 9,770,451 | 10,194,783 | |
Liabilities: | |||
Due to subsidiaries | 53,029 | 138,376 | |
Other liabilities | 139,150 | 146,892 | |
Subordinated debentures | 1,008,371 | 1,007,652 | |
Senior notes | 1,821,569 | 2,248,852 | |
Total liabilities | 3,022,119 | 3,541,772 | |
Stockholders' equity: | |||
Preferred stock | 0 | 0 | |
Common stock | 105,803 | 105,803 | |
Additional paid-in capital | 997,534 | 981,104 | |
Retained earnings (including accumulated undistributed net income of subsidiaries of $7,975,360 and $6,463,882 at December 31, 2022 and 2021, respectively) | 10,161,005 | 9,015,135 | |
Accumulated other comprehensive loss | (1,264,581) | (281,955) | |
Treasury stock, at cost | (3,251,429) | (3,167,076) | |
Total common stockholders’ equity | 6,748,332 | 6,653,011 | |
Total liabilities and equity | 9,770,451 | 10,194,783 | |
Fixed maturity securities available for sale at cost | 285,900 | 805,211 | |
Financing receivable, allowance for credit loss | 559 | 647 | |
Equity securities available for sale at cost | 3,430 | 3,430 | |
Accumulated undistributed net income of subsidiaries | $ 7,975,360 | $ 6,463,882 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information of Registrant (Statements of Income (Parent Company)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Income Statements, Captions [Line Items] | |||
Net investment gains | $ 202,397 | $ 90,632 | $ 103,000 |
Other income | 3,396 | 4,177 | 2,596 |
Total revenues | 11,166,499 | 9,455,466 | 8,098,925 |
Operating costs and expense | 9,446,818 | 8,172,561 | 7,394,123 |
Income before income taxes | 1,719,681 | 1,282,905 | 704,802 |
Federal income taxes: | |||
Net federal income tax expense | (334,727) | (251,890) | (171,817) |
Net income to common stockholders | 1,381,062 | 1,022,490 | 530,670 |
Dividends from subsidiaries | 22,807 | 520,251 | 617,424 |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Management fees and investment income including dividends from subsidiaries of $22,807, $520,251, and $617,424 for the years ended December 31, 2022, 2021 and 2020, respectively | 32,585 | 548,512 | 654,485 |
Net investment gains | 1,007 | 1,474 | 3,580 |
Other income | 1,916 | 1,138 | 568 |
Total revenues | 35,508 | 551,124 | 658,633 |
Operating costs and expense | 192,175 | 214,995 | 166,892 |
Interest expense | 129,633 | 144,837 | 145,417 |
Income before income taxes | (286,300) | 191,292 | 346,324 |
Federal income taxes: | |||
Federal income taxes provided by subsidiaries on a separate return basis | 414,660 | 294,731 | 188,490 |
Federal income tax expense on a consolidated return basis | (258,776) | (226,900) | (139,679) |
Net federal income tax expense | 155,884 | 67,831 | 48,811 |
(Loss) income before undistributed equity in net income of subsidiaries | (130,416) | 259,123 | 395,135 |
Equity in undistributed net income of subsidiaries | 1,511,478 | 763,367 | 135,535 |
Net income to common stockholders | $ 1,381,062 | $ 1,022,490 | $ 530,670 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information of Registrant (Statements of Cash Flows (Parent Company)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 1,381,062 | $ 1,022,490 | $ 530,670 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 55,872 | 129,682 | 135,065 |
Stock incentive plans | 49,411 | 46,680 | 49,658 |
Change in: | |||
Other liabilities | 19,878 | 89,467 | 43,039 |
Net cash from operating activities | 2,568,604 | 2,183,987 | 1,616,686 |
Cash from (used in) investing activities: | |||
Proceeds from sale of fixed maturity securities | 797,948 | 1,842,139 | 3,832,555 |
Proceeds from maturities and prepayments of fixed maturity securities | 4,891,179 | 6,067,230 | 3,864,327 |
Cost of purchases of fixed maturity securities | (8,036,680) | (10,716,748) | (7,551,591) |
Change in loans receivable | (83,212) | (27,421) | 1,467 |
Change in balances due from security brokers | 14,337 | (17,983) | (26,515) |
Net cash (used in) from investing activities | (1,891,355) | (2,989,146) | 119,696 |
Cash (used in) from financing activities: | |||
Purchase of common treasury shares | (94,140) | (122,426) | (346,357) |
Cash dividends to common stockholders | (235,192) | (355,736) | (84,147) |
Other, net | (12,848) | (45,162) | (56,225) |
Net cash (used in) from financing activities | (771,992) | 5,831 | (397,843) |
Net (decrease) increase in cash and cash equivalents | (119,497) | (803,523) | 1,348,656 |
Cash and cash equivalents at beginning of year | 1,568,843 | 2,372,366 | 1,023,710 |
