Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 27, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-15202 | |
Entity Registrant Name | W. R. BERKLEY CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-1867895 | |
Entity Address, Address Line One | 475 Steamboat Road | |
Entity Address, City or Town | Greenwich | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06830 | |
City Area Code | (203) | |
Local Phone Number | 629-3000 | |
Title of 12(b) Security | Common Stock, par value $.20 per share | |
Trading Symbol | WRB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 260,774,686 | |
Entity Central Index Key | 0000011544 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
5.700% Subordinated Debentures due 2058 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.700% Subordinated Debentures due 2058 | |
Trading Symbol | WRB-PE | |
Security Exchange Name | NYSE | |
5.100% Subordinated Debentures due 2059 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.100% Subordinated Debentures due 2059 | |
Trading Symbol | WRB-PF | |
Security Exchange Name | NYSE | |
4.250% Subordinated Debentures due 2060 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 4.250% Subordinated Debentures due 2060 | |
Trading Symbol | WRB-PG | |
Security Exchange Name | NYSE | |
4.125% Subordinated Debentures due 2061 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 4.125% Subordinated Debentures due 2061 | |
Trading Symbol | WRB-PH | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments: | ||
Fixed maturity securities (amortized cost of $18,988,459 and $18,715,483; allowance for expected credit losses of $37,249 and $37,466 at March 31, 2023 and December 31, 2022, respectively) | $ 18,091,113 | $ 17,587,349 |
Investment funds | 1,601,567 | 1,608,548 |
Real estate | 1,338,504 | 1,340,622 |
Equity securities | 1,279,955 | 1,185,894 |
Arbitrage trading account | 609,001 | 944,230 |
Loans receivable (net of allowance for expected credit losses of $1,609 and $1,791 at March 31, 2023 and December 31, 2022, respectively) | 194,944 | 193,002 |
Total investments | 23,115,084 | 22,859,645 |
Cash and cash equivalents | 1,242,357 | 1,449,346 |
Premiums and fees receivable (net of allowance for expected credit losses of $32,353 and $30,660 at March 31, 2023 and December 31, 2022, respectively) | 2,814,504 | 2,779,244 |
Due from reinsurers (net of allowance for expected credit losses of $8,703 and $8,064 at March 31, 2023 and December 31, 2022, respectively) | 3,282,288 | 3,187,730 |
Deferred policy acquisition costs | 786,502 | 763,486 |
Prepaid reinsurance premiums | 701,295 | 696,468 |
Trading account receivables from brokers and clearing organizations | 583,970 | 233,863 |
Property, furniture and equipment | 421,102 | 423,232 |
Goodwill | 185,509 | 185,509 |
Accrued investment income | 181,342 | 166,784 |
Current and deferred federal and foreign income taxes | 205,291 | 333,774 |
Other assets | 776,820 | 736,022 |
Total assets | 34,296,064 | 33,815,103 |
Liabilities: | ||
Reserves for losses and loss expenses | 17,431,635 | 17,011,223 |
Unearned premiums | 5,385,886 | 5,297,654 |
Due to reinsurers | 539,333 | 523,131 |
Other liabilities | 1,137,055 | 1,377,740 |
Senior notes and other debt | 1,827,981 | 1,828,823 |
Subordinated debentures | 1,008,551 | 1,008,371 |
Total liabilities | 27,330,441 | 27,046,942 |
Equity: | ||
Perferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none | 0 | 0 |
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,930,502 and 183,411,907 shares, respectively | 105,803 | 105,803 |
Additional paid-in capital | 1,008,128 | 997,534 |
Retained earnings | 10,296,539 | 10,161,005 |
Accumulated other comprehensive loss | (1,078,917) | (1,264,581) |
Treasury stock, at cost, 266,478,098 and 264,468,528 shares, respectively | (3,387,538) | (3,251,429) |
Total stockholders’ equity | 6,944,015 | 6,748,332 |
Noncontrolling interests | 21,608 | 19,829 |
Total equity | 6,965,623 | 6,768,161 |
Total liabilities and equity | $ 34,296,064 | $ 33,815,103 |
Consolidated Balance Sheets C_2
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Fixed maturity securities, amortized cost | $ 18,988,459 | $ 18,715,483 |
Fixed maturity securities, allowance for credit loss | 37,249 | 37,466 |
Cumulative effect adjustment resulting from changes in accounting principles | 1,609 | 1,791 |
Cumulative effect adjustment resulting from changes in accounting principles | 32,353 | 30,660 |
Reinsurance recoverable, allowance for credit loss | $ 8,703 | $ 8,064 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock issued (in shares) | 5,000,000 | 5,000,000 |
Preferred stock outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollar per share) | $ 0.20 | $ 0.20 |
Common shares authorized (in shares) | 1,250,000,000 | |
Common shares issued (in shares) | 262,536,530 | 264,546,100 |
Common shares outstanding (in shares) | 262,536,530 | 264,546,100 |
Treasury stock issued at cost (in shares) | 266,478,098 | 264,468,528 |
Consolidated Statements Income
Consolidated Statements Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
REVENUES: | ||
Net premiums written | $ 2,574,824 | $ 2,413,254 |
Change in net unearned premiums | (83,392) | (164,167) |
Net premiums earned | 2,491,432 | 2,249,087 |
Net investment income | 223,398 | 173,512 |
Net realized and unrealized gains on investments | 22,611 | 369,882 |
Change in allowance for expected credit losses on investments | 399 | (3,617) |
Net investment gains | 23,010 | 366,265 |
Revenues from non-insurance businesses | 124,200 | 97,776 |
Insurance service fees | 32,857 | 27,951 |
Other income | 107 | 818 |
Total revenues | 2,895,004 | 2,915,409 |
OPERATING COSTS AND EXPENSES: | ||
Losses and loss expenses | 1,538,755 | 1,339,252 |
Other operating costs and expenses | 825,575 | 713,899 |
Expenses from non-insurance businesses | 122,767 | 94,855 |
Interest expense | 31,836 | 34,970 |
Total operating costs and expenses | 2,518,933 | 2,182,976 |
Income before income taxes | 376,071 | 732,433 |
Income tax expense | (80,342) | (139,403) |
Net income before noncontrolling interests | 295,729 | 593,030 |
Noncontrolling interests | (1,603) | (2,392) |
Net income to common stockholders | $ 294,126 | $ 590,638 |
NET INCOME PER SHARE: | ||
Basic (in dollar per share) | $ 1.07 | $ 2.13 |
Diluted (in dollar per share) | $ 1.06 | $ 2.12 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income before noncontrolling interests | $ 295,729 | $ 593,030 |
Other comprehensive income (loss): | ||
Change in unrealized currency translation adjustments | 4,866 | 56,272 |
Change in unrealized investment gains (losses), net of taxes | 180,799 | (423,545) |
Other comprehensive income (loss) | 185,665 | (367,273) |
Comprehensive income | 481,394 | 225,757 |
Noncontrolling interests | (1,602) | (2,391) |
Comprehensive income to common stockholders | $ 479,792 | $ 223,366 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated Other Comprehensive Income (Loss) | Unrealized investment gain | Currency Translation Adjustments | Treasury stock | Noncontrolling interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 105,803 | $ 981,104 | $ 9,015,135 | $ (281,955) | $ 90,900 | $ (372,855) | $ (3,167,076) | $ 14,719 | |
Beginning of period at Dec. 31, 2021 | 105,803 | 981,104 | 9,015,135 | (281,955) | 90,900 | (372,855) | (3,167,076) | 14,719 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | (530) | ||||||||
Restricted stock units expensed | 11,438 | ||||||||
Net income before noncontrolling interests | $ 593,030 | 590,638 | 2,392 | ||||||
Dividends ($0.60 and $0.09 per share, respectively) | (22,983) | ||||||||
Change in unrealized gains (losses) on securities without an allowance for expected credit losses | (423,545) | (423,839) | |||||||
Change in unrealized gains on securities with an allowance for expected credit losses | 293 | ||||||||
Net change in period | 56,272 | 56,272 | |||||||
Stock exercised/vested | 203 | ||||||||
Stock repurchased | 0 | ||||||||
Other | 0 | ||||||||
Contributions | 6,186 | ||||||||
Other comprehensive loss, net of tax | $ (367,273) | (367,273) | 56,272 | (1) | |||||
End of period at Mar. 31, 2022 | 992,012 | 9,582,790 | (649,229) | (332,646) | (316,583) | (3,166,873) | 23,296 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock dividends, per share, cash paid (in dollars per share) | $ 0.09 | ||||||||
Cumulative effect adjustment resulting from changes in accounting principles | 992,012 | 9,582,790 | (649,229) | (332,646) | (316,583) | (3,166,873) | 23,296 | ||
Cumulative effect adjustment resulting from changes in accounting principles | $ 6,768,161 | 105,803 | 997,534 | 10,161,005 | (1,264,581) | (892,905) | (371,676) | (3,251,429) | 19,829 |
Beginning of period at Dec. 31, 2022 | 6,768,161 | $ 105,803 | 997,534 | 10,161,005 | (1,264,581) | (892,905) | (371,676) | (3,251,429) | 19,829 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock units issued | (1,200) | ||||||||
Restricted stock units expensed | 11,794 | ||||||||
Net income before noncontrolling interests | 295,729 | 294,126 | 1,603 | ||||||
Dividends ($0.60 and $0.09 per share, respectively) | (158,592) | ||||||||
Change in unrealized gains (losses) on securities without an allowance for expected credit losses | 180,799 | 177,342 | |||||||
Change in unrealized gains on securities with an allowance for expected credit losses | 3,456 | ||||||||
Net change in period | 4,866 | 4,866 | |||||||
Stock exercised/vested | 395 | ||||||||
Stock repurchased | (135,152) | ||||||||
Other | (1,352) | ||||||||
Contributions | 177 | ||||||||
Other comprehensive loss, net of tax | 185,665 | 185,665 | 4,866 | (1) | |||||
End of period at Mar. 31, 2023 | $ 6,965,623 | 1,008,128 | 10,296,539 | (1,078,917) | (712,107) | (366,810) | (3,387,538) | 21,608 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock dividends, per share, cash paid (in dollars per share) | $ 0.60 | ||||||||
Cumulative effect adjustment resulting from changes in accounting principles | $ 6,965,623 | $ 1,008,128 | $ 10,296,539 | $ (1,078,917) | $ (712,107) | $ (366,810) | $ (3,387,538) | $ 21,608 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FROM OPERATING ACTIVITIES: | ||
Net income to common stockholders | $ 294,126 | $ 590,638 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Net investment gains | (23,010) | (366,265) |
Depreciation and amortization | 9,737 | 24,631 |
Noncontrolling interests | 1,603 | 2,392 |
Investment funds | (2,180) | (52,012) |
Stock incentive plans | 11,793 | 11,438 |
Change in: | ||
Arbitrage trading account | (14,879) | (7,215) |
Premiums and fees receivable | (33,460) | (69,704) |
Reinsurance accounts | (84,746) | (2,643) |
Deferred policy acquisition costs | (23,727) | (39,220) |
Income taxes | 76,933 | 123,763 |
Reserves for losses and loss expenses | 424,149 | 316,065 |
Unearned premiums | 87,991 | 167,522 |
Other | (279,007) | (221,708) |
Net cash from operating activities | 445,323 | 477,682 |
CASH (USED IN) FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of fixed maturity securities | 429,400 | 408,221 |
Proceeds from sale of equity securities | 9,933 | 9,227 |
Distributions from (contributions to) investment funds | 7,518 | (13,423) |
Proceeds from maturities and prepayments of fixed maturity securities | 956,308 | 1,440,457 |
Purchase of fixed maturity securities | (1,686,107) | (2,200,214) |
Purchase of equity securities | (59,529) | (100,356) |
Real estate sold | 7,472 | 28,141 |
Change in loans receivable | 612 | 332 |
Net purchases of property, furniture and equipment | (11,532) | (9,114) |
Change in balances due to security brokers | (13,598) | 98,058 |
Cash received in connection with business disposition | 0 | 906,789 |
Payment for business purchased net of cash acquired | 0 | (49,572) |
Other | 93 | 17 |
Net cash (used in) from investing activities | (359,430) | 518,563 |
CASH USED IN FINANCING ACTIVITIES: | ||
Repayment of senior notes and other debt | 0 | (426,503) |
Net payments for stock options exercised | (806) | (327) |
Net proceeds from issuance of debt | (868) | |
Net proceeds from issuance of debt | 1,186 | |
Cash dividends to common stockholders | (158,592) | (22,983) |
Purchase of common treasury shares | (135,152) | 0 |
Other, net | (308) | (2,703) |
Net cash used in financing activities | (295,726) | (451,330) |
Net impact on cash due to change in foreign exchange rates | 2,844 | 1,083 |
Net change in cash and cash equivalents | (206,989) | 545,998 |
Cash and cash equivalents at beginning of period | 1,449,346 | 1,568,843 |
Cash and cash equivalents at end of period | $ 1,242,357 | $ 2,114,841 |
Statements of Cash Flows
Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Statements of Cash Flows | Statements of Cash Flows Interest payments were $41,150,000 and $52,899,000 for the three months ended March 31, 2023 and 2022, respectively. There were no income taxes paid for the three months ended March 31, 2023 and 2022, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Consolidated Statements of Comprehensive Income | Consolidated Statements of Comprehensive Income The following table presents the components of the changes in accumulated other comprehensive income ("AOCI"): (In thousands) Unrealized Investment (Losses) Gains Currency Translation Adjustments Accumulated Other Comprehensive As of and for the three months ended March 31, 2023 Changes in AOCI Beginning of period $ (892,905) $ (371,676) $ (1,264,581) Other comprehensive income before reclassifications 155,215 4,866 160,081 Amounts reclassified from AOCI 25,584 — 25,584 Other comprehensive income 180,799 4,866 185,665 Unrealized investment loss related to noncontrolling interest (1) — (1) End of period $ (712,107) $ (366,810) $ (1,078,917) Amounts reclassified from AOCI Pre-tax $ 32,385 (1) $ — $ 32,385 Tax effect (6,801) (2) — (6,801) After-tax amounts reclassified $ 25,584 $ — $ 25,584 Other comprehensive income Pre-tax $ 232,021 $ 4,866 $ 236,887 Tax effect (51,222) — (51,222) Other comprehensive income $ 180,799 $ 4,866 $ 185,665 As of and for the three months ended March 31, 2022 Changes in AOCI Beginning of period $ 90,900 $ (372,855) $ (281,955) Other comprehensive (loss) income before reclassifications (433,136) 56,272 (376,864) Amounts reclassified from AOCI 9,591 — 9,591 Other comprehensive (loss) income (423,545) 56,272 (367,273) Unrealized investment loss related to noncontrolling interest (1) — (1) Ending balance $ (332,646) $ (316,583) $ (649,229) Amounts reclassified from AOCI Pre-tax $ 12,141 (1) $ — $ 12,141 Tax effect (2,550) (2) — (2,550) After-tax amounts reclassified $ 9,591 $ — $ 9,591 Other comprehensive (loss) income Pre-tax $ (539,449) $ 56,272 $ (483,177) Tax effect 115,904 — 115,904 Other comprehensive (loss) income $ (423,545) $ 56,272 $ (367,273) ____________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
General
General | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”), have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated. For the quarter ended March 31, 2022, the Company did not correct 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 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. For further information related to areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Per Share Data
Per Share Data | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Per Share Data | Per Share Data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 11,416,856 and 11,592,699 common shares held in a grantor trust as of March 31, 2023 and 2022, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows: For the Three Months (In thousands) 2023 2022 Basic 274,977 276,772 Diluted 277,339 279,157 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements and Accounting Policies | Recent Accounting Pronouncements and Accounting Policies Recently adopted accounting pronouncements: All accounting and reporting standards that became effective in 2023 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. |
Investments In Fixed Maturity S