Cash and cash equivalents at end of year | 1,449,346 | 1,568,843 | 2,372,366 |
Parent Company | |||
Cash flows from operating activities: | |||
Net income | 1,381,062 | 1,022,490 | 530,670 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Net investment gains | (1,007) | (1,474) | (3,580) |
Depreciation and amortization | 4,281 | 18,761 | 15,133 |
Equity in undistributed earnings of subsidiaries | (1,511,478) | (763,367) | (135,535) |
Tax payments received from subsidiaries | 321,682 | 328,851 | 165,495 |
Federal income taxes provided by subsidiaries on a separate return basis | (414,660) | (294,731) | (188,489) |
Stock incentive plans | 49,411 | 48,440 | 49,599 |
Change in: | |||
Federal income taxes | (40,746) | (22,017) | 32,069 |
Other assets | 3,163 | (33,319) | 1,220 |
Other liabilities | 87,100 | (11,758) | 3,964 |
Accrued investment income | 890 | 755 | 836 |
Net cash from operating activities | (120,302) | 292,631 | 471,382 |
Cash from (used in) investing activities: | |||
Proceeds from sale of fixed maturity securities | 543,549 | 402,046 | 414,802 |
Proceeds from maturities and prepayments of fixed maturity securities | 83,134 | 654,134 | 258,413 |
Cost of purchases of fixed maturity securities | (109,289) | (1,071,823) | (747,713) |
Change in loans receivable | (16,249) | (18,227) | (20,023) |
Investments in and advances to subsidiaries, net | (171,062) | (1,411) | (100,704) |
Change in balances due from security brokers | (10,289) | 10,487 | (245) |
Net additions to real estate, furniture & equipment | (432) | (1,496) | (81) |
Other, net | 368 | 95 | 103 |
Net cash (used in) from investing activities | 319,730 | (26,195) | (195,448) |
Cash (used in) from financing activities: | |||
Net proceeds from issuance of senior notes | (914) | 1,029,579 | 736,609 |
Repayment and redemption of debt | (426,503) | (400,000) | (650,000) |
Purchase of common treasury shares | (94,140) | (122,426) | (346,357) |
Cash dividends to common stockholders | (235,192) | (355,736) | (84,147) |
Other, net | (23,194) | (30,776) | (24,880) |
Net cash (used in) from financing activities | (779,943) | 120,641 | (368,775) |
Net (decrease) increase in cash and cash equivalents | (580,515) | 387,077 | (92,841) |
Cash and cash equivalents at beginning of year | 684,037 | 296,960 | 389,801 |
Cash and cash equivalents at end of year | $ 103,522 | $ 684,037 | $ 296,960 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Cost | $ 763,486 | $ 676,145 | $ 556,168 |
Reserve for Losses and Loss Expenses | 17,011,223 | 15,390,888 | 13,784,430 |
Unearned Premiums | 5,297,654 | 4,847,160 | 4,073,191 |
Net Premiums Earned | 9,561,429 | 8,106,031 | 6,930,843 |
Net Investment Income | 779,185 | 671,618 | 583,821 |
Loss and Loss Expenses | 5,861,750 | 4,953,960 | 4,468,706 |
Amortization of Deferred Policy Acquisition Cost | 1,038,903 | 961,628 | 904,955 |
Other Operating Costs and Expenses | 1,922,602 | 1,637,642 | 1,485,437 |
Net Premiums Written | 10,004,070 | 8,862,867 | 7,262,437 |
Operating Segments | Insurance | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Cost | 651,257 | 566,718 | 467,871 |
Reserve for Losses and Loss Expenses | 13,786,112 | 12,379,395 | 10,977,674 |
Unearned Premiums | 4,779,214 | 4,348,171 | 3,660,758 |
Net Premiums Earned | 8,369,062 | 7,077,708 | 6,067,669 |
Net Investment Income | 550,084 | 468,821 | 375,554 |
Loss and Loss Expenses | 5,130,909 | 4,326,403 | 3,939,759 |
Amortization of Deferred Policy Acquisition Cost | 935,469 | 830,199 | 734,062 |
Other Operating Costs and Expenses | 1,430,456 | 1,202,192 | 1,137,002 |
Net Premiums Written | 8,784,146 | 7,743,814 | 6,347,101 |
Operating Segments | Reinsurance & Monoline Excess | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Cost | 112,229 | 109,427 | 88,297 |
Reserve for Losses and Loss Expenses | 3,225,111 | 3,011,493 | 2,806,756 |
Unearned Premiums | 518,440 | 498,989 | 412,433 |
Net Premiums Earned | 1,192,367 | 1,028,323 | 863,174 |
Net Investment Income | 194,272 | 175,324 | 146,029 |
Loss and Loss Expenses | 730,841 | 627,557 | 528,947 |
Amortization of Deferred Policy Acquisition Cost | 103,434 | 131,429 | 170,893 |
Other Operating Costs and Expenses | 235,836 | 174,098 | 103,775 |
Net Premiums Written | 1,219,924 | 1,119,053 | 915,336 |
Corporate, other and eliminations | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Cost | 0 | 0 | 0 |
Reserve for Losses and Loss Expenses | 0 | 0 | 0 |
Unearned Premiums | 0 | 0 | 0 |
Net Premiums Earned | 0 | 0 | 0 |
Net Investment Income | 34,829 | 27,473 | 62,238 |
Loss and Loss Expenses | 0 | 0 | 0 |
Amortization of Deferred Policy Acquisition Cost | 0 | 0 | 0 |
Other Operating Costs and Expenses | 256,310 | 261,352 | 244,660 |
Net Premiums Written | $ 0 | $ 0 | $ 0 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Amount | $ 10,695,138 | $ 9,531,050 | $ 7,874,050 |
Ceded to Other Companies | 1,904,982 | 1,837,267 | 1,585,210 |
Assumed from Other Companies | 1,213,914 | 1,169,084 | 973,597 |
Total net premiums written | $ 10,004,070 | $ 8,862,867 | $ 7,262,437 |
Percentage of Amount Assumed to Net | 12.10% | 13.20% | 13.40% |
Insurance | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Amount | $ 10,363,730 | $ 9,220,683 | $ 7,625,981 |
Ceded to Other Companies | 1,799,639 | 1,727,854 | 1,490,395 |
Assumed from Other Companies | 220,055 | 250,985 | 211,515 |
Total net premiums written | $ 8,784,146 | $ 7,743,814 | $ 6,347,101 |
Percentage of Amount Assumed to Net | 2.50% | 3.20% | 3.30% |
Reinsurance & Monoline Excess | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Amount | $ 331,408 | $ 310,367 | $ 248,069 |
Ceded to Other Companies | 105,343 | 109,413 | 94,815 |
Assumed from Other Companies | 993,859 | 918,099 | 762,082 |
Total net premiums written | $ 1,219,924 | $ 1,119,053 | $ 915,336 |
Percentage of Amount Assumed to Net | 81.50% | 82% | 83.30% |
Schedule V - Valuation and Qu_2
Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Premiums, fees and other receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | $ 30,860 | $ 27,855 | $ 26,546 |
Additions - Charged to Expense | 13,734 | 10,807 | 6,783 |
Deductions - Amounts Written Off | (7,663) | (7,802) | (6,744) |
Ending Balance | 36,931 | 30,860 | 27,855 |
Premiums, fees and other receivables | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 1,270 | ||
Due from reinsurers | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 7,713 | 7,801 | 690 |
Additions - Charged to Expense | 352 | 334 | 1,187 |
Deductions - Amounts Written Off | (1) | (422) | (3) |
Ending Balance | 8,064 | 7,713 | 7,801 |
Due from reinsurers | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 5,927 | ||
Deferred federal and foreign income taxes | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 75,230 | 79,488 | 33,250 |
Additions - Charged to Expense | 1,046 | 6,011 | 46,756 |
Deductions - Amounts Written Off | (29,110) | (10,269) | (518) |
Ending Balance | 47,166 | 75,230 | 79,488 |
Deferred federal and foreign income taxes | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 0 | ||
Loan loss reserves | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 1,718 | 5,437 | 2,146 |
Additions - Charged to Expense | 73 | 0 | 3,648 |
Deductions - Amounts Written Off | 0 | (3,719) | 0 |
Ending Balance | 1,791 | 1,718 | 5,437 |
Loan loss reserves | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | (357) | ||
Fixed maturity securities | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 22,625 | 2,580 | 0 |
Additions - Charged to Expense | 15,152 | 21,013 | 16,909 |
Deductions - Amounts Written Off | (311) | (968) | (50,043) |
Ending Balance | 37,466 | 22,625 | 2,580 |
Fixed maturity securities | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 35,714 | ||
General Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | 138,146 | 123,161 | 62,632 |
Additions - Charged to Expense | 30,357 | 38,165 | 75,283 |
Deductions - Amounts Written Off | (37,085) | (23,180) | (57,308) |
Ending Balance | $ 131,418 | $ 138,146 | 123,161 |
General Valuation Allowance | Cumulative Effect, Period Of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Opening Balance | $ 42,554 |
Schedule VI - Supplementary I_2
Schedule VI - Supplementary Information Concerning Property-Casualty Insurance Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |||
Deferred policy acquisition costs | $ 763,486 | $ 676,145 | $ 556,168 |
Reserves for losses and loss expenses | 17,011,223 | 15,390,888 | 13,784,430 |
Unearned premiums | 5,297,654 | 4,847,160 | 4,073,191 |
Net premiums earned | 9,561,429 | 8,106,031 | 6,930,843 |
Net investment income | 779,185 | 671,618 | 583,821 |
Losses and loss expenses incurred: | |||
Current year | 5,774,713 | 4,921,191 | 4,432,937 |
Prior years | 54,511 | 863 | 627 |
Loss reserve discount accretion | 32,526 | 31,906 | 35,142 |
Amortization of deferred policy acquisition costs | 961,628 | 904,955 | |
Paid losses and loss expenses | 4,347,910 | 3,665,694 | 3,598,649 |
Net premiums written | $ 10,004,070 | $ 8,862,867 | $ 7,262,437 |