Investments In Fixed Maturity Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments In Fixed Maturity Securities | Investments in Fixed Maturity Securities At March 31, 2023 and December 31, 2022, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses March 31, 2023 Held to maturity: State and municipal $ 48,474 $ (107) $ 3,902 $ — $ 52,269 $ 48,367 Residential mortgage-backed 3,399 — 53 — 3,452 3,399 Total held to maturity 51,873 (107) 3,955 — 55,721 51,766 Available for sale: U.S. government and government agency 1,100,204 — 3,728 (54,665) 1,049,267 1,049,267 State and municipal: Special revenue 1,759,098 — 5,429 (90,044) 1,674,483 1,674,483 State general obligation 386,952 — 4,090 (16,577) 374,465 374,465 Pre-refunded 105,812 — 3,351 (248) 108,915 108,915 Corporate backed 204,773 — 491 (8,447) 196,817 196,817 Local general obligation 442,571 — 4,212 (12,104) 434,679 434,679 Total state and municipal 2,899,206 — 17,573 (127,420) 2,789,359 2,789,359 Mortgage-backed: Residential 1,464,856 (23) 2,298 (153,147) 1,313,984 1,313,984 Commercial 595,818 — 1,220 (13,293) 583,745 583,745 Total mortgage-backed 2,060,674 (23) 3,518 (166,440) 1,897,729 1,897,729 Asset-backed 3,960,140 — 3,166 (117,853) 3,845,453 3,845,453 Corporate: Industrial 3,563,744 (66) 9,599 (187,833) 3,385,444 3,385,444 Financial 2,737,880 (3,729) 7,421 (115,268) 2,626,304 2,626,304 Utilities 650,151 — 5,117 (27,941) 627,327 627,327 Other 495,850 — 122 (9,398) 486,574 486,574 Total corporate 7,447,625 (3,795) 22,259 (340,440) 7,125,649 7,125,649 Foreign government 1,468,737 (33,324) 6,312 (109,835) 1,331,890 1,331,890 Total available for sale 18,936,586 (37,142) 56,556 (916,653) 18,039,347 18,039,347 Total investments in fixed maturity securities $ 18,988,459 $ (37,249) $ 60,511 $ (916,653) $ 18,095,068 $ 18,091,113 ____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 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: 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 1,665,428 Asset-backed 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 ____________ (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 three months ended March 31, 2023 and 2022: (In thousands) 2023 2022 Allowance for expected credit losses, beginning of period $ 114 $ 387 Provision for expected credit losses (7) (9) Allowance for expected credit losses, end of period $ 107 $ 378 The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended March 31, 2023 and 2022: 2023 2022 (In thousands) Foreign Government Corporate Mortgage-backed Total Foreign Government Corporate Total Allowance for expected credit losses, beginning of period $ 32,633 $ 4,701 $ 18 $ 37,352 $ 22,222 $ 16 $ 22,238 Expected credit losses on securities for which credit losses were not previously recorded — 186 — 186 484 — 484 Expected credit losses (gains) on securities for which credit losses were previously recorded 691 (1,087) 5 (391) 3,447 (16) 3,431 Reduction due to disposals — (5) — (5) — — — Allowance for expected credit losses, end of period $ 33,324 $ 3,795 $ 23 $ 37,142 $ 26,153 $ — $ 26,153 During the three months ended March 31, 2023, the Company decreased 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 a decrease in unrealized losses primarily associated with corporate securities offset by foreign government securities. During the three months ended March 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, primarily due to foreign government securities. The amortized cost and fair value of fixed maturity securities at March 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations. (In thousands) Amortized Fair Due in one year or less $ 1,568,436 $ 1,528,990 Due after one year through five years 8,864,666 8,503,127 Due after five years through ten years 4,287,881 4,084,883 Due after ten years 2,203,296 2,076,887 Mortgage-backed securities 2,064,073 1,901,181 Total $ 18,988,352 $ 18,095,068 ________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $107 thousand related to held to maturity securities. |
Investments in Equity Securitie
Investments in Equity Securities | 3 Months Ended |
Mar. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |
Investments in Equity Securities | Investments in Fixed Maturity Securities At March 31, 2023 and December 31, 2022, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses March 31, 2023 Held to maturity: State and municipal $ 48,474 $ (107) $ 3,902 $ — $ 52,269 $ 48,367 Residential mortgage-backed 3,399 — 53 — 3,452 3,399 Total held to maturity 51,873 (107) 3,955 — 55,721 51,766 Available for sale: U.S. government and government agency 1,100,204 — 3,728 (54,665) 1,049,267 1,049,267 State and municipal: Special revenue 1,759,098 — 5,429 (90,044) 1,674,483 1,674,483 State general obligation 386,952 — 4,090 (16,577) 374,465 374,465 Pre-refunded 105,812 — 3,351 (248) 108,915 108,915 Corporate backed 204,773 — 491 (8,447) 196,817 196,817 Local general obligation 442,571 — 4,212 (12,104) 434,679 434,679 Total state and municipal 2,899,206 — 17,573 (127,420) 2,789,359 2,789,359 Mortgage-backed: Residential 1,464,856 (23) 2,298 (153,147) 1,313,984 1,313,984 Commercial 595,818 — 1,220 (13,293) 583,745 583,745 Total mortgage-backed 2,060,674 (23) 3,518 (166,440) 1,897,729 1,897,729 Asset-backed 3,960,140 — 3,166 (117,853) 3,845,453 3,845,453 Corporate: Industrial 3,563,744 (66) 9,599 (187,833) 3,385,444 3,385,444 Financial 2,737,880 (3,729) 7,421 (115,268) 2,626,304 2,626,304 Utilities 650,151 — 5,117 (27,941) 627,327 627,327 Other 495,850 — 122 (9,398) 486,574 486,574 Total corporate 7,447,625 (3,795) 22,259 (340,440) 7,125,649 7,125,649 Foreign government 1,468,737 (33,324) 6,312 (109,835) 1,331,890 1,331,890 Total available for sale 18,936,586 (37,142) 56,556 (916,653) 18,039,347 18,039,347 Total investments in fixed maturity securities $ 18,988,459 $ (37,249) $ 60,511 $ (916,653) $ 18,095,068 $ 18,091,113 ____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 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: 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 1,665,428 Asset-backed 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 ____________ (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 three months ended March 31, 2023 and 2022: (In thousands) 2023 2022 Allowance for expected credit losses, beginning of period $ 114 $ 387 Provision for expected credit losses (7) (9) Allowance for expected credit losses, end of period $ 107 $ 378 The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended March 31, 2023 and 2022: 2023 2022 (In thousands) Foreign Government Corporate Mortgage-backed Total Foreign Government Corporate Total Allowance for expected credit losses, beginning of period $ 32,633 $ 4,701 $ 18 $ 37,352 $ 22,222 $ 16 $ 22,238 Expected credit losses on securities for which credit losses were not previously recorded — 186 — 186 484 — 484 Expected credit losses (gains) on securities for which credit losses were previously recorded 691 (1,087) 5 (391) 3,447 (16) 3,431 Reduction due to disposals — (5) — (5) — — — Allowance for expected credit losses, end of period $ 33,324 $ 3,795 $ 23 $ 37,142 $ 26,153 $ — $ 26,153 During the three months ended March 31, 2023, the Company decreased 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 a decrease in unrealized losses primarily associated with corporate securities offset by foreign government securities. During the three months ended March 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, primarily due to foreign government securities. The amortized cost and fair value of fixed maturity securities at March 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations. (In thousands) Amortized Fair Due in one year or less $ 1,568,436 $ 1,528,990 Due after one year through five years 8,864,666 8,503,127 Due after five years through ten years 4,287,881 4,084,883 Due after ten years 2,203,296 2,076,887 Mortgage-backed securities 2,064,073 1,901,181 Total $ 18,988,352 $ 18,095,068 ________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $107 thousand related to held to maturity securities. |
Equity securities | |
Debt Securities, Available-for-sale [Line Items] | |
Investments in Equity Securities | Investments in Equity Securities At March 31, 2023 and December 31, 2022, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses March 31, 2023 Common stocks $ 883,234 $ 227,947 $ (53,582) $ 1,057,599 $ 1,057,599 Preferred stocks 282,750 1,526 (61,920) 222,356 222,356 Total $ 1,165,984 $ 229,473 $ (115,502) $ 1,279,955 $ 1,279,955 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 |
Arbitrage Trading Account
Arbitrage Trading Account | 3 Months Ended |
Mar. 31, 2023 | |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | |
Arbitrage Trading Account | Arbitrage Trading Account At March 31, 2023 and December 31, 2022, the fair and carrying values of the arbitrage trading account were $609 million and $944 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 March 31, 2023, the fair value of long option contracts outstanding was $5 thousand (notional amount of $2 million). Other than with respect to the use of these trading account securities, the Company does not make use of derivatives. |
Net Investment Income
Net Investment Income | 3 Months Ended |
Mar. 31, 2023 | |
Net Investment Income [Abstract] | |
Net Investment Income | Net Investment Income Net investment income consisted of the following: For the Three Months (In thousands) 2023 2022 Investment income (loss) earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 195,642 $ 101,284 Arbitrage trading account 18,256 9,187 Equity securities 13,746 10,856 Investment funds 2,180 52,012 Real estate (3,711) 2,146 Gross investment income 226,113 175,485 Investment expense (2,715) (1,973) Net investment income $ 223,398 $ 173,512 |
Investment Funds
Investment Funds | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment Funds | Investment Funds The Company evaluates whether it is an investor in a variable interest entity ("VIE"). Such entities do not have sufficient equity at risk to finance their activities without additional subordinated financial support, or the equity investors, as a group, do not have the characteristics of a controlling financial interest (primary beneficiary). The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE's capital structure, contractual terms, nature of the VIE's operations and purpose, and the Company's relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE and on an ongoing basis. The Company is not the primary beneficiary in any of its investment funds, and accordingly, carries its interests in investment funds under the equity method of accounting. The Company’s maximum exposure to loss with respect to these investments is limited to the carrying amount reported on the Company’s consolidated balance sheet and its unfunded commitments, which were $408 million as of March 31, 2023. Investment funds consisted of the following: Carrying Value as of Income (Loss) from March 31, December 31, For the Three Months (In thousands) 2023 2022 2023 2022 Financial services $ 444,645 $ 465,683 $ (13,047) $ 25,932 Transportation 336,808 336,753 11,788 11,179 Real Estate 216,871 204,644 956 16,364 Infrastructure 119,042 115,428 3,355 841 Energy 117,461 116,432 3,439 (892) Other funds 366,740 369,608 (4,311) (1,412) Total $ 1,601,567 $ 1,608,548 $ 2,180 $ 52,012 The Company's share of the earnings or losses from investment funds is generally reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. Financial services investment funds include the 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 three months ended March 31, 2023 and 2022, the Company ceded approximately $107 million and $89 million, respectively, of written premiums to Lifson Re. Other funds include deferred compensation trust assets of $34 million and $30 million as of March 31, 2023 and December 31, 2022, 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 | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Investment in real estate represents directly owned property held for investment, as follows: Carrying Value March 31, December 31, (In thousands) 2023 2022 Properties in operation $ 1,111,713 $ 1,114,167 Properties under development 226,791 226,455 Total $ 1,338,504 $ 1,340,622 As of March 31, 2023, 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 $30,180,000 and $33,206,000 as of March 31, 2023 and December 31, 2022, respectively. Related depreciation expense was $2,281,000 and $4,788,000 for the three months ended March 31, 2023 and 2022, respectively. Future minimum rental income expected on operating leases relating to properties in operation is $24,345,984 in 2023, $34,786,393 in 2024, $32,070,092 in 2025, $29,483,276 in 2026, $28,567,112 in 2027, $28,906,220 in 2028 and $482,081,845 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). |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable At March 31, 2023 and December 31, 2022, loans receivable were as follows: (In thousands) March 31, December 31, Amortized cost (net of allowance for expected credit losses): Real estate loans $ 175,745 $ 173,616 Commercial loans 19,199 19,386 Total $ 194,944 $ 193,002 Fair value: Real estate loans $ 168,256 $ 168,595 Commercial loans 19,199 19,386 Total $ 187,455 $ 187,981 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 were none as of both March 31, 2023 and December 31, 2022, respectively. The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the three months ended March 31, 2023 and 2022: 2023 2022 (In thousands) Real Estate Loans Commercial Loans Total Real Estate Loans Commercial Loans Total Allowance for expected credit losses, beginning of period $ 1,100 $ 691 $ 1,791 $ 1,362 $ 356 $ 1,718 Change in expected credit losses (61) (121) (182) (67) (222) (289) Allowance for expected credit losses, end of period $ 1,039 $ 570 $ 1,609 $ 1,295 $ 134 $ 1,429 During the three months ended March 31, 2023, the Company decreased the allowance primarily due to a decrease in the weighted average life of the loans receivable portfolio. During the three months ended March 31, 2022, the Company reduced the allowance primarily due to the decrease in the duration of the loan portfolio. 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 (Losses)
Net Investment Gains (Losses) | 3 Months Ended |
Mar. 31, 2023 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Net Investment Gains (Losses) | Net Investment Gains Net investment gains (losses) were as follows: For the Three Months (In thousands) 2023 2022 Net investment gains (losses): Fixed maturity securities: Gains $ 943 $ 1,705 Losses (18,130) (2,984) Equity securities (1): Net realized gains on investment sales 1,060 905 Change in unrealized gains 43,404 93,213 Investment funds 10 (2,162) Real estate (2) 10,739 286,192 Loans receivable — (32) Other (15,415) (6,955) Net realized and unrealized gains on investments in earnings before allowance for expected credit losses 22,611 369,882 Change in allowance for expected credit losses on investments: Fixed maturity securities 217 (3,906) Loans receivable 182 289 Change in allowance for expected credit losses on investments 399 (3,617) Net investment gains 23,010 366,265 Income tax expense (4,850) (78,442) After-tax net investment gains $ 18,160 $ 287,823 Change in unrealized investment gains (losses) on available for sale securities: Fixed maturity securities without allowance for expected credit losses $ 227,116 $ (540,263) Fixed maturity securities with allowance for expected credit losses 3,456 293 Investment funds 1,936 469 Other (487) 52 Total change in unrealized investment gains (losses) 232,021 (539,449) Income tax (expense) benefit (51,222) 115,904 Noncontrolling interests (1) (1) After-tax change in unrealized investment gains (losses) of available for sale securities $ 180,798 $ (423,546) ______________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized (losses) gains consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held. |
Fixed Maturity Securities In An
Fixed Maturity Securities In An Unrealized Loss Position | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022 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 March 31, 2023 U.S. government and government agency $ 213,369 $ 4,312 $ 527,765 $ 50,353 $ 741,134 $ 54,665 State and municipal 1,070,807 30,908 1,008,985 96,512 2,079,792 127,420 Mortgage-backed 765,967 17,720 866,618 148,720 1,632,585 166,440 Asset-backed 916,431 13,102 2,490,520 104,751 3,406,951 117,853 Corporate 2,694,062 75,595 3,175,233 264,845 5,869,295 340,440 Foreign government 239,947 26,248 786,359 83,587 1,026,306 109,835 Fixed maturity securities $ 5,900,583 $ 167,885 $ 8,855,480 $ 748,768 $ 14,756,063 $ 916,653 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 1,099,549 75,430 473,318 115,528 1,572,867 190,958 Asset-backed 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 Substantially all of the securities in an unrealized loss position are rated investment grade, except for the securities in the foreign government classification. A significant amount of the unrealized loss on foreign government securities is the result of changes in currency exchange rates. A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at March 31, 2023 is presented in the table below: ($ in thousands) Number of Aggregate Gross Foreign government 33 $ 105,347 $ 64,516 Corporate 16 45,507 3,789 State and municipal 1 12,066 2,936 Mortgage-backed 14 4,202 199 Asset-backed 1 8 8 Total 65 $ 167,130 $ 71,448 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 (loss). |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company’s fixed maturity available for sale securities, equity securities and its arbitrage trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by level: (In thousands) Total Level 1 Level 2 Level 3 March 31, 2023 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 1,049,267 $ — $ 1,049,267 $ — State and municipal 2,789,359 — 2,789,359 — Mortgage-backed 1,897,729 — 1,897,729 — Asset-backed 3,845,453 — 3,845,453 — Corporate 7,125,649 — 7,125,649 — Foreign government 1,331,890 — 1,331,890 — Total fixed maturity securities available for sale 18,039,347 — 18,039,347 — Equity securities: Common stocks 1,057,599 1,054,268 1,162 2,169 Preferred stocks 222,356 — 211,057 11,299 Total equity securities 1,279,955 1,054,268 212,219 13,468 Arbitrage trading account 609,001 574,096 31,251 3,654 Total $ 19,928,303 $ 1,628,364 $ 18,282,817 $ 17,122 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 1,665,410 — 1,665,410 — Asset-backed 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 The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2023 and for the year ended December 31, 2022: Gains (Losses) Included In: (In thousands) Beginning Earnings (Losses) Other Impairments Purchases Sales Paydowns / Maturities Transfers In / (Out) Ending Three Months Ended March 31, 2023 Assets: Equity securities: Common stocks $ 2,599 $ (430) $ — $ — $ — $ — $ — $ — $ 2,169 Preferred stocks 11,299 — — — — — — — 11,299 Total 13,898 (430) — — — — — — 13,468 Arbitrage trading account 3,590 64 — — — — — — 3,654 Total $ 17,488 $ (366) $ — $ — $ — $ — $ — $ — $ 17,122 Year Ended Assets: 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 For the three months ended March 31, 2023 and for the year ended December 31, 2022, there were no securities transferred into or out of Level 3. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: March 31, 2023 December 31, 2022 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 18,091,113 $ 18,095,068 $ 17,587,349 $ 17,591,626 Equity securities 1,279,955 1,279,955 1,185,894 1,185,894 Arbitrage trading account 609,001 609,001 944,230 944,230 Loans receivable 194,944 187,455 193,002 187,981 Cash and cash equivalents 1,242,357 1,242,357 1,449,346 1,449,346 Trading account receivables from brokers and clearing organizations 583,970 583,970 233,863 233,863 Due from broker 17,207 17,207 3,609 3,609 Liabilities: Senior notes and other debt 1,827,981 1,501,671 1,828,823 1,439,188 Subordinated debentures 1,008,551 836,796 1,008,371 805,600 |
Reserves for Loss and Loss Expe
Reserves for Loss and Loss Expenses | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Reserves for Loss and Loss Expenses | Reserves for Loss and Loss Expenses The Company's reserves for losses and loss expenses are comprised of case reserves and incurred but not reported liabilities ("IBNR"). When a claim is reported, a case reserve is established for the estimated ultimate payment based upon known information about the claim. As more information about the claim becomes available over time, case reserves are adjusted up or down as appropriate. Reserves are also established on an aggregate basis to provide for IBNR liabilities and expected loss reserve development on reported claims. Loss reserves included in the Company’s financial statements represent management’s best estimates based upon an actuarially derived point estimate and other considerations. The Company uses a variety of actuarial techniques and methods to derive an actuarial point estimate for each operating unit. These methods include paid loss development, incurred loss development, paid and incurred Bornhuetter-Ferguson methods and frequency and severity methods. In circumstances where one actuarial method is considered more credible than the others, that method is used to set the point estimate. The actuarial point estimate may also be based on a judgmental weighting of estimates produced from each of the methods considered. Industry loss experience is used to supplement the Company’s own data in selecting “tail factors” in areas where the Company’s own data is limited. The actuarial data is analyzed by line of business, coverage and accident or policy year, as appropriate, for each operating unit. The establishment of the actuarially derived loss reserve point estimate also includes consideration of qualitative factors that may affect the ultimate losses. These qualitative considerations include, among others, the impact of re-underwriting initiatives, changes in the mix of business, changes in distribution sources and changes in policy terms and conditions. The key assumptions used to arrive at the best estimate of loss reserves are the expected loss ratios, rate of loss cost inflation, and reported and paid loss emergence patterns. Expected loss ratios represent management’s expectation of losses at the time the business is priced and written, before any actual claims experience has emerged. This expectation is a significant determinant of the estimate of loss reserves for recently written business where there is little paid or incurred loss data to consider. Expected loss ratios are generally derived from historical loss ratios adjusted for the impact of rate changes, loss cost trends and known changes in the type of risks underwritten. Expected loss ratios are estimated for each key line of business within each operating unit. Expected loss cost inflation is particularly important for the long-tail lines, such as excess casualty, and claims with a high medical component, such as workers’ compensation. Reported and paid loss emergence patterns are used to project current reported or paid loss amounts to their ultimate settlement value. Loss development factors are based on the historical emergence patterns of paid and incurred losses, and are derived from the Company’s own experience and industry data. The paid loss emergence pattern is also significant to excess and assumed workers’ compensation reserves because those reserves are discounted to their estimated present value based upon such estimated payout patterns. Loss frequency and severity are measures of loss activity that are considered in determining the key assumptions described in our discussion of loss and loss expense reserves, including expected loss ratios, rate of loss cost inflation and reported and paid loss emergence patterns. Loss frequency is a measure of the number of claims per unit of insured exposure, and loss severity is a measure of the average size of claims. Factors affecting loss frequency include the effectiveness of loss controls and safety programs and changes in economic activity or weather patterns. Factors affecting loss severity include changes in policy limits, retentions, rate of inflation and judicial interpretations. Another factor affecting estimates of loss frequency and severity is the loss reporting lag, which is the period of time between the occurrence of a loss and the date the loss is reported to the Company. The length of the loss reporting lag affects our ability to accurately predict loss frequency (loss frequencies are more predictable for lines with short reporting lags) as well as the amount of reserves needed for incurred but not reported losses (less IBNR is required for lines with short reporting lags). As a result, loss reserves for lines with short reporting lags are likely to have less variation from initial loss estimates. For lines with short reporting lags, which include commercial automobile, primary workers’ compensation, other liability (claims-made) and property business, the key assumption is the loss emergence pattern used to project ultimate loss estimates from known losses paid or reported to date. For lines of business with long reporting lags, which include other liability (occurrence), products liability, excess workers’ compensation and liability reinsurance, the key assumption is the expected loss ratio since there is often little paid or incurred loss data to consider. Historically, the Company has experienced less variation from its initial loss estimates for lines of businesses with short reporting lags than for lines of business with long reporting lags. The key assumptions used in calculating the most recent estimate of the loss reserves are reviewed each quarter and adjusted, to the extent necessary, to reflect the latest reported loss data, current trends and other factors observed. The table below provides a reconciliation of the beginning and ending reserve balances: March 31, (In thousands) 2023 2022 Net reserves at beginning of period $ 14,248,879 $ 12,848,362 Net provision for losses and loss expenses: Claims occurring during the current year (1) 1,502,817 1,327,695 Increase in estimates for claims occurring in prior years (2) (3) 28,205 3,761 Loss reserve discount accretion 7,733 7,796 Total 1,538,755 1,339,252 Net payments for claims: Current year 110,274 84,598 Prior years 1,106,481 933,656 Total 1,216,755 1,018,254 Foreign currency translation 1,154 9,983 Net reserves at end of period 14,572,033 13,179,343 Ceded reserves at end of period 2,859,602 2,543,546 Gross reserves at end of period $ 17,431,635 $ 15,722,889 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $11 million and $7 million for the three months ended March 31, 2023 and 2022, respectively. (2) The change in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years increased by $19 million and decreased by $4 million for the three months ended March 31, 2023 and 2022, respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Adverse development, net of additional and return premiums, was $24 million for the three months ended March 31, 2023, and favorable development was $1 million for the three months ended March 31, 2022, respectively. The COVID-19 global pandemic has impacted, and may further impact, the Company’s results through its effect on claim frequency and severity. Loss cost trends have been impacted and may be further impacted by COVID-19-related claims in certain lines of business. Losses incurred from COVID-19-related claims have been offset, to a certain extent, by lower claim frequency in certain lines of our businesses; however, as the economy and legal systems have reopened, the benefit of lower claim frequency has 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 March 31, 2023, the Company had recognized losses for COVID-19-related claims activity, net of reinsurance, of approximately $344 million, of which $291 million relates to the Insurance segment and $53 million relates to the Reinsurance & Monoline Excess segment. Such $344 million of COVID-19-related losses included $339 million of reported losses and $5 million of IBNR. For the three months ended March 31, 2023, the Company recognized current accident year losses for COVID-19-related claims activity, net of reinsurance, of approximately $43 thousand, all of which relates to the Insurance segment. During the three months ended March 31, 2023, adverse prior year development (net of additional and return premiums) of $24 million included $17 million for the Insurance segment and $7 million for the Reinsurance & Monoline Excess segment. This overall adverse development for both segments was primarily attributed to property catastrophe losses related to 2022 events which were still being adjusted and settled during the first quarter of 2023. In particular, losses related to U.S. winter storms which occurred during the month of December were a significant driver of the development, as information gathering and evaluation of many of these losses were still ongoing into the new year. In addition to the property prior year adverse development discussed above, during the first quarter of 2023, the Insurance segment experienced adverse prior year development on casualty lines for the 2016 through 2019 accident years, which was offset by favorable prior year development on casualty lines for the 2022 accident year. The adverse development on the 2016 through 2019 accident years was concentrated in the other liability line of business, and to a lesser degree, professional liability, including medical professional. The development, which particularly impacted business attaching excess of primary policy limits, 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. The favorable prior year development on casualty lines for the 2022 accident year in the Insurance segment was concentrated in the other liability, professional liability, and workers’ compensation lines of business. Due to uncertainty regarding incurred loss frequency and severity in light of ongoing social inflation and the emergence from the COVID-19 pandemic, the Company set its initial loss ratios for the 2022 accident year prudently, and largely maintained these estimates through the end of 2022. The reported loss experience to date for these lines of business for the 2022 accident year has been significantly better than was expected, and the Company has begun to react to this favorable emergence in the first quarter of 2023 for these lines. During the three months ended March 31, 2022, favorable prior year development (net of additional and return premiums) of $1 million included $6 million of favorable development for the Insurance segment, largely offset by $5 million of adverse development for the Reinsurance & Monoline Excess segment. The overall favorable development for the Insurance segment was primarily attributable to favorable development on the 2021 accident year, largely offset by adverse development on the 2015 through 2019 accident years. The favorable development on the 2021 accident year was concentrated in the commercial auto liability, other liability and accident and health (employer stop loss) lines of business. The Company continued to experience lower reported claim frequency in commercial auto and other liability in 2021 relative to historical averages, and lower reported incurred losses relative to our expectations. These trends began in 2020, and were likely caused by the impacts of the COVID-19 pandemic, including, for example, lockdowns, reduced driving/traffic, significant work from home, court closures, and similar reduced activities and travel. While reported claim frequency in these lines increased in 2021 relative to 2020, it remained below the historical levels pre- the start of the COVID-19 pandemic. Due to the ongoing uncertainty regarding the ultimate impacts of the COVID-19 pandemic on accident year 2021 incurred losses, the Company remains cautious in factoring in these trends in setting its initial loss ratio picks for this year. As accident year 2021 has begun to mature, we have recognized some of the favorable reported experience in our ultimate loss picks made as of March 31, 2022. The adverse development on the 2015 through 2019 accident years is concentrated in the other liability line of business, and to a lesser degree professional liability and commercial auto liability. The development is driven by a larger than expected number of large losses reported. The large losses particularly impacted the excess and surplus lines casualty classes of business. The overall adverse development for the Reinsurance & Monoline Excess segment was driven mainly by adverse development in the non-proportional reinsurance assumed liability and professional liability lines of business, largely offset by favorable development in excess workers' compensation. Both the adverse and favorable development was spread across many prior accident years. The adverse development was associated primarily with our U.S. assumed reinsurance business, and related to accounts insuring construction projects and professional liability exposures. The favorable excess workers' compensation development was driven by continued lower claim frequency and reported losses relative to our expectations and to favorable claim settlements. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | Fair Value Measurements The Company’s fixed maturity available for sale securities, equity securities and its arbitrage trading account securities are carried at fair value. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Quoted prices for similar assets or valuations based on inputs that are observable. Level 3 - Estimates of fair value based on internal pricing methodologies using unobservable inputs. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available. Substantially all of the Company’s fixed maturity securities were priced by independent pricing services. The prices provided by the independent pricing services are estimated based on observable market data in active markets utilizing pricing models and processes, which may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector groupings, matrix pricing and reference data. The pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day. The pricing services used by the Company have indicated that they will only produce an estimate of fair value if objectively verifiable information is available. The determination of whether markets are active or inactive is based upon the volume and level of activity for a particular asset class. The Company reviews the prices provided by pricing services for reasonableness and periodically performs independent price tests of a sample of securities to ensure proper valuation. If prices from independent pricing services are not available for fixed maturity securities, the Company estimates the fair value. For Level 2 securities, the Company utilizes pricing models and processes which may include benchmark yields, sector groupings, matrix pricing, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, bids, offers and reference data. Where broker quotes are used, the Company generally requests two or more quotes and sets a price within the range of quotes received based on its assessment of the credibility of the quote and its own evaluation of the security. The Company generally does not adjust quotes received from brokers. For securities traded only in private negotiations, the Company determines fair value based primarily on the cost of such securities, which is adjusted to reflect prices of recent placements of securities of the same issuer, financial projections, credit quality and business developments of the issuer and other relevant information. For Level 3 securities, the Company generally uses a discounted cash flow model to estimate the fair value of fixed maturity securities. The cash flow models are based upon assumptions as to prevailing credit spreads, interest rate and interest rate volatility, time to maturity and subordination levels. Projected cash flows are discounted at rates that are adjusted to reflect illiquidity, where appropriate. The following tables present the assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by level: (In thousands) Total Level 1 Level 2 Level 3 March 31, 2023 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 1,049,267 $ — $ 1,049,267 $ — State and municipal 2,789,359 — 2,789,359 — Mortgage-backed 1,897,729 — 1,897,729 — Asset-backed 3,845,453 — 3,845,453 — Corporate 7,125,649 — 7,125,649 — Foreign government 1,331,890 — 1,331,890 — Total fixed maturity securities available for sale 18,039,347 — 18,039,347 — Equity securities: Common stocks 1,057,599 1,054,268 1,162 2,169 Preferred stocks 222,356 — 211,057 11,299 Total equity securities 1,279,955 1,054,268 212,219 13,468 Arbitrage trading account 609,001 574,096 31,251 3,654 Total $ 19,928,303 $ 1,628,364 $ 18,282,817 $ 17,122 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 1,665,410 — 1,665,410 — Asset-backed 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 The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2023 and for the year ended December 31, 2022: Gains (Losses) Included In: (In thousands) Beginning Earnings (Losses) Other Impairments Purchases Sales Paydowns / Maturities Transfers In / (Out) Ending Three Months Ended March 31, 2023 Assets: Equity securities: Common stocks $ 2,599 $ (430) $ — $ — $ — $ — $ — $ — $ 2,169 Preferred stocks 11,299 — — — — — — — 11,299 Total 13,898 (430) — — — — — — 13,468 Arbitrage trading account 3,590 64 — — — — — — 3,654 Total $ 17,488 $ (366) $ — $ — $ — $ — $ — $ — $ 17,122 Year Ended Assets: 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 For the three months ended March 31, 2023 and for the year ended December 31, 2022, there were no securities transferred into or out of Level 3. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: March 31, 2023 December 31, 2022 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 18,091,113 $ 18,095,068 $ 17,587,349 $ 17,591,626 Equity securities 1,279,955 1,279,955 1,185,894 1,185,894 Arbitrage trading account 609,001 609,001 944,230 944,230 Loans receivable 194,944 187,455 193,002 187,981 Cash and cash equivalents 1,242,357 1,242,357 1,449,346 1,449,346 Trading account receivables from brokers and clearing organizations 583,970 583,970 233,863 233,863 Due from broker 17,207 17,207 3,609 3,609 Liabilities: Senior notes and other debt 1,827,981 1,501,671 1,828,823 1,439,188 Subordinated debentures 1,008,551 836,796 1,008,371 805,600 |
Premiums and Reinsurance Relate
Premiums and Reinsurance Related Information | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Premiums and Reinsurance Related Information | Premiums and Reinsurance Related Information The following is a summary of insurance and reinsurance financial information: For the Three Months (In thousands) 2023 2022 Written premiums: Direct $ 2,738,754 $ 2,542,336 Assumed 310,563 317,500 Ceded (474,493) (446,582) Total net premiums written $ 2,574,824 $ 2,413,254 Earned premiums: Direct $ 2,667,063 $ 2,404,597 Assumed 295,230 292,373 Ceded (470,861) (447,883) Total net premiums earned $ 2,491,432 $ 2,249,087 Ceded losses and loss expenses incurred $ 315,476 $ 243,294 Ceded commissions earned $ 118,418 $ 117,445 The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the three months ended March 31, 2023 and 2022: (In thousands) 2023 2022 Allowance for expected credit losses, beginning of period $ 30,660 $ 25,218 Change in expected credit losses 1,693 3,018 Allowance for expected credit losses, end of period $ 32,353 $ 28,236 The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. The Company also cedes premiums to state assigned risk plans and captive insurance companies. Estimated amounts due from reinsurers are reported net of an allowance for expected credit losses. The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the three months ended March 31, 2023 and 2022: (In thousands) 2023 2022 Allowance for expected credit losses, beginning of period $ 8,064 $ 7,713 Change in expected credit losses 639 (58) Allowance for expected credit losses, end of period $ 8,703 $ 7,655 |
Restricted Stock Units
Restricted Stock Units | 3 Months Ended |
Mar. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Restricted Stock Units | Restricted Stock Units Pursuant to its stock incentive plan, the Company may issue restricted stock units ("RSUs") to employees of the Company and its subsidiaries. The RSUs generally vest three ($ in thousands) Units Fair Value 2023 — $ — 2022 1,660 $ 150 |
Litigation and Contingent Liabi
Litigation and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingent Liabilities | Litigation and Contingent Liabilities In the ordinary course of business, the Company is subject to disputes, litigation and arbitration arising from its insurance and reinsurance businesses. These matters are generally related to insurance and reinsurance claims and are considered in the establishment of loss and loss expense reserves. In addition, the Company may also become involved in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in handling of insurance claims. The Company expects its ultimate liability with respect to such matters will not be material to its financial condition. However, adverse outcomes on such matters are possible, from time to time, and could be material to the Company’s results of operations in any particular financial reporting period. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Lessees are required to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months on the balance sheet. All leases disclosed within this footnote are classified as operating leases. Recognized right-of-use asset and lease liability are reported within other assets and other liabilities, respectively, in the consolidated balance sheet. Lease expense is reported in other operating costs and expenses in the consolidated statement of income and accounted for on a straight-line basis over the lease term. To determine the discount rate used to calculate present value of future minimum lease payments, the Company uses its incremental borrowing rate during the lease commencement period in line with the respective lease duration. In certain cases, the Company has the option to renew the lease. Lease renewal future payments are included in the present value of the future minimum lease payments when the Company determines it is reasonably certain to renew. The main leases entered into by the Company are for office space used by the Company’s operating units across the world. Additionally, the Company, to a lesser extent, has equipment leases mainly for office equipment. Further information relating to operating lease expense and other operating lease information are as follows: For the Three Months Ended (In thousands) 2023 2022 Leases: Lease cost $ 10,188 $ 10,198 Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 10,563 $ 10,993 Right-of-use assets obtained in exchange for new lease liabilities $ 5,313 $ 17,269 As of March 31, ($ in thousands) 2023 2022 Right-of-use assets $ 164,547 $ 180,424 Lease liabilities $ 199,225 $ 217,086 Weighted-average remaining lease term 7.1 years 7.3 years Weighted-average discount rate 4.49 % 4.58 % Contractual maturities of the Company’s future minimum lease payments are as follows: (In thousands) March 31, 2023 Contractual Maturities: 2023 $ 36,209 2024 42,330 2025 34,121 2026 27,166 2027 17,585 Thereafter 72,767 Total undiscounted future minimum lease payments 230,178 Less: Discount impact 30,953 Total lease liability $ 199,225 |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company’s reportable segments include the following two business segments, plus a corporate segment: • Insurance - predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in 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, the United Kingdom, Continental Europe, Australia, the Asia-Pacific Region and South Africa, as well as operations that solely retain risk on an excess basis. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Income tax expense and benefits are calculated based upon the Company's overall effective tax rate. Summary financial information about the Company's reporting segments is presented in the following tables. Income (loss) before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment. Revenues (In thousands) Earned Investment Other Total (2) Pre-Tax Income (Loss) Net Income (Loss) to Common Stockholders Three months ended March 31, 2023 Insurance $ 2,181,876 $ 166,086 $ 9,577 $ 2,357,539 $ 352,199 $ 273,904 Reinsurance & Monoline Excess 309,556 52,055 — 361,611 101,712 82,561 Corporate, other and eliminations (3) — 5,257 147,587 152,844 (100,850) (80,499) Net investment gains — — 23,010 23,010 23,010 18,160 Total $ 2,491,432 $ 223,398 $ 180,174 $ 2,895,004 $ 376,071 $ 294,126 Three months ended March 31, 2022 Insurance $ 1,962,835 $ 137,654 $ 8,676 $ 2,109,165 $ 382,412 $ 315,552 Reinsurance & Monoline Excess 286,252 27,423 — 313,675 57,628 47,080 Corporate, other and eliminations (3) — 8,435 117,869 126,304 (73,872) (59,817) Net investment gains — — 366,265 366,265 366,265 287,823 Total $ 2,249,087 $ 173,512 $ 492,810 $ 2,915,409 $ 732,433 $ 590,638 _________________ (1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. (2) Revenues for Insurance from foreign operations for the three months ended March 31, 2023 and 2022 were $274 million and $235 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended March 31, 2023 and 2022 were $106 million and $96 million, respectively. (3) Corporate, other and eliminations represent corporate revenues and expenses that are not allocated to business segments. Identifiable Assets (In thousands) March 31, December 31, Insurance $ 27,062,484 $ 27,012,479 Reinsurance & Monoline Excess 5,191,920 5,195,752 Corporate, other and eliminations 2,041,660 1,606,872 Consolidated $ 34,296,064 $ 33,815,103 Net premiums earned by major line of business are as follows: For the Three Months (In thousands) 2023 2022 Insurance: Other liability $ 857,149 $ 749,391 Short-tail lines (1) 430,503 375,212 Commercial automobile 311,422 282,234 Workers' compensation 305,561 285,423 Professional liability 277,241 270,575 Total Insurance 2,181,876 1,962,835 Reinsurance & Monoline Excess: Casualty reinsurance 193,730 184,122 Monoline excess (2) 58,644 51,896 Property reinsurance 57,182 50,234 Total Reinsurance & Monoline Excess 309,556 286,252 Total $ 2,491,432 $ 2,249,087 ______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Per Share Data | Per Share Data The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 11,416,856 and 11,592,699 common shares held in a grantor trust as of March 31, 2023 and 2022, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect. The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows: For the Three Months (In thousands) 2023 2022 Basic 274,977 276,772 Diluted 277,339 279,157 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements and Accounting Policies Recently adopted accounting pronouncements: All accounting and reporting standards that became effective in 2023 were either not applicable to the Company or their adoption did not have a material impact on the Company. Accounting and reporting standards that are not yet effective: All recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company. |
Consolidated Statements of Co_3
Consolidated Statements of Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Components of changes in accumulated other comprehensive income (loss) | The following table presents the components of the changes in accumulated other comprehensive income ("AOCI"): (In thousands) Unrealized Investment (Losses) Gains Currency Translation Adjustments Accumulated Other Comprehensive As of and for the three months ended March 31, 2023 Changes in AOCI Beginning of period $ (892,905) $ (371,676) $ (1,264,581) Other comprehensive income before reclassifications 155,215 4,866 160,081 Amounts reclassified from AOCI 25,584 — 25,584 Other comprehensive income 180,799 4,866 185,665 Unrealized investment loss related to noncontrolling interest (1) — (1) End of period $ (712,107) $ (366,810) $ (1,078,917) Amounts reclassified from AOCI Pre-tax $ 32,385 (1) $ — $ 32,385 Tax effect (6,801) (2) — (6,801) After-tax amounts reclassified $ 25,584 $ — $ 25,584 Other comprehensive income Pre-tax $ 232,021 $ 4,866 $ 236,887 Tax effect (51,222) — (51,222) Other comprehensive income $ 180,799 $ 4,866 $ 185,665 As of and for the three months ended March 31, 2022 Changes in AOCI Beginning of period $ 90,900 $ (372,855) $ (281,955) Other comprehensive (loss) income before reclassifications (433,136) 56,272 (376,864) Amounts reclassified from AOCI 9,591 — 9,591 Other comprehensive (loss) income (423,545) 56,272 (367,273) Unrealized investment loss related to noncontrolling interest (1) — (1) Ending balance $ (332,646) $ (316,583) $ (649,229) Amounts reclassified from AOCI Pre-tax $ 12,141 (1) $ — $ 12,141 Tax effect (2,550) (2) — (2,550) After-tax amounts reclassified $ 9,591 $ — $ 9,591 Other comprehensive (loss) income Pre-tax $ (539,449) $ 56,272 $ (483,177) Tax effect 115,904 — 115,904 Other comprehensive (loss) income $ (423,545) $ 56,272 $ (367,273) ____________ (1) Net investment gains in the consolidated statements of income. (2) Income tax expense in the consolidated statements of income. |
Per Share Data (Tables)
Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Weighted average number of common shares | The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows: For the Three Months (In thousands) 2023 2022 Basic 274,977 276,772 Diluted 277,339 279,157 |
Investments in Fixed Maturity_2
Investments in Fixed Maturity Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in fixed maturity securities | At March 31, 2023 and December 31, 2022, investments in fixed maturity securities were as follows: (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses March 31, 2023 Held to maturity: State and municipal $ 48,474 $ (107) $ 3,902 $ — $ 52,269 $ 48,367 Residential mortgage-backed 3,399 — 53 — 3,452 3,399 Total held to maturity 51,873 (107) 3,955 — 55,721 51,766 Available for sale: U.S. government and government agency 1,100,204 — 3,728 (54,665) 1,049,267 1,049,267 State and municipal: Special revenue 1,759,098 — 5,429 (90,044) 1,674,483 1,674,483 State general obligation 386,952 — 4,090 (16,577) 374,465 374,465 Pre-refunded 105,812 — 3,351 (248) 108,915 108,915 Corporate backed 204,773 — 491 (8,447) 196,817 196,817 Local general obligation 442,571 — 4,212 (12,104) 434,679 434,679 Total state and municipal 2,899,206 — 17,573 (127,420) 2,789,359 2,789,359 Mortgage-backed: Residential 1,464,856 (23) 2,298 (153,147) 1,313,984 1,313,984 Commercial 595,818 — 1,220 (13,293) 583,745 583,745 Total mortgage-backed 2,060,674 (23) 3,518 (166,440) 1,897,729 1,897,729 Asset-backed 3,960,140 — 3,166 (117,853) 3,845,453 3,845,453 Corporate: Industrial 3,563,744 (66) 9,599 (187,833) 3,385,444 3,385,444 Financial 2,737,880 (3,729) 7,421 (115,268) 2,626,304 2,626,304 Utilities 650,151 — 5,117 (27,941) 627,327 627,327 Other 495,850 — 122 (9,398) 486,574 486,574 Total corporate 7,447,625 (3,795) 22,259 (340,440) 7,125,649 7,125,649 Foreign government 1,468,737 (33,324) 6,312 (109,835) 1,331,890 1,331,890 Total available for sale 18,936,586 (37,142) 56,556 (916,653) 18,039,347 18,039,347 Total investments in fixed maturity securities $ 18,988,459 $ (37,249) $ 60,511 $ (916,653) $ 18,095,068 $ 18,091,113 ____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. (In thousands) Amortized Allowance for Expected Credit Losses (1) Gross Unrealized Fair Carrying Gains Losses December 31, 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: 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 1,665,428 Asset-backed 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 |
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 three months ended March 31, 2023 and 2022: (In thousands) 2023 2022 Allowance for expected credit losses, beginning of period $ 114 $ 387 Provision for expected credit losses (7) (9) Allowance for expected credit losses, end of period $ 107 $ 378 |
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 three months ended March 31, 2023 and 2022: 2023 2022 (In thousands) Foreign Government Corporate Mortgage-backed Total Foreign Government Corporate Total Allowance for expected credit losses, beginning of period $ 32,633 $ 4,701 $ 18 $ 37,352 $ 22,222 $ 16 $ 22,238 Expected credit losses on securities for which credit losses were not previously recorded — 186 — 186 484 — 484 Expected credit losses (gains) on securities for which credit losses were previously recorded 691 (1,087) 5 (391) 3,447 (16) 3,431 Reduction due to disposals — (5) — (5) — — — Allowance for expected credit losses, end of period $ 33,324 $ 3,795 $ 23 $ 37,142 $ 26,153 $ — $ 26,153 During the three months ended March 31, 2023, the Company decreased 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 a decrease in unrealized losses primarily associated with corporate securities offset by foreign government securities. During the three months ended March 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, primarily due to foreign government securities. |
Amortized cost and fair value of fixed maturity securities by contractual maturity | The amortized cost and fair value of fixed maturity securities at March 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations. (In thousands) Amortized Fair Due in one year or less $ 1,568,436 $ 1,528,990 Due after one year through five years 8,864,666 8,503,127 Due after five years through ten years 4,287,881 4,084,883 Due after ten years 2,203,296 2,076,887 Mortgage-backed securities 2,064,073 1,901,181 Total $ 18,988,352 $ 18,095,068 ________________ |
Investments in Equity Securit_2
Investments in Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity securities | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Investments in Equity Securities | At March 31, 2023 and December 31, 2022, investments in equity securities were as follows: (In thousands) Cost Gross Unrealized Fair Carrying Gains Losses March 31, 2023 Common stocks $ 883,234 $ 227,947 $ (53,582) $ 1,057,599 $ 1,057,599 Preferred stocks 282,750 1,526 (61,920) 222,356 222,356 Total $ 1,165,984 $ 229,473 $ (115,502) $ 1,279,955 $ 1,279,955 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 |
Net Investment Income (Tables)
Net Investment Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Net Investment Income [Abstract] | |
Schedule of Net Investment Income | Net investment income consisted of the following: For the Three Months (In thousands) 2023 2022 Investment income (loss) earned on: Fixed maturity securities, including cash and cash equivalents and loans receivable $ 195,642 $ 101,284 Arbitrage trading account 18,256 9,187 Equity securities 13,746 10,856 Investment funds 2,180 52,012 Real estate (3,711) 2,146 Gross investment income 226,113 175,485 Investment expense (2,715) (1,973) Net investment income $ 223,398 $ 173,512 |
Investment Funds (Tables)
Investment Funds (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investment Funds | Investment funds consisted of the following: Carrying Value as of Income (Loss) from March 31, December 31, For the Three Months (In thousands) 2023 2022 2023 2022 Financial services $ 444,645 $ 465,683 $ (13,047) $ 25,932 Transportation 336,808 336,753 11,788 11,179 Real Estate 216,871 204,644 956 16,364 Infrastructure 119,042 115,428 3,355 841 Energy 117,461 116,432 3,439 (892) Other funds 366,740 369,608 (4,311) (1,412) Total $ 1,601,567 $ 1,608,548 $ 2,180 $ 52,012 |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investments | Investment in real estate represents directly owned property held for investment, as follows: Carrying Value March 31, December 31, (In thousands) 2023 2022 Properties in operation $ 1,111,713 $ 1,114,167 Properties under development 226,791 226,455 Total $ 1,338,504 $ 1,340,622 |
Loans Receivable Loans Receivab
Loans Receivable Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | At March 31, 2023 and December 31, 2022, loans receivable were as follows: (In thousands) March 31, December 31, Amortized cost (net of allowance for expected credit losses): Real estate loans $ 175,745 $ 173,616 Commercial loans 19,199 19,386 Total $ 194,944 $ 193,002 Fair value: Real estate loans $ 168,256 $ 168,595 Commercial loans 19,199 19,386 Total $ 187,455 $ 187,981 |
Financing Receivable, Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for loans receivable for the three months ended March 31, 2023 and 2022: 2023 2022 (In thousands) Real Estate Loans Commercial Loans Total Real Estate Loans Commercial Loans Total Allowance for expected credit losses, beginning of period $ 1,100 $ 691 $ 1,791 $ 1,362 $ 356 $ 1,718 Change in expected credit losses (61) (121) (182) (67) (222) (289) Allowance for expected credit losses, end of period $ 1,039 $ 570 $ 1,609 $ 1,295 $ 134 $ 1,429 During the three months ended March 31, 2023, the Company decreased the allowance primarily due to a decrease in the weighted average life of the loans receivable portfolio. During the three months ended March 31, 2022, the Company reduced the allowance primarily due to the decrease in the duration of the loan portfolio. |
Net Investment Gains (Losses) (
Net Investment Gains (Losses) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Realized and Unrealized Investment Gains (Losses) [Abstract] | |
Realized And Unrealized Investment Gains (Losses) | Net investment gains (losses) were as follows: For the Three Months (In thousands) 2023 2022 Net investment gains (losses): Fixed maturity securities: Gains $ 943 $ 1,705 Losses (18,130) (2,984) Equity securities (1): Net realized gains on investment sales 1,060 905 Change in unrealized gains 43,404 93,213 Investment funds 10 (2,162) Real estate (2) 10,739 286,192 Loans receivable — (32) Other (15,415) (6,955) Net realized and unrealized gains on investments in earnings before allowance for expected credit losses 22,611 369,882 Change in allowance for expected credit losses on investments: Fixed maturity securities 217 (3,906) Loans receivable 182 289 Change in allowance for expected credit losses on investments 399 (3,617) Net investment gains 23,010 366,265 Income tax expense (4,850) (78,442) After-tax net investment gains $ 18,160 $ 287,823 Change in unrealized investment gains (losses) on available for sale securities: Fixed maturity securities without allowance for expected credit losses $ 227,116 $ (540,263) Fixed maturity securities with allowance for expected credit losses 3,456 293 Investment funds 1,936 469 Other (487) 52 Total change in unrealized investment gains (losses) 232,021 (539,449) Income tax (expense) benefit (51,222) 115,904 Noncontrolling interests (1) (1) After-tax change in unrealized investment gains (losses) of available for sale securities $ 180,798 $ (423,546) ______________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized (losses) gains consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held. |
Fixed Maturity Securities In _2
Fixed Maturity Securities In An Unrealized Loss Position (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022 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 March 31, 2023 U.S. government and government agency $ 213,369 $ 4,312 $ 527,765 $ 50,353 $ 741,134 $ 54,665 State and municipal 1,070,807 30,908 1,008,985 96,512 2,079,792 127,420 Mortgage-backed 765,967 17,720 866,618 148,720 1,632,585 166,440 Asset-backed 916,431 13,102 2,490,520 104,751 3,406,951 117,853 Corporate 2,694,062 75,595 3,175,233 264,845 5,869,295 340,440 Foreign government 239,947 26,248 786,359 83,587 1,026,306 109,835 Fixed maturity securities $ 5,900,583 $ 167,885 $ 8,855,480 $ 748,768 $ 14,756,063 $ 916,653 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 1,099,549 75,430 473,318 115,528 1,572,867 190,958 Asset-backed 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 |
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 March 31, 2023 is presented in the table below: ($ in thousands) Number of Aggregate Gross Foreign government 33 $ 105,347 $ 64,516 Corporate 16 45,507 3,789 State and municipal 1 12,066 2,936 Mortgage-backed 14 4,202 199 Asset-backed 1 8 8 Total 65 $ 167,130 $ 71,448 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair value, On A Recurring Basis | The following tables present the assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by level: (In thousands) Total Level 1 Level 2 Level 3 March 31, 2023 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 1,049,267 $ — $ 1,049,267 $ — State and municipal 2,789,359 — 2,789,359 — Mortgage-backed 1,897,729 — 1,897,729 — Asset-backed 3,845,453 — 3,845,453 — Corporate 7,125,649 — 7,125,649 — Foreign government 1,331,890 — 1,331,890 — Total fixed maturity securities available for sale 18,039,347 — 18,039,347 — Equity securities: Common stocks 1,057,599 1,054,268 1,162 2,169 Preferred stocks 222,356 — 211,057 11,299 Total equity securities 1,279,955 1,054,268 212,219 13,468 Arbitrage trading account 609,001 574,096 31,251 3,654 Total $ 19,928,303 $ 1,628,364 $ 18,282,817 $ 17,122 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 1,665,410 — 1,665,410 — Asset-backed 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 |
Summarize Changes In Level 3 Assets | The following tables summarize changes in Level 3 assets and liabilities for the three months ended March 31, 2023 and for the year ended December 31, 2022: Gains (Losses) Included In: (In thousands) Beginning Earnings (Losses) Other Impairments Purchases Sales Paydowns / Maturities Transfers In / (Out) Ending Three Months Ended March 31, 2023 Assets: Equity securities: Common stocks $ 2,599 $ (430) $ — $ — $ — $ — $ — $ — $ 2,169 Preferred stocks 11,299 — — — — — — — 11,299 Total 13,898 (430) — — — — — — 13,468 Arbitrage trading account 3,590 64 — — — — — — 3,654 Total $ 17,488 $ (366) $ — $ — $ — $ — $ — $ — $ 17,122 Year Ended Assets: 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 |
Reserves for Loss and Loss Ex_2
Reserves for Loss and Loss Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Reserve Balances | The table below provides a reconciliation of the beginning and ending reserve balances: March 31, (In thousands) 2023 2022 Net reserves at beginning of period $ 14,248,879 $ 12,848,362 Net provision for losses and loss expenses: Claims occurring during the current year (1) 1,502,817 1,327,695 Increase in estimates for claims occurring in prior years (2) (3) 28,205 3,761 Loss reserve discount accretion 7,733 7,796 Total 1,538,755 1,339,252 Net payments for claims: Current year 110,274 84,598 Prior years 1,106,481 933,656 Total 1,216,755 1,018,254 Foreign currency translation 1,154 9,983 Net reserves at end of period 14,572,033 13,179,343 Ceded reserves at end of period 2,859,602 2,543,546 Gross reserves at end of period $ 17,431,635 $ 15,722,889 _______________________________________ (1) Claims occurring during the current year are net of loss reserve discounts of $11 million and $7 million for the three months ended March 31, 2023 and 2022, respectively. (2) The change in estimates for claims occurring in prior years is net of loss reserve discount. On an undiscounted basis, the estimates for claims occurring in prior years increased by $19 million and decreased by $4 million for the three months ended March 31, 2023 and 2022, respectively. (3) For certain retrospectively rated insurance policies and reinsurance agreements, reserve development is offset by additional or return premiums. Adverse development, net of additional and return premiums, was $24 million for the three months ended March 31, 2023, and favorable development was $1 million for the three months ended March 31, 2022, respectively. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts And Estimated Fair Values Of Financial Instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: March 31, 2023 December 31, 2022 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturity securities $ 18,091,113 $ 18,095,068 $ 17,587,349 $ 17,591,626 Equity securities 1,279,955 1,279,955 1,185,894 1,185,894 Arbitrage trading account 609,001 609,001 944,230 944,230 Loans receivable 194,944 187,455 193,002 187,981 Cash and cash equivalents 1,242,357 1,242,357 1,449,346 1,449,346 Trading account receivables from brokers and clearing organizations 583,970 583,970 233,863 233,863 Due from broker 17,207 17,207 3,609 3,609 Liabilities: Senior notes and other debt 1,827,981 1,501,671 1,828,823 1,439,188 Subordinated debentures 1,008,551 836,796 1,008,371 805,600 |
Premiums and Reinsurance Rela_2
Premiums and Reinsurance Related Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Reinsurance Financial Information | The following is a summary of insurance and reinsurance financial information: For the Three Months (In thousands) 2023 2022 Written premiums: Direct $ 2,738,754 $ 2,542,336 Assumed 310,563 317,500 Ceded (474,493) (446,582) Total net premiums written $ 2,574,824 $ 2,413,254 Earned premiums: Direct $ 2,667,063 $ 2,404,597 Assumed 295,230 292,373 Ceded (470,861) (447,883) Total net premiums earned $ 2,491,432 $ 2,249,087 Ceded losses and loss expenses incurred $ 315,476 $ 243,294 Ceded commissions earned $ 118,418 $ 117,445 |
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 three months ended March 31, 2023 and 2022: (In thousands) 2023 2022 Allowance for expected credit losses, beginning of period $ 30,660 $ 25,218 Change in expected credit losses 1,693 3,018 Allowance for expected credit losses, end of period $ 32,353 $ 28,236 |
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 three months ended March 31, 2023 and 2022: (In thousands) 2023 2022 Allowance for expected credit losses, beginning of period $ 8,064 $ 7,713 Change in expected credit losses 639 (58) Allowance for expected credit losses, end of period $ 8,703 $ 7,655 |
Restricted Stock Units (Tables)
Restricted Stock Units (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Summary Of Restricted Stock Units Issued | A summary of RSUs issued in the three months ended March 31, 2023 and 2022 follows: ($ in thousands) Units Fair Value 2023 — $ — 2022 1,660 $ 150 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost | Further information relating to operating lease expense and other operating lease information are as follows: For the Three Months Ended (In thousands) 2023 2022 Leases: Lease cost $ 10,188 $ 10,198 Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 10,563 $ 10,993 Right-of-use assets obtained in exchange for new lease liabilities $ 5,313 $ 17,269 |
Supplemental Balance Sheet Information | As of March 31, ($ in thousands) 2023 2022 Right-of-use assets $ 164,547 $ 180,424 Lease liabilities $ 199,225 $ 217,086 Weighted-average remaining lease term 7.1 years 7.3 years Weighted-average discount rate 4.49 % 4.58 % |
Maturities of Operating Lease Liabilities | Contractual maturities of the Company’s future minimum lease payments are as follows: (In thousands) March 31, 2023 Contractual Maturities: 2023 $ 36,209 2024 42,330 2025 34,121 2026 27,166 2027 17,585 Thereafter 72,767 Total undiscounted future minimum lease payments 230,178 Less: Discount impact 30,953 Total lease liability $ 199,225 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Financial Information Of Company Operating Segments | Revenues (In thousands) Earned Investment Other Total (2) Pre-Tax Income (Loss) Net Income (Loss) to Common Stockholders Three months ended March 31, 2023 Insurance $ 2,181,876 $ 166,086 $ 9,577 $ 2,357,539 $ 352,199 $ 273,904 Reinsurance & Monoline Excess 309,556 52,055 — 361,611 101,712 82,561 Corporate, other and eliminations (3) — 5,257 147,587 152,844 (100,850) (80,499) Net investment gains — — 23,010 23,010 23,010 18,160 Total $ 2,491,432 $ 223,398 $ 180,174 $ 2,895,004 $ 376,071 $ 294,126 Three months ended March 31, 2022 Insurance $ 1,962,835 $ 137,654 $ 8,676 $ 2,109,165 $ 382,412 $ 315,552 Reinsurance & Monoline Excess 286,252 27,423 — 313,675 57,628 47,080 Corporate, other and eliminations (3) — 8,435 117,869 126,304 (73,872) (59,817) Net investment gains — — 366,265 366,265 366,265 287,823 Total $ 2,249,087 $ 173,512 $ 492,810 $ 2,915,409 $ 732,433 $ 590,638 _________________ (1) Certain amounts included in earned premiums of each segment are related to inter-segment transactions. (2) Revenues for Insurance from foreign operations for the three months ended March 31, 2023 and 2022 were $274 million and $235 million, respectively. Revenues for Reinsurance & Monoline Excess from foreign operations for the three months ended March 31, 2023 and 2022 were $106 million and $96 million, respectively. |
Identifiable Assets By Segment | (In thousands) March 31, December 31, Insurance $ 27,062,484 $ 27,012,479 Reinsurance & Monoline Excess 5,191,920 5,195,752 Corporate, other and eliminations 2,041,660 1,606,872 Consolidated $ 34,296,064 $ 33,815,103 |
Net Premiums Earned By Major Line Of Business | Net premiums earned by major line of business are as follows: For the Three Months (In thousands) 2023 2022 Insurance: Other liability $ 857,149 $ 749,391 Short-tail lines (1) 430,503 375,212 Commercial automobile 311,422 282,234 Workers' compensation 305,561 285,423 Professional liability 277,241 270,575 Total Insurance 2,181,876 1,962,835 Reinsurance & Monoline Excess: Casualty reinsurance 193,730 184,122 Monoline excess (2) 58,644 51,896 Property reinsurance 57,182 50,234 Total Reinsurance & Monoline Excess 309,556 286,252 Total $ 2,491,432 $ 2,249,087 ______________ (1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines. |
Consolidated Statements of Co_4
Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of period | $ 6,768,161 | |
Other comprehensive income (loss) | 185,665 | $ (367,273) |
End of period | 6,965,623 | |
Net realized and unrealized gains on investments | 22,611 | 369,882 |
Income before income taxes | 376,071 | 732,433 |
Tax effect | (80,342) | (139,403) |
Net income before noncontrolling interests | 295,729 | 593,030 |
Total change in unrealized investment gains (losses) | 232,021 | (539,449) |
Net change in period | 4,866 | 56,272 |
Other comprehensive income (loss), pre-tax | 236,887 | (483,177) |
Other comprehensive income (loss), tax effect | (51,222) | 115,904 |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of period | (1,264,581) | (281,955) |
Other comprehensive income (loss) before reclassifications | 160,081 | (376,864) |
Amounts reclassified from AOCI | 25,584 | 9,591 |
Other comprehensive income (loss) | 185,665 | (367,273) |
Unrealized investment loss related to noncontrolling interest | (1) | (1) |
End of period | (1,078,917) | (649,229) |
Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from AOCI | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Income before income taxes | 32,385 | 12,141 |
Tax effect | (6,801) | (2,550) |
Net income before noncontrolling interests | 25,584 | 9,591 |
Unrealized Investment Gains (Losses) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of period | (892,905) | 90,900 |
Other comprehensive income (loss) before reclassifications | 155,215 | (433,136) |
Amounts reclassified from AOCI | 25,584 | 9,591 |
Other comprehensive income (loss) | 180,799 | (423,545) |
Unrealized investment loss related to noncontrolling interest | (1) | (1) |
End of period | (712,107) | (332,646) |
Total change in unrealized investment gains (losses) | 232,021 | (539,449) |
Unrealized investment gains, tax effect | (51,222) | 115,904 |
Unrealized investment gains (losses), after-tax amounts | 180,799 | (423,545) |
Unrealized Investment Gains (Losses) | Amounts reclassified from AOCI | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Net realized and unrealized gains on investments | 32,385 | 12,141 |
Tax effect | (6,801) | (2,550) |
Net income before noncontrolling interests | 25,584 | 9,591 |
Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of period | (371,676) | (372,855) |
Other comprehensive income (loss) before reclassifications | 4,866 | 56,272 |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive income (loss) | 4,866 | 56,272 |
Unrealized investment loss related to noncontrolling interest | 0 | 0 |
End of period | (366,810) | (316,583) |
Currency translation adjustment, pre-tax | 4,866 | 56,272 |
Currency translation adjustment, tax effect | 0 | 0 |
Net change in period | 4,866 | 56,272 |
Currency Translation Adjustments | Amounts reclassified from AOCI | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Income before income taxes | 0 | 0 |
Tax effect | 0 | 0 |
Net income before noncontrolling interests | $ 0 | $ 0 |
Statements of Cash Flows (Detai
Statements of Cash Flows (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest payments | $ 41,150,000 | $ 52,899,000 |
Income taxes paid | $ 0 | $ 0 |
General (Details)
General (Details) | Mar. 23, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.5 |
Per Share Data (Narrative) (Det
Per Share Data (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted average number of shares held in grantor trust (in shares) | 11,416,856,000 | 11,592,699 |
Per Share Data (Weighted Averag
Per Share Data (Weighted Average Number of Common Shares Used In the Computation of Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Basic (shares) | 274,977 | 276,772 |
Diluted (shares) | 277,339 | 279,157 |
Investments in Fixed Maturity_3
Investments in Fixed Maturity Securities (Investments in fixed maturity securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity, Amortized Cost | $ 51,873 | $ 51,410 | ||
Held-to-maturity, Allowance for Credit Loss | (107) | (114) | $ (378) | $ (387) |
Held to maturity, Gross Unrealized Gains | 3,955 | 4,277 | ||
Held to maturity, Gross Unrealized Losses | 0 | 0 | ||
Total held to maturity, Fair Value | 55,721 | 55,573 | ||
Total held to maturity, Carrying Value | 51,766 | 51,296 | ||
Total available for sale, Amortized Cost | 18,936,586 | 18,664,073 | ||
Available-for-sale, Allowance for Credit Loss | (37,142) | (37,352) | (26,153) | (22,238) |
Total available for sale, Gross Unrealized Gains | 56,556 | 32,166 | ||
Total available for sale, Gross Unrealized Losses | (916,653) | (1,122,834) | ||
Total available for sale, Fair Value | 18,039,347 | 17,536,053 | ||
Total available for sale, Carrying Value | 18,039,347 | 17,536,053 | ||
Total investments in fixed maturity securities, Amortized Value | 18,988,459 | 18,715,483 | ||
Fixed maturity securities, allowance for credit loss | (37,249) | (37,466) | ||
Total investments in fixed maturity securities, Gross Unrealized Gains | 60,511 | 36,443 | ||
Total investments in fixed maturity securities, Gross Unrealized Losses | (916,653) | (1,122,834) | ||
Total investments in fixed maturity securities, Fair Value | 18,095,068 | 17,591,626 | ||
Total investments in fixed maturity securities, Carrying Value | 18,091,113 | 17,587,349 | ||
State and municipal | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity, Amortized Cost | 48,474 | 47,802 | ||
Held-to-maturity, Allowance for Credit Loss | (107) | (114) | ||
Held to maturity, Gross Unrealized Gains | 3,902 | 4,239 | ||
Held to maturity, Gross Unrealized Losses | 0 | 0 | ||
Total held to maturity, Fair Value | 52,269 | 51,927 | ||
Total held to maturity, Carrying Value | 48,367 | 47,688 | ||
Total available for sale, Amortized Cost | 2,899,206 | 3,046,335 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 17,573 | 12,355 | ||
Total available for sale, Gross Unrealized Losses | (127,420) | (168,592) | ||
Total available for sale, Fair Value | 2,789,359 | 2,890,098 | ||
Total available for sale, Carrying Value | 2,789,359 | 2,890,098 | ||
Residential mortgage-backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total held to maturity, Amortized Cost | 3,399 | 3,608 | ||
Held-to-maturity, Allowance for Credit Loss | 0 | 0 | ||
Held to maturity, Gross Unrealized Gains | 53 | 38 | ||
Held to maturity, Gross Unrealized Losses | 0 | 0 | ||
Total held to maturity, Fair Value | 3,452 | 3,646 | ||
Total held to maturity, Carrying Value | 3,399 | 3,608 | ||
Total available for sale, Amortized Cost | 1,464,856 | 1,308,019 | ||
Available-for-sale, Allowance for Credit Loss | (23) | (18) | ||
Total available for sale, Gross Unrealized Gains | 2,298 | 395 | ||
Total available for sale, Gross Unrealized Losses | (153,147) | (171,595) | ||
Total available for sale, Fair Value | 1,313,984 | 1,136,801 | ||
Total available for sale, Carrying Value | 1,313,984 | 1,136,801 | ||
U.S. government and government agency | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 1,100,204 | 960,479 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 3,728 | 937 | ||
Total available for sale, Gross Unrealized Losses | (54,665) | (69,158) | ||
Total available for sale, Fair Value | 1,049,267 | 892,258 | ||
Total available for sale, Carrying Value | 1,049,267 | 892,258 | ||
Special revenue | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 1,759,098 | 1,837,309 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 5,429 | 3,662 | ||
Total available for sale, Gross Unrealized Losses | (90,044) | (119,474) | ||
Total available for sale, Fair Value | 1,674,483 | 1,721,497 | ||
Total available for sale, Carrying Value | 1,674,483 | 1,721,497 | ||
State general obligation | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 386,952 | 387,709 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 4,090 | 2,651 | ||
Total available for sale, Gross Unrealized Losses | (16,577) | (21,335) | ||
Total available for sale, Fair Value | 374,465 | 369,025 | ||
Total available for sale, Carrying Value | 374,465 | 369,025 | ||
Pre-refunded | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 105,812 | 156,106 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 3,351 | 2,741 | ||
Total available for sale, Gross Unrealized Losses | (248) | (7) | ||
Total available for sale, Fair Value | 108,915 | 158,840 | ||
Total available for sale, Carrying Value | 108,915 | 158,840 | ||
Corporate backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 204,773 | 210,228 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 491 | 334 | ||
Total available for sale, Gross Unrealized Losses | (8,447) | (10,923) | ||
Total available for sale, Fair Value | 196,817 | 199,639 | ||
Total available for sale, Carrying Value | 196,817 | 199,639 | ||
Local general obligation | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 442,571 | 454,983 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 4,212 | 2,967 | ||
Total available for sale, Gross Unrealized Losses | (12,104) | (16,853) | ||
Total available for sale, Fair Value | 434,679 | 441,097 | ||
Total available for sale, Carrying Value | 434,679 | 441,097 | ||
Commercial | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 595,818 | 547,757 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 1,220 | 215 | ||
Total available for sale, Gross Unrealized Losses | (13,293) | (19,363) | ||
Total available for sale, Fair Value | 583,745 | 528,609 | ||
Total available for sale, Carrying Value | 583,745 | 528,609 | ||
Mortgage-backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 2,060,674 | 1,855,776 | ||
Available-for-sale, Allowance for Credit Loss | (23) | (18) | ||
Total available for sale, Gross Unrealized Gains | 3,518 | 610 | ||
Total available for sale, Gross Unrealized Losses | (166,440) | (190,958) | ||
Total available for sale, Fair Value | 1,897,729 | 1,665,410 | ||
Total available for sale, Carrying Value | 1,897,729 | 1,665,428 | ||
Asset-backed | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 3,960,140 | 4,132,365 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 3,166 | 2,730 | ||
Total available for sale, Gross Unrealized Losses | (117,853) | (152,322) | ||
Total available for sale, Fair Value | 3,845,453 | 3,982,773 | ||
Total available for sale, Carrying Value | 3,845,453 | 3,982,773 | ||
Industrial | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 3,563,744 | 3,491,645 | ||
Available-for-sale, Allowance for Credit Loss | (66) | (1,704) | ||
Total available for sale, Gross Unrealized Gains | 9,599 | 4,439 | ||
Total available for sale, Gross Unrealized Losses | (187,833) | (241,381) | ||
Total available for sale, Fair Value | 3,385,444 | 3,252,999 | ||
Total available for sale, Carrying Value | 3,385,444 | 3,252,999 | ||
Financial | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 2,737,880 | 2,585,247 | ||
Available-for-sale, Allowance for Credit Loss | (3,729) | (2,997) | ||
Total available for sale, Gross Unrealized Gains | 7,421 | 5,505 | ||
Total available for sale, Gross Unrealized Losses | (115,268) | (117,383) | ||
Total available for sale, Fair Value | 2,626,304 | 2,470,372 | ||
Total available for sale, Carrying Value | 2,626,304 | 2,470,372 | ||
Utilities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 650,151 | 586,066 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 5,117 | 1,307 | ||
Total available for sale, Gross Unrealized Losses | (27,941) | (36,325) | ||
Total available for sale, Fair Value | 627,327 | 551,048 | ||
Total available for sale, Carrying Value | 627,327 | 551,048 | ||
Other | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 495,850 | 441,230 | ||
Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||
Total available for sale, Gross Unrealized Gains | 122 | 0 | ||
Total available for sale, Gross Unrealized Losses | (9,398) | (11,657) | ||
Total available for sale, Fair Value | 486,574 | 429,573 | ||
Total available for sale, Carrying Value | 486,574 | 429,573 | ||
Corporate | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 7,447,625 | 7,104,188 | ||
Available-for-sale, Allowance for Credit Loss | (3,795) | (4,701) | 0 | (16) |
Total available for sale, Gross Unrealized Gains | 22,259 | 11,251 | ||
Total available for sale, Gross Unrealized Losses | (340,440) | (406,746) | ||
Total available for sale, Fair Value | 7,125,649 | 6,703,992 | ||
Total available for sale, Carrying Value | 7,125,649 | 6,703,992 | ||
Foreign government | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total available for sale, Amortized Cost | 1,468,737 | 1,564,930 | ||
Available-for-sale, Allowance for Credit Loss | (33,324) | (32,633) | $ (26,153) | $ (22,222) |
Total available for sale, Gross Unrealized Gains | 6,312 | 4,283 | ||
Total available for sale, Gross Unrealized Losses | (109,835) | (135,058) | ||
Total available for sale, Fair Value | 1,331,890 | 1,401,522 | ||
Total available for sale, Carrying Value | $ 1,331,890 | $ 1,401,522 |
Investments in Fixed Maturity_4
Investments in Fixed Maturity Securities (HTM Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | $ 114 | $ 387 |
Cumulative effect adjustment resulting from changes in accounting principles | 107 | 378 |
Provision for expected credit losses | (7) | (9) |
Allowance for expected credit losses, end of period | $ 107 | $ 378 |
Investments in Fixed Maturity_5
Investments in Fixed Maturity Securities (AFS Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | $ 37,352 | $ 22,238 |
Cumulative effect adjustment resulting from changes in accounting principles | 37,142 | 26,153 |
Expected credit losses on securities for which credit losses were not previously recorded | 186 | 484 |
Expected credit losses (gains) on securities for which credit losses were previously recorded | (391) | 3,431 |
Reduction due to disposals | (5) | 0 |
Allowance for expected credit losses, end of period | 37,142 | 26,153 |
Foreign government | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 32,633 | 22,222 |
Cumulative effect adjustment resulting from changes in accounting principles | 33,324 | 26,153 |
Expected credit losses on securities for which credit losses were not previously recorded | 0 | 484 |
Expected credit losses (gains) on securities for which credit losses were previously recorded | 691 | 3,447 |
Reduction due to disposals | 0 | 0 |
Allowance for expected credit losses, end of period | 33,324 | 26,153 |
Corporate | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 4,701 | 16 |
Cumulative effect adjustment resulting from changes in accounting principles | 3,795 | 0 |
Expected credit losses on securities for which credit losses were not previously recorded | 186 | 0 |
Expected credit losses (gains) on securities for which credit losses were previously recorded | (1,087) | (16) |
Reduction due to disposals | (5) | 0 |
Allowance for expected credit losses, end of period | 3,795 | $ 0 |
Mortgage-backed | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 18 | |
Cumulative effect adjustment resulting from changes in accounting principles | 23 | |
Expected credit losses on securities for which credit losses were not previously recorded | 0 | |
Expected credit losses (gains) on securities for which credit losses were previously recorded | 5 | |
Reduction due to disposals | 0 | |
Allowance for expected credit losses, end of period | $ 23 |
Investments in Fixed Maturity_6
Investments in Fixed Maturity Securities (Amortized cost and fair value of fixed maturity securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||||
Amortized Cost, Due in one year or less | $ 1,568,436 | |||
Amortized Cost, Due after one year through five years | 8,864,666 | |||
Amortized Cost, Due after five years through ten years | 4,287,881 | |||
Amortized Cost, Due after ten years | 2,203,296 | |||
Amortized Cost, Mortgaged-backed securities | 2,064,073 | |||
Total investments in fixed maturity securities, Amortized Value | 18,988,352 | |||
Fair Value, Due in one year or less | 1,528,990 | |||
Fair Value, Due after one year through five years | 8,503,127 | |||
Fair Value, Due after five years through ten years | 4,084,883 | |||
Fair Value, Due after ten years | 2,076,887 | |||
Fair Value, Mortgage-backed securities | 1,901,181 | |||
Total investments in fixed maturity securities, Fair Value | 18,095,068 | $ 17,591,626 | ||
Cumulative effect adjustment resulting from changes in accounting principles | $ 107 | $ 114 | $ 378 | $ 387 |
Investments in Equity Securit_3
Investments in Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |||
Equity securities | $ 1,279,955 | $ 1,185,894 | |
Fair Value | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 1,165,984 | 1,115,328 | |
Gross Unrealized, Gains | 229,473 | $ 193,218 | |
Gross Unrealized, Losses | (115,502) | (122,652) | |
Equity securities | 1,279,955 | 1,185,894 | |
Fair Value | Common stock | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 883,234 | 855,987 | |
Gross Unrealized, Gains | 227,947 | 192,165 | |
Gross Unrealized, Losses | (53,582) | (65,401) | |
Equity securities | 1,057,599 | 982,751 | |
Fair Value | Preferred stocks | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 282,750 | 259,341 | |
Gross Unrealized, Gains | 1,526 | 1,053 | |
Gross Unrealized, Losses | (61,920) | $ (57,251) | |
Equity securities | 222,356 | 203,143 | |
Carrying Value | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equity securities | 1,279,955 | 1,185,894 | |
Carrying Value | Common stock | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equity securities | 1,057,599 | 982,751 | |
Carrying Value | Preferred stocks | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equity securities | $ 222,356 | $ 203,143 |
Arbitrage Trading Account (Deta
Arbitrage Trading Account (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Equity securities | $ 609,000 | $ 944,000 |
Long | Options held | ||
Derivative [Line Items] | ||
Fair value of derivative | 5 | |
Notional amount of derivative | $ (2,000) |
Net Investment Income (Details)
Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Investment Income [Line Items] | ||
Gross investment income | $ 226,113 | $ 175,485 |
Investment expense | (2,715) | (1,973) |
Net investment income | 223,398 | 173,512 |
Fixed maturity securities, including cash and cash equivalents and loans receivable | ||
Net Investment Income [Line Items] | ||
Gross investment income | 195,642 | 101,284 |
Arbitrage trading account | ||
Net Investment Income [Line Items] | ||
Gross investment income | 2,180 | 52,012 |
Equity securities | ||
Net Investment Income [Line Items] | ||
Gross investment income | 13,746 | 10,856 |
Investment funds | ||
Net Investment Income [Line Items] | ||
Gross investment income | 18,256 | 9,187 |
Real estate | ||
Net Investment Income [Line Items] | ||
Gross investment income | $ (3,711) | $ 2,146 |
Investment Funds (Details)
Investment Funds (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 01, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Unfunded commitments | $ 408,000 | |||
Investment funds | 1,601,567 | $ 1,608,548 | ||
Income (Loss) from Investment Funds | 2,180 | $ 52,012 | ||
Written premiums ceded | 474,493 | 446,582 | ||
Fair Value | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Trading account receivables from brokers and clearing organizations | $ 583,970 | 233,863 | ||
Lifson Re | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of reinsurance placements of share placed amounts | 30% | 22.50% | ||
Written premiums ceded | $ 107,000 | 89,000 | ||
Financial services | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment funds | 216,871 | 204,644 | ||
Income (Loss) from Investment Funds | 956 | 16,364 | ||
Transportation | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment funds | 444,645 | 465,683 | ||
Income (Loss) from Investment Funds | (13,047) | 25,932 | ||
Real Estate | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment funds | 336,808 | 336,753 | ||
Income (Loss) from Investment Funds | 11,788 | 11,179 | ||
Energy | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment funds | 117,461 | 116,432 | ||
Income (Loss) from Investment Funds | 3,439 | (892) | ||
Infrastructure | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment funds | 119,042 | 115,428 | ||
Income (Loss) from Investment Funds | 3,355 | 841 | ||
Other funds | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment funds | 366,740 | 369,608 | ||
Income (Loss) from Investment Funds | (4,311) | $ (1,412) | ||
Deferred compensation trust assets | $ 34,000 | $ 30,000 |
Real Estate (Details)
Real Estate (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Real Estate [Abstract] | ||
Properties in operation | $ 1,111,713 | $ 1,114,167 |
Properties under development | 226,791 | 226,455 |
Total | $ 1,338,504 | $ 1,340,622 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Real Estate [Abstract] | |||
Accumulated depreciation and amortization on properties | $ 30,180,000 | $ 33,206,000 | |
Real estate depreciation expense | 2,281,000 | $ 4,788,000 | |
Lease future minimum payments 2021 | 24,345,984 | ||
Lease future minimum payments 2022 | 34,786,393 | ||
Lease future minimum payments 2023 | 32,070,092 | ||
Lease future minimum payments 2024 | 29,483,276 | ||
Lease future minimum payments 2025 | 28,567,112 | ||
Lease future minimum payments 2026 | 28,906,220 | ||
Lease future minimum payments there after | $ 482,081,845 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 194,944,000 | $ 193,002,000 |
Loans receivable | 187,455,000 | 187,981,000 |
Loans in nonaccrual status | 0 | |
Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 175,745,000 | 173,616,000 |
Loans receivable | 168,256,000 | 168,595,000 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 19,199,000 | 19,386,000 |
Loans receivable | $ 19,199,000 | $ 19,386,000 |
Loans receivable maturity term | 10 years |
Loans Receivable - Allowance Fo
Loans Receivable - Allowance For Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses, beginning of period | $ 1,791 | $ 1,718 |
Change in expected credit losses | (182) | (289) |
Allowance for expected credit losses, end of period | 1,609 | 1,429 |
Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses, beginning of period | 1,100 | 1,362 |
Change in expected credit losses | (61) | (67) |
Allowance for expected credit losses, end of period | 1,039 | 1,295 |
Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for expected credit losses, beginning of period | 691 | 356 |
Change in expected credit losses | (121) | (222) |
Allowance for expected credit losses, end of period | $ 570 | $ 134 |
Net Investment Gains (Losses)_2
Net Investment Gains (Losses) (Net Investment Gains (Losses)) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |||
Fixed maturity securities, gains | $ 943 | $ 1,705 | |
Fixed maturity securities, losses | (18,130) | (2,984) | |
Net realized gains on investment sales | 1,060 | 905 | |
Change in unrealized gains | 43,404 | 93,213 | |
Investment funds | 10 | (2,162) | |
Real estate (2) | 10,739 | 286,192 | |
Loans receivable | 0 | (32) | |
Other | (15,415) | (6,955) | |
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses | 22,611 | 369,882 | |
Fixed maturity securities | 217 | (3,906) | |
Loans receivable | 182 | 289 | |
Change in allowance for expected credit losses on investments | 399 | (3,617) | |
Net investment gains | 23,010 | 366,265 | |
Income tax expense | (4,850) | (78,442) | |
After-tax net investment gains | $ 18,160 | $ 287,823 | |
Realized gain on sale of real estate investment | $ 251,000 |
Net Investment Gains (Losses)_3
Net Investment Gains (Losses) (Change in Unrealized Gains (Losses) of Available For Sales Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Total change in unrealized investment gains (losses) | $ 232,021 | $ (539,449) |
Income tax (expense) benefit | (51,222) | 115,904 |
Noncontrolling interests | (1) | (1) |
Total change in unrealized gains | 180,798 | (423,546) |
Debt securities | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Total change in unrealized investment gains (losses) | 227,116 | (540,263) |
Fixed maturity securities with allowance for expected credit losses | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Total change in unrealized investment gains (losses) | 3,456 | 293 |
Investment funds | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Total change in unrealized investment gains (losses) | 1,936 | 469 |
Other | ||
Realized and Unrealized Investment Gains Losses [Line Items] | ||
Total change in unrealized investment gains (losses) | $ (487) | $ 52 |
Fixed Maturity Securities In _3
Fixed Maturity Securities In An Unrealized Loss Position (Securities in an Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | $ 5,900,583 | $ 8,843,558 |
Gross Unrealized Losses, Less than 12 Months | 167,885 | 403,241 |
Fair Value, 12 Months or Greater | 8,855,480 | 6,763,340 |
Gross Unrealized Losses, 12 Months or Greater | 748,768 | 719,593 |
Fair Value, Total | 14,756,063 | 15,606,898 |
Gross Unrealized Losses, Total | 916,653 | 1,122,834 |
U.S. government and government agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 213,369 | 285,391 |
Gross Unrealized Losses, Less than 12 Months | 4,312 | 10,219 |
Fair Value, 12 Months or Greater | 527,765 | 453,520 |
Gross Unrealized Losses, 12 Months or Greater | 50,353 | 58,939 |
Fair Value, Total | 741,134 | 738,911 |
Gross Unrealized Losses, Total | 54,665 | 69,158 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 1,070,807 | 1,720,443 |
Gross Unrealized Losses, Less than 12 Months | 30,908 | 89,272 |
Fair Value, 12 Months or Greater | 1,008,985 | 598,797 |
Gross Unrealized Losses, 12 Months or Greater | 96,512 | 79,320 |
Fair Value, Total | 2,079,792 | 2,319,240 |
Gross Unrealized Losses, Total | 127,420 | 168,592 |
Mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 765,967 | 1,099,549 |
Gross Unrealized Losses, Less than 12 Months | 17,720 | 75,430 |
Fair Value, 12 Months or Greater | 866,618 | 473,318 |
Gross Unrealized Losses, 12 Months or Greater | 148,720 | 115,528 |
Fair Value, Total | 1,632,585 | 1,572,867 |
Gross Unrealized Losses, Total | 166,440 | 190,958 |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 916,431 | 1,569,647 |
Gross Unrealized Losses, Less than 12 Months | 13,102 | 48,390 |
Fair Value, 12 Months or Greater | 2,490,520 | 2,176,638 |
Gross Unrealized Losses, 12 Months or Greater | 104,751 | 103,932 |
Fair Value, Total | 3,406,951 | 3,746,285 |
Gross Unrealized Losses, Total | 117,853 | 152,322 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 2,694,062 | 3,690,856 |
Gross Unrealized Losses, Less than 12 Months | 75,595 | 150,115 |
Fair Value, 12 Months or Greater | 3,175,233 | 2,349,281 |
Gross Unrealized Losses, 12 Months or Greater | 264,845 | 256,631 |
Fair Value, Total | 5,869,295 | 6,040,137 |
Gross Unrealized Losses, Total | 340,440 | 406,746 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 239,947 | 477,672 |
Gross Unrealized Losses, Less than 12 Months | 26,248 | 29,815 |
Fair Value, 12 Months or Greater | 786,359 | 711,786 |
Gross Unrealized Losses, 12 Months or Greater | 83,587 | 105,243 |
Fair Value, Total | 1,026,306 | 1,189,458 |
Gross Unrealized Losses, Total | $ 109,835 | $ 135,058 |
Fixed Maturity Securities In _4
Fixed Maturity Securities In An Unrealized Loss Position (Non-Investment Grade Fixed Maturity Securities) (Details) $ in Thousands | Mar. 31, 2023 USD ($) position | Dec. 31, 2022 USD ($) |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | $ 5,869,295 | $ 6,040,137 |
Gross Unrealized Loss | 340,440 | 406,746 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | 2,079,792 | 2,319,240 |
Gross Unrealized Loss | 127,420 | 168,592 |
Mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | 1,632,585 | 1,572,867 |
Gross Unrealized Loss | 166,440 | 190,958 |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Aggregate Fair Value | 3,406,951 | 3,746,285 |
Gross Unrealized Loss | $ 117,853 | $ 152,322 |
Noninvestment Grade Investments at Loss Position | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 65 | |
Aggregate Fair Value | $ 167,130 | |
Gross Unrealized Loss | $ 71,448 | |
Noninvestment Grade Investments at Loss Position | Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 33 | |
Aggregate Fair Value | $ 105,347 | |
Gross Unrealized Loss | $ 64,516 | |
Noninvestment Grade Investments at Loss Position | Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 16 | |
Aggregate Fair Value | $ 45,507 | |
Gross Unrealized Loss | $ 3,789 | |
Noninvestment Grade Investments at Loss Position | State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 1 | |
Aggregate Fair Value | $ 12,066 | |
Gross Unrealized Loss | $ 2,936 | |
Noninvestment Grade Investments at Loss Position | Mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 14 | |
Aggregate Fair Value | $ 4,202 | |
Gross Unrealized Loss | $ 199 | |
Noninvestment Grade Investments at Loss Position | Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | position | 1 | |
Aggregate Fair Value | $ 8 | |
Gross Unrealized Loss | $ 8 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured At Fair Value, On a Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Total fixed maturity securities available for sale | $ 18,039,347 | $ 17,536,053 |
Equity securities | 1,279,955 | 1,185,894 |
Equity securities | 609,000 | 944,000 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 18,039,347 | 17,536,053 |
Equity securities | 1,279,955 | 1,185,894 |
Equity securities | 609,001 | 944,230 |
Assets, fair value disclosure | 19,928,303 | 19,666,177 |
Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,049,267 | 892,258 |
Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 2,789,359 | 2,890,098 |
Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,897,729 | 1,665,410 |
Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 3,845,453 | 3,982,773 |
Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 7,125,649 | 6,703,992 |
Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,331,890 | 1,401,522 |
Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 1,057,599 | 982,751 |
Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 222,356 | 203,143 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Equity securities | 1,054,268 | 978,991 |
Equity securities | 574,096 | 822,192 |
Assets, fair value disclosure | 1,628,364 | 1,801,183 |
Level 1 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 1,054,268 | 978,991 |
Level 1 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 18,039,347 | 17,536,053 |
Equity securities | 212,219 | 193,005 |
Equity securities | 31,251 | 118,448 |
Assets, fair value disclosure | 18,282,817 | 17,847,506 |
Level 2 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,049,267 | 892,258 |
Level 2 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 2,789,359 | 2,890,098 |
Level 2 | Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,897,729 | 1,665,410 |
Level 2 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 3,845,453 | 3,982,773 |
Level 2 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 7,125,649 | 6,703,992 |
Level 2 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 1,331,890 | 1,401,522 |
Level 2 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 1,162 | 1,161 |
Level 2 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | 211,057 | 191,844 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Equity securities | 13,468 | 13,898 |
Equity securities | 3,654 | 3,590 |
Assets, fair value disclosure | 17,122 | 17,488 |
Level 3 | Fair Value, Measurements, Recurring | U.S. government and government agency | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | State and municipal | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Mortgage-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Asset-backed | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Corporate | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Foreign government | ||
Assets: | ||
Total fixed maturity securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Common stocks | ||
Assets: | ||
Equity securities | 2,169 | 2,599 |
Level 3 | Fair Value, Measurements, Recurring | Preferred stocks | ||
Assets: | ||
Equity securities | $ 11,299 | $ 11,299 |
Fair Value Measurements (Summar
Fair Value Measurements (Summarize Changes in Level 3 Assets) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, impairments | $ 0 | ||
Securities transferred into or out of level 3, net | $ 0 | $ 0 | |
Level 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, beginning balance | 17,488,000 | 20,590,000 | 20,590,000 |
Assets, earnings | (366,000) | (6,871,000) | |
Assets, other comprehensive income | 0 | 0 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||
Assets, purchases | 0 | 5,610,000 | |
Assets, (sales) | 0 | (1,842,000) | |
Assets, maturities | 0 | 0 | |
Assets. transfers out | 1,000 | ||
Securities transferred into or out of level 3, net | 0 | ||
Assets, ending balance | 17,122,000 | 17,488,000 | |
Level 3 | Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, beginning balance | 13,898,000 | 20,590,000 | 20,590,000 |
Assets, earnings | (430,000) | (6,692,000) | |
Assets, other comprehensive income | 0 | 0 | |
Assets, impairments | 0 | 0 | |
Assets, purchases | 0 | 925,000 | |
Assets, (sales) | 0 | (925,000) | |
Assets, maturities | 0 | 0 | |
Assets. transfers out | 0 | 0 | |
Assets, ending balance | 13,468,000 | 13,898,000 | |
Level 3 | Common stock | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, beginning balance | 2,599,000 | 9,294,000 | 9,294,000 |
Assets, earnings | (430,000) | (6,695,000) | |
Assets, other comprehensive income | 0 | 0 | |
Assets, impairments | 0 | 0 | |
Assets, purchases | 0 | 0 | |
Assets, (sales) | 0 | 0 | |
Assets, maturities | 0 | 0 | |
Assets. transfers out | 0 | 0 | |
Assets, ending balance | 2,169,000 | 2,599,000 | |
Level 3 | Preferred stocks | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, beginning balance | 11,299,000 | 11,296,000 | 11,296,000 |
Assets, earnings | 0 | 3,000 | |
Assets, other comprehensive income | 0 | 0 | |
Assets, impairments | 0 | 0 | |
Assets, purchases | 0 | 925,000 | |
Assets, (sales) | 0 | (925,000) | |
Assets, maturities | 0 | 0 | |
Assets. transfers out | 0 | 0 | |
Assets, ending balance | 11,299,000 | 11,299,000 | |
Level 3 | Arbitrage trading account | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, beginning balance | 3,590,000 | 0 | 0 |
Assets, earnings | 64,000 | (179,000) | |
Assets, other comprehensive income | 0 | 0 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||
Assets, impairments | 0 | ||
Assets, purchases | 0 | 4,685,000 | |
Assets, (sales) | 0 | (917,000) | |
Assets, maturities | 0 | 0 | |
Assets. transfers out | $ 1,000 | ||
Securities transferred into or out of level 3, net | 0 | ||
Assets, ending balance | $ 3,654,000 | $ 3,590,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Securities transferred into or out of level 3, net | $ 0 | $ 0 |
Reserves for Loss and Loss Ex_3
Reserves for Loss and Loss Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves at beginning of period | $ 14,248,879 | $ 12,848,362 | |
Net provision for losses and loss expenses: | |||
Claims occurring during the current year | 1,502,817 | 1,327,695 | |
Decrease in estimates for claims occurring in prior years | 28,205 | 3,761 | |
Loss reserve discount accretion | 7,733 | 7,796 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 1,538,755 | 1,339,252 | |
Net payments for claims: | |||
Current year | 110,274 | 84,598 | |
Prior years | 1,106,481 | 933,656 | |
Total | 1,216,755 | 1,018,254 | |
Foreign currency translation | 1,154 | 9,983 | |
Net reserves at end of period | 14,572,033 | 13,179,343 | $ 14,248,879 |
Ceded reserves at end of period | 2,859,602 | 2,543,546 | |
Gross reserves at end of period | $ 17,431,635 | $ 15,722,889 | $ 17,011,223 |
Reserves for Loss and Loss Ex_4
Reserves for Loss and Loss Expenses (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net of loss reserve discounts | $ 11,000 | $ 7,000 |
Increase (decrease) in estimates for claims | 19,000 | (4,000) |
Adjustment expense | 24,000 | 1,000 |
Liability recognized for best estimate net of reinsurance | 344,000 | |
Liability recognized for best estimate net of reinsurance, current accident year losses | 43 | |
Liability recognized for best estimate net of reinsurance, reported losses | 339,000 | |
Liability recognized for best estimate net of reinsurance, incurred but not reported (IBNR) | 5,000 | |
Insurance | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liability recognized for best estimate net of reinsurance | 291,000 | |
Favorable reserve development net of premium offsets | 6,000 | |
Unfavorable reserve development net of premium offsets | 17,000 | |
Reinsurance & Monoline Excess | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liability recognized for best estimate net of reinsurance | 53,000 | |
Unfavorable reserve development net of premium offsets | $ 7,000 | $ 5,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Equity securities | $ 1,279,955 | $ 1,185,894 |
Arbitrage trading account | 609,000 | 944,000 |
Loans receivable | 187,455 | 187,981 |
Carrying Value | ||
Assets: | ||
Fixed maturity securities | 18,091,113 | 17,587,349 |
Equity securities | 1,279,955 | 1,185,894 |
Arbitrage trading account | 609,001 | 944,230 |
Loans receivable | 194,944 | 193,002 |
Cash and cash equivalents | 1,242,357 | 1,449,346 |
Trading account receivables from brokers and clearing organizations | 583,970 | 233,863 |
Due from broker | 17,207 | 3,609 |
Liabilities: | ||
Senior notes and other debt | 1,827,981 | 1,828,823 |
Subordinated debentures | 1,008,551 | 1,008,371 |
Fair Value | ||
Assets: | ||
Fixed maturity securities | 18,095,068 | 17,591,626 |
Equity securities | 1,279,955 | 1,185,894 |
Arbitrage trading account | 609,001 | 944,230 |
Loans receivable | 187,455 | 187,981 |
Cash and cash equivalents | 1,242,357 | 1,449,346 |
Trading account receivables from brokers and clearing organizations | 583,970 | 233,863 |
Due from broker | 17,207 | 3,609 |
Liabilities: | ||
Senior notes and other debt | 1,501,671 | 1,439,188 |
Subordinated debentures | $ 836,796 | $ 805,600 |
Premiums and Reinsurance Rela_3
Premiums and Reinsurance Related Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Written premiums: | ||||
Written premiums, direct | $ 2,738,754 | $ 2,542,336 | ||
Written premiums, assumed | 310,563 | 317,500 | ||
Written premiums, ceded | (474,493) | (446,582) | ||
Total net premiums written | 2,574,824 | 2,413,254 | ||
Earned premiums: | ||||
Earned premiums, direct | 2,667,063 | 2,404,597 | ||
Earned premiums, assumed | 295,230 | 292,373 | ||
Earned premiums, ceded | (470,861) | (447,883) | ||
Net premiums earned | 2,491,432 | 2,249,087 | ||
Ceded losses and loss expenses incurred | 315,476 | 243,294 | ||
Ceded commissions earned | 118,418 | 117,445 | ||
Cumulative effect adjustment resulting from changes in accounting principles | $ 8,703 | $ 7,655 | $ 8,064 | $ 7,713 |
Premiums and Reinsurance Rela_4
Premiums and Reinsurance Related Information - Premiums and Reinsurance, Allowance For Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | $ 30,660 | $ 25,218 |
Cumulative effect adjustment resulting from changes in accounting principles | 32,353 | 28,236 |
Change in expected credit losses | 1,693 | 3,018 |
Allowance for expected credit losses, end of period | 32,353 | 28,236 |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for expected credit losses, beginning of period | 8,064 | 7,713 |
Cumulative effect adjustment resulting from changes in accounting principles | 8,703 | 7,655 |
Reinsurance Recoverable, Credit Loss Expense (Reversal) | 639 | (58) |
Allowance for expected credit losses, end of period | $ 8,703 | $ 7,655 |
Restricted Stock Units (Summary
Restricted Stock Units (Summary of Restricted Stock Units Issued) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Share based compensation expense | $ 12,000 | |
Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Restricted stock units (in units) | 0 | 1,660 |
Fair Value | $ 0 | $ 150 |
Minimum | Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 3 years | |
Maximum | Restricted stock | ||
Share-Based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Award vesting period | 5 years |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Lease cost | $ 10,188 | $ 10,198 |
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows | 10,563 | 10,993 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 5,313 | $ 17,269 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Leases [Abstract] | ||
Operating lease, right-of-use asset | $ 164,547 | $ 180,424 |
Operating lease, liability | $ 199,225 | $ 217,086 |
Weighted-average remaining lease term | 7 years 1 month 6 days | 7 years 3 months 18 days |
Weighted-average discount rate | 4.49% | 4.58% |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Leases [Abstract] | ||
2023 | $ 36,209 | |
2024 | 42,330 | |
2025 | 34,121 | |
2026 | 27,166 | |
2027 | 17,585 | |
Thereafter | 72,767 | |
Total undiscounted future minimum lease payments | 230,178 | |
Less: Discount impact | 30,953 | |
Total lease liability | $ 199,225 | $ 217,086 |
Business Segments (Financial In
Business Segments (Financial Information of Company Operating Segments) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) segment | Mar. 31, 2022 USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 2 | |
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | $ 2,491,432 | $ 2,249,087 |
Investment Income | 223,398 | 173,512 |
Other | 180,174 | 492,810 |
Total revenues | 2,895,004 | 2,915,409 |
Pre-Tax Income (Loss) | 376,071 | 732,433 |
Net Income (Loss) to Common Stockholders | 294,126 | 590,638 |
Net investment gains | 23,010 | 366,265 |
Net investment gains, net of tax | 18,160 | 287,823 |
Corporate, other and eliminations | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 0 | 0 |
Investment Income | 5,257 | 8,435 |
Other | 147,587 | 117,869 |
Total revenues | 152,844 | 126,304 |
Pre-Tax Income (Loss) | (100,850) | (73,872) |
Net Income (Loss) to Common Stockholders | (80,499) | (59,817) |
Insurance | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 1,962,835 | |
Insurance | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 2,181,876 | 1,962,835 |
Investment Income | 166,086 | 137,654 |
Other | 9,577 | 8,676 |
Total revenues | 2,357,539 | 2,109,165 |
Pre-Tax Income (Loss) | 352,199 | 382,412 |
Net Income (Loss) to Common Stockholders | 273,904 | 315,552 |
Insurance | Operating Segments | Non-US | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 274,000 | 235,000 |
Reinsurance & Monoline Excess | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 286,252 | |
Reinsurance & Monoline Excess | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 309,556 | 286,252 |
Investment Income | 52,055 | 27,423 |
Other | 0 | 0 |
Total revenues | 361,611 | 313,675 |
Pre-Tax Income (Loss) | 101,712 | 57,628 |
Net Income (Loss) to Common Stockholders | 82,561 | 47,080 |
Reinsurance & Monoline Excess | Operating Segments | Non-US | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 106,000 | 96,000 |
Net investment gains | ||
Segment Reporting Information [Line Items] | ||
Earned Premiums (1) | 0 | 0 |
Investment Income | $ 0 | $ 0 |
Business Segments (Identifiable
Business Segments (Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 34,296,064 | $ 33,815,103 |
Operating Segments | Insurance | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 27,062,484 | 27,012,479 |
Operating Segments | Reinsurance & Monoline Excess | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | 5,191,920 | 5,195,752 |
Corporate Reconciling Items And Eliminations | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated Assets | $ 2,041,660 | $ 1,606,872 |
Business Segments (Net Premiums
Business Segments (Net Premiums Earned By Major Line of Business) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from External Customer [Line Items] | ||
Net premiums earned | $ 2,491,432 | $ 2,249,087 |
Insurance | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 1,962,835 | |
Insurance | Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 2,181,876 | 1,962,835 |
Insurance | Other liability | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 857,149 | 749,391 |
Insurance | Short-tail lines | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 430,503 | 375,212 |
Insurance | Commercial automobile | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 311,422 | 282,234 |
Insurance | Workers' compensation | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 305,561 | 285,423 |
Insurance | Professional liability | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 277,241 | 270,575 |
Reinsurance & Monoline Excess | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 286,252 | |
Reinsurance & Monoline Excess | Operating Segments | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 309,556 | 286,252 |
Reinsurance & Monoline Excess | Casualty reinsurance | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 193,730 | 184,122 |
Reinsurance & Monoline Excess | Monoline excess | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | 58,644 | 51,896 |
Reinsurance & Monoline Excess | Property reinsurance | ||
Revenue from External Customer [Line Items] | ||
Net premiums earned | $ 57,182 | $ 50,234 |